<SEC-DOCUMENT>0001104659-24-099444.txt : 20240912
<SEC-HEADER>0001104659-24-099444.hdr.sgml : 20240912
<ACCEPTANCE-DATETIME>20240912212209
ACCESSION NUMBER:		0001104659-24-099444
CONFORMED SUBMISSION TYPE:	S-1MEF
PUBLIC DOCUMENT COUNT:		5
<REFERENCE-462B>333-281713
FILED AS OF DATE:		20240912
DATE AS OF CHANGE:		20240912
EFFECTIVENESS DATE:		20240912

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Zenas BioPharma, Inc.
		CENTRAL INDEX KEY:			0001953926
		STANDARD INDUSTRIAL CLASSIFICATION:	PHARMACEUTICAL PREPARATIONS [2834]
		ORGANIZATION NAME:           	03 Life Sciences
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			DE

	FILING VALUES:
		FORM TYPE:		S-1MEF
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-282082
		FILM NUMBER:		241296284

	BUSINESS ADDRESS:	
		STREET 1:		1000 WINTER ST, SUITE 1200
		CITY:			WALTHAM
		STATE:			MA
		ZIP:			02451
		BUSINESS PHONE:		857-271-2954

	MAIL ADDRESS:	
		STREET 1:		1000 WINTER ST, SUITE 1200
		CITY:			WALTHAM
		STATE:			MA
		ZIP:			02451

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Zenas BioPharma (Cayman) Ltd
		DATE OF NAME CHANGE:	20221108
</SEC-HEADER>
<DOCUMENT>
<TYPE>S-1MEF
<SEQUENCE>1
<FILENAME>tm2332800d20_s1mef.htm
<DESCRIPTION>S-1MEF
<TEXT>
<HTML>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>As filed with the Securities and Exchange Commission
on September&nbsp;12, 2024</B>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Registration No.&nbsp;333-</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Rule-Page --><DIV STYLE="margin-bottom: 3pt; width: 100%"><DIV STYLE="border-top: Black 2pt solid; font-size: 1pt; border-bottom: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>UNITED STATES</B>&nbsp;</P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION</B>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Washington, D.C. 20549</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>FORM&nbsp;S-1</B>&nbsp;</P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>REGISTRATION STATEMENT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><I>UNDER<BR>
THE SECURITIES ACT OF 1933</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>ZENAS BIOPHARMA,&nbsp;INC.</B>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(Exact name of registrant as specified in its
charter)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
<TD STYLE="padding: 0.25pt; vertical-align: top; width: 32%; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Delaware</B></FONT></TD>
<TD STYLE="padding: 0.25pt; vertical-align: bottom; width: 1%">&nbsp;</TD>
<TD STYLE="padding: 0.25pt; vertical-align: top; width: 34%; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>2834</B></FONT></TD>
<TD STYLE="padding: 0.25pt; vertical-align: bottom; width: 1%">&nbsp;</TD>
<TD STYLE="padding: 0.25pt; vertical-align: top; width: 32%; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white"><B>93-2749244</B></FONT></TD></TR>
<TR>
<TD STYLE="padding: 0.25pt; text-align: center; vertical-align: top"><B>(State or other jurisdiction of</B> <BR>
<B>incorporation or organization)</B></TD>
<TD STYLE="padding: 0.25pt; vertical-align: bottom">&nbsp;</TD>
<TD STYLE="padding: 0.25pt; text-align: center; vertical-align: top"><B>(Primary Standard Industrial <BR>
Classification Code Number)</B></TD>
<TD STYLE="padding: 0.25pt; vertical-align: bottom">&nbsp;</TD>
<TD STYLE="padding: 0.25pt; text-align: center; vertical-align: top"><B>(I.R.S. Employer <BR>
Identification Number)</B></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>1000 Winter Street, Suite&nbsp;1200</B>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Waltham, MA 02451</B>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(857) 271-2954</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(Address, including zip code, and telephone
number, including area code, of registrant&rsquo;s principal executive <BR>
offices)</B>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Leon O. Moulder,&nbsp;Jr.</B>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Chief Executive Officer</B>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>1000 Winter Street, Suite&nbsp;1200</B>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Waltham, MA 02451</B>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(857) 271-2954</B>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(Name, address, including zip code, and telephone
number, including area code, of agent for service)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><I>Copies to:</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="padding: 0.25pt; vertical-align: top; width: 36%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Thomas Danielski<BR>
    Paul Kinsella<BR>
    Nicholas Roper</B><BR>
    <B>Ropes&nbsp;&amp; Gray LLP<BR>
    Prudential Tower<BR>
    800 Boylston Street<BR>
    Boston, MA 02199<BR>
    (617) 951-7000</B></P></TD>
    <TD STYLE="padding: 0.25pt; vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt 0.25pt 1.25pt; vertical-align: top; width: 31%">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; vertical-align: top; width: 31%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Richard Segal<BR>
