Zura narrows focus to tibulizumab, launches two Phase 2 trials, settles finder fees for $46M

Filed March 19, 2026 · Period ending December 31, 2025 · Compared to 10-K Mar 25, 2025 · ~2 min read

Key Changes

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  Company initiated TibuSURE (systemic sclerosis) and TibuSHIELD (hidradenitis suppurativa) Phase 2 trials, marking first self-conducted clinical programs and material expansion of tibulizumab development into two indications with approximately 80 participants in SSc study.

  Business: tibulizumab program expansion verify on EDGAR →
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  Settled all Stone Peach and BAFFX17 finder-fee obligations, replacing them with Athanor Agreement: issued 8.7M shares, paid $7.3M cash, committed $25M milestone on regulatory approval or change-of-control, plus 2% of net sales. Triggered $36.4M deemed dividend reducing shareholder equity.

  MD&A: Athanor Agreement verify on EDGAR →
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  Operating cash burn more than doubled to $64.8M (from $28.1M prior year) as clinical programs scaled; cash declined $67M to $109.4M. February 2026 equity raise of $135M extended runway to end-2028.

  MD&A: Operating cash burn verify on EDGAR →