Zura Bio Limited (ZURA) 10-Q13 Aug 242024 Q2 Quarterly reportFinancial data

Company Profile

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
Document and Entity Information - shares	Jun. 30, 2024	Aug. 13, 2024
Document Information
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2024
Document Transition Report	false
Securities Act File Number	001-40598
Entity Registrant Name	ZURA BIO LIMITED
Entity Incorporation, State or Country Code	E9
Entity Tax Identification Number	98-1725736
Entity Address, Address Line One	1489 W. Warm Springs Rd. #110
Entity Address, City or Town	Henderson
Entity Address, State or Province	NV
Entity Address, Postal Zip Code	89014
City Area Code	702
Local Phone Number	757-6133
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Entity Central Index Key	0001855644
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2
Amendment Flag	false
Class A Ordinary Shares
Document Information
Title of 12(b) Security	Class A Ordinary Shares
Trading Symbol	ZURA
Security Exchange Name	NASDAQ
Entity Common Stock, Shares Outstanding		67,207,088
Warrants
Document Information
Title of 12(b) Security	Warrants
Trading Symbol	ZURAW
Security Exchange Name	NASDAQ
Entity Common Stock, Shares Outstanding		0

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 188,443	$ 99,806
Prepaid expenses and other current assets	1,032	1,037
Total current assets	189,475	100,843
Property and equipment, net	25
Total assets	189,500	100,843
Current liabilities:
Accounts payable and accrued expenses	15,073	20,302
Total current liabilities	15,073	20,302
Private placement warrants	2,364	990
Total liabilities	17,437	21,292
Commitments and contingencies (Note 9)
Convertible preferred shares
Redeemable noncontrolling interest	14,000	18,680
Shareholders' Equity:
Preferred shares, $0.0001 par value, 1,000,000 authorized as of June 30, 2024, and December 31, 2023; -0- issued and outstanding as of June 30, 2024, and December 31, 2023
Class A Ordinary shares, $0.0001 par value, 300,000,000 shares authorized as of June 30, 2024 and December 31, 2023; 63,683,806 and 43,593,678 shares issued and outstanding as of June 30, 2024 and December 31, 2023, respectively	6	4
Additional paid-in capital	278,086	162,820
Accumulated deficit	(121,570)	(103,494)
Total Zura Bio Limited shareholders' equity	156,522	59,330
Noncontrolling interest	1,541	1,541
Total shareholders' equity	158,063	60,871
Total liabilities, redeemable noncontrolling interest and shareholders' equity	$ 189,500	$ 100,843

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2024	Dec. 31, 2023
Condensed Consolidated Balance Sheets
Preferred shares, par value per share (in dollars per share)	$ 0.0001	$ 0.0001
Preferred shares authorized (in shares)	1,000,000	1,000,000
Preferred shares outstanding (in shares)	0	0
Class A ordinary shares, par value per share (in dollars per share)	$ 0.0001	$ 0.0001
Class A ordinary shares authorized (in shares)	300,000,000	300,000,000
Class A ordinary shares issued (in shares)	63,683,806	43,593,678
Class A ordinary shares outstanding (in shares)	63,683,806	43,593,678

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Operating expenses:
Research and development	$ 5,539	$ 28,230	$ 9,132	$ 33,114
General and administrative	6,220	5,675	11,006	8,510
Total operating expenses	11,759	33,905	20,138	41,624
Loss from operations	(11,759)	(33,905)	(20,138)	(41,624)
Other (income)/expense, net:
Other (income)/expense	(2)	(7)	(25)	3
Interest income	(2,196)		(3,411)	(1)
Dividend income		(405)		(405)
Change in fair value of private placement warrants	(768)	(532)	(1,374)	(355)
Change in fair value of note payable				2,244
Total other (income)/expense, net	(1,430)	120	(2,062)	2,196
Loss before income taxes	(10,329)	(34,025)	(18,076)	(43,820)
Income tax benefit
Net loss before redeemable noncontrolling interest	(10,329)	(34,025)	(18,076)	(43,820)
Net loss attributable to redeemable noncontrolling interest				203
Net loss	(10,329)	(34,025)	(18,076)	(43,617)
Accretion of redeemable noncontrolling interest to redemption value	(2,337)		(2,337)	(203)
Deemed dividend to redeemable noncontrolling interest		(10,875)		(10,875)
Adjustment of redeemable noncontrolling interest from redemption value to carrying value			(7,017)
Net loss attributable to Class A Ordinary Shareholders of Zura	$ (12,666)	$ (44,900)	$ (13,396)	$ (54,695)
Net loss per share attributable to Class A Ordinary Shareholders of Zura, basic (in dollars per share)	$ (0.17)	$ (1.31)	$ (0.22)	$ (2.88)
Net loss per share attributable to Class A Ordinary Shareholders of Zura, diluted (in dollars per share)	$ (0.17)	$ (1.31)	$ (0.22)	$ (2.88)
Weighted-average Class A Ordinary Shares used in computing net loss per share attributable to Class A Ordinary Shareholders of Zura, basic (in shares)	74,947,369	34,303,125	60,930,956	19,012,464
Weighted-average Class A Ordinary Shares used in computing net loss per share attributable to Class A Ordinary Shareholders of Zura, diluted (in shares)	74,947,369	34,303,125	60,930,956	19,012,464

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Changes in Redeemable Noncontrolling Interest, Convertible Preferred Shares and Shareholders' Equity (Deficit) - USD ($) $ in Thousands		Noncontrolling interest	Class A Ordinary Shares Private placement April 2023	Class A Ordinary Shares Private Placement April 2023		Class A Ordinary Shares Private Placement April 2024		Class A Ordinary Shares License agreement with Lilly	Class A Ordinary Shares		Additional Paid-in Capital Private placement April 2023	Additional Paid-in Capital Private Placement April 2023 Pre-Funded Warrants	Additional Paid-in Capital Private Placement April 2023	Additional Paid-in Capital Private Placement April 2024	Additional Paid-in Capital Pre-Funded Warrants	Additional Paid-in Capital License agreement with Lilly	Additional Paid-in Capital	Accumulated Deficit	Redeemable Noncontrolling Interest	Convertible Preferred Shares		Private placement April 2023	Private Placement April 2023 Pre-Funded Warrants	Private Placement April 2023	Private Placement April 2024	Pre-Funded Warrants	License agreement with Lilly	Total
Balance at Dec. 31, 2022																			$ 10,000	$ 12,500	[1]
Convertible Preferred Shares
Issuance of Series A-1 convertible preferred shares as license compensation	[1]																			$ 2,186
Issuance of Series A-1 convertible preferred shares as license compensation (in shares)																				267,939
Conversion of Series A-1 convertible preferred shares to Class A Ordinary Shares in connection with Business Combination									$ (2)	[1]							$ (14,684)			$ (14,686)	[1]							$ (14,686)
Conversion of Series A-1 convertible preferred shares to Class A Ordinary Shares in connection with Business Combination (in shares)									(13,778,354)											(13,778,354)
Accretion of redeemable noncontrolling interest to redemption value																			203
Deemed dividend to redeemable noncontrolling interest																			10,875
Stone Peach Call Right issued to noncontrolling interest		$ 1,541																										1,541
Net Income (Loss)																		$ (43,617)	(203)									(43,617)
Balance at Jun. 30, 2023																			20,875
Beginning Balance (in shares) at Dec. 31, 2022									279,720											13,510,415
Balance at Dec. 31, 2022																		(32,056)										(32,056)
Increase (Decrease) in Stockholders' Deficit
Conversion of Series A-1 convertible preferred shares to Class A Ordinary Shares in connection with Business Combination									$ 2	[1]							14,684			$ 14,686	[1]							14,686
Conversion of Series A-1 convertible preferred shares to Class A Ordinary Shares in connection with Business Combination (in shares)									13,778,354											13,778,354
Issuance of Class A Ordinary Shares in connection with Business Combination, including PIPE Investment, Forward Purchase Investment, and Backstop Shares, net of $4.0 million of transaction costs									$ 1	[1]							48,350											48,351
Issuance of Class A Ordinary Shares in connection with Business Combination, including PIPE Investment, Forward Purchase Investment, and Backstop Shares (in shares)									12,444,081
Issuance of Class A Ordinary Shares to settle research and development license consideration liability																	4,488											4,488
Issuance of Class A Ordinary Shares to settle research and development license consideration liability (in shares)									550,000
Reclassification of public warrant liability to equity																	2,001											2,001
Deemed dividend to redeemable noncontrolling interest																		(10,875)										(10,875)
Share-based compensation																	8,088											8,088
Issuance of Restricted share awards (in shares)									499,993
Issuance of shares (in shares)				15,041,530				1,000,000
Issuance of shares				$ 1	[1]								$ 54,133		$ 16,070	$ 7,840								$ 54,134		$ 16,070	$ 7,840
Net Income (Loss)																		(43,617)	(203)									(43,617)
Accretion of redeemable noncontrolling interest to redemption value																		(203)										(203)
Ending Balance (in Shares) at Jun. 30, 2023									43,593,678
Balance at Jun. 30, 2023		1,541							$ 4	[1]							155,654	(86,751)										70,448
Balance at Mar. 31, 2023																			10,000
Convertible Preferred Shares
Deemed dividend to redeemable noncontrolling interest																			10,875
Stone Peach Call Right issued to noncontrolling interest		1,541																										1,541
Net Income (Loss)																		(34,025)										(34,025)
Balance at Jun. 30, 2023																			20,875
Beginning Balance (in shares) at Mar. 31, 2023									27,052,155
Balance at Mar. 31, 2023									$ 3								69,703	(41,851)										27,855
Increase (Decrease) in Stockholders' Deficit
Deemed dividend to redeemable noncontrolling interest																		(10,875)										(10,875)
Share-based compensation																	7,908											7,908
Issuance of Restricted share awards (in shares)									499,993
Issuance of shares (in shares)			15,041,530					1,000,000
Issuance of shares			$ 1								$ 54,133	$ 16,070				$ 7,840						$ 54,134	$ 16,070				$ 7,840
Net Income (Loss)																		(34,025)										(34,025)
Ending Balance (in Shares) at Jun. 30, 2023									43,593,678
Balance at Jun. 30, 2023		1,541							$ 4	[1]							155,654	(86,751)										70,448
Balance at Dec. 31, 2023																			18,680
Convertible Preferred Shares
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		(7,017)									7,017
Net Income (Loss)																		(18,076)										$ (18,076)
Balance at Jun. 30, 2024																			$ 14,000
Balance (Shares) at Jun. 30, 2024																			14,000,000
Beginning Balance (in shares) at Dec. 31, 2023									43,593,678																			43,593,678
Balance at Dec. 31, 2023		1,541							$ 4	[1]							162,820	(103,494)										$ 60,871
Increase (Decrease) in Stockholders' Deficit
Share-based compensation																	5,335											5,335
Issuance of shares (in shares)						20,090,128
Issuance of shares						$ 2,000	[1]							$ 55,221,000	50,030										$ 55,223,000	50,030
Net Income (Loss)																		(18,076)										(18,076)
Adjustment of redeemable noncontrolling interest from redemption value to carrying value																	7,017		$ (7,017)									7,017
Accretion of redeemable noncontrolling interest to redemption value																	(2,337)											$ (2,337)
Ending Balance (in Shares) at Jun. 30, 2024									63,683,806																			63,683,806
Balance at Jun. 30, 2024		1,541							$ 6	[1]							278,086	(121,570)										$ 158,063
Balance at Mar. 31, 2024																			11,663
Convertible Preferred Shares
Accretion of redeemable noncontrolling interest to redemption value																			2,337
Net Income (Loss)																		(10,329)										(10,329)
Balance at Jun. 30, 2024																			$ 14,000
Balance (Shares) at Jun. 30, 2024																			14,000,000
Beginning Balance (in shares) at Mar. 31, 2024									43,593,678
Balance at Mar. 31, 2024		1,541							$ 4								172,246	(111,241)										62,550
Increase (Decrease) in Stockholders' Deficit
Share-based compensation																	2,926											2,926
Issuance of shares (in shares)						20,090,128
Issuance of shares						$ 2								$ 55,221	$ 50,030										$ 55,223	$ 50,030
Net Income (Loss)																		(10,329)										(10,329)
Accretion of redeemable noncontrolling interest to redemption value																	(2,337)											$ (2,337)
Ending Balance (in Shares) at Jun. 30, 2024									63,683,806																			63,683,806
Balance at Jun. 30, 2024		$ 1,541							$ 6	[1]							$ 278,086	$ (121,570)										$ 158,063

[1]The Company’s convertible preferred shares and Class A Ordinary Shares prior to the closing of the Business Combination (as defined in Note 1) have been retroactively restated to reflect the exchange ratio of approximately 108.083 established in the Business Combination Agreement as described in Note 6.

