# EDGAR Filing Document

**Accession Number:** 0001953107
**File Stem:** 0001953107-25-000010
**Filing Date:** 2025-10
**Character Count:** 10694
**Document Hash:** d5c901683e76f482c88823e9da471f8b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001953107-25-000010.hdr.sgml**: 20251014

**ACCESSION NUMBER**: 0001953107-25-000010

**CONFORMED SUBMISSION TYPE**: SCHEDULE 13D/A

**PUBLIC DOCUMENT COUNT**: 1

**FILED AS OF DATE**: 20251014

**DATE AS OF CHANGE**: 20251014

**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 13D/A
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 005-94625
- **FILM NUMBER:** 251392768

**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:** Enavate Sciences GP, LLC
- **CENTRAL INDEX KEY:** 0001953107

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** SCHEDULE 13D/A

**BUSINESS ADDRESS:**
- **STREET 1:** 106 W 56TH ST.
- **STREET 2:** FLOOR 8
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10019
- **BUSINESS PHONE:** 212-909-3022

**MAIL ADDRESS:**
- **STREET 1:** 106 W 56TH ST.
- **STREET 2:** FLOOR 8
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10019

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

## SCHEDULE 13D

### Under the Securities Exchange Act of 1934

**(Amendment No. 1)**

**Zenas BioPharma, Inc.**

*(Name of Issuer)*

**Common Stock, par value $0.0001 per share**

*(Title of Class of Securities)*

**98937L105**

*(CUSIP Number)*

**James P. Boylan**<br>Enavate Sciences<br>106 W 56th Street, 8th Floor<br>New York NY 10019<br>(332) 275-5551

*(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)*

**10/09/2025**

*(Date of Event Which Requires Filing of this Statement)*

| **CUSIP No.** | **98937L105** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Enavate Sciences GP, LLC** | Name of reporting person<br>**Enavate Sciences GP, LLC** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**AF** | Source of funds (See Instructions)<br>**AF** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**DELAWARE** | Citizenship or place of organization<br>**DELAWARE** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**3919159.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**3919159.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**3919159.00** | Aggregate amount beneficially owned by each reporting person<br>**3919159.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**7.3%** | Percent of class represented by amount in Row (11)<br>**7.3%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**OO** | Type of Reporting Person (See Instructions)<br>**OO** | |

---

| **CUSIP No.** | **98937L105** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Zebra Aggregator, LP** | Name of reporting person<br>**Zebra Aggregator, LP** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**WC** | Source of funds (See Instructions)<br>**WC** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**DELAWARE** | Citizenship or place of organization<br>**DELAWARE** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**3919159.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**3919159.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**3919159.00** | Aggregate amount beneficially owned by each reporting person<br>**3919159.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**7.3%** | Percent of class represented by amount in Row (11)<br>**7.3%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**PN** | Type of Reporting Person (See Instructions)<br>**PN** | |

---

**Item 1. Security and Issuer**

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

**(b) Name of Issuer:**
Zenas BioPharma, Inc.

**(c) Address of Issuer's Principal Executive Offices:**
1000 Winter St., North Building, Suite 1200, Waltham, MA, 02451

This Amendment No. 1 (this "Amendment No. 1" or this "Schedule 13D/A") amends and supplements the statement on Schedule 13D originally filed with the Securities and Exchange Commission (the "SEC") on September 23, 2024 (the "Statement") by the Reporting Persons. Unless otherwise defined herein, capitalized terms used in this Amendment No. 1 shall have the meanings ascribed to them in the Statement. Unless amended or supplemented below, the information in the Statement remains unchanged.

**Item 5. Interest in Securities of the Issuer**

**(a)**
Rows 11 and 13 of each Reporting Person's cover page to this Schedule 13D/A set forth the aggregate number of shares of common stock and percentages of the shares of common stock beneficially owned by such Reporting Person and are 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 separate private placement on October 7, 2025, as reported by the Issuer in its Registration Statement on Form S-3 filed with the SEC on October 8, 2025; and (iii) 6,311,030 shares of common stock issued in the October 2025 Private Placement, as reported by the Issuer in its Registration Statement on Form S-3 filed with the SEC on October 8, 2025.

Zebra LP directly holds 3,919,159 shares of common stock. Enavate GP is the general partner of Zebra LP and shares voting and investment authority over the shares held by Zebra LP.

**(b)**
Rows 7 through 10 of each Reporting Person's cover page to this Schedule 13D/A set forth the number of shares of common stock as to which such Reporting Person has the sole or shared power to vote or direct the vote and sole or shared power to dispose or to direct the disposition and are incorporated by reference.

**(c)**
Except as set forth herein, none of the Reporting Persons has effected any transactions with respect to the securities of the Issuer during the past sixty days.

**Item 6. Contracts, Arrangements, Understandings or Relationships With Respect to Securities of the Issuer.**

October 2025 PIPE Registration Rights Agreement

In connection with the October 2025 Private Placement, on October 7, 2025, the Issuer entered into a Registration Rights Agreement (the "October 2025 Registration Rights Agreement") with the investors in the October 2025 Private Placement (the "October 2025 PIPE Investors"), pursuant to which the Issuer agreed to prepare and file, within 15 days of the Closing Date and subject to certain allowable delays, an initial registration statement (the "October 2025 PIPE Registration Statement") with the SEC to register for resale the shares issued in the October 2025 Private Placement. The Issuer has granted the October 2025 PIPE Investors customary indemnification rights in connection with the October 2025 Registration Rights Agreement. The October 2025 PIPE Investors have also granted the Issuer customary indemnification rights in connection with the October 2025 Registration Rights Agreement.

The foregoing description of the October 2025 Registration Rights Agreement does not purport to be complete and is qualified in its entirety by reference to the complete text of the form of the October 2025 Registration Rights Agreement, the form of which is filed as Exhibit 99.2 and incorporated by reference herein.

### 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.

**Reporting Person:** Enavate Sciences GP, LLC

**Signature:** /s/ James P. Boylan

**Name/Title:** By James P. Boylan, Manager

**Date:** 10/14/2025

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.

**Reporting Person:** Zebra Aggregator, LP

**Signature:** /s/ James P. Boylan

**Name/Title:** By: Enavate Sciences GP, LLC, its General Partner, By James P. Boylan, Manager

**Date:** 10/14/2025