Exhibit 99.2

1 Transformational Global Collaboration With InnoCare Pharma Conference Call October 8, 2025

2 Disclaimer FORWARD - LOOKING STATEMENTS: This presentation contains “forward - looking statements” which involve risks, uncertainties and contingencies, many of which are beyond the control of Zenas BioPharma, Inc. (the “ Company” or “Zenas”), which may cause actual results, performance, or achievements to differ materially from anticipated results, performance, or achievements. All statements other than statements of historical facts contained in this presentation are forward - looking statements. In some cases, you can identify forward - looking statements by terms such as “may,” “will,” “should,” “expect,” “plan,” “anticipate,” “could,” “intend,” “target,” “project,” “contemplate,” “believe,” “estimate,” “predict,” “potential” or “continue” or the negative of these terms or other similar expressions, although not all forward - looking statements contain these words. Forward - looking statements include statements concerning Zenas’s plans, objectives, expectations and intentions; its future financial or business performance; the timing and results of ongoing and future clinical trials and potential regulatory approval and commercialization, including timing of results and data from clinical trials, including the INDIGO trial, and if successful, the timing of BLA submission, potential approval and commercial launch, the 12 - week and 24 - week topline results from the MoonStone trial, the completion of enrollment and reporting the topline results from the SunStone trial, and if successful, the timing of initiating the Phase 3 trial in SLE, the timing of initiati on of the Phase 3 trial of orelabrutinib in patients with SPMS, the timing to submit an IND, and subject to IND clearance, the initiation of Phase 1 clinical studies of ZB021 and ZB022; its ability to identify strategic partners f or its pipeline programs; the potential commercial opportunities for its product candidates; the potential competition for its product candidates; the potential commercial attributes for its product candidates; the Company ’s cash guidance; and the Company’s license agreement with InnoCare and achievement of payment triggering milestones. 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The events and circumstances reflected in the forward - looking statements may not be achieved or occur and actual future results, levels of activity, performance and events and circumstances could differ materially from those projected in the forward - looking statements. Moreover, the Company operates in an evolving environment. New risks and uncertainties may emerge from time to time, and management cannot predict all risks and uncertainties. Except as required by applicable law, the Company undertakes no obligation to publicly update or revise any forward - looking statements contained herein, whether as a result of any new information, future events, changed circumstances or otherwise. 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3 Today’s agenda and speakers Lonnie Moulder CEO & Chairman Joe Farmer President & COO Jennifer Fox CFO & CBO Lisa von Moltke, M.D. Head of R&D & CMO Haley Laken, Ph.D. CSO 1. Transaction overview and financial support 2. BTKi and progressive forms of MS 4. Oral IL - 17AA/AF and brain - penetrant TYK2 programs 7. Q&A BTKi = Bruton’s Tyrosine Kinase inhibitor 3. Orelabrutinib, a potentially best - in - class BTKi 5. Obexelimab development updates 6. Summary

4 Transformative InnoCare Collaboration Agreement

5 Collaboration agreement with InnoCare, an established, globally recognized, fully - integrated, biopharmaceutical company • $ 35 million cash, 5 million shares of Zenas common stock issued upfront and: » Orelabrutinib: up to an additional 2 million shares of Zenas stock and up to $240 million in development and regulatory miles ton e payments across major territories, as well as commercial sales milestone payments and tiered royalties on net sales » IL - 17AA/AF program: development and regulatory milestone payments, as well as commercial sales milestone payments and tiered royalties on net sales » TYK2 program: development and regulatory milestone payments, as well as commercial sales milestone payments and tiered royalties on net sales • Transaction closed on October 7, 2025, Eastern Standard Time InnoCare Pharma: Market cap >$4.5B USD; two marketed products; >10 candidates in clinical development Orelabrutinib and ZB022 rights: Global; ZB021 rights: Global excluding China and Southeast Asia ; InnoCare retains global rights to orelabrutinib in oncology indications; InnoCare listed on HKEX, Market Cap 36.61B HKD as of 10 /2/2025; InnoCare products marketed in China and Singapore; ITP = Immune Thrombocytopenia; SLE = Systemic Lupus Erythematosus; RRMS = Relapsing Remitting MS; PPMS= Primary Progressive MS SPMS= Secondary Progressive MS Development and commercialization rights for 3 autoimmune programs InnoCare Pharma to receive: • Orelabrutinib: highly selective CNS - penetrant BTK inhibitor with best - in - class potential supported by strong Phase 2 RMS data » Phase 3 PPMS registration - directed trial initiated in U.S.; Phase 3 SPMS registration - directed trial expected to initiate in 1Q2 6 ▪ Positive Phase 3 data for a peer BTKi program in SPMS validates BTK as a target for progressive MS ▪ Approved for B cell malignancies in China; second most prescribed BTKi in China • ZB021, an oral IL - 17AA/AF inhibitor: IND clearance and enrollment of first patient expected in 2026 • ZB022, a brain penetrant TYK2 inhibitor: IND clearance and enrollment of first patient expected in 2026

