# EDGAR Filing Document

**Accession Number:** 0001953926
**File Stem:** 0001213900-25-098959
**Filing Date:** 2025-10
**Character Count:** 14312
**Document Hash:** d4a1e014675792e0ddfccf767b4c6045
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001213900-25-098959.hdr.sgml**: 20251015

**ACCESSION NUMBER**: 0001213900-25-098959

**CONFORMED SUBMISSION TYPE**: SCHEDULE 13G

**PUBLIC DOCUMENT COUNT**: 2

**FILED AS OF DATE**: 20251015

**DATE AS OF CHANGE**: 20251015

**SUBJECT COMPANY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Zenas BioPharma, Inc.
- **CENTRAL INDEX KEY:** 0001953926
- **STANDARD INDUSTRIAL CLASSIFICATION:** PHARMACEUTICAL PREPARATIONS [2834]
- **ORGANIZATION NAME:** 03 Life Sciences
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** SCHEDULE 13G
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 005-94625
- **FILM NUMBER:** 251393342

**BUSINESS ADDRESS:**
- **STREET 1:** 852 WINTER STREET, SUITE 250
- **CITY:** WALTHAM
- **STATE:** MA
- **ZIP:** 02451
- **BUSINESS PHONE:** 857-271-2954

**MAIL ADDRESS:**
- **STREET 1:** 852 WINTER STREET, SUITE 250
- **CITY:** WALTHAM
- **STATE:** MA
- **ZIP:** 02451

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Zenas BioPharma (Cayman) Ltd
- **DATE OF NAME CHANGE:** 20221108
**FILED BY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** InnoCare Pharma Inc.
- **CENTRAL INDEX KEY:** 0002089568

**ORGANIZATION NAME:**
- **EIN:** 832143165
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** SCHEDULE 13G

**BUSINESS ADDRESS:**
- **STREET 1:** 103 CARNEGIE CENTER, SUITE 209
- **CITY:** PRINCETON
- **STATE:** NJ
- **ZIP:** 08540
- **BUSINESS PHONE:** 1-609-524-1106

**MAIL ADDRESS:**
- **STREET 1:** 103 CARNEGIE CENTER, SUITE 209
- **CITY:** PRINCETON
- **STATE:** NJ
- **ZIP:** 08540

## Exhibit 99.1

**Exhibit 99.1**

JOINT FILING AGREEMENT

We, the undersigned, hereby express our agreement that the Schedule 13G (or any amendments thereto) relating to the common stock of Zenas Biopharma, Inc. is filed on behalf of each of us.

Dated: October 15, 2025

---

| | | |
|:---|:---|:---|
| **InnoCare Pharma Inc.** | **InnoCare Pharma Inc.** | **InnoCare Pharma Inc.** |
| By: | /s/ Jisong Cui | /s/ Jisong Cui |
|  | Name: | Jisong Cui |
|  | Title: | Chairperson and CEO |
| **Ocean Prominent Limited** | **Ocean Prominent Limited** | **Ocean Prominent Limited** |
| By: | /s/ Jisong Cui | /s/ Jisong Cui |
|  | Name: | Jisong Cui |
|  | Title: | Director |
| **InnoCare Pharma Limited** | **InnoCare Pharma Limited** | **InnoCare Pharma Limited** |
| By: | /s/ Jisong Cui | /s/ Jisong Cui |
|  | Name: | Jisong Cui |
|  | Title: | Director |

---

### UNITED STATES SECURITIES AND EXCHANGE COMMISSION
**Washington, D.C. 20549**

## SCHEDULE 13G

### Under the Securities Exchange Act of 1934

**Issuer:** Zenas BioPharma, Inc.

**Title of Class of Securities:** Common Stock, par value $0.0001 per share

**CUSIP Number:** 98937L105

**Date of Event Which Requires Filing of this Statement:** 10/07/2025

**Check the appropriate box to designate the rule pursuant to which this Schedule is filed:**

- [ ] Rule 13d-1(b)

- [x] Rule 13d-1(c)

- [ ] Rule 13d-1(d)

