Zura Bio Reports Second Quarter 2025 Financial Results and Recent Corporate Updates
Zura Bio Reports Second Quarter 2025 Financial Results and Recent Corporate Updates
- Initiated TibuSHIELD, a global Phase 2 clinical study evaluating tibulizumab in adults with moderate to severe hidradenitis suppurativa (HS) in Q2 2025
- Continued progress in the Phase 2 TibuSURE clinical study evaluating tibulizumab in adults with systemic sclerosis (SSc)
- Appointed new executive and board leadership to support ongoing growth and development
- Reported $154.5 million in cash and cash equivalents as of June 30, 2025; expected to fund planned operations through 2027
HENDERSON, Nev.--(BUSINESS WIRE)--$ZURA #TeamZura--Zura Bio Limited (Nasdaq: ZURA) (“Zura Bio” or the “Company”), a clinical-stage, multi-asset immunology company dedicated to developing novel dual-pathway antibodies for autoimmune and inflammatory diseases with unmet needs, today reported financial results for the second quarter ended June 30, 2025, and provided recent corporate updates.
“The second quarter of 2025 marked continued progress across our clinical programs and organizational goals,” said Robert Lisicki, Chief Executive Officer of Zura Bio. “We advanced our Phase 2 clinical study in systemic sclerosis and initiated a second Phase 2 clinical study in hidradenitis suppurativa. We also welcomed a new Chief Financial Officer as well as a new member of our board of directors, who bring valuable experiences and perspectives. As we look ahead, we remain focused on executing our strategy with discipline and care.”
PIPELINE HIGHLIGHTS AND UPCOMING ANTICIPATED MILESTONES
Tibulizumab
Hidradenitis suppurativa
In the second quarter of 2025, Zura Bio initiated TibuSHIELD, a global Phase 2 clinical study evaluating tibulizumab in adults with moderate to severe HS. A topline data readout is anticipated in the third quarter of 2026.
Systemic sclerosis
The Company also continued to advance TibuSURE, a global Phase 2 clinical study evaluating tibulizumab in adults with SSc. A topline data readout is anticipated in the fourth quarter of 2026.
Crebankitug
Zura Bio continues to conduct preclinical and translational research on crebankitug to explore its potential in immune-mediated diseases where dual inhibition of interleukin-7 (IL-7) and thymic stromal lymphopoietin (TSLP) may offer therapeutic benefit. The Company is collaborating with academic researchers to guide future development decisions.
Torudokimab
Zura Bio is evaluating the potential role of torudokimab in inflammatory and respiratory diseases. The Company continues to monitor external clinical data from ongoing IL-33/ST2-targeted programs in asthma and chronic obstructive pulmonary disease, including Phase 2b and Phase 3 trials. An additional IL-33/ST2 data readout is expected in 2026. These findings may help inform future development plans for torudokimab.
CORPORATE HIGHLIGHTS
- In May 2025, Dan Becker, M.D., Ph.D. joined the Board of Directors, bringing a strong background in immunology and biotechnology.
- In July 2025, Eric Hyllengren was appointed as Chief Financial Officer. With more than 20 years of experience in financial leadership within the life sciences sector, Mr. Hyllengren will help guide the Company’s financial and operational planning.
SECOND QUARTER 2025 FINANCIAL RESULTS
Cash Position
As of June 30, 2025, Zura Bio had cash and cash equivalents of $154.5 million. The Company anticipates that its existing cash and cash equivalents should be sufficient to support operations as currently planned through 2027.
Research and Development (R&D) Expenses
R&D expenses were $8.7 million for the second quarter of 2025, compared to $5.5 million for the same period in 2024. The increase of $3.2 million was primarily related to our continued advancement of our Phase 2 clinical studies evaluating tibulizumab in SSc and HS. Specifically, we incurred a $3.3 million increase in costs related to our SSc and HS clinical studies driven by an increase in contract research organization (CRO) expenses. These increases were partially offset by a $1.3 million reduction in manufacturing costs for our product candidates. R&D compensation costs increased by $0.7 million, reflecting additional headcount to support the growing development organization.
General and Administrative (G&A) Expenses
G&A expenses were $9.4 million for the second quarter of 2025, compared to $6.2 million for the same period in 2024. The $3.2 million year-over-year increase was primarily driven by a $2.0 million increase in compensation costs to support the expansion of administrative functions and a $1.2 million increase in external spend related to organizational growth as we continue to advance our clinical development programs.
