Corporate Overview

Building the Next

Immunology Leader

Last Updated: October 2023

©2023 Zura Bio Ltd.

Forward Looking Statements Disclaimer

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Actual events and circumstances are difficult or impossible to predict and will differ from assumptions. You should carefully consider the risks and uncertainties described in the "Risk Factors" sections of Zura Bio's recent filings with the SEC. These filings would identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Many of these factors are outside Zura Bio's control and are difficult to predict. Many factors could cause actual future events to differ from the forward-looking statements in this communication, including but not limited to: (1) the outcome of any legal proceedings that may be instituted against Zura Bio; (2) volatility in the price of Zura Bio's securities; (3) the ability of Zura Bio to successfully conduct research and development activities, grow and manage growth profitably, maintain relationships with customers and suppliers, and retain key employees; (4) costs related to financing transactions and the ongoing costs relating to operating as a public company; (5) changes in the applicable laws or regulations; (6) the possibility that Zura Bio may be adversely affected by other economic, business, and/or competitive factors; (7) the risk of downturns and a changing regulatory landscape in the highly competitive industry in which Zura Bio operates; (8) the impact of the global COVID-19 pandemic; (9) the potential inability of Zura Bio to raise additional capital needed to pursue its business objectives or to achieve efficiencies regarding other costs; (10) the enforceability of Zura Bio's intellectual property, including its patents, and the potential infringement on the intellectual property rights of others, cyber security risks or potential breaches of data security; and (11) other risks and uncertainties described in the Registration Statement and such other documents filed by Zura Bio from time to time with the SEC. These risks and uncertainties may be amplified by the COVID-19 pandemic or other unanticipated global disruption events, which may continue to cause economic uncertainty. Zura Bio cautions that the foregoing list of factors is not exclusive or exhaustive and not to place undue reliance upon any forward-looking statements, including projections, which speak only as of the date made. Zura Bio gives no assurance that it will achieve its expectations.

Zura Bio does not undertake or accept any obligation to publicly provide revisions or updates to any forward-looking statements, whether as a result of new information, future developments or otherwise, or should circumstances change, except as otherwise required by securities and other applicable laws.

©2023 Zura Bio Ltd. 2

Experienced management team with proven ability to successfully execute and build a leading market position

Nasdaq: ZURA

Executive Team

Someit Sidhu M.D.

Verender Badial

Chris Cabell M.D.

Gary Whale Ph.D.

Kim Davis

Mike Howell Ph.D.

Chief Executive Officer and Director

Chief Financial Officer

Chief Medical Officer and

Chief Technology Officer

Chief Legal Officer

Chief Scientific Officer and

Head of Research and Development

Head of Translational Science

Board of Directors

Amit Munshi

Garry Neil, M.D.

Jennifer Jarrett

Neil Graham, M.D.

Parvinder Thiara

Sandeep Kulkarni, M.D.

Someit Sidhu, M.D.

Steve Schoch

Chairman

Director

Director

Director

Director

Director

Director

Director

©2023 Zura Bio Ltd. 3

Sizeable Total Addressable Market Exists

Across Number of Validated Mechanisms

Nasdaq: ZURA

Approximately $4 Billion in

Room for growth across

growth anticipated by 2029

our three indications

alopecia areata

hidradenitis suppurativa

systemic sclerosis

$8.7

$21.4

$7.1

2023

$5.5

2029

$7.1

$17.1

US

Billion

US

Total Addressable Market1

Billion

Total Addressable Market2

$4.5

$5.6

US TAM estimated ~$21 Billion by 20292

Systemic sclerosis has unlocked potential with only two

specific SSc-ILD approved products

Sources: 1 Based on current annual gross price of marketed products

2 Based on 2023 gross price, adjusted for population and price growth.

©2023 Zura Bio Ltd.

4

Clinical stage pipeline targeting key immunology pathways

Nasdaq: ZURA

ZURA BIO PROGRAM

INDICATION

NEXT CLINICAL PHASE

EXPECTED KEY MILESTONES

Preclinical

Phase 1

Phase 2

Phase 3

Transition asset from Eli-Lilly

systemic sclerosis

Open IND rheumatology division

Phase 2 study initiation, to enable

2H-24'

tibulizumab

seamless transition to Ph3

ZB-106

Anti-BAFF x IL-17

Transition asset from Eli-Lilly

hidradenitis suppurativa

Open IND dermatology division

2H-24'

Phase 2 initiation

2H-24'

Transition asset from Pfizer

ZB-168 Anti-IL-7R

alopecia areata

Open IND dermatology division

Completed technology transfer to CDMO

Phase 2 initiation*

1H-24'

ZB-880 torudokimab Anti-IL-33

allergy / respiratory

Conduct all necessary CMC and regulatory tasks to prepare the asset for Phase 2 readiness**

(*) pending expected phase 2 external catalysts in atopic dermatitis (AD) and ulcerative colitis (UC)

(**) pending expected phase 2 and 3 external catalysts in asthma and chronic obstructive pulmonary disease (COPD)

Sources: Zura Internal Data and Planning.

