Amendment No. 1 to Schedule 13D for Zenas BioPharma, Inc.

This Amendment No. 1 to Schedule 13D, filed by Leon O. Moulder, Jr., Tellus BioVentures, LLC, and Leon O. Moulder, Jr. Revocable Trust, provides updates on their ownership and transactions involving Zenas BioPharma, Inc. The amendment highlights the purchase of 36,928 shares of Common Stock by the Trust at $20.85 per share, totaling $769,948.80, as part of a private placement transaction. The Reporting Persons collectively own 4.8% of the Issuer's Common Stock. The amendment also includes details on the Securities Purchase Agreement and Registration Rights Agreement entered into with PIPE Investors. The Reporting Persons have no present plans or proposals that relate to or would result in any significant transactions but reserve the right to formulate such plans in the future.