Net Loss
Net loss for the second quarter of 2025 was $16.0 million, or $0.17 per share, compared to $10.3 million, or $0.17 per share, for the same period in 2024.
About ZURA BIO
Zura Bio is a clinical-stage, multi-asset immunology company dedicated to developing novel dual-pathway antibodies for autoimmune and inflammatory diseases with unmet needs. The Company’s pipeline includes dual-pathway product candidates designed to target key mechanisms of immune system imbalance, with the goal of improving efficacy, safety, and dosing convenience for patients.
Zura Bio’s lead product candidate, tibulizumab (ZB-106), is currently being evaluated in two separate Phase 2 clinical studies in adults, including TibuSURE for systemic sclerosis and TibuSHIELD for hidradenitis suppurativa. Additional product candidates, crebankitug (ZB-168) and torudokimab (ZB-880), have completed Phase 1/1b studies and are being evaluated for their potential across a range of autoimmune and inflammatory conditions.
For more information, please visit www.zurabio.com.
ZURA BIO LIMITED
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands, except share data)
June 30,
December 31,
2025
2024
(unaudited)
Assets
Current assets
Cash and cash equivalents
$
154,490
$
176,498
Prepaid expenses and other current assets
2,495
2,246
Total current assets
156,985
178,744
Property and equipment, net
122
91
Other assets
698
698
Total assets
$
157,805
$
179,533
Liabilities, Redeemable Noncontrolling Interest and Shareholders' Equity
Current liabilities
Accounts payable and accrued expenses
$
18,696
$
19,514
Total current liabilities
18,696
19,514
Total liabilities
18,696
19,514
Commitments and contingencies
Redeemable noncontrolling interest
11,663
11,663
Shareholders’ Equity
Preferred shares, $0.0001 par value, 1,000,000 shares authorized as of June 30, 2025 and December 31, 2024; no shares issued and outstanding as of June 30, 2025 and December 31, 2024
—
—
Class A Ordinary Shares, $0.0001 par value; 300,000,000 shares authorized as of June 30, 2025 and December 31, 2024; 62,064,270 and 65,297,530 shares issued and outstanding as of June 30, 2025 and December 31, 2024, respectively
6
7
Additional paid-in capital
315,231
302,705
Accumulated deficit
(189,332
)
(155,897
)
Total Zura Bio Limited shareholders' equity
125,905
146,815
Noncontrolling interest
1,541
1,541
Total shareholders’ equity
127,446
148,356
Total liabilities, redeemable noncontrolling interest and shareholders' equity
$
157,805
$
179,533
ZURA BIO LIMITED
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)
(In thousands, except share and per share data)
For the Three Months Ended
For the Six Months Ended
June 30,
June 30,
2025
2024
2025
2024
Operating expenses:
Research and development
$
8,704
$
5,539
$
19,178
$
9,132
General and administrative
9,358
6,220
18,138
11,006
Total operating expenses
18,062
11,759
37,316
20,138
Loss from operations
(18,062
)
(11,759
)
(37,316
)
(20,138
)
Other (income)/expense, net:
Interest income
(1,717
)
(2,196
)
(3,534
)
(3,411
)
Change in fair value of private placement warrants
—
768
—
1,374
Other income, net
(352
)
(2
)
(347
)
(25
)
Total other income, net
(2,069
)
(1,430
)
(3,881
)
(2,062
)
Loss before income taxes
(15,993
)
$
(10,329
)
(33,435
)
(18,076
)
Income tax benefit
—
—
—
—
Net loss
(15,993
)
(10,329
)
(33,435
)
(18,076
)
Accretion of redeemable noncontrolling interest to redemption value
—
(2,337
)
—
(2,337
)
Adjustment of redeemable noncontrolling interest from redemption value to carrying value
—
—
—
7,017
Net loss attributable to Class A Ordinary Shareholders of Zura
$
(15,993
)
$
(12,666
)
$
(33,435
)
$
(13,396
)
Net loss per share attributable to Class A Ordinary Shareholders of Zura, basic and diluted
$
(0.17
)
$
(0.17
)
$
(0.36
)
$
(0.22
)
Weighted-average Class A Ordinary Shares used in computing net loss per share attributable to Class A Ordinary Shareholders of Zura, basic and diluted
94,289,954
74,947,369
93,630,719
60,930,956
Contacts
Megan K. Weinshank Head of Corporate Affairs [email protected]