Zura(ZURA) - 2024 Q2 - Quarterly Results

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]