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Zura Bio Ltd (ZURA)·Q3 2025 Earnings Summary

Executive Summary

  • Zura Bio reported Q3 2025 net loss attributable to Class A shareholders of $20.0M and EPS of -$0.21; operating spend reflects acceleration of Phase 2 programs for tibulizumab in HS and SSc .
  • Cash and cash equivalents were $139.0M at quarter-end, with runway expected to fund operations through 2027 (guidance maintained from prior quarters) .
  • General & Administrative expense declined sharply year over year due to a one-time non-cash share-based compensation item in Q3 2024; R&D increased year over year on clinical trial execution .
  • Leadership update: CEO Robert Lisicki began medical leave; Kim Davis appointed interim CEO during Q3, an operational consideration for continuity .

What Went Well and What Went Wrong

What Went Well

  • Tibulizumab Phase 2 programs in HS (TibuSHIELD) and SSc (TibuSURE) advanced as planned, with topline data targeted in H2 2026; management emphasized disciplined execution and enrollment focus .
  • Cash runway guidance maintained through 2027, supporting continued clinical development without near-term financing signals .
  • Year-over-year G&A decreased to $7.6M from $13.3M, reflecting absence of a prior one-time non-cash share-based compensation item; this reduced opex intensity despite R&D ramp .
  • Quote: “Both tibulizumab studies advanced during the quarter… disciplined study execution and patient enrollment… aim of generating meaningful data.” — Kiran Nistala, CMO and Head of Development .

What Went Wrong

  • Sequential cash declined to $139.0M from $154.5M in Q2 2025 as spending increased with trial execution; investors should monitor burn vs. enrollment pace .
  • R&D rose to $11.9M from $8.7M in Q2 and $6.0M in Q3 2024, consistent with CLINICAL ramp but elevating quarterly losses and cash usage .
  • No earnings call transcript or conference call resources were available for Q3 2025, limiting real-time guidance Q&A clarity for investors .

Financial Results

Quarterly P&L and EPS (YoY and QoQ)

Metric ($USD Millions unless noted)Q3 2024Q2 2025Q3 2025
Research & Development Expense$6.03 $8.70 $11.95
General & Administrative Expense$13.29 $9.36 $7.57
Total Operating Expenses$19.32 $18.06 $19.52
Net Loss (Company level)$20.70 $15.99 $18.04
Net Loss Attributable to Class A Shareholders$22.94 $15.99 $20.04
EPS (Basic & Diluted)-$0.26 -$0.17 -$0.21
Weighted-Average Shares (Basic & Diluted)87,335,667 94,289,954 94,564,632

Notes:

  • Revenue is not disclosed; results reflect clinical-stage operating expenses and other income items .
  • Press release highlights reconcile to “Net loss attributable to Class A shareholders,” consistent with reported per-share values .

Cash Position Trend

MetricQ1 2025Q2 2025Q3 2025
Cash and Cash Equivalents ($USD Millions)$170.57 $154.49 $139.02

Program KPIs — Timelines

TrialIndicationTopline Data TimingStatus (Q3 2025)
TibuSHIELDHidradenitis Suppurativa (HS)Q3 2026Ongoing Phase 2; progressing as planned
TibuSURESystemic Sclerosis (SSc)Q4 2026Ongoing Phase 2; advancing

Guidance Changes

MetricPeriodPrevious GuidanceCurrent Guidance (Q3 2025)Change
Cash RunwayCorporate“Through 2027” (Q1/Q2) “Through 2027” Maintained
TibuSHIELD ToplineProgram“Q3 2026” (Q2) “Q3 2026” Maintained
TibuSURE ToplineProgram“Q4 2026” (Q2) “Q4 2026” Maintained
Financial Metrics (Revenue/Margins/Tax)CorporateNone providedNone providedN/A

Earnings Call Themes & Trends

TopicPrevious Mentions (Q-2 and Q-1)Current Period (Q3 2025)Trend
Pipeline execution (tibulizumab)Q2: Initiated HS Phase 2; progressed SSc . Q1: Advanced SSc; IND cleared for HS .Continued advancement of both Phase 2 trials; enrollment focus .Stable execution; increasing R&D intensity
Cash runwayQ2/Q1: Runway through 2027 reiterated .Runway through 2027 maintained .Maintained guidance
Regulatory pathQ1: IND clearance for HS .Monitoring timelines and regulatory matters in light of competitive enrollment .Execution caution; timelines reaffirmed
R&D spend dynamicsQ2: R&D $8.7M (CRO/mfg increases) . Q1: R&D $10.5M (CRO/mfg, comp) .R&D $11.9M on Phase 2 ramp .Uptrend with trial acceleration
Corporate leadershipQ2: CFO appointment; Board addition . Q1: SVP Development Ops appointment .CEO medical leave; interim CEO Kim Davis .Leadership transition; continuity planning

Management Commentary

  • “Both tibulizumab studies advanced during the quarter… disciplined study execution and patient enrollment…” — Kiran Nistala, MBBS, PhD, CMO & Head of Development .
  • “Continued progress across our clinical programs… initiated HS Phase 2… welcomed a new CFO and board member.” — Robert Lisicki, CEO (Q2) .
  • “Steady progress across clinical and operational priorities… strengthened our clinical team.” — Robert Lisicki, CEO (Q1) .

Q&A Highlights

  • No Q3 2025 earnings call transcript or conference call resources were available; MarketBeat lists “Conference Call Date: N/A” for Zura Bio’s Q3 earnings report .

Estimates Context

  • S&P Global consensus estimates for Q3 2025 were unavailable via our data retrieval; therefore, no official Wall Street consensus comparison is provided here (Values retrieved from S&P Global).*
  • For context only, a third-party source indicated consensus EPS of -$0.19 versus reported -$0.21, implying a ~$0.02 miss; revenue consensus/actual not available .

Key Takeaways for Investors

  • Clinical execution is the core driver: Phase 2 tibulizumab programs in HS/SSc progressed, with topline readouts targeted for Q3/Q4 2026; monitor enrollment updates as near-term catalysts .
  • Cash runway through 2027 remains intact, providing multi-year visibility to execute pivotal data milestones without immediate financing pressure .
  • Opex mix is improving YoY on G&A normalization (absence of prior one-time comp), while R&D scaling aligns with trial progression; expect continued spend concentration in CRO and clinical operations .
  • Leadership update introduces operational risk considerations; interim CEO structure in place while CEO is on medical leave—watch for continuity signals and strategic updates .
  • Lack of an earnings call reduces near-term guidance color; investors should rely on filings and press releases for timeline and spending cadence .
  • Near-term trading: sentiment likely tied to clinical enrollment velocity and any regulatory interactions; medium-term thesis rests on dual-pathway antibody differentiation and H2 2026 data inflections .
  • Keep focus on cash trends ($170.6M → $154.5M → $139.0M across Q1–Q3 2025) and R&D ramp ($10.5M → $8.7M → $11.9M) to gauge burn vs. milestone timing .