©2024 Zura Bio Ltd. Nasdaq Ticker: ZURA Advancing clinical outcomes through pioneering dual-pathway biology April 2024

©2024 Zura Bio Ltd. 2 Forward Looking Statements Disclaimer This communication includes “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. Words such as “expect,” “estimate,” “project,” “budget,” “forecast,” “anticipate,” “intend,” “plan,” “may,” “will,” “could,” “should,” “believe,” “predict,” “potential,” “continue,” “strategy,” “future,” “opportunity,” “would,” “seem,” “seek,” “outlook” and the negatives of such terms and similar expressions are intended to identify such forward-looking statements. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties that could cause the actual results to differ materially from the expected results. 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©2024 Zura Bio Ltd. 3 KEY HIGHLIGHTS Nasdaq ticker: ZURA Three clinical stage assets in-licensed from Top 10 Pharmaceutical innovators, each accompanied by early-phase clinical data packages Pioneering dual-pathway biology, with potential to modify treatment in diseases with unmet need Cash runway into 2026; expected to be sufficient capital to fund systemic sclerosis development plan Management team and Board are highly experienced with a demonstrated track record of success in drug and business development Zura’s planned use of proceeds potentially expected to: Enhance SSc phase 2 probability of success and accelerate overall SSc development timelines Initiate a phase 2 clinical trial in HS, assuming study initiation 2Q 2025 and topline data 3Q 2026 Extend cash runway post topline data through 2027 Acronyms: CMC, chemistry, manufacturing, and controls; HS, hidradenitis suppurativa; SSc, systemic sclerosis

©2024 Zura Bio Ltd. 4 Zura is led by a strong leadership team with a successful track record in drug and business development Nasdaq: ZURA Mike Howell Ph.D. Chief Scientific Officer and Head of Translational Medicine Kim Davis J.D. Chief Legal Officer Kiran Nistala M.D., Ph.D. Chief Medical Officer and Head of Development Gary Whale Ph.D. Chief Technology Officer Verender Badial Chief Financial Officer Robert Lisicki Chief Executive Officer and Director Executive Team Amit Munshi Chairman Jennifer Jarrett Director Parvinder Thiara Director Sandeep Kulkarni, MD Director Steve Schoch Director Arnout Ploos van Amstel Director Neil Graham, M.D. Director Robert Lisicki CEO & Director Someit Sidhu, M.D. Founder & Director Board of Directors

©2024 Zura Bio Ltd. 5 Scientific Advisory Board formed with prominent specialists in autoimmune and inflammatory diseases AJAY NIRULA, M.D., Ph.D. SVP of Immunology | Eli Lilly & Company Research Laboratories Led immunology research and early clinical development at Lilly since joining in 2015 Contributed to various research programs and regulatory filings in diseases including rheumatoid arthritis, systemic lupus erythematosus, multiple sclerosis, psoriasis, and vasculitis Author of numerous articles in esteemed medical journals such as The New England Journal of Medicine, JAMA, and Nature Immunology DINESH KHANNA, M.D., M.Sc. Professor of Medicine and Director of the Scleroderma Program | University of Michigan Leads a multidisciplinary team dedicated to advancing knowledge about scleroderma and related conditions Research interests include developing new patient-reported outcome measures and clinical trial design for scleroderma and joint diseases. Leading international efforts to develop management guidelines for scleroderma and gout STEVEN ZIEGLER, Ph.D. Director of External Collaborations and Member of the Center for Fundamental Immunology | Benaroya Research Institute at Virginia Mason Affiliate Professor in the Immunology Department, University of Washington School of Medicine Research interests include investigating factors controlling normal immune regulation and studying contributors to disease development and progression Current projects involve exploring genes and cell populations implicated in autoimmune responses, investigating the involvement of epithelial cytokines (TSLP, IL-25, and IL-33) in responses to infection and allergen challenge in barrier tissues such as the respiratory and gastrointestinal systems, and identifying a novel role for TSLP in regulating tumor progression Acronyms: IL, interleukin; TSLP, thymic stromal lymphopoietin Nasdaq: ZURA