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Changes in Redeemable Noncontrolling Interest, Convertible Preferred Shares, and Shareholders' Equity (Deficit) (Parenthetical) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Mar. 20, 2023
Subsidiary, Sale of Stock [Line Items]
Transaction costs				$ 4
Exchange ratio for Class A ordinary shares pursuant to the business combination	108.083		108.083		108.083
Private Placement April 2024
Subsidiary, Sale of Stock [Line Items]
Issuance of shares, Transaction costs	$ 7.2		$ 7.2
Private Placement April 2023
Subsidiary, Sale of Stock [Line Items]
Issuance of shares, Transaction costs		$ 9.8	$ 0.1	$ 9.8

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Cash flows from operating activities
Net loss before redeemable noncontrolling interest	$ (18,076)	$ (43,820)
Adjustments to reconcile net loss to net cash used in operating activities:
Research and development acquired license		27,381
Anti-dilution share issuance compensation		2,186
Share-based compensation expense	5,335	2,498
Change in fair value of note payable		2,244
Change in fair value of research and development license consideration liability		1,854
Change in fair value of private placement warrants	1,374	355
Depreciation and amortization	1
Foreign exchange transaction (gain)/loss	(25)	6
Changes in operating assets and liabilities:
Prepaid expenses and other current assets	5	(321)
Accounts payable and accrued expenses	(213)	(813)
Net cash used in operating activities	(11,599)	(8,430)
Cash flows from investing activities
Purchase of fixed assets	(17)
Purchase of research and development license	(5,000)	(5,750)
Net cash used in investing activities	(5,017)	(5,750)
Cash flows from financing activities
Proceeds from issuance of Class A Ordinary Shares upon Closing of Business Combination		56,683
Settlement of note payable		(10,000)
Payment of deferred transaction costs		(1,184)
Net cash provided by financing activities	105,253	125,415
Net increase in cash and cash equivalents	88,637	111,235
Cash and cash equivalents, beginning of period	99,806	1,567
Cash and cash equivalents, ending of period	188,443	112,802
Supplemental Disclosure of Non-Cash Investing and Financing Activities
Conversion of Series A-1 convertible preferred shares for Class A Ordinary Shares		14,686
Accrued 2023 Lilly License consideration		12,250
Deemed dividend to redeemable noncontrolling interest		10,875
Issuance of Class A Ordinary shares for 2023 Lilly License		7,840
Adjustments to redeemable noncontrolling interest from redemption value to carrying value	7,017
Share-based equity issuance costs		5,590
Settlement of research and development license consideration liability		4,488
Transaction costs include in accounts payable and accrued expenses		4,122
Reclassification of deferred offering costs to additional paid-in capital		4,015
Assumption of public and private placement warrants in connection with Business Combination		3,715
Accretion of redeemable noncontrolling interest to redemption value	2,337
Reclassification of public warrant liability to equity		2,001
Issuance of Call Right to noncontrolling interest		1,541
Purchase of property and equipment included in accounts payable and accrued expenses	9
Private Placement April 2024
Cash flows from financing activities
Proceeds from issuance of Ordinary Shares in connection with April 2024 Private Placement, net of transaction costs	55,223
Proceeds from issuance of Pre-Funded Warrants in connection with April 2023 Private Placement	$ 50,030
Private Placement April 2023
Cash flows from financing activities
Proceeds from issuance of Pre-Funded Warrants in connection with April 2023 Private Placement		16,070
Payment of deferred transaction costs		$ 63,846

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Private Placement April 2024
Subsidiary, Sale of Stock [Line Items]
Issuance of shares, Transaction costs	$ 7.2		$ 7.2
Private Placement April 2023
Subsidiary, Sale of Stock [Line Items]
Issuance of shares, Transaction costs		$ 9.8	$ 0.1	$ 9.8

Organization and Description of

Organization and Description of Business	6 Months Ended
Organization and Description of Business	Jun. 30, 2024
Organization and Description of Business
Organization and Description of Business	1. Organization and Description of Business Zura Bio Limited, a Cayman Islands exempted company, formerly known as JATT Acquisition Corp (“JATT”), together with its subsidiaries (collectively, the “Company” or “Zura” or “Zura Bio”), is a clinical-stage biotechnology company advancing immunology assets into Phase 2 development programs, including crebankitug (ZB-168), a fully anti-IL7Ra monoclonal antibody, which it has licensed from Pfizer, Inc. (“Pfizer”), as well as torudokimab (ZB-880), a high affinity monoclonal antibody, and tibulizumab (ZB-106), a bispecific antibody relating to IL-17 and BAFF, which it has licensed from Eli Lilly and Company (“Lilly”). The Company’s accounting predecessor, Zura Bio Limited (herein referred to as “Legacy Zura”), was formed in the United Kingdom (“UK”) on January 18, 2022 (“Inception”). Business Combination On March 20, 2023 (the “Closing Date”), the Company consummated the previously announced business combination (the “Business Combination”), pursuant to the terms of a business combination agreement (the “Business Combination Agreement”), dated as of June 16, 2022 (as amended on September 20, 2022, November 14, 2022, and January 13, 2023), by and among JATT, JATT Merger Sub, JATT Merger Sub 2, Zura Bio Holdings Ltd. (“Holdco”), and Legacy Zura. Pursuant to the Business Combination Agreement, (a) before the closing of the Business Combination, Holdco was established as a new holding company of Legacy Zura and became a party to the Business Combination Agreement; and (b) on the Closing, in sequential order: (i) Merger Sub merged with and into Holdco, with Holdco continuing as the surviving company and a wholly owned subsidiary of JATT; (ii) immediately following the Merger, Holdco merged with and into Merger Sub 2, with Merger Sub 2 continuing as the surviving company and a wholly owned subsidiary of JATT; and (iii) JATT changed its name to “Zura Bio Limited”. The Business Combination has been accounted for as a reverse recapitalization, with Legacy Zura being the accounting acquirer and JATT as the acquired company for accounting purposes. Accordingly, all historical financial information presented in the unaudited condensed consolidated financial statements represent the accounts of Legacy Zura. The shares and net loss per share attributable to ordinary shareholders of Legacy Zura prior to the Closing Date have been retroactively restated as shares reflecting the exchange ratio established in the Business Combination Agreement. Prior to the Business Combination, JATT’s public shares, public warrants, and public units were listed on the New York Stock Exchange (“NYSE”) under the symbols “JATT,” “JATT.WS,” and “JATT.U,” respectively. On March 20, 2023, the Company’s Class A ordinary shares (“Class A Ordinary Shares”) and public warrants began trading on the Nasdaq under the symbols “ZURA” and “ZURAW,” respectively. Emerging Growth Company Status The Company is an emerging growth company, as defined in the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”). Under the JOBS Act, emerging growth companies can delay adopting new or revised accounting standards issued subsequent to the enactment of the JOBS Act until such time as those standards apply to private companies. The Company has elected to use the extended transition period for complying with new or revised accounting standards, and as a result of this election, the consolidated financial statements may not be comparable to companies that comply with public company Financial Accounting Standards Board (“FASB”) standards’ effective dates. The Company may take advantage of these exemptions up until the last day of the fiscal year following the fifth anniversary of an offering or such earlier time that it is no longer an emerging growth company. The Company expects to no longer be an emerging growth company effective December 31, 2026.

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
Summary of Significant Accounting Policies	Jun. 30, 2024
Summary of Significant Accounting Policies
Summary of Significant Accounting Policies	2. Summary of Significant Accounting Policies Basis of Presentation and Principles of Consolidation The Company’s unaudited condensed consolidated financial statements (the “condensed consolidated financial statements”) have been prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and include the accounts of its consolidated subsidiaries. Other shareholders’ interests in the Company’s subsidiaries, Z33 Bio, Inc. (“Z33”) and ZB17 LLC (“ZB17”), are shown in the condensed consolidated financial statements as redeemable noncontrolling interest and noncontrolling interest, respectively. All intercompany balances and transactions have been eliminated in consolidation. If necessary, reclassification of amounts previously reported have been made in the accompanying condensed consolidated financial statements in order to conform to current presentation. These condensed consolidated financial statements have been prepared in accordance with U.S. GAAP applicable to interim financial statements. These condensed consolidated financial statements are presented in accordance with the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”) and do not include all disclosures normally required in annual consolidated financial statements prepared in accordance with U.S. GAAP. As such, the information included herein should be read in conjunction with the Company’s consolidated financial statements and accompanying notes as of and for the year ended December 31, 2023 (the “audited consolidated financial statements”) that were included in the Company’s Form 10-K filed with the SEC on March 28, 2024. In management’s opinion, these unaudited condensed consolidated financial statements have been prepared on the same basis as the annual consolidated financial statements and reflect all adjustments, which include normal recurring adjustments, necessary for the fair statement of the Company’s financial position as of June 30, 2024 and the results of operations for the three months ended June 30, 2024 and 2023 and for the six months ended June 30, 2024 and 2023. The results of operations for the six months ended June 30, 2024 are not necessarily indicative of the results to be expected for the full year ending December 31, 2024 or any other future interim or annual period. Significant Accounting Policies Except for the addition of property and equipment, there have been no significant changes in the Company’s significant accounting policies from those that were disclosed in Note 2, Summary of Significant Accounting Policies, included in the Company’s consolidated financial statements in Form 10-K filed with the SEC on March 28, 2024. Use of Estimates The preparation of condensed consolidated financial statements in conformity with U.S. GAAP requires the Company’s management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements, as well as the reported amounts of expenses during the reporting period. Actual results could differ from those estimates. Significant estimates and assumptions reflected in the condensed consolidated financial statements relate to and include, but are not limited to, the fair value of Class A Ordinary Shares and other assumptions used to measure share-based compensation, the fair value of redeemable noncontrolling interest, and the fair value of public and private placement warrants. Risks and Uncertainties The Company is subject to risks common to early-stage companies in the biotechnology industry, including, but not limited to, development by the Company or its competitors of technological innovations, risks of failure of clinical studies, dependence on key personnel, protection of proprietary technology, compliance with government regulations, and ability to transition from preclinical manufacturing to commercial production of products. The Company’s future product candidates will require approvals from the U.S. Food and Drug Administration and comparable foreign regulatory agencies prior to commercial sales in their respective jurisdictions. There can be no assurance that any product candidates will receive the necessary approvals. If the Company was denied approval, approval was delayed or the Company was unable to maintain approval for any product candidate, it could have a material adverse impact on the Company. The Company has significant cash balances at financial institutions which throughout the year regularly exceed the federally insured limit of $250,000. Any loss incurred or a lack of access to such funds could have a significant adverse impact on the Company’s financial condition, results of operations, and cash flows. Property and Equipment Property and equipment are stated at cost less accumulated depreciation. Depreciation expense is recognized using the straight-line method over the estimated useful life of each asset. Computer and office equipment are depreciated over three years. Expenditures for repairs and maintenance are recorded to expense as incurred. Net Loss Per Share Basic net loss per share is computed by dividing net loss attributable to Class A Ordinary Shareholders by the weighted-average number of Class A Ordinary Shares outstanding during the period. Diluted net loss per share excludes the potential impact of the Company’s convertible preferred shares and options to purchase Class A Ordinary Shares because their effect would be anti-dilutive due to the Company’s net loss for the period presented. Since the Company had a net loss in the period presented, basic and diluted net loss per share are the same. The table below provides potentially dilutive securities not included in the calculation of the diluted net loss per share because to do so would be anti-dilutive: June 30, June 30, 2024 2023 Shares issuable upon exercise of the public and private placement to purchase Class A Ordinary Shares 12,809,996 12,809,996 Shares issuable upon exercise of options to purchase Class A Ordinary Shares 9,975,424 5,681,471 Shares issuable upon exercise of Z33 Series Seed Preferred Shares Put Right 2,000,000 — Restricted share units 1,131,970 898,018 Restricted share awards 374,995 499,993 Shares issuable upon exercise of Z33 Series Seed Preferred Shares call option — 2,000,000 Total 26,292,385 21,889,478 Recent Accounting Pronouncements From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board (“FASB”) or other standard setting bodies and adopted by the Company as of the specified effective date. Unless otherwise discussed, the impact of recently issued standards that are not yet effective will not have a material impact on the Company’s financial position, results of operations, or cash flows upon adoption. In November 2023, the FASB issued ASU 2023-07, Segment Reporting (“ASU 2023-07”). ASU 2023-07 requires disclosure of significant segment expenses that are regularly provided to the chief operating decision maker and included within the segment measure of profit or loss. This guidance will be applied retrospectively and is effective for annual reporting periods in fiscal years beginning after December 15, 2023, and interim reporting periods in fiscal years beginning after December 31, 2024. The Company does not expect implementation of the new guidance to have a material impact on its consolidated financial statements and disclosures. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. ASU 2023-09 requires annual disclosures of specific categories in the rate reconciliation, additional information for reconciling items that meet a quantitative threshold and a disaggregation of income taxes paid, net of refunds. ASU 2023-09 also eliminates certain existing disclosure requirements related to uncertain tax positions and unrecognized deferred tax liabilities. ASU 2023-09 is effective for the Company beginning with the 2025 Annual Report on Form 10-K. Early adoption is permitted. ASU 2023-09 should be applied prospectively. Retrospective adoption is permitted. The Company is currently assessing the impact this standard will have on the Company’s consolidated financial statements.

