Exclusive: Northrop plans to quadruple chip output by 2030
Why it matters: Northrop Grumman's Advanced Technology Lab in Linthicum Heights, Maryland, is pumping out precious, microscopic components at a time of surging stateside demand, questionable defense-industrial base fitness and broader international aggression.
The company's chips can be found in F-16 and E-7 aircraft, Apache helicopters, G/ATOR radars, naval electronic warfare systems, drones, the James Webb telescope and more.
Driving the news: Axios toured the lab — sterile "bunny suit" and all — in late July.
The intrigue: Northrop is positioning itself as a domestic expert that plays well with others, including other defense contractors.
That means greater supply chain visibility for buyers and users as well as cooperation with competitors.
"The company sees a lot of value in us being able to supply our microelectronics capabilities to benefit the national interest. That's national security. That's economic security," David Shahin, senior manager of Northrop's microelectronics center, said in an interview.
Zoom in: The company is bullish on advanced packaging, a process that consolidates component footprints, ultimately saving space and boosting performance.
Think of it like mixed-use versus single-family residential zoning.
"The promise of advanced packaging for microelectronics is now you can fabricate the best chips wherever you need to," Shahin said, "and you can join them together into something that puts the whole system ... into something that is a fraction of the size."
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Innovative Solutions & Support Reports Third Quarter 2025 Results
EXTON, Pa.--(BUSINESS WIRE)--Innovative Solutions & Support, Inc. (Nasdaq: ISSC) ("IS&S" or the "Company"), a leading provider of advanced avionic solutions for commercial, business aviation and military markets, today reported fiscal third quarter financial results for the three-month period ended June 30, 2025. THIRD QUARTER 2025 HIGHLIGHTS (all comparisons versus the prior year period unless otherwise noted) Net revenue of $24.1 million, +105.2% Gross profit of $8.6 million; gross margin of 35.6% Net Income of 2.4 million, or $0.14 per diluted share Adjusted EBITDA (1) of $4.4 million, +43.3% Ratio of net debt to trailing twelve-month Adjusted EBITDA of 1.1x as of June 30, 2025 (1) Adjusted EBITDA is a non-GAAP measure. Reconciliation of adjusted EBITDA to net income, the most directly comparable GAAP financial measure, is set forth in the reconciliation table accompanying this release. Expand MANAGEMENT COMMENTARY 'We delivered solid third quarter results, highlighted by revenue growth of 105% to $24.1 million and adjusted EBITDA growth of 43% to $4.4 million,' stated Shahram Askarpour, Chief Executive Officer of IS&S. 'Our gross margin was impacted by elevated costs on the F-16 product line as Honeywell incurred extra expenses in order to expedite the building of safety stock ahead of fully transitioning production to ISSC. However, once the transition is completed, we expect to realize product level and operational cost efficiencies that will improve gross margins in the latter quarters of fiscal 2026. Based on our solid year-to-date results, we remain on track to achieve our full year target of growing both revenue and EBITDA by more than 30% compared to fiscal year 2024.' 'The construction of our Exton facility has been completed, and we expect fit-out to be finished in early fall, at which time we can begin to take advantage of our expanded manufacturing capacity including the integration of the recently acquired F-16 products,' continued Askarpour. 'Although the pull-forward of F-16 production into the current quarter in order to build safety stock ahead of this final transition will impact revenue over the next two quarters, we expect to drive additional growth and efficiencies once the migration is complete.' 'The recent closing of our new five-year, $100 million syndicated credit facility - led and arranged by JPMorgan Chase Bank, N.A. - represents an important strategic milestone in furthering our growth objectives,' stated Jeffrey DiGiovanni, Chief Financial Officer of IS&S. 'The new facility provides an additional $65 million in expanded liquidity and an option, subject to certain conditions, to request up to $25 million in additional loan commitments under an accordion feature in the credit agreement. This improved flexibility enhances our ability to execute on our long-term growth strategy. We will continue to prioritize investments to advance organic growth initiatives and also pursue strategic acquisitions, which could include product line additions or extensions and stand-alone companies that offer attractive growth opportunities in our targeted market areas.' 'We remain encouraged by our progress in recent quarters, with the expansion of our Exton facility, our new credit facility, and investments in growth initiatives marking key milestones in executing our long-term growth strategy,' concluded Askarpour. 