Zura Bio Limited · NASDAQ:ZURA

Zura Bio — Investor Presentation (January 2025)

39 slides from Zura Bio's investor presentation, Jan 13, 2025

1. Slide 1: Advancing Dual-Pathway Biologic Candidates: Addressing Unmet Needs in Autoimmune and Inflammatory Diseases

   ©2025 Zura Bio Ltd. Nasdaq Ticker: ZURA Advancing Dual - Pathway Biologic Candidates: Addressing Unmet Needs in Autoimmune and Inflammatory Diseases January 2025

2. Slide 2: Forward Looking Statements Disclaimer

   ©2024 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

3. Slide 3: Company Summary

   zurabio.com Company Summary Zura founded as a limited company incorporated under the laws of England and Wales crebankitug in - licensed from Pfizer torudokimab in - licensed from Eli Lilly and Co. Began trading on Nasdaq under “ZURA” ticker tibulizumab in - licensed from Eli Lilly and Co. $80M priv

4. Slide 4: Pipeline of Novel Dual-Pathway Biology Designed to Address I&I Diseases

   ©2025 Zura Bio Ltd. Actively evaluating potential therapeutic indications to guide our future development efforts. Torudokimab has been studied in three Phase 1/2 clinical studies to date *** x 244 participants dosed - n= 81 single dose - n=163 multiple doses up to 52 weeks Pipeline of Novel Dual -

5. Slide 5: Tibulizumab in Systemic Sclerosis (SSc)

   ©2025 Zura Bio Ltd. systemic sclerosis (SSc) tibulizumab ZB - 106 Anti - BAFF + IL - 17 Tibulizumab, is a humanized bispecific dual antagonist antibody, and has been engineered to bind to and neutralize both BAFF and IL - 17A. Our approach with tibulizumab is to inhibit both pathways with a single a

6. Slide 6: 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* 6 Systemic sclerosis is a rare & life - threatening disease ~300,000 people with SSc in US, EU and Japan 1 Zero SSc - specific * drugs approved (*) Two approved therapies are available for SSc - ILD; h

7. Slide 7: Tibulizumab milestones

   ©2025 Zura Bio Ltd. Tibulizumab milestones * expected through 2026 7 2026 2025 2H - 2024 Phase 2 SSc study tibulizumab HS study External Catalysts (*) The timing of regulatory and clinical trial milestones is subject to change and may require further interactions with the FD A. Sources: Internal Zur

8. Slide 8: Rationale for Phase 2 Study in Systemic Sclerosis Patients

   ©2025 Zura Bio Ltd. Rationale for Phase 2 Study in Systemic Sclerosis Patients Sources: 1 Spherix Global Insights: Market Dynamix: Systemic Sclerosis (US) 2024; Zura Internal Data, Investigational New Drug (IND) Brie fing Acronyms: B, billion; BAFF, B cell - activating factor; IL, interleukin; SSc,

9. Slide 9: Targeting IL-17 and BAFF to Disrupt SSc Pathophysiology

   ©2025 Zura Bio Ltd. 9 Targeting IL - 17 and BAFF to Disrupt SSc Pathophysiology and Potentially Halt Inflammation, Autoimmunity, and Fibrosis tibulizumab | ZB - 106 Sources: Truchetet , M.E., et al. Clinical Reviews in Allergy & Immunology . doi:10.1007/s12016 - 021 - 08889 - 8 A cronyms : BAFF, B c

10. Slide 10: Tibulizumab Targets IL-17A, BAFF, or Both Simultaneously

    ©2025 Zura Bio Ltd. 10 IL - 17A CD4+ CD8+ T Cell T H 17 Inflammatory Cells IL - 17A IL - 17A / IL - 17F IL - 17F IL - 17RC IL - 17RA ACT1 TRAF6 NF - к B ixekizumab Anti - IL - 17 scFv tabalumab Anti - Baff Ab TACI BAFF - R BCMA CD40 CD20 LTBR B7 BCR B Cells BAFF By inhibiting BAFF, tibulizumab reduc

