The company remains pre-revenue, with operating losses widening from -$8.4M in 2024Q1 to -$29.3M in 2026Q2 as R&D expenses escalated to $20.7M per quarter.
Zura Bio Limited (ZURA) annual income statement — 5-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 |
|---|
| Sales/Revenue | 0 | 0 | 0 | 0 | 0 | 0 |
| Revenue Growth % | - | - | - | - | - | - |
| Cost of Goods Sold | 0 | 0 | 0 | 0 | 0 | 0 |
| COGS % of Revenue | - | - | - | - | - | - |
| Gross Profit | 0 | 0 | 0 | 0 | 0 | 0 |
| Gross Margin % | - | - | - | - | - | - |
| Gross Profit Growth % | - | - | - | - | - | - |
| Operating Expenses | 92.75M | 75.25M | 55.19M | 62.64M | 27.16M | 1.09M |
| OpEx % of Revenue | - | - | - | - | - | - |
| Selling, General & Admin | 34.39M | 33.16M | 30.79M | 18.64M | 3.47M | 1.09M |
| SG&A % of Revenue | - | - | - | - | - | - |
| Research & Development | 58.36M | 42.08M | 24.4M | 44M | 23.69M | 0 |
| R&D % of Revenue | - | - | - | - | - | - |
| Other Operating Expenses | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Income | -92.75M | -75.25M | -55.19M | -62.64M | -27.16M | -1.09M |
| Operating Margin % | - | - | - | - | - | - |
| Operating Income Growth % | - | -36.34% | 11.89% | -130.61% | -2387.39% | - |
| EBITDA | -93.72M | -75.2M | -55.18M | -60.56M | -27.33M | 8.42M |
| EBITDA Margin % | - | - | - | - | - | - |
| EBITDA Growth % | -29.56% | -36.28% | 8.89% | -121.57% | -424.75% | - |
| D&A (Non-Cash Add-back) | 45K | 49K | 9K | 0 | 0 | 0 |
| EBIT | -89.78M | -68.65M | -52.4M | -60.56M | -27.33M | 8.42M |
| Net Interest Income | 6.04M | 6.34M | 8M | 2.19M | 570 | 23.48K |
| Interest Income | 6.04M | 6.34M | 8M | 2.19M | 570 | 23.48K |
| Interest Expense | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | 6.93M | 6.6M | 2.79M | 2.08M | -171K | 9.51M |
| Pretax Income | -85.82M | -68.65M | -52.4M | -60.56M | -27.33M | 8.42M |
| Pretax Margin % | - | - | - | - | - | - |
| Income Tax | -81K | 0 | 0 | 0 | 0 | 0 |
| Effective Tax Rate % | 0.09% | 0% | 0% | 0% | 0% | 0% |
| Net Income | -85.74M | -68.65M | -52.4M | -60.36M | -25.74M | 8.42M |
| Net Margin % | - | - | - | - | - | - |
| Net Income Growth % | -35.7% | -31% | 13.18% | -134.52% | -405.8% | - |
| Net Income (Continuing) | -85.74M | -68.65M | -52.4M | -60.56M | -27.33M | 8.42M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 13.2M | 20.22M | 10M | 0 |
| EPS (Diluted) | -0.68 | -1.06 | -0.60 | -2.09 | -1.88 | 0.40 |
| EPS Growth % | -34.52% | -76.67% | 71.29% | -11.17% | -570% | - |
| EPS (Basic) | - | -1.06 | -0.60 | -2.09 | -1.88 | 0.40 |
| Diluted Shares Outstanding | 126.8M | 94.16M | 75.07M | 33.06M | 17.25M | 17.25M |
| Basic Shares Outstanding | 126.8M | 94.16M | 75.07M | 33.06M | 17.25M | 17.25M |
| Dividend Payout Ratio | - | - | - | - | - | - |
Quick answers to the most common questions about buying ZURA stock.
For fiscal year 2025, Zura Bio Limited (ZURA) reported total revenue of $0.0M.
Zura Bio Limited (ZURA) reported a net loss of $68.7M for the fiscal year ending 2025.
Key Metrics
Top Statement Risk
Pre-revenue cash burn
Metrics are mathematically derived from official filings.
Pre-Revenue Development Phase
Zura Bio reports no revenue across all ten quarters, confirming its status as a clinical-stage biotechnology company focused on pipeline development rather than commercial sales.
The complete absence of revenue is typical for a pre-commercial biotech firm, indicating that all operational activity is directed toward research and development. This trajectory suggests the company's financial performance will remain dependent on external financing until a product achieves regulatory approval and commercial launch.
R&D Dominates Cost Structure
Research and development expenses have escalated significantly, reaching $20.7M in 2026Q2, which represents the primary driver of the company's substantial operating losses.
R&D spending has grown from $3.6M in 2024Q1 to over $20M per quarter, indicating a major ramp-up in clinical trial activity or pipeline investment. This cost structure is characteristic of a company in the asset-heavy development phase, where expense discipline is secondary to advancing key programs toward value-inflection milestones.
Negative Operating Leverage Intensifies
Operating losses have widened from -$8.4M in 2024Q1 to -$29.3M in 2026Q2, demonstrating that the scaling of R&D and SG&A expenses is outpacing any potential operational efficiencies.
The deepening operating losses reflect a deliberate investment phase where overhead and research costs are expanding ahead of any revenue generation. This negative leverage is a calculated risk, with the implication that future profitability will depend on the successful commercialization of the pipeline to absorb this fixed cost base.
Net Losses Driven by Core Operations
Net losses have consistently tracked operating losses, with stock-based compensation representing a significant non-cash component, such as the $4.5M recorded in 2026Q2.
The close alignment between operating and net losses suggests that non-operating items are not a major factor in the bottom line. However, the material stock-based compensation expense dilutes shareholder value and is a key component of the total cost of operations that investors must consider when evaluating the true economic loss.
Sustainability of Cash Burn
The accelerating quarterly cash burn, with operating losses exceeding $25M in recent periods, raises questions about the company's funding runway and potential need for dilutive capital raises.
A short-seller would focus on the trajectory of losses, which have more than tripled in two years without any revenue to offset them. This trend necessitates close monitoring of the balance sheet for cash reserves and future financing plans, as continued operations are entirely dependent on the capital markets.