'As we look forward, we continue to be excited by the opportunities across our commercial, business, and military markets and remain committed to our disciplined capital allocation strategy, all with a focus on delivering value for shareholders.' THIRD QUARTER 2025 PERFORMANCE Third quarter revenue was $24.1 million, an increase of 105.2% compared to the same period last year driven by significant revenue from the recently acquired F-16 product line, including deliveries that were pulled forward as Honeywell built safety stock ahead of the move of production to the Company's Exton facility. Consequently, the Company expects a reduction in revenues from the F-16 product line during the next two quarters as finished inventory levels normalize. Gross profit was $8.6 million during the third quarter of 2025, up 36.7% from gross profit of $6.3 million in the third quarter of last year. The increase was driven by the strong revenue growth, partially offset by lower gross margins on the F-16 product line acquired from Honeywell due in part to the extra costs incurred by Honeywell to build safety stock ahead of the transition of production to Exton. Third quarter 2025 operating expenses were $5.1 million, compared to $4.2 million in the third quarter of last year, reflecting incremental expenses from the Honeywell acquisitions, including $0.2 million of amortization expense, $0.6 million in employee related costs, and $0.1 million of acquisition and one-time expenses. Illustrating the opportunity for and impact of significant operating leverage as the business scales, operating expenses were 21.0% of revenue during the third quarter, down meaningfully from 36.1% of revenues in the third quarter of last year. Net income was $2.4 million, or $0.14 per diluted share during the third quarter, compared to net income of $1.6 million, or $0.09 per share in the third quarter of last year. Adjusted EBITDA was $4.4 million during the third quarter, up from $3.1 million in the third quarter of last year. New orders in the second quarter of fiscal 2025 were $16.9 million and backlog as of June 30, 2025 was $72.4 million. The backlog includes only purchase orders in-hand and excludes additional orders from the Company's OEM customers under long-term programs, including Pilatus PC-24, Textron King Air, Boeing T-7 Red Hawk, Boeing KC-46A and Lockheed F-16. BALANCE SHEET, LIQUIDITY AND FREE CASH FLOW As of June 30, 2025, IS&S had total long-term debt of $23.3 million. Cash and cash equivalents as of June 30, 2025, were $0.6 million, resulting in net debt of $22.7 million. Despite elevated capital expenditures during the quarter relating to the Exton facility expansion, net debt declined $3.5 million during the quarter, reflecting the strong operating results as well as disciplined financial management. As of June 30, 2025, IS&S had total cash and availability under its credit line of approximately $12.3 million. In July 2025, the Company entered into a new five-year, $100 million committed credit agreement with a lending syndicate led and arranged by JPMorgan Chase Bank, N.A. The credit agreement replaces the Company's existing $35 million line of credit. The credit agreement provides for a $30 million secured revolving loan facility, a $25 million secured term loan, a $45 million secured delayed draw term facility, and an option, subject to certain conditions, to request up to $25 million in additional loan commitments under an accordion feature in the credit agreement. Cash flow provided by operations was $10.3 million during the nine months ended June 30, 2025, compared to $5.4 million in the same period last year. Capital expenditures during the nine months ended June 30, 2025 were $5.5 million, versus $0.5 million in the year-ago period. Free cash flow was $4.8 million during the nine months ended June 30, 2025 versus $4.8 million in the same period last year. THIRD QUARTER 2025 RESULTS CONFERENCE CALL IS&S will host a conference call at 10:00 AM ET on Thursday, August 14, 2025, to discuss the Company's third quarter 2025 results. A webcast of the conference call and accompanying presentation materials will be available in the Investor Relations section of the IS&S website at and a replay of the webcast will be available at the same time shortly after the webcast is complete. To participate in the live teleconference: To listen to a replay of the teleconference, which will be available through August 29, 2025: NON-GAAP FINANCIAL MEASURES EBITDA, adjusted EBITDA, adjusted net income, adjusted diluted earnings per share ('EPS') and adjusted net cash provided by operating activities ('free cash flow') are not measures of financial performance under GAAP and should not be considered substitutes for GAAP measures, net income (for EBITDA and adjusted EBITDA), diluted earnings per share (for adjusted diluted EPS) or net cash provided by operating activities (for free cash flow), which the Company considers to be the most directly comparable GAAP measures. These non-GAAP financial measures have limitations as analytical tools, and when assessing the Company's operating performance, readers should not consider these non-GAAP financial measures in isolation or