MOULDER LEON O JR 4

What Happened
Leon O. Moulder Jr., the chief executive officer and chairman of Zenas BioPharma (ZBIO), purchased 57,000 shares in open-market transactions on February 2, 2026. The filing reports a weighted average price of $17.96 per share for a total reported cost of $1,023,720. This was a purchase (insider buy), which many investors view as a potentially bullish signal, though it is not proof of future performance.

Key Details

• Transaction date: 2026-02-02 (Period of Report); Form 4 filed 2026-02-03 (timely filing).
• Price: weighted average $17.96; purchase prices ranged from $17.69 to $18.14 across multiple trades. The reporting person will provide a breakdown of quantities at each price upon request (Footnote F1).
• Shares acquired: 57,000 (open-market purchases). Total reported value: $1,023,720.
• Shares owned after transaction: Not specified in the provided filing excerpt.
• Footnotes of note:
  • F1: Weighted-average price; multiple executions within $17.69–$18.14.
  • F2–F3: Mr. Moulder is a trustee of a revocable trust and Managing Member of Tellus BioVentures LLC; he may be deemed to have voting/dispositive power over shares held by those entities but disclaims beneficial ownership except to the extent of any pecuniary interest.

Context
This was an open-market purchase (not an option exercise, award, or gift). Insider purchases are routinely monitored by retail investors as one data point about executive confidence, but they should be considered alongside other information about the company's fundamentals and strategy.