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Sep 30, 2024
Zura Bio Q3 2024 Earnings Report
Zura Bio reported its third quarter 2024 financial results, highlighting progress in clinical trials for tibulizumab and a strong cash position.
Key Takeaways
Zura Bio reported a net loss of $22.9 million for Q3 2024, or $0.26 per share, compared to a net loss of $8.3 million, or $0.18 per share, in Q3 2023. The company's cash and cash equivalents totaled $188.2 million as of September 30, 2024, which is anticipated to support operations through 2027. Significant progress was made towards initiating Phase 2 trials for tibulizumab in systemic sclerosis and hidradenitis suppurativa.
Net loss for Q3 2024 was $22.9 million, an increase from $8.3 million in Q3 2023.
Cash, cash equivalents, and investments totaled $188.2 million as of September 30, 2024, expected to fund operations through 2027.
Phase 2 clinical trial for tibulizumab in systemic sclerosis is anticipated to initiate in Q4 2024.
Phase 2 trial for tibulizumab in hidradenitis suppurativa is anticipated to initiate in Q2 2025.
Zura Bio
Zura Bio
Forward Guidance
Zura Bio anticipates that its existing cash and cash equivalents and investments will be sufficient to support operations through 2027. The company expects to initiate Phase 2 studies for tibulizumab in systemic sclerosis in Q4 2024 and in hidradenitis suppurativa in Q2 2025.
Positive Outlook
- Cash, cash equivalents and investments totaling $188.2 million as of September 30, 2024, are anticipated to support operations through 2027.
- Phase 2 clinical trial of tibulizumab for the treatment of SSc is anticipated to initiate in Q4 2024.
- Phase 2 trial of tibulizumab for the treatment of HS is anticipated to initiate in Q2 2025.
- The Orphan Drug Designation application for tibulizumab in SSc was completed and submitted to the U.S. FDA in Q4 2024.
- The Pre-IND meeting request for tibulizumab in HS was submitted in Q4 2024, with IND submission to the FDA expected in Q1 2025.
Challenges Ahead
- Actual events are difficult or impossible to predict and could differ materially from expressed or implied forward-looking statements.
- Zura Bio's expectations regarding its product candidates and their related benefits, and beliefs regarding competing product candidates, may not be achieved.
- The timing of key events and initiation of studies, regulatory matters, and release of clinical data may take longer than anticipated or may not be achieved at all.
- Zura Bio has not completed any clinical trials, and has no products approved for commercial sale.
- Zura Bio has incurred significant losses since inception, and expects to incur significant losses for the foreseeable future and may not be able to achieve or sustain profitability.