Financial Performance - As of March 31, 2024, Zura Bio Limited reported a net loss of $7.7 million and an accumulated deficit of $111.2 million[116]. - The net loss attributable to ordinary shareholders was $730,000 for the three months ended March 31, 2024, a significant decrease of 93% from the net loss of $9.8 million in the same period of 2023[150]. - The company expects to continue incurring significant operating losses and may never become profitable, with no revenue generated since inception[160]. - Cash used in operating activities for Q1 2024 was $4.98 million, compared to $3.26 million in Q1 2023, reflecting an increase in operational costs[169][171]. Funding and Capital Structure - The company raised a total of $112.5 million in gross proceeds from a Private Placement in April 2024, selling Class A Ordinary Shares and Pre-Funded Warrants[122]. - The company completed a Business Combination on March 20, 2023, generating approximately $56.7 million in net proceeds[119]. - The company reported a net cash increase of $42.4 million from financing activities in Q1 2023, primarily from the Business Combination[174]. - The company expects net proceeds from the Business Combination and private placements to fund operating expenses and capital requirements for at least the next twelve months[166]. Research and Development - Zura Bio Limited has not generated any revenue from product sales and has not conducted any clinical tests since its inception[115]. - Zura Bio Limited's lead product candidates are in the clinical testing stage, with plans to advance preclinical and clinical development significantly[116]. - The company is obligated to make development milestone payments to Lilly up to an aggregate of $155.0 million and sales milestone payments up to $440 million based on net sales thresholds[130]. - Future expenses are anticipated to increase due to ongoing research and development activities and administrative costs associated with being a public company[162]. Expenses and Cost Management - General and administrative expenses increased by $2.0 million to $4.8 million for the three months ended March 31, 2024, representing a 69% increase year-over-year[152]. - Research and development expenses decreased by $1.3 million to $3.6 million for the three months ended March 31, 2024, a 26% decline compared to the same period in 2023[151]. - Total operating expenses rose by $660,000 to $8.4 million for the three months ended March 31, 2024, a 9% increase compared to the previous year[150]. - The company anticipates significant increases in expenses related to scaling up clinical and regulatory capabilities and establishing commercialization infrastructure[116]. Corporate Governance and Compliance - A CEO transition occurred on April 8, 2024, with Robert Lisicki taking over from Someit Sidhu[139]. - The company remains an emerging growth company and may elect to extend the transition period for complying with new accounting standards[188]. - The company qualifies as a "smaller reporting company" under the Securities Act and Exchange Act, with a market value of Class A Ordinary Shares held by non-affiliates below $250 million or annual revenue under $100 million[190]. - The company is exempt from compliance with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act[190]. Licensing and Agreements - The company entered into a license agreement with Lilly for the development of a bispecific antibody, making an initial payment of $5.0 million[124]. - The company has entered into a Cell Line License Agreement with WuXi Biologics, involving a non-refundable license fee of $150,000 and potential royalty payments based on global net sales[181]. - The company is obligated to make multimillion dollar milestone payments to Pfizer and Lilly upon achieving certain development, regulatory, and sales milestones[163]. - Ongoing royalties to Pfizer and Lilly are expected to be in the mid-single digits to low double-digits percentage range based on net sales thresholds[165].