6 Transaction expected to accelerate Zenas’ goal to become a multi - franchise, global, fully - integrated, commercial - stage biopharmaceutical company □ Two late - stage franchise programs for four I&I indications □ Global development and commercialization capabilities □ Two early - stage programs with best - in - class potential Potential approval of three 1 best - in - class franchise molecules across five indications in three therapeutic areas » Rheumatology » Multiple Sclerosis » Dermatology □ Experienced team with strong track record of success 2025 2031 x Global commercial presence in indications representing markets of >$50B 2 x Driven by our values, inspired by our patients 1 Obexelimab, orelabrutinib, and ZB021; 2 Company estimate based on published reports and disease prevalence and pricing of advanced therapies within indication

7 Building compelling I&I and MS franchises consisting of four potentially best - in - class programs Territory Phase 3 Phase 2 Phase 1 Preclinical Indication Compound Global excluding JPN, SK, TWN, HK , SGP, AUS 1 IgG4 - RD Obexelimab (CD19 and Fc ɣ RIIb bifunctional mAb) ) RMS SLE Global PPMS Orelabrutinib (BTK inhibitor) SPMS Global excl. China & SE Asia 3 I&I ZB021 (Oral IL - 17AA/AF inhibitor) Global I&I ZB022 (Brain - penetrant TYK2 inhibitor) Phase 3 INDIGO trial enrolled: data expected around YE 2025 Phase 2 SunStone trial enrolling Phase 3 initiated in Q3 2025 Phase 3 expected to initiate in Q1 2026 2 IND filing and Phase 1 expected in 2026 2 IND filing and Phase 1 expected in 2026 2 Phase 2 MoonStone data expected early Q4 2025 Comprehensive and balanced I&I portfolio of small & large molecules in multiple indications with significant commercial potential and recognized regulatory paths to approval IgG4 - RD= IgG4 - Related Disease SLE= Systemic Lupus Erythematosus PPMS= Primary Progressive MS SPMS= Secondary Progressive MS; 1 BMS territories; 2 Expected timing based on program timelines; 3 InnoCare Territories

8 Numerous potentially value - creating milestones expected in the next 24 months 2025 2027 2026 Obexelimab Early 4 th quarter: Phase 2 RMS 12 - week data ~Year - end: Phase 3 IgG4 - RD topline data Obexelimab 2 nd quarter: IgG4 - RD BLA submission Mid - year: Phase 2 SLE topline data Obexelimab First half: IgG4 - RD BLA approval & launch Phase 3 SLE start (gated on Phase 2) Orelabrutinib 3 rd quarter: Phase 3 PPMS initiated Orelabrutinib 1 st quarter: Phase 3 SPMS start 2026: IND filing and Phase 1 initiation 2026: IND filing and Phase 1 initiation 2027: Phase 1 patient data 2027: Phase 1 data Obexelimab Obexelimab Obexelimab Orelabrutinib Orelabrutinib IL - 17AA/AF TYK2 IL - 17AA/AF TYK2

9 BTK: A Compelling Target for Progressive Multiple Sclerosis

10 SPMS and PPMS have the highest unmet need across MS subtypes and limited therapeutic options SPMS (>125K diagnosed patients in U.S.) 1,2 RRMS treatments used off - label 4 Therapies that prevent disability progression Initially RRMS followed by steady increase in disability without relapses Disability Time One anticipated by year - end 2025 4 ~650K patients with MS in the U.S. alone 1 Subtype Preferred treatments Unmet medical need Clinical characteristics Approved therapies PPMS (~60 - 100K diagnosed patients in U.S.) 1,3 Ocrevus approved; higher efficacy agents are desired More effective therapies that prevent disability progression Steady increase in disability without relapses / attacks One Disability Time PPMS SPMS 1 National MS Society 2025, Wallin et al. 2019, Campbell et al 2014, Zenas BioPharma analysis; 2 Milliman et al 2019, Lo et al. 2022, Zenas BioPharma analysis; 3 National MS Society 2025, Zenas BioPharma analysis; 4 First anticipated drug approval for patients with non - relapsing SPMS; SPMS = non - relapsing Secondary Progressive MS; PPMS = Primary Progressive MS; RRMS = Relapsing remitting MS

11 BTK is a validated target in MS with unique potential to address compartmentalized inflammation and disease progression 1 Reich DS et al. NEJM 2018. 2 Gandhi R et al. J Neuroimmunol . 2010; 3 Saberi et al . 2023, Vong et al. 2022 Greenberg 2024, Krämer et al. 2023; 4 Oh et al. NEJM 2025, Fox et al. NEJM 2025; Image adapted from: Krämer et al. 2023; PMS = Progressive Multiple Sclerosis Peripheral Compartmentalized Significant unmet need in MS for: • CNS - penetrant mechanisms that address compartmentalized local inflammation and directly impact the biology of progressive disease and neurodegeneration RMS (active inflammation) (neurodegeneration) PMS BTKi addresses underlying biology of progressive disease • Impacts peripherally and centrally located pathogenic B cells and macrophages, and directly inhibits microglia A BTKi is under FDA review as the first therapy for “non - relapsing/active SPMS” • Significantly reduced disability progression independent of relapse activity” in both SPMS & RRMS 4 1 1,2

