Zura(US:ZURA)2024-05-09 10:07Financial 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].