Zura Bio is a clinical-stage biotechnology company developing antibody-based treatments for autoimmune and inflammatory diseases. Zura has no approved products and no revenue. Its business model centers on in-licensing clinical-stage drug candidates from larger pharma companies, advancing them through clinical trials, and then either commercializing approved products or partnering and selling assets to larger companies. All three of Zura's candidates were originally developed by Lilly or Pfizer. Zura's lead asset is tibulizumab, a bispecific antibody that simultaneously blocks IL-17A and BAFF — two immune pathways involved in T cell and B cell driven inflammation. Tibulizumab is in two ongoing Phase 2 trials: one in hidradenitis suppurativa (a chronic skin disease) with topline data expected Q4 2026, and one in diffuse cutaneous systemic sclerosis (a rare fibrotic autoimmune disease with no approved therapies) with topline data expected H1 2027. Zura's two other candidates — crebankitug, targeting IL-7Rα, and torudokimab, targeting IL-33 — have no active trials. Zura funds operations through equity and debt financing, and owes significant milestone and royalty payments to Lilly and Pfizer on each asset if commercialized. Lilly also retains a right to evaluate trial results and potentially reacquire tibulizumab, meaning a partnership or sale transaction is a plausible exit path. Zura relies entirely on contract manufacturers in Europe.