11. Slide 11: Numerous B Cell Therapies have Overlapping B Cell Targets

    ©2025 Zura Bio Ltd. Numerous B Cell Therapies have Overlapping B Cell Targets, BAFF and CD20 Share High Overlap Cell Surface Antigen Expression B ONE MARROW B ONE MARROW PERIPHERY AND SECONDARY LYMPHOID ORGANS CD19 + CD20 + BAFF - R + BCMA + TACI + Stem Cell Pro B Cell Pre B Cell Immature B Cell Mat

12. Slide 12: The IL-23/IL-17 Axis Plays an Important Role in Multiple Inflammatory Diseases

    ©2025 Zura Bio Ltd. 12 The IL - 23 / IL - 17 Axis Plays an Important Role in Multiple Inflammatory Diseases, Including SSc Clinical trials have shown that monoclonal antibodies against IL - 23 and IL - 17, are effective in the treatment of patients with systemic sclerosis. IL - 17A is associated wit

13. Slide 13: In Pre-Clinical Model, Simultaneous Blockade of BAFF & IL-17 Produced Greater Reduction

    ©2025 Zura Bio Ltd. In Pre - Clinical Model, Simultaneous Blockade of BAFF & IL - 17 Produced Greater Reduction in Disease Severity than IL - 17 or BAFF Alone 13 Isotype control Anti - BAFF Anti - IL 17 Anti - BAFF + Anti - IL 17 7.5 5.0 2.5 0.0 20 30 40 50 Day Cumulative disease score Histology sco

14. Slide 14: Phase 2 SSc Study Design

    ©2025 Zura Bio Ltd. 14 Efficacy Period (24 weeks) Baseline image HRCT HRCT OLE (28 weeks) HRCT 1:1 R tibulizumab ( n = 80) tibulizumab ( n = 40) p lacebo ( n = 40) n = 80 participants (w eeks) RANDOMIZED PHASE 2 STUDY * (mRSS and HRCT) 24 8 16 20 4 12 2 0 44 32 36 40 28 48 52 Sources: Zura Internal

15. Slide 15: modified Rodnan Skin Score (mRSS): Endpoint for Skin Thickness and Fibrosis

    ©2025 Zura Bio Ltd. modified Rodnan Skin Score (mRSS): Endpoint for Assessing Skin Thickness and Fibrosis 15 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 1 (

16. Slide 16: 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 16 Sources: Goldin, J., et al. Annals of the American Thoracic Society . doi:10.1513/annalsats.201802 - 079OC; Zura Bio internal planning Acronyms: ILD, interstitial lung disease; MMF, mycophenolate mofetil

17. Slide 17: Phase 2 SSc Development Aims to Reduce Historical Risks

    ©2025 Zura Bio Ltd. 17 ©2024 Zura Bio Ltd. Phase 2 SSc Development Aims to Reduce Historical Risks in Therapeutic Area Development Acronyms: CT, computed tomography; FVC, forced vital capacity; IL, interleukin; ILD, interstitial lung disease; mRSS, modified Rodnan S kin Score. Historic Drivers of SS

18. Slide 18: Tibulizumab in Hidradenitis Suppurativa (HS)

    ©2025 Zura Bio Ltd. hidradenitis suppurativa (HS) tibulizumab ZB - 106 Anti - BAFF + IL - 17 Tibulizumab, is a humanized bispecific dual antagonist antibody, and has been engineered to bind to and neutralize both BAFF and IL - 17A. Our approach with tibulizumab is to inhibit both pathways with a sin

19. Slide 19: Rationale for Phase 2 Study in Hidradenitis Suppurativa Patients

    ©2025 Zura Bio Ltd. Rationale for Phase 2 Study in Hidradenitis Suppurativa Patients Acronyms: BAFF, B cell - activating factor; HiSCR , Hidradenitis Suppurativa Clinical Response; HS, hidradenitis suppurativa; IL, interleukin; TAM, total addressable market. Increased Probability of Success Through

20. Slide 20: An Overview of Hidradenitis Suppurativa

    zurabio.com An Overview of Hidradenitis Suppurativa 20 ©2024 Zura Bio Ltd. DISEASE OVERVIEW x Recurrent nodules and abscesses resulting in pus - like discharge x Difficult - to - heal open wounds and scarring Hidradenitis suppurativa is an inflammatory follicular skin disease x Increased Th1/Th17 an

