Zenas Biopharma reported mid‑stage data showing its bifunctional antibody obexelimab cut new gadolinium‑enhancing brain lesions by 95% over 12 weeks in relapsing multiple sclerosis in the MoonStone study. The trial hit its primary MRI endpoint and produced near‑complete suppression of lesions by Week 8, with a tolerability profile consistent with prior studies. The readout lifted Zenas shares and validated recent royalty and financing arrangements, including a $75 million royalty deal. Zenas flagged ongoing phase 3 work in other indications and plans to report 24‑week data in early 2026 covering secondary endpoints that will inform regulatory strategy. Investors and potential partners will watch longer‑term disability and safety outcomes; the rapid MRI suppression establishes obexelimab as a candidate for broader autoimmune B‑cell targeting if subsequent data confirm benefit.