Zura Bio Limited, a clinical-stage biotechnology company focused on immunology, reported significant financial developments in its latest 10-Q filing for the quarter ending September 30, 2024. The company had 65,293,530 Class A Ordinary Shares outstanding as of November 4, 2024, and is not classified as a shell company.

As of September 30, 2024, Zura Bio's cash and cash equivalents totaled $188.2 million, a substantial increase from $99.8 million at the end of 2023. Total current assets also rose to $189.0 million from $100.8 million, reflecting a strong liquidity position. Shareholders' equity increased significantly to $154.6 million from $60.9 million at the end of the previous fiscal year, driven by additional paid-in capital rising to $295.3 million from $162.8 million.

For the three months ended September 30, 2024, Zura Bio reported total operating expenses of $19.3 million, a 90% increase from $10.2 million in the same period of 2023. This resulted in a loss from operations of $19.3 million, compared to a loss of $10.2 million a year earlier. The net loss for the quarter was $20.7 million, up 150% from $8.3 million in Q3 2023. The net loss attributable to Class A Ordinary Shareholders was $22.9 million, reflecting a 177% increase from the previous year.

Research and development (R&D) expenses for the third quarter were $6.0 million, a 52% increase from $4.0 million in Q3 2023, primarily due to higher personnel compensation and consulting costs. General and administrative expenses surged by $7.1 million, largely due to a $5.9 million non-cash share-based compensation expense related to the former CEO's award modifications.

For the nine months ended September 30, 2024, total operating expenses decreased to $39.5 million from $51.8 million in the prior year, with a net loss of $38.8 million, an improvement from $51.9 million in 2023. The company reported a notable decrease in R&D expenses for the nine-month period, down to $15.2 million from $37.1 million, while general and administrative expenses increased to $24.3 million from $14.7 million.

Zura Bio's financing activities included a successful April 2024 Private Placement, raising approximately $112.5 million, and a subsequent sale of 1.5 million Class A Ordinary Shares for $5.5 million in September 2024. The company continues to monitor macroeconomic factors that may impact its operations and anticipates significant increases in expenses related to ongoing R&D and regulatory efforts.