Fair Value Measurements

Fair Value Measurements	6 Months Ended
Fair Value Measurements	Jun. 30, 2024
Fair Value Measurements
Fair Value Measurements	3. Fair Value Measurements The Company measures certain financial assets and liabilities at fair value on a recurring basis. The Company determines fair value based upon the exit price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants, as determined by either the principal market or the most advantageous market. Inputs used in the valuation techniques to derive fair values are classified based on a three-level hierarchy. These levels are: Level 1: Level 2: Level 3: Financial instruments consist of cash and cash equivalents, prepaid and other current assets, accounts payable and accrued expenses, and private placement warrants. The carrying values of the Company’s cash, prepaid and other current assets, and accounts payable and accrued expenses approximate their fair value due to the short-term maturity of these instruments. The following table presents information about the Company’s financial assets and liabilities measured at fair value on a recurring basis as of June 30, 2024 and December 31, 2023, and the fair value hierarchy of the valuation techniques utilized. June 30, 2024 Level 1 Level 2 Level 3 Total Financial assets: Cash equivalents $ 186,814 $ — $ — $ 186,814 Financial liabilities: Private placement warrants $ — $ 2,364 $ — $ 2,364 December 31, 2023 Level 1 Level 2 Level 3 Total Financial assets: Cash equivalents $ 97,913 $ — $ — $ 97,913 Financial liabilities: Private placement warrants $ — $ 990 $ — $ 990 There were no transfers into or out of Level 1, Level 2, or Level 3 during the three and six months ended June 30, 2024. Note payable On December 8, 2022, the Company received $7.6 million in net proceeds from the issuance of a promissory note (the “Note”) issued to Hydra, LLC (“Hydra”) with a face amount of $8.0 million. The Note was repaid on March 20, 2023, upon the consummation of the Business Combination. The Company elected to account for the Note at fair value. Upon the Closing Date of the Business Combination, the Note was remeasured to the settlement value and subsequently repaid for a total of $10.0 million. The Company recorded a loss on remeasurement of the Note of $2.2 million for the six months ended June 30, 2023 within change in fair value of note payable in the condensed consolidated statement of operations. The Note was no longer outstanding as of June 30, 2024 and December 31, 2023. Research and development license consideration As consideration for the 2022 Lilly License (see Note 5), Lilly agreed to receive either 550,000 Zura Class A Ordinary Shares upon the closing of the Business Combination (subject to certain lock-up provisions) or 4,702,867 shares of Z33 Series Seed Preferred Shares (the subsidiary redeemable preferred shares) if the Business Combination was not consummated. The arrangement was liability classified and remeasured at fair value at each reporting date (the research and development license consideration liability). Upon the Closing Date of the Business Combination, the liability was remeasured to its settlement value and subsequently settled through the issuance of 550,000 Class A Ordinary Shares of Zura. The aggregate fair value of the Class A Ordinary Shares of Zura issued to Lilly was determined to be $4.5 million, or $8.16 per share. The Company recorded a loss on the remeasurement of the research and development license consideration liability of $1.9 million for the six months ended June 30, 2023 within research and development in the condensed consolidated statements of operations. The research and development license consideration liability was no longer outstanding as of June 30, 2024 and December 31, 2023. Private Placement Warrants As of June 30, 2024, the Company has private placement warrants (see Note 7). Such warrants are measured at fair value on a recurring basis. Because the transfer of private placement warrants to non-permitted transferees would result in the private placement warrants having substantially the same terms as the public warrants, the Company determined that the fair value of each private placement warrant is consistent with that of a public warrant. Accordingly, the private placement warrants are classified as Level 2 financial instruments. The following table provides a summary of changes in the estimated fair value of the private placement warrants: For the six months ended June 30, 2024 Balance at December 31, 2023 $ 990 Change in fair value 1,374 Balance at June 30, 2024 $ 2,364 The Company recorded a loss from the change in fair value of the private placement warrants of $0.8 million and $1.4 million for the three and six months ended June 30, 2024, respectively, and a gain of $0.5 million and loss of $0.4 million, for the three and six months ended June 30, 2023, respectively, within change in fair value of private placement warrants on the condensed consolidated statements of operations.

Accounts Payable and Accrued Ex

Accounts Payable and Accrued Expenses	6 Months Ended
Accounts Payable and Accrued Expenses	Jun. 30, 2024
Accounts Payable and Accrued Expenses
Accounts Payable and Accrued Expenses	4. Accounts Payable and Accrued Expenses Accounts payable and accrued expenses is comprised of the following as of June 30, 2024 and December 31, 2023: June 30, 2024 December 31, 2023 1 Accrued research and development costs $ 7,149 $ 6,091 Accrued 2023 Lilly License costs 5,000 10,000 Accounts payable 990 2,749 Accrued bonus 837 1,201 Accrued severance 696 — Other accrued expenses 401 261 Total accounts payable and accrued expenses $ 15,073 $ 20,302 (1) Comparative figures have been reclassified to conform with current period presentation.

License Agreements

License Agreements	6 Months Ended
License Agreements	Jun. 30, 2024
License Agreements
License Agreements	5. License Agreements Pfizer On March 22, 2022, the Company entered into a license agreement and a Series A-1 Subscription and Shareholder’s Agreement (collectively, the “Pfizer Agreement”) with Pfizer. The Company is obligated to make 11 future development and regulatory milestone payments aggregating up to $70.0 million and sales milestone payments up to an aggregate of $525.0 million based on respective thresholds of net sales of products (developed from the licensed compound) (the “Products”), if any. The Company will also pay an annual earned royalty at a marginal royalty rate in the mid-single digits to low double digits (less than 20%), based on thresholds of net sales of Products, if any. Royalties are payable on a country-by-country basis for a certain period of years or upon the later expiration of regulatory exclusivity of the Company’s Products in a country. The Company is also subject to a potential multi-million dollar transaction payment obligation if, within a certain period the Company has (a) certain changes in control, excluding an initial public offering or any business combination where the securities of the Company are listed on a stock exchange (e.g., a transaction with a special purpose acquisition company), or (b) the Company sublicenses or divests of its rights to the Products. The Company recognized the first $1.0 million development milestone as a component of research and development in the consolidated statement of operations during the year ended December 31, 2023. This amount due is included in accounts payable and accrued expenses on the condensed consolidated balance sheet as of June 30, 2024. The Company does not owe any other amounts under the Pfizer Agreement as of June 30, 2024. Lonza In July 2022, the Company entered into a license agreement (the “Lonza License”) with Lonza Sales AG (“Lonza”) for a worldwide non-exclusive license for Lonza’s gene expression system in exchange for varying considerations depending on a number of factors such as whether the Company enters further into manufacturing agreements with Lonza or with a third party, and whether the Company enters into sublicense agreements with third parties (including up to middle six-figure annual payments per sublicense upon commencement of a sublicense, as well as royalties of up to low-single digit percentages of net sales of certain products over a commercially standard double-digit multi-year term). The Lonza License will remain in effect until terminated. The Company is free to terminate the Lonza License at any time upon 60 days’ notice, with or without cause. Lonza may terminate the Lonza License for cause upon a breach by the Company or for other commercially standard reasons. During October 2023, the Company began drug substance manufacturing with a third party. As a result of manufacturing with a third party other than Lonza, under the terms of the Lonza License the first annual milestone payment of $0.4 million became due and was paid during the six months ended June 30, 2024. The Company recorded this payment within research and development expense in the condensed consolidated statement of operations during the three months ended March 31, 2024. 2022 Lilly License On December 8, 2022, the Company’s consolidated subsidiary, Z33 Bio Inc. (“Z33”), entered into a license agreement (the “2022 Lilly License”) with Lilly pursuant to which Lilly granted Z33 an exclusive (even as to Lilly), royalty-bearing global license to develop, manufacture, and commercialize certain intellectual property owned by Lilly relating to its IL-33 compound. As a finder’s fee in connection with arranging the acquisition, Z33 issued to Stone Peach Properties, LLC (“Stone Peach”) 4,900,222 shares of Z33 Series Seed Preferred Shares, which is included in the measurement of the cost of the acquired asset. Zura has the right, but not the obligation to purchase up to 50% of the Series Seed Preferred Shares issued to Stone Peach at a price per share of $2.448869 for a period of two years from the date of the agreement (the “Call Option”). Stone Peach has the right, but not the obligation to sell up to 50% of the Series Seed Preferred Shares issued to Stone Peach to Zura for a price per share of $2.040724 (the “Put Option”). Stone Peach may exercise its option at any time between the first anniversary and the second anniversary of the transaction. In April 2023, the Company agreed to, within six The Company is obligated to pay $3.0 million to Lilly under the 2022 Lilly License upon the completion of a financing by the Company with gross proceeds exceeding $100 million. The Company is further obligated to make 10 commercial, development and regulatory milestone payments up to an aggregate of $155.0 million and sales milestone payments up to an aggregate of $440.0 million based on respective thresholds of net sales of products developed from the licensed compound, if any. The Company will also pay an annual earned royalty to Lilly at a marginal royalty rate between in the mid-single to low-double digits (less than 20%), with increasing rates based on net sales in the respective calendar year, based on a percentage of sales within varying thresholds for a certain period of the year, if any. The Company will account for these contingent payments when they become due. As of June 30, 2024, none of the contingent payments were due. 2023 Lilly License On April 26, 2023, the Company’s newly-formed subsidiary ZB17 LLC (“ZB17”) entered into a license agreement (the “2023 Lilly License” and, together with the 2022 Lilly License, the “Lilly Licenses”) with Lilly, for an exclusive license to develop, manufacture and commercialize a certain bispecific antibody relating to IL-17 and BAFF (“ZB-106”). ZB17 made a payment of $5.0 million to Lilly during the six months ended June 30, 2024 in connection with the receipt of certain know-how, data, information and materials that Lilly was required to provide under the license agreement. As a finder’s fee for arranging the acquisition of the 2023 Lilly License, ZB17 granted to Stone Peach the right, but not the obligation, to purchase 4.99% of the fully diluted equity of ZB17 for $1.0 million (the “Stone Peach Call Right”). The Stone Peach Call Right is not exercisable until after the last patient is dosed in any single next clinical trial with ZB-106 and expires one year from the date of first indication approval for ZB-106 by the FDA or the European Medicines Agency (“EMA”). The Stone Peach Call Right represents noncontrolling interest in the Company’s subsidiary, ZB17. As of June 30, 2024, and December 31, 2023, the noncontrolling interest balance was $1.5 million. As additional consideration, Stone Peach receives annual payments first of $0.6 million, and increasing by 10% annually, so long as the Company maintains its license for ZB-106 on May 1 st As a finder’s fee for arranging the acquisition of the 2023 Lilly License, the Company agreed to make a one-time milestone payment of $5.0 million to BAFFX17, Ltd (“BAFFX17”) upon the occurrence of either: (i) a change of control transaction, (ii) the closing of an issuance of equity or equity-linked securities by the Company of at least $100.0 million, (iii) the consummation of a sale of assets resulting in net proceeds in excess of $100.0 million, or (iv) the Company’s fully diluted shares outstanding exceed 52,500,000 shares (on a split adjusted basis). As the Company’s fully diluted shares outstanding exceeded 52,500,000 shares prior to December 31, 2023, the $5.0 million fee was recorded in accounts payable and accrued expenses in the condensed consolidated balance sheet as of June 30, 2024 and December 31, 2023. The Company is obligated to make 4 development milestone payments to Lilly up to an aggregate of $155.0 million, and sales milestone payments up to an aggregate of $440 million based on respective thresholds of net sales. The Company is also obligated to pay Lilly over a multi-year period (twelve years, or upon the later expiration of regulatory exclusivity of ZB-106 in a country) an annual earned royalty at a marginal royalty rate in the mid-single digits to low-double digits, with increasing rates depending on net sales in the respective calendar year, based on a percentage of sales within varying thresholds for a certain period of years. The Company is also obligated to pay BAFFX17 a fee equal to 3% of any milestone or royalty payments due to Lilly pursuant to the terms of either the 2022 Lilly License and the 2023 Lilly License with Lilly. Upon receiving written approval from the FDA, EMA, or similar regulatory authority of an Investigational New Drug (“IND”) and the commencement of a clinical trial in the applicable jurisdiction for ZB-106, Stone Peach will also receive a one-time payment of $4.5 million. Stone Peach will also receive a one-time milestone payment of $25 million upon either (i) certain equity-related transactions, or (ii) the receipt of regulatory approval from the applicable regulatory authority for any new indication in the applicable jurisdiction. Furthermore, Stone Peach was granted a royalty of 2% of the aggregate net sales of any products developed from the licensed compound. The Company will account for these contingent payments when they become due. As of June 30, 2024, none of the contingent payments were due. WuXi Biologics License In July 2023, the Company entered into a cell line license agreement (the “Cell Line License Agreement”) with WuXi Biologics and its Affiliates (“WuXi Biologics”) for certain of WuXi Biologics’ know – how, cell line, and biological materials (the “WuXi Biologics Licensed Technology”) to manufacture, have manufactured, use, sell and import certain products produced through the use of the cell line licensed by WuXi Biologics under the Cell Line License Agreement (the “WuXi Biologics Licensed Products”). If the Company manufactures all of its commercial supplies of bulk drug product for WuXi Biologics Licensed Products with a manufacturer other than WuXi Biologics or its affiliates, the Company is required to make royalty payments to WuXi Biologics in an amount equal to a fraction of a single digit percentage of global net sales of WuXi Biologics Licensed Products manufactured by a third-party manufacturer (the “Royalty”). If the Company manufactures part of its commercial supplies of the WuXi Biologics Licensed Products with WuXi Biologics or its affiliates, then the Royalty will be reduced accordingly on a pro rata basis. The Cell Line License Agreement will continue indefinitely unless terminated (i) by the Company upon three months’ prior written notice and its payment of all undisputed amounts due to WuXi Biologics through the effective date of termination, (ii) by WuXi Biologics for a material breach by the Company that remains uncured for 30 days after written notice, or (iii) by WuXi Biologics if the Company fails to make a payment and such failure continues for 30 days after receiving notice of such failure.

