NASDAQ Bio Executive Purchases Hundreds of Millions in Company Shares Below IPO Price

Leon O. Moulder Jr., CEO and Chairman of the Board of Nasdaq-listed biopharmaceutical company Zenas BioPharma, Inc. (NASDAQ: ZBIO), acquired approximately 60,000 additional common shares in the open market through affiliated entities on April 28 and 29. He paid in the high $17 to low $18 per share range, spending roughly $1 million (about KRW 1.05 billion).

Following these purchases, Moulder Jr.’s indirect holdings rose to about 1.78 million shares and his direct holdings to roughly 420,000 shares. He noted that some of these shares are held through Tellus BioVentures and in trust arrangements, but he disclaims any ownership beyond the economic benefits.

On March 31, director Hongbo Lu expanded his indirect stake by acquiring about 75,000 shares for $1.5 million (approximately KRW 2 billion) via the NEXTBio affiliate investment fund. At the same time, Fairmount Healthcare Fund II L.P. purchased roughly 150,000 shares for $3 million (around KRW 4 billion).

In mid-March, Zenas BioPharma reported its fourth-quarter and full-year 2025 financial results. The company confirmed that, based on positive Phase 3 data for its autoimmune therapy ovecellimab, it plans to file for U.S. FDA and European EMA approval in 2026. It also announced a non-dilutive loan facility of $250 million (about KRW 300 billion).

Concurrent with these developments, Zenas disclosed inducement equity grants under Nasdaq Listing Rule 5635(c). Separately, the Pomerantz law firm issued an “Investor Alert,” warning of potential losses and investigating possible claims related to the company and recent share price fluctuations.

Headquartered in Waltham, Massachusetts, Zenas BioPharma is a clinical-stage biotech developing treatments for autoimmune diseases, including ovecellimab, a bispecific antibody targeting CD19 and FcγRIIb. Since its 2024 Nasdaq IPO, the company has licensed three Phase 3 assets—including the BTK inhibitor orelabrutinib for multiple sclerosis—from China’s InnoCare Pharma, and is accelerating commercialization and global clinical expansion through additional capital raises.