Zura(ZURA)2024-03-28 10:02Financial Position - Zura Bio reported a cash position of 1.6 million as of December 31, 2022, indicating a significant increase in liquidity[10]. - Zura Bio's total assets increased to 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 23.7 million in 2022, primarily due to higher manufacturing and licensing costs[11]. - General and Administrative (G&A) expenses rose to 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 27,162,000 in 2022, representing a growth of 130%[21]. - Research and development expenses rose 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 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 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 141.97 in 2022[21]. - Loss from operations for the year ended December 31, 2023, was 27,162,000 in 2022, marking an increase of 130%[21]. - The loss before income taxes for 2023 was 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 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 171,000 in 2022[21]. - The change in fair value of private placement warrants resulted in a loss of (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].