ZENAS BIOPHARMA INC

Ticker: ZBIO CUSIP: 98937L105 Class: Common Stock

Tower Research Capital LLC (TRC)'s Holding History (CIK: 0001533421)

Note: Option positions (PUT/CALL) are excluded.

Q4 2025

Shares 795 Value ($000) $29 Avg Close $32.89 Range $18.33 - $44.60

Q3 2025

Shares 1,388 Value ($000) $31 Avg Close $16.28 Range $8.91 - $22.45

Q2 2025

Shares 2,546 Value ($000) $25 Avg Close $9.74 Range $6.11 - $12.56

Q1 2025

Shares 1,411 Value ($000) $11 Avg Close $7.83 Range $5.83 - $10.95

Q4 2024

Shares 1,117 Value ($000) $9 Avg Close $15.60 Range $7.79 - $26.25

Period	Shares	Value ($000)	Average Close	Price Range
Q4 2025	795	$29	$32.89	$18.33 - $44.60
Q3 2025	1,388	$31	$16.28	$8.91 - $22.45
Q2 2025	2,546	$25	$9.74	$6.11 - $12.56
Q1 2025	1,411	$11	$7.83	$5.83 - $10.95
Q4 2024	1,117	$9	$15.60	$7.79 - $26.25