9 October 2025 | 8:05AM HKT Equity Research InnoCare Pharma (9969.HK): First take on partnership with Zenas for global development of Orela in PMS and broader pipeline; Buy A three-asset licensing out with Zenas: InnoCare announced a licensing-out deal with Nasdaq-listed Zenas BioPharma (ZBIO, not covered) for three assets - ex-China / Southeast Asia right of orelabrutinib in multiple sclerosis (MS) and non-oncology diseases and a preclinical oral IL-17AA/AF inhibitor; and global right of a preclinical oral ...

Transformational Global Collaboration With InnoCare Pharma Conference Call October 8, 2025 1 Disclaimer FORWARD-LOOKING STATEMENTS: This presentation contains "forward-looking statements" which involve risks, uncertainties and contingencies, many of which are beyond the control of Zenas BioPharma, Inc. (the "Company" or "Zenas"), which may cause actual results, performance, or achievements to differ materially from anticipated results, performance, or achievements. All statements other than statements of hi ...

- Orelabrutinib, a highly selective CNS-penetrant, oral small molecule Bruton’s Tyrosine Kinase (BTK) inhibitor with best-in-class potential now in Phase 3 development for progressive forms of Multiple Sclerosis (MS) -  - Pivotal Phase 3 clinical trial evaluating orelabrutinib in patients with Primary Progressive MS (PPMS) initiated; Pivotal Phase 3 clinical trial in patients with Secondary Progressive MS (SPMS) expected to initiate in 1Q 2026 - - A novel oral IL-17AA/AF inhibitor, and an oral, brain-penetr ...