Zura Bio maintains a strong liquidity position with a current ratio of 12.90 and $205.1M in cash against minimal liabilities, though this is funded by capital infusions offsetting a -$275.1M retained earnings deficit.
Zura Bio Limited (ZURA) balance sheet — 5-year assets, liabilities & shareholders' equity history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 |
|---|
| Total Current Assets | 210.5M | 112.31M | 178.74M | 100.84M | 1.78M | 1.15M |
| Cash & Short-Term Investments | 205.13M | 109.41M | 176.5M | 99.81M | 1.57M | 729.22K |
| Cash Only | 205.13M | 109.41M | 176.5M | 99.81M | 1.57M | 729.22K |
| Short-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivable | 0 | 0 | 0 | 0 | 0 | 0 |
| Days Sales Outstanding | - | - | - | - | - | - |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 |
| Days Inventory Outstanding | - | - | - | - | - | - |
| Other Current Assets | 5.37M | 2.9M | 2.25M | 1.04M | 189.3K | 0 |
| Total Non-Current Assets | 2.9M | 1.64M | 789K | 0 | 3.49M | 139.4M |
| Property, Plant & Equipment | 149K | 126K | 91K | 0 | 0 | 0 |
| Fixed Asset Turnover | 0.00x | - | - | - | - | - |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 |
| Long-Term Investments | 0 | 0 | 0 | 0 | 0 | 139.4M |
| Other Non-Current Assets | 2.75M | 1.51M | 698K | 0 | 3.49M | 0 |
| Total Assets | 213.4M | 113.95M | 179.53M | 100.84M | 5.26M | 140.55M |
| Asset Turnover | 0.00x | - | - | - | - | - |
| Asset Growth % | 7.38% | -36.53% | 78.03% | 1816.44% | -96.26% | - |
| Total Current Liabilities | 16.32M | 12.41M | 19.51M | 20.3M | 14.82M | 272.29K |
| Accounts Payable | 0 | 1.28M | 733K | 2.75M | 2.01M | 0 |
| Days Payables Outstanding | - | - | - | - | - | - |
| Short-Term Debt | 0 | 0 | 0 | 0 | 7.76M | 0 |
| Deferred Revenue (Current) | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Current Liabilities | 16.32M | 3.32M | 1.71M | 1.2M | 2.77M | 272.29K |
| Current Ratio | 12.90x | 9.05x | 9.16x | 4.97x | 0.12x | 4.23x |
| Quick Ratio | 12.90x | 9.05x | 9.16x | 4.97x | 0.12x | 4.23x |
| Cash Conversion Cycle | - | - | - | - | - | - |
| Total Non-Current Liabilities | 0 | 0 | 0 | 990K | 12.5M | 10.08M |
| Long-Term Debt | 0 | 0 | 0 | 0 | 0 | 0 |
| Capital Lease Obligations | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 0 | 0 | 0 | 990K | 12.5M | 10.08M |
| Total Liabilities | 16.32M | 12.41M | 19.51M | 21.29M | 27.32M | 10.35M |
| Total Debt | 0 | 0 | 0 | 0 | 7.76M | 0 |
| Net Debt | -205.13M | -109.41M | -176.5M | -99.81M | 6.19M | -729.22K |
| Debt / Equity | 0.00x | - | - | - | - | - |
| Debt / EBITDA | -0.00x | - | - | - | - | - |
| Net Debt / EBITDA | 2.19x | - | - | - | - | -0.09x |
| Interest Coverage | - | - | - | - | - | - |
| Total Equity | 197.09M | 101.54M | 160.02M | 79.55M | -22.06M | 130.2M |
| Equity Growth % | 17.72% | -36.55% | 101.15% | 460.68% | -116.94% | - |
| Book Value per Share | 1.55 | 1.08 | 2.13 | 2.41 | -1.28 | 7.55 |
| Total Shareholders' Equity | 197.09M | 101.54M | 146.81M | 59.33M | -32.06M | 130.2M |
| Common Stock | 10K | 7K | 7K | 4K | 0 | 139.38M |
| Retained Earnings | -275.07M | -224.55M | -155.9M | -103.49M | -32.06M | -9.18M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 13.2M | 20.22M | 10M | 0 |
Quick answers to the most common questions about buying ZURA stock.
As of 2025, Zura Bio Limited (ZURA) had total assets of $113.9M including $112.3M in current assets.
Zura Bio Limited (ZURA) carries total debt of $0.0M, offset by $109.4M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Zura Bio Limited (ZURA) has total shareholders' equity (book value) of $101.5M ($1.08 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Zura Bio Limited (ZURA) reported a current ratio of 9.05x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.
Key Metrics
Top Statement Risk
Pre-revenue cash burn
Metrics are mathematically derived from official filings.
Cash-Funded Expansion Amid Operational Losses
Zura Bio's balance sheet has expanded significantly, with total assets growing from $90.5M in 2024Q1 to $213.4M in 2026Q2, driven almost entirely by a corresponding increase in cash reserves, as reported in recent SEC filings.
This asset growth is not organic but appears to be the result of successful capital raises, as evidenced by the near-perfect correlation between asset and cash increases. The trajectory suggests the company is successfully funding its pre-revenue development phase, but the growing equity base is simultaneously being eroded by accelerating net losses, which have widened from -$111.2M to -$275.1M in retained earnings over the same period.
Exceptional Liquidity Buffer for Development
With a current ratio of 12.90 and $205.1M in cash against minimal liabilities, Zura Bio maintains a substantial liquidity buffer, as indicated by its most recent quarterly balance sheet.
The company's liquidity position is exceptionally strong for a clinical-stage biotech, with cash representing over 96% of total assets. This provides a significant runway to fund operations without immediate need for external financing. However, the current ratio's volatility, swinging from 5.58 to 19.33 over the period, suggests that liquidity is being managed dynamically, likely in response to capital inflows and operational cash outflows.
Equity Dilution Masked by Capital Infusions
While total equity has grown to $197.1M, retained earnings have deteriorated to -$275.1M, indicating that new capital raises are offsetting substantial operational losses, as per the company's financial statements.
The widening gap between total equity and the deeply negative retained earnings balance implies that shareholder value is being created through external financing rather than operational performance. This dynamic warrants monitoring, as continued reliance on capital markets to fund losses could lead to future dilution if the company's pipeline does not advance to value-inflecting milestones.
Cash Burn vs. Reported Liquidity
The headline liquidity strength may obscure the accelerating pace of cash consumption, with operating losses exceeding $25M per quarter, suggesting the current cash pile could be depleted faster than static ratios imply.
While the balance sheet shows ample cash, the prior cash flow analysis indicates a quarterly free cash flow deficit that has more than doubled to -$20.9M. This suggests the company's burn rate is intensifying as R&D activities scale. Investors should model the cash runway based on the current trajectory of operating losses rather than the static cash balance, as the latter is a snapshot that does not account for the velocity of cash outflows.