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1 CONFIDENTIAL Obexelimab IgG4-RD Investor Event September 29, 2026
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2 CONFIDENTIAL FORWARD-LOOKINGSTATEMENTS: This presentation contains “forward-looking statements.” In some cases, you can identify forward-looking statements by terms such as “may,” “will,” “should,” “expect,” “plan,” “anticipate,” “could,” “intend,” “target,” “project,” “contemplate,” “believe,” “estimate,” “predict,” “potential” or “continue” or the negative of these terms or other similar expressions, although not all forward-looking statements contain these words. Forward- looking statements are neither historical facts nor assurances of future performance. Instead, they are based on our current beliefs, expectations, and assumptions. All statements other than statements of historical facts contained in this presentation are forward-looking statements. Forward-looking statements include statements concerning Zenas’s plans, objectives, expectations and intentions; its future financial or business performance; the timing and results of ongoing and future clinical trials and potential regulatory approval and commercialization, including the timing of and potential approval and commercial launch of obexelimab in IgG4-RD; the therapeutic potential of our product candidates; the potential commercial opportunities and market size for our product candidates, including obexelimab in IgG4-RD; the potential competition for our product candidates; the potential commercial attributes and opportunities for our product candidates; the potential for obexelimab to build a Rheumatology franchise; the potential for obexelimab to be a front line or preferred treatment option; the potential for obexelimab to be a differentiated treatment option; the potential for obexelimab to provide a safe and effective option for long-term maintenance treatment; and the potential to pause obexelimab for vaccinations or management of illness. The forward-looking statements in this presentation speak only as of the date of this presentation and are subject to a number of known and unknown risks, uncertainties and contingencies that could cause the Company’s actual results, performance or achievements to differ materially from those anticipated in the forward-looking statements. These risks and uncertainties include, but are not limited to: the commercial opportunities stemming from the development of the Company's product candidates for multiple immunology and inflammation diseases; the Company's ability to develop and, if approved, ultimately commercialize its product candidates and, with partners, its other programs; the Company's ability to obtain or maintain orphan drug designation for certain of its product candidates; the initiation, timing, progress, results, and cost of the Company's development programs, and its current and future preclinical and clinical studies; the success, cost and timing of the Company's clinical development of its product candidates; the Company's ability to establish clinical differentiation of its product candidates; the Company's ability to develop product candidates that have broad therapeutic potential; the Company's ability to utilize our business development strategy and expertise to build a balanced portfolio; the Company's ability to build its operational and commercial capabilities for supplying and marketing its products, if approved, in key markets; market conditions in the biopharmaceutical sector and issuance of securities analysts' reports or recommendations; the trading volume of the Company's common stock; an inability to obtain additional funding and make borrowings under the Company's agreement with BioPharma Credit PLC, BPCR Limited Partnership and BioPharma Credit Investments V (Master) LP, which are funds managed by Pharmakon Advisors, LP, and the guarantors party to such agreement; the Company's ability to initiate, recruit and enroll patients in and conduct its clinical trials at the pace that the Company projects; the Company's ability to obtain and maintain regulatory approval of its product candidates, and any related restrictions, limitations or warnings in the label of any of the Company's product candidates, if approved; the Company's reliance on third parties to manufacture drug substance and drug product for use in its clinical trials; the Company's ability to retain and recruit key personnel; the Company's ability to obtain and maintain adequate intellectual property rights; the Company's expectations regarding government and third-party payor coverage and reimbursement; the impact of current and future healthcare reforms, including those affecting the delivery of or payment for healthcare products and services; the Company's expectations regarding federal, state and foreign regulatory requirements; other governmental legislation and regulation, as well as adverse effects from a shutdown of the U.S. government; the Company's estimates of its expenses, ongoing losses, capital requirements and needs for or ability to obtain additional financing; the Company's existing cash and the sufficiency of its existing cash and proceeds from future capital-raising efforts, if any, to fund future operating expenses and capital expenditure requirements; the Company's ability to continue as a going concern; the potential benefits of strategic collaboration agreements; the Company's ability to identify and enter into strategic collaborations or arrangements, including potential business development opportunities and potential licensing partnerships, and the Company's ability to attract collaborators with development, regulatory and commercialization expertise; sales of the Company's stock by the Company, its insiders or its stockholders; the Company's expectations regarding the time during which we will be an emerging growth company and smaller reporting company under the Jumpstart Our Business Startups Act of 2012; general economic, industry, geopolitical and market conditions, such as military conflict or war, inflation and financial institution instability, tariffs and other trade measures, or pandemic or epidemic disease outbreaks, many of which are beyond the Company's control; additions or departures of senior management, directors or key personnel; the Company's financial performance; developments and projections relating to the Company's competitors or its industry; and other risks and uncertainties described in the section “Risk Factors” in the Company’s Annual Report for the year ended December 31, 2025 and