MOULDER LEON O JR 4

What Happened
Leon O. Moulder Jr., CEO and Chairman of Zenas BioPharma (ZBIO), made two open‑market purchases (code P) totaling 54,000 shares. On 2026‑03‑30 he acquired 20,000 shares at a weighted average price of $18.23 (≈ $364,600). On 2026‑03‑31 he acquired 34,000 shares at a weighted average price of $19.31 (≈ $656,540). Total consideration for both purchases was about $1,021,140. These are outright purchases (a buy), which investors often view as a more directly informative signal than routine sales.

Key Details

• Transaction dates: 2026‑03‑30 (20,000 shares @ $18.23 weighted avg) and 2026‑03‑31 (34,000 shares @ $19.31 weighted avg).
• Reported totals: $364,600 (Mar 30) + $656,540 (Mar 31) = ~$1,021,140.
• Filing date: Form 4 filed 2026‑03‑31 (appears timely under Form 4 reporting rules).
• Shares owned after transaction: not specified in the information provided in this summary / not disclosed in the excerpt.
• Footnotes of note:
  • F1/F3: Reported prices are weighted averages; purchases occurred in multiple trades within the stated price ranges (Mar 30 range $18.195–$18.25; Mar 31 range $18.84–$19.58). The reporting person can provide per‑trade breakdown on request.
  • F2/F4: Some shares are held by Tellus BioVentures LLC and the Leon O. Moulder, Jr. Revocable Trust; Mr. Moulder is Managing Member/Trustee and may be deemed to have voting/dispositive power over those holdings but disclaims beneficial ownership except for his pecuniary interest.

Context

• These were open‑market purchases (not option exercises, gifts, or awards). Purchases by an executive can signal confidence, but filings don’t state motive.
• The holding entities (Tellus, the Trust) indicate some purchases may be held by entities associated with Mr. Moulder rather than directly in his name; that’s common but means ownership attribution has institutional/estate structure aspects.