Financial Performance - Total assets as of March 31, 2025, were $172.5 million, a decrease from $179.5 million as of December 31, 2024[12] - Operating expenses for the three months ended March 31, 2025, were $19.3 million, compared to $8.4 million for the same period in 2024, representing a 130% increase[14] - Net loss for the three months ended March 31, 2025, was $17.4 million, compared to a net loss of $7.7 million for the same period in 2024, indicating a 126% increase in losses[14] - Cash and cash equivalents decreased to $170.6 million as of March 31, 2025, from $176.5 million at the end of 2024, reflecting a decrease of $5.9 million[22] - The Company has an accumulated deficit of $173.3 million as of March 31, 2025, and a net loss of $17.4 million for the three months ended March 31, 2025[34] - The Company reported a net loss of $7.7 million for the three months ended March 31, 2024, indicating a year-over-year increase in losses[34] Research and Development - Research and development expenses for the three months ended March 31, 2025, were $10.5 million, significantly higher than $3.6 million for the same period in 2024, marking a 192% increase[14] - The company is currently developing tibulizumab (ZB - 106), with a global Phase 2 study initiated in December 2024, targeting approximately 80 participants[28] - The Company has two key product candidates: Crebankitug (ZB-168) and Torudokimab (ZB-880), targeting immune and inflammatory disorders[32] - The Company is obligated to make milestone payments to Lilly totaling up to $155.0 million for development and $440.0 million for sales based on net sales thresholds for tibulizumab[63] Shareholder Equity and Financing - The company raised $5.1 million from the issuance of Class A Ordinary Shares in connection with a sale under the ATM, net of commissions[23] - The Company raised $56.7 million in net cash proceeds from the Business Combination and an additional $105.3 million from the April 2024 Private Placement[35] - In Q1 2025, the Company sold 3,000,000 Class A Ordinary Shares at $1.75 per share, generating net proceeds of $5.1 million[77] - As of March 31, 2025, a total of 47,219,119 shares are reserved for issuance, including options and warrants[78] - The maximum number of Class A Ordinary Shares that may be issued under the Employee Stock Purchase Plan (ESPP) is 4,029,898, plus additional shares from the Equity Incentive Plan[87] Liabilities and Obligations - Total liabilities as of March 31, 2025, were $21.1 million, unchanged from December 31, 2024[12] - The total accounts payable and accrued expenses increased to $21.1 million as of March 31, 2025, up from $19.5 million as of December 31, 2024[57] - The Company has incurred operating losses since inception and may never become profitable[34] - The Company is obligated to make future payments to Pfizer totaling up to $69.0 million for development milestones and $525.0 million for sales milestones[70] - The Company is obligated to make milestone payments to Lilly totaling up to $155.0 million for development and $440.0 million for sales based on net sales thresholds for tibulizumab[63] Share-Based Compensation - The Company reported a share-based compensation expense of $3.6 million for the three months ended March 31, 2025, compared to $2.4 million for the same period in 2024[23] - The total share-based compensation expense for the three months ended March 31, 2025, was $3.644 million, compared to $2.409 million for the same period in 2024, representing a 51.1% increase[98] - As of March 31, 2025, there was approximately $21.7 million of total unrecognized share-based compensation expense related to options granted, expected to be recognized over a weighted average period of 3.1 years[98] - The Company granted 3,572,790 share options during the three months ended March 31, 2025, with a weighted average exercise price of $1.20[91] - The fair value of share options granted during the three months ended March 31, 2025, was estimated at $0.97 per option, compared to $2.91 for the same period in 2024[93] - As of March 31, 2025, the Company had 15,687,069 options outstanding with a weighted average exercise price of $2.50 and an intrinsic value of $4.096 million[91] Regulatory and Compliance - The company qualifies as a "smaller reporting company" and is exempt from certain regulatory requirements, including auditor attestation under Section 404 of the Sarbanes-Oxley Act[176] - The company has reduced disclosure obligations regarding executive compensation in