Zura Bio (ZURA) investor relations material

Differentiated therapeutic approach for autoimmune diseases

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

• Rational design fuses components from tabalumab (BAFF-binding) and ixekizumab (IL-17-binding), enabling potent dual-pathway engagement with low immunogenicity in Phase 1 studies.

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

Clinical development and pipeline

• Two ongoing Phase 2 trials: TibuSHIELD in hidradenitis suppurativa (HS) with topline data expected Q4 2026, and TibuSURE in systemic sclerosis (SSc) with topline data expected 1H 2027.

• Both indications represent high unmet need and multi-pathway immune pathobiology, with potential for pipeline expansion into additional autoimmune diseases.

Market opportunity and financial position

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

• Company reported $225.6M in cash as of March 31, 2026, with recent financing expected to fund operations through at least end of 2028.