Zura Bio (ZURA) investor relations material

Corporate strategy and pipeline overview

• Focused on developing novel medicines for serious immune system disorders, with a lead asset targeting multiple immune pathways.

• Tibulizumab is a first- and only-in-class bispecific antibody inhibiting IL-17 and BAFF, addressing non-redundant immune pathways.

• Three Phase 2 trials are underway or planned in hidradenitis suppurativa (HS), systemic sclerosis (SSC), and polymyalgia rheumatica (PMR), with readouts expected from late 2026 through 2027.

• Cash runway extends through at least year-end 2028, with $205.1M in cash and equivalents as of June 2026.

Scientific rationale and clinical development

• Tibulizumab combines BAFF and IL-17 inhibition, targeting key drivers of inflammation and autoimmunity in complex diseases.

• Phase 1/1b data show potent target engagement, favorable pharmacokinetics, and a safety profile consistent with known pathways.

• The approach is biologically de-risked, leveraging clinical validation of each pathway in relevant indications.

• Bispecific antibody design aims to overcome efficacy ceilings seen with single-pathway therapies.

Market opportunity and unmet need

• HS, SSC, and PMR represent large, underserved markets with significant unmet need and limited durable therapies.

• Biologic penetration in these indications is below average, with projected market growth from ~$5B in 2026 to over $15B by the mid-2030s.

• Current therapies often fail to provide deep or durable responses, driving demand for new mechanisms of action.