Leon O. Moulder, Jr. Increases Share Position in Zenas BioPharma (ZBIO) via Open Market Purchases

Leon O. Moulder, Jr. filed an amendment to his Schedule 13D for Zenas BioPharma, Inc. (ZBIO) on April 2, 2026, reporting a net increase in beneficial ownership to 3,029,921 shares. This total includes 423,155 shares held directly, 1,726,039 shares held via Tellus BioVentures, LLC, 36,928 shares held by a revocable trust, and 843,799 shares underlying exercisable stock options. Recent activity included Mr. Moulder's open-market purchase of 57,000 shares on February 2, 2026, and Tellus BioVentures' purchase of 54,000 shares between March 30 and March 31, 2026. Despite the increase in absolute share count from 2,806,792 to 3,029,921, his ownership percentage decreased from 5.159% to 4.794%. This percentage dilution is primarily due to the Issuer's registered public offering of 5,000,000 shares on March 31, 2026, which expanded the total shares outstanding. Mr. Moulder continues to exercise sole or shared voting and dispositive power over these holdings in his various capacities as Managing Member and Trustee.