Name: Jason Raleigh Nunn
Position: Director
Transaction Date: 10-09-2025 Shares Bought: 63,158 shares an Average Price Paid of $19.00 for Cost: $1,200,002
Company: Zenas BioPharma Inc. (ZBIO):
Zenas BioPharma Inc. is a clinical-stage global biopharmaceutical company focused on developing and commercializing transformative immunology-based therapies for patients with autoimmune diseases. Leveraging advances in the understanding of autoimmune mechanisms and novel immunology targets, the company is building a diverse portfolio in immunology and inflammation. Its strategic approach emphasizes acquiring promising product candidates, effectively utilizing internal scientific and clinical expertise, and fostering collaborations with external partners to deliver innovative medicines that offer meaningful therapeutic benefits to patients.
Jason Raleigh Nunn serves as a director of Zenas BioPharma Inc., having joined the board in May 2024. He is also a partner at SR One Capital Management, where he began in October 2022 and was promoted to partner by mid-2024. Nunn brings extensive experience in healthcare investing and finance, having previously served as a venture adviser at New Enterprise Associates, a partner at MPM Capital’s life sciences fund, and earlier as a healthcare research analyst, portfolio manager, and investment banker. He holds an A.B. in Economics from Dartmouth College, an MBA from the Stanford Graduate School of Business, and is a Chartered Financial Analyst charterholder.
Insomniac Hedge Fund Guy Opinion: Zenas BioPharma (NASDAQ: ZBIO) is a clinical-stage biotech entirely focused on immunology & inflammation, with its lead candidate obexelimab (CD19 × FcγRIIb) in Phase 3 for IgG4-Related Disease and other indications in Phase 2/3. The company also bolstered its pipeline with orelabutinib (a BTK inhibitor in Phase 3 for multiple sclerosis), making for two potential franchise-level assets. Financially, revenue is minimal and non-recurring, largely from licensing/milestone deals, and has sharply declined from ~$50 million in 2023 to ~$15 million in mid-2025. Net losses are substantial, fueled by rising R&D and SG&A spend, but the company holds a strong cash position (~$300-$320 million), providing runway into late 2026 under current operations. Insider purchasing (CEO and director buys) signals internal confidence, and analysts generally rate ZBIO as Outperform with price targets in the low-$30s. The recent $300 million funding agreement with Royalty Pharma (for obexelimab revenue participation) significantly backs its lead clinical program and helps de-risk financial continuity. Upside hinges on positive Phase 3 results for INDIGO (IgG4-RD), MoonStone (relapsing MS), and favorable regulatory paths. Downside risk remains high: trial failures, slower recruitment or adverse safety, dilution, and competitive risk from other I&I therapies. In sum, Zenas is a high-beta, binary biotech play—excellent upside if clinical execution succeeds, but considerable risk if it does not.
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Insiders sell the stock for many reasons, but they generally buy for just one – to make money. You’ve always heard the best information is inside information. Everyone with any stock market experience pays close attention to what insiders are doing. After all, who knows a business better than the people running it? Officers, directors, and 10% owners are required to inform the public through a Form 4 Filing of any transaction, buy, sell, exercise, or any other within 48 hours of doing so. This info is available for free from the SEC’s Web site, Edgar, although we subscribe to SECForm4 as they provide a way to manage and make sense of the vast realms of data. I’ve tried a lot of vendors. SECForm4 is one of the smaller ones, but I like supporting Frank. He is not arrogant. He’s helpful and has great prices. He also trades on his own data, so I like people that eat what they kill.
The bar is different from selling because the natural state of management is to be a seller. This is because most companies provide significant amounts of management compensation packages as stock and options. Therefore, we analyze unusual patterns with selling, such as insiders selling 25 percent or more of their holdings or multiple insiders selling near 52-week lows. Another red flag is large planned sale programs that start without warning. Unfortunately, the public information disclosure requirements about these programs, referred to as Rule 10b5-1, are horrendously poor. Also, planned sales that pop up out of nowhere are basically sales and are seeking cover under this corporate welfare loophole. I also generally ignore 10 percent shareholders as they tend to be OPM (other people’s money) and perhaps not the smart money on which we are trying to read the tea leaves. I say generally because some 10% shareholders are great investors. Think Warren Buffett and others
Of course, insiders can also be wrong about their Company’s prospects. Don’t let anyone fool you into believing they never make mistakes. Do your own analysis. They can easily be wrong, and in many cases, maybe most cases, have no more idea what the future may hold than you or me. In short, you can lose money following them. We have, and we curse aloud; what were they thinking!
We like Fly on the Wall for keeping up with what events might be happening, analysts’ comments, and whatever else could be moving the stock. Dow Jones news service is an essential tool, but many services pick up their feed like they do Bloomberg. For quick financial analysis, it’s hard to beat Old School Value.
A big callout to my assistant Ambreen who sets up this conversation by listing the notable buys that I’ve identified as soon as practically possible. She probes the 10k for a reasonable description of the business. I’ve found that to be the most accurate and succinct place to find out what a business actually does. When I have time, over the weekend, I’ll add some preliminary analysis to the Opinion at the end. Sometimes I won’t update this for a couple of weeks or more. A good way to use this blog is as I do, it’s a reference point and filing cabinet for various stocks with notable insider buying. It’s one of many tools I use. I regularly live on Chat GPT, Gemini, Claude, and occasionally Microsoft Copilot. I find the footnotes research very helpful in eliminating errors from AI hallucinations but these opinions are likely to contain inaccuracies due to the nature of the LLM’s.
The Insiders Fund is for qualified investors and by Prospectus only. Nothing herein should be construed otherwise. THE INSIDERS FUND prefers to invest in companies at or near prices that management has been willing to invest significant amounts of their own money in, but we have no requirement to do so. We also invest in many companies in anticipation of future insider buying or with the expectation that there is none at all.
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Prosperous Trading,
