Zenas Biopharma reported a 95% reduction in new gadolinium‑enhancing brain lesions at 12 weeks for obexelimab versus placebo in a Phase 2 trial for relapsing multiple sclerosis. The MoonStone study met its primary endpoint at Weeks 8 and 12, and the company described lesion suppression as near‑complete among treated patients. Zenas said the safety profile matched prior experience, with infections and hypersensitivity events observed at expected rates. The readout triggered a strong market response and follows recent royalty financing from Royalty Pharma, which supported the company’s development funding. Zenas plans to report 24‑week data early next year that will include secondary and exploratory endpoints relevant to disability progression and longer‑term impact; those results will inform next steps and potential late‑stage planning.