04:27 PM EDT, 03/26/2026 (MT Newswires) -- Zenas BioPharma ( ZBIO ) said Thursday it has started underwritten public offerings of convertible senior notes due 2032 and shares of its common stock, subject to market and other conditions.

Zenas will give underwriters of the convertible notes offering a 30-day option to buy up to an additional 15% of convertible notes offered to cover over-allotments.

The company will give underwriters of the equity offering a 30-day option to buy up to an additional 15% of shares offered.

The company said it will use net proceeds from the proposed offerings to back the planned US commercial launch of obexelimab to treat IgG4-RD, if approved, and to support its pipeline, as well as for working capital and other general corporate purposes.

Zenas shares were down nearly 10% in after-hours activity.