Quarterly Report on Form 10-Q for the quarter ended June 30, 2026, and subsequent reports filed with the Securities and Exchange Commission (“SEC”). The forward-looking statements in this presentation are inherently uncertain, speak only as of the date of this presentation, may prove incorrect and are not guarantees of future events. These statements are based upon information available to the Company as of the date of this presentation and while the Company believes such information forms a reasonable basis for such statements, such information may be limited or incomplete, and our statements should not be read to indicate that the Company has conducted an exhaustive inquiry into, or review of, all potentially available relevant information. Because forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified and some of which are beyond the Company’s control, you should not unduly rely on these forward-looking statements. The events and circumstances reflected in the forward-looking statements may not be achieved or occur and actual future results, levels of activity, performance and events and circumstances could differ materially from those projected in the forward- looking statements. Moreover, the Company operates in an evolving environment. New risks and uncertainties may emerge from time to time, and management cannot predict all risks and uncertainties. Except as required by applicable law, the Company undertakes no obligation to publicly update or revise any forward-looking statements contained herein, whether as a result of any new information, future events, changed circumstances or otherwise. MARKET AND INDUSTRY DATA: Unless otherwise indicated, market and industry data contained in this presentation, including potential commercial opportunities, is based on the Company’s management’s estimates and research, as well as industry and general publications and research and studies conducted by third parties. Although the Company believes that the information from these third-party publications, research and studies included in this presentation is reliable, the Company has not independently verified the accuracy or completeness of this information. Management’s estimates are derived from publicly available information, their knowledge of the Company’s industry and their assumptions based on such information and knowledge, which the Company believes to be reasonable. This data involves a number of assumptions and limitations and the industry in which the Company operates is subject to a high degree of uncertainty and risk due to a variety of factors. TRADEMARKS: This presentation may include references to the Company’s trademarks and trademarks belonging to other entities. The Zenas BioPharma word mark, logo mark, and the “lightning bolt” design are trademarks of Zenas BioPharma, Inc. or its affiliated companies. Solely for convenience, some of the trademarks and trade names referred to in this presentation, including logos, artwork and other visual displays, may be listed without the ® or symbols, but such references are not intended to indicate in any way that Zenas will not assert, to the fullest extent under applicable law, Zenas’s rights or the rights of the applicable licensor to these trademarks and trade names. If Zenas were to conduct offerings of securities in the future, such offering would be made under Zenas' effective registration statement filed with the SEC and by means of the prospectus in that registration statement and a prospectus supplement relating to each such offering, which, when available, may be obtained from the SEC's website at www.sec.gov, by contacting Zenas at zenas@argotpartners.com or by contacting the underwriters of that offering. This presentation shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation, or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or other jurisdiction. Disclaimer
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3 Today’s agenda and speakers Lonnie Moulder Founder & CEO Joe Farmer President & COO Guy Katz, M.D. Division of Rheumatology, Inflammation, and Immunity, Massachusetts General Hospital 1. Opening remarks 2. IgG4-RD & the unmet need 5. Q&A 3. INDIGO clinical study summary 4. Obexelimab launch
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4 Opening Remarks Lonnie Moulder Founder & CEO
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5 Compound Indication Preclinical Phase 1 Phase 2 Phase 3 Territory Obexelimab (CD19 and FcRIIb bifunctional mAb)) IgG4-RD Global excluding BMS territories2RMS SLE Orelabrutinib (BTK inhibitor) PPMS Global naSPMS ZB021 (Oral IL-17AA/AF inhibitor) I&I Global excluding China & SE Asia3 ZB022 (Brain-penetrant TYK2 inhibitor) I&I Global ZB014 (half-life extended CD19 and FcRIIb mAb) I&I Global May 27th PDUFA date; positive Phase 3 INDIGO trial1 Phase 2 SunStone trial data expected in 4Q 2026 Phase 3 Primrose trial ongoing Phase 3 Monarch trial ongoing Clinical data expected in 4Q 2026 Phase 2 MoonStone trial met primary endpoint Comprehensive and balanced portfolio of potentially best-in-class programs in multiple indications with recognized regulatory paths to approval and significant commercial potential 1 MAA submission to EMA planned for 2H 2026; 2 Bristol Myers Squibb & Co. holds exclusive development and commercialization rights for obexelimab in JPN, SK, TWN, HK, SGP, AUS; 3 InnoCare territories Clinical data expected 2027 Clinical data expected 2027 Future rheumatology and neuro-immune franchises
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6 70+ IND filings | 30+ BLA/NDA filings | 30+ successful commercial launches A team with a proven launch track record Zenas’ leadership has deep experience across numerous biotech and pharmaceutical companies
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7 01 Recognize & refer sooner Faster path to diagnosis 02 Find every diagnosed patient Data-driven identification 03 Earn physician conviction Clear, differentiated evidence 04 Remove access friction Seamless patient onboarding experience 05 Support beyond the prescription A durable experience Requirements for rare disease launch excellence A connected continuum to better support individuals living with IgG4-RD
