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1 CONFIDENTIAL R&D Event October 27, 2026
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2 CONFIDENTIAL FORWARD-LOOKINGSTATEMENTS: This presentation contains “forward-looking statements.” In some cases, you can identify forward-looking statements by terms such as “may,” “will,” “should,” “expect,” “plan,” “anticipate,” “could,” “intend,” “target,” “project,” “contemplate,” “believe,” “estimate,” “predict,” “potential” or “continue” or the negative of these terms or other similar expressions, although not all forward-looking statements contain these words. Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based on our current beliefs, expectations, and assumptions. All statements other than statements of historical facts contained in this presentation are forward-looking statements. Forward-looking statements include statements concerning Zenas’s plans, objectives, expectations and intentions; its future financial or business performance; the timing and results of ongoing and future clinical trials and potential regulatory approval and commercialization, including the timing of and potential approval and commercial launch of obexelimab in IgG4- RD; the timing of reporting topline data in the SunStone trial, and if successful, initiation of a Phase 3 study in SLE; the therapeutic potential of our product candidates; the potential commercial opportunities and market size for our product candidates, including obexelimab in IgG4-RD and SLE; the potential competition for our product candidates; the potential commercial attributes and opportunities for our product candidates; the potential to use predictive biomarkers in obexelimab clinical development; the potential differentiation of ZB021; and the timing of reporting Phase 1 clinical data and, if successful, the timing of initiation and reporting clinical data in the Phase 1 (POC) clinical trial of ZB021 in patients. The forward-looking statements in this presentation speak only as of the date of this presentation and are subject to a number of known and unknown risks, uncertainties and contingencies that could cause the Company’s actual results, performance or achievements to differ materially from those anticipated in the forward-looking statements. These risks and uncertainties include, but are not limited to: the commercial opportunities stemming from the development of the Company's product candidates for multiple immunology and inflammation diseases; the Company's ability to develop and, if approved, ultimately commercialize its product candidates and, with partners, its other programs; the Company's ability to obtain or maintain orphan drug designation for certain of its product candidates; the initiation, timing, progress, results, and cost of the Company's development programs, and its current and future preclinical and clinical studies; the success, cost and timing of the Company's clinical development of its product candidates; the Company's ability to establish clinical differentiation of its product candidates; the Company's ability to develop product candidates that have broad therapeutic potential; the Company's ability to utilize our business development strategy and expertise to build a balanced portfolio; the Company's ability to build its operational and commercial capabilities for supplying and marketing its products, if approved, in key markets; market conditions in the biopharmaceutical sector and issuance of securities analysts' reports or recommendations; the trading volume of the Company's common stock; an inability to obtain additional funding and make borrowings under the Company's agreement with BioPharma Credit PLC, BPCR Limited Partnership and BioPharma Credit Investments V (Master)LP, which are funds managed by Pharmakon Advisors, LP, and the guarantors party to such agreement; the Company's ability to initiate, recruit and enroll patients in and conduct its clinical trials at the pace thatthe Company projects; the Company's ability to obtain and maintain regulatory approval of its product candidates, and any related restrictions, limitations or warnings in the label of any of the Company's product candidates, ifapproved; the Company's reliance on third parties to manufacture drug substance and drug product for use in its clinical trials; the Company's ability to retain and recruit key personnel; the Company's ability to obtain and maintain adequate intellectual property rights; the Company's expectations regarding government and third-party payor coverage and reimbursement; the impact of current and future healthcare reforms, including