    Denny Won<BR>
    Divakar Gupta<BR>
    Evan Leitner<BR>
    Cooley LLP<BR>
    55 Hudson Yards<BR>
    New York, NY 10001<BR>
    (232) 479-6000</B></P></TD></TR>
  </TABLE>
<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B>Approximate date of commencement of proposed sale to the
public:</B>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>As soon as practicable after this Registration
Statement becomes effective.</B>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">If
any of the securities being registered on this Form&nbsp;are to be offered on a delayed or continuous basis pursuant to Rule&nbsp;415
under the Securities Act of 1933 check the following box. </FONT><FONT STYLE="font-family: Wingdings; font-size: 10pt; color: Black">&#168;</FONT>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">If
this Form&nbsp;is filed to register additional securities for an offering pursuant to Rule&nbsp;462(b)&nbsp;under the Securities Act,
please check the following box and list the Securities Act registration statement number of the earlier effective registration statement
for the same offering. </FONT><FONT STYLE="font-family: Wingdings; color: Black">&#120;</FONT> <FONT STYLE="color: Black">333- 281713&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">If
this Form&nbsp;is a post-effective amendment filed pursuant to Rule&nbsp;462(c)&nbsp;under the Securities Act, check the following box
and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. </FONT><FONT STYLE="font-family: Wingdings; color: Black">&#168;</FONT>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">If
this Form&nbsp;is a post-effective amendment filed pursuant to Rule&nbsp;462(d)&nbsp;under the Securities Act, check the following box
and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. </FONT><FONT STYLE="font-family: Wingdings; color: Black">&#168;</FONT>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black; background-color: white">Indicate by check
mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or
an emerging growth company. See the definitions of &ldquo;large accelerated filer,&rdquo; &ldquo;accelerated filer,&rdquo; &ldquo;smaller
reporting company,&rdquo; and &ldquo;emerging growth company&rdquo; in Rule&nbsp;12b-2 of the Exchange Act.</FONT><FONT STYLE="color: Black">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 75%; font-size: 10pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">Large
    accelerated filer </FONT><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD>
    <TD STYLE="width: 25%; font-size: 10pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">Accelerated
    filer </FONT><FONT STYLE="font-family: Wingdings; color: Black">&#168;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">Non-accelerated
    filer </FONT><FONT STYLE="font-family: Wingdings; color: Black">&#120;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">Smaller
    reporting company </FONT><FONT STYLE="font-family: Wingdings; color: Black">&#120;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">Emerging
    growth company </FONT><FONT STYLE="font-family: Wingdings; color: Black">&#120;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided pursuant to Section&nbsp;7(a)(2)(B)&nbsp;of the Securities Act. </FONT><FONT STYLE="font-family: Wingdings; color: Black">&#168;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black"><B>The Registration Statement shall become
effective upon filing in accordance with Rule</B></FONT><B>&nbsp;462(b)&nbsp;promulgated under the Securities Act of 1933, as amended.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Explanatory Note and Incorporation By Reference</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">This Registration Statement on Form&nbsp;S-1 (this &ldquo;Registration
Statement&rdquo;) is being filed pursuant to Rule&nbsp;462(b)&nbsp;under the Securities Act of 1933, as amended (the &ldquo;Securities
Act&rdquo;). This Registration Statement relates to the public offering of common stock, par value $0.0001 per share (&ldquo;Common Stock&rdquo;),
of Zenas BioPharma,&nbsp;Inc. (the &ldquo;Registrant&rdquo;), contemplated by the Registration Statement on <A HREF="https://www.sec.gov/Archives/edgar/data/1953926/000110465924091950/tm2332800-11_s1.htm" STYLE="-sec-extract: exhibit">Form&nbsp;S-1, as amended (File No.&nbsp;333-281713)</A>, initially filed by the Registrant with the Securities and Exchange Commission (the &ldquo;Commission&rdquo;)
on August&nbsp;22, 2024 (as amended, the &ldquo;Prior Registration Statement&rdquo;) pursuant to the Securities Act, which was declared
effective by the Commission on September&nbsp;12, 2024. The contents of the Prior Registration Statement, including all amendments and
exhibits thereto, are incorporated by reference into this Registration Statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Registrant is filing this Registration Statement for the sole