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8 Source: Zenas BioPharma corporate presentation, June 2026. Prevalence per Wallace ZS et al. 2023 and Zenas BioPharma research . Maintenance-eligible population derived from Phase 3 data showing ~55 –60% of untreated or placebo - treated patients experience at least one IgG4-RD flare per year, together with KOL feedback. Market opportunity is a Company est imate based on disease prevalence and pricing of advanced therapies within the indication; it is not a forecast, not guidance, and does not represent expected sales for obexelimab. 1 Company estimate based on Veeva claims data 2Phase 3 trial data show ~55-60% untreated/placebo treated patients experience ≥1 IgG4-RD-related disease flares per year and bas ed on KOL-feedback, these patients are eligible for maintenance therapy; 2Company estimate based on disease prevalence and pricing of approved therapies within indication $4 Billion estimated U.S. commercial opportunity in IgG4-RD2 • Launch of first approved therapy supports the size of the opportunity • Growth driven by increasing recognition, awareness, and the availability of effective therapies IgG4-RD, a substantial market opportunity • estimated prevalent IgG4-RD cases in the U.S. ~30–40K • Diagnosed and treated U.S. patients ~25K1 ~12.5K • patients eligible for maintenance therapy2 Multiple precedents for rare diseases that evolved into large markets with the availability of effective therapies
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9 Obexelimab would offer a new and differentiated approach to long-term disease management, if approved Obexelimab would offer a new and differentiated approach to long-term disease management, if approved Front Line Therapy Unique MOA Convenience Reversibility/ Flexibility Efficacy and Safety Opportunities for Obexelimab Initiation 1. Newly diagnosed patients experiencing a flare 2. Previously treated, not currently on therapy, experiencing a flare 3. Patients currently treated with a biologic (UPLIZNA or rituximab) who see their physician prior to a 6 month infusion. Obexelimab will be positioned as the preferred first line therapy for the majority of patients Active Flares Active Treatment
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10 IgG4-RD & The Unmet Need Guy Katz, MD, MS Division of Rheumatology, Inflammation, and Immunity Massachusetts General Hospital September 29, 2026
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11 Disease Definition IgG4-related disease (IgG4-RD) is a systemic, chronic, and progressive immune-mediated fibroinflammatory disorder that can affect nearly any organ. Chronic and relapsing course in which most patients eventually relapse without long-term treatment. Leads to irreversible fibrosis, organ dysfunction, and increased mortality. IgG4-RD Awareness Chronic disorder that follows subclinical progression Systemic multiorgan involvement B-cell dysfunction is central in pathophysiology Diagnostically challenging 1.(Zhang 2019) 2. (Kamisawa 2015) 3. (Wallace 2024) 4. (Wallace 2020) 5. (Lanzillotta 2020) 6. (Pinheiro 2024) Hallmarks of IgG4-RD • Elevated serum IgG4levels1,2 • Multi-organ involvement3,4 • Relapsing course 3,5,6 • Subclinical progression2 • Organ enlargement or masses4 • Dense Lymphoplasmacytic infiltration1,2 • Storiform fibrosis1,2 • Obliterative phlebitis1,2 Clinical Features Serological Features Histopathological Features Radiological Features
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12 IgG4-RD is a Systemic Disorder with Multi-Organ Involvement 1. (Wallace 2019) 2. (Perugino 2020) 3. (Zhang 2019) 4. (Pinheiro 2024) IgG4-RD exhibits multi-organ involvement Pachymeninges Diffuse thickening with contrast enhancement Lacrimal Asymptomatic enlargement, usually symmetric Thyroid Gland Asymptomatic enlargement, usually symmetric Lungs Masses, nodules, bronchial wall thickening Bile Ducts Intra-hepatic and extra- hepatic strictures Kidneys Focal masses, usually multiple Frequent Occasional Infrequent Orbits Often symptomatic, masses, extra-ocular muscle myositis Major salivary glands Asymptomatic enlargement, usually symmetric Pancreas Diffuse enlargement, diabetes, exocrine insufficiency Aorta Wall thickening sometimes with aneurysm Retroperitoneum Soft tissue mass encasing the anterolateral aorta Image adapted from Perugino C et al Organ-Specific Manifestations CT scan image of enlarged pancreas with “sausage-like” appearance2 CT image showing soft tissue encasing abdominal aorta2 ~60–75% multi- organ at diagnosis; 2–3 organs average1
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13 IgG4-RD Disease Course IgG4-RD typically progresses slowly over months to years, often remaining subclinical in early stages, creating a dangerous window in which irreversible organ damage accrues before a diagnosis is ever made. IgG4-RD Progression Subclinical Progression Irreversible Organ Damage Symptom Onset Diagnosis Early Progression Mounting Damage Late Disease and Organ Damage 1. (Zhang 2019) 2. (Kamisawa 2015) 3. (Wallace 2024) 4. (Pinheiro 2024) 5. (Wallace 2019)
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14 IgG4-RD Cases are Underestimated Rising Case Counts Reflect Recognition IgG4-RD cases likely reflect underdiagnosis rather than true incidence/prevalence United States Japan Europe Latin America 5.34 per 100,0001 1.39 per 100,000 person-years1 6~8 per 100,0002,3 1.08 per 100,000 person-years2,3 Not well defined but cases rising4 Not well defined but cases rising5 Prevalence Incidence Increased Reporting Better Awareness ACR/EULAR Criteria Advances In Biomarkers ICD-10 Codes 1. (Wallace 2023) 2. (Uchida 2012) 3. (Umehara 2012) 4. (Pinheiro 2024) 5. (Martín-Nares 2022). The number of diagnosed cases is increasing globally due to improved classification criteria and better imaging techniques4
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15 Pathophysiology of IgG4-RD PDGF-B LOXL2 Activated B Cell Tfh2 Plasma Cell CD4+ CTLs IgG4 Activated CD4+ T cells Oligoclonal expansion IL-4 IL-21 granzyme A/B/K perforin SLAMF7 Fibroblast Apoptotic Cell M2 Macrophage IFN-γ Naïve B Cell Potential antigens: • Autoantigen • Infectious • Allergen IgE IgG4+ IgE+ Plasmablast IgG4+ IgE+Class switching & maturation IgG4 TGF-β CCL18 IL-10 Activated B Cells Myofibroblast Collagen Fibrosis Matrix deposition Plasmablast Plasma Cell
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16 Diagnosing IgG4-RD: No Single Test, No Single Specialist • IgG4-RD mimics malignancy, infection, and other immune-mediated conditions7 • Accurate early diagnosis reduces irreversible organ damage, minimizes unnecessary surgery, and enables personalized management8,9 IgG4-RD Diagnosis Histopathological Features Serological Features Radiological Features Clinical Features IgG4-RD requires a holistic approach for diagnosis No single test is diagnostic Keep in mind 1.(Zhang 2019) 2. (Kamisawa 2015) 3. (Wallace 2024) 4. (Wallace 2020) 5. (Lanzillotta 2020) 6. (Pinheiro 2024) 7. (Stone 2012) 8. (Wallace 2019) 9. (Wall ace 2020)
