Zenas Biopharma reported a mid‑stage (MoonStone) trial in relapsing multiple sclerosis where obexelimab, a bifunctional monoclonal antibody, produced a roughly 95% reduction in new gadolinium‑enhancing T1 lesions over 12 weeks versus placebo. The company described near‑complete lesion suppression by Week 8 and a safety profile consistent with prior studies. The data triggered an immediate market response and validated recent financing activity, including a royalty transaction. Zenas said it will report 24‑week data in early 2026 that include secondary and exploratory endpoints to inform next steps, and the company is progressing other autoimmune indications in parallel. Observers noted obexelimab’s subcutaneous dosing and unique mechanism may position it as a competitive B‑cell‑targeted option if confirmatory data sustain the MRI and clinical signals.