as substitutes for net income, diluted earnings per share, net cash provided by operating activities or other consolidated income statement data prepared in accordance with GAAP. Other companies in the Company's industry may define or calculate these non-GAAP financial measures differently than the Company does, and accordingly, these measures may not be comparable to similarly titled measures used by other companies. The Company defines EBITDA as net income before interest, taxes, depreciation, and amortization. The Company believes EBITDA to be relevant and useful information to their investors because it provides additional information in assessing the Company's financial operating results. The Company's management uses EBITDA in evaluating operating performance, ability to service debt, and ability to fund capital expenditures and pay dividends. However, EBITDA has certain limitations in that it does not reflect the impact of certain expenses on the Company's consolidated statements of income, including interest expense, which is a necessary element of the Company's costs because the Company has borrowed money in order to finance operations, income tax expense, which is a necessary element of costs because taxes are imposed by law, and depreciation and amortization, which are necessary elements of costs because the Company uses capital assets to generate income. EBITDA should be considered in addition to, and not as a substitute for, or superior to, operating income, net income or other measures of financial performance prepared in accordance with U.S. GAAP. Furthermore, the Company's definition of EBITDA may not be comparable to similarly titled measures reported by other companies. Below is our reconciliation of EBITDA to U.S. GAAP net income. The Company defines adjusted EBITDA as net income before interest, taxes, depreciation, amortization, transaction-related acquisition and integration expenses, and non-recurring items. The Company believes that adjusted EBITDA is an appropriate measure of operating performance because it eliminates the impact of expenses that do not relate to ongoing business performance, and that the presentation of this measure enhances an investor's understanding of its financial performance. Adjusted EBITDA has important limitations as an analytical tool. For example, adjusted EBITDA: does not reflect any cash capital expenditure requirements for the assets being depreciated and amortized, which assets may have to be replaced in the future; does not reflect changes in, or cash requirements for, the Company's working capital needs; excludes the impact of certain cash charges resulting from matters the Company considers not to be indicative of its ongoing operations; does not reflect the interest expense or the cash requirements necessary to service interest or principal payments on the Company's debt; and excludes certain tax payments that may represent a reduction in available cash. Free cash flow is calculated as net cash provided by operating activities less capital expenditures. The Company believes that free cash flow is an important financial measure for use in evaluating financial performance because it measures the Company's ability to generate additional cash from its business operations. A reconciliation of each non-GAAP measure to the most directly comparable GAAP measure is set forth below. ABOUT INNOVATIVE SOLUTIONS & SUPPORT Headquartered in Exton, Pa., Innovative Solutions & Support (IS&S) is a U.S.-based company specializing in the engineering, manufacturing, and supply of advanced avionic solutions. Its extensive global product reach and customer base span commercial, business and aviation and military markets, catering to both airframe manufacturers and aftermarket services for fixed-wing and rotorcraft applications. IS&S offers cutting-edge, cost-effective solutions while maintaining legacy product lines. The company is poised to leverage its experience to create growth opportunities in next-generation navigation systems, advanced flight deck and special mission displays, precise air data instrumentation, autothrottles, flight control computers, mission computers and software based situational awareness targeting autonomous flight. Supported by a robust portfolio of patents and the highest aircraft certification standards, IS&S is at the forefront of meeting the aerospace industry's demand for more sophisticated and technologically advanced products. For more information, please visit us at FORWARD-LOOKING STATEMENTS In addition to the historical information contained herein, this press release contains 'forward-looking statements' within the meaning of, and intended to be covered by, the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. In this press release, the words 'anticipates,' 'believes,' 'may,' 'will,' 'estimates,' 'continues,' 'anticipates,' 'intends,' 'forecasts,' 'expects,' 'plans,' 'could,' 'should,' 'would,' 'is likely', 'projected', 'might', 'potential', 'preliminary', 'provisionally', references to 'fiscal 2025', and similar expressions, as they relate to the business or to its management, are