Zura Bio (ZURA) investor relations material

Strategic focus and innovation

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

• Dual-pathway inhibition aims to overcome efficacy ceilings of monotherapies by modulating both B-cell and T-cell driven disease mechanisms.

• Initial clinical focus is on hidradenitis suppurativa (HS) and systemic sclerosis (SSc), with plans to expand into a third immune-mediated indication by year-end 2026.

• Company is financed beyond key near-term milestones, with $225.6M in cash as of March 31, 2026, and a public offering in February 2026 extending runway through at least end of 2028.

Clinical development and pipeline

• Tibulizumab is advancing in two Phase 2 trials: TibuSHIELD for HS (readout Q4 2026) and TibuSURE for SSc (readout 1H 2027), with enrollment targets met or exceeded.

• Phase 1/1b data show >98% median trough target engagement for both IL-17 and BAFF, with a favorable safety profile and low immunogenicity.

• Dose selection for Phase 2 informed by robust PK/PD and target engagement data, supporting once-monthly dosing.

• Platform offers optionality for expansion into additional autoimmune indications with complex immune pathobiology.

Market opportunity and competitive landscape

• HS and SSc represent significant unmet needs, with estimated total addressable markets of ~$8B and ~$4B by the mid-2030s, respectively.

• HS is a chronic, relapsing disease with high morbidity and limited durable treatment options, while SSc is a rare, multisystem autoimmune disease with few approved therapies.

• Tibulizumab is positioned to differentiate from existing and late-stage therapies by targeting both B-cell and T-cell pathways.