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17 IgG4-RD Disease Burden is Multifaceted Economic BurdenHumanistic BurdenTreatment BurdenClinical Burden Increased Mortality+ • Mortality: 2.5× increased risk; 3.42 vs. 1.46 per 100 person-years; notably higher in <65 years1 Comorbidities+ • Comorbidities are common; hypertension (63%), diabetes (33%), malignancy, and CAD (16%)6 Damage • Invasive diagnostic and therapeutic procedures, irreversible organ fibrosis 1. (Wallace 2023) 2. (Lanzillotta 2020) 3. (Wallace 2016) 4. (Wallace 2024) 5. (Wallace 2025) 6. (Wallace ACR 2022) 7. (Yu 20 24) Chronic Therapy+ • >85% of patients receive GCs4 • 74.5% high-GC patients have GC toxicity; 29% >3 toxicities5 • High rates of usage of immunosuppressive medications5 High Relapse Rate+ • 30% of patients relapse within 6 months2 Impaired QoL+ • 90% of patients report symptoms and 88% experience related distress1 Psychological+ • ~50% of patients reporting fear of worsening or recurrence1. • Emotional burden is driven by diagnostic uncertainty, malignancy concerns, and patient-held misconceptions7 Healthcare Utilization+ • ~Double the ER use and more than triple the hospitalization rates4 Direct & Indirect Cost+ • ≈ $51,500 annually • Patients frequently face reduced productivity due to illness1
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18 Unmet Medical Needs: Where the Field Stands IgG4-RD Unmet Needs Early Recognition & Awareness 1,2 Better Diagnostic Markers 3 Safer & More Convenient Therapies Long-Term Data Broader education and outreach are urgently needed to: • Improve early recognition • Reduce diagnostic delays • Prevent unnecessary interventions or organ damage 1. (Pinheiro, 2024) 2. (Kamisawa, 2015) 3. (Lanzillotta 2020) The development of non-invasive, sensitive, and disease-specific biomarkers is urgently needed to: • Facilitate earlier, more accurate diagnosis • Reduce reliance on invasive procedures Need for therapeutic options that offer improved safety profiles and greater convenience Need for long-term, prospective studies and registries that track epidemiology, disease activity, organ damage, fibrosis reversibility, survival, and patient- centered outcomes
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19 ¹ RaffaeleUniversità Vita-Salute San Raffaele, Milano, Italy; Unit of Immunology, Rheumatology, Allergy and Rare Diseases (UnIRAR), IRCCS San Raffaele Scientific Institute, Milano, Italy. ² Division of Immunology and Rheumatology, Department of Medicine, Stanford University, Palo Alto, CA, USA. ³ Peking Union Medical College Hospital, Beijing, China. ⁴ Division of Rheumatology, Inflammation, and Immunity, Massachusetts General Hospital, Boston, MA, USA. ⁵ University of Occupational and Environmental Health, Japan. ⁶ Emory University School Of Medicine, Georgia, USA. ⁷ Institute of Molecular Oncology and Stem Cell Biology and Interdisciplinary Pancreatology, Department of Internal Medicine 1. Ulm University Hospital, Germany. ⁸ Hôpital de La Timone, Internal Medicine Department, Marseille, France. ⁹ Hospital Universitario Vall d’Hebron, Barcelona, Spain. ¹⁰ Klinikum der Universität München, Munich, Germany. ¹¹ Pancreatology and Digestive Oncology Department, Beaujon Hospital, Université Paris-Cité, Clichy, France. ¹² Kansai Medical University Kori Hospital, Japan. ¹³ Tongji Hospital, Tongji Medical College, Huazhong University of Science and Technology, China. ¹⁴ Arthritis Research Canada, Vancouver, British Columbia, Canada. ¹⁵ Dalhousie Medical School, Nova Scotia, Canada. ¹⁶ Department of Medicine, the Pancreas Center, University of Verona, Verona, Italy. ¹⁷ Henry Ford Health System, Michigan, USA; Wayne State University, Michigan, USA; Michigan State University, Michigan, USA. ¹⁸ Sapporo Medical University, Sapporo, Japan. ¹⁹ Kanazawa Medical University, Japan. ²⁰ Beijing Friendship Hospital, Capital Medical University – PPDS, Beijing, China. ²¹ Nagaoka Red Cross Hospital, Japan. ²² Charité – Universitätsmedizin Berlin, Department of Rheumatology and Clinical Immunology, German Rheumatism Research Center (DRFZ), Germany. ²³ Hospital Universitario Ramón y Cajal, IRYCIS, Madrid, Spain. ²⁴ Hacettepe University, Department of Internal Medicine, Division of Rheumatology, Vasculitis Research Centre, Ankara, Turkey. ²⁵ National Institute of Geriatrics, Rheumatology and Rehabilitation, Warsaw, Poland. ²⁶ Zenas BioPharma, Waltham, Massachusetts, USA. ²⁷ Translational Gastroenterology and Liver Unit, John Radcliffe Hospital, and Nuffield Department of Medicine, University of Oxford, Oxford, UK Obexelimab, a B-cell inhibitor, in IgG4-Related Disease: Results from the Phase 3 INDIGO Trial Emanuel Della-Torre¹, Matthew C Baker², Wen Zhang³, Cory A. Perugino⁴, Guy Katz⁴, Yoshiya Tanaka⁵, Arezou Khosroshahi⁶, Alexander Kleger⁷, Nicolas Schleinitz⁸, Fernando Martinez-Valle⁹, Hendrik Schulze-Koops¹⁰, Shingo Nakayamada⁵, Vinciane Rebours¹¹, Kazuichi Okazaki¹², Lingli Dong¹³, Mollie Carruthers¹⁴, Luke Y .C. Chen ¹⁵, Luca Frulloni¹⁶, Alireza Meysami¹⁷, Hiroki Takahashi¹⁸, Mitsuhiro Kawano¹⁹, Yanying Liu²⁰, Takako Saeki²¹, Mikael Ebbo⁸, Tobias Alexander²², Andrés González-García²³, Omer Karadag²⁴, Maria Maslinska²⁵, Shauna Quinn²⁶, Allen Poma²⁶, Audrey Wells²⁶, Thomas J Greene²⁶, John Stone⁴, Emma Culver²⁷
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20 Disclosures Obexelimab is an investigational medicine and has not been approved by any regulatory authority for the treatment of IgG4-related disease. Emanuel Della Torre Amgen, Zenas BioPharma, Sanofi, Matthew Baker Amgen, Eli Lilly, Gilead, BeOne Medicines, Zenas BioPharma, Sanofi, argenx, Neurocrine, AnaptysBio, Xencor, Jade Biosciences, Arcus Biosciences, Wen Zhang: None declared, Cory Perugino Amgen, Zenas BioPharma, Acepodia, Galderma, Guy Katz Zenas, Amgen, Acepodia, Yoshiya Tanaka Chugai, UCB, AbbVie, AstraZeneca, Eli-Lilly, Boehringer Ingelheim, GSK, Eisai, IQVIA, Daiichi-Sankyo, Otsuka, Taisho, Gilead, BMS., Arezou Khosroshahi Amgen, Zenas, Acepodia, Sanofi, Alexander Kleger Amgen, Sanofi, Nicolas Schleinitz Amgen, AstraZeneca, Zenas BioPharma, Sanofi, Fernando Martinez Valle Amgen, Zenas BioPharma, Alnylam, Pfizer, Bayer, Hendrik Schulze-Koops Galapagos, Lilly, Sanofi, AbbVie, Boehringer, SoBi, Xencor, BMS, Alexion, Celltrion, Amgen, Alfa Sigma, Shingo Nakayamada GSK, Astellas Pharma, Eli Lilly, AbbVie, Mitsubishi Tanabe Pharma, Janssen, Pfizer, BMS, Asahi Kasei, Chugai Pharmaceutical, AstraZeneca, Taisho Pharmaceutical, Eisai , Gilead