intended to identify forward-looking statements, but they are not exclusive means of identifying them. All forward-looking statements are based on management's current expectations and beliefs concerning future developments and their potential effects on the Company including, without limitation, statements about: future revenue; financial performance and profitability; future business opportunities; the integration of the Honeywell product lines, including statements regarding the ongoing integration; plans to grow organically through new product development and related market expansion, as well as via acquisitions; the expansion of the Exton facility; and the timing of long-term programs remaining in production and continuing to generate future sales. Forward-looking statements are subject to numerous assumptions, risks and uncertainties, which change over time. Forward-looking statements speak only as of the date they are made. Because forward-looking statements are subject to assumptions, risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements. Factors that could cause results to differ materially from those expressed or implied by such forward-looking statements include, but are not limited to, the Company's ability to efficiently integrate acquired and licensed product lines, including the Honeywell product lines, into its operations; a reduction in anticipated orders; an economic downturn; changes in the competitive marketplace and/or customer requirements; an inability to perform customer contracts at anticipated cost levels; market acceptance and demand for our products and programs; and other factors that generally affect the economic and business environments in which the Company operates. Such factors are detailed in the Company's Annual Report on Form 10-K for the fiscal year ended September 30, 2024, and subsequent reports filed with the Securities and Exchange Commission. Many of the factors that will determine the Company's future results are beyond the ability of management to control or predict. Readers should not place undue reliance on forward-looking statements. The Company undertakes no obligation to revise or update any forward-looking statements, or to make any other forward-looking statements, whether as a result of new information, future events or otherwise. INNOVATIVE SOLUTIONS AND SUPPORT, INC. (unaudited) Three Months Ended June 30, Nine Months Ended June 30, 2025 2024 2025 2024 Net Sales: Product $ 16,601,648 $ 5,127,056 $ 39,765,914 $ 14,446,753 Services 7,543,184 6,638,579 22,283,861 17,366,461 Total net sales 24,144,832 11,765,635 62,049,775 31,813,214 Cost of sales: Product 11,548,790 2,106,629 23,087,398 6,235,668 Services 4,013,807 3,379,185 12,502,462 8,192,200 Total cost of sales 15,562,597 5,485,814 35,589,860 14,427,868 Operating expenses: Research and development 916,829 1,099,367 2,891,793 3,031,630 Selling, general and administrative 4,151,074 3,143,334 11,725,652 9,058,347 Total operating expenses 5,067,903 4,242,701 14,617,445 12,089,977 Operating income 3,514,332 2,037,120 11,842,470 5,295,369 Interest expense (407,459) (172,784) (1,221,926) (704,267) Interest income 4,623 5,826 14,501 121,505 Other income — 12,869 6 57,040 Income before income taxes 3,111,496 1,883,031 10,635,051 4,769,647 Net income per common share: Diluted $ 0.14 $ 0.09 $ 0.48 $ 0.22 Weighted average shares outstanding: Basic 17,601,814 17,461,652 17,554,824 17,455,903 Expand Reconciliation of Net Income to EBITDA and Adjusted EBITDA Three Months Ended June 30, Nine Months Ended June 30, 2025 2024 2025 2024 Net Income $2,443,814 $1,552,520 $8,516,348 $3,818,186 Income tax expense 667,682 330,511 2,118,703 951,461 Interest expense 407,459 172,784 1,221,926 588,588 Depreciation and amortization 820,410 611,155 2,825,051 1,437,232 EBITDA $4,339,365 $2,666,970 $14,682,028 $6,795,467 Acquisition related costs 68,000 175,278 415,780 517,352 CFO transition, ATM Costs and other strategic initiatives - 233,678 104,977 612,907 Adjusted EBITDA $4,407,365 $3,075,926 $15,202,785 $7,925,726 Expand Free Cash Flow Three Months Ended Nine Months Ended June 30, June 30, 2025 2024 2025 2024 Operating Cash flow $7,206,836 $934,052 $10,336,200 $5,350,891 Capital Expenditures 3,687,913 203,279 5,504,928 511,927 Free Cash flow $3,518,923 $730,773 $4,831,272 $4,838,964 Expand Net Debt and Net Debt Leverage Three Months Ended June 30, 2025 2024 Total Debt $ 23,258,511 $ 9,859,074 Cash 601,759 521,041 Net Debt $ 22,656,752 $ 9,338,033 Leverage Ratio 1.1x 0.8x Expand
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2 hours ago
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Zura Bio Reports Second Quarter 2025 Financial Results and Recent Corporate Updates
