Zura Bio (ZURA) Q4 2025 earnings summary

Executive summary

• Advanced two Phase 2 studies for tibulizumab in hidradenitis suppurativa and systemic sclerosis, with key data readouts expected in late 2026 and early 2027.

• Strengthened leadership with new CEO and board appointments in early 2026.

• Completed a $144 million public offering in February 2026, extending operational runway through at least end of 2028.

Financial highlights

• Cash and cash equivalents were $109.4 million as of December 31, 2025, down from $176.5 million at year-end 2024.

• Net loss for 2025 was $68.7 million, compared to $52.4 million in 2024.

• Net loss attributable to Class A shareholders was $99.4 million, or $(1.06) per share, versus $45.4 million, or $(0.60) per share, in 2024.

• R&D expenses rose to $42.1 million from $24.4 million year-over-year, mainly due to Phase 2 clinical program advancement.

• G&A expenses increased to $33.2 million from $30.8 million year-over-year.

Outlook and guidance

• Cash position, including proceeds from the February 2026 offering, is expected to fund operations through at least the end of 2028.

• Topline data from Phase 2 TibuSHIELD (HS) expected Q4 2026; TibuSURE (SSc) data expected H1 2027.