12 CNS penetrant BTK inhibitor potential to prevent disease progression in MS; confirmed in Phase 3 SPMS and RRMS Trials SPMS: Fox et al . Tolebrutinib in Non - relapsing Secondary Progressive Multiple Sclerosis. NEJM April 2025 RRMS: Oh et al . Tolebrutinib versus Teriflunomide in Relapsing Multiple Sclerosis. NEJM April 2025 CDP: Confirmed Disability Progression; CDW: Confirmed Disability Worsening The BTKi, tolebrutinib, is the first therapy ever to succeed in a Phase 3 SPMS trial; and significantly impacted “disease progression independent of relapse activity” in both SPMS & RRMS Tolebrutinib Phase 3 SPMS Trial: Time to 6 - month CDP Tolebrutinib Phase 3 RRMS Trial: Time to 6 - month CDW

13 Quarter and year reflect clinical trial primary completion dates from clinicaltrials.gov or as projected by sponsor Orelabrutinib Phase 3 SPMS trial is expected to initiate in 1Q 2026 Orelabrutinib is a potential best - in - class therapy for progressive MS and is well - positioned to take advantage of an underdiagnosed and growing market Phase III SPMS PPMS PPMS & SPMS Tolebrutinib BTK inhibitor Sanofi Fenebrutinib BTK inhibitor Roche Masitinib Tyrosine kinase inhibitor AB Science Oral BID Oral QD Oral BID PPMS (3Q25) PPMS (4Q25) & SPMS (3Q24) PPMS (4Q28) & SPMS (4Q28) Frexalimab Anti - CD40L Sanofi IV Infusion SPMS (4Q26) Orelabrutinib BTK inhibitor InnoCare Pharma Oral QD PPMS (2Q30) & SPMS (2Q30) Orelabrutinib has the potential to be the best - in - class BTKi for PMS Ocrevus Anti - CD20 Roche IV/SC Infusion Marketed PPMS (3Q15) SPMS Only PPMS Only PPMS & SPMS • Only one drug approved for PPMS • Only three other programs in late - stage development for SPMS and PPMS • Orelabrutinib is a potential best - in - class molecule for SPMS and PPMS and is well positioned for a commercial opportunity that is expected to expand 2 • No drugs approved for SPMS 1 1 For non - active forms of SPMS (~70% of all SPMS); 2 Pending regulatory approvals

14 Orelabrutinib: a Potentially Best - in - Class BTKi

15 Orelabrutinib’s pharmacologic attributes impart best - in - class potential combining high selectivity and CNS penetrant activity Non - covalent / 200mg BID Covalent / 60mg QD Covalent / 80mg QD Binding / dosing 1 Selectivity 2 ( scanMAX (Eurofins ) kinome scan at 1µM) High Lower High CNS concentration 3 Lower High High Potency 4 (IC 90 ) Lower Lower High CNS concentration to IC 90 ratio High selectivity High CNS penetration Low IC 90 High CNS conc. to IC 90 ratio 1 InnoCare Pharma, Sanofi, and Roche published reports; 2 Darragh et al . ACS Pharm. & Trans. Sci 2025; 3 Data on file (orelabrutinib), calculated from Cabanis et al. Clinical and Translational Science 2024 (tolebrutinib), American Academy of Neurology Annual Meeting 2024 (fenebrutinib); 4 Data on file (orelabrutinib), Turner et al. Drugs R D. 2024 (tolebrutinib and fenebrutinib); Notes: Orelabrutinib 80 mg data inferred from 150 mg dosing; Potency based on kinase activity; Based on comparisons of published data for tolebrutinib and fenebrutinib, no head - to - head comparison studies were conducted Orelabrutinib Tolebrutinib Fenebrutinib x x x x

16 Phase 2 RRMS Trial Summary: • Design: double - blind, randomized, placebo - controlled with placebo crossover at week 12 • Treatment: 4 different doses of orelabrutinib vs. placebo control through week 12 • MRI endpoint assessing new T1 Gd - enhancing lesions at week 12 • Secondary endpoints included T1 Gd - enhancing lesions and new or enlarging T2 lesions at weeks 12, 16, 20, and 24 and safety SCREENING Diagnosis of relapsing remitting MS : • Age 18 - 55 years • Diagnosis of relapsing - remitting MS • EDSS score ≤ 5.5 • Neurological stable for ≥ 30 days • ≥1 relapses within 2 years with o ≥1 relapse within the last year o ≥1 Gd+ T1 lesion within 6 months 96 - week open label extension (50 mg QD) 12 - week blinded treatment: Primary endpoint: Number of new T1 Gd - enhancing lesions 24 - w eek blinded extension: Number of new T1 Gd - enhancing lesions and additional endpoints Week 12 Week 24 Orelabrutinib Phase 2 RRMS trial Standard design with MRI measurements; highly predictive of successful outcome in large randomized trials Orelabrutinib 50 mg QD (n=40) Placebo QD (n=40) Orelabrutinib (50 mg QD) Orelabrutinib 80 mg QD (n=40) Orelabrutinib 50 mg BID (n=40) 1:1:1:1 Randomization Source: Xu et al. ACTRIMS Forum 2025

