Zenas Biopharma reported that obexelimab met the Phase III primary endpoint in the Indigo trial for IgG4‑related disease, demonstrating a statistically significant 56% reduction in flare risk versus placebo and triggering plans for a BLA submission. The company highlighted positive secondary endpoints across the 52‑week randomized period. Despite the clinical readout, investors punished the stock after cross‑trial comparisons to Amgen’s Uplizna showed a lower relative effect for obexelimab. Market reaction drove a sharp share decline as analysts and investors focused on competitive positioning rather than the absolute statistical result. Zenas is positioning obexelimab as a potentially less immunosuppressive maintenance option and plans to submit regulatory filings; the episode underlines how market expectations and comparator data can override primary endpoint success in asset valuation.