---

| 1. | Names of Reporting Persons<br>InnoCare Pharma Inc. | Names of Reporting Persons<br>InnoCare Pharma Inc. |
|:---|:---|:---|:---|
| 2. | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [x] | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [x] |
| 3. | SEC Use Only | SEC Use Only |
| 4. | Citizenship or Place of Organization<br>DE | Citizenship or Place of Organization<br>DE |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 5. | Sole Voting Power<br>0.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 6. | Shared Voting Power<br>5000000.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 7. | Sole Dispositive Power<br>0.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 8. | Shared Dispositive Power<br>5000000.00 |
| 9. | Aggregate Amount Beneficially Owned by Each Reporting Person<br>5000000.00 | Aggregate Amount Beneficially Owned by Each Reporting Person<br>5000000.00 |
| 10. | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] |
| 11. | Percent of Class Represented by Amount in Row (9)<br>9.4% | Percent of Class Represented by Amount in Row (9)<br>9.4% |
| 12. | Type of Reporting Person (See Instructions)<br>CO | Type of Reporting Person (See Instructions)<br>CO |

---

| 1. | Names of Reporting Persons<br>Ocean Prominent Limited | Names of Reporting Persons<br>Ocean Prominent Limited |
|:---|:---|:---|:---|
| 2. | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [x] | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [x] |
| 3. | SEC Use Only | SEC Use Only |
| 4. | Citizenship or Place of Organization<br>D8 | Citizenship or Place of Organization<br>D8 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 5. | Sole Voting Power<br>0.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 6. | Shared Voting Power<br>5000000.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 7. | Sole Dispositive Power<br>0.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 8. | Shared Dispositive Power<br>5000000.00 |
| 9. | Aggregate Amount Beneficially Owned by Each Reporting Person<br>5000000.00 | Aggregate Amount Beneficially Owned by Each Reporting Person<br>5000000.00 |
| 10. | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] |
| 11. | Percent of Class Represented by Amount in Row (9)<br>9.4% | Percent of Class Represented by Amount in Row (9)<br>9.4% |
| 12. | Type of Reporting Person (See Instructions)<br>OO | Type of Reporting Person (See Instructions)<br>OO |

---

| 1. | Names of Reporting Persons<br>InnoCare Pharma Limited | Names of Reporting Persons<br>InnoCare Pharma Limited |
|:---|:---|:---|:---|
| 2. | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [x] | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [x] |
| 3. | SEC Use Only | SEC Use Only |
| 4. | Citizenship or Place of Organization<br>E9 | Citizenship or Place of Organization<br>E9 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 5. | Sole Voting Power<br>0.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 6. | Shared Voting Power<br>5000000.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 7. | Sole Dispositive Power<br>0.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 8. | Shared Dispositive Power<br>5000000.00 |
| 9. | Aggregate Amount Beneficially Owned by Each Reporting Person<br>5000000.00 | Aggregate Amount Beneficially Owned by Each Reporting Person<br>5000000.00 |
| 10. | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] |
| 11. | Percent of Class Represented by Amount in Row (9)<br>9.4% | Percent of Class Represented by Amount in Row (9)<br>9.4% |
| 12. | Type of Reporting Person (See Instructions)<br>OO | Type of Reporting Person (See Instructions)<br>OO |

---

**Item 1(a). Name of Issuer:**
Zenas BioPharma, Inc.

**Item 1(b). Address of Issuer's Principal Executive Offices:**
1000 WINTER ST., NORTH BUILDING, SUITE 1200, WALTHAM , MASSACHUSETTS 02451

**Item 2(a). Name of Person Filing:**
The names of the persons filing this report (collectively, the "Reporting Persons") are:

InnoCare Pharma Inc.
Ocean Prominent Limited
InnoCare Pharma Limited

The Reporting Persons expressly disclaim status as a "group" for purposes of this Schedule 13G.

**Item 2(b). Address of Principal Business Office:**
103 Carnegie Center, Suite 209
Princeton, NJ 08540

**Item 2(c). Citizenship:**
InnoCare Pharma Inc.           Delaware
Ocean Prominent Limited      British Virgin Islands
InnoCare Pharma Limited     Cayman Islands

**Item 2(d). Title of Class of Securities:**
Common Stock, par value $0.0001 per share

**Item 2(e). CUSIP Number:**
98937L105

**Item 3. If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:**

(a) [ ] Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o).

