Zura Bio (ZURA) 2024 Cantor Fitzgerald Global Healthcare Conference summary

Company overview and strategy

• Focus on early-stage biotech with three phase II-ready clinical assets, all in-licensed and targeting autoimmune diseases with multifunctional antibodies.

• Raised $250 million since inception, led by an experienced executive team with significant M&A history.

• Two key internal catalysts: phase II study initiation for ZB-106 in Q4 2024 and a second phase II in hidradenitis suppurativa (HS) in H1 2025.

• Additional assets include a combination IL-7/TSLP inhibitor and an IL-33/RAGE inhibitor, with external readouts from competitors closely watched.

• Anticipates significant value inflection over the next 6–12 months.

Scientific rationale and differentiation

• IL-7 receptor targeting is seen as a master regulator in multiple autoimmune diseases, with genetic links to atopic dermatitis, asthma, type 1 diabetes, and MS.

• Combination inhibition of IL-7 and TSLP may offer broader efficacy, with IL-7 as the main driver and TSLP providing additional benefit, especially in atopic dermatitis.

• The company’s antibody features an intact IgG1 Fc region, potentially enabling greater cytotoxicity and effector T cell depletion compared to competitors.

• Preclinical data show up to 70% reduction in CD8 T cells, supporting efficacy in autoimmune indications.

• Potency of the TSLP component is significantly higher than competitor assets, up to 300-fold in preclinical assays.

Clinical development plans and timelines

• ZB-106 phase II in systemic sclerosis (SSC) to enroll 80–100 patients, focusing on skin improvement with innovative AI-based lung assessment; study initiates December 2024, with data expected in H2 2026.

• HS phase II IND submission planned for Q1 2025, with two dosing arms and focus on HiSCR endpoint; data expected before SSC readout.

• Decision to advance programs will be based on competitor data, particularly EASI-75 delta in atopic dermatitis; rapid trial initiation possible within two quarters of data availability.

• IL-33 antibody program (torudokimab) may move directly to phase III in COPD, depending on strength of competitor data.

• All programs are designed with flexibility for sample size re-estimation and regional expansion to optimize recruitment.