Phase 2 Trial of BNZ-1 in Patients With Moderate to Severe Alopecia Areata

This study is a randomized, double-blind, placebo-controlled, multi-center, dose-ranging study to characterize the efficacy and safety of BNZ-1 administered by slow IV push weekly for 3 months to adults diagnosed with moderate to severe alopecia areata, defined as having a \>50% loss of terminal hair on the scalp. The study has three periods: * 30-Day Screening Period * 3-Month Treatment Period * 3-Month Follow-up Period The study will be conducted at approximately 15-20 clinical sites in the United States.