Overview

• U.S. immunology drug developer's FY 2025 net loss widened due to higher R&D expenses

• Company completed $144 mln public offering in Feb 2026 to bolster cash position

• Cash expected to fund planned operations through at least end of 2028

Outlook

• Topline data from Phase 2 TibuSHIELD study in HS expected in Q4 2026

• Topline data from Phase 2 TibuSURE study in SSc expected in first half of 2027

• Company expects cash position to support operations through at least end of 2028

Result Drivers

• R&D SPENDING - Higher research and development expenses driven by advancement of Phase 2 tibulizumab clinical programs, including increased payments to contract research and manufacturing organizations

• G&A COSTS - General and administrative expenses rose due to higher costs to support company growth and advancement of clinical programs

• ACCRUED OBLIGATION REVERSAL - R&D expense increase was partially offset by reversal of $5 mln accrued obligation after BAFFX17 Settlement and Release Agreement

Company press release: ID:nBw2FMv3Da

Key Details

Metric	Beat/Miss	Actual	Consensus Estimate
FY EPS		-$1.06
FY Net Income		-$68.65 mln
FY Income from Operations		-$75.25 mln
FY Operating Expenses		$75.25 mln
FY Pretax Profit		-$68.65 mln

Analyst Coverage

• The current average analyst rating on the shares is "strong buy" and the breakdown of recommendations is 8 "strong buy" or "buy", no "hold" and no "sell" or "strong sell"

• The average consensus recommendation for the biotechnology & medical research peer group is "buy"

• Wall Street's median 12-month price target for Zura Bio Ltd is $15.00, about 150.4% above its March 18 closing price of $5.99

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