Companies Zenas BioPharma, Inc.
Zenas BioPharma (ZBIO): executive pay, fiscal 2025
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CEO pay, last three years
- $19,998,016FY2024
- $4,661,000FY2025
CEO total pay was $4,661,000 in fiscal 2025, down from $19,998,016 in fiscal 2024.
FY2025: salary $520,000 · bonus $0 · stock awards $0 · option awards $3,769,200
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Executives and directors
Full detail
Every table from the filing. Open any section.
Summary compensation table
| Named executive officer | Salary | Bonus | Stock awards | Option awards | Non-equity incentive | Pension / NQDC | All other | Total |
|---|---|---|---|---|---|---|---|---|
| Leon Moulder | $520,000 | $0 | $0 | $3,769,200 | $371,800 | $0 | $0 | $4,661,000 |
| Founder, Chief Executive Officer and Chairman | ||||||||
| Lisa von Moltke | 411,667 | 347,900 | — | 2,739,880 | — | — | — | 3,499,447 |
| Head of Research and Development and Chief Medical Officer | ||||||||
| Joseph Farmer | 520,000 | 0 | 0 | 1,649,025 | 336,700 | 0 | 20,800 | 2,526,525 |
| President and Chief Operating Officer | ||||||||
A dash means the company reported no figure in that column; 0 means it reported zero. Figures are as printed in the filing, without adjustment.
Three-year trend — total compensation per named executive
| Named executive officer | FY2025 total | FY2024 total | FY2023 total | Δ FY2024→2025 |
|---|---|---|---|---|
| Leon Moulder | $4,661,000 | $19,998,016 | — | ↓ −15,337,016 |
| Lisa von Moltke | 3,499,447 | — | — | — |
| Joseph Farmer | 2,526,525 | 6,004,454 | — | ↓ −3,477,929 |
Prior-year totals as disclosed in the corresponding proxy; deltas are computed values with the derivation shown in the register.
Incentive-plan design — the Compensation Discussion & Analysis
Our executive compensation program is intended to align executive compensation with our business objectives and to enable us to attract, retain and reward executive officers who contribute to our long-term success. The compensation paid or awarded to our executive officers is generally based on a qualitative assessment of each individual’s performance compared against the business objectives established for the fiscal year as well as market peer group data and our historical compensation practices.
| CEO STI target (% of salary) | — |
|---|---|
| CEO LTI target (% of salary) | — |
| Independent consultant | Alpine |
| Clawback policy | true |
| Anti-hedging | true |
| Anti-pledging | false |
Equity grants and outstanding awards
No plan-based awards are on file for this fiscal year.
Outstanding equity awards at fiscal year-end 2025
| Executive | Award | Shares unvested | Exercise price | Market value unvested |
|---|---|---|---|---|
| Joseph Farmer | Option | 30,772 | 9.3 | — |
| Joseph Farmer | Option | 40,308 | 9.3 | — |
| Leon Moulder | Option | 115,526 | 9.3 | — |
| Joseph Farmer | Option | 141,625 | 17 | — |
| Joseph Farmer | Option | 175,000 | 11.94 | — |
| Joseph Farmer | Option | 189,605 | 9.99 | — |
| Lisa von Moltke | Option | 400,000 | 8.72 | — |
| Leon Moulder | Option | 400,000 | 11.94 | — |
| Leon Moulder | Option | 1,021,625 | 17 | — |
Director compensation
| Director | Cash fees | Stock awards | Option awards | Non-equity incentive | All other | Total |
|---|---|---|---|---|---|---|
| James BoylanIndependent · Lead Independent Director · Audit Committee · Compensation Committee | $72,849 | — | $169,023 | — | $1 | $241,873 |
| Patricia AllenIndependent · Audit Committee (Chair) | 60,000 | — | 169,023 | — | — | 229,023 |
| John Orloff, M.DIndependent · Compensation (Chair) · Science and Technology (Chair) | 57,852 | — | 169,023 | — | — | 226,875 |
| Patrick EnrightIndependent · Audit Committee · Compensation Committee | 56,000 | — | 169,023 | — | — | 225,023 |
| Jake NunnIndependent · Nominating Committee** (Chair) | 50,000 | — | 169,023 | — | — | 219,023 |
| Hongbo Lu, Ph.DIndependent · Nominating and Corporate Governance · Science and Technology | 47,926 | — | 169,023 | — | — | 216,949 |
| Tomas KiselakIndependent · Nominating Committee** · Science Committee** · Not standing for re-election | 47,926 | — | 169,023 | — | — | 216,949 |
| Ting (Tim) XiaoIndependent · Not standing for re-election · Departed during FY | 17,644 | — | 0 | — | — | 17,644 |
| Leon O. Moulder JrEmployee director · Board Chair | — | — | — | — | — | 0 |
Board fee structure and ownership guideline
| Annual cash retainer | $40,000 |
|---|---|
| Annual equity retainer | — |
| Per board meeting fee | — |
| Committee chair fees (audit / comp / nom-gov) | 20,000 / 12,000 / 10,000 |
| Stock ownership guideline | — |
Total cost of the board
| Component | FY2025 |
|---|---|
| Cash retainers and fees | $410,197 |
| Equity awards (grant-date value) | $0 |
| All other compensation | $1 |
| Total cost of the board | $410,198 |
Computed as the sum of the director compensation table rows above; inputs and formula shown in the register.
