MOULDER LEON O JR 4

What Happened
Leon O. Moulder Jr., the company's chief executive officer and chairman, purchased 60,000 shares of Zenas BioPharma (ZBIO) in open‑market transactions on May 18, 2026. The weighted average price reported was $16.88 per share, for a total transaction value of $1,012,800. This was an outright purchase (ticker code P), which is a direct buy rather than a sale or option exercise.

Key Details

• Transaction date: 2026-05-18 (filed the same day). Filing appears timely.
• Price: weighted average $16.88; individual trades ranged from $16.59 to $16.97 (footnote F1).
• Shares acquired: 60,000; total value ≈ $1,012,800.
• Shares owned after transaction: not disclosed in this Form 4.
• Footnotes of note:
  • F1: Weighted average; reporting person will provide breakdown of shares at each price on request.
  • F2: Moulder is Trustee of the Leon O. Moulder, Jr. Revocable Trust and may have voting/dispositive power over shares held by the Trust; he disclaims beneficial ownership except to the extent of pecuniary interest.
  • F3: He is also Managing Member of Tellus BioVentures LLC, which may hold shares; he disclaims beneficial ownership except as to pecuniary interest.

Context
Open‑market purchases by executives can be interpreted by retail investors as a direct personal investment in the company, but filings are factual records and do not explain motivation. This was a purchase (not an option exercise, gift, or sale) executed across multiple trades at slightly varying prices.