Core Viewpoint - Zura Bio Limited has appointed Dr. Sandeep Kulkarni as the new CEO, effective January 21, 2026, succeeding Kim Davis, who served as Interim CEO since October 2025 [1][2][3] Leadership Transition - Dr. Kulkarni will also continue his role as a Director of Zura, while Kim Davis will retain her positions as Chief Operating Officer, Chief Legal Officer, and Corporate Secretary [2] - Robert Lisicki, the previous CEO, is resigning effective January 21, 2026, after taking a medical leave of absence [2] Dr. Kulkarni's Background - Dr. Kulkarni has over two decades of experience in biotechnology, investment, entrepreneurship, and medicine, previously serving as co-founder and CEO of Tourmaline Bio [3][5] - His leadership at Tourmaline Bio included guiding the company through its acquisition by Novartis, which was completed in October 2025 [3] Company Strategy and Pipeline - Zura is entering a critical period with two potentially transformative readouts expected over the next 18 months [3] - The lead program, tibulizumab, is a bispecific antibody targeting IL-17 and BAFF pathways, validated in multiple autoimmune diseases, and is among the most advanced in development for such conditions [4][7] - Zura's pipeline includes additional candidates like crebankitug and torudokimab, which have completed Phase 1/1b studies and are being evaluated for various autoimmune and inflammatory conditions [7]

Core Points - Relmada Therapeutics, Inc. has announced the pricing of an underwritten offering of 40,142,000 shares of common stock at $2.20 per share, along with pre-funded warrants to purchase up to 5,315,000 shares at $2.199 each, aiming for gross proceeds of approximately $100 million before expenses [1][2][3] Group 1 - The offering is expected to close on November 5, 2025, subject to customary closing conditions [1] - Major investors in the offering include Janus Henderson Investors, Ferring Ventures SA, and OrbiMed among others [1] - Jefferies and Leerink Partners are acting as joint book-running managers, with Mizuho as a book-runner for the offering [2] Group 2 - The net proceeds will be used for working capital, clinical studies for regulatory approvals, and further development of product candidates [3] - The company may also invest in or acquire synergistic companies and engage in licensing activities related to current and future product candidates [3] Group 3 - The securities were offered under a shelf registration statement declared effective by the SEC on September 12, 2024, with a final prospectus supplement to be filed [4]

Core Viewpoint - Moderna has experienced a significant decline in stock performance and sales due to waning demand for its coronavirus vaccine, losing over 90% of its value since its peak in 2021 [1][2][7] Company Background - Moderna initially gained prominence during the pandemic, generating up to $18.4 billion in annual revenue from its coronavirus vaccine, leading to substantial profits [4] - The company has since faced challenges as vaccine demand decreased, and its RSV vaccine sales have also underperformed [5] Cost Management and R&D Focus - In response to declining sales, Moderna has initiated a cost realignment plan aiming to reduce GAAP operating costs by up to $1.7 billion by 2027 [6] - The company is prioritizing research and development, with plans to launch as many as 10 new products in the next three years, although these launches are not guaranteed [6] Future Product Pipeline - Moderna anticipates having around 10 products on the market in 10 years, including several cancer vaccines and a cytomegalovirus vaccine, along with potential respiratory virus vaccines [11] - The company has a strong success rate in late-stage trials, with an 83% probability of success in phase 3 trials compared to the industry average of 69% [12] Revenue Projections - By 2028, Moderna expects to break even on an operating cash cost basis and generate $6 billion in revenue, with new product launches from 2026 to 2028 projected to yield a compounded annual growth rate of 25% or more [12] - Even with partial success in product launches, Moderna could achieve significant revenue growth over the next decade [13]