Shareholders' Equity

Shareholders' Equity	6 Months Ended
Shareholders' Equity	Jun. 30, 2024
Shareholders' Equity
Shareholders' Equity	6. Shareholders’ Equity Business Combination Immediately prior to the Closing Date of the Business Combination, Pfizer was issued additional Series A-1 convertible preferred shares upon the closing of the Business Combination that were immediately converted to 267,939 Class A Ordinary Shares. The shares were issued in accordance with the anti-dilution provision of the Pfizer Agreement. On the Closing Date and in accordance with the terms and subject to the conditions of the Business Combination, each Class A Ordinary Share of Legacy Zura, par value $0.001 per share, Series A-1 convertible preferred share, outstanding option (whether vested or unvested), and restricted share unit (whether vested or unvested) were canceled and converted into a comparable number of awards that consisted of either the rights to receive or acquire the Company’s Class A Ordinary Shares, par value $0.0001 per share, as determined by the exchange ratio pursuant to the Business Combination Agreement. The exchange ratio is approximately 108.083. On March 16, 2023, in connection with the closing of the Business Combination and effective upon the Closing Date, the Company authorized 300,000,000 Class A Ordinary Shares, par value of $0.0001 and 1,000,000 preferred shares, par value of $0.0001. April 2024 Private Placement On April 18, 2024, the Company entered into subscription agreements (the “Investor Agreements”) with certain institutional and other accredited investors (the “Investors”), whereby the Company agreed to issue 18,732,301 Class A Ordinary Shares, par value $0.0001 per share and pre-funded warrants (the “2024 Pre-Funded Warrants”) to purchase up to 16,102,348 Class A Ordinary Shares. Each Class A Ordinary Share was sold at a price of $3.108 per Class A Ordinary Share and each 2024 Pre-Funded Warrant was sold at a price of $3.107 per 2024 Pre-Funded Warrant for an aggregate purchase price of $108.3 million. See Note 7 for further information on the Pre-Funded Warrants. On April 18, 2024, the Company also entered into subscription agreements (the “Insider Agreements” and together with the Investor Agreements, the “April 2024 Private Placement”) with certain officers, directors and affiliates of the Company (“Insiders” and together with the Investors, the “Subscribers”), whereby the Company issued 1,357,827 Class A Ordinary Shares, par value $0.0001 per share sold a purchase price of $3.13 per Class A Ordinary Share for an aggregate purchase price of $4.2 million. The April 2024 Private Placement closed on April 22, 2024, from which the Company received total gross proceeds of approximately $112.5 million, before deducting transaction costs of $7.2 million. Ordinary Shares Reserved for Issuance A summary of shares reserved for issuance as of June 30, 2024 is summarized below: June 30, 2024 Shares issuable upon exercise of warrants to purchase Class A Ordinary Shares 32,694,344 Shares issuable upon exercise of options to purchase Class A Ordinary Shares 10,782,788 Shares available for grant under 2023 Equity Incentive Plan and 2023 Employee Stock Purchase Plan 3,179,417 Shares issuable upon exercise of Z33 Series Seed Preferred Shares Put Right 2,000,000 Restricted Share Units 1,442,473 Total shares reserved for issuance 50,099,022

Warrants

Warrants	6 Months Ended
Warrants	Jun. 30, 2024
Warrants
Warrants	7. Warrants In connection with the Business Combination, the Company assumed 5,910,000 private placement warrants to purchase Class A that were held by JATT and 6,899,996 public warrants to purchase Class A Ordinary Shares that were held by JATT’s public shareholders. The Warrants will expire five years after the completion of the Business Combination, or earlier upon redemption or liquidation. As of June 30, 2024, no warrants have been exercised or redeemed. Public Warrants The public warrants became exercisable into Class A Ordinary Shares commencing 30 days after the Business Combination and expire five years from the date of the Business Combination, or earlier upon redemption or liquidation. Each warrant entitles the holder to purchase one share of the Company’s Class A Ordinary Shares at a price of $11.50 per share, subject to certain adjustments. The Company may redeem, with 30 days written notice, each whole outstanding public warrant for cash at a price of $0.01 per warrant if the Reference Value (as defined below) equals or exceeds $18.00 per share, subject to certain adjustments. The warrant holders have the right to exercise their outstanding warrants prior to the scheduled redemption date at $11.50 per share, subject to certain adjustments. If the Company calls the public warrants for redemption, the Company will have the option to require all holders that wish to exercise the Public Warrants to do so on a “cashless basis”, as described in the warrant agreement. For purposes of the redemption, “Reference Value” shall mean the last reported sales price of the Company’s Class A Ordinary Shares for any twenty Private Placement Warrants The private placement warrants are identical to the public warrants, except that the private placement warrants are not transferable, assignable or salable until 30 days after the completion of a Business Combination, subject to certain limited exceptions. Additionally, the private placement warrants are exercisable on a cashless basis and are non-redeemable so long as they are held by the initial purchasers or their permitted transferees. If the private placement warrants are held by someone other than the initial purchasers or their permitted transferees, then such warrants will be redeemable by the Company and exercisable by the warrant holders on the same basis as the public warrants. Pre-Funded Warrants In connection with the April 2023 Private Placement, the Company sold to accredited investors Pre-Funded Warrants to purchase up to 3,782,000 Class A Ordinary Shares at a price of $4.249 per Pre-Funded Warrant for an aggregate purchase price of approximately $16.1 million. Each Pre-Funded Warrant has an exercise price of $0.001 per Class A Ordinary Share and is exercisable for one Class A Ordinary Share at any time or times on or after April 26, 2023, until exercised in full. In connection with the April 2024 Private Placement, the Company sold to accredited investors Pre-Funded Warrants to purchase up to 16,102,348 Class A Ordinary Shares at a price of $3.107 per Pre-Funded Warrant for an aggregate purchase price of approximately $50.0 million. Each Pre-Funded Warrant has an exercise price of $0.001 per Class A Ordinary Share and is exercisable for one Class A Ordinary Share at any time or times on or after April 22, 2024, until exercised in full. The following table presents the number of public, private placement, and Pre-Funded warrants outstanding, their exercise price, and expiration dates as of June 30, 2024: Warrants Issued Exercise Price Expiration Date 6,899,996 $ 11.50 March 2028 5,910,000 $ 11.50 March 2028 19,884,348 $ 0.001 N/A