©2023 Zura Bio Ltd.

5

Current development plans and trial designs are subject to change due to factors such as regulatory feedback

Key External Catalysts Through 1H-2025

Nasdaq: ZURA

2024

2025

Q1

Q2

Q3

Q4

Q1

Q2

(1Q-2024)

Topline data from Ph2b/3 in PsA

Acelyrin, izokibep (IL-17)

(1Q-2024)

Topline data from Ph2b in PsA

MoonLake, sonelokimab (IL-17)

(4Q-2023 to 1Q-2024)

Topline Ph2 in UC

OSE Immunotherapeutics , OSE-127(anti-IL-7RmAb)

(1Q-2024)

Topline Ph2 in COPD

Astra Zeneca / Amgen, tezepelumab (TSLP)

(4Q-2024)

Topline Ph2b/3 in Uveitis

Acelyrin, izokibep (IL-17)

(3Q-2024)

Topline Ph2 in Plaque psoriasis

Dice (part of Eli Lilly), DC-806(IL-17)

(3Q-2024)

Ph2 in SLE

Novartis, Ianalumab (VAY736) (BAFF) & iscalimab (CFZ533) (anti-CD40)

(3Q-2024)

Topline Ph3 in Asthma

Astra Zeneca / Amgen, tezepelumab (TSLP)

(3Q-2024)

Topline in Ph2a in AA

Q-32 Bio/Horizon (part of Amgen), ADX-914(IL-7 /TSLP)

(2Q-2025)

Ph3 in COPD (AERIFY-1 /AERIFY-II)

Sanofi/Regeneron, itepekimab (anti-IL-33mAb)

LEGEND:

ZB-106 Program: External Catalyst

ZB-168 Program: External Catalyst

(1Q/2Q-2024)

Topline in Ph2 in AD

Q-32 Bio/Horizon (part of Amgen), ADX-914(IL-7 /TSLP)

(1Q/2Q-2024)

Initiate Ph1/2 trial in AA

Nektar Therapeutics, rezpegaldesleukin

(4Q-2024)

Topline in Ph1b / 2a in AA Inmagene, IMG-007 (OX40)

ZB-880 Program: External Catalyst

(Ongoing through Q4-2026) Topline Readouts in Multi-yearB-cell Platform Study in HS

Novartis, CFZ533, LYS006, MAS825, LOU064 and VAY736

Sources: ClinicalTrial.gov, Company Press Release

©2023 Zura Bio Ltd.

6

Abbreviations: AA, alopecia areata; AD, atopic dermatitis; COPD, chronic obstructive pulmonary disease; HS, hidradenitis suppurativa, PsA, psoriatic arthritis; SLE, systemic lupus erythematosus; UC, ulcerative colitis

Our Strategic Approach

Pioneering dual pathway biology

Integrating two validated mechanisms in disease indications where each has demonstrated individual efficacy

Pioneering dual pathway biology

Paradigm shift for complex diseases

Potent molecules with highly validated pathways

Our clinical-stage assets are positioned as potentially best-in-class in pathways driving efficacy, aiming to profoundly alter the trajectory of chronic autoimmune diseases.

Potential best-in- class potency on clinically validated pathways

Paradigm shift for patients

Our approach could signify a paradigm shift for patients suffering from severe and intricate autoimmune diseases. These patients currently find their needs unmet by the conventional "single" pathway approach.

©2023 Zura Bio Ltd. 7

Paradigm shifting not incrementalism

Nasdaq: ZURA

CURRENT APPROACHES ARE INCREMENTAL

Systemic sclerosis

  • Skin, lung, kidney and other organs are affected by SSc
  • Two drugs approved for severe lung complications (SSc-ILD)
  • No treatment addresses the disease across multiple organ systems, currently, only lung complications are being addressed

Hidradenitis suppurativa

  • IL-17treatments seem to have reached their efficacy ceiling
  • Overall disease burden still exists
  • Persistent inflammatory burden remains with a B-cell driven component

Alopecia areata

  • Efficacy bar is set at the low or mid dose of JAK inhibitors (JAKi)
  • The JAKi class carries black box warnings limiting broad adoption for AA
  • Efficacious, safer and better tolerated treatments are needed

PATIENTS NEED A PARADIGM SHIFT

Broader efficacy

Works in more patients not just certain subsets

Efficacy

Deeper efficacy

Raising the efficacy bar for all patients

Tox

Tox

Patient tolerability and safety

Sources: Company Presentations, Publications and Research.

©2023 Zura Bio Ltd.

