Zenas Biopharma reported MoonStone phase‑2 data showing obexelimab, a bifunctional monoclonal antibody, produced a 95% reduction in new gadolinium‑enhancing brain lesions at 12 weeks in relapsing multiple sclerosis compared with placebo. The company described near‑complete lesion suppression by Week 8 and sustained effects through Week 12, with a safety profile consistent with prior experience. Zenas plans to report 24‑week data and is evaluating next steps across MS and other autoimmune indications. The result validates obexelimab’s mechanism—dual PD‑1 pathway modulation plus VEGF‑A targeting in other antibody programs—and strengthens the company’s case for broader development and potential registrational programs.