Overview

• Zenas obtained worldwide rights to orelabrutinib outside oncology under a license from InnoCare Pharma.
• The agreement includes up to $100 million in upfront and near-term payments plus up to 7 million Zenas shares, with additional milestones lifting total potential value above $2 billion.
• Orelabrutinib is in a global Phase 3 study for primary progressive multiple sclerosis, with a second Phase 3 planned to start in early 2026 for secondary progressive disease.
• Two more oral autoimmune candidates from InnoCare, targeting IL-17 cytokines and TYK2, are expected to enter Phase 1 testing next year.
• Zenas announced a $120 million private placement that it says extends its cash runway into late 2026 and potentially early 2027, with InnoCare eligible for royalties on eventual sales.