Financial Performance - Zura Bio Limited has incurred significant operating losses, with a net loss of $60.4 million for the year ended December 31, 2023, compared to a net loss of $25.7 million for the year ended December 31, 2022[465]. - The company reported a total operating expense of $62.6 million for the year ended December 31, 2023, an increase of 131% compared to $27.2 million for the period from January 18, 2022, to December 31, 2022[504]. - The company incurred a net loss of $60.4 million for the year ended December 31, 2023, representing a 135% increase from a net loss of $25.7 million in 2022[504]. - Research and development expenses rose to $44.0 million in 2023, up 86% from $23.7 million in 2022, primarily due to increased costs associated with acquiring licenses and manufacturing product candidates[504][505]. - General and administrative expenses increased by 437% to $18.6 million in 2023, compared to $3.5 million in 2022, driven by higher compensation and professional fees[504][506]. - The company has not generated any revenue from product sales and has not conducted any clinical tests since its inception[464]. - The company has not generated any revenue since inception and does not expect to do so for at least the next few years[518]. Funding and Capital Structure - The company has raised a total of $10.0 million from the sale of convertible preferred stock, $7.6 million from a promissory note, $56.7 million from a Business Combination, and $80.0 million from an April 2023 Private Placement[464]. - The April 2023 Private Placement involved the issuance of 15,041,530 Class A Ordinary Shares at $4.25 per share, raising an aggregate of $80.0 million[475]. - Cash provided by financing activities for the year ended December 31, 2023 was $121.3 million, including $56.7 million from the Business Combination and $59.7 million from the April 2023 Private Placement[530]. - As of December 31, 2023, the company had cash and cash equivalents of $99.8 million[516]. - The company anticipates needing substantial additional funding for ongoing operations and research and development activities[522]. Research and Development - The company is focused on advancing the preclinical and clinical development of its product candidates, including the ZB Assets, and seeks regulatory approval for successful candidates[465]. - The company plans to significantly increase its research and development expenses in the foreseeable future to support the development of product candidates and manufacturing processes[500]. - The company recognized $27.2 million in expenses related to the acquisition of an in-process research and development license from Lilly during the year ended December 31, 2023[505]. - External costs related to process development and clinical activities are recognized based on progress evaluations and service provider information[543]. Agreements and Obligations - Zura Bio entered into a license agreement with Lilly for the development of a bispecific antibody (ZB-106), involving an upfront payment of $5.8 million and 1,000,000 Class A Ordinary Shares valued at $7.84 per share[477]. - The company is obligated to make up to $155.0 million in development milestone payments and up to $440 million in sales milestone payments based on net sales of products developed from ZB-106[481]. - The company is obligated to make milestone payments to Lilly totaling up to $155.0 million and sales milestone payments up to $440.0 million based on net sales thresholds of products developed from licensed compounds[485]. - The company has a potential multi-million dollar transaction payment obligation if there are changes in control or if it sublicenses or divests its rights to products[488]. - The company has not included future milestone or royalty payments in its financial statements due to uncertainty regarding timing and amounts[539]. Operational Plans - The company plans to scale up its clinical and regulatory capabilities, hire additional personnel, and establish a commercialization infrastructure to support future product candidates[465]. - The company expects to incur significant commercialization expenses related to sales, marketing, manufacturing, and distribution if product candidates receive approval[519]. Shareholder and Stock Information - Zura Bio's Class A Ordinary Shares began trading on Nasdaq under the symbols "ZURA" and "ZURAW" following the Business Combination on March 21, 2023[472]. - The company issued 4,900,222 shares of Series Seed Preferred Shares to Stone Peach Properties as part of an acquisition arrangement, with options for both parties to buy or sell shares at specified prices[484]. - The deemed dividend to redeemable noncontrolling interest was $10.9 million for the year ended December 31, 2023, due to modifications of terms of the Z33 Series Seed Preferred Shares[514]. - The company has not paid dividends on its ordinary shares and has no plans to do so, using an expected dividend yield of zero in its financial assessments[549]. Emerging Growth Company Status - The company remains classified as an emerging growth company, allowing it to delay the adoption of certain accounting standards until they apply to private companies[554]. - The company qualifies as a smaller reporting company, which allows it to present only two years of audited financial statements and have reduced disclosure obligations[559].

