Amendment No. 1 to Schedule 13D for Zenas BioPharma, Inc.

This Amendment No. 1 to Schedule 13D, filed by Enavate Sciences GP, LLC and Zebra Aggregator, LP, updates the ownership details of Zenas BioPharma, Inc. common stock. The amendment highlights the October 2025 Private Placement, where Zebra LP purchased 157,800 shares for $2,998,200. The filing also details the October 2025 PIPE Registration Rights Agreement, which grants registration rights to investors in the private placement. The Reporting Persons collectively hold 3,919,159 shares, representing 7.3% of the outstanding common stock. The filing includes exhibits such as the Joint Filing Agreement and the Registration Rights Agreement.