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Zura(ZURA) - 2024 Q1 - Quarterly Results
ZURAZura(ZURA)2024-05-09 10:07

Financial Performance - Cash and cash equivalents decreased to 89.8millionasofMarch31,2024,from89.8 million as of March 31, 2024, from 99.8 million as of December 31, 2023[4]. - Net loss for Q1 2024 was 7.7million,animprovementfromanetlossof7.7 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 8.4million,comparedto8.4 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 1.3millioncomparedto1.3 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 4.8millioninQ12024,upfrom4.8 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].