MOULDER LEON O JR 4

What Happened
Leon O. Moulder Jr., the company's CEO and Chairman, reported two open‑market purchases (code P) of Zenas BioPharma (ZBIO) common stock: 25,000 shares on 2026‑04‑28 at a weighted average price of $18.02 ($450,500) and 35,000 shares on 2026‑04‑29 at a weighted average price of $17.62 ($616,700). Combined, he acquired 60,000 shares for approximately $1,067,200. Purchases by insiders are generally viewed as a positive (buy) signal, though this filing is strictly factual and does not state motivation.

Key Details

• Transaction dates & prices:
  • 2026‑04‑28: 25,000 shares at $18.02 (weighted average; range $17.87–$18.05) — $450,500. (Footnote F1)
  • 2026‑04‑29: 35,000 shares at $17.62 (weighted average; range $17.56–$17.67) — $616,700. (Footnote F3)
• Total acquired: 60,000 shares for ~$1,067,200.
• Shares owned after transaction: not specified in the provided Form 4 data.
• Footnotes of note:
  • F1/F3: reported prices are weighted averages from multiple trades; full breakdown available on request.
  • F2/F4: Mr. Moulder is Managing Member of Tellus BioVentures LLC and Trustee of his revocable trust; he may be deemed to have voting/dispositive power over shares held by those entities but disclaims beneficial ownership except to the extent of pecuniary interest.
• Timeliness: Filing date 2026‑04‑29 for transactions on 2026‑04‑28/29 — appears to be timely (no late‑filing flag).

Context
These were straightforward open‑market purchases (code P). For retail investors, insider purchases can signal confidence, but they should be considered alongside broader fundamentals and disclosures. The filing does not indicate option exercises, gifts, or tax‑withholding events.