An early-stage Regeneron, focused on developing immunology therapeutics.

A startup Amgen, developing novel treatments for immune diseases.

A pre-revenue AbbVie, aiming to discover the next generation of immunology drugs.

• ZB-168: An anti IL7R α inhibitor with potential to impact diseases driven by IL7 and TSLP biological pathways.
• Torudokimab: A fully human, high affinity monoclonal antibody designed to neutralize IL33.

Zura Bio Limited (ZURA) is a clinical-stage biotechnology company focused on developing immunology assets. As of its current status, the company is advancing its drug candidates, ZB-168 and Torudokimab, through Phase 2 clinical development programs.

Given its stage of development, Zura Bio does not currently have commercial products on the market and therefore does not have major customers in the traditional sense of companies or individuals purchasing its products or services. Its primary activities revolve around research, development, and clinical trials to bring its potential therapies to market.

Sandeep Kulkarni, MD, Chief Executive Officer and Director

Dr. Kulkarni is a co-founder of Zura Bio and was appointed Chief Executive Officer in January 2026. He has served on Zura's Board of Directors since March 2022. Dr. Kulkarni also co-founded Tourmaline Bio, where he served as Chief Executive Officer from September 2021 until its acquisition by Novartis in October 2025. Prior to Tourmaline Bio, he was a Managing Director at KVP Capital, focusing on biotechnology investments and company formation.

Eric Hyllengren, Chief Financial Officer

Eric Hyllengren became the Chief Financial Officer of Zura Bio on July 7, 2025, bringing over 20 years of experience in finance and the biotechnology industry. Before joining Zura, he was the Vice President of Finance at Atara Biotherapeutics, a role he started in 2018, and also served as Head of Investor Relations from April 2020. He previously spent 15 years at Amgen in various roles within corporate finance, investor relations, business development, and alliance management.

Gary Whale, PhD, Chief Technology Officer

Dr. Gary Whale serves as the Chief Technology Officer at Zura Bio.

Kiran Nistala, MBBS, PhD, Chief Medical Officer and Head of Development

Dr. Kiran Nistala is the Chief Medical Officer and Head of Development at Zura Bio. He is an experienced physician and immunologist with nearly two decades of expertise in translational medicine and the strategic design of clinical trials. Prior to Zura, Dr. Nistala was Vice President of late-stage clinical development in Immunology at AstraZeneca.

Amit Munshi, Chairman of the Board

Amit Munshi is the Chairman of Zura Bio's Board of Directors. He previously served as President and Chief Executive Officer of Arena Pharmaceuticals Inc. from May 2016 until its sale to Pfizer Inc. in March 2022. Mr. Munshi also served as President and CEO of Epirus Biopharmaceuticals, Inc., and Percivia LLC, which was sold to Johnson & Johnson.

1. Clinical Development and Regulatory Approval Risk: As a clinical-stage biotechnology company, Zura Bio's success is critically dependent on the successful outcome of its ongoing and future clinical trials for its product candidates, including ZB-168, Torudokimab, and its lead candidate, Tibulizumab (ZB-106), which is currently in Phase 2 studies. There is a significant risk that prior positive results from preclinical or earlier phase trials may not be replicated, or that current or future studies may not demonstrate the anticipated safety or efficacy profile. Any delays, failures, or unexpected results in clinical trials could prevent or significantly delay regulatory approval, which is essential for commercialization.
2. Financial Risk and Need for Additional Financing: Zura Bio is a pre-revenue company that incurs substantial losses due to its research and development activities. While the company has recently secured financing and projects a cash runway through at least the end of 2028, it will require significant additional capital to fund its operations, continue its clinical development programs, and potentially commercialize any approved products. There is a risk that additional financing may not be available on acceptable terms when needed, which could force the company to delay, reduce, or eliminate its development programs or commercialization efforts, and could lead to further dilution for existing shareholders.
3. Competition Risk: The immunology and autoimmune disease therapeutic markets are highly competitive. Zura Bio's product candidates, if approved, will face competition from existing treatments and other product candidates being developed by larger, more established pharmaceutical and biotechnology companies. The ability of Zura Bio's therapies to gain market acceptance will depend on demonstrating superior efficacy, safety, convenience, or cost-effectiveness compared to competing products.