purpose of increasing the aggregate offering price of shares to be offered in the public offering by $28,841,996, which includes additional
shares that the underwriters have the option to purchase. The additional shares of Common Stock that are being registered for issuance
and sale are in an amount and at a price that together represent no more than 20% of the maximum aggregate offering price set forth in
Exhibit&nbsp;107 to the Prior Registration Statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The required opinion and consents are listed in Part&nbsp;II,&nbsp;Item
16 hereto and filed herewith.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>PART&nbsp;II</B>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Information Not Required in Prospectus</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 96px; font-size: 10pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Item
    16.</B></FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Exhibit&nbsp;List</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
<TD STYLE="border-bottom: Black 1pt solid; padding: 0.25pt; width: 11%"><B>Exhibit<BR>
Number</B></TD>
<TD STYLE="padding: 0.25pt; width: 1%">&nbsp;</TD>
<TD STYLE="padding: 0.25pt; width: 1%">&nbsp;</TD>
<TD STYLE="border-bottom: black 1pt solid; width: 87%; padding: 0.25pt 0.25pt 0.5pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Description
of Exhibit</B></FONT></TD></TR>
<TR>
<TD STYLE="padding: 0.25pt; vertical-align: top; font-size: 10pt; text-align: right"><A HREF="tm2332800d20_ex5-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.1</FONT></A></TD>
<TD STYLE="padding: 0.25pt; vertical-align: top">&nbsp;</TD>
<TD STYLE="padding: 0.25pt; vertical-align: bottom">&nbsp;</TD>
<TD STYLE="padding: 0.25pt; vertical-align: top; font-size: 10pt"><A HREF="tm2332800d20_ex5-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Opinion
of Ropes&nbsp;&amp; Gray LLP</FONT></A></TD></TR>
<TR>
<TD STYLE="padding: 0.25pt; vertical-align: top; font-size: 10pt; text-align: right"><A HREF="tm2332800d20_ex23-1.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">23.1</FONT></A></TD>
<TD STYLE="padding: 0.25pt; vertical-align: top">&nbsp;</TD>
<TD STYLE="padding: 0.25pt; vertical-align: bottom">&nbsp;</TD>
<TD STYLE="padding: 0.25pt; vertical-align: top; font-size: 10pt"><A HREF="tm2332800d20_ex23-1.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consent
of Ernst&nbsp;&amp; Young LLP, independent registered public accounting firm.</FONT></A></TD></TR>
<TR>
<TD STYLE="padding: 0.25pt; vertical-align: top; font-size: 10pt; text-align: right"><A HREF="tm2332800d20_ex5-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">23.2</FONT></A></TD>
<TD STYLE="padding: 0.25pt; vertical-align: top">&nbsp;</TD>
<TD STYLE="padding: 0.25pt; vertical-align: bottom">&nbsp;</TD>
<TD STYLE="padding: 0.25pt; vertical-align: top; font-size: 10pt"><A HREF="tm2332800d20_ex5-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consent
of Ropes&nbsp;&amp; Gray LLP (included in Exhibit&nbsp;5.1)</FONT></A></TD></TR>
<TR>
<TD STYLE="padding: 0.25pt; vertical-align: top; font-size: 10pt; text-align: right"><A HREF="https://www.sec.gov/Archives/edgar/data/1953926/000110465924091950/tm2332800-11_s1.htm#tSIG" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">24.1</FONT></A></TD>
<TD STYLE="padding: 0.25pt; vertical-align: top; font-size: 10pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1953926/000110465924091950/tm2332800-11_s1.htm#tSIG" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">*
</FONT></A></TD>
<TD STYLE="padding: 0.25pt; vertical-align: bottom">&nbsp;</TD>
<TD STYLE="padding: 0.25pt; vertical-align: top; font-size: 10pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1953926/000110465924091950/tm2332800-11_s1.htm#tSIG" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Power
of Attorney</FONT></A></TD></TR>
<TR>
<TD STYLE="padding: 0.25pt; vertical-align: top; font-size: 10pt; text-align: right"><A HREF="tm2332800d20_ex-filingfees.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">107</FONT></A></TD>
<TD STYLE="padding: 0.25pt; vertical-align: top; font-size: 10pt">&nbsp;</TD>
<TD STYLE="padding: 0.25pt; vertical-align: bottom; font-size: 10pt">&nbsp;</TD>
<TD STYLE="padding: 0.25pt; vertical-align: top; font-size: 10pt"><A HREF="tm2332800d20_ex-filingfees.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Filing
Fee Table</FONT></A></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt; width: 24px; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</FONT></TD>
    <TD STYLE="padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Previously
    filed on the signature page&nbsp;to the Registrant&rsquo;s Registration Statement on Form&nbsp;S-1, as amended (File No.&nbsp;333-281713),
    originally filed with the Securities and Exchange Commission on August&nbsp;22, 2024 and incorporated by reference herein. </FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Signatures</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Pursuant to the requirements of the Securities Act of 1933, as amended,