17 Orelabrutinib Phase 2 trial baseline characteristics 35.4 (9.8) • Age, mean (SD), years 100 (63.4%) • Female, n (%) 5.8 (5.8) • Time since diagnosis at screening, mean (SD), years 2.6 (1.5) • EDSS score, median (SD) 1.8 (4.3) • # of GdE T1 hyperintense lesions at baseline, mean (SD) 53 (33.5%) • Patients with GdE T1 hyperintense lesions at screening, n (%) Orelabrutinib Phase 2 RRMS Source: Xu et al. ACTRIMS Forum 2025

18 Orelabrutinib treatment resulted in a rapid and deep reduction in new GdE+ T1 lesions across all evaluated doses 4.34 1.14 0.82 0.42 0.0 1.5 3.0 4.5 Placebo (n=27) 50mg QD (n=30) 50mg BID (n=29) 80mg QD (n=29) 74% 81% > 90% (P=0.0018) (P=0.0073) (P=0.0278) 0.0 1.5 3.0 4.5 0 4 8 12 Placebo Orelabrutinib 50mg QD Orelabrutinib 50mg BID Orelabrutinib 80mg QD Orelabrutinib Weeks of treatment Significant reduction in new GdE+ T1 lesions observed for all orelabrutinib doses at week 12 (primary endpoint) Meaningful and sustained reduction in new GdE+ T1 lesions observed as early as week 4 Cumulative number of new GdE+ T1 lesions Cumulative number of new GdE+ T1 lesions Source: Xu et al. ACTRIMS Forum 2025

19 Orelabrutinib data out to 96 - week support sustained clinical activity and potential impact on disability progression 20.5 9.3 0 6 12 18 24 Baseline Week 96 - 55% 2.7 2.5 0.0 1.5 3.0 Baseline Week 96 - 9% Serum NfL: Indicative of disease activity and progression EDSS Score: Indicative of neurological disability and disease progression SEL Volume: Indicative of smoldering disease and progression Data shown for 80 mg QD dose (switched to 50mg QD dose, week 24 through 96 for OLE, n=36 - 37) NfL = Neurofilament Light chain; EDSS = Expanded Disability Status Scale; SEL = Slowly Expanding Lesions Source: InnoCare Pharma 627.0 377.0 0 50 100 150 200 250 300 350 400 450 500 550 600 650 Week 48 Week 96 - 40% NfL (ng/ml) EDSS Score SEL Volume (mm 3 )

20 Orelabrutinib was generally well tolerated; safety in - line with other BTKi in development for MS 1 • TEAEs for orelabrutinib (n=118) vs. placebo (n=40) during the 12 - week RCP » All TEAEs: 53% vs. 30% » Serious TEAEs: 2% vs. 0% » Liver - related TEAEs: 10% vs. 7.5% o Observed within first 8 weeks of treatment o Occurred primarily in the first eight weeks of treatment, most were present as lab abnormalities only without clinical symptoms • Orelabrutinib was placed on partial clinical hold by FDA (but not EMA) for studies in RMS after 2 cases of DILI meeting Hy’s Law criteria » Safety profile similar to other BTKi in development for MS; three other BTKi programs in development for RMS were also placed on partial clinical hold by the FDA • For high unmet need for progressive MS development, FDA has cleared protocols to proceed with risk mitigation including weekly LTFs and stopping rules • Routinely prescribed oral therapies for MS are also associated with elevated LFTs RCP = Randomized Controlled Period; DILI = Drug - Induced Liver Injury; LFT = Liver Function Test 1 Based on comparisons of published data for to other BTKi in development for MS, no head - to - head comparison studies were conduct ed

21 Orelabrutinib Phase 3 protocols cleared with FDA and positive EMA Scientific Advice PPMS Study Design; trial initiated in U.S. Primary Endpoint: Time to onset of 12 - week cCDP Primary Endpoint: Time to onset of 24 - week CDP SPMS Study Design; trial expected to initiate 1Q 2026

22 Global MS market expected to reach >$30B with approval of new therapies; SPMS and PPMS represent >$12B+ Diagnosed prevalence of MS in the US: ~640K 1 Patients with SPMS and PPMS: 30 - 35%+ 2 Current SPMS and PPMS prevalence: 190 - 225K Non - DMT treated (~30%) 3 ~60K - 70K DMT treated (~70%) 3 ~130 - 155K SPMS currently estimated to account for at least 20% of all MS subtypes 2 PPMS currently estimated to account for 10 - 15% of all MS subtypes 2 Diagnosed prevalence of SPMS and PPMS are expected to increase as new therapeutic option are approved SPMS often diagnosed as RMS for access to approved therapies; SPMS and PPMS could represent >40% of all MS diagnoses Current SPMS and PPMS commercial opportunity in the U.S. alone projected to be >$12B+ 4 and expected to grow significantly with approval of effective therapies that impact disease progression x x x x 1 National MS Society 2025, Wallin et al 2019, Campbell et al 2014, Zenas BioPharma analysis; 2 Milliman et al 2019, Lo et al. 2022, National MS Society 2025, Zenas BioPharma analysis; 3 Zenas BioPharma analysis; 4 Zenas estimate based on reported prevalence and current pricing of B cell therapies approved for MS

