Executive Summary

Zura Bio reported FY 2024 cash and cash equivalents of $176.5M, reiterating a cash runway through 2027; Phase 2 TibuSURE in systemic sclerosis (SSc) was initiated in December 2024 and Phase 2 in hidradenitis suppurativa (HS) is planned for Q2 2025 .
FY 2024 net loss narrowed to $45.4M from $69.2M in FY 2023, reflecting lower R&D versus the prior year; G&A rose due to compensation and warrant exchange-related professional fees .
Quarterly cadence in 2024 showed increasing spend into mid-year as programs advanced, with Q3 G&A spiking on one-time non-cash stock comp and warrant exchange fees; Q4 was the first quarter post SSc Phase 2 initiation .
No Q4 2024 earnings call transcript or Wall Street consensus (S&P Global) estimates were available; the company did not provide revenue/margin guidance, focusing investor attention on 2025 clinical milestones as primary stock catalysts .

What Went Well and What Went Wrong

What Went Well

Initiated Phase 2 TibuSURE trial in SSc in December 2024, marking a key pipeline progression into mid-stage development; HS Phase 2 initiation remains targeted for Q2 2025 .
Strengthened financial position with $176.5M year-end cash and affirmed runway through 2027, supported by an oversubscribed $112.5M private placement completed in April 2024 .
Management and scientific leadership bolstered (new CEO and CMO; formation of Scientific Advisory Board); CEO emphasized commitment to building a leading immunology presence and advancing dual-pathway antibodies: “We remain dedicated to developing treatments for patients with severe autoimmune and inflammatory diseases…” .

What Went Wrong

G&A expenses increased meaningfully in 2024, driven by compensation and professional fees (including warrant exchange-related costs), pressuring operating loss despite R&D normalization versus 2023 .
No revenue and no product approvals; forward-looking risk disclosures underscore continued losses and reliance on external CRO/CDMO partners, regulatory execution, and capital markets .
Limited disclosure of quarterly Q4-specific P&L detail and absence of an earnings call/transcript reduced clarity on near-term OpEx cadence and timing specifics beyond published milestones .

Financial Results

Metric	Q1 2024	Q2 2024	Q3 2024	Q4 2024
Cash and Cash Equivalents ($USD Millions)	$89.8	$188.4	$188.2	$176.5
R&D Expense ($USD Millions)	$3.6	$5.5	$6.0	$9.3 (derived from FY $24.4 − Q1–Q3)
G&A Expense ($USD Millions)	$4.8	$6.2	$13.3	$6.5 (derived from FY $30.8 − Q1–Q3)
Net Loss ($USD Millions)	$7.7	$12.7	$22.9	$2.1 (derived from FY $45.4 − Q1–Q3)
EPS (Basic & Diluted, $)	$(0.02)	$(0.17)	$(0.26)	n/a (no quarterly EPS disclosed in FY release)
Revenue ($USD)	n/a (clinical-stage, no products approved)	n/a (clinical-stage, no products approved)	n/a (clinical-stage, no products approved)	n/a (clinical-stage, no products approved)

Notes: Q4 R&D, G&A, and net loss are calculated from FY totals less Q1–Q3 reported amounts; quarterly revenue not disclosed and company is pre-revenue .

Segment breakdown: Not applicable (no commercial revenue segments) .

KPIs

KPI	FY 2024	FY 2023
Cash & Cash Equivalents ($USD Millions)	$176.5	$99.8
Total Operating Expenses ($USD Millions)	$55.2	$62.6
Net Loss ($USD Millions)	$52.4 (total) / $45.4 attributable to Class A	$60.4 (total) / $69.2 attributable to Class A
Weighted-Average Shares (Basic & Diluted)	75,070,761	33,064,036
Shares Outstanding (End of Period)	65,297,530	43,593,678

Guidance Changes

Metric	Period	Previous Guidance	Current Guidance	Change
Cash Runway	Multi-year	Through 2027 (Q2/Q3 reiterated)	Through 2027 reaffirmed	Maintained
Tibulizumab SSc Phase 2	Q4 2024	Anticipated initiation in Q4 2024	Initiated in December 2024	Achieved (on-time)
Tibulizumab HS Phase 2	Q2 2025	Planned initiation Q2 2025	Planned initiation Q2 2025	Maintained
SSc Orphan Drug Designation	Q4 2024	Intend to submit	Application submitted to FDA in Q4 2024	Achieved submission
Financial Guidance (Revenue/Margins/Tax)	FY/Qtr	None provided	None provided	Maintained (no financial guidance)

Earnings Call Themes & Trends

Note: No Q4 2024 earnings call transcript available; themes reflect quarterly press communications.