the Registrant has duly caused this Registration Statement on Form&nbsp;S-1 to be signed on its behalf by the undersigned, thereunto
duly authorized, in the <FONT STYLE="background-color: white">City of Waltham, Massachusetts</FONT>, on the 12<SUP>th</SUP> day of September,
2024.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>ZENAS BIOPHARMA,&nbsp;INC.</B></FONT></TD></TR>
  <TR>
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 3%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; vertical-align: bottom; width: 47%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;/s/
    Leon O. Moulder,&nbsp;Jr.</FONT></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Leon
    O. Moulder,&nbsp;Jr.</FONT></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief
    Executive Officer</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Pursuant to the requirements of the Securities Act of 1933, this Registration
Statement on Form&nbsp;S-1 has been signed by the following persons in the capacities and on the dates indicated.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
<TD STYLE="border-bottom: black 1pt solid; width: 37%; padding: 0.25pt 0.25pt 0.5pt; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Signature</B></FONT></TD>
<TD STYLE="padding: 0.25pt; width: 1%">&nbsp;</TD>
<TD STYLE="border-bottom: black 1pt solid; width: 45%; padding: 0.25pt 0.25pt 0.5pt; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Title</B></FONT></TD>
<TD STYLE="padding: 0.25pt; width: 1%">&nbsp;</TD>
<TD STYLE="border-bottom: black 1pt solid; width: 16%; padding: 0.25pt 0.25pt 0.5pt; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Date</B></FONT></TD></TR>
<TR>
<TD STYLE="border-bottom: Black 1pt solid; padding: 0.25pt; text-align: center; vertical-align: top">/s/ Leon O. Moulder,&nbsp;Jr.</TD>
<TD STYLE="padding: 0.25pt; vertical-align: bottom">&nbsp;</TD>
<TD STYLE="padding: 0.25pt; text-align: center; vertical-align: top">Chief Executive Officer</TD>
<TD STYLE="padding: 0.25pt; vertical-align: bottom">&nbsp;</TD>
<TD STYLE="padding: 0.25pt; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">September&nbsp;12,</FONT></TD></TR>
<TR>
<TD STYLE="padding: 0.25pt; text-align: center">Leon O. Moulder,&nbsp;Jr.</TD>
<TD COLSPAN="2" STYLE="padding: 0.25pt; text-align: center">(Principal Executive Officer)</TD>
<TD COLSPAN="2" STYLE="padding: 0.25pt; text-align: center">2024</TD></TR>
<TR>
<TD STYLE="border-bottom: Black 1pt solid; padding: 0.25pt; text-align: center; vertical-align: top">*</TD>
<TD STYLE="padding: 0.25pt; vertical-align: bottom">&nbsp;</TD>
<TD STYLE="padding: 0.25pt; text-align: center; vertical-align: top">Chief Business Officer, Chief Financial Officer</TD>
<TD STYLE="padding: 0.25pt; vertical-align: bottom">&nbsp;</TD>
<TD STYLE="padding: 0.25pt; font-size: 10pt; text-align: center">&nbsp;</TD></TR>
<TR>
<TD STYLE="padding: 0.25pt; text-align: center; vertical-align: top">Jennifer Fox</TD>
<TD STYLE="padding: 0.25pt; vertical-align: bottom">&nbsp;</TD>
<TD STYLE="padding: 0.25pt; text-align: center; vertical-align: top">and Treasurer</TD>
<TD STYLE="padding: 0.25pt; vertical-align: bottom">&nbsp;</TD>
<TD STYLE="padding: 0.25pt; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">September&nbsp;12,</FONT></TD></TR>
<TR>
<TD STYLE="padding: 0.25pt; text-align: center; vertical-align: top">&nbsp;</TD>
<TD STYLE="padding: 0.25pt; vertical-align: bottom">&nbsp;</TD>
<TD STYLE="padding: 0.25pt; text-align: center; vertical-align: top">(Principal Financial Officer and Principal</TD>
<TD STYLE="padding: 0.25pt; vertical-align: bottom">&nbsp;</TD>
<TD STYLE="padding: 0.25pt; font-size: 10pt; text-align: center">2024</TD></TR>
<TR>
<TD STYLE="padding: 0.25pt; text-align: center; vertical-align: top">&nbsp;</TD>
<TD STYLE="padding: 0.25pt; vertical-align: bottom">&nbsp;</TD>
<TD STYLE="padding: 0.25pt; text-align: center; vertical-align: top">Accounting Officer)</TD>
<TD STYLE="padding: 0.25pt; vertical-align: bottom">&nbsp;</TD>
<TD STYLE="padding: 0.25pt; font-size: 10pt; text-align: center">&nbsp;</TD></TR>
<TR>
<TD STYLE="border-bottom: Black 1pt solid; padding: 0.25pt; text-align: center; vertical-align: top">*</TD>
<TD STYLE="padding: 0.25pt; vertical-align: bottom">&nbsp;</TD>
<TD STYLE="padding: 0.25pt; vertical-align: top; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</FONT></TD>
<TD STYLE="padding: 0.25pt; vertical-align: bottom">&nbsp;</TD>
<TD STYLE="padding: 0.25pt; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">September&nbsp;12,</FONT></TD></TR>
<TR>
<TD STYLE="padding: 0.25pt; text-align: center; vertical-align: top">Patricia Allen</TD>
<TD STYLE="padding: 0.25pt; vertical-align: bottom">&nbsp;</TD>
<TD STYLE="padding: 0.25pt; vertical-align: top; font-size: 10pt; text-align: center">&nbsp;</TD>
<TD STYLE="padding: 0.25pt; vertical-align: bottom">&nbsp;</TD>
<TD STYLE="padding: 0.25pt; font-size: 10pt; text-align: center">2024</TD></TR>
<TR>
<TD STYLE="border-bottom: Black 1pt solid; padding: 0.25pt; text-align: center; vertical-align: top">*</TD>