Sciences, UCB, Ayumi, Vinciane REBOURS Mayoly; Amgen, Kazuichi Okazaki Tanabe-Mitsubishi Pharma, BMS, Lingli Dong: None declared, Mollie Carruthers Amgen, Abbvie, UCB, Janssen, Sanofi, Roche, Pfizer, Acopedia, Zenas BioPharma, Luke Y.C. Chen Recordati, Amgen, Luca Frulloni Amgen, Zenas BioPharma, Alireza Meysami Amgen, AstraZeneca, GSK, Janssen, Sanofi, BMS, Novartis, Zenas Biopharma, Hiroki Takahashi: None declared, Mitsuhiro Kawano: None declared, Yanying Liu: None declared, Takako Saeki: None declared, Mikael Ebbo: None declared, Tobias Alexander Amgen, AstraZeneca, GSK, Zenas, J&J, Andrés González García GSK, Astra Zeneca, Otsuka, Sobi, Novartis, Recordati Rare diseases, Amgen, Zenas BioPharma, Omer Karadag Janssen, Novartis, GSK, Pfizer, Maria Maslinska Abbvie, Pfizer, AstraZeneca, Novartis, GSK, Shauna Quinn Owns stock and stock options in Zenas BioPharma, Current employee of Zenas BioPharma, Allen Poma Owns stock and stock options in Zenas BioPharma, Current employee of Zenas BioPharma, Audrey Wells Owns stock and stock options in Zenas BioPharma, Employee of Zenas BioPharma, Thomas J Greene Owns stock and stock options in Zenas BioPharma, Employee of Zenas BioPharma, John H. Stone Amgen, Zenas BioPharma, Sanofi, AcepodiaBio, Novartis, HingeBio, ZipBio, Argenx, Q32Bio Emma L. Culver Amgen, Gilead, Ipsen, GSK, Mirum, Falk, Zenas BioPharma, Sanofi, Acepodia, Janssen
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21 Background and need for novel treatment strategies IgG4-related disease (IgG4-RD) is a chronic, progressive, fibroinflammatory condition that can impact a single or multiple organs and is characterized by recurrent flares that can lead to organ damage. Glucocorticoids (GCs) have been used as initial therapy for rapid disease control, but many patients relapse or develop toxicity. B-cell depletion is currently the only FDA-approved steroid-sparing approach for inducing and maintaining remission, but this treatment approach has significant risks and limitations in convenience and real-world application
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22 Risks with prolonged B-cell depletion After administration, B cells are depleted for ~6-12 months, with an irreversible effect on infections and vaccine responsiveness Long-term, continuous B-cell depletion leads to progressive reduction in total IgG and cumulatively increased risk of infection over time Intermittent, on-demand courses of B-cell depletion for active disease require patients to endure relapses over time, with potential effects on risk of damage, quality of life, and psychological stress of illness Administered as intravenous infusions, making treatment less convenient and often leading to delays in initiation of treatment
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23 Obexelimab and B-cell inhibition 1. Chu SY et al. Mol Immunol. 2008;45:3926–3933. 2. Horton HM et al. J Immunol. 2011;186:4223–4233. 3. Perugino CA et al. Lancet Rheumatol. 2023;5:e442–e450.4. Wang X et al. Clin Pharmacol Drug Dev. 2025;14:656–668.6. Wang X et al. Adv Ther. 2025;42:813–829. Obexelimab is a humanized, bifunctional monoclonal antibody designed to inhibit B-cell activity through co-engagement of CD19 and the inhibitory receptor FcγRIIb. This approach is intended to mimic natural inhibitory signaling pathways that regulate B-cell activation.1,2 Unlike B-cell–depleting therapies, obexelimab does not induce antibody-dependent cellular cytotoxicity or complement- dependent cytotoxicity and therefore does not result in cytotoxic B-cell depletion.3,4
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24GC = glucocorticoids; q7d = every 7 days; SC = subcutaneous; RCP = Randomized Controlled Period; OLP = Open-Label Period. INDIGO was a global, double-blind, randomized, placebo-controlled Phase 3 trial conducted in patients with IgG4-related disease. The INDIGO trial – Study Design 1:1 Randomization (n=194) Monthly visits RCPScreening Day -28 Day 0 Day 1 Week 8 OLP Week 52 Obexelimab 250mg SC – once weekly × 52 doses (n=97) Placebo SC – once weekly × 52 doses (n=97) Ongoing GC therapy for active flare 20-60 mg/d 20 mg/d Flare Obexelimab up to 3 years Inclusion • Adults with IgG4-RD (per ACR/EULAR criteria) • Active disease requiring GC initiation/escalation Exclusion • Active infection • Recent biologics or B-cell depletion • High-dose steroids (> 60 mg/day) 20 0 mg/d 20 0 mg/d
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25 Endpoints Time to first IgG4-RD flare requiring initiation of rescue therapy, in the opinion of the investigator and confirmed by the adjudication committee (AC). Primary Endpoint Time to first investigator-determined flare requiring initiation of rescue therapy Number of investigator- and AC-determined flares requiring initiation of rescue therapy Proportion achieving complete remission* at Week 52 Cumulative dose of GC rescue therapy through Week 52 Key Secondary Endpoints *Complete remission defined as no AC-determined flare; no treatment for flare; and IgG4-RD RI = 0 or PGA VAS = 0 mm 1 2 3 4
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26 Flare assessment and adjudication Flare criteria were developed specifically for this trial by an international panel of experts, with organ-specific definitions that also allowed for detection of subclinical or asymptomatic disease activity. Assessment of flares was comprehensive and integrated multiple domains, including symptoms, physical examination, laboratory parameters, and imaging findings, with criteria tailored to the organ involved and the patient's baseline disease status. At each visit, investigators evaluated patients for flares and were blinded to serum IgG4 levels. When a flare was suspected, targeted, organ-specific assessments were performed to confirm disease activity and exclude alternative causes. Importantly, all flare determinations were reviewed through blinded independent adjudication, with majority-vote confirmation of protocol-defined flares and the need for rescue therapy. This approach was intended to ensure a consistent and rigorous assessment of disease activity across the study.
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27 The largest clinical trial in IgG4-RD 15 Countries EAST ASIA • China • Japan • Rep. of Korea • Taiwan N. AMERICA • Canada • United States LATIN AMERICA • Argentina • Mexico EUROPE • France • Germany • Italy • Poland • Spain • Turkey • United Kingdom 194 patients enrolled from 15 countries across 114 sites: the largest clinical trial in IgG4-RD conducted to date reflecting the full disease spectrum.