©2024 Zura Bio Ltd. Pipeline of novel dual-pathway biology clinical stage assets potentially offers of broader and improved clinical responses 6 PROGRAM INDICATION PRECLINICAL PHASE 1 PHASE 2 PHASE 3 PROJECTED MILESTONES** tibulizumab ZB-106 Anti-BAFF + IL-17 systemic sclerosis CRO selection (contract negotiation in-process) Protocol development (informed with KOL & expert feedback) 1Q-’24 Submit type B meeting request to FDA 2Q-’24 DS GMP batch complete 3Q-’24 DP GMP batch complete 4Q-’24 Obtain IND approval CTM released and shipped to country specific hubs Phase 2 study initiation hidradenitis suppurativa Protocol development (informed with KOL & expert feedback) 2Q-’24 DS GMP batch complete 3Q-’24 Submit type B meeting request DP GMP batch complete 4Q-’24 Phase 2 study initiation 2Q-’25 ZB-168 Anti-IL-7Ra + TSLP alopecia areata Phase 2 planning (***) (****) torudokimab ZB-880 Anti-IL-33 + RAGE allergy / respiratory Complete all CMC and regulatory work to ready the asset for phase 2 (***) (****) Nasdaq: ZURA (*) as of 08-April-2024, study conduct expected to be possible with proposed financing (**) milestone dates are subject to change due to factors such as regulatory feedback and obtaining financing to initiate studies that are not currently in budget (***) achievement of milestones are dependent on additional financing; trial conduct not included in current budget runway (****) pending topline data from anticipated phase 2 / 3 external events Acronyms: BAFF, B cell-activating factor; CMC, chemistry, manufacturing, and controls; IL, interleukin; RAGE, receptor for advanced glycation end products; TSLP, thymic stromal lymphopoietin Note: Hatched bars represent trials that have not yet commenced indicates COMPLETED Phase 2 study designed to potentially enable seamless transition to phase 3 Study conduct within current budget* Study conduct not within current budget* LEAD PROGRAM

©2024 Zura Bio Ltd. 7 Nasdaq: ZURA 7 78 Participants Dosed Across Three Ph 1/1b studies 57 participants with single dose 21 participants with multiple doses up to 12 weeks 93 Participants Dosed 60 participants with single dose 33 participants with multiple doses up to 12 weeks 244 Participants Dosed 81 participants with single dose 163 participants with multiple doses up to 52 weeks ZB - 168 IL- 33 RED IL- 33 OX RAGE EGFR ST2 receptor independent pathway Epithelial remodeling IL- 1RAP ST2 Inflammation ST2 pathway Epithelial Damage torudokimab torudokimab ZB-880 z Dual Antagonist tibulizumab ZB-106 Anti-BAFF Anti-IL-17A Anti-BAFF Multiple studies completed, with favorable tolerability observed in prior phase 1/1b trials* (*) includes data from trials run by Pfizer and Eli Lilly Sources: Zura CSRs and Internal Data Acronyms: BAFF, B cell-activating factor; EGFR, epidermal growth factor receptor; JAK, janus tyrosine kinase; IL, interleukin; RAGE, receptor for advanced glycation end products; ST2, growth STimulation expressed gene 2; TSLP, thymic stromal lymphopoietin