<TD STYLE="padding: 0.25pt; vertical-align: bottom">&nbsp;</TD>
<TD STYLE="padding: 0.25pt; vertical-align: top; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</FONT></TD>
<TD STYLE="padding: 0.25pt; vertical-align: bottom">&nbsp;</TD>
<TD STYLE="padding: 0.25pt; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">September&nbsp;12,</FONT></TD></TR>
<TR>
<TD STYLE="padding: 0.25pt; text-align: center">James Boylan</TD>
<TD COLSPAN="2" STYLE="padding: 0.25pt">&nbsp;</TD>
<TD COLSPAN="2" STYLE="padding: 0.25pt; text-align: center">2024</TD></TR>
<TR>
<TD STYLE="border-bottom: Black 1pt solid; padding: 0.25pt; text-align: center; vertical-align: top">*</TD>
<TD STYLE="padding: 0.25pt; vertical-align: bottom">&nbsp;</TD>
<TD STYLE="padding: 0.25pt; vertical-align: top; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</FONT></TD>
<TD STYLE="padding: 0.25pt; vertical-align: bottom">&nbsp;</TD>
<TD STYLE="padding: 0.25pt; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">September&nbsp;12,</FONT></TD></TR>
<TR>
<TD STYLE="padding: 0.25pt; text-align: center">Patrick Enright</TD>
<TD COLSPAN="2" STYLE="padding: 0.25pt">&nbsp;</TD>
<TD COLSPAN="2" STYLE="padding: 0.25pt; text-align: center">2024</TD></TR>
<TR>
<TD STYLE="border-bottom: Black 1pt solid; padding: 0.25pt; text-align: center; vertical-align: top">*</TD>
<TD STYLE="padding: 0.25pt; vertical-align: bottom">&nbsp;</TD>
<TD STYLE="padding: 0.25pt; vertical-align: top; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</FONT></TD>
<TD STYLE="padding: 0.25pt; vertical-align: bottom">&nbsp;</TD>
<TD STYLE="padding: 0.25pt; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">September&nbsp;12,</FONT></TD></TR>
<TR>
<TD STYLE="padding: 0.25pt; text-align: center">Tomas Kiselak</TD>
<TD COLSPAN="2" STYLE="padding: 0.25pt">&nbsp;</TD>
<TD COLSPAN="2" STYLE="padding: 0.25pt; text-align: center">2024</TD></TR>
<TR>
<TD STYLE="border-bottom: Black 1pt solid; padding: 0.25pt; text-align: center; vertical-align: top">*</TD>
<TD STYLE="padding: 0.25pt; vertical-align: bottom">&nbsp;</TD>
<TD STYLE="padding: 0.25pt; vertical-align: top; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</FONT></TD>
<TD STYLE="padding: 0.25pt; vertical-align: bottom">&nbsp;</TD>
<TD STYLE="padding: 0.25pt; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">September&nbsp;12,</FONT></TD></TR>
<TR>
<TD STYLE="padding: 0.25pt; text-align: center">Hongbo Lu, Ph.D.</TD>
<TD COLSPAN="2" STYLE="padding: 0.25pt">&nbsp;</TD>
<TD COLSPAN="2" STYLE="padding: 0.25pt; text-align: center">2024</TD></TR>
<TR>
<TD STYLE="border-bottom: Black 1pt solid; padding: 0.25pt; text-align: center; vertical-align: top">*</TD>
<TD STYLE="padding: 0.25pt; vertical-align: bottom">&nbsp;</TD>
<TD STYLE="padding: 0.25pt; vertical-align: top; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</FONT></TD>
<TD STYLE="padding: 0.25pt; vertical-align: bottom">&nbsp;</TD>
<TD STYLE="padding: 0.25pt; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">September&nbsp;12,</FONT></TD></TR>
<TR>
<TD STYLE="padding: 0.25pt; text-align: center">Jake Nunn</TD>
<TD COLSPAN="2" STYLE="padding: 0.25pt">&nbsp;</TD>
<TD COLSPAN="2" STYLE="padding: 0.25pt; text-align: center">2024</TD></TR>
<TR>
<TD STYLE="border-bottom: Black 1pt solid; padding: 0.25pt; text-align: center; vertical-align: top">*</TD>
<TD STYLE="padding: 0.25pt; vertical-align: top">&nbsp;</TD>
<TD STYLE="padding: 0.25pt; vertical-align: top; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</FONT></TD>
<TD STYLE="padding: 0.25pt">&nbsp;</TD>
<TD STYLE="padding: 0.25pt; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">September&nbsp;12,</FONT></TD></TR>
<TR>
<TD STYLE="padding: 0.25pt; text-align: center">John Orloff, M.D.</TD>
<TD COLSPAN="2" STYLE="padding: 0.25pt">&nbsp;</TD>
<TD COLSPAN="2" STYLE="padding: 0.25pt; text-align: center">2024</TD></TR>
<TR>
<TD STYLE="border-bottom: Black 1pt solid; padding: 0.25pt; text-align: center; vertical-align: top">*</TD>
<TD STYLE="padding: 0.25pt; vertical-align: bottom">&nbsp;</TD>
<TD STYLE="padding: 0.25pt; vertical-align: top; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</FONT></TD>
<TD STYLE="padding: 0.25pt; vertical-align: bottom">&nbsp;</TD>
<TD STYLE="padding: 0.25pt; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">September&nbsp;12,</FONT></TD></TR>
<TR>
<TD STYLE="padding: 0.25pt; text-align: center">Ting Xiao</TD>
<TD COLSPAN="2" STYLE="padding: 0.25pt">&nbsp;</TD>
<TD COLSPAN="2" STYLE="padding: 0.25pt; text-align: center">2024</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: top; width: 3%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">*By:</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; vertical-align: bottom; width: 47%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
    Leon O. Moulder,&nbsp;Jr.</FONT></TD>
    <TD STYLE="width: 50%">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Leon
    O. Moulder,&nbsp;Jr.</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Attorney-in-Fact</FONT></TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

