Zura Bio Limited · NASDAQ:ZURA
Zura Bio — Investor Presentation (September 2025)
25 slides from Zura Bio's investor presentation, Sep 4, 2025
Slide 1: Advancing Dual-Pathway Biologic Candidates in Autoimmune and Inflammatory Diseases
Advancing Dual - Pathway Biologic Candidates in Autoimmune and Inflammatory Diseases September 2025 Nasdaq Ticker: ZURA
Slide 2: Forward Looking Statements Disclaimer
©2025 Zura Bio Ltd. 2 Forward Looking Statements Disclaimer This communication includes “forward - looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995 . Words such as “expect,” “estimate,” “project,” “budget,” “forecast,” “an
Slide 3: Key Highlights
©2025 Zura Bio Ltd. 3 Our pipeline features three product candidates in - licensed from leading pharmaceutical partners, each showing supportive Phase 1/1b clinical data. Our lead product candidate, tibulizumab, is a potential first - in - class dual - pathway biologic designed to target IL - 17A an
Slide 4: Focused Development in Dual-Pathway Biologics
©2025 Zura Bio Ltd. Focused Development in Dual - Pathway Biologics Sources: Clinical study reports Acronyms: Ab, antibody; Anti - BAFF Ab, anti - B cell activating factor antibody; BAFF, B cell activating factor; EGFR, epidermal gr owth factor receptor; GM - CSF, granulocyte - macrophage colony - s
Slide 5: Tibulizumab Advancing in SSc and HS Phase 2 Trials: Data Expected 2H 2026
©2025 Zura Bio Ltd. Tibulizumab Advancing in SSc and HS Phase 2 Trials: Data Expected 2H 2026 * (*) The timing of regulatory and clinical - trial milestones is subject to change and may require further interactions with the FD A. (**) Eligible participants from TibuSURE (SSc) and TibuSHIELD (HS) can
Slide 6: Tibulizumab: Dual-Pathway Antibody Targeting BAFF and IL-17A
©2025 Zura Bio Ltd. Tibulizumab: Dual - Pathway Antibody Targeting BAFF and IL - 17A Acronyms: Ab, antibody; BAFF, B cell activating factor; BAFFR, BAFF receptor; BCMA, B cell maturation antigen; IL - 6, interleukin 6; IL - 17A, interleukin 17A; IL - 17F, interleukin 17F; IL - 17RA, interleukin 17 r
Slide 7: A Dual-Pathway Approach in HS
©2025 Zura Bio Ltd. A Dual - Pathway Approach in HS tibulizumab ZB - 106 Anti - BAFF + IL - 17 ▪ Potential first - in - class bispecific antibody: IL - 17A + BAFF inhibition ▪ Phase 2 clinical trial ( TibuSHIELD ) ongoing; top line data anticipated in Q3 2026 Tibulizumab, is an investigational agent
Slide 8: HS is a Complex and Relapsing Disease
Nasdaq: ZURA | www.zurabio.com HS is a Complex and Relapsing Disease 8 ©2025 Zura Bio Ltd. The interplay of acute lesions, chronic inflammation, and complex immune drivers makes HS uniquely challenging, and highlights the opportunity for biology - driven solutions. Patient Experience ▪ Painful nodul
Slide 9: HS Patients May Experience Delayed Diagnosis and Variable Treatment Results
©2025 Zura Bio Ltd. HS Patients May Experience Delayed Diagnosis and Variable Treatment Results 9 Persistent immune pathways continue to drive HS disease activity despite current therapies. (Year 0) Onset of Symptoms Painful nodules and abscesses begin Disease Progression (Hurley II – III) Chronic i
Slide 10: Neutrophils and B Cells are the Dominant Infiltrating Cells in HS Lesions
©2025 Zura Bio Ltd. Neutrophils and B Cells are the Dominant Infiltrating Cells in HS Lesions Sources: Rumberger, B.E. et al. (2020), Inflammation Research, doi:10.1007/s00011 - 020 - 01381 - 7; Sabat, R. et al. (2023), Journal of Allergy and Clinical Immunology, doi:10.1016/j.jaci.2022.10.034; Macc
Slide 11: IL-17A Promotes Neutrophil Infiltration and Activation in HS Lesions
©2025 Zura Bio Ltd. IL - 17A Promotes Neutrophil Infiltration and Activation in HS Lesions 11 Clinical studies demonstrate reductions in HS lesions with IL - 17A inhibitors; however, incomplete responses highlight the ongoing need for broader treatment strategies. IL - 17A FUELS HS INFLAMMATION ▪ Pr
Slide 12: BAFF-Driven B Cell Activity Leads to Chronic HS Pathology
©2025 Zura Bio Ltd. BAFF - Driven B Cell Activity Leads to Chronic HS Pathology 12 Targeting B cells and BAFF may offer a new path beyond IL - 17A, addressing lesions that current therapies may leave unresolved. Sources: Sabat, R. et al. (2023), Journal of Allergy and Clinical Immunology, doi:10.101
Slide 13: Dual Targeting IL-17A and BAFF: A Broader Opportunity in HS