periodic reports and proxy statements[177] - The company is exempt from holding non-binding advisory votes on executive compensation or golden parachute arrangements[177] - The company is not required to comply with Public Company Accounting Oversight Board requirements related to critical audit matters in auditor reports[177] Licensing and Agreements - The Company entered into a license agreement with Lilly for an exclusive license to develop and commercialize tibulizumab, a bispecific antibody[58] - As part of the 2023 Lilly License, the Company granted Stone Peach a call right to purchase 4.99% of ZB17's equity for $1.0 million, with a noncontrolling interest balance of $1.5 million as of March 31, 2025[59] - Stone Peach will receive an annual payment starting at $0.6 million, increasing by 10% annually, as long as the Company maintains its license for tibulizumab[60] - A one-time payment of $4.5 million is due to Stone Peach upon FDA acceptance of the IND for tibulizumab, recorded in R&D expenses for the year ended December 31, 2024[61] - The Lonza License requires an annual fee of $0.4 million, recorded in accounts payable as of March 31, 2025[73]

Financial Performance - Zura Bio reported a net loss of $17.4 million, or $0.19 per share, for Q1 2025, compared to a net loss of $7.7 million, or $0.02 per share, in Q1 2024[12][22]. - Total operating expenses for Q1 2025 were $19.3 million, compared to $8.4 million in Q1 2024[22]. - Zura Bio's accumulated deficit increased to $173.3 million as of March 31, 2025, compared to $155.9 million at the end of 2024[20]. Research and Development - Research and Development (R&D) expenses increased to $10.5 million in Q1 2025 from $3.6 million in Q1 2024, primarily due to higher contract research organization costs and manufacturing costs[10]. - The Phase 2 TibuSURE trial for tibulizumab in adults with systemic sclerosis (SSc) is ongoing, with preparations for a second Phase 2 trial in hidradenitis suppurativa (HS) expected to initiate in Q2 2025[3][4][7]. - The company is exploring the potential of crebankitug in immune-mediated diseases and evaluating torudokimab for inflammatory and respiratory diseases[5][6]. Administrative Expenses - General and Administrative (G&A) expenses rose to $8.8 million in Q1 2025, up from $4.8 million in Q1 2024, driven by increased compensation costs and professional fees[11]. Cash Position - As of March 31, 2025, Zura Bio had cash and cash equivalents of $170.6 million, with a cash runway anticipated through 2027[9][7]. - The total assets of Zura Bio as of March 31, 2025, were $172.5 million, down from $179.5 million as of December 31, 2024[20]. Organizational Changes - The company appointed Kate Dingwall as Senior Vice President of Development Operations to enhance clinical execution and organizational growth[8].

Financial Position - Zura Bio reported cash and cash equivalents of $176.5 million as of December 31, 2024, up from $99.8 million as of December 31, 2023, indicating a significant increase of 76.8%[9]. - Zura Bio's total assets increased to $179.5 million as of December 31, 2024, compared to $100.8 million in 2023, indicating strong growth in the company's financial position[18]. - Zura Bio completed a $112.5 million private placement financing in April 2024, contributing to a total cash position that supports operations through 2027[6]. Expenses - Research and development expenses decreased to $24.4 million for the year ended December 31, 2024, down 44.5% from $44.0 million in 2023, primarily due to a one-time acquisition cost in the previous year[10]. - General and administrative expenses rose to $30.8 million in 2024, an increase of 65.5% compared to $18.6 million in 2023, driven by higher compensation and professional fees[11]. - The total operating expenses for 2024 were $55.2 million, a decrease from $62.6 million in 2023, reflecting improved cost management[20]. Net Loss - The net loss for the year ended December 31, 2024, was $45.4 million, or $0.60 per share, a reduction from a net loss of $69.2 million, or $2.09 per share, in 2023[12]. Clinical Development - Zura Bio initiated the Phase 2 TibuSURE trial for systemic sclerosis (SSc) in December 2024, marking a key milestone in its clinical pipeline[4]. - The company plans to launch a Phase 2 trial for hidradenitis suppurativa (HS) in Q2 2025, further expanding its clinical research efforts[7]. - The company established a Scientific Advisory Board in June 2024, enhancing its clinical and scientific leadership capabilities[13].