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<DOCUMENT>
<TYPE>EX-5.1
<SEQUENCE>2
<FILENAME>tm2332800d20_ex5-1.htm
<DESCRIPTION>EXHIBIT 5.1
<TEXT>
<HTML>
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     <TITLE></TITLE>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit 5.1</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; border-collapse: collapse; width: 100%">
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt; width: 12%"><IMG SRC="tm2332800d20_ex5-1img001.jpg" ALT="" STYLE="height: 96px; width: 80px"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 88%; font: 10pt Times New Roman, Times, Serif; vertical-align: middle"><FONT STYLE="font-size: 10pt">ROPES&nbsp;&amp; GRAY LLP<BR> PRUDENTIAL
    TOWER<BR> 800 BOYLSTON STREET<BR> BOSTON, MA 02199-3600<BR> WWW.ROPESGRAY.COM</FONT></TD>
    </TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">September&nbsp;12, 2024</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Zenas BioPharma,&nbsp;Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">1000 Winter Street, Suite&nbsp;1200</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Waltham, MA 02451</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Ladies and Gentlemen:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We have acted as counsel to Zenas BioPharma,&nbsp;Inc., a Delaware
corporation (the &ldquo;<U>Company</U>&rdquo;), in connection with (i)&nbsp;the Registration Statement on Form&nbsp;S-1 (File No.&nbsp;333-281713)
(as amended through the date hereof, the &ldquo;<U>Initial Registration Statement</U>&rdquo;) filed by the Company with the Securities
and Exchange Commission (the &ldquo;<U>Commission</U>&rdquo;) under the Securities Act of 1933, as amended (the &ldquo;<U>Securities Act</U>&rdquo;),
and (ii)&nbsp;the second Registration Statement on Form&nbsp;S-1 filed by the Company pursuant to Rule&nbsp;462(b)&nbsp;under the Securities
Act (the &ldquo;<U>462(b)&nbsp;Registration Statement</U>,&rdquo; and together with the Initial Registration Statement, the &ldquo;<U>Registration
Statement</U>&rdquo;). This opinion letter is furnished to you in connection with the filing of the 462(b)&nbsp;Registration Statement,
relating to the registration of up to&#8239;1,696,588  shares of the common stock, $0.0001 par value per share, of the Company (the &ldquo;<U>Securities</U>&rdquo;),
which includes shares issuable upon the exercise of the underwriters&rsquo; option to purchase additional shares, if any. The Securities
are proposed to be sold pursuant to an underwriting agreement (the &ldquo;<U>Underwriting Agreement</U>&rdquo;) by and among the Company
and Morgan Stanley&nbsp;&amp; Co. LLC and Jefferies LLC, as representatives of the underwriters named therein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In connection with this opinion letter, we have examined such certificates,
documents and records and have made such investigation of fact and such examination of law as we have deemed appropriate in order to enable
us to render the opinions set forth herein. In conducting such investigation, we have relied, without independent verification, upon certificates
of officers of the Company, public officials and other appropriate persons.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The opinions expressed below are limited to the Delaware General Corporation
Law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Based upon and subject to the foregoing, we are of the opinion that
the Securities have been duly authorized and, when issued and delivered pursuant to the Underwriting Agreement and against payment of
the consideration set forth therein, will be, validly issued, fully paid and non-assessable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We hereby consent to your filing this opinion as an exhibit to the
462(b)&nbsp;Registration Statement and to the use of our name therein and in the related prospectus under the caption &ldquo;Legal Matters.&rdquo;
In giving such consent, we do not thereby admit that we are in the category of persons whose consent is required under Section&nbsp;7
of the Securities Act or the rules&nbsp;and regulations of the Commission thereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
  <TD STYLE="text-align: center; width: 50%">&nbsp;</TD>
  <TD STYLE="text-align: left; width: 50%">Very truly yours,</TD></TR>
<TR STYLE="vertical-align: top">
  <TD STYLE="text-align: center">&nbsp;</TD>
  <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
  <TD STYLE="text-align: center">&nbsp;</TD>
  <TD STYLE="text-align: left">/s/ Ropes&nbsp;&amp; Gray LLP</TD></TR>
<TR STYLE="vertical-align: top">
  <TD STYLE="text-align: center">&nbsp;</TD>
  <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
  <TD STYLE="text-align: center">&nbsp;</TD>
  <TD STYLE="text-align: left">Ropes&nbsp;&amp; Gray LLP</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<DOCUMENT>
<TYPE>EX-23.1
<SEQUENCE>3
<FILENAME>tm2332800d20_ex23-1.htm
<DESCRIPTION>EXHIBIT 23.1
<TEXT>
