Core Insights - Zura Bio Limited reported its financial results for the third quarter of 2025, highlighting advancements in its clinical programs and a strong cash position [1][4]. Financial Performance - As of September 30, 2025, Zura Bio had cash and cash equivalents of $139.0 million, expected to support operations through 2027 [4][7]. - Research and Development (R&D) expenses for Q3 2025 were $11.9 million, up from $6.0 million in Q3 2024, reflecting ongoing Phase 2 clinical trials for tibulizumab [5]. - General and Administrative (G&A) expenses decreased to $7.6 million in Q3 2025 from $13.3 million in Q3 2024, primarily due to a one-time non-cash expense in share-based compensation in the previous year [6]. - The net loss for Q3 2025 was $20.0 million, or $0.21 per share, compared to a net loss of $22.9 million, or $0.26 per share, for the same period in 2024 [9][17]. Clinical Development Updates - Zura Bio is advancing two Phase 2 studies of tibulizumab, targeting hidradenitis suppurativa (TibuSHIELD) and systemic sclerosis (TibuSURE), with topline data expected in the second half of 2026 [2][8]. - The company is focused on disciplined study execution and patient enrollment to generate meaningful data in these important disease areas [2][3]. Pipeline Overview - Zura Bio's lead product candidate, tibulizumab (ZB-106), is being evaluated in two Phase 2 clinical studies [11]. - Additional product candidates, crebankitug (ZB-168) and torudokimab (ZB-880), have completed Phase 1/1b studies and are being assessed for various autoimmune and inflammatory conditions [11].