Company: ZURA
Filing Date: 2025-05-22
Form Type: CORRESP
Source: 0001104659-25-052055
Chunk: 5

Company: Zura Bio Ltd
Filing Date: 2025-05-22
Form: CORRESP
Chunk 5
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     |      | 28,910 |     |        | (16,034 | ) |
| Total Tibulizumab Portfolio                                 |     |              | 15,821 |     |      | 28,910 |     |        | (13,089 | ) |
| Additional product candidates (crebankitug and torudokimab) |     |              |  1,542 |     |      | 10,132 |     |        |  (8,590 | ) |
| Unallocated expenses                                        |     |              |  1,271 |     |      |  1,288 |     |        |     (17 | ) |
| Internal expenses:                                          |     |              |        |     |      |        |     |        |         |   |
| Personnel expenses (including share-based compensation)     |     |              |  5,767 |     |      |  3,669 |     |        |   2,098 |   |
| Total research and development expense                      |     | $            | 24,401 |     | $    | 43,999 |     | $      | (19,598 | ) |

Research and development
expenses decreased by $19.6 million for the year ended December 31, 2024 compared to the year ended December 31, 2023. This decrease was
primarily due to:

| · | a $13.1 million decrease in costs related to tibulizumab driven by: |

| o | a $2.4 million and $0.6 million increase in costs associated with the launch of our Phase 2 TibuSURE clinical trial evaluating tibulizumab in adults with SSc, and the preparation for our Phase 2 clinical trial evaluating tibulizumab in adults with HS, respectively, driven by CRO fees to support the conduct of our clinical trials; and |

| o | a $16.0 million decrease in costs for tibulizumab that was not specific to an indication, primarily related to $27.2 million incurred for the acquisition of the tibulizumab license from Eli Lilly and Company during the year ended December 31, 2023, partially offset by (a) a $7.0 million increase in manufacturing costs for tibulizumab as we launched our Phase 2 TibuSURE clinical trial and prepared for our Phase