Share-Based Compensation

Share-Based Compensation	6 Months Ended
Share-Based Compensation	Jun. 30, 2024
Share-Based Compensation
Share-Based Compensation	8. Share-based Compensation On March 16, 2023, JATT’s board of directors approved the Zura Bio Limited 2023 Equity Incentive Plan (the “Equity Incentive Plan”) which became effective on the day immediately preceding the Closing Date of the Business Combination. The Equity Incentive Plan allows for the grant of share options, both incentive and nonqualified share options; stock appreciation rights (“SARs”), alone or in conjunction with other awards; restricted shares awards (“RSAs”) and restricted share units (“RSUs”); incentive bonuses, which may be paid in cash, shares, or a combination thereof; and other share-based awards. On June 1, 2023, the Company’s board of directors approved an increase to the number of Class A Ordinary Shares that may be issued under the Equity Incentive Plan by an additional 5,564,315 Class A Ordinary Shares. The Class A Ordinary Shares issuable under the Equity Incentive Plan are subject to an annual increase on January 1st of each calendar year beginning on January 1, 2024, and ending on and including January 1, 2029, equal to the lesser of (i) 5.0% of the aggregate number of Class A Ordinary Shares outstanding on the final day of the immediately preceding calendar year, (ii) 8,059,796 Class A Ordinary Shares or (iii) such smaller number of shares as is determined by the board. As of January 1, 2024, the Company’s board of directors decided not to apply an increase to the Class A Ordinary Shares issuable under the Equity Incentive Plan for the 2024 calendar year. On March 16, 2023, JATT’s board of directors approved the Zura Bio Limited 2023 Employee Stock Purchase Plan (the “ESPP”) which became effective on the day immediately preceding the Closing Date of the Business Combination. The maximum number of Class A Ordinary Shares that may be issued under the ESPP is 4,029,898, plus an aggregate number of Class A Ordinary Shares that are automatically added under the Equity Incentive Plan on January 1st of each calendar year unless otherwise determined by the Company’s board of directors, beginning on January 1, 2024, and ending on and including January 1, 2029, as discussed above. The ESPP enables eligible employees of the Company and designated affiliates to purchase Class A Ordinary Shares at a discount of 15%. As of June 30, 2024, the Company has not As of June 30, 2024, a maximum of 13,624,111 Class A Ordinary Shares may be issued under either the Equity Incentive Plan and ESPP, collectively. Equity Incentive Plan Share Options The fair value of Equity Incentive Plan share options are estimated on the date of grant using the Black-Scholes option pricing model. The Company lacks significant company-specific historical and implied volatility information. Therefore, it estimates its expected share volatility based on the historical volatility of a publicly traded set of peer companies. Due to the lack of historical exercise history, the expected term of the Company’s share options has been determined using the “simplified” method for awards. The risk-free interest rate is determined by reference to the U.S. Treasury yield curve in effect at the time of grant of the award for time periods approximately equal to the expected term of the award. Expected dividend yield is zero based on the fact that the Company has never paid cash dividends and does not expect to pay any cash dividends in the foreseeable future. The following weighted-average assumptions were used to estimate the fair value of the Equity Incentive Plan share options issued during the six months ended June 30, 2024 and 2023: Six Months Ended June 30, 2024 2023 Share price $ 3.49 $ 6.26 Expected volatility 101.1 % 97.1 % Risk-free rate 4.2 % 3.6 % Expected life 6.1 years 6.1 years Expected dividend yield — % — % The following table summarizes the Company’s share option activity for the six months ended June 30, 2024: Weighted Weighted Average Aggregate Average Remaining Intrinsic Number of Exercise Price Contractual Value Options (per share) Life (Years) (in thousands) Options outstanding at December 31, 2023 5,791,065 $ 2.12 9.3 $ 17,752 Granted 5,259,298 3.62 — — Forfeited (267,575) 1.87 — — Options outstanding at June 30, 2024 10,782,788 $ 2.86 9.3 $ 12,864 Options vested and exercisable at June 30, 2024 1 2,678,918 $ 3.18 8.8 $ 4,234 1 Included in the table above are 2,280,560 options to purchase Class A Ordinary Shares issued to certain directors, executives, and employees outside of the Equity Incentive Plan. The weighted average grant date fair value of options granted during the six months ended June 30, 2024 and 2023 was $2.83 and $5.57, respectively. Market-Based Share Options On March 20, 2023, the Company granted 306,373 options to purchase Class A Ordinary Shares (“Market-Based Share Options”) to a certain director of the board. These awards will vest only to the extent that the 20-day volume weighted average trading price (“VWAP”) of the Class A Ordinary Shares is over $30 per Class A Ordinary Share at any time prior to the fifth anniversary For the Six Months Ended June 30, 2023 Expected volatility 80.0 % Risk-free rate 3.6 % Expected life 2.2 years Expected dividend yield — % Fair value per Market-Based Share Options $ 4.66 The expense recognized related to Market-Based Share Options during the six months ended June 30, 2024 and 2023 was $0.2 million. Restricted Share Units The Company issued RSUs to certain employees, executives, and directors pursuant to the Equity Incentive Plan. The fair value has been estimated based on the closing price of the stock on the grant date Weighted Average Number of Grant Date RSUs Fair Value Unvested RSUs at December 31, 2023 1,563,018 $ 5.93 Granted — — Forfeited (121,545) 5.24 Vested and unissued (289,503) 5.42 Unvested RSUs at June 30, 2024 1,151,970 $ 6.09 The expense recognized related to RSUs during the three and six months ended June 30, 2024 was approximately $0.5 million and $1.1 million, respectively. Restricted Share Awards The Company converted RSU’s granted to a certain director pursuant to the Equity Incentive Plan into RSAs during the year ended December 31, 2023. The fair value was estimated based on the closing price of the shares on the original grant date. Weighted Average Number of Grant Date RSAs Fair Value Unvested RSAs at December 31, 2023 499,993 $ 8.16 Granted — — Vested (124,998) 8.16 Unvested RSAs at June 30, 2024 374,995 $ 8.16 The expense recognized related to RSAs during the three and six months ended June 30, 2024 was $0.3 million and $0.5, respectively. Equity Award Modification On January 10, 2024, the Company and its Chief Medical Officer (the “CMO”) entered into an agreement regarding the CMO’s departure from the Company (the “Severance Agreement”). In connection with the Severance Agreement, 67,525 of the share options previously granted to the CMO became fully vested and exercisable and 40,515 of the RSUs previously granted to the CMO became fully vested. All remaining share options and RSUs not vested were forfeited and cancelled. During the six months ended June 30, 2024, the Company recognized a reversal of approximately $0.1 million of share-based compensation expense related to this modification within research and development expense in the condensed consolidated statement of operations. Share-based Compensation Expense Share-based compensation expense for all equity arrangements for the three and six months ended June 30, 2024 and 2023 was as follows: Three Months Ended Six Months Ended June 30, June 30, 2024 2023 2024 2023 Research and development $ 636 $ — $ 1,069 $ 2,186 General and administrative 2,290 2,319 4,266 2,499 Total share-based compensation expense $ 2,926 $ 2,319 $ 5,335 $ 4,685 As of June 30, 2024, there was approximately $28.6 million of total unrecognized share-based compensation expense related to options granted to employees, executives, and directors that is expected to be recognized over a weighted average period of 3.3 years. As of June 30, 2024, there was approximately $6.1 million of total unrecognized share-based compensation expense related to RSUs granted to certain employees, executives, and directors under the Company’s Equity Incentive Plan that is expected to be recognized over a weighted average period of 2.9 years. As of June 30, 2024, there was approximately $2.8 million of total unrecognized share-based compensation expense related to RSAs granted to a certain director under the Company’s Equity Incentive Plan that is expected to be recognized over a weighted average period of 2.7 years.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
Commitments and Contingencies	Jun. 30, 2024
Commitments and Contingencies.
Commitments and Contingencies.	9. Commitments and Contingencies Litigation The Company is not a party to any material legal proceedings and is not aware of any pending or threatened claims. From time to time, the Company may be subject to various legal proceedings and claims that arise in the ordinary course of its business activities.

Redeemable Noncontrolling Inter

Redeemable Noncontrolling Interest	6 Months Ended
Redeemable Noncontrolling Interest	Jun. 30, 2024
Redeemable Noncontrolling Interest
Redeemable Noncontrolling Interest	10. Redeemable Noncontrolling Interest As a finder’s fee for the 2022 Lilly License, the Company’s consolidated subsidiary Z33 issued 4,900,222 shares of Z33 Series Seed Preferred Shares to Stone Peach. Zura has the right, but not the obligation to purchase up to 50% of the Series Seed Preferred Shares issued to Stone Peach at a price per share of $2.448869 for a period of two years from the date of the agreement (the “Call Option”). Stone Peach has the right, but not the obligation to sell up to 50% of the Series Seed Preferred Shares issued to Stone Peach to Zura for a price per share of $2.040724 (the “Put Option”). As it is not possible to specifically identify the shares that may be redeemed by exercising the Put Option, and the applicable unit of account is each share, the Company assessed that each share must be considered redeemable until the exercise or the expiration of the Put Option. Accordingly, the Z33 Series Seed Preferred Shares issued to Stone Peach represents redeemable noncontrolling interest. In April 2023, the Company agreed to, within six months of April 24, 2023, exercise its Call Option on 50% of the Z33 Series Seed Preferred Shares previously issued to Stone Peach. The Company agreed to settle its Call Option by issuing 2,000,000 Class A Ordinary Shares. The amended settlement terms represented an extinguishment and reissuance of the Z33 Series Seed Preferred Shares. The $10.9 million difference between the estimated fair value of the new instrument issued and the carrying value of the Z33 Series Seed Preferred Shares was recorded as a deemed dividend to the redeemable noncontrolling interest and as an adjustment to net loss to arrive at net loss attributable to Class A ordinary shareholders in the consolidated statement of operations. In November 2023, the Company and Stone Peach amended the terms of the agreement, voiding the Company’s obligation to exercise its Call Option, and instead reverting the Company’s rights and obligations under the Call Option back to that of the original agreement. Stone Peach, in addition to the existing Put Option, was granted the right, but not the obligation to sell up to 50% of the Series Seed Preferred Shares issued to Stone Peach to Zura in exchange for 2,000,000 Class A Ordinary Shares (the “Put Right”). Stone Peach may exercise its Put Option and Put Right at any time between April 24, 2024, and April 24, 2028, under the new agreement. The amended settlement terms represented an extinguishment and reissuance of the Z33 Series Seed Preferred Shares. The $9.2 million difference between the estimated fair value of the new instrument issued and the carrying value of the Z33 Series Seed Preferred Shares was recorded as a deemed contribution from the redeemable noncontrolling interest and as an adjustment to net loss to arrive at net loss attributable to Class A ordinary shareholders in the consolidated statement of operations. On June 30, 2024, the redeemable noncontrolling interest was remeasured from its carrying value as of March 31, 2024 to its redemption price and the difference was recorded as an adjustment to net loss to arrive at net loss attributable to Class A ordinary shareholders for the three and six months ended June 30, 2024 in the condensed consolidated statement of operations. As of June 30, 2024 and December 31, 2023, the redeemable noncontrolling interest balance was $14.0 million and $18.7 million, respectively.

Subsequent Events

Subsequent Events	6 Months Ended
Subsequent Events	Jun. 30, 2024
Subsequent Events
Subsequent Events	11. Subsequent Events On July 12, 2024, the Company commenced an exchange offer (the “Exchange Offer”) and consent solicitation (the “Consent Solicitation”) relating to its outstanding (i) public warrants that were issued in connection with its initial public offering to purchase Class A ordinary shares of the Company, par value $0.0001 per share, and (ii) private placement warrants that were issued in connection with its initial public offering to purchase Class A ordinary shares (together with the public warrants, the “IPO warrants”). The Company offered to all holders of the IPO warrants the opportunity to receive 0.30 Class A ordinary shares in exchange for each outstanding IPO warrant tendered by the holder and exchanged pursuant to the Exchange Offer. Concurrently with the Exchange Offer, the Company also solicited consents from holders of the IPO warrants to amend that certain warrant agreement, dated as of July 16, 2021, by and between the Company and Continental Stock Transfer & Trust Company (“CST”), as warrant agent (the “Warrant Agreement”) to permit the Company to require that each IPO warrant outstanding upon the closing of the Exchange Offer be exchanged for 0.27 Class A ordinary shares, which is a ratio 10% less than the exchange ratio applicable to the Exchange Offer. Pursuant to the terms of the Warrant Agreement, all except certain specified modifications or amendments require the vote or written consent of holders of at least a majority of the outstanding public warrants and a majority of the outstanding private placement warrants. The Exchange Offer and Consent Solicitation expired at 11:59 p.m., Eastern Time on August 8, 2024. A total of 6,703,428 public warrants, or approximately 97.2% of the outstanding public warrants, and a total of 4,080,580 private placement warrants, or approximately 69.0% of the outstanding private placement warrants, were validly tendered and not validly withdrawn in the Exchange Offer and Consent Solicitation. On August 12, 2024, the Company completed the Exchange Offer and Consent Solicitation and issued 3,235,184 Class A ordinary shares in exchange for 10,784,008 IPO warrants. In connection with its completion of the Exchange Offer, the Company entered into an amendment, dated August 12, 2024 (the “Warrant Amendment”), to the Warrant Agreement to provide the Company with the right to mandatorily exchange the Company’s remaining outstanding IPO warrants for Class A ordinary shares at an exchange ratio of 0.27 Class A ordinary shares for each IPO warrant. The Company has exercised its right to exchange all remaining untendered IPO warrants in accordance with the terms of the Warrant Amendment (the “Post-Offer Exchange”). The Company has fixed the date for such exchange as August 27, 2024. On July 24, 2024, the Company executed a settlement agreement (“Settlement Agreement”) in connection with the CEO transition effective April 8, 2024. In respect to 1,950,000 outstanding options held by the former CEO, the Company agreed to (1) accelerate the vesting of 1,000,000 options for his service as CEO through April 8, 2024, (2) revise the vesting schedule applicable to an additional 250,000 options which will vest equally on the first, second and third anniversaries of the Transition Date (as defined therein), and (3) revise the vesting schedule applicable to the remaining 700,000 options, which would vest subject to integral participation in a capital raise of at least $50M within 12 months of the Transition Date, which the Compensation Committee has agreed occurred and vested as of the date of the Settlement Agreement. The Company is currently evaluating the impact of this modification on the consolidated financial statements.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ (10,329)	$ (34,025)	$ (18,076)	$ (43,617)

