Company: ZURA
Filing Date: 2025-05-22
Form Type: CORRESP
Source: 0001104659-25-052055
Chunk: 3

Company: Zura Bio Ltd
Filing Date: 2025-05-22
Form: CORRESP
Chunk 3
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 |     |        |       |   |
| Tibulizumab SSc Program                                     |     |                    $ |  2,763 |     |    $ |    82 |     | $      | 2,681 |   |
| Tibulizumab HS Program                                      |     |                      |  1,275 |     |      |     - |     |        | 1,275 |   |
| Tibulizumab Combined (SSc and HS) Programs                  |     |                      |  3,706 |     |      | 1,412 |     |        | 2,294 |   |
| Total Tibulizumab Portfolio                                 |     |                      |  7,744 |     |      | 1,494 |     |        | 6,250 |   |
| Additional product candidates (crebankitug and torudokimab) |     |                      |    291 |     |      |   521 |     |        |  (230 | ) |
| Unallocated expenses                                        |     |                      |    455 |     |      |   243 |     |        |   212 |   |
| Internal expenses:                                          |     |                      |        |     |      |       |     |        |       |   |
| Personnel expenses (including share-based compensation)     |     |                      |  1,984 |     |      | 1,335 |     |        |   649 |   |
| Total research and development expense                      |     |                    $ | 10,474 |     |    $ | 3,593 |     | $      | 6,881 |   |

Research and development
expenses increased by $6.9 million for the three months ended March 31, 2025 compared to the three months ended March 31, 2024. This increase
was primarily due to

| · | a $2.7 million and $1.3 million increase in costs as we advance our Phase 2 clinical trials evaluating tibulizumab in adults with systematic sclerosis (SSc) and hidradenitis suppurativa (HS), respectively, driven by costs incurred for CRO fees to support the conduct of our clinical trials; |

| · | a $2.3 million increase in costs for tibulizumab that was not specific to an indication, primarily driven 
 by a $2.