Fairmount Funds Management LLC - 07 Oct 2025 Form 4 Insider Report for Zenas BioPharma, Inc. (ZBIO)

Role: Director
Signature: /s/ Tomas Kiselak, Managing Member of Fairmount Funds Management LLC
Issuer symbol: ZBIO
Transactions as of: 07 Oct 2025
Net transactions value: +$6,008,161
Form type: 4
Filing time: 09 Oct 2025, 16:15:16 UTC
Previous filing: 08 Oct 2025
Next filing: 27 Oct 2025
SEC: View on sec.gov

Reporting Owners (4)

Name	Relationship	Address	Signature	Signature date	CIK
Fairmount Funds Management LLC	Director	200 BARR HARBOR DRIVE, SUITE 400, WEST CONSHOHOCKEN	/s/ Tomas Kiselak, Managing Member of Fairmount Funds Management LLC	09 Oct 2025	0001802528
Fairmount Healthcare Fund II L.P.	Director	200 BARR HARBOR DRIVE, SUITE 400, WEST CONSHOHOCKEN	/s/ Tomas Kiselak, Managing Member of Fairmount Healthcare Fund II, L.P.	09 Oct 2025	0001769651
Kiselak Tomas	Director	200 BARR HARBOR DRIVE, SUITE 400, WEST CONSHOHOCKEN	/s/ Tomas Kiselak	09 Oct 2025	0001830177
Harwin Peter Evan	Director	200 BARR HARBOR DRIVE, SUITE 400, WEST CONSHOHOCKEN	/s/ Peter Harwin	09 Oct 2025	0001663607

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	ZBIO	Common Stock	Purchase	$6,008,161	+316,219	+17%	$19.00	2,209,025	07 Oct 2025	By Fairmount Healthcare Fund II L.P.	F1

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id	Content
F1	Fairmount Funds Management LLC ("Fairmount") is the investment manager for Fairmount Healthcare Fund II L.P. The managers of Fairmount are Peter Harwin and Tomas Kiselak. Fairmount, Mr. Harwin, and Mr. Kiselak disclaim beneficial ownership of any of the reported securities, except to the extent of their pecuniary interest therein.

Remarks:

Fairmount may be deemed a director by deputization of Issuer by virtue of the fact that Tomas Kiselak serves on the board of directors of the Issuer and is also a Managing Member of Fairmount.