those affecting thedelivery of or payment for healthcare products and services; the Company's expectations regarding federal, state and foreign regulatory requirements; other governmental legislation and regulation, as well as adverse effects from a shutdown of the U.S. government; the Company's estimates of its expenses, ongoing losses, capital requirements and needs for or ability to obtain additional financing; the Company's existing cash andthe sufficiency of its existing cash and proceeds from future capital-raising efforts, if any, to fund future operating expenses and capital expenditure requirements; the potential benefits of strategic collaboration agreements; the Company's ability to identify and enter into strategic collaborations or arrangements, including potential business development opportunities and potential licensing partnerships, and the Company's ability to attract collaborators with development, regulatory and commercialization expertise; sales of the Company's stock by the Company, its insiders or its stockholders; the Company's expectations regarding the time during which we will bean emerging growth company and smaller reporting company under the Jumpstart Our Business Startups Act of 2012; general economic, industry, geopolitical and market conditions, such as military conflict or war, inflation and financial institution instability, tariffs and other trade measures, or pandemic or epidemic disease outbreaks, many of which are beyond the Company's control; additions or departures of senior management, directors orkey personnel; the Company's financial performance; developments and projections relating to the Company's competitors or its industry; and other risks and uncertainties described in the section “Risk Factors” in the Company’s Annual Report for the year ended December 31, 2025 and Quarterly Report on Form 10-Q for the quarter ended June 30, 2026, and subsequent reports filed with the Securities and Exchange Commission (“SEC”). The forward-looking statements in this presentation are inherently uncertain, speak only as of the date of this presentation, may prove incorrect and are not guarantees of future events. These statements are based upon information available to the Company as of the date of this presentation and while the Company believes such information forms a reasonable basis for such statements, such information may be limited or incomplete, and our statements should not be read to indicate that the Company has conducted an exhaustive inquiry into, or review of, all potentially available relevant information. Because forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified and some of which are beyond the Company’s control, you should not unduly rely on these forward-looking statements. The events and circumstances reflected inthe forward-looking statements may not be achieved or occur and actual future results, levels of activity, performance and events and circumstances could differ materially from those projected in the forward-looking statements. Moreover, the Company operates in an evolving environment. New risks and uncertainties may emerge from time to time, and management cannot predict all risks and uncertainties. Except as required by applicable law, the Company undertakes no obligation to publicly update or revise any forward-looking statements contained herein, whether as a result of any new information, future events, changed circumstances or otherwise. MARKET AND INDUSTRY DATA: Unless otherwise indicated, market and industry data contained in this presentation, including potential commercial opportunities, is based on the Company’s management’s estimates and research, as well as industry and general publications and research and studies conducted by third parties. Although the Company believes that the information from these third-party publications, research and studies included in this presentation is reliable, the Company has not independently verified the accuracy or completeness of this information. Management’s estimates are derived from publicly available information, their knowledge of theCompany’s industry and their assumptions based on such information and knowledge, which the Company believes to be reasonable. This data involves a number of assumptions and limitations and the industry in which the Company operates is subject to a high degree of uncertainty and risk due to a variety of factors. TRADEMARKS: This presentation may include references to the Company’s trademarks and trademarks belonging to other entities. The Zenas BioPharma word mark, logo mark, and the “lightning bolt” design are trademarks of Zenas BioPharma, Inc. or its affiliated companies. Solely for convenience, some of the trademarks and trade names referred to in this presentation, including logos, artwork and other visual displays, may be listed without the ® or symbols, but such references are not intended to indicate in any way that Zenas will not assert, to the fullest extent under applicable law, Zenas’s rights or the rights of the applicable licensor to these trademarks and trade names. Disclaimer