©2024 Zura Bio Ltd. 8 Predicted BAFF and IL-17 Response in phase 1b* Table 11.11. Model-Predicted Maximum Change from Baseline of Free Unbound BAFF and IL-17 Concentration Following the Last Dose of LY3090106 Administration per Protocol Maximum Percent Change from Baseline of Free Targets (Median [90% CI]) Free BAFF Free IL-17 x mg q4W -97.6 (-99.9, -91.0) -98.1 (-99.9, -92.9) x mg q2W -98.6 (-99.9, -94.9) -99.0 (-99.9, -96.1) (*) includes data from trial run by Eli Lilly (clintrials.gov identifier: NCT02614716) Sources: Zura CSRs Acronyms: BAFF, B cell activating factor; CFB, change from baseline; CI, confidence interval; IL, interleukin; MAD, multiple ascending dose; PD, pharmacodynamics; PK, pharmacokinetics; q2W, once every 2 weeks; q4W, once every 4 weeks; RA, rheumatoid arthritis; SAD, single ascending dose A Study of LY3090106 (tibulizumab) in Participants With Sjögren’s syndrome (SS)* The final combined PK dataset included 24 subjects from the MAD (Sjögren's syndrome) and 41 subjects (8 healthy subjects and 33 subjects with RA) from the SAD who received tibulizumab or placebo. Free and unbound BAFF and unbound IL-17 were not assayed and quantified physically but can be predicted using the PK/PD model based on assayed free drug, total soluble BAFF and total soluble IL-17. Note: Solid black lines and gray shaded areas represent median and 90% prediction interval of 1000 Monte Carlo simulation of the final PK/PD model Figure 11.2. Model-Predicted percentage change from baseline of free unbound BAFF (upper panel) and IL-17 (lower panel) concentration versus time profiles following multiple LY3090106 administrations per Protocol Nasdaq: ZURA

©2024 Zura Bio Ltd. 2024 anticipated milestones to enhance value Anticipated Zura milestones: CRO contract, FDA Type B response, commencing phase 2 SSc trial, and expecting guidance for projected TLD for phase 2 SSc Up to 6 potential meaningful industry read-outs for IL-7, TSLP and IL-33 - Phase 2: UC*, AD*, AA*, COPD* | Phase 3: Asthma*, COPD* Opportunity for value inflection and to potentially: - Enhance SSc probability of success and accelerate SSc clinical development – potentially reduce overall timeline by up to 18 months - Initiate new clinical study in hidradenitis suppurativa ©2024 Zura Bio Ltd. 9 (*) anticipated read-outs will come from other companies Acronyms: AA, alopecia areata; AD, atopic dermatitis; COPD, chronic obstructive pulmonary disease; CRO, contract research organization; FDA, Food and Drug Administration; IL, interleukin; SSc, systemic sclerosis; TLD, topline data; TSLP, thymic stromal lymphopoietin

©2024 Zura Bio Ltd. 10 Key anticipated events through 2026 (2Q-2025) IL-33 Ph3 in COPD Sanofi/Regeneron, itepekimab (1Q/2Q-2024) IL-7 Ph2 in UC OSE Immunotherapeutics , OSE-127 (1Q/2Q-2024) TSLP Ph2 in COPD AZ/ Amgen, tezepelumab (4Q-2024) IL-7/TSLP Ph2 in AD Q32 Bio, bempikibart (4Q-2024) IL-7/TSLP Ph2 in AA Q32 Bio, bempikibart (3Q-2024) TSLP Ph3 in Asthma TSLP (reducing corticosteroid) AZ/ Amgen, tezepelumab (4Q-2026) SSc phase 2 study completion (4Q – tibulizumab ) SSc phase 2 Initiation (1Q – CRO) Selection (2Q – CRO) Contracted (2Q – FDA) Type B Request (3Q – FDA) Feedback (4Q – IND) Targeted Approval (3Q-2026) HS phase 2 study completion (2Q-2025) HS phase 2 Initiation ANTICIPATED INTERNAL ZURA EVENTS 1 ANTICIPATED EXTERNAL EVENTS 2 2024 2025 2026 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q Nasdaq: ZURA Sources: 1 Zura Planning Assumptions, 2 clinicaltrials.gov, Company Presentations Acronyms: AA, alopecia areata; AD, atopic dermatitis; COPD, chronic obstructive pulmonary disease; CRO, contract research organization; FDA, Food and Drug Administration; HS, hidradenitis suppurativa; IL, interleukin; SSc, systemic sclerosis; TLD, topline data; TSLP, thymic stromal lymphopoietin; UC, ulcerative colitis ANTICIPATED EVENTS LEGEND Tibulizumab SSc Anticipated Events External IL-33 Anticipated Topline Data External IL-7 / TSLP Anticipated Topline Data Tibulizumab HS Anticipated Events