Group 1 - Zura Bio Limited (ZURA) has experienced a significant downtrend, with a stock decline of 35.6% over the past four weeks, indicating strong selling pressure [1] - The stock is currently in oversold territory, with an RSI reading of 29.75, suggesting a potential reversal in trend [5] - Wall Street analysts have raised earnings estimates for ZURA, with a consensus EPS estimate increase of 8.9% over the last 30 days, indicating a positive outlook for the company's earnings [6] Group 2 - ZURA holds a Zacks Rank 2 (Buy), placing it in the top 20% of over 4,000 ranked stocks, which further supports the potential for a turnaround [7] - The RSI is a commonly used technical indicator for identifying oversold stocks, with a reading below 30 typically indicating oversold conditions [2] - The upward trend in earnings estimate revisions is generally associated with price appreciation in the near term, reinforcing the potential for ZURA's stock to recover [6]

Financial Performance - The net loss attributable to Class A Ordinary Shareholders for the three months ended September 30, 2024, was $22,942,000, compared to a loss of $8,270,000 for the same period in 2023, representing an increase in loss of approximately 177.5%[15]. - For the three months ended September 30, 2023, the net loss was $20.702 million, compared to a net loss of $8.270 million for the same period in the previous year[18]. - As of September 30, 2024, total shareholders' equity was $154.587 million, with an accumulated deficit of $142.272 million[19]. - As of September 30, 2024, the company reported a net loss of $20.7 million for the three months and $38.8 million for the nine months, with an accumulated deficit of $142.3 million[122]. Assets and Liabilities - As of September 30, 2024, the company reported total current assets of $188,975,000, a significant increase from $100,843,000 as of December 31, 2023, representing an increase of approximately 87%[11]. - The company reported a total liability of $18,244,000 as of September 30, 2024, down from $21,292,000 as of December 31, 2023, indicating a decrease of about 14.4%[12]. - The company’s total shareholders' equity increased to $154,587,000 as of September 30, 2024, from $60,871,000 as of December 31, 2023, representing an increase of approximately 154.0%[13]. - The total assets of the company as of September 30, 2024, were $189,071,000, up from $100,843,000 as of December 31, 2023, reflecting an increase of approximately 87.2%[11]. Cash Flow and Financing - The company had cash and cash equivalents of $188.221 million as of September 30, 2023, up from $103.859 million at the beginning of the period[28]. - Cash provided by financing activities for the nine months ended September 30, 2024 was $110.7 million, consisting of $62.5 million from Class A Ordinary Shares issuance and $50.0 million from Pre-Funded Warrants[180]. - The company 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[121]. - The company completed an April 2024 Private Placement, issuing 18,732,301 Class A Ordinary Shares at $3.108 per share, raising approximately $108.3 million[79]. Operating Expenses - Total operating expenses for the three months ended September 30, 2024, were $19,319,000, compared to $10,187,000 for the same period in 2023, reflecting an increase of approximately 90.0%[15]. - General and administrative expenses rose by $7.1 million to $13.3 million for the three months ended September 30, 2024, reflecting a 114% increase year-over-year[154]. - Research and development expenses for the nine months ended September 30, 2024, were $15,161,000, compared to $37,079,000 for the same period in 2023, showing a decrease of approximately 59.1%[15]. - Research and development expenses increased by $2.1 million to $6.0 million for the three months ended September 30, 2024, representing a 52% increase compared to the same period in 2023[153]. Shareholder Equity and Shares - The company issued 20,090,128 Class A Ordinary Shares in connection with an April 2024 private placement, raising $55.221 million after $7.2 million in transaction costs[19]. - The company had 65,293,530 Class A Ordinary Shares outstanding as of September 30, 2024[19]. - The total number of shares issuable upon exercise of options to purchase Class A Ordinary Shares increased from 5,681,471 as of September 30, 2023, to 9,318,906 as of September 30, 2024[47]. - The company authorized 300,000,000 Class A Ordinary Shares and 1,000,000 preferred shares as of