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PIPELINE HIGHLIGHTS AND UPCOMING ANTICIPATED MILESTONES Tibulizumab Hidradenitis suppurativa In the second quarter of 2025, Zura Bio initiated TibuSHIELD, a global Phase 2 clinical study evaluating tibulizumab in adults with moderate to severe HS. A topline data readout is anticipated in the third quarter of 2026. Systemic sclerosis The Company also continued to advance TibuSURE, a global Phase 2 clinical study evaluating tibulizumab in adults with SSc. A topline data readout is anticipated in the fourth quarter of 2026. Crebankitug Zura Bio continues to conduct preclinical and translational research on crebankitug to explore its potential in immune-mediated diseases where dual inhibition of interleukin-7 (IL-7) and thymic stromal lymphopoietin (TSLP) may offer therapeutic benefit. The Company is collaborating with academic researchers to guide future development decisions. Torudokimab Zura Bio is evaluating the potential role of torudokimab in inflammatory and respiratory diseases. The Company continues to monitor external clinical data from ongoing IL-33/ST2-targeted programs in asthma and chronic obstructive pulmonary disease, including Phase 2b and Phase 3 trials. An additional IL-33/ST2 data readout is expected in 2026. These findings may help inform future development plans for torudokimab. CORPORATE HIGHLIGHTS In May 2025, Dan Becker, M.D., Ph.D. joined the Board of Directors, bringing a strong background in immunology and biotechnology. In July 2025, Eric Hyllengren was appointed as Chief Financial Officer. With more than 20 years of experience in financial leadership within the life sciences sector, Mr. Hyllengren will help guide the Company's financial and operational planning. SECOND QUARTER 2025 FINANCIAL RESULTS Cash Position As of June 30, 2025, Zura Bio had cash and cash equivalents of $154.5 million. The Company anticipates that its existing cash and cash equivalents should be sufficient to support operations as currently planned through 2027. Research and Development (R&D) Expenses R&D expenses were $8.7 million for the second quarter of 2025, compared to $5.5 million for the same period in 2024. The increase of $3.2 million was primarily related to our continued advancement of our Phase 2 clinical studies evaluating tibulizumab in SSc and HS. Specifically, we incurred a $3.3 million increase in costs related to our SSc and HS clinical studies driven by an increase in contract research organization (CRO) expenses. These increases were partially offset by a $1.3 million reduction in manufacturing costs for our product candidates. R&D compensation costs increased by $0.7 million, reflecting additional headcount to support the growing development organization. General and Administrative (G&A) Expenses G&A expenses were $9.4 million for the second quarter of 2025, compared to $6.2 million for the same period in 2024. The $3.2 million year-over-year increase was primarily driven by a $2.0 million increase in compensation costs to support the expansion of administrative functions and a $1.2 million increase in external spend related to organizational growth as we continue to advance our clinical development programs. Net Loss Net loss for the second quarter of 2025 was $16.0 million, or $0.17 per share, compared to $10.3 million, or $0.17 per share, for the same period in 2024. ABOUT ZURA BIO Zura Bio is a clinical-stage, multi-asset immunology company dedicated to developing novel dual-pathway antibodies for autoimmune and inflammatory diseases with unmet needs. The Company's pipeline includes dual-pathway product candidates designed to target key mechanisms of immune system imbalance, with the goal of improving efficacy, safety, and dosing convenience for patients. Zura Bio's lead product candidate, tibulizumab (ZB-106), is currently being evaluated in two separate Phase 2 clinical studies in adults, including TibuSURE for systemic sclerosis and TibuSHIELD for hidradenitis suppurativa. Additional product candidates, crebankitug (ZB-168) and torudokimab (ZB-880), have completed Phase 1/1b studies and are being evaluated for their potential across a range of autoimmune and inflammatory conditions. For more information, please visit FORWARD-LOOKING STATEMENTS This communication includes 'forward-looking statements' within the meaning of the 'safe harbor' provisions of the Private Securities Litigation Reform Act of 1995. Words such as 'expect,' 'estimate,' 'project,' 'budget,' 'forecast,' 'anticipate,' 'intend,' 'plan,' 'may,' 'will,' 'could,' 'should,' 'believe,' 'predict,' 'potential,' 'continue,' 'strategy,' 'future,' 'opportunity,' 'would,' 'seem,' 'seek,' 'outlook,' 'goal,' 'mission,' and similar expressions are intended to identify such forward-looking statements. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties that could cause the actual results to differ materially from the expected results. These statements are based on various assumptions, whether or not identified in this communication. These forward-looking statements in this release include, but are not limited to, statements regarding: Zura Bio's forecasts, including with respect to its cash resources; Zura Bio's expectations regarding funding, operating and working capital expenditures, business strategies and objectives; and expectations with respect to Zura Bio's development program, including its product candidates and the potential clinical benefits thereof, data readouts, regulatory matters, clinical studies and the design and timing thereof. