$ZURA

Zura Bio Ltd

CIK:0001855644|SEC Filings

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Operating expenses:
Research and development	$ 20,706	$ 8,704	$ 35,452	$ 19,178
General and administrative	8,615	9,358	19,368	18,138
Total operating expenses	29,321	18,062	54,820	37,316
Loss from operations	(29,321)	(18,062)	(54,820)	(37,316)
Other (income), net
Interest income	(1,920)	(1,717)	(3,239)	(3,534)
Other income, net	(1,016)	(352)	(973)	(347)
Total other (income), net	(2,936)	(2,069)	(4,212)	(3,881)
Loss before income taxes	(26,385)	(15,993)	(50,608)	(33,435)
Income tax benefit	(81)	0	(81)	0
Net loss	$ (26,304)	$ (15,993)	$ (50,527)	$ (33,435)
Net loss per share, basic (in dollars per share)	$ (0.21)	$ (0.17)	$ (0.42)	$ (0.36)
Net loss per share, diluted (in dollars per share)	$ (0.21)	$ (0.17)	$ (0.42)	$ (0.36)
Weighted-average shares outstanding, basic (in shares)	126,803,970	94,289,954	119,553,659	93,630,719
Weighted-average shares outstanding, diluted (in shares)	126,803,970	94,289,954	119,553,659	93,630,719

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash flows from operating activities
Net loss	$ (50,527)	$ (33,435)
Adjustments to reconcile net loss to net cash used in operating activities
Share-based compensation expense	9,465	7,376
Deferred income taxes	(2,753)	0
Depreciation and amortization	32	20
Foreign exchange transaction loss	46	67
Loss on disposal of property and equipment	5	0
Changes in operating assets and liabilities:
Prepaid expenses and other current assets	(1,343)	(249)
Other assets	1,511	0
Accounts payable and accrued expenses	3,740	(872)
Net cash used in operating activities	(39,824)	(27,093)
Cash flows from investing activities
Purchase of property and equipment	(37)	(64)
Net cash used in investing activities	(37)	(64)
Cash flows from financing activities
Proceeds from issuance of Class A Ordinary Shares in connection with February 2026 Equity Offering, net of $8.5 million of underwriters’ fees and discounts	123,371	0
Proceeds from issuance of Pre-Funded Warrants in connection with February 2026 Equity Offering, net of $0.7 million of underwriters’ fees and discounts	11,202	0
Payment of employee withholding taxes for restricted stock units withheld	0	(34)
Proceeds from exercise of stock options	1,015	90
Net cash provided by financing activities	135,588	5,149
Net increase (decrease) in cash and cash equivalents	95,727	(22,008)
Cash and cash equivalents, beginning of period	109,407	176,498
Cash and cash equivalents, end of period	205,134	154,490
Supplemental Disclosure
Cash paid for taxes	0	0
Cash paid for interest	0	0
Supplemental Disclosure of Non-Cash Investing and Financing Activities
Purchase of property and equipment included in accounts payable and accrued expenses	23	12,000
Restricted Share Units Withheld to Pay Employee Withholding Taxes	99	0
At The Market Offering
Cash flows from financing activities
Proceeds from issuance of Class A Ordinary Shares in connection with a sale under the ATM, net of $0.2 million of commissions	0	5,093
Private Placement February 2026
Supplemental Disclosure of Non-Cash Investing and Financing Activities
Stock option exercise proceeds receivable	$ 1,120	$ 0

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current assets
Cash and cash equivalents	$ 205,134	$ 109,407
Prepaid expenses and other current assets	5,366	2,903
Total current assets	210,500	112,310
Property and equipment, net	149	126
Other assets	2,754	1,512
Total assets	213,403	113,948
Current liabilities
Accounts payable and accrued expenses	16,318	12,410
Total current liabilities	16,318	12,410
Total liabilities	16,318	12,410
Commitments and contingencies (Note 8)
Shareholders’ Equity
Class A Ordinary Shares, $0.0001 par value; 300,000,000 shares authorized as of June 30, 2026 and December 31, 2025; 95,422,452 and 73,680,710 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively	10	7
Additional paid-in capital	472,149	326,078
Accumulated deficit	(275,074)	(224,547)
Total shareholders’ equity	197,085	101,538
Total liabilities and shareholders’ equity	$ 213,403	$ 113,948