Financial Position - Zura Bio reported a cash position of $99.8 million as of December 31, 2023, compared to $1.6 million as of December 31, 2022, indicating a significant increase in liquidity[10]. - Zura Bio's total assets increased to $100.8 million as of December 31, 2023, from $5.3 million in 2022, reflecting substantial growth in the company's financial position[19]. Expenses - Research and Development (R&D) expenses for 2023 were $44.0 million, an increase of 85.5% from $23.7 million in 2022, primarily due to higher manufacturing and licensing costs[11]. - General and Administrative (G&A) expenses rose to $18.6 million in 2023, up from $3.5 million in 2022, reflecting a 531.4% increase mainly due to personnel compensation and professional services[12]. - Total operating expenses for the year ended December 31, 2023, were $62,638,000, a significant increase from $27,162,000 in 2022, representing a growth of 130%[21]. - Research and development expenses rose to $43,999,000 in 2023, compared to $23,689,000 in 2022, indicating an increase of 85%[21]. Net Loss - The net loss for the year ended December 31, 2023, was $60.4 million, compared to a net loss of $25.7 million for the previous year, representing an increase of 134.5%[13]. - The net loss attributable to Class A Ordinary Shareholders of Zura for 2023 was $69,243,000, up from $32,390,000 in 2022, reflecting a 114% increase in losses[21]. - The net loss per share attributable to Class A Ordinary Shareholders of Zura was $2.09 for 2023, compared to $141.97 in 2022[21]. - Loss from operations for the year ended December 31, 2023, was $62,638,000, compared to $27,162,000 in 2022, marking an increase of 130%[21]. - The loss before income taxes for 2023 was $60,563,000, compared to $27,333,000 in 2022, indicating an increase of 121%[21]. Corporate Developments - Zura Bio plans to initiate a Phase 2 clinical trial for tibulizumab in systemic sclerosis in the second half of 2024[6]. - The company raised approximately $145 million in the first half of 2023 to support its pipeline and operations, including $80 million from institutional biotech investors[9]. - Zura Bio joined the Russell 2000® and Russell 3000® Indexes in June 2023, enhancing its market visibility[9]. - The company is advancing ZB-168 and torudokimab towards Phase 2 readiness while monitoring external catalysts in 2024[3]. - The company appointed Robert Lisicki as CEO, effective April 8, 2024, to lead the organization through its next phase of development[4]. Other Financial Metrics - Total other expense/(income), net for 2023 was $(2,075,000), a decrease from $171,000 in 2022[21]. - The change in fair value of private placement warrants resulted in a loss of $724,000 in 2023, with no comparable figure in 2022[21]. - The deemed dividend to redeemable noncontrolling interest was $(10,875,000) in 2023, with no comparable figure in 2022[21]. - The weighted-average Class A Ordinary Shares used in computing net loss per share increased to 33,064,036 in 2023 from 228,148 in 2022[21].

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM TO Commission File Number 001-40598 ZURA BIO LIMITED (Exact name of Registrant as specified in its Charter) Cayman Islands 98-1725736 (S ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM TO Commission File Number 001-40598 ZURA BIO LIMITED (Exact name of Registrant as specified in its Charter) Cayman Islands 98-1725736 (State ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM TO Commission File Number 001-40598 ZURA BIO LIMITED (Exact name of Registrant as specified in its Charter) Cayman Islands 98-1725736 (State ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM TO Commission File Number:001-40598 ZURA BIO LIMITED (Exact name of registrant as specified in its Charter) Cayman Islands NA (State or other jur ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2022 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to | JATT Acquisition Corp | | | | --- | --- | --- | | (Exact Name of Registrant as Specified in its Charter) | | | | Cayman Islands | 001-40598 | N/A ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2022 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to JATT Acquisition Corp (Exact Name of Registrant as Specified in its Charter) Cayman Islands 001-40598 N/A (State or other jurisdiction of incorporation) ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2022 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to JATT Acquisition Corp (Exact Name of Registrant as Specified in its Charter) Cayman Islands 001-40598 N/A (State or other jurisdiction of incorporation) (Commission File ...