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28 Trial disposition Screening Failure: n = 93 (32.4%) • Inclusion/Exclusion Criteria: n = 91 • Other: n = 2 Assessed for Eligibility (Screened) N = 287 Randomized (1:1) n = 194 (67.6%) Obexelimab n = 97 Placebo n = 97Discontinued RCP: n = 12 (12.4%) • Adverse event: n = 6 • Withdrew consent: n = 2 • Physician decision: n = 1 • Lost to follow-up: n = 1 • Protocol violation: n = 1 • Other: n = 1 Discontinued RCP: n = 10 (10.3%) • Withdrew consent: n = 5 • Physician decision: n = 3 • Adverse event: n = 1 • Death: n = 1 Completed Randomized Controlled Period n = 85 (87.6%) Completed Randomized Controlled Period n = 87 (89.7%)
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29 Characteristic Obexelimab (N=97) Placebo (N=97) Age — yr 59.6 ± 13.4 58.7 ± 12.0 Male sex, n (%) 65 (67.0) 64 (66.0) Race, n (%) Asian 59 (60.8) 51 (52.6) White 27 (27.8) 39 (40.2) Other 11 (11.3) 7 (7.2) Region, n (%) Asia 51 (52.6) 48 (49.5) US/Canada 24 (24.7) 16 (16.5) Europe 19 (19.6) 28 (28.9) Latin America 3 (3.1) 5 (5.2) Baseline demographics
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30 Characteristic Obexelimab (N=97) Placebo (N=97) IgG4-related disease manifestation Recurrent — no. (%) 64 (66.0) 65 (67.0) Newly diagnosed — no. (%) 33 (34.0) 32 (33.0) Number of organs involved — no. (%) 1 6 (6.2) 7 (7.2) 2–4 59 (60.8) 58 (59.8) >4 32 (33.0) 32 (33.0) Most commonly affected organs — no. (%) Salivary gland 60 (61.9) 66 (68.0) Lacrimal gland 54 (55.7) 49 (50.5) Pancreas 45 (46.4) 46 (47.4) Lymph nodes 41 (42.3) 46 (47.4) Disease duration — yr 3.1 ± 4.2 2.5 ± 3.2 Median ACR–EULAR score (IQR) 38.0 (30.0–45.0) 38.0 (31.0–44.0) Prior rituximab use — no. (%) 12 (12.4) 11 (11.3) Clinical characteristics *Disease duration is defined as the time between the date of diagnosis of IgG4-RD (as reported by the investigator) and the screening visit. IQR = interquartile range (25th–75th percentile).
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31 Results – Obexelimab reduced the risk of IgG4-RD flares PRIMARY ENDPOINT 73.2% of patients receiving obexelimab remained flare-free through Week 52 • Flares occurred in 26/97 patients receiving obexelimab (26.8%) and 53/97 receiving placebo (54.6%) • Hazard ratio, 0.443; 95% CI, 0.277 to 0.711; P= 0.0005 No. at risk Obexelimab Placebo 72 62 97 97 94 96 90 94 85 82 78 75 73 71 0 0 69 57 67 53 66 51 65 50 64 49 20 13 Months Probability of No Flare 0.2 Obexelimab Placebo 1.0 0.9 0.7 0.8 0.6 0.5 0.4 0 13121110987654321 0.3 Censored No of Participants with Events Median (95% CI) months Obexelimab 26 NC (NC, NC) Placebo 53 11.7 (7.4, NC) Hazard ratio for flare 0.443 (95% CI, 0.277–0.711) P=0.0005 NC = Not Calculable.
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32 Obexelimab Placebo Time to first investigator-determined flare (Patients with ≥1 flare) Obexelimab 26.8% Placebo 57.7% HR 0.41 (95% CI 0.26–0.66) P=0.0001 Annualized rate of adjudicated flares requiring rescue therapy (Flares/yr) Obexelimab 0.34/yr Placebo 0.70/yr Rate ratio 0.48 (95% CI 0.32–0.74) P=0.0008 Patients achieving complete remission at Week 52 Obexelimab 37.1% Placebo 19.6% +17.7 pp risk difference P=0.0049 Cumulative glucocorticoid rescue dose through Week 52* Obexelimab 329.5 mg Placebo 929.8 mg −600 mg difference P=0.0042 HR = hazard ratio; CI = confidence interval; pp = percentage points. * GC exposure shown reflects rescue treatment for flare management; obexelimab was not administered with routine GC prophylaxis for hypersensitivity. SECONDARY ENDPOINTS Results – Obexelimab met all Key Secondary Endpoints
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33 ≥20 pts ≥30 pts Placebo (%) Obexelimab (%) 61.2% (49.99; 71.56)* 42.2% (31.4; 53.51)* 49.4% (38.39; 60.48)* 28.9% (19.48; 39.91)* P = 0.0135 P = 0.0090 * 95% CI • GTI-CWS assesses accumulated glucocorticoid-related toxicity over time. • Obexelimab was associated with less accumulated glucocorticoid toxicity at Week 52. Glucocorticoid Toxicity Index - Cumulative Worsening Score* *GTI domains assessed included body mass index, glucose tolerance, blood pressure, lipid metabolism, infection, glucocorticoid myopathy, skin toxicity, and neuropsychiatric effects; bone mineral density was not assessed. Proportion of Patients With ≥20- or ≥30-Point GTI-CWS at Week 52 Results – Glucocorticoid Toxicity Index
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34 Mean IgG4 (mg/dL) 0 0 1-2 4 12 32 52 91 87 86 79 67 60 96 94 92 94 67 56 No of participants Obexelimab Placebo Obexelimab Placebo 700 600 400 500 300 200 100 Week I bars indicate 95% confidence intervals. Results – Sustained effect of Obexelimab on Serum IgG4 Serum IgG4 levels decline after GC induction was sustained through Week 52 with obexelimab but increase above baseline with placebo
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35 Mean CD20+ B-cell counts decline after GC induction was sustained through Week 52 and remained above the LLN during obexelimab treatment 600 400 Mean CD20+ Cells/µL 0 0 1-2 4 12 32 52 97 96 94 84 72 63 97 94 96 94 73 61 No of participants Obexelimab Placebo Obexelimab Placebo Week (LLN) 74 cells/µL 200 LLN = Lower Limit of Normal; I bars indicate 95% confidence intervals. Results – B cells remained above LLN through Week 52
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36 Obexelimab (N=97) Placebo (N=97) Patients with ≥1 AE 95 (97.9%) 93 (95.9%) Patients with ≥1 SAE 10 (10.3%) 18 (18.6%) Patients with ≥1 Grade ≥3 AE 11 (11.3%) 23 (23.7%) Patients with AE leading to discontinuation of treatment 9 (9.3%) 3 (3.1%) Selected Treatment-emergent AEs (≥10 in either) Arthralgia 19 (19.6%) 11 (11.3%) Nasopharyngitis 18 (18.6%) 14 (14.4%) Upper respiratory infection 15 (15.6%) 22 (22.7%) Insomnia 13 (13.4%) 10 (10.3%) Back pain 11 (11.3%) 12 (12.4%) Diarrhea 11 (11.3%) 6 (6.2%) Adverse events of Special Interest Hypersensitivity (≥Grade 2) 16 (16.5%) 11 (11.3%) Infections (≥Grade 3) 2 (2.1%) 4 (4.1%) Malignancy* 3 (3.1%) 0 Injection site reaction (≥Grade 2) 2 (2.1%) 1 (1.0%) Results – Adverse Events * Three malignancies identified, all deemed unrelated: One renal cell carcinoma determined to be pre-existing before enrollment; One prostate cancer, for which there is no known increased risk with immunosuppression; One squamous cell carcinoma.
