Zenas BioPharma Inc. (Nasdaq: ZBIO) has announced a private placement financing, raising approximately $120 million in gross proceeds. The company has entered into a securities purchase agreement to issue about 6.3 million shares of common stock to institutional and accredited investors at $19.00 per share, and to certain directors and officers at $20.85 per share. Jefferies and Evercore ISI acted as exclusive placement agents for the transaction, which attracted participation from both new and existing investors, including mutual funds and healthcare-focused funds. The proceeds are expected to support Zenas's operating expenses and capital requirements into the fourth quarter of 2026, and potentially into the first quarter of 2027 if a milestone payment from Royalty Pharma is received.