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Jun. 30, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	6 Months Ended
Summary of Significant Accounting Policies (Policies)	Jun. 30, 2024
Summary of Significant Accounting Policies
Basis of Presentation and Principles of Consolidation	Basis of Presentation and Principles of Consolidation The Company’s unaudited condensed consolidated financial statements (the “condensed consolidated financial statements”) have been prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and include the accounts of its consolidated subsidiaries. Other shareholders’ interests in the Company’s subsidiaries, Z33 Bio, Inc. (“Z33”) and ZB17 LLC (“ZB17”), are shown in the condensed consolidated financial statements as redeemable noncontrolling interest and noncontrolling interest, respectively. All intercompany balances and transactions have been eliminated in consolidation. If necessary, reclassification of amounts previously reported have been made in the accompanying condensed consolidated financial statements in order to conform to current presentation. These condensed consolidated financial statements have been prepared in accordance with U.S. GAAP applicable to interim financial statements. These condensed consolidated financial statements are presented in accordance with the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”) and do not include all disclosures normally required in annual consolidated financial statements prepared in accordance with U.S. GAAP. As such, the information included herein should be read in conjunction with the Company’s consolidated financial statements and accompanying notes as of and for the year ended December 31, 2023 (the “audited consolidated financial statements”) that were included in the Company’s Form 10-K filed with the SEC on March 28, 2024. In management’s opinion, these unaudited condensed consolidated financial statements have been prepared on the same basis as the annual consolidated financial statements and reflect all adjustments, which include normal recurring adjustments, necessary for the fair statement of the Company’s financial position as of June 30, 2024 and the results of operations for the three months ended June 30, 2024 and 2023 and for the six months ended June 30, 2024 and 2023. The results of operations for the six months ended June 30, 2024 are not necessarily indicative of the results to be expected for the full year ending December 31, 2024 or any other future interim or annual period.
Significant Accounting Policies	Significant Accounting Policies Except for the addition of property and equipment, there have been no significant changes in the Company’s significant accounting policies from those that were disclosed in Note 2, Summary of Significant Accounting Policies, included in the Company’s consolidated financial statements in Form 10-K filed with the SEC on March 28, 2024.
Use of Estimates	Use of Estimates The preparation of condensed consolidated financial statements in conformity with U.S. GAAP requires the Company’s management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements, as well as the reported amounts of expenses during the reporting period. Actual results could differ from those estimates. Significant estimates and assumptions reflected in the condensed consolidated financial statements relate to and include, but are not limited to, the fair value of Class A Ordinary Shares and other assumptions used to measure share-based compensation, the fair value of redeemable noncontrolling interest, and the fair value of public and private placement warrants.
Risks and Uncertainties	Risks and Uncertainties The Company is subject to risks common to early-stage companies in the biotechnology industry, including, but not limited to, development by the Company or its competitors of technological innovations, risks of failure of clinical studies, dependence on key personnel, protection of proprietary technology, compliance with government regulations, and ability to transition from preclinical manufacturing to commercial production of products. The Company’s future product candidates will require approvals from the U.S. Food and Drug Administration and comparable foreign regulatory agencies prior to commercial sales in their respective jurisdictions. There can be no assurance that any product candidates will receive the necessary approvals. If the Company was denied approval, approval was delayed or the Company was unable to maintain approval for any product candidate, it could have a material adverse impact on the Company. The Company has significant cash balances at financial institutions which throughout the year regularly exceed the federally insured limit of $250,000. Any loss incurred or a lack of access to such funds could have a significant adverse impact on the Company’s financial condition, results of operations, and cash flows.
Property and Equipment	Property and Equipment Property and equipment are stated at cost less accumulated depreciation. Depreciation expense is recognized using the straight-line method over the estimated useful life of each asset. Computer and office equipment are depreciated over three years. Expenditures for repairs and maintenance are recorded to expense as incurred.
Net Loss Per Share	Net Loss Per Share Basic net loss per share is computed by dividing net loss attributable to Class A Ordinary Shareholders by the weighted-average number of Class A Ordinary Shares outstanding during the period. Diluted net loss per share excludes the potential impact of the Company’s convertible preferred shares and options to purchase Class A Ordinary Shares because their effect would be anti-dilutive due to the Company’s net loss for the period presented. Since the Company had a net loss in the period presented, basic and diluted net loss per share are the same. The table below provides potentially dilutive securities not included in the calculation of the diluted net loss per share because to do so would be anti-dilutive: June 30, June 30, 2024 2023 Shares issuable upon exercise of the public and private placement to purchase Class A Ordinary Shares 12,809,996 12,809,996 Shares issuable upon exercise of options to purchase Class A Ordinary Shares 9,975,424 5,681,471 Shares issuable upon exercise of Z33 Series Seed Preferred Shares Put Right 2,000,000 — Restricted share units 1,131,970 898,018 Restricted share awards 374,995 499,993 Shares issuable upon exercise of Z33 Series Seed Preferred Shares call option — 2,000,000 Total 26,292,385 21,889,478
Recent Accounting Pronouncements	Recent Accounting Pronouncements From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board (“FASB”) or other standard setting bodies and adopted by the Company as of the specified effective date. Unless otherwise discussed, the impact of recently issued standards that are not yet effective will not have a material impact on the Company’s financial position, results of operations, or cash flows upon adoption. In November 2023, the FASB issued ASU 2023-07, Segment Reporting (“ASU 2023-07”). ASU 2023-07 requires disclosure of significant segment expenses that are regularly provided to the chief operating decision maker and included within the segment measure of profit or loss. This guidance will be applied retrospectively and is effective for annual reporting periods in fiscal years beginning after December 15, 2023, and interim reporting periods in fiscal years beginning after December 31, 2024. The Company does not expect implementation of the new guidance to have a material impact on its consolidated financial statements and disclosures. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. ASU 2023-09 requires annual disclosures of specific categories in the rate reconciliation, additional information for reconciling items that meet a quantitative threshold and a disaggregation of income taxes paid, net of refunds. ASU 2023-09 also eliminates certain existing disclosure requirements related to uncertain tax positions and unrecognized deferred tax liabilities. ASU 2023-09 is effective for the Company beginning with the 2025 Annual Report on Form 10-K. Early adoption is permitted. ASU 2023-09 should be applied prospectively. Retrospective adoption is permitted. The Company is currently assessing the impact this standard will have on the Company’s consolidated financial statements.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	6 Months Ended
Summary of Significant Accounting Policies (Tables)	Jun. 30, 2024
Summary of Significant Accounting Policies
Schedule of potentially dilutive securities not included in the calculation of the diluted net loss per common share because to do so would be anti-dilutive	June 30, June 30, 2024 2023 Shares issuable upon exercise of the public and private placement to purchase Class A Ordinary Shares 12,809,996 12,809,996 Shares issuable upon exercise of options to purchase Class A Ordinary Shares 9,975,424 5,681,471 Shares issuable upon exercise of Z33 Series Seed Preferred Shares Put Right 2,000,000 — Restricted share units 1,131,970 898,018 Restricted share awards 374,995 499,993 Shares issuable upon exercise of Z33 Series Seed Preferred Shares call option — 2,000,000 Total 26,292,385 21,889,478

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
Fair Value Measurements (Tables)	Jun. 30, 2024
Fair Value Measurements
Schedule of financial assets and liabilities measured at fair value on a recurring basis	June 30, 2024 Level 1 Level 2 Level 3 Total Financial assets: Cash equivalents $ 186,814 $ — $ — $ 186,814 Financial liabilities: Private placement warrants $ — $ 2,364 $ — $ 2,364 December 31, 2023 Level 1 Level 2 Level 3 Total Financial assets: Cash equivalents $ 97,913 $ — $ — $ 97,913 Financial liabilities: Private placement warrants $ — $ 990 $ — $ 990
Schedule of changes in the estimated fair value	For the six months ended June 30, 2024 Balance at December 31, 2023 $ 990 Change in fair value 1,374 Balance at June 30, 2024 $ 2,364

Accounts Payable and Accrued _2

Accounts Payable and Accrued Expenses (Tables)	6 Months Ended
Accounts Payable and Accrued Expenses (Tables)	Jun. 30, 2024
Accounts Payable and Accrued Expenses
Schedule of accounts payable and accrued expenses	June 30, 2024 December 31, 2023 1 Accrued research and development costs $ 7,149 $ 6,091 Accrued 2023 Lilly License costs 5,000 10,000 Accounts payable 990 2,749 Accrued bonus 837 1,201 Accrued severance 696 — Other accrued expenses 401 261 Total accounts payable and accrued expenses $ 15,073 $ 20,302 (1) Comparative figures have been reclassified to conform with current period presentation.

Shareholders' Equity (Tables)

Shareholders' Equity (Tables)	6 Months Ended
Shareholders' Equity (Tables)	Jun. 30, 2024
Shareholders' Equity
Schedule of shares reserved for issuance	June 30, 2024 Shares issuable upon exercise of warrants to purchase Class A Ordinary Shares 32,694,344 Shares issuable upon exercise of options to purchase Class A Ordinary Shares 10,782,788 Shares available for grant under 2023 Equity Incentive Plan and 2023 Employee Stock Purchase Plan 3,179,417 Shares issuable upon exercise of Z33 Series Seed Preferred Shares Put Right 2,000,000 Restricted Share Units 1,442,473 Total shares reserved for issuance 50,099,022

Warrants (Tables)

Warrants (Tables)	6 Months Ended
Warrants (Tables)	Jun. 30, 2024
Warrants
Schedule of number of warrants outstanding, exercise price, and expiration dates	The following table presents the number of public, private placement, and Pre-Funded warrants outstanding, their exercise price, and expiration dates as of June 30, 2024: Warrants Issued Exercise Price Expiration Date 6,899,996 $ 11.50 March 2028 5,910,000 $ 11.50 March 2028 19,884,348 $ 0.001 N/A

Share-Based Compensation (Table

Share-Based Compensation (Tables)	6 Months Ended
Share-Based Compensation (Tables)	Jun. 30, 2024
Share-Based Compensation
Schedule of restricted share units	Weighted Average Number of Grant Date RSUs Fair Value Unvested RSUs at December 31, 2023 1,563,018 $ 5.93 Granted — — Forfeited (121,545) 5.24 Vested and unissued (289,503) 5.42 Unvested RSUs at June 30, 2024 1,151,970 $ 6.09
Schedule of restricted share awards	Weighted Average Number of Grant Date RSAs Fair Value Unvested RSAs at December 31, 2023 499,993 $ 8.16 Granted — — Vested (124,998) 8.16 Unvested RSAs at June 30, 2024 374,995 $ 8.16
Schedule of share-based Compensation Expense	Three Months Ended Six Months Ended June 30, June 30, 2024 2023 2024 2023 Research and development $ 636 $ — $ 1,069 $ 2,186 General and administrative 2,290 2,319 4,266 2,499 Total share-based compensation expense $ 2,926 $ 2,319 $ 5,335 $ 4,685
Equity Incentive Plan 2023
Share-Based Compensation
Schedule of weighted-average assumptions were used to estimate the fair value	Six Months Ended June 30, 2024 2023 Share price $ 3.49 $ 6.26 Expected volatility 101.1 % 97.1 % Risk-free rate 4.2 % 3.6 % Expected life 6.1 years 6.1 years Expected dividend yield — % — %
Schedule of company's share option activity	Weighted Weighted Average Aggregate Average Remaining Intrinsic Number of Exercise Price Contractual Value Options (per share) Life (Years) (in thousands) Options outstanding at December 31, 2023 5,791,065 $ 2.12 9.3 $ 17,752 Granted 5,259,298 3.62 — — Forfeited (267,575) 1.87 — — Options outstanding at June 30, 2024 10,782,788 $ 2.86 9.3 $ 12,864 Options vested and exercisable at June 30, 2024 1 2,678,918 $ 3.18 8.8 $ 4,234 1
Market-Based Share Options
Share-Based Compensation
Schedule of weighted-average assumptions were used to estimate the fair value	For the Six Months Ended June 30, 2023 Expected volatility 80.0 % Risk-free rate 3.6 % Expected life 2.2 years Expected dividend yield — % Fair value per Market-Based Share Options $ 4.66