21. Slide 21: B Cell Signaling Potentiates HS Disease

    ©2025 Zura Bio Ltd. B Cell Signaling Potentiates HS Disease 21 Sources: 1 Van der Zee, H.H., et al. British Journal of Dermatology . doi:10.1111/j.1365 - 2133.2011.10698.x. 2 Rumberger , B.E., et al. Inflammation Research . doi:10.1007/s00011 - 020 - 01381 - 7. 3 Sabat , R., et al. Journal of Allerg

22. Slide 22: Tibulizumab IL-17A Component Has Class-Leading Binding Affinity

    ©2025 Zura Bio Ltd. 22 Tibulizumab * IL - 17A Component Has Class - Leading Binding Affinity Against IL - 17A and IL - 17A/F Ixekizumab is a humanized IgG4 monoclonal antibody (*) Tibulizumab was engineered from Taltz ® ( i xekizumab ) Sources: 1 Taltz ® . Prescribing Information. Lilly USA, LLC, ht

23. Slide 23: Ongoing Novartis Phase 2b Platform Study Offers Evidence of B Cell Targeting Benefit in HS

    ©2025 Zura Bio Ltd. 23 Ongoing Novartis Phase 2b Multicenter Platform Study Offers Additional Clinical Evidence of B Cell Targeting Benefit in HS *Study started in February 2019 and is currently ongoing. BAFF - R, B - cell activating factor of the tumor necrosis alpha family receptor; b.i.d., twice

24. Slide 24: Novartis' Interim Results Presented at '24 AAD

    ©2025 Zura Bio Ltd. 24 Novartis’ Interim Results Presented at ‘24 AAD: BTKi PBO - Adjusted Delta Aligns with Approved and In - Development Agents Presented at the American Academy of Dermatology Annual Meeting; March 8 – 12, 2024; San Diego, CA. *The sHiSCR is defined as a ≥50% reduction in the absc

25. Slide 25: Planned Phase 2 HS Study Design

    ©2025 Zura Bio Ltd. Planned Phase 2 HS Study Design* 25 (*) Study design is subject to change. Sources: Zura Internal Planning Acronyms: DLQI, dermatology life quality index; HiSCR , Hidradenitis Suppurativa Clinical Response; HS, hidradenitis suppurativa; IHS4, International Hidradenitis Suppurativ

26. Slide 26: Tibulizumab Summary

    ©2025 Zura Bio Ltd. 26 ©2024 Zura Bio Ltd. The Phase 2 development programs for systemic sclerosis and hidradenitis suppurativa are progressing The strategy follows validated pathways with the potential for improved outcomes, supported by related mechanism - of - action data from IL - 17 and BAFF/B

27. Slide 27: Crebankitug

    ©2025 Zura Bio Ltd. crebankitug ZB - 168 Anti - IL - 7R α + TSLP Crebankitug is a high - affinity, fully human monoclonal antibody that neutralizes the IL - 7 receptor alpha (IL - 7R α ) chain, potentially blocking the immune pathways of IL - 7 and thymic stromal lymphopoietin (TSLP).

28. Slide 28: Crebankitug, a fully human IL-7R alpha antibody

    ©2025 Zura Bio Ltd. Crebankitug 28 Crebankitug, a fully human IL - 7R α antibody ▪ Originally developed by Pfizer ▪ IL - 7R α inhibition has potential to inhibit two critical immune pathways (IL - 7 and TSLP) ▪ Potential applicability in broad range of T - cell mediated diseases and atopic diseases.