(b) [ ] Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c).

(c) [ ] Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c).

(d) [ ] Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8).

(e) [ ] An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);

(f) [ ] An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);

(g) [ ] A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);

(h) [ ] A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);

(i) [ ] A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);

(j) [ ] A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), if filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:

(k) [ ] Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).

**Item 4. Ownership:**

**(a) Amount beneficially owned:**

Row 9 of each Reporting Person's cover page to this Schedule 13G sets forth the aggregate number of shares of common stock of the Issuer beneficially owned by such Reporting Person as of June 30, 2025 and is incorporated by reference.
The Reporting Persons' ownership of the Issuer's securities consists of 5,000,000 shares of common stock directly held by InnoCare Pharma Inc. InnoCare Pharma Inc. is a wholly owned subsidiary of Ocean Prominent Limited, which is a wholly owned subsidiary of InnoCare Pharma Limited.

**(b) Percent of class:**

Row 11 of each Reporting Person's cover page to this Schedule 13G sets forth the percentages of the common stock of the Issuer beneficially owned by such Reporting Person and is incorporated by reference. The percentage set forth in each row 13 is based upon the sum of (i) 42,110,313 shares of common stock outstanding as of July 31, 2025, as reported in the Issuer's Quarterly Report on Form 10-Q filed with the SEC on August 12, 2025; (ii) 5,000,000 shares of common stock issued in a private placement on October 7, 2025, as reported by the Issuer in its Current Report on Form 8-K filed with the SEC on October 8, 2025; and (iii) 6,310,811 shares of common stock issued in a separate private placement which closed on October 9, 2025, as reported by the Issuer in its Current Report on Form 8-K filed with the SEC on October 8, 2025.

**(c) Number of shares as to which the person has:**

**(i) Sole power to vote or to direct the vote:**

Row 5 of each Reporting Person's cover page to this Schedule 13G sets forth the sole power to vote or to direct the vote of securities of the Issuer beneficially owned by such Reporting Person and is incorporated by reference.

**(ii) Shared power to vote or to direct the vote:**

Row 6 of each Reporting Person's cover page to this Schedule 13G sets forth the shared power to vote or to direct the vote of securities of the Issuer beneficially owned by such Reporting Person and is incorporated by reference.

**(iii) Sole power to dispose or to direct the disposition of:**

Row 7 of each Reporting Person's cover page to this Schedule 13G sets forth the sole power to dispose or to direct the disposition of securities of the Issuer beneficially owned by such Reporting Person and is incorporated by reference.

**(iv) Shared power to dispose or to direct the disposition of:**

Row 8 of each Reporting Person's cover page to this Schedule 13G sets forth the shared power to dispose or to direct the disposition of securities of the Issuer beneficially owned by such Reporting Person and is incorporated by reference.

**Item 5. Ownership of Five Percent or Less of a Class.**

[x] If this statement is being filed to report the fact that as of the date hereof the reporting person has ceased to be the beneficial owner of more than five percent of the class of securities, check the following.

**Item 6. Ownership of More than 5 Percent on Behalf of Another Person.**

Not Applicable

**Item 7. Identification and Classification of the Subsidiary**

Not Applicable

**Item 8. Identification and Classification of Members of the Group**

Not Applicable

**Item 9. Notice of Dissolution of Group**

Not Applicable

**Item 10. Certification:**

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.

### SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**InnoCare Pharma Inc.**

**Date:** 10/15/2025

**By:** /s/ Jisong Cui

**Name & Title:** By Jisong Cui, Chairperson and CEO

**Ocean Prominent Limited**

**Date:** 10/15/2025

**By:** /s/ Jisong Cui

**Name & Title:** By Jisong Cui, Director

**InnoCare Pharma Limited**

**Date:** 10/15/2025

**By:** /s/ Jisong Cui

**Name & Title:** By Jisong Cui, Director