<SEC-DOCUMENT>0001193125-25-238326.txt : 20251014
<SEC-HEADER>0001193125-25-238326.hdr.sgml : 20251014
<ACCEPTANCE-DATETIME>20251014085940
ACCESSION NUMBER:		0001193125-25-238326
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20251009
FILED AS OF DATE:		20251014
DATE AS OF CHANGE:		20251014

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			ENRIGHT PATRICK G
		CENTRAL INDEX KEY:			0001253886
		ORGANIZATION NAME:           	

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-42270
		FILM NUMBER:		251389959

	MAIL ADDRESS:	
		STREET 1:		CO LONGITUDE CAPITAL PARTNERS LLC
		STREET 2:		800 EL CAMINO REAL, SUITE 220
		CITY:			MENLO PARK
		STATE:			CA
		ZIP:			94025

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Zenas BioPharma, Inc.
		CENTRAL INDEX KEY:			0001953926
		STANDARD INDUSTRIAL CLASSIFICATION:	PHARMACEUTICAL PREPARATIONS [2834]
		ORGANIZATION NAME:           	03 Life Sciences
		EIN:				000000000
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	BUSINESS ADDRESS:	
		STREET 1:		852 WINTER STREET, SUITE 250
		CITY:			WALTHAM
		STATE:			MA
		ZIP:			02451
		BUSINESS PHONE:		857-271-2954

	MAIL ADDRESS:	
		STREET 1:		852 WINTER STREET, SUITE 250
		CITY:			WALTHAM
		STATE:			MA
		ZIP:			02451

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Zenas BioPharma (Cayman) Ltd
		DATE OF NAME CHANGE:	20221108
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>ownership.xml
<DESCRIPTION>4
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0508</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2025-10-09</periodOfReport>

    <issuer>
        <issuerCik>0001953926</issuerCik>
        <issuerName>Zenas BioPharma, Inc.</issuerName>
        <issuerTradingSymbol>ZBIO</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001253886</rptOwnerCik>
            <rptOwnerName>ENRIGHT PATRICK G</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>C/O ZENAS BIOPHARMA, INC.</rptOwnerStreet1>
            <rptOwnerStreet2>1000 WINTER STREET, SUITE 1200</rptOwnerStreet2>
            <rptOwnerCity>WALTHAM</rptOwnerCity>
            <rptOwnerState>MA</rptOwnerState>
            <rptOwnerZipCode>02451</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>true</isDirector>
            <isOfficer>false</isOfficer>
            <isTenPercentOwner>false</isTenPercentOwner>
            <isOther>false</isOther>
        </reportingOwnerRelationship>
    </reportingOwner>

    <aff10b5One>false</aff10b5One>

    <nonDerivativeTable>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Common Stock</value>
            </securityTitle>
            <transactionDate>
                <value>2025-10-09</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>P</transactionCode>
                <equitySwapInvolved>false</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>105265</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>19.00</value>
                    <footnoteId id="F1"/>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>1832669</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>See Footnote</value>
                    <footnoteId id="F2"/>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Common Stock</value>
            </securityTitle>
            <transactionDate>
                <value>2025-10-09</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>P</transactionCode>
                <equitySwapInvolved>false</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>11990</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>20.85</value>
                    <footnoteId id="F1"/>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>11990</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
        <nonDerivativeHolding>
            <securityTitle>
                <value>Common Stock</value>
            </securityTitle>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>774530</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>See Footnote</value>
                    <footnoteId id="F3"/>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeHolding>
    </nonDerivativeTable>

    <footnotes>
        <footnote id="F1">On October 7, 2025, the Issuer entered into a Securities Purchase Agreement with certain investors, including the Reporting Person and Longitude Venture Partners IV, L.P. (&quot;LVPIV&quot;)  pursuant to which the Reporting Person purchased 11,990 shares of common stock at a price per share of $20.85 and LVPIV purchased 105,265 shares of common stock as a price per share of $19.00 (the &quot;Offering&quot;). The Offering closed on October 9, 2025.</footnote>
        <footnote id="F2">Shares held by LVPIV. Longitude Capital Partners IV, LLC (&quot;LCPIV&quot;) is the general partner of LVPIV and may be deemed to have voting, investment and dispositive power with respect to these securities. Juliet Tammenoms Bakker and the Reporting Person, a member of the board of directors of the Issuer, are the managing members of LCPIV and may each be deemed to share voting, investment and dispositive power with respect to these securities. Each of LCPIV, Ms. Bakker and the Reporting Person disclaims beneficial ownership of such securities except to the extent of their respective pecuniary interests therein.</footnote>
        <footnote id="F3">Shares held by Longitude Prime Fund, L.P. (&quot;LPF&quot;). Longitude Prime Partners, LLC (&quot;LPP&quot;) is the general partner of LPF and may be deemed to have voting, investment and dispositive power with respect to the securities held by LPF. Juliet Tammenoms Bakker and the Reporting Person, a member of the board of directors of the Issuer, are the managing members of LPP and may each be deemed to share voting, investment and dispositive power with respect to these securities. Each of LPP, Ms. Bakker and the Reporting Person disclaims beneficial ownership of such securities except to the extent of their respective pecuniary interests therein.</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>By: /s/ Cristiana Oliveira, attorney-in-fact for Patrick G. Enright</signatureName>
        <signatureDate>2025-10-14</signatureDate>
    </ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
