-- Advancing two Phase 2 studies evaluating tibulizumab in hidradenitis
suppurativa (HS) and systemic sclerosis (SSc)
-- Topline data expected from the Phase 2 TibuSHIELD study in HS in the
fourth quarter of 2026 and from the Phase 2 TibuSURE study in SSc in the
first half of 2027
-- Cash and cash equivalents of $109.4 million as of December 31, 2025
-- Completed an underwritten public offering in February 2026 for gross
proceeds of approximately $144 million; post--financing cash and cash
equivalents expected to support planned operations through at least the
end of 2028
HENDERSON, Nev.--(BUSINESS WIRE)--March 19, 2026--
Zura Bio Limited (Nasdaq: ZURA) ("Zura"), a clinical--stage biotechnology company developing novel and differentiated medicines to meaningfully improve the lives of patients with serious and debilitating autoimmune and inflammatory diseases, today reported financial results for the full year ended December 31, 2025, and provided recent corporate updates.
"2025 was a year of strong execution for Zura, marked by meaningful progress across our Phase 2 programs and a disciplined focus on advancing our clinical strategy," said Sandeep Kulkarni, M.D., co--founder and Chief Executive Officer of Zura Bio. "We enter 2026 with momentum, supported by a strengthened balance sheet and a focused plan to advance tibulizumab, our lead program and a potential first-- and only--in--class bispecific antibody targeting the interleukin--17 and B--cell activating factor pathways. With multiple anticipated Phase 2 data readouts ahead, including topline data from our TibuSHIELD study expected in the fourth quarter of 2026, we believe Zura is well positioned as we move into an important phase of clinical execution and value creation."
CORPORATE HIGHLIGHTS AND ANTICIPATED MILESTONES
Tibulizumab (ZB--106)
Hidradenitis suppurativa (HS) -- Phase 2 TibuSHIELD
The Phase 2 TibuSHIELD clinical study evaluating tibulizumab in adult participants with HS is ongoing. To enhance statistical power, Zura expanded planned enrollment to 225 participants. Topline data are anticipated in the fourth quarter of 2026.
Systemic sclerosis (SSc) -- Phase 2 TibuSURE
The Phase 2 TibuSURE clinical study evaluating tibulizumab in adult participants with SSc is ongoing, with topline data anticipated in the first half of 2027.
Additional Clinical Stage Product Candidates
In addition to tibulizumab, Zura is continuing to evaluate potential future development strategies for crebankitug (ZB--168) and torudokimab (ZB--880), informed by available clinical and translational data and by the evolving competitive landscape.
2026 UPDATES SUBSEQUENT TO YEAR END
Leadership Updates
In January 2026, Zura appointed Sandeep Kulkarni, M.D., as Chief Executive Officer. In February 2026, Zura appointed Mark Eisner, M.D., M.P.H., and Ajay Nirula, M.D., Ph.D., to its Board of Directors.
Balance Sheet Strengthening
In February 2026, Zura closed an underwritten public offering of Class A ordinary shares and pre--funded warrants to purchase Class A ordinary shares, resulting in gross proceeds of approximately $144 million, before deducting underwriting discounts, commissions, and offering expenses.
FINANCIAL RESULTS FOR FULL YEAR 2025
Cash Position
Cash and cash equivalents were $109.4 million as of December 31, 2025, compared to $176.5 million as of December 31, 2024.
Cash Runway (Pro-Forma Post--Financing)
Based on its current operating plans, and after giving effect to the completion of the February 2026 public offering, Zura believes that its existing cash and cash equivalents are sufficient to support planned operations through at least the end of 2028.
Research and Development (R&D) Expenses
R&D expenses were $42.1 million for the year ended December 31, 2025, compared to $24.4 million for the year ended December 31, 2024. The increase was primarily driven by continued advancement of Zura's Phase 2 tibulizumab clinical programs, including increased payments to contract research organizations and contract development and manufacturing organizations. The increase was partially offset by the reversal of a $5.0 million accrued obligation following the December 29, 2025 BAFFX17 Settlement and Release Agreement.
General and Administrative (G&A) Expenses
G&A expenses were $33.2 million for the year ended December 31, 2025, compared to $30.8 million for the year ended December 31, 2024. The increase was primarily due to higher costs to support the Company's continued growth and advancement of its Phase 2 tibulizumab clinical programs.
Net Loss
Net loss was $68.7 million for the year ended December 31, 2025, compared to $52.4 million for the year ended December 31, 2024.
Net Loss Attributable to Class A Ordinary Shareholders
Net loss attributable to Class A ordinary shareholders was $99.4 million, or $(1.06) per basic and diluted share, compared to $45.4 million, or $(0.60) per share, for the year ended December 31, 2024.
ZURA BIO LIMITED
CONSOLIDATED BALANCE SHEETS
(In thousands, except share data)
December 31, December 31,
2025 2024
------------- -------------
Assets
Current assets
Cash and cash equivalents $ 109,407 $ 176,498
Prepaid expenses and other current
assets 2,903 2,246
--------- ---------
Total current assets 112,310 178,744
Property and equipment, net 126 91
Other assets 1,512 698
--------- ---------
Total assets $ 113,948 $ 179,533
========= =========
Liabilities, Redeemable
Noncontrolling Interest and
Shareholders' Equity
Current liabilities
Accounts payable and accrued
expenses $ 12,410 $ 19,514
--------- ---------
Total current liabilities 12,410 19,514
--------- ---------
Total liabilities 12,410 19,514
Redeemable noncontrolling interest -- 11,663
Shareholders' Equity
Class A Ordinary Shares, $0.0001
par value; 300,000,000 shares
authorized as of December 31, 2025
and December 31, 2024; 73,680,710
and 65,297,530 shares issued and
outstanding as of December 31,
2025 and December 31, 2024,
respectively 7 7
Additional paid-in capital 326,078 302,705
Accumulated deficit (224,547) (155,897)
--------- ---------
Total Zura Bio Limited
shareholders' equity 101,538 146,815
--------- ---------
Noncontrolling interest -- 1,541
--------- ---------
Total shareholders' equity 101,538 148,356
--------- ---------
Total liabilities, redeemable
noncontrolling interest and
shareholders' equity $ 113,948 $ 179,533
========= =========
ZURA BIO LIMITED
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except share and per share data)
For the Years Ended
December 31,
----------------------------
2025 2024
----------- -----------
Operating expenses:
Research and development $ 42,082 $ 24,401
General and administrative 33,164 30,788
---------- ----------
Total operating expenses 75,246 55,189
---------- ----------
Loss from operations (75,246) (55,189)
---------- ----------
Other (income)/expense, net:
Interest income (6,336) (7,998)
Change in fair value of private
placement warrants -- 5,240
Other income, net (260) (28)
---------- ----------
Total other (income)/expense,
net (6,596) (2,786)
---------- ----------
Loss before income taxes (68,650) (52,403)
Income tax benefit -- --
---------- ----------
Net loss (68,650) (52,403)
Adjustment of redeemable
noncontrolling interest 831 7,017
Accretion of redeemable
noncontrolling interest to
redemption value 4,868 --
Deemed dividend on extinguishment of
noncontrolling interest and
redeemable noncontrolling interest (36,402) --
---------- ----------
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