Zura Bio (ZURA) investor relations material

Strategic overview and leadership

• CEO recently returned to lead, citing strong internal confidence and external validation for the lead program, tibulizumab.

• Company is transitioning from execution to a pivotal year focused on key data readouts.

• Three programs are in the pipeline, with tibulizumab as the lead asset.

• Capital allocation is focused on the most promising assets, with openness to creative advancement for others.

Tibulizumab program and scientific rationale

• Tibulizumab is a bispecific antibody targeting IL-17 and BAFF, combining validated components from prior Lilly antibodies.

• Designed to address efficacy ceilings of single pathway modulators by engaging two immune pathways.

• High target engagement for both IL-17 and BAFF demonstrated in early studies.

• First-in-class approach in hidradenitis suppurativa (HS), aiming to surpass limitations of monospecific therapies.

Clinical development in hidradenitis suppurativa (HS)

• Phase II TibuSHIELD study expanded to 225 patients, testing two doses versus placebo, with primary endpoint at week 16.

• Patient population includes moderate to severe HS, with caps on advanced disease and prior biologic exposure.

• Study powered for HiSCR75 delta of 20%-25%, reflecting clinically meaningful effect.

• Measures to mitigate placebo response include over-enrollment, derm-specific CRO, experienced sites, and investigator training.

• Secondary analyses will explore additional endpoints beyond HiSCR, such as IHS4 and response rates.