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37 Conclusions Obexelimab significantly reduced the risk of IgG4-RD flare versus placebo through Week 52. Obexelimab reduced cumulative glucocorticoid rescue use and was associated with less glucocorticoid toxicity worsening versus placebo. Obexelimab was generally well tolerated, with no new safety signals identified. INDIGO demonstrated that B-cell inhibition through CD19/FcγRIIb co-engagement may present a novel, subcutaneous treatment approach for the management of IgG4-RD.
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39 Obexelimab Launch Joe Farmer President & COO
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40 Obexelimab Launch Joe Farmer President & COO 1. Opportunity 2. Current Treatment Landscape and Unmet Need 5. Commercial Execution - Market Access and Field Deployment Strategy 3. Market Research 4. Obexelimab Strategy and Positioning
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41 Opportunity
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42 Current US opportunity includes ~25,0001 diagnosed and treated U.S. patients 1Company estimate based on Veeva claims data 2Company estimate based on disease prevalence and pricing of approved therapies within indication ~25,000 currently diagnosed U.S. patients Anticipated Payer Mix ~60% Commercial ~30% Medicare / Part D ~10% Medicaid June 2026 planning estimate; not a finalized launch forecast. ~25,0001 diagnosed & treated U.S. patients Represents an approximate $4B commercial opportunity2
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Source: 1. Uplizna in IgG4-RD received US FDA approval in April 2025. Estimated price of Uplizna based on 3 doses administered in the first year and 2 doses administered per year in the years following. Uplizna is administered every 6 months at steady state by IV infusion in clinic; 2. Estimated based upon Veeva Compass Patient Data. Launch of only approved product is validating market opportunity Launch of only approved product is validating market opportunity Cumulative IgG4-RD Patient Starts on Uplizna (extrapolated)2 1400 1200 1000 800 600 400 200 0 Cumulative IgG4-RD Patient Starts on Uplizna (extrapolated)2 ~1,200 Unique IgG4-RD patients treated with Uplizna as of August 20262 ~950+ Unique IgG4-RD prescribers2 ~$300K-$450K pricing per patient, per year1; dosed every 6 months at steady state
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44 Current Treatment Landscape and Unmet Need
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45 Current IgG4-RD treatment landscape and unmet need Current SOC have limitations that make chronic therapy difficult Current Treatments: Patients need a convenient, reversible, effective therapy for chronic use and safe and effective long-term disease management Unmet Need 94% of surveyed physicians agree that IgG4-RD is a disease that requires proactive maintenance treatment.1 1 ATU Survey (n=102), 2025. IgG4-RD is a chronic disease that requires chronic therapy )Glucocorticoids (GCs) B-Cell Depleters (Anti-CD19 or -20 mAbs) Disease-Modifying Antirheumatic Drugs (DMARDs) Toxicity with chronic use Immune compromise with infection risk Only modest efficacy and toxicities
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46 Market Research
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Survey of eighty U.S.-based IgG4-RD treating physicians assessed obexelimab based on INDIGO product profile Survey of eighty U.S.-based IgG4-RD treating physicians assessed obexelimab based on INDIGO product profile 63% 20% 6% 6% 5% • 69% Community based; 31% Academic-based • Participants managed ~18 IgG4-RD patients over the past year • Greater than 80% are currently receiving drug therapy Rheumatology/Immunology Gastroenterology/’Hepatology Nephrology Ophthalmology Hematology Oncology Specialty Representation 80 Survey Participants • Obexelimab deidentified as “Product X” • Compared to placebo in randomized trial of 194 patients: ➢ 56% reduction in risk of IgG4-RD flare (HR=0.443; p=0.0005), and 73% of patients flare-free through week 52 ➢ Superior complete remission rate (p=0049) and significant reduction in glucocorticoid use (p=0.0042) ➢ Similar rates of SAEs, infections, and ISRs ➢ Potential to pause treatment for vaccinations and treatment of intercurrent illness • Self-administered,less than 10 second, weekly subcutaneous injection with an autoinjector pen Product Profile Key Components Source: Zenas market research 2026; SAE = Serious Adverse Event; ISR = Injection Site Reaction
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48 Majority of respondents see value in B cell inhibition over depletion and approximately two-thirds are extremely likely to prescribe obexelimab Majority of respondents see value in B cell inhibition over depletion and approximately two-thirds are extremely likely to prescribe obexelimab 3% 46% 51% Strongly disagree Neither agree nor disagree Strongly agree 1% 35% 64% Neither likely nor unlikely Extremely unlikely Extremely likely Biologics include Obexelimab,Uplizna and Rituximab A 47% share of biologics would be allocated to obexelimab; consistent with prior market research Likelihood to Prescribe Obexelimab 3 Years From Now See value in B cell inhibitor rather than a B cell depletor Source: Zenas market research 2026
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49 More respondents envision using obexelimab as a first-line therapy over other biologics for the overall IgG4-RD patient population A majority of physicians would maintain patients on obexelimab after disease flare More respondents envision using obexelimab as a first-line therapy over other biologics for the overall IgG4-RD patient population A majority of physicians would maintain patients on obexelimab after disease flare 51% 30% 19% Obexelimab Usage by Line of Therapy 1st-line or following treatment with GC / other immunosuppressant 2nd-line after rituximab 2nd-line after Uplizna 49% 27% 19%3% 3% Next Steps if Flare on Obexelimab Continue on obexelimab and add GC Switch to Uplizna Switch to rituximab Switch to GC monotherapy Switch to other therapy Note: GC = glucocorticoids;Other therapy category includes non-GC immunosuppressants;All therapies in line of therapy category +/- GC; Numbers may not add up to 100% due to rounding Source: Zenas market research 2026
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50 Weekly subcutaneous dosing positions obexelimab as a physician- and patient-preferred therapeutic option Patient preference data from separate survey conducted with 20 U.S. IgG4-RD patients Weekly subcutaneous dosing positions obexelimab as a physician- and patient-preferred therapeutic option Patient preference data from separate survey conducted with 20 U.S. IgG4-RD patients 43% 53% 5% Physician Preference for Weekly SubQ Vs. Q6M IV Strongly agree Neither agree nor disagree Strongly disagree 75% RoA = route of administration. Numbers may not add up to 100% due to rounding 25% 0% IgG4-RD Patient RoA Treatment Preference (IV vs SubQ) (n=20) Prefer SubQ No Preference Prefer IV Source: Zenas market research 2026, 2025