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3 Today’s agenda and speakers Lonnie Moulder Founder & CEO Lisa von Moltke, MD Head of R&D & CMO Haley Laken, PhD CSO 1. Opening Remarks and Pipeline Overview 2. Obexelimab SLE: SunStone Study & Biomarker 5. Q&A 3. IL-17 Overview and ZB021 4. Closing Remarks Joseph Merola, MD, MMSc Dermatologist, Rheumatologist, President of the Rheumatologic Dermatology Society, Medical and Scientific Board of the Lupus Foundation of America
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4 Opening Remarks Lonnie Moulder Founder & CEO
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5 Compound Indication Preclinical Phase 1 Phase 2 Phase 3 Territory Obexelimab (anti-CD19 and FcRIIb bifunctional mAb) IgG4-RD Global excluding BMS territories2RMS SLE Orelabrutinib (BTK inhibitor) PPMS Global naSPMS ZB021 (Oral IL-17AA/AF inhibitor) I&I Global excluding China & SE Asia3 ZB022 (Brain-penetrant TYK2 inhibitor) I&I Global ZB014 (half-life extended CD19 and FcRIIb mAb) I&I Global May 27th PDUFA date; positive Phase 3 INDIGO trial1 Phase 2 SunStone trial data expected in 4Q 2026 Phase 3 Primrose trial ongoing Phase 3 Monarch trial ongoing Clinical data expected in 4Q 2026 Phase 2 MoonStone trial met primary endpoint Multiple clinical and regulatory milestones throughout remainder of 2026 and in 2027 1 MAA submitted to EMA; 2 Bristol Myers Squibb & Co. holds exclusive development and commercialization rights for obexelimab in JPN, SK, TWN, HK, SGP, AUS; 3 InnoCare territories Clinical data expected 2027 Clinical data expected 2027 A rheumatology and neuroimmunology portfolio with recognized regulatory paths and significant commercial potential
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6 Obexelimab (anti-CD19 and FcRIIb) Near-term milestones and events Recent Events: IgG4-RD Investor Event (Sep. 29): Zenas with Dr. Guy Katz, MD – Mass General 6th International Symposium on IgG4-RD (Oct. 8-10): • Open Label Extension (OLE) flare protection data • 12-month probability of remaining flare-free: • Investigator and adjudication committee-confirmed flares: 0.93 • Investigator-determined flares1: 0.87 • Glucocorticoid-associated toxicity data • GTI Cumulative Worsening Score difference at week 52: -11.4; p=0.021 • Vaccine sub-study data • Vaccination during the treatment-free window: • 6 of 7 (86%) participants achieved serologic immunity to influenza • 4 of 4 (100%) participants achieved serologic immunity to COVID-19 Upcoming Events: • ACR Conference (Nov. 6-11) • SunStone SLE Phase 2b topline biomarker and overall population results (4Q26) • IgG4-RD BLA review ongoing (May 27, 2027 PDUFA action date) 1 Five patients pending adjudication as of the data cutoff date; GTI = Glucocorticoid Toxicity Index (GTI)
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7 Orelabrutinib: a potentially best-in-class BTKi Orelabrutinib (brain penetrant BTK Inhibitor): • PriMroSe (PPMS) and Monarch (naSPMS) Phase 3 studies ongoing Orelabrutinib Differentiation: • No other BTKi programs advancing in both naSPMS and PPMS • Orelabrutinib is the only BTK inhibitor being developed specifically for naSPMS Late-stage Progressive MS Landscape: • Tolebrutinib approved in Europe for nrSPMS (FDA issued a CRL) • Fenebrutinib successful Phase 3 in PPMS with NDA under review • Remibrutinib positive Phase 3 in RRMS, with Phase 3 in SPMS initiated Q4 2025 1 InnoCare Pharma, Sanofi, and Roche published reports; 2 Darragh et al. 2025; 3 Orelabrutinib: Data on file; Tolebrutinib: calculated from Cabanis et al. 2024; Fenebrutinib: American Academy of Neurology Annual Meeting 2024. Remibrutinib: Lefevre et al ECTRIMS 2024; 4 Orelabrutinib: Data on file; Tolebrutinib and fenebrutinib: Turner et al. 2024. Remibrutinib: Angst et al. 2020 (IC90 estimated from IC50); Notes: Orelabrutinib 80 mg data inferred from 150 mg dosing; Potency based on kinase activity; Based on comparisons of published data for tolebrutinib, fenebrutinib and remibrutinib, no head-to-head comparison studies were conducted; naSPMS = non-active secondary progressive multiple sclerosis; PPMS = primary progressive multiple sclerosis