29. Slide 29: Crebankitug: A Multi-Functional Antibody That Blocks Signaling via IL-7 and TSLP

    ©2025 Zura Bio Ltd. 29 Crebankitug: A Multi - Functional Antibody That Blocks Signaling via IL - 7 and TSLP Pathways crebankitug | ZB - 168 IL - 7R α is a key receptor in immune regulation, central to the signaling of cytokines IL - 7 and TSLP Positioning crebankitug for potential applications in di

30. Slide 30: Both TSLP and IL-7 Have a Role in Activating Th1, Th2, and Th17-Driven Inflammation

    ©2025 Zura Bio Ltd. Both TSLP and IL - 7 Have a Role in Activating Th1, Th2, and Th17 - Driven Inflammation 30 B Cell Development T Cell Activation CD4/CDB Effector Cells B Cell Maturation T Cell B Cell ILC2 DC Mast Cell Basophil Eosinophil Airway Epithelium Keratinocytes Stromal cell IL - 7Ra γ C I

31. Slide 31: Crebankitug Is the Only mAb to Potently Inhibit Both IL-7R and TSLP

    ©2025 Zura Bio Ltd. 31 Crebankitug Is the Only mAb to Potently Inhibit Both IL - 7R and TSLP crebankitug (IL - 7R α ) bempikibart (IL - 7R α ) tezepelumab (TSLP) IL - 7R α mAb IL - 7R α mAb TSLP mAb 7.5 ng / ml / 0.05nM (CCL17) (1) 11 ng / ml / 0.07nM (CCL22) (1) 0.08 nM (CCL2) (4) 24 nM (CCL2 ) (4)

32. Slide 32: Crebankitug Summary

    ©2025 Zura Bio Ltd. 32 ©2024 Zura Bio Ltd. Crebankitug targets immune - related and autoimmune conditions linked to IL - 7R or TSLP signaling In three Phase 1 and 1b studies involving 93 participants, crebankitug was well - tolerated, with most adverse events being mild and unrelated to the treatmen

33. Slide 33: Torudokimab

    ©2025 Zura Bio Ltd. torudokimab ZB - 880 Anti - IL - 33 Torudokimab is a fully human, high affinity monoclonal antibody that neutralizes IL - 33, preventing ST2 - dependent and ST2 - independent (e.g., RAGE) inflammation.

34. Slide 34: Torudokimab Asset Overview

    ©2025 Zura Bio Ltd. Mechanism of Action About torudokimab Initial Focus on Respiratory, Dermatologic, Gastrointestinal and Orphan Autoimmune Indications Torudokimab Asset Overview 34 Sources: 1 Cohen, S., et al. Nature Communications . doi:10.1038/ncomms9327 ; 2 ClinicalTrials.gov. NCT03913260 . Acc

35. Slide 35: Torudokimab IL-33 Pathway

    ©2025 Zura Bio Ltd. Torudokimab IL - 33 Pathway 35 Sources : 1 Chan, B., et al. Frontiers in Immunology . doi:10.3389/fimmu.2019.00364; 2 Cayrol , C., and Girard, J.P. Cytokine . doi:10.1016/j.cyto.2022.155891; 3 Gudbjartsson , D., et al. Nature Genetics . doi:10.1038/ng.323; Ketelaar , M., et al. J

36. Slide 36: Torudokimab Has Potential for Best-in-Class Activity

    ©2025 Zura Bio Ltd. Torudokimab Has Potential for “Best - in - Class” Activity 36 Torudokimab was 2.9 and 5.5 - fold more potent than etokimab and itepekimab , respectively, inhibiting IL - 33 - induced GM - CSF production by human mast cells Sources: Zura Internal Data Acronyms: GM - CSF, granulocy

37. Slide 37: Team and Cash Runway

    ©2025 Zura Bio Ltd. Corporate Update Team and Cash Runway

38. Slide 38: Zura's Leadership: Driving Innovation in I&I

    ©2025 Zura Bio Ltd. 38 Robert Lisicki Chief Executive Officer and Director Steve Schoch Director Jennifer Jarrett Director Parvinder Thiara Director Someit Sidhu, MD Founder and Director Arnout Ploos van Amstel Director Amit Munshi Chairman Neil Graham, MBBS, MD, MPH Director Sandeep C. Kulkarni, MD

39. Slide 39: Investment summary and cash runway

    ©2025 Zura Bio Ltd. 39 Sources: 1 Cash includes cash and cash equivalents as of 30 - September - 2024; 2 S - 3 dated 03 - Sept - 2024 Acronyms: ATM, at - the - market offering; IPO, initial public offering. Nasdaq ticker: ZURA April 2024 Photo courtesy of ©Nasdaq, Inc. Our mission: Driving scientifi

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