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51 Obexelimab Strategy and Positioning
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52 Obexelimab would offer a new and differentiated approach to long-term disease management, if approved Obexelimab would offer a new and differentiated approach to long-term disease management, if approved Front Line Therapy Unique MOA Convenience Reversibility/ Flexibility Efficacy and Safety Opportunities for Obexelimab Initiation 1. Newly diagnosed patients experiencing a flare 2. Previously treated, not currently on therapy, experiencing a flare 3. Patients currently treated with a biologic (UPLIZNA or rituximab) who see their physician prior to a 6 month infusion. Obexelimab will be positioned as the preferred first line therapy for the majority of patients Active Flares Active Treatment
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53 Three strategic imperatives define our launch plan • Make proactive and chronic disease management the standard Shape the market • B cell inhibition provides a unique MOA Differentiate clearly • Build the conditions for fast, focused uptake Focused and Launch-Ready Patient Engagement Strategy: • Prioritize the right customers • Define the right patient moments • Build the right engagement model Activate with discipline
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54 Commercial Execution – Market Access Market Access
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HCP Planning for comprehensive surround support for HCPs Planning for comprehensive surround support for HCPs A coordinated, cross-functional model that delivers consistent education and support at every HCP touchpoint Strategic Engagement (6) Aligns Commercial KOL strategy and builds trusted relationships that inform commercial strategy. Field Sales Professionals (45) Delivers approved clinical and product resources to increase understanding and appropriate utilization. Nurse Educators (6) In-depth, peer-to-peer disease- state and treatment education to advance understanding of IgG4-RD. Supporting HCPs and patients as they navigate access & reimbursement. HCP: Health Care Professional RBD: Regional Business Director Market Access (14)
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56 1 OFFICE ACCESS SUPPORT Zenas Field Reimbursement Managers* Ensure smooth and quick reimbursement education and support for patients and providers CASE COORDINATION HUB + selected Specialty Pharmacy Patients enter HUB or Specialty Pharmacy for initial benefits verification and support / drug dispensed PATIENT SUPPORT HUB/Specialty Pharmacy nurse support Provide patient onboarding and education / ongoing patient communication, including refill support One coordinated Zenas experience Patient identified and prescription written Entry point: HUB or direct to Specialty Pharmacy Benefits verification and prior authorization support Affordability triage QuickStart | Bridge Co-pay | Patient Assistance Program Dispense through limited Specialty Pharmacy network Patient onboarding, education and ongoing support PATIENT + PROVIDER OFFICE
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57 FLEXIBLE ENTRY HUB Entry Direct to SP Coverage • Verify benefits • PA / exception support Affordability • Eligible support • Program selection • Transition plan First fill + start • Dispense + educate • Confirm start of treatment Ongoing support • Refills • Reauthorization • Continuity support ILLUSTRATIVE DELAY: MISSING COVERAGE DOCUMENTATION Identify Assigned owner identifies missing information Resolve HUB / SP and FRM coordinate the office response Close the loop Office and patient receive a clear next step advancing prescription What this looks like for a patient and an office An illustrative commercial pathway connects flexible entry, next-action ownership and continuity
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58 Access partners: patient services HUB specialty pharmacy Access partners: patient services HUB & specialty pharmacy All partners selected for complementary strengths - patients and customers will experience one coordinated Zenas model for obexelimab PATIENT + PROVIDER OFFICE Choose the entry point HUB or direct-to-SP HUB RareMed Copay, Patient Assistance Program, QuickStart, Bridge and free-drug routing SPECIALTY PHARMACY Biologics by McKesson Enterprise scale and launch readiness One Zenas Standard ✓ Common Service Level Agreements ✓ Common status + data ✓ Warm transfers ✓ Shared simulations + hypercare SPECIALTY PHARMACY Orsini Rare-disease, high- touch service model Complementary not duplicative to Biologics Cencora 3PL Inventory • order-to-cash • channel integrity Data aggregator + warehouse selected One actionable view across HUB, SP and channel data OR
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59 Commercial Execution – Field Deployment Strategy
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60 Targeting strategy: ~7,100 target HCPs 5 Patient volume is the primary segmentation driver; biologic use and specialty refine prioritization. Tier HCPs % of Patients Defining criteria Tier 1 ~7,100 72%1 Highest volume treating HCPs, or highest biologic users Tier 2 Next highest volume HCPs, or high/moderate biologic users Tier 3 Moderate-volume treaters Tier 4 Rheum/GE treaters with less volume, or single-patient biologic users Total Tier 1–4 (field-facing targets): ~7,100 HCPs Reach 72% of patients thru diagnosis, testing or treatment GE - Gastroenterologists UNIVERSE STEP 1 STEP 2 STEP 3 STEP 4 STEP 5 Define Eligible Universe Establish the population of HCPs for consideration Prioritize Eligible HCPs Objectively prioritize the eligible universe Select HCPs Determine the optimal HCP targets Assign Priority Targets Match HCP priority based on expected engagement Size & Align the Field Translate targeting strategy into field deployment and territory design TARGETING DEPLOYMENT 1 Company estimate based on proprietary claims-based internal research
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61 Precision targeting to reach IgG4-RD prescribers 1 Company estimate based on proprietary internal claims -based research; 2Target accounts defined as national-level top parent accounts affiliated with target HCPs; HCP Prioritization ~7,100 priority HCPs identified across key specialties Rheumatologists represent highest priority targets Account-Level Focus 91%1 of patient opportunity affiliated with target accounts2 Top 100 accounts concentrate 65%1 of treated patient opportunity Optimal Field Size 45 field reps required for full coverage Deployed across five balanced regions to ensure consistent HCP coverage Field sales force of 45 will cover >90% of patient opportunity at target accounts
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62 Zenas is prepared to launch Experienced Team ready to execute a proven launch Playbook Enabling patients with autoimmune diseases to reimagine life Well positioned and well funded to capitalize on the substantial opportunity in IgG4-RD Launch ready ahead of May PDUFA
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63 Closing Remarks
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64 Q&A