23 Orelabrutinib registration - directed trials to begin in largely untapped progressive MS market segments Highly positive Phase 2 results in RMS with 96 weeks of data; Phase 3 PPMS trial initiated and Phase 3 trial for SPMS expected to initiate in 1Q 2026 Peer BTKi under FDA review for SPMS; an accumulation of data supports potential to address neurodegeneration and “silent progression” MS market anticipated to exceed $30B by 2030 3 ; progressive forms accounting for >40% - expansion accommodates several agents for each indication Potential Best in category pharmacology 2 with potential for best - in - class efficacy and convenience – 2 nd most prescribed BTKi in China for B cell malignancies Clear path forward with FDA and EMA on Phase 3 PPMS registration trial initiated in the U.S.; Phase 3 SPMS registration trial expected to initiate in 1Q26 MoA uniquely targets both peripherally and centrally located pathogenic B cells and centrally located microglial cells 1 Zenas estimate based on reported prevalence and current pricing of B cell therapies approved for MS; 2 Based on comparisons of published data for other BTKi programs, no head - to - head comparison studies were conducted; 3 GlobalData, Zenas analysis >200K Patients with Progressive MS in U.S. alone representing a commercial market 1 of $12B+

24 Oral IL - 17AA/AF and Brain Penetrant TYK2 Programs

25 • Currently a $10B global market with ~50% average annual growth since first approval » Three biologics approved for seven rheumatic and dermatologic autoimmune indications * » Market expected to grow with additional IL - 17 approvals and launches in other indications ZB021: a novel oral IL - 17AA/AF provides opportunity to expand pipeline within rheumatology and into other therapeutic areas including dermatology Eli Lilly acquisition of DICE Therapeutics for $2.4B for oral IL - 17 portfolio Eli Lilly partnership with Protagonist Therapeutics on oral IL - 23 program with up to $990M in total deal value Anti - IL - 17 Biologics: a blockbuster drug class for rheumatic and dermatologic diseases * Plaque Psoriasis; Psoriatic Arthritis; Ankylosing Spondylitis; Non - Radiographic Axial Spondyloarthritis; Enthesitis - Related Art hritis; Hidradenitis Suppurativa Growing interest in small molecules against targets established by biologics • IND submission planned and Phase 1 expected to initiate in 2026 ZB021 is an oral IL - 17AA/AF inhibitor with best - in - class potential

26 ZB021’s best - in - class potential is supported by robust in vitro and in vivo activity 0 2 4 6 8 10 12 14 0 3 4 5 6 7 8 9 Normal control Vehicle Anti - IL - 17 biologic ICP - 054 0.3 mg/kg ICP - 054 1 mg/kg ICP - 054 3 mg/kg ICP - 054 10 mg/kg Days post - treatment Clinical Score Robust efficacy: achieves comparable activity in vivo to a reference anti - IL - 17 biologic in rat CIA model High potency in vitro combined with strong ADME properties Inhibition of IL - 17 – IL17RA binding (IC 50 ; nM ) IL - 17 signaling inhibition (IC 50 ; nM ) 2.6 ± 1.7 IL17AA: 6.5 ± 3.1 IL17AF: 18.4 ± 16.2 Inhibition of IL - 17 signaling from Th17 supernatant (IC 50 ; nM ) 2.8 ± 2.4 High oral bioavailability (~80% in monkey) Low clearance High metabolic stability x x x

27 ZB022: a brain - penetrant TYK2 inhibitor with significant opportunity in neuroinflammatory and neurodegenerative diseases • Complementary mechanism to expand upon potential neurology franchise led by orelabrutinib » Allosteric JH2 inhibition improves selectivity and specificity » Favorable PK/PD observed in preclinical studies » High activity in preclinical neurological disease model • IND submission planned and Phase 1 expected to initiate in 2026 TYK2 is a well - established mechanism across a range of autoimmune diseases • Brain penetrant molecules may provide opportunity to extend benefit to neurological diseases » Increasing evidence implicating TYK2’s role in neuroinflammatory and neurodegenerative diseases » Partial loss - of - function variants protect against various autoimmune diseases including MS » TYK2 shown to stabilize tau in Alzheimer's disease ZB022: a TYK2 inhibitor with best - in - class potential

28 Obexelimab: a Potential I&I Franchise Molecule

29 Obexelimab: Phase 3 and multiple Phase 2 data readouts expected Territory Next Milestone Phase 3 Phase 2 Phase 1 Preclinical Indication Compound Global excluding JPN, SK, TWN, HK, SGP, AUS 3 Phase 3 Topline Results expected around year end 2025 IgG4 - RD Obexelimab 1 (CD19 and Fc ɣ RIIb bifunctional mAb) Primary endpoint (12 - week) data expected early Q4 2025 RMS Primary endpoint (24 - week) data expected mid - 2026 SLE Phase 3 INDIGO trial fully enrolled 2 Phase 2 SunStone trial enrolling 2 Phase 2 MoonStone trial fully enrolled 2 1 Zenas acquired exclusive worldwide rights to obexelimab from Xencor, Inc. 2 Randomized versus placebo 3 Bristol Myers Squibb & Co. holds exclusive development and commercialization rights in JPN, SK, TWN, HK, SGP, AUS