March 16, 2023[74]. Future Obligations and Risks - The company is obligated to make future milestone payments to Lilly totaling up to $155 million and sales milestone payments up to $440 million under the 2022 and 2023 Lilly Licenses[70]. - The company has not yet conducted any clinical trials and has no product candidates approved for sale, with no revenue generated from product sales[121]. - The company may need to rely on additional financing to achieve its business objectives, as adequate financing may not be available on acceptable terms[176]. - The company has not included future milestone or royalty payments in its financial obligations due to their uncertain timing and amounts[189]. Management and Corporate Structure - A CEO transition was approved, with Robert Lisicki set to take over from founder Someit Sidhu effective April 8, 2024[143]. - The Company completed a business combination on March 20, 2023, resulting in the establishment of Zura Bio Limited as the new holding company[30]. - The business combination has been accounted for as a reverse recapitalization, with Legacy Zura as the accounting acquirer[31]. Regulatory and Compliance - The Company’s future product candidates require FDA approvals, and there is no assurance that any will receive necessary approvals[39]. - The Company’s financial statements are prepared in accordance with U.S. GAAP and may not be comparable to those of other public companies due to its emerging growth status[34]. - 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 being less than $250 million[196].

Financial Performance - Cash and cash equivalents totaled $188.2 million as of September 30, 2024, up from $99.8 million as of December 31, 2023, indicating a significant increase of 88.4%[7] - The net loss for Q3 2024 was $22.9 million, or $0.26 per share, compared to a net loss of $8.3 million, or $0.18 per share, for the same period in 2023[10] - The accumulated deficit increased to $142.3 million as of September 30, 2024, from $103.5 million as of December 31, 2023[17] Expenses - Research and development expenses for Q3 2024 were $6.0 million, an increase of 50% compared to $4.0 million for the same period in 2023[8] - General and administrative expenses rose to $13.3 million in Q3 2024, up 114.5% from $6.2 million in Q3 2023, primarily due to a one-time non-cash expense of $5.3 million in share-based compensation[9] Clinical Trials - The Phase 2 clinical trial for tibulizumab in systemic sclerosis is expected to initiate in Q4 2024, with the protocol finalized in September 2024[3] - A third-party CRO has been selected to oversee the Phase 2 clinical program for tibulizumab in hidradenitis suppurativa, with trial initiation anticipated in Q2 2025[3] Capital Structure - The company completed a warrant exchange program in August 2024, simplifying its capital structure[6] - An "at-the-market" (ATM) program is in place as of September 2024, providing increased financial flexibility for the company[6] Assets - The total assets as of September 30, 2024, were $189.1 million, compared to $100.8 million as of December 31, 2023[15]

Financial Performance - The company reported a net loss of $10.3 million for the three months ended June 30, 2024, and $18.1 million for the six months ended June 30, 2024, with an accumulated deficit of $121.6 million as of June 30, 2024[107]. - The net loss attributable to ordinary shareholders was $13.4 million for the six months ended June 30, 2024, a decrease of $41.3 million (76%) compared to the same period in 2023[144]. - The company incurred a net loss before redeemable noncontrolling interest of $18.1 million for the six months ended June 30, 2024, compared to a net loss of $43.8 million for the same period in 2023[164][165]. - The net loss attributable to Ordinary Shareholders of the Company was $12.7 million for the three months ended June 30, 2024, a decrease of $21.4 million (48%) compared to the prior year[134]. Revenue and Sales - The company has not generated any revenue from product sales and has a limited operating history focused on business planning and raising capital[106]. - The company has not generated any revenue since inception and does not expect to do so for at least the next few years[157]. Capital and Financing - The company raised a total of $112.5 million in gross proceeds from the April 2024 Private Placement, issuing 18,732,301 Class A Ordinary Shares and pre-funded warrants[111]. - The company generated approximately $56.7 million in net proceeds from the Business Combination completed on March 20, 2023[110]. - As of June 30, 2024, the company had cash and cash equivalents of $188.4 million, funded through various financing activities including a $112.5 million private placement[155]. - Net cash provided by financing activities for the six months ended June 30, 2024, was $105.3 million, a decrease of 15.9% from $125.4 million in the same period of 2023[166][167]. Expenses - Research and development expenses decreased by $22.7 million (80%) to $5.5 million for the three months ended June 30, 2024, primarily due to a $27.2 million expense related to an IPR&D license acquisition in the prior year[134][136]. - General and administrative expenses increased by $0.5 million (10%) to $6.2 million for the three months ended June 30, 2024, driven by higher compensation and professional fees[137]. - The Company anticipates a substantial increase in research and development expenses as it continues to develop product candidates and manufacturing processes[131]. - General and administrative expenses increased by $2.5 million (29%) for the six months ended June 30, 2024, mainly due to a $2.0 million increase in compensation-related expenses[148]. - Total operating expenses decreased by $21.5 million (52%) for the six months ended June 30, 2024, compared to the same period in 2023[144]. Future Outlook - The company plans to raise substantial additional capital in the future to support ongoing clinical development and operational needs[131]. - Future operations are dependent on the ability to finance cash requirements for ongoing research and development activities[156]. - The company anticipates ongoing increases in expenses related to research and development and administrative costs as it seeks marketing approval for product candidates[158]. Agreements and Obligations - The company is obligated to make development milestone payments to Lilly of up to $155.0 million and sales milestone payments of up to $440 million based on net sales thresholds for products developed from ZB-106[117]. - The company entered into a license agreement with Lilly for the exclusive rights to develop, manufacture, and commercialize a bispecific antibody, ZB-106, with an initial payment of $5.0 million made during the six months ended June 30, 2024[114]. - The company entered into a Lonza License agreement, which includes potential annual payments of up to middle six-figure amounts per sublicense and royalties of up to low-single digit percentages of net sales[169]. - A master services agreement with WuXi Biologics was established in July 2023, obligating the company to pay service fees as specified in each work order[170]. Operational Changes - The company has incurred significant operating losses since inception and anticipates expenses will increase significantly as it advances preclinical and clinical development of product candidates[107]. - The company has a new CEO, Robert Lisicki, effective April 8, 2024, following a transition from founder Someit Sidhu[123]. - The Company commenced an exchange offer for outstanding IPO warrants, offering 0.30 Class A ordinary shares for each warrant tendered[124]. - The Exchange Offer and Consent Solicitation resulted in 6,703,428 public warrants (approximately 97.2%) and 4,080,580 private placement warrants (approximately 69.0%) being validly tendered[125]. - The Company issued 3,235,184 Class A ordinary shares in exchange for 10,784,008 IPO warrants, with a mandatory exchange ratio of 0.27 Class A ordinary shares for each remaining IPO warrant[126]. Economic Impact - Macroeconomic conditions, including geopolitical conflicts and inflation, continue to impact the Company's business and may materially affect future results[127]. - Cash used in operating activities for the six months ended June 30, 2024, was $11.6 million, compared to $8.4 million for the same period in 2023, reflecting an increase of 38.1%[164][165]. - Cash used in investing activities for the six months ended June 30, 2024, was $5.0 million, slightly lower than $5.8 million in the same period of 2023[166]. Non-Cash Charges - Non-cash charges for the six months ended June 30, 2024, included $6.7 million, primarily from share-based compensation of $5.3 million[164]. Company Classification - The company remains classified as an "emerging growth company" and a "smaller reporting company," allowing it to take advantage of reduced disclosure requirements[177][179].