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as, and must not be relied on by an investor as, a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Actual events are difficult or impossible to predict and could differ materially from those expressed or implied in such forward-looking statements, as a result of these risks and uncertainties, which include, but are not limited to: Zura Bio's expectations regarding its product candidates and their related benefits, and Zura Bio's beliefs regarding competing product candidates and products both in development and approved, may not be achieved; Zura Bio's vision and strategy may not be successful; the timing of key events and initiation of Zura Bio's studies, regulatory matters and release of clinical data may take longer than anticipated or may not be achieved at all; the potential general acceptability and maintenance of Zura Bio's product candidates by regulatory authorities, payors, physicians, and patients may not be achieved; Zura Bio's ability to attract and retain key personnel; Zura Bio's expectations with respect to its future operating expenses, capital requirements and needs for additional financing may not be achieved; Zura Bio has not completed any clinical trials, and has no products approved for commercial sale; Zura Bio has incurred significant losses since inception, and expects to incur significant losses for the foreseeable future and may not be able to achieve or sustain profitability in the future; Zura Bio requires substantial additional capital to finance its operations, and if it is unable to raise such capital when needed or on acceptable terms, Zura Bio may be forced to delay, reduce, and/or eliminate one or more of its development programs or future commercialization efforts; Zura Bio may be unable to renew existing contracts or enter into new contracts; Zura Bio relies on third-party contract development manufacturing organizations for the manufacture of clinical materials; Zura Bio relies on contract research organizations, clinical trial sites, and other third parties to conduct its preclinical studies and clinical studies; Zura Bio may be unable to obtain regulatory approval for its product candidates, and there may be related restrictions or limitations of any approved products; Zura Bio may be unable to successfully respond to general economic and geopolitical conditions; Zura Bio may be unable to effectively manage growth; Zura Bio faces competitive pressures from other companies worldwide; Zura Bio may be unable to adequately protect its intellectual property rights; and other factors set forth in documents filed, or to be filed by Zura Bio, with the Securities and Exchange Commission (SEC), including the risks and uncertainties described in the 'Risk Factors' section of Zura Bio's Annual Report on Form 10-K for the year ended December 31, 2024, as supplemented by Zura Bio's Quarterly Reports on Form 10-Q for the quarterly periods ended March 31, 2025 and June 30, 2025, and other filings with the SEC. These risks and uncertainties may be amplified by health epidemics or other unanticipated global disruption events, including the conflict between Russia and Ukraine and the Israel-Hamas war and sanctions related thereto, international trade policies, including tariffs, inflation, increased interest rates, uncertain global credit and capital markets and disruptions in banking systems, and changes in regulations, 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, 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 update any forward-looking statements, except as required by law. ZURA BIO LIMITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) (In thousands, except share and per share data) For the Three Months Ended For the Six Months Ended June 30, June 30, 2025 2024 2025 2024 Operating expenses: Research and development $ 8,704 $ 5,539 $ 19,178 $ 9,132 General and administrative 9,358 6,220 18,138 11,006 Total operating expenses 18,062 11,759 37,316 20,138 Loss from operations (18,062 ) (11,759 ) (37,316 ) (20,138 ) Other (income)/expense, net: Interest income (1,717 ) (2,196 ) (3,534 ) (3,411 ) Change in fair value of private placement warrants — 768 — 1,374 Other income, net (352 ) (2 ) (347 ) (25 ) Total other income, net (2,069 ) (1,430 ) (3,881 ) (2,062 ) Loss before income taxes (15,993 ) $ (10,329 ) (33,435 ) (18,076 ) Income tax benefit — — — — Net loss (15,993 ) (10,329 ) (33,435 ) (18,076 ) Accretion of redeemable noncontrolling interest to redemption value — (2,337 ) — (2,337 ) Adjustment of redeemable noncontrolling interest from redemption value to carrying value — — — 7,017 Net loss attributable to Class A Ordinary Shareholders of Zura $ (15,993 ) $ (12,666 ) $ (33,435 ) $ (13,396 ) Net loss per share attributable to Class A Ordinary Shareholders of Zura, basic and diluted $ (0.17 ) $ (0.17 ) $ (0.36 ) $ (0.22 ) Weighted-average Class A Ordinary Shares used in computing net loss per share attributable to Class A Ordinary Shareholders of Zura, basic and diluted 94,289,954 74,947,369 93,630,719 60,930,956 Expand
