Zenas Biopharma reported Phase 2 MoonStone trial results showing obexelimab, a bifunctional monoclonal antibody, reduced new gadolinium‑enhancing brain lesions by 95% over 12 weeks versus placebo in relapsing multiple sclerosis. The company said near‑complete lesion suppression was observed as early as Week 8 and sustained through Week 12, with a safety profile consistent with prior data. Zenas plans to report 24‑week data including secondary and exploratory clinical endpoints in Q1 2026 and continues parallel development in other autoimmune indications. Royalty and financing arrangements announced recently (e.g., Royalty Pharma) underscore investor appetite tied to strong mid‑stage activity. If durability and clinical endpoints corroborate MRI effects, obexelimab could advance rapidly across indications that rely on B‑cell modulation, prompting competitors and partners to reassess program timelines.