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<P STYLE="text-align: right; margin: 0"><B>Exhibit 23.1</B></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Consent of Independent Registered Public Accounting
Firm</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We consent to the incorporation by reference in the Registration Statement
on Form&nbsp;S-1 filed pursuant to Rule&nbsp;462(b)&nbsp;of the Securities Act of 1933 of the reference to our firm under the caption
 &ldquo;Experts&rdquo; and to the incorporation by reference of our report dated May&nbsp;15, 2024 (except for Note 18(C), as to which
the date is September&nbsp;6, 2024) with respect to the consolidated financial statements of Zenas BioPharma,&nbsp;Inc. included in Amendment
No.&nbsp;1 to the Registration Statement (Form&nbsp;S-1 No.&nbsp;333-281713)&nbsp;and the related Prospectus of Zenas BioPharma,&nbsp;Inc.
for the registration of its common stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>/s/ Ernst&nbsp;&amp; Young LLP</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">Boston, Massachusetts</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">September&nbsp;12, 2024</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<DOCUMENT>
<TYPE>EX-FILING FEES
<SEQUENCE>4
<FILENAME>tm2332800d20_ex-filingfees.htm
<DESCRIPTION>EX-FILING FEES
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 5.65pt 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 5.65pt 0pt 0; text-align: right"><B>Exhibit 107</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 224.7pt 0pt 224.8pt; text-align: center"><B>Calculation of Filing Fee
Tables</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 224.7pt 0pt 224.8pt; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 224.7pt 0pt 224.8pt; text-align: center"><B>Form S-1</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 224.7pt 0pt 224.8pt; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 224.8pt; text-align: center"><B>ZENAS BIOPHARMA, INC.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 224.8pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Table
1: New</U></FONT>ly <U>Re</U>gi<U>stered Securities</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="width: 90%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="border: black 1pt solid; text-align: center; width: 10%; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center; width: 8%; vertical-align: middle"><B>Security<BR> Type</B></TD>
    <TD STYLE="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center; width: 20%; vertical-align: middle"><B>Security Class Title</B></TD>
    <TD STYLE="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: middle; width: 10%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Fee</B></FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Calculation<BR> or Carry<BR> Forward<BR> Rule</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center; width: 10%; vertical-align: middle"><B>Amount<BR>
Registered(1)</B></TD>
    <TD STYLE="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: middle; width: 9%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Proposed<BR> Maximum<BR> Offering<BR> Price Per<BR> Unit(2)</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center; width: 12%; vertical-align: middle">&nbsp; &nbsp; <B>Maximum<BR> Aggregate<BR> Offering Price<BR> (1)(2)</B></TD>
    <TD STYLE="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center; width: 10%; vertical-align: middle"><B>Fee Rate</B></TD>
    <TD STYLE="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center; width: 11%; vertical-align: middle"><B>Amount of<BR> Registration<BR> Fee (3)</B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; vertical-align: middle; text-align: center; border-bottom: black 1pt solid; border-left: black 1pt solid">Fees to Be Paid</TD>
    <TD STYLE="border-right: black 1pt solid; vertical-align: middle; text-align: center; border-bottom: black 1pt solid">  Equity</TD>
    <TD STYLE="border-right: black 1pt solid; vertical-align: middle; text-align: center; border-bottom: black 1pt solid">Common Stock, par value $0.0001 per share</TD>
    <TD STYLE="border-right: black 1pt solid; vertical-align: middle; text-align: center; border-bottom: black 1pt solid">457(a)</TD>
    <TD STYLE="border-right: black 1pt solid; vertical-align: middle; text-align: center; border-bottom: black 1pt solid">  1,696,588</TD>
    <TD STYLE="border-right: black 1pt solid; vertical-align: middle; text-align: center; border-bottom: black 1pt solid">  $17.00</TD>
    <TD STYLE="border-right: black 1pt solid; vertical-align: middle; text-align: center; border-bottom: black 1pt solid">  $28,841,996</TD>
    <TD STYLE="border-right: black 1pt solid; vertical-align: middle; text-align: center; border-bottom: black 1pt solid">  0.00014760</TD>
    <TD STYLE="border-right: black 1pt solid; vertical-align: middle; text-align: center; border-bottom: black 1pt solid">$4,257.08</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; text-align: center; border-bottom: black 1pt solid; border-left: black 1pt solid; vertical-align: middle">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center; vertical-align: middle"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Total Offering Amounts</B></FONT></TD>