Peer group, and who names Zenas BioPharma as a peer
Companies that benchmark against ZBIO
2 companies name ZBIO as a compensation peer
- Jade Biosciences, Inc.JBIOFY2025
- Olema Pharmaceuticals, Inc.OLMAFY2025
Each company listed discloses ZBIO in its own benchmarking peer group, as disclosed in each company's most recent proxy statement within the last two proxy seasons. Two companies are therefore absent by design: one that named ZBIO in an earlier year and no longer does, and one whose own most recent disclosure is older than the last two seasons.
Chief executive pay against the peer group
Most recent fiscal-year chief executive compensation at each disclosed peer, taken from that company’s own proxy statement.
| Rank | Company | FY | Chief executive | Salary | Stock awards | Option awards | Non-equity incentive | Total |
|---|---|---|---|---|---|---|---|---|
| 1 | Zenas BioPharma, Inc. | 2025 | Leon Moulder | $520,000 | $0 | $3,769,200 | $371,800 | $4,661,000 |
Each peer’s compensation is from its most recently filed proxy; fiscal years differ by company. Each peer’s figures come from its own filings; the subject company is highlighted. Peers whose chief executive compensation is outside our coverage universe are stated as such, never left blank.
Say-on-pay history and pay ratio
No say-on-pay vote is on file for this company.
Insider trades since the proxy
No insider equity transactions reported since the proxy statement.
Sources (15 citations)
Each figure is listed with the filing it comes from, where it appears in that filing, and the value as printed. Any figure can be independently confirmed against the source.
- Section 01, Leon Moulder. DEF 14A, filed 2026-03-16. Section “Executive Compensation”. As printed: 4,661,000. View filing ↗
- Section 01, Lisa von Moltke. DEF 14A, filed 2026-03-16. Section “Executive Compensation”. As printed: 3,499,447. View filing ↗
- Section 01, Joseph Farmer. DEF 14A, filed 2026-03-16. Section “Executive Compensation”. As printed: 2,526,525. View filing ↗
- Section 08, James Boylan. DEF 14A, filed 2026-03-16. Section “Director Compensation”. As printed: 241,873. View filing ↗
- Section 08, Patricia Allen. DEF 14A, filed 2026-03-16. Section “Director Compensation”. As printed: 229,023. View filing ↗
- Section 08, John Orloff, M.D. DEF 14A, filed 2026-03-16. Section “Director Compensation”. As printed: 226,875. View filing ↗
- Section 08, Patrick Enright. DEF 14A, filed 2026-03-16. Section “Director Compensation”. As printed: 225,023. View filing ↗
- Section 08, Jake Nunn. DEF 14A, filed 2026-03-16. Section “Director Compensation”. As printed: 219,023. View filing ↗
- Section 08, Hongbo Lu, Ph.D. DEF 14A, filed 2026-03-16. Section “Director Compensation”. As printed: 216,949. View filing ↗
- Section 08, Tomas Kiselak. DEF 14A, filed 2026-03-16. Section “Director Compensation”. As printed: 216,949. View filing ↗
- Section 08, Ting (Tim) Xiao. DEF 14A, filed 2026-03-16. Section “Director Compensation”. As printed: 17,644. View filing ↗
- Section 08, Leon O. Moulder Jr. DEF 14A, filed 2026-03-16. Section “Director Compensation”. As printed: 0. View filing ↗
- Section 01 trend, Δ column (computed). Computed. Δ = current-FY total − prior-FY total per named officer.
- Section 09b board cost (computed). Computed. Cash 410,197 + equity 0 + all other 1 = 410,198, summed across the director compensation table rows.
- Zenas BioPharma, Inc. (subject), Section 10b CEO total. DEF 14A, filed 2026-03-16. CEO total compensation as printed in Zenas BioPharma, Inc.'s own proxy. As printed: 4,661,000. View filing ↗