2 unchanged sentences
We are exposed to interest rate risk in the ordinary course of our business.
−Removed: As of March 31, 2026, we had cash, cash equivalents and investments of $718.5 million.
+Added: As of June 30, 2026, we had cash, cash equivalents and investments of $673.9 million.
We also have exposure to market risk on our Loan Agreement with Pharmakon.
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%.
−Removed: As of March 31, 2026, $75.0 million was outstanding under the Loan Agreement.
+Added: As of June 30, 2026, $75.0 million was outstanding under the Loan Agreement.
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.
5 unchanged sentences
Our functional currency for Zenas BioPharma GmbH, our wholly-owned subsidiary in Switzerland, is the Swiss Franc.
−Removed: 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 subsidiaries, Zenas BioPharma B.V., in the Netherlands and Zenas BioPharma GmbH (Germany), is the Euro.
Our functional currency of our wholly-owned U.S.
1 unchanged sentence
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.
−Removed: Realized foreign currency transaction gains (losses) were immaterial for the three months ended March 31, 2026.
+Added: Realized foreign currency transaction gains (losses) were immaterial for the three and six months ended June 30, 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.
6 unchanged sentences
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.