©2024 Zura Bio Ltd. IL-17 and BAFF are upregulated in SSc, and present in serum and skin of SSc patients In separate studies, brodalumab [IL-17] and belimumab [BAFF] have demonstrated clinically relevant biological effects in lung & skin in phase 2 and phase 3 studies 1,2 Tibulizumab's dual-pathway biology combines IL-17 + BAFF pathways, offering potential as a pioneering first-in-class therapy Tibulizumab may offer the convenience of Q4W SC dosing Tibulizumab offers a dual-pathway approach and potentially paradigm changing therapy to SSc patients, if approved Key Highlights for tibulizumab in systemic sclerosis 11 Nasdaq: ZURA Sources: 1 Fukasawa, T., et al. Annals of the Rheumatic Diseases, doi:10.1136/annrheumdis-2022-eular.2519. 2 Gordon, Jessica K., et al. Arthritis Rheumatology, doi:10.1002/art.40358. Acronyms: BAFF, B cell-activating factor; IL, interleukin; Q4W, every four weeks; SSc, systemic sclerosis; SC, subcutaneous

©2024 Zura Bio Ltd. Tibulizumab is designed to target the combination of two clinically validated pathways for SSc 12 Brodalumab IL-17 receptor antagonist Achieved 1º endpoint of treatment difference of least square mean: (−21.2 [95% CI -3.9, -18.5]; P<0.001), in mRSS and 2º endpoint of improved FVC, both at 24 weeks 1 Demonstrated therapeutic effects on lung/respiratory functions, digital ulcers, the symptoms of gastroesophageal reflux disease, and QOL without noteworthy safety concerns Belimumab BAFF antagonist 52-week, investigator initiated, single center, double blind, placebo-controlled pilot study in 20 participants with dcSSc on MMF 2 Both treatment groups experienced improvements in mRSS favoring belimumab (-10 vs -3; p=NS) Secondary endpoints were met with statistical significance in two endpoints: SHAQ-DI and VAS Raynaud’s phenomenon Sources: 1 Fukasawa, T., et al. Annals of the Rheumatic Diseases, doi:10.1136/annrheumdis-2022-eular.2519. 2 Gordon, Jessica K., et al. Arthritis Rheumatology, doi:10.1002/art.40358. Acronyms: BAFF, B cell-activating factor; dcSSc, diffuse cutaneous systemic sclerosis; FVC, forced vital capacity; IIT, investigator-initiated trial; MMF, mycophenolate mofetil; mRSS, modified Rodnan skin score; QOL, quality of life; SHAQ-DI, scleroderma health assessment questionnaire – disability index; SSc, systemic sclerosis; VAS, visual analogue scale Δ -21.2 units Δ +5.2% CLINICAL PRECEDENT Phase 3 brodalumab study (24 weeks) mRSS FVC (% predicted) CLINICAL PRECEDENT Phase 2 belimumab IIT study (52 weeks) mRSS FVC (% predicted) Δ -7.0 units Δ +7.0% tibulizumab | ZB-106 | SSc

©2024 Zura Bio Ltd. Significant unmet need in systemic sclerosis No advanced-line agents currently approved for skin and lung Global prevalence of 200,000 patients with 100,000 SSc patients in US Penetration of advanced line agents projected to peak at ~35% TAM projected to reach $2B by 2028 SSc forecasted CAGR of 4.2% (2021 – 2028) 13 tibulizumab | ZB-106 | SSc Sources: Coherent Market Insights: Scleroderma 2022-2028. Global Data: Systemic Sclerosis – Global Drug Forecast and Market Analysis to 2030 Acronyms: CAGR, compound annual growth rate;; SSc, systemic sclerosis; TAM, total addressable market; US, United States

