Zura Bio Shares Climb 9% as Hidradenitis Suppurativa Data Takes Center Stage Ahead of Its Q4 Readout
Zura Bio Limited (NASDAQ: ZURA) shares rose about 9.5% to $4.34 on Wednesday, making it the top gainer in the PRISM Biotech Index. The move came as Merck presented positive Phase 2b data for its own HS treatment at the European Academy of Dermatology and Venereology (EADV) Congress. As a result, attention turned back to the HS market just weeks before Zura expects topline results from its TibuSHIELD study in the same disease.
Key Points
- Zura Bio led the PRISM Biotech Index on Wednesday, gaining about 9.5% to $4.34.
- Topline data from the 247-patient TibuSHIELD Phase 2 trial in HS is expected in the fourth quarter of 2026.
- In a separate trial, Merck’s tulisokibart met its primary endpoint in HS, with a 72% response rate at the high dose versus 35% for placebo.
- Zura had $205.1 million in cash as of June 30, which it expects to fund operations through at least the end of 2028.
Zura Bio (NASDAQ: ZURA) Nears Its First Major Readout
Zura’s lead drug, tibulizumab, is a bispecific antibody. It blocks two drivers of inflammation, IL-17 and BAFF, with a single molecule. The company is testing it in two Phase 2 studies, and both enrolled more patients than originally planned.
TibuSHIELD, the HS trial, enrolled 247 participants, and topline data is due this quarter. TibuSURE, in systemic sclerosis, enrolled 91 participants, with data expected in the first half of 2027. “Enrollment now complete in both TibuSHIELD and TibuSURE—each exceeding its initial enrollment target,” CEO Sandeep Kulkarni said in August.
In addition, Zura plans to start NEXUS-PMR by the end of 2026. That Phase 2 study will test tibulizumab in polymyalgia rheumatica, a condition that affects more than 700,000 Americans and currently has no treatment beyond long-term steroids.
The HS Market Gets a Fresh Benchmark
Merck’s data gives investors a new reference point for the HS field. In the MK-7240-012 trial, tulisokibart, which targets a protein called TL1A, met its primary endpoint at week 16. 72% of patients on the high dose and 64% on the medium dose reached HiSCR50, the standard HS response measure, compared with 35% on placebo. Merck plans to move the drug into Phase 3.
HS is a chronic, painful inflammatory skin disease, and big drug companies are competing hard for it. IL-17 drugs are already approved for HS. Zura is betting that also blocking BAFF can deliver deeper and longer-lasting responses than blocking IL-17 alone. Strong results from other approaches, like Merck’s, set the bar the TibuSHIELD data will be judged against.
A Funded Path Through Multiple Catalysts
Zura’s balance sheet covers all three programs. Its net loss for the second quarter grew to $26.3 million, mainly because research spending rose to $20.7 million from $8.7 million a year earlier as the trials expanded. Even so, its $205.1 million cash position means the company does not need to raise money before its next two data readouts.
Zura Bio is a member of the PRISM Biotech Index and has a market value of about $412 million. Since the index started on January 2, 2024, Zura shares are up about 68%. To find out more IR info please visit https://investors.zurabio.com.
