Zura Bio (ZURA) Financials

Zura Bio’s financial data shows a development-stage biotechnology company with no reported revenue, recurring operating losses and substantial cash consumption. However, the latest Q1 and Q2 2026 statements are filed under JATT II Acquisition Corp. rather than Zura Bio Ltd. This indicates that the 2026 figures may reflect a merger or SPAC-related entity transition and are not directly comparable with Zura Bio’s 2023–2025 results.

• Latest operating cash burn improved significantly. Q2 2026 net cash used in operating activities was approximately $525,708, compared with $15.4 million in Q3 2025 and $22.3 million in Q4 2025. This suggests a much lower near-term cash drain, although the change may be largely related to the corporate-structure transition.
• Q2 2026 ended with a modest increase in cash. Cash rose by approximately $1.8 million during the quarter, supported by $62.3 million of financing inflows. This provided short-term liquidity despite $60 million of investing outflows and continued operating losses.
• Interest and investment income partially offset operating expenses. Zura Bio generated $1.2 million to $1.8 million of quarterly interest and investment income during most of the 2024–2025 periods. In Q2 2026, the successor entity reported $409,419 of interest income, helping reduce the net loss.
• Debt levels appear limited in the latest statement. Q2 2026 total liabilities were approximately $2.5 million, including $2.2 million of noncurrent liabilities. The company also repaid approximately $51,512 of debt during the quarter.
• The company continues to report no revenue. Revenue and gross profit were zero in each of the reported income statements provided. As a clinical-stage biotechnology company, financial performance remains dependent on research progress, clinical results and future financing rather than product sales.
• Research and development spending has been substantial. Zura Bio’s quarterly R&D expense increased from $3.6 million in Q1 2024 to approximately $11.0 million in Q4 2025, with quarterly operating expenses generally ranging from $18 million to $20 million during 2025. This spending may support pipeline development, but it has not yet produced revenue.
• Losses have remained persistent. Zura Bio reported net losses attributable to common shareholders of $17.4 million in Q1 2025, $16.0 million in Q2, $20.0 million in Q3 and $45.9 million in Q4. The Q2 2026 successor entity still reported a $305,553 net loss and a basic loss per share of $0.10.
• Historical cash reserves declined sharply. Zura Bio’s cash balance fell from $188.4 million in Q2 2024 to $139.0 million in Q3 2025, while operating cash flow remained negative in every historical quarter supplied. The latest Q2 2026 cash balance was only $1.6 million, although the balance sheet also lists $60.5 million of other noncurrent operating assets.
• Equity quality deteriorated in the latest statement. Q2 2026 reported negative common equity of approximately $604,175 and negative total equity attributable to common shareholders. A redeemable noncontrolling interest of approximately $60.4 million accounts for most of the capital structure, creating additional complexity for common shareholders.
• Share-count comparisons point to significant dilution and reporting discontinuity. Weighted average shares increased from approximately 46.9 million in 2023 to roughly 94 million in 2025. The Q2 2026 figure fell to 6.4 million, but that sharp change likely reflects the JATT/Zura corporate transition rather than an underlying reduction in shareholder dilution. Investors should review the merger terms, conversion ratios and pro forma share count.

Overall, the historical statements portray a company that has funded continuing clinical and administrative operations through its cash reserves and equity financing rather than revenue. The latest statements show lower reported expenses and operating cash burn, but the JATT II Acquisition Corp. designation, large financing and investing flows, redeemable noncontrolling interest and negative equity make the 2026 figures difficult to compare with prior Zura Bio results. Investors should focus on the post-transaction balance sheet, remaining cash runway, financing needs and clinical milestones before drawing conclusions from the apparent improvement in quarterly cash flow.