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Net loss per share (Details) - shares	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Summary of Significant Accounting Policies
Restricted share units	26,292,385	21,889,478
Shares issuable upon exercise of the public and private placement to purchase Class A
Summary of Significant Accounting Policies
Restricted share units	12,809,996	12,809,996
Shares issuable upon exercise of options to purchase Class A Ordinary Shares
Summary of Significant Accounting Policies
Restricted share units	9,975,424	5,681,471
Shares issuable upon exercise of Z33 Series Seed Preferred Shares Put Right
Summary of Significant Accounting Policies
Restricted share units	2,000,000
Restricted share units
Summary of Significant Accounting Policies
Restricted share units	1,131,970	898,018
Restricted share awards
Summary of Significant Accounting Policies
Restricted share units	374,995	499,993
Shares issuable upon exercise of Z33 Series Seed Preferred Shares call option
Summary of Significant Accounting Policies
Restricted share units		2,000,000

Fair Value Measurements (Detail

Fair Value Measurements (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
Fair Value Measurements (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Jun. 30, 2024	Dec. 31, 2023
Fair Value Measurements
Transfers between level 1 and level 2	$ 0	$ 0
Transfers level 2 and level 3	0	0
Transfers into or out of level 3	0	0
Private placement warrants
Fair Value Measurements
Financial liabilities	2,364	2,364	$ 990
Cash equivalents
Fair Value Measurements
Financial assets	186,814	186,814	97,913
Level 1 \| Cash equivalents
Fair Value Measurements
Financial assets	186,814	186,814	97,913
Level 2 \| Private placement warrants
Fair Value Measurements
Financial liabilities	$ 2,364	$ 2,364	$ 990

Fair Value Measurements - Note

Fair Value Measurements - Note payable (Details) - USD ($) $ in Thousands			6 Months Ended
	Mar. 20, 2023	Dec. 08, 2022	Jun. 30, 2023
Short-Term Debt [Line Items]
Settlement of note payable			$ 10,000
Change in fair value of note payable			2,244
Note payable \| Hydra
Short-Term Debt [Line Items]
Settlement of note payable	$ 10,000
Change in fair value of note payable			$ 2,200
Proceeds form issuance of note		$ 7,600
Face amount of note		$ 8,000

Fair Value Measurements - Resea

Fair Value Measurements - Research and development license consideration (Details) - USD ($) $ / shares in Units, $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Fair Value Measurements
Aggregate fair value of the shares issued		$ 4,488
Loss on the remeasurement of the research and development license consideration liability		$ 1,900
Research and development license consideration
Fair Value Measurements
Number of Class A ordinary shares agreed to issue upon the closing of the business combination	550,000
Aggregate fair value of the shares issued	$ 4,500
Fair value per issued share	$ 8.16
Research and development license consideration \| Shares issuable upon exercise of Z33 Series Seed Preferred Shares Put Right
Fair Value Measurements
Issuance of Z33 series seed preferred shares if the business combination was not consummated	4,702,867

Fair Value Measurements - Priva

Fair Value Measurements - Private Placement Warrants (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance			$ 990
Change in fair value			1,374
Ending balance	$ 2,364		2,364
Gain from the change in fair value of the private placement warrants	768	$ 532	1,374	$ 355
Private placement warrants
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Gain from the change in fair value of the private placement warrants	$ 800	$ 500	$ 1,400	$ 400

Accounts Payable and Accrued _3

Accounts Payable and Accrued Expenses (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Accounts Payable and Accrued Expenses
Accrued research and development costs	$ 7,149	$ 6,091
Accrued 2023 Lilly License costs	5,000	10,000
Accounts payable	990	2,749
Accrued bonus	837	1,201
Accrued severance	696
Other accrued expenses	401	261
Total accounts payable and accrued expenses	$ 15,073	$ 20,302

License Agreements (Details)

License Agreements (Details) $ in Millions		6 Months Ended	12 Months Ended
License Agreements (Details) $ in Millions	Mar. 22, 2022 USD ($) payment	Jun. 30, 2024 USD ($)	Dec. 31, 2023 USD ($)
Lonza milestone payment \| Research and development
License Agreements
Annual milestone payment, paid		$ 0.4
Agreement with Pfizer
License Agreements
Number of development and regulatory milestone payments \| payment	11
Maximum amount of development and regulatory milestone payments	$ 70
Maximum amount of sales milestone payments	$ 525
Maximum annual earned royalty at a marginal royalty rate	20%
Development Of research and development			$ 1

License Agreements - 2022 Lilly

License Agreements - 2022 Lilly License (Details)		1 Months Ended
License Agreements - 2022 Lilly License (Details)	Dec. 08, 2022 USD ($) payment $ / shares shares	Nov. 30, 2023 shares	Apr. 30, 2023 shares	Jun. 30, 2024 USD ($)
Stone Peach Properties, LLC \| Shares issuable upon exercise of Z33 Series Seed Preferred Shares Put Right
License Agreements
Number of shares transferred \| shares	4,900,222
Right but not the obligation for purchase of issued shares, maximum percentage	50%
Purchase price per share \| $ / shares	$ 2.448869
Threshold period from the date of agreement for purchase of issued shares	2 years		6 months
Percentage of the Call Options Exercised	50%		50%
Right but not the obligation to sell the issued shares, maximum percentage		50%
Selling price per share \| $ / shares	$ 2.040724
Stone Peach Properties, LLC \| Class A Ordinary shares
License Agreements
Number of Shares Issued on Exercise of Call Option \| shares			2,000,000
Number of shares in exchange for exercise of put Right. \| shares		2,000,000
License agreement with Lilly
License Agreements
Amount of obligation to pay upon the completion of financing	$ 3,000,000
Minimum gross proceeds from financing for obligation to pay	$ 100,000,000
Number of Commercial, development and regulatory milestone payments \| payment	10
Maximum amount of development and regulatory milestone payments	$ 155,000,000
Maximum amount of sales milestone payments	$ 440,000,000
Maximum annual earned royalty at a marginal royalty rate	20%
Contingent payments due				$ 0
License agreement with Lilly \| Stone Peach Properties, LLC
License Agreements
Contingent payments due				$ 0

License Agreements - 2023 Lilly

License Agreements - 2023 Lilly License (Details)			3 Months Ended		6 Months Ended		12 Months Ended
License Agreements - 2023 Lilly License (Details)	Apr. 26, 2023 USD ($) payment shares	Dec. 08, 2022 USD ($) payment	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)	Dec. 30, 2023 shares
License Agreements
Value of issued call right				$ 1,541,000		$ 1,541,000
ZB17 LLC
License Agreements
Amount payable upon receipt of certain know-how, data, information and materials			$ 5,000,000		$ 5,000,000
License agreement with Lilly
License Agreements
Number of development and regulatory milestone payments \| payment		10
Maximum amount of development and regulatory milestone payments		$ 155,000,000
Maximum amount of sales milestone payments		$ 440,000,000
Contingent payments due			0		0
License agreement with Lilly \| BAFFX17, Ltd
License Agreements
Number of development and regulatory milestone payments \| payment	4
Maximum amount of development and regulatory milestone payments	$ 155,000,000
Maximum amount of sales milestone payments	$ 440,000,000
Period for payment of milestone payment	12 years
Percentage of royalty fee	3%
License agreement with Lilly \| Accounts Payable and Accrued Liabilities \| BAFFX17, Ltd
License Agreements
Minimum net proceeds from sale of assets for one-time milestone payment	$ 100,000,000
License agreement with Lilly \| Accounts Payable and Accrued Liabilities \| BAFFX17, Ltd
License Agreements
One-time milestone payment on achievement of conditions	5,000,000		5,000,000		5,000,000		$ 5,000,000
Minimum value of closing of an issuance of equity for milestone payment	$ 100,000,000
Minimum fully diluted shares outstanding for milestone payment \| shares	52,500,000
Fully diluted shares exceeded the minimum limit for milestone payment \| shares								52,500,000
License agreement with Lilly \| Stone Peach Properties, LLC
License Agreements
One-time milestone payment on achievement of conditions	$ 25,000,000
Percentage of royalty fee	2%
One-time milestone payment	$ 4,500,000
Contingent payments due			0		0
License agreement with Lilly \| Stone Peach Properties, LLC \| ZB17 LLC
License Agreements
Issued call right to purchase, percentage of fully-diluted equity	4.99%
Value of issued call right	$ 1,000,000
Expiry term from the date of regulatory approval milestone	1 year
Fair value of call right at grant date					$ 1,500,000		$ 1,500,000
Annual amount of payment	$ 600,000
Percentage of annual increase in payment	10%
License agreement with Lilly \| Stone Peach Properties, LLC \| Research and development \| ZB17 LLC
License Agreements
Annual amount of payment			$ 700,000

Shareholders' Equity (Details)

Shareholders' Equity (Details) - USD ($) $ / shares in Units, $ in Thousands			6 Months Ended
	Apr. 22, 2024	Apr. 18, 2024	Jun. 30, 2024	Dec. 31, 2023	Mar. 20, 2023	Mar. 16, 2023
Shareholders' Equity
Number of Class A ordinary shares on conversion					267,939
Class A ordinary shares, par value per share (in dollars per share)			$ 0.0001	$ 0.0001	$ 0.0001	$ 0.0001
Exchange ratio for Class A ordinary shares pursuant to the business combination			108.083		108.083
Class A ordinary shares authorized (in shares)			300,000,000	300,000,000		300,000,000
Preferred shares, shares authorized			1,000,000	1,000,000		1,000,000
Preferred shares, par value per share (in dollars per share)			$ 0.0001	$ 0.0001		$ 0.0001
Legacy Zura
Shareholders' Equity
Class A ordinary shares, par value per share (in dollars per share)					$ 0.001
Private Placement April 2024
Shareholders' Equity
Aggregate purchase price			$ 55,223
Private Placement April 2024 \| Officers, Director And Affiliates
Shareholders' Equity
Aggregate purchase price	$ 112,500
Transaction costs	$ 7,200
Private Placement April 2024 \| Pre-Funded Warrants
Shareholders' Equity
Price per warrant		$ 3.107
Aggregate purchase price		$ 108,300
Class A Ordinary shares \| Private Placement April 2024
Shareholders' Equity
Class A ordinary shares, par value per share (in dollars per share)		$ 0.0001
Issuance of shares (in shares)		18,732,301
Price per share		$ 3.108
Class A Ordinary shares \| Private Placement April 2024 \| Officers, Director And Affiliates
Shareholders' Equity
Class A ordinary shares, par value per share (in dollars per share)		$ 0.0001
Issuance of shares (in shares)		1,357,827
Price per share		$ 3.13
Aggregate purchase price		$ 4,200
Class A Ordinary shares \| Private Placement April 2024 \| Pre-Funded Warrants
Shareholders' Equity
Number of warrants issued to purchase shares		16,102,348

Shareholders' Equity - Ordinary

Shareholders' Equity - Ordinary Shares Reserved for Issuance (Details)	Jun. 30, 2024 shares
Shareholders' Equity
Shares reserved for issuance	50,099,022
Equity incentive plan 2023 and employee stock purchase plan 2023
Shareholders' Equity
Shares reserved for issuance	3,179,417
Shares issuable upon exercise of Z33 Series Seed Preferred Shares Put Right
Shareholders' Equity
Shares reserved for issuance	2,000,000
Shares issuable upon exercise of the Warrants to purchase Class A Ordinary Shares
Shareholders' Equity
Shares reserved for issuance	32,694,344
Shares issuable upon exercise of options to purchase Class A Ordinary Shares
Shareholders' Equity
Shares reserved for issuance	10,782,788
Restricted Share Units
Shareholders' Equity
Shares reserved for issuance	1,442,473

Warrants (Details)