30 Obexelimab is a potentially differentiated B cell targeted therapy with a novel bifunctional MoA 1 Chu et al . Molecular Immunology 2008 & Zenas data on file 2 Szili et al . mAbs 2014 3 Chu et al . Journal of Translational Autoimmunity 2021 4 Chu et al. Arthritis & Rheumatology 2014 5 Abeles et al . Annual Review of Immunology 2024; Verbeek et al. Front. Immunol 2019 Source: Zenas BioPharma • CD19 broadly expressed across B cell lineage , including pro - B cells , pre - B cells , B cells , plasmablasts and select plasma cells 5 • Fc γ RIIb engagement mimics the activity of natural antigen - antibody complex • Fc engineered to increase FcγRIIb affinity ~230 - fold vs. native IgG1 2 • Designed to avoid ADCC / CDC - mediated depletion with activity independent of immune effector cell presence • Potent inhibition of B cell antibody production, proliferation, cytokine secretion, and antigen presentation to T cells 1,2 • Persistent inhibitory activity in peripheral blood and within tissues 3 Obexelimab’s co - engagement of CD19 and Fc γ RIIb results in an inhibition of B cells , rather than effector cell - dependent depletion 1,2,3,4

31 Obexelimab for Relapsing Multiple Sclerosis

32 MoonStone Trial Summary: • Design: double - blind, randomized, placebo - controlled with placebo crossover at week 12 • Treatment: obexelimab 250mg SC weekly vs. placebo control (through week 12) • MRI endpoint assessing T1 Gd - enhancing lesions at week 12 • Secondary and exploratory endpoints: utilizing standardized assessments, imaging and biomarkers to evaluate impact on disease progression/silent progression through week 24 SCREENING Active RMS (relapsing remitting MS or relapsing secondary progressive MS): • EDSS <5.5 * Open label extension 2:1 Randomization Obexelimab Q1W Placebo Q1W Obexelimab Q1W Week 12 Primary endpoint: Number of new T1 Gd - enhancing lesions Week 24 Additional endpoints: including disease progression endpoints Week 12 Week 24 * EDSS 5.5 = disability severe enough to preclude full daily activities. Able to walk without aid or rest for 100m Phase 2 MoonStone RMS trial (n=116) Standard design with MRI measurements; highly predictive of successful outcome in large randomized trials

33 MoonStone baseline characteristics 42 (9.5) • Age, mean (SD), years 81 (70%) • Female, n (%) 7.54 (8.6) • Time since diagnosis at screening, mean (SD), years 3 (0.0 - 5.5) • EDSS score, median (range) 0.71 (2.2) • # of GdE T1 hyperintense lesions at screening, mean 25 (21.6) • Patients with GdE T1 hyperintense lesions at screening, n (%) Notes: • All data are summarized according to the nominal visit at the time of the data cut. • Data cutoff date: 18Sep2025 • Study remains blinded MoonStone (n=116)

34 Historical benchmarks for GdE+ T1 lesions from Phase 2 RMS trials Baseline GdE+ T1 lesions and baseline characteristics most similar to fenebrutinib Assessment GdE T1 Lesions* Phase 2 Program At week 12 0.27 vs. 0.03 • Fenebrutinib (BTKi) Cumulative week 12 4.34 vs. 0.42 • Orelabrutinib (BTKi) At week 12 1.03 vs. 0.13 • Tolebrutinib (BTKi) At week 12 1.40 vs. 0.20 • Frexalimab (CD40L) At week 12 1.3 vs. 0.10 • Ofatumumab (CD20) Cumulative week 24 6.6 vs. 0.80 • Ocrelizumab (CD20) * Mean per scan; Data are cross - trial comparisons, may not reflect the trials primary endpoint, and should therefore be considere d directions

35 Blinded review of MoonStone’s randomized controlled data shows rapid decline in new and new/existing lesions per scan up to week 12 0.71 0.09 0.0 0.1 0.2 0.3 0.4 0.5 0.6 0.7 0.8 Baseline * 0.53 Week 4 0.13 Week 8 Week 12 0.71 0.60 0.18 0.0 0.1 0.2 0.3 0.4 0.5 0.6 0.7 0.8 Baseline Week 4 0.35 Week 8 Week 12 Obexelimab and placebo (blinded data; 2:1 randomization ) Obexelimab and placebo (blinded data; 2:1 randomization ) (n=116) (n=114) (n=112) (n=115) (n=116) (n=114) (n=113) (n=115) Notes: • Data presented as the unadjusted lesion rate per scan is the total number of lesions divided by the total number of scans • Data cutoff date: 18Sep2025 • Study remains blinded * Baseline data include all GdE T1 lesions at screening. Post - baseline data represent new GdE T1 lesions relative to the last visi t. Number of new GdE+ T1 hyperintense lesions per scan Number of new and existing GdE+ T1 hyperintense lesions per scan

