Zura Bio (ZURA) Piper Sandler 36th Annual Healthcare Conference summary

Pipeline strategy and upcoming catalysts

• Focus on three assets with multiple pipeline opportunities, prioritizing ZB-106 for systemic sclerosis (SSC) and hidradenitis suppurativa (HS).

• Indirect catalysts expected from Q32 data in AD and AA, with preparedness to launch own programs based on results.

• Key 2025 readouts include Novartis's BAFF data in HS and two phase 3 COPD readouts for IL-33 pathway assets.

• Most capital and time allocated to SSC and HS studies, with other assets advancing based on clinical validation.

• Bispecific antibody approach targets unmet needs in autoimmune diseases, leveraging mechanistic rationale and clinical validation.

Study design and execution

• SSC trial incorporates learnings from past failures: validated targets, experienced CRO, certified assessors, and early-stage patients.

• Stable background therapy of at least 12 weeks and strict site selection aim to reduce placebo effect and improve data quality.

• SSC study powered to detect a clinically meaningful mRSS change (MCID 3-5), with exploratory endpoints for FVC, CRIS, and HAQ-DI.

• Enrollment for SSC expected to complete Q1 2026, with data readout by end of 2026.

• HS trial to start after SSC, with readout anticipated in Q3 2026, using higher dosing based on safety and PopPK modeling.

Mechanistic and competitive landscape insights

• BAFF and IL-17 validated as targets in SSC and HS, with clinical and preclinical data supporting dual inhibition.

• Genetic and mechanistic studies confirm BAFF's unique role in HS lesions, with B cell depletion showing clinical benefit.

• IL-33 asset (torudokimab) offers dual pathway inhibition (IL-33 and RAGE), potentially more potent than competitors.

• Two major phase 3 COPD readouts in Q2 2025 (Roche and Sanofi/Regeneron) will inform future development decisions.

• Optionality to pursue additional indications or bispecific combinations based on emerging data and market needs.