Lu Hongbo 4

What Happened

• Director Lu Hongbo reported an open-market purchase of 25,985 shares of Zenas BioPharma (ZBIO) on 2026-02-11 at $22.50 per share, for a total reported value of $584,663. This was a purchase (transaction code P), which is generally viewed as a more informative insider action than routine sales.

Key Details

• Transaction date: 2026-02-11; Price: $22.50 per share; Shares acquired: 25,985; Total value: $584,663.
• Transaction type: P = Purchase (open market/private purchase reported as such).
• Shares owned after transaction: Not stated in the filing.
• Filing: Report filed 2026-02-13 — within the two-business-day Form 4 reporting window (timely).
• Footnotes of note:
  • F1: The securities are directly owned by NEXTBio Master Fund LP or NEXTBio Evergreen LLC and may be indirectly beneficially owned by NEXTBio-related entities and Lu Hongbo in his capacities with those entities.
  • F2: The reporting person disclaims beneficial ownership except to the extent of any pecuniary interest.

Context

• The purchase appears to be through NEXTBio-affiliated vehicles (per F1), so this filing reflects indirect beneficial ownership via those funds rather than necessarily a personal, individual buy-and-hold. F2 clarifies the reporter disclaims beneficial ownership beyond pecuniary interest. No options, grants, gifts, or tax-withholding events were reported in this filing.