36 Approval of new drugs for RMS is challenging due to the evolving treatment landscape and current pivotal trial endpoints • Shifting clinical trial recruitment dynamics » Slower recruitment » Patients now have less active disease • Challenging to show benefit given less active population » Agents evaluated in recent trials showed substantial reductions in ARR along with teriflunomide • Alternative endpoints under discussion » May improve likelihood of success in future • RMS pivotal trials require substantial investment Available Therapies Highly effective in controlling relapse rates Regulatory Endpoints Improvement in annualized relapse rate (ARR) vs. active comparator required for approval Capital Requirements Two large randomized trials needed for approval RMS program decision based on MoonStone data and the evolving landscape for the development of new therapies for RMS anticipated in early 2026

37 Obexelimab for IgG4 - RD

38 Patients with IgG4 - RD are likely to experience disease progression independent of flares with cumulative organ damage Subclinical / smoldering disease Disease course over time Clinically evident disease flares Repeated disease flares can damage new or existing disease sites 1 Subclinical inflammatory processes left untreated can lead to fibrosis and irreversible organ damage 1 Obexelimab once - weekly, self - administered, subcutaneous injection could potentially address the underlying disease burden, if approved 2 1 Perugino, C. et al. Nature Reviews Rheumatology . 16, 702 – 714 (2020); 2 As measured by secondary endpoints in ongoing Phase 3 INDIGO trial ACR /EULAR threshold for classification of IgG4 - RD IgG4 - RD is a debilitating chronic fibro - inflammatory disease affecting multiple organ systems 1 Subclinical / smoldering disease activity can meaningfully contribute to organ damage

39 Obexelimab’s Phase 2 IgG4 - RD results demonstrated rapid, robust, and sustained reduction in IgG4 - RD disease activity 1 • Rapid induction of remission and sustained reduction in disease activity (IgG4 - RD RI) • 100% of patients who completed trial met primary endpoint (2 - point IgG4 - RD RI reduction) • 93% with ongoing remission at end of trial • 80% with prior rituximab achieved complete remission with obexelimab • Well tolerated ; no obexelimab - related SAEs Obexelimab Induction and Maintenance Trial (obexelimab 5mg/kg IV Q2W x 12 doses; n=15) 0 5 10 15 20 25 30 1 15 29 57 85 113 141 169 197 Completed Early termination IgG4 - RD RI Score Da y 1 Perugino et al. Lancet Rheumatology 2023. Open - label, single - arm Phase 2 PoC trial in 15 obexelimab - treated patients with moderate to severe disease as induction and maintenance, one or more organ systems involved and an IgG4 - RD Responder Index (RI) of ≥ 3 Note rituximab comparaisons not head - to - head and reference data reported by Carruthers MN et al. Ann Rheum Dis. 2015. Rituximab trial patients (n=30) had similar baseline characteristics

40 SCREENING • 20 - 60 mg GC Tx for flare • 20mg GC at trial entry Placebo SC Q1W for 52 weeks (n=~100) Open label extension 1:1 Obexelimab SC Q1W for 52 weeks (n=~100) GC taper to 0mg by week 8 GC taper to 0mg by week 8 1 Stone, et al. Inebilizumab for Treatment of IgG4 - Related Disease. NEJM . Nov 2024. GC = glucocorticoid; SC = subcutaneous INDIGO Trial Summary: • Design: randomized, double - blind, placebo - controlled • Primary endpoint: time to disease flare through week 52 • Secondary endpoints include: 52 - week flare rate, Achievement of complete remission, Use and quantity of rescue medication, Change in GC - associated toxicity as measured by the Glucocorticoid Toxicity Index (GTI) 60% PBO rate for MITIGATE (Uplizna ® Phase 3) a derisking event for INDIGO assumptions; MITIGATE and INDIGO study designs are substantially similar 1 Phase 3 INDIGO IgG4 - RD trial enrollment complete Trial of over 190 patients, the largest ever conducted, with topline results expected around year - end 2025

41 Obexelimab has the potential to become a best - in - class therapy in the evolving IgG4 - RD treatment landscape Potential to achieve faster responses and higher complete remission rates No premedication and no risk of infusion - related reactions Potential to allow for vaccinations or management of intercurrent illness Patient preference for at home, subcutaneous injection SC dosing chosen for optimal pharmacokinetic and clinical activity Possibility for lower out - of - pocket expense (Medicare Part D vs. B) x We believe obexelimab’s potential product attributes support its differentiation in the IgG4 - RD treatment landscape; validated through strategic collaboration with Bristol Myers Squibb 1 x x x x x 1 Bristol Meyers Squibb hold an exclusive license to develop, manufacture, and commercialize obexelimab in Japan, South Korea, Taiwan, Singapore, Hong Kon g a nd Australia

