Amendment to Schedule 13D for Zenas BioPharma, Inc.

This Amendment No. 1 to Schedule 13D, filed by SR One Capital Management, LLC and related entities, updates the ownership details of Zenas BioPharma, Inc.'s Common Stock. The filing reports that SR One Opportunities Fund I and AMZL purchased additional shares of Common Stock in a private placement transaction on October 9, 2025. The Funds now collectively own 5,037,854 shares, representing approximately 9.4% of the outstanding Common Stock. The shares were acquired for investment purposes, and the Reporting Persons may acquire or dispose of additional shares depending on market conditions and other factors. The filing also includes details on the Securities Purchase Agreement and the Registration Rights Agreement entered into by the Funds.