Company: ZURA
Filing Date: 2025-05-22
Form Type: CORRESP
Source: 0001104659-25-052055
Chunk: 4

Company: Zura Bio Ltd
Filing Date: 2025-05-22
Form: CORRESP
Chunk 4
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1 million increase in manufacturing costs for tibulizumab;                                        |

| · | a $0.2 million decrease in costs related to our additional product candidates (crebankitug and torudokimab),                                  
 as we focused on advancing our Phase 2 clinical trial evaluating tibulizumab in adults with SSc, while continuing to explore other potential  
 applications where crebankitug may provide meaningful clinical and commercial benefits, and monitoring external Phase 2 and Phase 3 IL-33/ST2 
 data in asthma and chronic obstructive pulmonary disease to inform our development strategy for torudokimab; and                              |

| · | a $0.6 million increase in compensation expenses, including share-based compensation, for increased personnel 
 in research and development functions.                                                                        |

We anticipate that research and development expenses
will continue to increase in the future as we conduct research and development activities.

Annual Report on Form 10-K for the Fiscal Year Ended December 31, 2024

Results of Operations

Comparison of the Years Ended December 31, 2024 and 2023

Research and development expenses:

The following table summarizes
our research and development expenses for the period presented (in thousands):

|                                                             |     | For the Year 
 Ended        
 December 31, 
 2024         |        |     | 2023 |        |     | Change |         |   |
|:------------------------------------------------------------|:----|:-------------|-------:|:----|:-----|-------:|:----|:-------|--------:|:--|
| External expenses:                                          |     |              |        |     |      |        |     |        |         |   |
| Direct expenses by program:                                 |     |              |        |     |      |        |     |        |         |   |
| Tibulizumab Portfolio                                       |     |              |        |     |      |        |     |        |         |   |
| Tibulizumab SSc Program                                     |     | $            |  2,393 |     | $    |      - |     | $      |   2,393 |   |
| Tibulizumab HS Program                                      |     |              |    552 |     |      |      - |     |        |     552 |   |
| Tibulizumab Combined (SSc and HS) Programs                  |     |              | 12,876 |