©2025 Zura Bio Ltd. 13 Dual Targeting IL - 17A and BAFF: A Broader Opportunity in HS Why inhibiting IL - 17A Alone is Not Enough ▪ Controls neutrophilic inflammation but leaves B cell – driven disease active. ▪ Incomplete lesion resolution and persistent fibrosis. Why inhibiting BAFF Alone is Not En
Slide 14: TibuSHIELD Phase 2 Trial Design in HS
©2025 Zura Bio Ltd. 14 Efficacy Period (16 weeks) OLE (16 weeks) 1:1:1 R tibulizumab ( n = 6 0) high dose p lacebo ( n = 6 0) n = ~180 participants (w eeks) 24 28 32 20 DOUBLE BLIND, PLACEBO - CONTROLLED, 16 - WEEK TRIAL with an OPEN - LABEL EXTENSION tibulizumab ( n = 6 0) low dose tibulizumab low
Slide 15: Summary: Tibulizumab in hidradenitis suppurativa
©2025 Zura Bio Ltd. ▪ HS is a chronic, relapsing, immune - mediated disease characterized by painful lesions, inflammation, and progressive tissue changes. ▪ Despite available therapies, patients continue to experience ongoing disease activity, tunneling, and scarring. ▪ Tibulizumab is a dual - path
Slide 16: A Dual-Pathway Approach in SSc
©2025 Zura Bio Ltd. A Dual - Pathway Approach in SSc tibulizumab ZB - 106 Anti - BAFF + IL - 17 ▪ Potential first - in - class bispecific antibody: IL - 17A + BAFF inhibition ▪ Phase 2 clinical trial (TibuSURE) ongoing; topline data anticipated in Q4 2026 Tibulizumab, is an investigational agent. It
Slide 17: Systemic Sclerosis Is a Multi-Organ Disease With No Comprehensive Treatment
©2025 Zura Bio Ltd. Systemic Sclerosis Is a Multi - Organ Disease With No Comprehensive Treatment * 17 Systemic Sclerosis Is a Rare and Life - Threatening Disease ~300,000 people with SSc in US, EU and Japan 1 Zero drugs are currently approved that target the totality of SSc * (*) Two therapies are
Slide 18: Separately Inhibiting IL-17A or BAFF Has Shown Efficacy in Placebo-Controlled Trials for SSc
©2025 Zura Bio Ltd. Separately Inhibiting IL - 17A or BAFF Has Shown Efficacy in Placebo - Controlled Trials for SSc Sources: Fukasawa , T. et al. (2022), Annals of the Rheumatic Diseases, doi:10.1136/annrheumdis - 2022 - eular.2519; ClinicalTrials.gov Identifier: NC T03957681; Gordon, J.K. et al. (
Slide 19: TibuSURE Phase 2 Trial Design in SSc
©2025 Zura Bio Ltd. 19 Efficacy Period (24 weeks) Baseline image HRCT HRCT OLE (28 weeks) 1:1 R tibulizumab tibulizumab ( n = 40) p lacebo * ( n = 40) n = 80 participants (w eeks) 24 8 16 20 4 12 2 0 44 32 36 40 28 48 52 HRCT RANDOMIZED PHASE 2 TRIAL (mRSS and qHRCT ) with an OPEN - LABEL EXTENSION
Slide 20: modified Rodnan Skin Score (mRSS): Endpoint for Assessing Skin Thickness and Fibrosis
©2025 Zura Bio Ltd. modified Rodnan Skin Score (mRSS): Endpoint for Assessing Skin Thickness and Fibrosis 20 Severe skin thickening and tightening restricts movement and causes painful ulcers on the hands and fingers, significantly impairing daily activities and quality of life. vs Fine Wrinkles (0/
Slide 21: In Phase 2, Lung Involvement using qHRCT will be a Key Secondary Endpoint
©2025 Zura Bio Ltd. In Phase 2, Lung Involvement using qHRCT will be a Key Secondary Endpoint 21 Sources: Goldin, J. et al. (2018), Annals of the American Thoracic Society, doi:10.1513/annalsats.201802 - 079OC; Zura Bio interna l planning. Acronyms: ILD, interstitial lung disease; MMF, mycophenolate
Slide 22: Phase 2 SSc Development Aims to Reduce Historical Risks in Therapeutic Area Development
©2025 Zura Bio Ltd. 22 ©2025 Zura Bio Ltd. Phase 2 SSc Development Aims to Reduce Historical Risks in Therapeutic Area Development Sources: Zura Bio internal planning; Khanna, D. et al. (2017), Nature Reviews Rheumatology, doi:10.1038/nrrheum.2017.123. Acronyms: FVC, forced vital capacity; ILD, inte
Slide 23: Summary: Tibulizumab in systemic sclerosis
©2025 Zura Bio Ltd. ▪ SSc is a complex, immune - mediated disease associated with autoantibody production and marked by inflammation, vasculopathy, and progressive fibrosis, most commonly affecting the skin and lungs. ▪ Two disease - modifying therapies are approved for SSc - ILD. No therapies are a
Slide 24: Corporate Leadership & Financial Outlook
©2025 Zura Bio Ltd. Corporate Leadership & Financial Outlook Corporate
Slide 25: Cash Expected to Fund Planned Operations Through 2027
©2025 Zura Bio Ltd. Cash Expected to Fund Planned Operations Through 2027 (*) As of June 30, 2025; excludes ~30.4M in pre - funded common stock warrants. Source: Company Form 10 - Q, quarter ended June 30, 2025. Acronym: M, million. 25 $154.5M Cash and cash equivalents as of June 30, 2025 $18.1M Q2