Topic	Previous Mentions (Q2 2024)	Previous Mentions (Q3 2024)	Current Period (Q4 2024)	Trend
R&D Execution (Tibulizumab)	EULAR data; CRO selected; SSc Phase 2 planned Q4; HS Phase 2 planned H1’25	Protocol finalized; SSc Phase 2 anticipated Q4; HS Phase 2 anticipated Q2’25	SSc Phase 2 initiated Dec’24; HS Phase 2 planned Q2’25	Advancing according to plan
Regulatory/Designations	Planning and FDA Type B feedback for SSc	SSc Orphan Drug application submitted in Q4	Monitoring external data (IL-33/IL-7/TSLP) to inform strategy	Active engagement; external data-informed
Financing/Capital Structure	$112.5M private placement; runway to 2027	ATM program in place; warrant exchange completed	Year-end cash $176.5M; runway to 2027	Strong liquidity; simplified structure
Operational Partnerships	CROs secured for SSc; preparations underway	Third-party CRO selected for HS	Ongoing CRO/CDMO reliance noted in risk factors	Execution via partners

Management Commentary

“In 2024, we reached key milestones that reinforced our financial foundation, expanded our leadership team, and advanced our clinical pipeline… In 2025, we look forward to… TibuSURE Phase 2 study for SSc and the anticipated launch of a Phase 2 study for HS in Q2.” — Robert Lisicki, CEO .
“We’ve worked closely with our contract research organization (CRO) to begin trial readiness and prepare for site activation… selected a CRO to support the anticipated Phase 2… for HS in the second quarter of 2025.” — Robert Lisicki, CEO (Q3 update) .
“We remain focused on the design and on-time execution of our tibulizumab development program with a goal to introduce best in-class therapies to people living with SSc and HS.” — Robert Lisicki, CEO (Q1 update) .

Q&A Highlights

No Q4 2024 earnings call transcript was available; the company furnished its FY 2024 results by press release with no disclosed call details .

Estimates Context

Wall Street consensus (S&P Global) for Q4 2024 and FY 2024 was unavailable; no estimate comparisons can be made. Values retrieved from S&P Global.*

Where estimates may need to adjust:

With SSc Phase 2 initiation achieved and HS Phase 2 slated for Q2 2025, models may shift to incorporate Phase 2 timelines and potential readout windows; share count and non-cash items impacted EPS in 2024 and could influence forward EPS modeling .

Key Takeaways for Investors

Liquidity is robust with $176.5M year-end cash and runway to 2027, limiting near-term financing overhang and enabling Phase 2 execution in SSc and HS .
Clinical momentum is tangible: SSc Phase 2 started in Dec’24; HS Phase 2 initiation targeted for Q2’25 — key 2025–2026 data catalysts will likely be primary stock movers .
2024 spend profile shows strategic investment in pipeline and corporate infrastructure; G&A normalization post one-time Q3 items is a watch-point for OpEx discipline .
No revenue and no approvals: value creation remains tied to clinical efficacy, safety, and regulatory progression; external readouts (IL-33/IL-7/TSLP fields) may inform internal strategy .
Share count increased materially in 2024 (43.6M to 65.3M), affecting EPS comparability; investors should focus on cash runway and clinical milestones rather than near-term GAAP EPS .
Corporate tools (ATM, warrant exchange) simplified the capital structure and provide flexibility; monitor any use of ATM in relation to trial progress .
Near-term trading: headlines around HS Phase 2 initiation and SSc trial site activations/readouts are likely to be catalysts; absence of call/transcripts suggests updates will be via press releases/SEC filings .

Citations:

Q4/FY press release and 8-K (EX-99.1):
Q3 press release and 8-K:
Q2 press release and 8-K:
Q1 press release and 8-K:

External reference to company IR press release page for completeness:

S&P Global disclaimer: Values retrieved from S&P Global.

Zura Bio Ltd (ZURA)·Q4 2024 Earnings Summary