©2024 Zura Bio Ltd. 0 2 The two components of tibulizumab have been safely administered to ~150,000 study participants or patients 1 TOLERABILITY 0 3 Designing to avoid onerous monitoring and potentially offer convenient Q4W SC dosing CONVENIENCE 0 1 Potential for broader and improved clinical effect in skin and lung in a single therapy EFFICACY We are developing Tibulizumab as a differentiated treatment for SSc patients 14 We are developing tibulizumab to potentially address three critical gaps tibulizumab | ZB-106 | SSc 1 administered as mono-therapy ixekizumab or mono-therapy tabalumab Sources: clinicaltrials.gov, Lilly press release, dated 2021, April 30, retrieved from URL , Taltz® delivers more cumulative days with completely clear skin for adults with psoriasis compared to seven other biologics in novel network meta-analysis Acronyms: HCP, healthcare provider; Q4W, every four weeks; SC, subcutaneous; SSc, systemic sclerosis

©2024 Zura Bio Ltd. Scientific validation of the role of IL-17 and B cells in hidradenitis suppurativa Multiple positive phase 2 and phase 3 studies in the industry with IL-17 inhibitors or B cell depleting therapies 1 Despite new options unmet need remains, PBO adjusted HiSCR75 deltas are in the 20% to 30% range 1 Dual-pathway biology combines two clinically validated therapeutic targets into a single agent Tibulizumab combines two validated HS mechanisms into one single therapy Developing to potentially offer convenient Q4W SC dosing 15 tibulizumab | ZB-106 | HS Sources: 1 Company Presentations, Publications and Research. Acronyms: HiSCR, Hidradenitis Suppurativa Clinical Response; HS, hidradenitis suppurativa; IL, interleukin; PBO, placebo, Q4W, every four weeks; SC, subcutaneous Key Highlights for tibulizumab in hidradenitis suppurativa

©2024 Zura Bio Ltd. 16 Company Asset* COSENTYX® remibrutinib* BIMZELX® sonelokimab sonelokimab izokibep izokibep fostamatinib Mechanism IL-17 A BTKi IL-17 A/F IL-17 A/F IL-17 A/F IL-17 A/A IL-17 A/A SYK inhibitor Administration SC/IV PO SC SC SC SC SC PO Phase Phase 3 Phase 2b Phase 2 Phase 2 Phase 2 Phase 2b Phase 2b Phase 2 Dosing 30mg Q2W for 16W 100 mg or 25 mg BID 320mg Q2W for 12W 120mg Q2W for 12W 120mg Q2W for 24W 160mg QW for 12W 160 mg Q2W or QW for 12W 150 mg BID for 12W Total Patients n = 360 N = 77 n = 88 n = 234 n = 234 n = 30 n = 175 n = 20 Efficacy (HiSCR50) Non-Placebo Adjusted 42% - 45% 48.5% - 72.7% 63% 66% 76% 71% 42% - 46% 85% Placebo Adjusted 11% + 38% 35% 38% 48% N/A 1% - 5% N/A Efficacy (HiSCR75) Non-Placebo Adjusted N/A 27.3% - 42.4% 50% 43% 57% 57% 34% - 39% 70% Placebo Adjusted N/A 24% 29% 29% N/A N/A 5% - 10% N/A Safety Candidiasis 0% - 3%1 0 9% 10.5% >10% 0%2 TBD 0% Role of IL-17 and B cells is clinically validated, however clinical effect remains modest with single-pathway inhibition tibulizumab | ZB-106 | HS (*) There have been no head-to-head clinical trials between the product candidates listed above. Study designs and protocols for each product candidate were different, and as a result, results may not be comparable between product candidates. Sources: Company Presentations, Publications and Research. 1 Represents data from psoriasis trial. 2 Represents safety data from psoriatic arthritis trial remibrutinib, 2024 AAD S026. Acronyms: BID, twice a day; BTKi, Bruton tyrosine kinase inhibitors; HiSCR, Hidradenitis Suppurativa Clinical Response; HS, hidradenitis suppurativa; IL, interleukin; IV, intravenous; PO, per os or by mouth; Q2W, every two weeks; Q4W, every four weeks; SC, subcutaneous