42 Obexelimab represents a compelling $1billion+ commercial revenue opportunity in the U.S. alone 1 Estimated U.S. prevalence: ~30 - 40K 2 Current U.S. diagnosed prevalence: ~20K 1 Patients treated with systemic therapies: ~20K 3 Stable remission: ~8K - 10K Chronic disease ~10K - 12K x Diagnosed prevalence for IgG4 - RD expected to increase with introduction of first approved therapies x Attractive orphan pricing creates a market opportunity of ~$3 billion in the U.S. alone 3 x Similar prevalence and potential for orphan pricing in Europe creates a significant commercial opportunity x Zenas management team has extensive track record successfully building commercial organizations and launching drugs in the U.S. and Europe Currently diagnosed patients eligible for maintenance therapies = $3 billion U.S. commercial opportunity 4 x x x x 1 Pending FDA approval; 2 Wallace et al 2023 and Zenas BioPharma research; 3 GCs, immunosuppressants, DMARDs and now Uplizna; 4 Company estimate based on disease prevalence and pricing of advanced therapies within indication Opportunity supported by robust early Uplizna ® launch

43 Obexelimab for Systemic Lupus Erythematosus

44 Potential for improved clinical activity with an optimized obexelimab subcutaneous dosing regimen 17% 35% 52% 0% 10% 20% 30% 40% 50% 60% Intention - to - treat population 1 Optimized exposure (C trough ) population 2 Biomarker positive population 3 Patients at W32 without loss of improvement (∆" vs. PBO") Source: Merrill et al. Arthritis Rheumatol . 2023 1 Defined as all randomized patients receiving at least one dose of study medication 2 C trough Quartiles 3 & 4 in efficacy evaluable analysis 3 Biomarker positive defined as patients in predefined lupus phenotypic gene expression clusters 3 & 6 (~38% of evaluated popul ati on) Higher clinical activity observed with obexelimab in a Phase 2 SLE trial with optimized exposure (C trough ), and in a potential biomarker positive population Screening Placebo IV Q2W for 32 weeks (n=52) 1:1 Obexelimab 5mg/kg IV Q2W for 32 weeks (n=52) Current approved therapies demonstrate modest effect sizes of 12 – 17% over placebo on SRI - 4/BICLA assessments

45 Phase 2 SunStone SLE trial enrolling Designed to confirm obexelimab activity in all - comer and biomarker populations SCREENING Active SLE: • BILAG ≥1A or ≥2B • SLEDAI ≥6 • PI confirmation Stable steroids Placebo Q1W for 24 weeks (n= 95 ) Follow - up 1:1 Obexelimab Q1W for 24 weeks (n= 95 ) • SC dosing to improve PK (steady state C trough above Phase 2 top (4 th ) quartile for all patients) • Powered on appropriate placebo response and effect size assumptions • Strict adjudication for eligibility and assessment (moderate/severe patients only); strict corticosteroid tapering rules to reduce placebo responses Incorporates learnings from previous Phase 2 trial to increase POS • Design: randomized, double - blind, placebo - controlled • Primary Endpoint: Reduction of SLE disease activity at week 24 by BILAG - Based Composite Lupus Assessment (BICLA)

46 Future Catalysts and Corporate Summary

47 Numerous potentially value - creating milestones expected in the next 24 months 2025 2027 2026 Obexelimab Early 4 th quarter: Phase 2 RMS 12 - week data ~Year - end: Phase 3 IgG4 - RD topline data Obexelimab 2 nd quarter: IgG4 - RD BLA submission Mid - year: Phase 2 SLE topline data Obexelimab First half: IgG4 - RD BLA approval & launch Phase 3 SLE start (gated on Phase 2) Orelabrutinib 3 rd quarter: Phase 3 PPMS initiated Orelabrutinib 1 st quarter: Phase 3 SPMS start 2026: IND filing and Phase 1 initiation 2026: IND filing and Phase 1 initiation 2027: Phase 1 patient data 2027: Phase 1 data Obexelimab Obexelimab Obexelimab Orelabrutinib Orelabrutinib IL - 17AA/AF TYK2 IL - 17AA/AF TYK2

48 Obexelimab; an I&I franchise molecule A potentially best - in - class B cell therapeutic with Phase 3 data for IgG4 - RD expected year - end, SLE Phase 2 trial enrolling, and RMS Phase 2 data expected early 4Q 2025; each representing a potential multi - billion - dollar commercial opportunity 1 Experienced team and a deep pipeline Established global capabilities advancing two Phase 3 potential franchise product candidates and innovative, validated pipeline programs: oral IL - 17AA/AF modulator and brain penetrant TYK2 inhibitor 2 Orelabrutinib; a Progressive MS franchise molecule A validated mechanism and potentially best - in - class profile in Phase 3 registration - directed trial for PPMS and initiating Phase 3 registrational trial for SPMS expected in 1Q 2026; each representing potential blockbuster opportunities 2 Significant value - creating milestones over the next 2 years Pipeline delivers late - stage data and proof - of - concept readouts across multiple programs including potential commercialization of obexelimab for IgG4 - RD, pending FDA approval Zenas: Creating a global, immunology - based development and commercial biotechnology company Enabling patients with autoimmune diseases to reimagine life 1 Company estimate based on disease prevalence and pricing of advanced therapies within indication, pending regulatory approval

49 Q&A Session