2 unchanged sentences
We are exposed to interest rate risk in the ordinary course of our business.
−Removed: As of September 30, 2025, we had cash, cash equivalents and investments of $301.6 million.
+Added: As of March 31, 2026, we had cash, cash equivalents and investments of $718.5 million.
+Added: We also have exposure to market risk on our Loan Agreement with Pharmakon.
+Added: Our Loan Agreement accrues interest from its date of issuance at a variable interest rate equal to 3-month SOFR subject to a 3.25% floor, plus 5.75%.
+Added: As of March 31, 2026, $75.0 million was outstanding under the Loan Agreement.
+Added: The effect of a 100 basis points adverse change in market interest rates on our loan payable, in excess of applicable minimum floors, on our interest expense would be approximately $0.8 million.
Foreign Currency Exchange Risk
4 unchanged sentences
Our functional currency for Zenas BioPharma GmbH, our wholly-owned subsidiary in Switzerland, is the Swiss Franc.
−Removed: The functional currency of our wholly-owned U.S.
+Added: Our functional currency for Zenas BioPharma B.V., our wholly-owned subsidiary in the Netherlands, is the Euro.
+Added: Our functional currency of our wholly-owned U.S.
subsidiaries, Zenas BioPharma (USA) LLC and Zenas BioPharma Securities Corp., is the USD.
−Removed: Adjustments that arise from exchange rate changes on transactions denominated in a currency other than the functional currency are included in other income (expense), net in the condensed consolidated statements of operations and comprehensive loss as incurred.
−Removed: Realized foreign currency transaction gains (losses) were immaterial for the three and nine months ended September 30, 2025.
+Added: Adjustments that arise from exchange rate changes on transactions denominated in a currency other than the functional currency are included in other income (expense), net in the unaudited condensed consolidated statements of operations and comprehensive loss as incurred.
+Added: Realized foreign currency transaction gains (losses) were immaterial for the three months ended March 31, 2026.
We do not currently engage in currency hedging activities in order to reduce our currency exposure, but we may begin to do so in the future.
1 unchanged sentence
These instruments may be used to selectively manage risks, but there can be no assurance that we will be fully protected against material foreign currency fluctuations.
−Removed: We do not believe that a hypothetical 10% increase or decrease in exchange rates during any of the periods presented would have had a material impact on our financial statements included elsewhere in this Quarterly Report.
+Added: We do not believe that a hypothetical 10% increase or decrease in exchange rates during any of the periods presented would have had a material impact on our unaudited condensed consolidated financial statements included elsewhere in this Quarterly Report on Form 10-Q.
Effects of Inflation
Inflation generally affects us by increasing our cost of labor and clinical trial costs.
−Removed: We believe that inflation has not had a material effect on our business, or on our condensed consolidated financial statements included elsewhere in this Quarterly Report.
+Added: We believe that inflation has not had a material effect on our business, or on our unaudited condensed consolidated financial statements included elsewhere in this Quarterly Report on Form 10-Q.
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.