Zenas Biopharma reported that obexelimab met the primary endpoint in the phase 3 Indigo trial for immunoglobulin G4‑related disease (IgG4‑RD), reducing flare risk by 56% versus placebo over 52 weeks. Despite statistical significance, investors focused on cross‑trial comparisons with Amgen’s Uplizna — which showed an 87% reduction — and pushed Zenas shares sharply lower. Management plans a BLA submission in Q2 while arguing obexelimab’s non‑depleting B‑cell profile could be clinically preferable in older patients.