8

Pioneering Dual Pathway Biology

ZB-106 is an IgG-scFv engineered by the fusion of ixekizumab (TALTZ®) and tabalumab 1, 2, 3

ZB-106 inhibits BAFF-mediated proliferation in

T1165 cells in an IL-17 independent manner 3

BAFF *

IL-17*

Nasdaq: ZURA

ZB-106 tabalumab ZB-106 + IL- 17A tabalumab + IL- 17A

tibulizumab

Anti BAFFxIL17

tabalumab

Anti-BAFF Ab

TALTZ®

Anti-IL-17 scFv

ZB-106 inhibits IL-17 mediated CXCL1 in epithelial

cells in a BAFF independent manner 3

ZB-106

TALTZ®

ZB-106 + BAFF

TALTZ® + BAFF

  • ZB-106neutralizes IL-17A or BAFF regardless of whether the other binding sites are occupied
  • ZB-106binds in the same way as Taltz and tabalumab with the same number of binding sites
  • Activity is mediated through direct target engagement and not ADCC
  • t1/2 is 26.9 days

Sources: 1 Liu, Ling, et al. Journal of Inflammation Research, doi:10.2147/jir.s100940.

2 Manetta, Joseph et al. Journal of Inflammation Research, doi:10.2147/jir.s67751.

3 Benschop, Robert J., et al. mAbs, doi:10.1080/19420862.2019.1624463.

©2023 Zura Bio Ltd.

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(*) Figure Generated with BioRender

Potent molecules with highly validated pathways

Nasdaq: ZURA

tibulizumab: BAFF / IL-17

ZB-168:IL-7R / TSLP

BAFF

tabalumab

IL-7R

γc

TSLPR

Anti-BAFF Ab

TALTZ®

Anti-IL-17 scFv

IL-17

DOSING TO DATE 2

78 Participants Dosed Across Three Ph1/1b studies

93 Participants Dosed

57 participants with single dose

60 participants with single dose

21 participants with multiple dose up to 12 weeks

33 participants with multiple doses up to 12 weeks

POTENCY

IL-17 binds to IL-17A preventing IL-17A/A and IL-17A/F

• ZB-168 is nearly 10-fold more

• ZB-168 is >300-fold more potent

heterodimerization1

potent than AZ/AMG's

than Q32Bio / Horizon's ADX-914

tezepelumab, and

in TSLP-induced markers, but

tezepelumab does not inhibit

similar in IL-7-induced pSTA58

IL-7 signaling

torudokimab: IL-33 / RAGE

244 Participants Dosed

81 participants with single dose

163 participants with multiple doses up to 52 weeks

Torudokimab was 2.9 and 5.5-fold more potent than etokimab and itepekimab, respectively, inhibiting IL-33-induced GM-CSFproduction by human mast cells

half-life

( t1/2 )

tibulizumab

26.9 days

sonelokimab

11-12 days

izokibep

~11 days

UPB-101

tezepelumab

bempikibart

(α-TSLPR)

(TSLP)

(IL-7Rα)

α-TSLPR mAb

IL-7Rα mAb

TSLP mAb

TSLP-Induced

16.1 ng / ml /

67 ng / ml /

24 nM

Signals

0.1nM (CCL17)(7)

0.44nM (CCL17)(7)

(CCL2)(8)

0.6 nM

IL-7-Induced

Neg

Neg

(IL-7 at 0.25ng/ml)(8)

Signals

2.1 nM

(IL-7 at 2.5ng/ml)(8)

ZB-168

(IL-7Rα)

IL-7Rα mAb

7.5 ng / ml / 0.05nM (CCL17)(5) 11 ng / ml / 0.07nM (CCL22)(5)

0.08 nM (CCL2)(8)

0.46nM (pSTAT5)(6)

Antibody

kon (M-1s-1)

koff (s-1)

kd (pM)

torudokimab

Potency

torudokimab (LY3375880)

1.7 x 106

6.7 x 10-5

39

etokimab (AnaptysBio)

9.4 x 105

1.2 x 10-4

112

2.9x

itepekimab (Regeneron)

7.6 x 105

1.6 x 10-4

215

5.5x

Sources: 1 Liu, Ling, et al. Journal of Inflammation Research, doi:10.2147/jir.s100940. 2 IB and CSR, 3 Manetta, Joseph et al. Journal of Inflammation Research, doi:10.2147/jir.s67751. 4 Benschop, Robert J., et al. mAbs, doi:10.1080/19420862.2019.1624463. 5 Zura Internal Data. 6 Herold, Kevan C., et al. JCI Insight, doi:10.1172/jci.insight.126054. 7 Numazaki, Mako, et al. Journal of Pharmacology and Experimental Therapeutics, doi:10.1124/jpet.121.000686. 8.BMS patent https://patents.google.com/patent/WO2020154293A1/en

©2023 Zura Bio Ltd. 10

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Zura Bio Ltd. published this content on 25 October 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 25 October 2023 12:55:37 UTC.