Overview
- Zenas will pay up to $100 million in upfront and near‑term cash and issue up to 7 million shares, with total potential milestones and royalties across the programs exceeding $2 billion.
- A global Phase 3 trial of orelabrutinib in primary progressive multiple sclerosis has started, and a second global Phase 3 in secondary progressive disease is slated to begin early next year.
- The license grants Zenas exclusive rights to develop and commercialize orelabrutinib for multiple sclerosis and other non‑oncology uses outside Greater China and Southeast Asia, while InnoCare retains oncology rights.
- Zenas also obtained two oral autoimmune candidates—a selective IL‑17AA/AF inhibitor and a brain‑penetrant TYK2 inhibitor—that are expected to enter Phase 1 testing in 2026.
- The company raised about $120 million in a private placement, guiding cash runway into the fourth quarter of 2026 and potentially into early 2027 assuming a $75 million milestone from Royalty Pharma.