Financial Performance - Net loss for Q2 2024 was $12.7 million, or $0.17 per share, compared to a net loss of $44.9 million, or $1.31 per share, in Q2 2023[5] - Net loss attributable to Class A Ordinary Shareholders of Zura was $12,666,000, a reduction of 71.8% from $44,900,000 in 2023[13] - Net loss per share attributable to Class A Ordinary Shareholders was $0.17, significantly improved from $1.31 in the prior year[13] - Loss from operations for June 2024 was $11,759,000, compared to $33,905,000 in 2023[13] - The company reported a loss before income taxes of $(10,329,000), down from $(34,025,000) in 2023[13] Cash and Investments - Zura Bio reported cash, cash equivalents, and investments of $188.4 million as of June 30, 2024, up from $99.8 million as of December 31, 2023[3] - The company raised approximately $112.5 million in gross proceeds from a private placement in April 2024, expected to support operations through 2027[3] - Zura Bio's total assets increased to $189.5 million as of June 30, 2024, compared to $100.8 million as of December 31, 2023[12] Research and Development - Research and Development (R&D) expenses decreased to $5.5 million in Q2 2024, down from $28.2 million in the same period in 2023, primarily due to a $27.2 million expense related to the acquisition of tibulizumab in Q2 2023[4] - Research and development expenses amounted to $5,539,000, down from $28,230,000 in the previous year[13] - The company anticipates utilizing external data readouts to inform the initial indication selection for crebankitug by the end of 2024[7] - Zura Bio expects to initiate Phase 2 studies for tibulizumab in systemic sclerosis (SSc) in Q4 2024 and in hidradenitis suppurativa (HS) in Q2 2025[1] Operating Expenses - General and Administrative (G&A) expenses increased to $6.2 million in Q2 2024, compared to $5.7 million in Q2 2023[5] - Total operating expenses for June 2024 were $11,759,000, a decrease of 65.3% compared to $33,905,000 in 2023[13] - Total other income/expense, net was $(1,430,000), compared to $120,000 in the previous year[13] - Interest income for the period was $(2,196,000), with no interest income reported in the prior year[13] Corporate Developments - Zura Bio established a Scientific Advisory Board in June 2024, comprising leading experts in rheumatology, dermatology, and immunology[2] - The company completed a warrant exchange program in August 2024 to simplify its capital structure[2]

Financial Performance - Cash and cash equivalents decreased to $89.8 million as of March 31, 2024, from $99.8 million as of December 31, 2023[4]. - Net loss for Q1 2024 was $7.7 million, an improvement from a net loss of $9.6 million in the same period of 2023[9]. - Total operating expenses for Q1 2024 were $8.4 million, compared to $7.7 million in Q1 2023[20]. Funding and Cash Runway - Zura Bio raised approximately $112.5 million in an oversubscribed private placement, providing a cash runway through 2027[3]. - The projected cash runway supports operations through 2027, factoring in the recent private placement[5]. Research and Development - Research and Development (R&D) expenses for Q1 2024 were $3.6 million, a decrease of $1.3 million compared to $4.9 million in Q1 2023[7]. - The company is on track to initiate Phase 2 studies for tibulizumab in systemic sclerosis (SSc) in Q4 2024 and hidradenitis suppurativa (HS) in Q2 2025[5]. - Zura Bio is developing three assets that are Phase 2 ready, targeting autoimmune and inflammatory diseases[13]. Administrative Expenses and Leadership - General and Administrative (G&A) expenses increased to $4.8 million in Q1 2024, up from $2.8 million in Q1 2023, primarily due to increased personnel costs[8]. - The company appointed Robert Lisicki as CEO and Kiran Nistala as CMO, enhancing its leadership team[6].

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].