JATT Acquisition (NYSE:JATT) Announces Zura Bio Limited’s Third Quarter 2024 Financial Results and Corporate Updates

Zura Bio Limited, a clinical-stage multi-asset immunology company, released its financial results for the third quarter of 2024 along with recent corporate updates. The company expects to initiate Phase 2 studies evaluating tibulizumab for the treatment of systemic sclerosis (SSc) in the fourth quarter of 2024 and for hidradenitis suppurativa (HS) in the second quarter of 2025. As of September 30, 2024, Zura Bio reported cash, cash equivalents, and investments totaling $188.2 million, anticipated to support operations through 2027.

In the financial results, Zura Bio highlighted its progress towards initiating the Phase 2 trial of tibulizumab in SSc. The company worked closely with their contract research organization (CRO) to prepare for the trial readiness. Additionally, a CRO has been selected to support the anticipated Phase 2 trial initiation for tibulizumab in HS.

For upcoming anticipated milestones, the protocol for the Phase 2 clinical program in systemic sclerosis was finalized in September 2024. In the realm of Hidradenitis suppurativa, a third-party CRO was selected to oversee the Phase 2 clinical program, with the Phase 2 trial of tibulizumab for the treatment of HS expected to commence in the second quarter of 2025.

Zura Bio is actively looking into external Phase 2 data releases from other companies related to IL-7Rα inhibitors for conditions such as ulcerative colitis, atopic dermatitis, and alopecia areata. The company is also monitoring external Phase 2 and Phase 3 IL-33/ST2 data releases related to asthma and chronic obstructive pulmonary disease.

In the third quarter of 2024, Zura Bio reported cash and cash equivalents of $188.2 million, compared to $99.8 million as of December 31, 2023. Research and development expenses totaled $6.0 million, reflecting an increase compared to the same period in 2023, primarily due to increased personnel compensation and consulting services costs for clinical trials preparation. General and administrative expenses were $13.3 million, primarily driven by share-based compensation and fees related to the warrant exchange.

The net loss for the third quarter of 2024 was $22.9 million, or $0.26 per share, compared to $8.3 million, or $0.18 per share, for the same period in 2023.

Zura Bio continues to focus on developing novel dual-pathway antibodies for autoimmune and inflammatory diseases, aiming to provide best-in-class therapy for underserved conditions.

Contact Information: Megan K. Weinshank, Head of Corporate Affairs, [email protected].

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read JATT Acquisition’s 8K filing here.

About JATT Acquisition

JATT Acquisition Corp does not have significant operations. It intends to effect a merger, capital share exchange, asset acquisition, share purchase, reorganization, or similar business combination with one or more businesses or entities. The company intends to focus on businesses primarily operating in the life sciences sector.