Warrants (Details) $ / shares in Units, $ in Millions	1 Months Ended		6 Months Ended
Warrants (Details) $ / shares in Units, $ in Millions	Apr. 30, 2024 USD ($) $ / shares shares	Apr. 30, 2023 USD ($) $ / shares shares	Jun. 30, 2024 D $ / shares shares
Warrants
Number of warrants exercised or redeemed \| shares			0
Public Warrants expiration term			5 years
Public warrants
Warrants
Public Warrants expiration term			5 years
Warrants exercisable term from the completion of business combination			30 days
Number of Class A ordinary shares upon exercise of each warrant \| shares			1
Exercise price of warrants \| $ / shares			$ 11.50
Minimum threshold written notice period for redemption of public warrants			30 days
Fair value per share \| $ / shares			$ 0.01
Stock price trigger for redemption of public warrants \| $ / shares			18
Redemption price per public warrant (in dollars per share) \| $ / shares			$ 11.50
Threshold trading days for redemption of public warrants			20 days
Threshold number of business days before sending notice of redemption to warrant holders \| D			30
Public warrants \| JATT
Warrants
Warrants outstanding \| shares			6,899,996
Private placement warrants
Warrants
Threshold period for not to transfer, assign or sell any of their shares or warrants after the completion of the initial business combination			30 days
Private placement warrants \| JATT
Warrants
Warrants outstanding \| shares			5,910,000
Private placement April 2023 \| Class A Ordinary shares \| Pre-Funded Warrants \| Subscription Agreement
Warrants
Number of Class A ordinary shares upon exercise of each warrant \| shares		1
Exercise price of warrants \| $ / shares		$ 0.001
Sale price per warrant \| $ / shares		$ 4.249
Aggregate purchase price \| $		$ 16.1
Private placement April 2023 \| Class A Ordinary shares \| Pre-Funded Warrants \| Subscription Agreement \| Maximum
Warrants
Number of warrants issued to purchase shares \| shares		3,782,000
Private placement April 2024 \| Class A Ordinary shares \| Pre-Funded Warrants \| Subscription Agreement
Warrants
Number of Class A ordinary shares upon exercise of each warrant \| shares	1
Exercise price of warrants \| $ / shares	$ 0.001
Sale price per warrant \| $ / shares	$ 3.107
Aggregate purchase price \| $	$ 50
Private placement April 2024 \| Class A Ordinary shares \| Pre-Funded Warrants \| Subscription Agreement \| Maximum
Warrants
Number of warrants issued to purchase shares \| shares	16,102,348

Warrants - Number of warrants o

Warrants - Number of warrants outstanding, exercise price, and expiration dates (Details) - Pre-Funded Warrants	Jun. 30, 2024 $ / shares shares
Warrant issued 6,899,996 exercise price 11.50
Warrants
Warrants Issued \| shares	6,899,996
Exercise Price \| $ / shares	$ 11.50
Warrant issued 5,910,000 exercise price 11.50
Warrants
Warrants Issued \| shares	5,910,000
Exercise Price \| $ / shares	$ 11.50
Warrants Issued 19,884,348 Exercise Price 0.001
Warrants
Warrants Issued \| shares	19,884,348
Exercise Price \| $ / shares	$ 0.001

Share-Based Compensation (Detai

Share-Based Compensation (Details)				6 Months Ended
Share-Based Compensation (Details)	Jan. 01, 2024 shares	Jun. 01, 2023 shares	Mar. 16, 2023 shares	Jun. 30, 2024 $ / shares shares	Jun. 30, 2023 $ / shares
Maximum
Share-Based Compensation
Share based compensation arrangement				13,624,111
Equity Incentive Plan 2023
Share-Based Compensation
Percentage of ordinary shares outstanding			5%
Number of shares issued			8,059,796	5,259,298
Weighted-average assumptions used to estimate the fair value
Share price \| $ / shares				3.49	6.26
Expected volatility				101.10%	97.10%
Risk-free rate				4.20%	3.60%
Expected life				6 years 1 month 6 days	6 years 1 month 6 days
Equity Incentive Plan 2023 \| Class A Ordinary shares
Share-Based Compensation
Share based compensation arrangement		5,564,315
Employee Stock Purchase Plan
Share-Based Compensation
Percentage of discount for eligible employees			15%
Number of shares issued	4,029,898			0

Share-Based Compensation - Shar

Share-Based Compensation - Share option activity (Details) - Equity Incentive Plan 2023 - USD ($) $ / shares in Units, $ in Thousands		6 Months Ended		12 Months Ended
	Mar. 16, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Number of Options
Beginning balance		5,791,065
Granted	8,059,796	5,259,298
Forfeited		(267,575)
Ending balance		10,782,788		5,791,065
Options vested and exercisable		2,678,918
Number of vested options subject to restrictions		823,963
Weighted Average Exercise Price
Beginning balance		$ 2.12
Granted		3.62
Forfeited		1.87
Ending balance		2.86		$ 2.12
Options vested and exercisable		$ 3.18
Weighted Average Remaining Contractual Life
Options outstanding		9 years 3 months 18 days		9 years 3 months 18 days
Options vested and exercisable		8 years 9 months 18 days
Aggregate Intrinsic Value
Options outstanding		$ 12,864		$ 17,752
Options vested and exercisable		$ 4,234
Directors Executives And Employees \| Employee Stock Option
Number of Options
Granted		2,280,560
Weighted Average Exercise Price
Granted		$ 2.83	$ 5.57

Share-Based Compensation - Mark

Share-Based Compensation - Market-Based Performance Share Options (Details) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended		6 Months Ended
	Mar. 20, 2023	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Share-Based Compensation
Expense recognized		$ 2,926	$ 2,319	$ 5,335	$ 4,685
Market-Based Share Options
Share-Based Compensation
Number of shares issued	306,373			0
Period of volume weighted average trading price ("VWAP")	20 days
Minimum price per share for vesting awards	$ 30
Threshold period from grant date for vesting awards	5 years
Exercise price of shares granted	$ 8.16
Expiration term (in years)	10 years
Expected volatility				80%
Risk-free rate				3.60%
Expected life				2 years 2 months 12 days
Fair value per Market-Based Share Options				$ 4.66
Expense recognized				$ 200	$ 200

Share-Based Compensation - Rest

Share-Based Compensation - Restricted Share Units (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Weighted Average Grant Date Fair Value
Expense recognized	$ 2,926	$ 2,319	$ 5,335	$ 4,685
Restricted Share Units
Number of RSUs
Beginning balance			1,563,018
Forfeited			(121,545)
Vested			(289,503)
Ending balance	1,151,970		1,151,970
Weighted Average Grant Date Fair Value
Beginning balance			$ 5.93
Forfeited			5.24
Vested			5.42
Ending balance	$ 6.09		$ 6.09
Expense recognized	$ 500		$ 1,100

Share-Based Compensation - Re_2

Share-Based Compensation - Restricted Share Awards (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Weighted Average Grant Date Fair Value
Expense recognized	$ 2,926	$ 2,319	$ 5,335	$ 4,685
Restricted share awards
Number of RSUs
Beginning balance			499,993
Vested			(124,998)
Ending balance	374,995		374,995
Weighted Average Grant Date Fair Value
Beginning balance			$ 8.16
Vested			8.16
Ending balance	$ 8.16		$ 8.16
Expense recognized	$ 300		$ 500

Share-Based Compensation - Equi

Share-Based Compensation - Equity Award Modification (Details) - Severance agreement - USD ($) $ in Millions		6 Months Ended
	Jan. 10, 2024	Jun. 30, 2024
Share-Based Compensation
Share based payment award, options, vested, number of shares	67,525
Share based payment award, equity instruments other than options, vested in period	40,515
Share based payment arrangement, expense reversal		$ 0.1

Share-Based Compensation - Sh_2

Share-Based Compensation - Share-Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Share-Based Compensation
Share-based compensation expense	$ 2,926	$ 2,319	$ 5,335	$ 4,685
Employee Stock Option
Share-Based Compensation
Unrecognized share-based compensation expense	28,600		$ 28,600
Share-based compensation expense expected to be recognized over a weighted average period			3 years 3 months 18 days
Restricted Share Units
Share-Based Compensation
Share-based compensation expense	500		$ 1,100
Unrecognized share-based compensation expense	6,100		$ 6,100
Share-based compensation expense expected to be recognized over a weighted average period			2 years 10 months 24 days
Restricted share awards
Share-Based Compensation
Share-based compensation expense	300		$ 500
Unrecognized share-based compensation expense	2,800		$ 2,800
Share-based compensation expense expected to be recognized over a weighted average period			2 years 8 months 12 days
Research and development
Share-Based Compensation
Share-based compensation expense	636		$ 1,069	2,186
General and administrative
Share-Based Compensation
Share-based compensation expense	$ 2,290	$ 2,319	$ 4,266	$ 2,499

Redeemable Noncontrolling Int_2

Redeemable Noncontrolling Interest (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended		6 Months Ended
	Nov. 30, 2023	Apr. 30, 2023	Jun. 30, 2024	Dec. 31, 2023
Redeemable Noncontrolling Interest
Accretion of redeemable noncontrolling interest to redemption value			$ 2,337
Redeemable noncontrolling interest			$ 14,000	$ 18,680
Stone Peach Properties, LLC \| Call option
Redeemable Noncontrolling Interest
Settlement term		6 months
Stone Peach Properties, LLC \| Series Seed Preferred Shares
Redeemable Noncontrolling Interest
Maximum percentage of shares that can be purchased in a put right	50%
Number of shares to be purchased in put right	2,000,000
Stone Peach Properties, LLC \| Series Seed Preferred Shares \| Put option
Redeemable Noncontrolling Interest
Purchase price per share			$ 2.040724
Stone Peach Properties, LLC \| Series Seed Preferred Shares \| Call option
Redeemable Noncontrolling Interest
Maximum percentage of shares that can be purchased in an option			50%
Stone Peach Properties, LLC \| Stone Peach Properties, LLC \| Series Seed Preferred Shares \| Call option
Redeemable Noncontrolling Interest
Purchase price per share			$ 2.448869
Term of call option			2 years
Percentage of shares agreed to purchase upon settlement of call option		50%
Number of shares agreed to issue for settlement		2,000,000
Stone Peach Properties, LLC \| Stone Peach Properties, LLC \| Series Seed Preferred Shares \| Put option
Redeemable Noncontrolling Interest
Maximum percentage of shares that can be purchased in an option			50%
Z33 \| Series Seed Preferred Shares
Redeemable Noncontrolling Interest
Accretion of redeemable noncontrolling interest to redemption value	$ 9,200
Z33 \| Stone Peach Properties, LLC \| Series Seed Preferred Shares
Redeemable Noncontrolling Interest
Issuance of shares (in shares)			4,900,222
Deemed dividend to the redeemable noncontrolling interest		$ 10,900

Subsequent Events (Details)

Subsequent Events (Details) - USD ($) $ / shares in Units, $ in Millions	Aug. 08, 2024	Jul. 24, 2024	Jul. 12, 2024	Aug. 12, 2024	Jun. 30, 2024	Dec. 31, 2023	Mar. 20, 2023	Mar. 16, 2023
Subsequent Events
Class A ordinary shares, par value per share (in dollars per share)					$ 0.0001	$ 0.0001	$ 0.0001	$ 0.0001
Public warrants
Subsequent Events
Number of Class A ordinary shares upon exercise of each warrant					1
Subsequent Events \| Former CEO
Subsequent Events
Number of options outstanding		1,950,000
Number of options vested on service		1,000,000
Number of options vesting schedule is revised		250,000
Number of options vest subject to integral participation in a capital raise		700,000
Minimum capital raise		$ 50
Duration within which capital raise is required, of the transition date		12 months
Subsequent Events \| IPO Warrants
Subsequent Events
Number of warrants issued to purchase shares				10,784,008
Subsequent Events \| Private placement warrants
Subsequent Events
Warrants outstanding	4,080,580
Percentage of warrants outstanding	69%
Subsequent Events \| Public warrants
Subsequent Events
Warrants outstanding	6,703,428
Percentage of warrants outstanding	97.20%
Subsequent Events \| Class A Ordinary shares
Subsequent Events
Class A ordinary shares, par value per share (in dollars per share)			$ 0.0001
Number of Class A ordinary shares upon exercise of each warrant			0.27
Decrease in share exchange ratio (in percentage)			10%
Number of warrants issued to purchase shares				3,235,184
Subsequent Events \| Class A Ordinary shares \| IPO Warrants
Subsequent Events
Number of Class A ordinary shares upon exercise of each warrant			0.30	0.27