Allen Patricia L 4

What Happened
Patricia L. Allen, a director of Zenas BioPharma (ZBIO), made open-market purchases totaling 19,860 shares across trades on Feb 12–13, 2026. The purchases break down as: 5,000 shares at $23.77 ($118,850), 5,700 shares at $24.34 ($138,738), 5,000 shares at $26.50 ($132,500), and 4,160 shares at $26.36 ($109,658), for an aggregate cash outlay of approximately $499,746. These were purchases (reporting code P), which are generally viewed as a more informative signal than routine sales, though motivations are not stated in the filing.

Key Details

• Transaction dates: Feb 12, 2026 (three purchases) and Feb 13, 2026 (one purchase). Filing date: Feb 13, 2026. No indication in the provided data that the filing was late.
• Prices and values: 5,000 @ $23.77 ($118,850); 5,700 @ $24.34 ($138,738); 5,000 @ $26.50 ($132,500); 4,160 @ $26.36 ($109,658). Total: 19,860 shares for about $499,746.
• Footnotes: Two reported prices are weighted averages covering multiple trades. One weighted average ($23.77) covers individual fills between $23.38–$24.07; the other ($24.34) covers fills between $24.12–$24.70. The reporting person offered to provide detailed per-trade prices on request.
• Shares owned after transaction: Not provided in the information you supplied (check the full Form 4 for post-transaction holdings).
• Transaction code: P = Purchase (open market or private purchase).

Context
These were straightforward open-market buys by a company director. While insider purchases can be interpreted as a positive signal, they do not prove future performance; retail investors should consider the company's fundamentals and other factors alongside insider activity.