Zura Bio Ltd. reported a net loss of $20.0 million, or $0.21 per share, for the third quarter of 2025, compared to a net loss of $22.9 million, or $0.26 per share, for the same period in 2024. Research and development expenses were $11.9 million, up from $6.0 million in the third quarter of 2024, primarily due to the ongoing Phase 2 clinical trials of tibulizumab. General and administrative expenses were $7.6 million, down from $13.3 million in the prior year, mainly due to a one-time non-cash share-based compensation expense in 2024. As of September 30, 2025, Zura Bio held $139.0 million in cash and cash equivalents, expected to fund operations through 2027. The company continues to advance its Phase 2 clinical trials for tibulizumab in hidradenitis suppurativa and systemic sclerosis, with topline data from these studies expected in the second half of 2026.