Zura Bio (ZURA) investor relations material

Differentiated therapeutic approach for autoimmune diseases

• Lead candidate tibulizumab is a first-in-class bispecific antibody targeting both IL-17 and BAFF pathways, designed to address complex immune disorders inadequately treated by single-pathway therapies.

• Dual inhibition aims to modulate both B-cell and T-cell driven pathobiology, potentially overcoming efficacy ceilings of monotherapies.

• Phase 1/1b studies showed potent target engagement, low immunogenicity, and a safety profile consistent with known pathway inhibitors.

Clinical development and pipeline

• Two ongoing Phase 2 trials: TibuSHIELD in hidradenitis suppurativa (HS) with topline data expected Q4 2026, and TibuSURE in systemic sclerosis (SSc) with data expected 1H 2027.

• Both indications represent high unmet need and multi-billion-dollar market opportunities, with estimated TAMs of ~$8B for HS and ~$4B for SSc by the mid-2030s.

• Platform offers optionality for expansion into additional autoimmune indications.

Scientific rationale and competitive landscape

• BAFF and IL-17 are clinically validated pathways central to B-cell survival and inflammatory amplification, respectively.

• Tibulizumab’s dual-pathway approach is designed to address disease heterogeneity and pathway redundancy seen in HS and SSc.

• Competing therapies in HS and SSc target single pathways; tibulizumab is positioned as the only agent to simultaneously inhibit both BAFF and IL-17.