Form 4: Zenas BioPharma Director Jason Nunn Reports Beneficial Ownership Changes Following IPO

Director Jason Nunn reports changes in beneficial ownership of Zenas BioPharma stock following the company's initial public offering, including the conversion of preferred stock and stock option grants.

Summary

• Jason Nunn, a director of Zenas BioPharma, filed a Form 4 detailing changes in his beneficial ownership of the company's securities.
• On September 16, 2024, Series C Convertible Preferred Stock automatically converted into Common Stock at a ratio of 8.6831-for-1 upon the closing of Zenas BioPharma's IPO.
• Nunn acquired 1,505,388 shares of Common Stock through the conversion of Series C Convertible Preferred Stock held by SR One Capital Fund II Aggregator, LP.
• He also acquired 669,061 shares of Common Stock through the conversion of Series C Convertible Preferred Stock held by SR One Capital Opportunities Fund I, LP.
• Additionally, Nunn purchased 441,176 shares of Common Stock at $17 per share for each of the two entities.
• Nunn also reported the acquisition of 37,000 stock options with an exercise price of $17, vesting annually over three years starting September 12, 2025.
• Nunn disclaims beneficial ownership of the shares held by SR One Capital Fund II Aggregator, LP and SR One Capital Opportunities Fund I, LP, except to the extent of his pecuniary interest.

Sentiment

Score: 7

Explanation: The document is a routine regulatory filing detailing changes in beneficial ownership following an IPO. It doesn't contain any overtly positive or negative information, but the IPO itself is generally a positive event.

Positives

• The conversion of preferred stock to common stock simplifies the capital structure of Zenas BioPharma following its IPO.
• The acquisition of stock options incentivizes the director to contribute to the company's long-term success.

Industry Context

Form 4 filings are standard practice following significant events like IPOs, providing transparency into the ownership structure of the company.

Stakeholder Impact

• The conversion of preferred stock to common stock may impact shareholders by diluting existing ownership.
• The stock option grant incentivizes the director, potentially benefiting shareholders through improved company performance.

Key Dates