Zura Bio (symbol: ZURA) is a clinical-stage biotechnology company developing immunology assets, including ZB-168 and Torudokimab, for various autoimmune and inflammatory diseases. The addressable markets for their main products or services can be identified by the market size of the diseases their products are targeting.

ZB-168 (anti-IL7Rα inhibitor)

ZB-168 is being developed for conditions where IL7 and TSLP biological pathways play a role. It has existing Phase 1b data in Type 1 Diabetes and is planned for Phase 2 trials in alopecia areata, with active monitoring of external catalysts in ulcerative colitis and atopic dermatitis.

• Type 1 Diabetes:
  • Globally, the market for Type 1 Diabetes treatment was valued between approximately USD 14.74 billion in 2023 and USD 37.60 billion in 2025. It is projected to grow to figures ranging from USD 26.22 billion by 2032 to USD 79.14 billion by 2035.
  • In the U.S., the Type 1 Diabetes treatment market was approximately USD 2.57 billion in 2024. The U.S. held the largest market share within the 7MM (United States, EU4, UK, and Japan), which collectively reached USD 5.9 billion in 2024 and is expected to reach USD 9.6 billion by 2035. North America is projected to hold 39.4% of the global market share in 2025.
• Alopecia Areata:
  • Globally, the alopecia areata market was estimated to be between USD 3.32 billion and USD 10.37 billion in 2024. It is projected to grow, with forecasts ranging from USD 6.92 billion by 2034 to USD 32.83 billion by 2032.
  • In the U.S., the market size for alopecia areata was estimated at around USD 200 million in 2022, with expectations for significant growth by 2032. The United States accounted for 35% of the diagnosed prevalent cases in the 7MM (United States, EU4, UK, and Japan) in 2023.
• Ulcerative Colitis:
  • Globally, the ulcerative colitis market was valued between approximately USD 636.98 million and USD 8.4 billion in 2023. It is projected to reach figures between USD 11.08 billion by 2030 and USD 15.81 billion by 2034.
  • In the U.S., the market for ulcerative colitis was approximately USD 5.9 billion in 2023 and USD 3.2 billion in 2025. North America held the largest market share, representing approximately 40-41.2% of the global market.
• Atopic Dermatitis:
  • Globally, the atopic dermatitis market was valued between approximately USD 6.62 billion (in 2025) and USD 17.64 billion (in 2024). It is projected to reach between USD 13.96 billion by 2035 and USD 33.42 billion by 2035.
  • In the U.S., the atopic dermatitis drugs industry generated USD 4.7 billion in 2023 and is expected to reach USD 13.1 billion by 2034. North America contributed over 36% of the revenue share in 2025.

Torudokimab (IL33 neutralizer)

Torudokimab is an IL33 neutralizer in Phase 2 clinical development, with active monitoring of external catalysts in asthma and chronic obstructive pulmonary disease (COPD).

• Asthma:
  • Globally, the asthma therapeutics market was valued between approximately USD 18 billion and USD 29.87 billion in 2023-2024. It is projected to reach between USD 22.0 billion by 2032 and USD 51.03 billion by 2034.
  • In the U.S., the asthma therapeutics market was estimated between USD 9.66 billion and USD 13.00 billion in 2024. It is projected to grow to between USD 16.82 billion by 2034 and USD 19.20 billion by 2033. North America dominated the global market with a share of 40.1% to 51% in 2024.
• Chronic Obstructive Pulmonary Disease (COPD):
  • Globally, the COPD drug market was valued between approximately USD 19.8 billion (in 2024) and USD 29.30 billion (in 2025). It is projected to reach between USD 30.4 billion by 2032 and USD 51.17 billion by 2035.
  • In the U.S., the COPD market was estimated between USD 3.97 billion (in 2024) and USD 6.93 billion (in 2025). It is projected to reach between USD 4.92 billion by 2033 and USD 9.97 billion by 2033. North America is the dominant region, holding between 42% and 45.6% of the global market share.

