0001104659-26-032080
SEC filingZura Bio Limited (ZURA), a clinical-stage biotech, reported a net loss of $68.7 million for FY 2025, up 31% YoY from $52.4 million in 2024, driven by higher operating expenses of $75.2 million, a 36% increase primarily from research and development costs rising 72% to $42.1 million due to Phase 2 trials for tibulizumab (ZB-106) in hidradenitis suppurativa (TibuSHIELD, topline Q4 2026) and diffuse cutaneous systemic sclerosis (TibuSURE, topline H1 2027). General and administrative expenses grew 8% to $33.2 million. Loss from operations was $75.2 million, offset partially by $6.6 million in other income, including $6.3 million interest income. Net loss attributable to Class A shareholders reached $99.4 million, or -$1 per share (basic and diluted, 94.2 million weighted shares). Balance sheet shows $109.4 million cash, total assets $113.9M, liabilities $12.4M, and shareholders' equity $101.5M. Net cash used in operations was $64.8 million, with net decrease in cash $67.1 million, ending at $99.8 million per cash flow (BS $109.4M). Cash runway extends to end of 2028, supporting clinical advancement amid no revenue and ongoing losses.
Zura Bio Limited posted a FY 2025 net loss of $68.7 million before redeemable noncontrolling interest, up 31% YoY from $52.4 million in 2024. Operating expenses totaled $75.2 million, a 36% increase driven by R&D at $42.1 million (up 72% YoY from $24.4 million) due to Tibulizumab Phase 2 trials (TibuSHIELD HS: $10.0M; TibuSURE SSc: $10.7M) and G&A at $33.2 million (up 8%). Loss from operations was $75.2 million. Other income net $6.6 million included $6.3 million interest and $5.2 million change in fair value of warrants. Net loss attributable to Class A shareholders: $99.4 million or -$1 per share (94.2M shares basic/diluted). No revenue as clinical-stage biotech.
No revenue generated in FY 2025 or 2024, consistent with pre-commercial status. Focus remains on clinical development of tibulizumab, crebankitug, and torudokimab.
Not applicable due to absence of revenue. Operating loss margin effectively -100% of expenses. R&D comprised 56% of op ex (up from prior), reflecting trial ramp-up. Share-based comp $12.3M in cash flow adjustments. Losses widened on higher personnel and external CRO costs for Phase 2 programs.
Net cash used in operating activities: -$64.8M (up from -$28.1M YoY), driven by $16.2M higher cash loss and working capital changes. Investing: -$0.1M (fixed assets). Financing: -$2.2M (Athanor $7.3M offset by ATM $5.1M net). Net cash decrease -$67.1M; ending cash $99.8M (BS: $109.4M cash equiv). Total assets $113.9M (current $112.3M), liabilities $12.4M, equity $101.5M (accum deficit -$224.5M). Runway to 2028.
Management expects continued R&D expense growth for tibulizumab Phase 2 trials (topline HS Q4 2026, SSc H1 2027). Assessing crebankitug/torudokimab paths. Cash sufficient through 2028 post-Feb 2026 offering. Risks include clinical outcomes, milestones to Lilly/Pfizer (up to $1.13B total), royalties mid-single to low-double digits, capital needs, regulatory hurdles.