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8 Obexelimab for Systemic Lupus Erythematosus
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9 System Lupus Erythematosus (SLE): A debilitating chronic autoimmune disease Targeting B cells is a validated approach • B-cell dysfunction results in the production of autoantibodies toward cellular and nuclear components • B-cell directed therapies proven effective in clinical trials • Clinical activity observed in prior obexelimab Phase 2a SLE study Important clinical study considerations • Confirmatory screening for patient enrollment • Utilizing latest guidelines for glucocorticoid reduction • Biomarker identification to potentially select for patients who are more responsive to a B-cell targeted approach Arthritis Glomerulonephritis Blood disorders, including anemia, leukopenia Interstitial lung disease and fibrosis Malar rashHair loss Myositis Congestive heart failure Photosensitivity / skin lesions 1 Lupus Foundation of America SLE is a chronic autoimmune disease with unpredictable flares that cause progressive organ damage
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10 SLE represents a significant and growing commercial opportunity in the U.S. alone ~250K diagnosed cases of SLE in the U.S. ~175K SLE patients without lupus nephritis ~125K moderate-to- severe SLE patients ~$2.5B 2025 revenue for two approved biologics in the U.S.; a minority of eligible patients receiving biologics ~125K Addressable SLE Patients In U.S. alone representing a commercial market of $8B+ >$8B potential future U.S. market opportunity with growth driven by approval of more effective therapies >35K potential patients positive for obexelimab biomarker1 Source: GlobalData and Zenas analysis; 1 Estimated based on analysis in Merrill et al. where ~38% of the evaluated patients were biomarker positive. Frequency of biomarker positive patients in SunStone will be determined during analysis of trial results
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11 Predictive Biomarker Opportunities in SLE Dr. Haley Laken CSO
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12 Fundamental analysis framework used to classify SLE patients by molecular profiles SLE is a complex disease with clinical and biological heterogeneity Considerations for SLE drug development • Efficacy effect sizes and placebo response rates • Different biologies resulting in similar clusters of clinical manifestations currently classified together For 15+ years whole blood transcriptomics utilized to identify co-expressed gene signatures to facilitate SLE patient subgroups • Molecular signatures cluster patients into subgroups associated with disease activity, clinical features, response to treatment1-3 Gene expression datasets … Co-expressed genes Module 1, 2… Group patients into subsets based on molecular profile Analyze available gene expression datasets from blood Find genes that consistently change together Group these into modules Label each module by immune system activity Compare individual subject modules, conduct 2-way cluster analysis Opportunity to translate this data into predictive biomarkers to guide selection of patients most likely to benefit from a specific therapeutic MOA 1 Chaussabel et al. Immunity 2008; 2 Chaussabel Nat Rev Immunol. 2014; 3 Guthridge et al., ECin. Med., 2020;
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13 Incorporating predictive biomarkers into obexelimab clinical development Phase 2 trial (Xencor) Hypothesis generating Phase 2 trial SunStone Hypothesis testing Phase 3 trial Clinical validation Post hoc analysis identified candidate predictive biomarkers based on gene expression analysis1 Patients at W32 without loss of improvement vs. PBO (%) 17% 52% Intention-to- treat population2 Biomarker positive population3 Exploratory analysis of novel predictive biomarker4 identified from previous trial Potential for prospective enrollment based on optimized predictive biomarker identified in SunStone Two opportunities for success • Hierarchical analysis • Biomarker only BICLA response SRI-4 response Obexelimab TBD TBD Placebo TBD TBD Biomarker positive patients 1 The graph depicts representative data from a Phase 2 trial where the primary endpoint was loss of improvement vs placebo (PBO); 2 Defined as all randomized patients receiving at least one dose of study medication; 3 Biomarker positive defined as patients in predefined lupus phenotypic gene expression clusters 3 & 6 (~30% of evaluated population). Post-hoc analysis; Source: Merrill et al. 2023; 4Available to patients outside of China.