The expected drivers of future revenue growth for Zura Bio (ZURA) over the next 2-3 years are primarily linked to the successful advancement and potential commercialization of its clinical-stage pipeline assets, and strategic partnerships.

1. Successful Phase 2 Clinical Trial Readouts for Tibulizumab (ZB-106): Zura Bio's lead product candidate, tibulizumab, is currently undergoing two Phase 2 clinical studies: TibuSHIELD for hidradenitis suppurativa (HS) and TibuSURE for systemic sclerosis (SSc). Positive topline data from the TibuSHIELD study, anticipated in the fourth quarter of 2026, and the TibuSURE study, expected in the first half of 2027, would be critical drivers. These outcomes would validate the drug's efficacy and safety, significantly de-risking the asset and making it more attractive for further investment, advanced clinical development, and eventual commercialization or partnership deals.

2. Advancement of Crebankitug (ZB-168) into and through Phase 2 Clinical Development across multiple indications: Crebankitug, an anti-IL7Rα inhibitor, has the potential to impact a broad range of T-cell mediated and atopic diseases due to its unique dual IL-7 and TSLP pathway inhibition. Zura Bio is preparing this asset for Phase 2 readiness and aims to explore its potential in various immune-mediated diseases. Successfully initiating and progressing through Phase 2 trials for new indications, such as alopecia areata, would expand its market opportunity and future revenue potential.

3. Progression of Torudokimab into later-stage Clinical Development for Inflammatory and Respiratory Diseases: Torudokimab, a monoclonal antibody that neutralizes IL-33, is currently in Phase 2 clinical development and is being evaluated for its potential role in inflammatory and respiratory diseases, including asthma and chronic obstructive pulmonary disease. Positive advancements in its clinical program, possibly informed by ongoing external IL-33/ST2-targeted trials, would be a significant driver for unlocking future market potential and revenue.

4. Strategic Partnerships and Licensing Agreements for Pipeline Assets: As a clinical-stage biotechnology company, Zura Bio can generate significant non-dilutive funding through collaborations with larger pharmaceutical companies. These partnerships often include upfront payments, milestone payments upon achieving specific development or regulatory goals, and future royalties on product sales, thereby contributing to early revenue growth and accelerating market access for their therapeutic candidates.

Share Issuance

• Zura Bio completed an underwritten public offering on February 26, 2026, generating approximately $144 million in gross proceeds.
• The offering included the sale of 21,200,000 Class A ordinary shares at $6.25 per share and pre-funded warrants for 1,800,000 Class A ordinary shares at $6.249 per warrant, with underwriters fully exercising an option to purchase an additional 3,000,000 Class A ordinary shares.
• An earlier announcement on February 25, 2026, indicated the pricing of a public offering aiming to raise $125 million.

Inbound Investments

• Ai Biotechnology LLC, a major shareholder, acquired 2,000,000 shares of Zura Bio on February 26, 2026, for approximately $12.5 million, increasing its direct holdings by 43.93%.
• Deep Track Capital, an institutional investor, made its initial investment in Zura Bio on May 5, 2023, during a Post IPO round.

Capital Expenditures

• Research and development expenses for the third quarter of 2025 were $11.9 million, primarily driven by the ongoing tibulizumab Phase 2 clinical trials.
• As of September 30, 2025, Zura Bio had $139.0 million in cash and cash equivalents, projected to fund operations through 2027.
• Following a $144 million public offering that closed in February 2026, the company's capital is expected to fund planned operations through at least the end of 2028, with a focus on advancing its pipeline of autoimmune and inflammatory disease treatments, particularly key Phase 2 studies.