    <TD STYLE="border-right: black 1pt solid; text-align: center; border-bottom: black 1pt solid; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; vertical-align: middle; border-bottom: black 1pt solid; text-align: center">$28,841,996</TD>
    <TD STYLE="border-right: black 1pt solid; vertical-align: middle; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&mdash;</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; vertical-align: middle; border-bottom: black 1pt solid; text-align: center">$4,257.08</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; text-align: center; border-bottom: black 1pt solid; border-left: black 1pt solid; vertical-align: middle">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center; vertical-align: middle"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Total Fees Previously Paid</B></FONT></TD>
    <TD STYLE="border-right: black 1pt solid; text-align: center; border-bottom: black 1pt solid; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; vertical-align: middle; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&mdash;</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; vertical-align: middle; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&mdash;</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; vertical-align: middle; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">--</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; text-align: center; border-bottom: black 1pt solid; border-left: black 1pt solid; vertical-align: middle">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: middle; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Total Fee Offsets</B></FONT></TD>
    <TD STYLE="border-right: black 1pt solid; text-align: center; border-bottom: black 1pt solid; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; vertical-align: middle; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&mdash;</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; vertical-align: middle; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&mdash;</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; vertical-align: middle; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&mdash;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; text-align: center; border-bottom: black 1pt solid; border-left: black 1pt solid; vertical-align: middle">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: middle; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Net Fee Due</B></FONT></TD>
    <TD STYLE="border-right: black 1pt solid; text-align: center; border-bottom: black 1pt solid; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; vertical-align: middle; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&mdash;</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; vertical-align: middle; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&mdash;</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; vertical-align: middle; border-bottom: black 1pt solid; text-align: center">$4,257.08</TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21.85pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">(1)</FONT></TD><TD>Represents only the additional number of shares being registered and includes 221,294&#8239;shares of common stock that may be sold if
the underwriters exercise their option to purchase additional shares of common stock. Does not include the securities that the registrant
previously registered on the Registration Statement on Form S-1, as amended (File No. 333-281713).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27.55pt; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21.85pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">(2)</FONT></TD><TD>The registration fee is calculated in accordance with Rule 457(a) under the Securities Act of 1933, as amended, based on the proposed
maximum aggregate offering price.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27.55pt; text-indent: -21.85pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21.85pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">(3)</FONT></TD><TD>The registrant previously registered securities having a proposed maximum aggregate offering price of $243,432,000 on a Registration
Statement on Form&nbsp;S-1&nbsp;(File&nbsp;No.&nbsp;333-281713),&nbsp;which was declared effective by the Securities and Exchange Commission
on September 12, 2024. In accordance with Rule 462(b) under the Securities Act, an additional amount of securities having a proposed maximum
aggregate offering price of $28,841,996&#8239;is hereby registered, which includes shares of common stock that may be sold if the underwriters
exercise their option to purchase additional shares of common stock.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<TYPE>GRAPHIC
<SEQUENCE>5
<FILENAME>tm2332800d20_ex5-1img001.jpg
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