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14 SunStone Trial Dr. Lisa von Moltke Head of R&D and CMO
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15 Obexelimab Q1W for 24 weeks (n=95) Topline SunStone data expected 4Q 2026 SCREENING Active SLE: • BILAG ≥1A or ≥1B • SLEDAI ≥6 Placebo Q1W for 24 weeks (n=95) Follow-up1:1 BICLA = BILAG-Based Composite Lupus Assessment; SRI4 = Systemic Lupus Erythematosus Responder Index 4; biomarkers are exploratory and based on prior Phase 2 trial; Powering assumes a 30% response rate for placebo arm; mITT = modified intent to treat; biomarkers are exploratory and based on prior Phase 2 trial; 1 Includes patients with available novel biomarker data, patients without renal disease, and excludes patients that discontinued early. • Randomized, double-blind, placebo-controlled • Reduction of SLE disease activity at week 24 by BICLA (primary endpoint) and SRI4 • Powered to detect an approximate 20% difference between obexelimab and placebo; alpha of 0.10 Safety Population (n=190) mITT1 Efficacy Population (n=160): • Overall - BICLA (primary) • Overall - SRI4 • Biomarker positive - BICLA • Biomarker positive - SRI4 Corticosteroid Corticosteroid Phase 2 SunStone Trial Design Phase 2 SunStone Trial Patient Populations
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16 SunStone data: guiding the path forward mITT BICLA* The predictive biomarker positive population expands our potential for success in the Phase 2 trial, and provides additional paths forward for Phase 3 *Primary endpoint in the SunStone Phase 2 trial; mITT = modified intent to treat; SRI4 = Systemic Lupus Erythematosus Responder Index 4; BICLA = BILAG-Based Composite Lupus Assessment; biomarkers are exploratory and based on prior Phase 2 trial mITT SRI4 Biomarker + BICLA Biomarker + SRI4 Phase 3 Trial Design Patient Population Overall (with Hierarchical analysis) OR Biomarker positive only Primary Endpoint BICLA or SRI4 Phase 2 SunStone Trial
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17 ZB021: An Oral IL-17 AA/AF Inhibitor With Best-in-Class Potential
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18 ZB021 is an oral IL-17 AA/AF inhibitor with significant opportunity in multiple inflammatory indications IL-17 is a well-validated target for numerous dermatologic and rheumatologic diseases • Focal point for acute and chronic inflammation in skin and joint-related diseases ➢ Several upstream cytokines including IL-23 promote Th17 cells and innate-like lymphocytes to secrete IL- 17 as the primary driver of the inflammatory processes ➢ Cytokines, chemokines and other proinflammatory mediators can cause dysfunction of cells in tissues ➢ Strong clinical confirmation of role in pathogenesis of multiple inflammatory diseases • Recent FDA approval and successful launch of an oral IL-23 agent for plaque psoriasis establishes the clinical and commercial relevance of oral therapies within a market of established biologics Growing interest in small molecules against targets established by biologics
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19 Crystallization of IL-17AA and ZB021 identified MOA ZB021 is a potent allosteric blocker of IL-17 Unbound IL-17AA homodimer Open pocket IL-17AA bound to IL-17RA† Closed pocket †IL-17RA not shown IL-17 signaling No IL-17 signaling IL-17AA bound to ZB021, no binding to IL-17RA Open pocket Functional inhibition of IL-17AA and IL-17AF observed in vitro Th17-stimulated keratinocyte assay† IC50 (nM) IC90 (nM) 1.5 ± 0.49 6.8 ± 8.5 †Keratinocyte assay: Inhibition of IL-8 production after stimulation of keratinocytes with Th17 cell supernatant; Th17 pooled human donors n=3 IL-17AA IL-17AF Normal human keratinocytes Simulation predicts ZB021 binds IL-17AF in central pocket at dimer interface, with same binding mode as for IL-17AA
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20 Representative photos at end of study Robust in vivo activity: comparable to a reference anti-IL-17 biologic in rat CIA model Rats were immunized with collagen 14 days prior to treatment initiation (Day 0) once clinical signs were observed. †CJM112 (20 mg/kg) was dosed twice by SC administration on Days 0 and 2. CJM112 is a rat cross-reactive fully human anti‐IL‐17A antibody with 10‐fold higher affinity to IL‐17A and greater than 200‐fold higher affinity to IL‐17AF than Cosentyx® (secukinumab) and with similar affinity to both human IL‐17A and IL17AF CIA = collagen-induced arthritis Note: Data points represent group mean and error bars represent standard error of the mean (SEM). Compared with vehicle group, **P < 0.01, ***P < 0.001, **** P < 0.0001. Normal control group did not receive collagen immunization 0 2 4 6 8 10 12 14 0 3 4 5 6 7 8 9 Normal control Vehicle ZB021 1 mg/kg QD ZB021 10 mg/kg QD Days post-treatment Clinical Score Anti-IL-17 biologic† ** ******** Normal control Anti-IL17 biologic ZB021 10 mg/kg Vehicle In vivo activity in a rat CIA model
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21 ZB021 properties support potential differentiation Tissue penetrance Oral bioavailability Monoclonal antibody (IgG) ~150 kDa ~250× Larger N/A Low Nanobody ~15-40 kDa ~25-65× Larger N/A Mod. Affibody ~6-19 kDa ~10-31× Larger N/A Mod. Peptide inhibitor ~1.5-7 kDa ~12× Larger Low High ZB021 ~0.6 kDa Reference (1×) High High Molecule size ZB021 distributes into tissues at concentrations similar to or exceeding plasma concentrations in the mini pig High oral bioavailability and tissue penetration of ZB021 hypothesized to result in local inhibition of IL-17 10 mg/kg ZB021 was administered to mini pigs orally for 5 days. On day 5, terminal plasma and tissue samples were collected at 4 or 24 hrs (N=3/time point), and ZB021 concentrations were measured by LC/MS/MS. Data shown is at 24 hours
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22 ZB021 development program designed for rapid dose evaluation and to establish proof-of-concept in patients Proof of Concept Study in Patients at 2 Dose Levels Evaluate efficacy and PD biomarkers Single Ascending Dose (n=8 per dose*) Multiple Ascending Dose (n=8 per dose*) Daily for 7 days Phase 1 objectives: • Primary • Safety and tolerability of single dose or multiple dose oral ZB021 in healthy participants • Secondary • Evaluate PK characteristics • Compare safety, tolerability and PK under fed and fasted conditions Study population: healthy participants (*6 active, 2 placebo) Study explores the maximum clinically safe dose Dose selection: Safely and consistently achieve drug concentrations (Caverage 1) exceeding IC90 Informing dose selection: • ZB021 Caverage based on once daily dosing • IC90 characterized with primary human cells • Tissue penetration in relevant tissues 1 Liu et al. Clin Rev Allergy Immunol. 2026
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23 Fireside with Dr. Merola Dr. Joseph Merola, M.D., M.M.Sc. Dermatologist, Rheumatologist, President of the Rheumatologic Dermatology Society, Medical and Scientific Board of the Lupus Foundation of America
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24 Closing Remarks and Q&A
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25 Multiple upcoming clinical and regulatory milestones Upcoming Medical Conferences • ACR (Nov. 6-11) Enabling patients with autoimmune diseases to reimagine life This is an exciting time for Zenas as we continue to prepare for commercialization and advance our pipeline programs Upcoming Data Obexelimab (anti-CD19 and FcRIIb) • SunStone SLE Phase 2b topline biomarker and overall population data (4Q26) ZB021 (oral IL-17 AA/AF Inhibitor) • SAD and MAD data (4Q26)