©2024 Zura Bio Ltd. 17 Significant opportunity and clinical need in hidradenitis suppurativa tibulizumab | ZB-106 | HS Assumes COSENTYX® becomes first line biologic for HS following FDA approval for HS on 31-Oct-2023. Sources: Medical Literature, MEDACorp KOLs, Company websites, IQVIA, US Department of Veteran’s Affairs, Zura Bio Management Acronyms: HS, hidradenitis suppurativa; Q4W, every four weeks; SC, subcutaneous US estimates of 300,000 to 400,000 HS patients High market need, 60% of HS patients are biologic eligible Tibulizumab may offer convenient Q4W SC dosing regimen

©2024 Zura Bio Ltd. 0 2 The two components of tibulizumab have been safely administered to ~150,000 study participants or patients 1 TOLERABILITY 0 3 Developing to avoid onerous monitoring; potentially offer convenient Q4W SC dosing CONVENIENCE 0 1 Combined IL-17 + BAFF inhibition potentially results in broader and improved clinical responses for HS patients EFFICACY We are developing tibulizumab as a differentiated treatment for HS patients 18 tibulizumab | ZB-106 | HS We are developing tibulizumab to potentially address three critical gaps 1 administered as mono-therapy ixekizumab or mono-therapy tabalumab Sources: clinicaltrials.gov, Lilly press release, dated 2021, April 30, retrieved from URL , Taltz® delivers more cumulative days with completely clear skin for adults with psoriasis compared to seven other biologics in novel network meta-analysis Acronyms: BAFF, B cell-activating factor; HS, hidradenitis suppurativa; IL, interleukin; Q4W, every four weeks; SC, subcutaneous

©2024 Zura Bio Ltd. 2024 anticipated milestones to enhance value Anticipated Zura milestones: CRO contract, FDA Type B response, commencing phase 2 SSc trial, and expecting guidance for projected TLD for phase 2 SSc Up to 6 potential meaningful industry read-outs for IL-7, TSLP and IL-33 - Phase 2: UC*, AD*, AA*, COPD* | Phase 3: Asthma*, COPD* Opportunity for value inflection and to potentially: - Enhance SSc probability of success and accelerate SSc clinical development – potentially reduce overall timeline by up to 18 months - Initiate new clinical study in hidradenitis suppurativa ©2024 Zura Bio Ltd. 19 (*) anticipated read-outs will come from other companies Acronyms: AA, alopecia areata; AD, atopic dermatitis; COPD, chronic obstructive pulmonary disease; CRO, contract research organization; FDA, Food and Drug Administration; IL, interleukin; SSc, systemic sclerosis; TLD, topline data; TSLP, thymic stromal lymphopoietin

©2024 Zura Bio Ltd. systemic sclerosis (SSc) tibulizumab ZB-106 Anti-BAFF x IL-17 Tibulizumab, is a humanized bispecific dual antagonist antibody, and has been engineered to bind to and neutralize both BAFF and IL-17A. Our approach with tibulizumab is to inhibit both pathways with a single agent, potentially providing clinical benefits to a broader range of patients, as well as a greater level of effect.

©2024 Zura Bio Ltd. . Traditional Approach: 6-MONTH RANDOMIZED (mRSS) + 6-MONTH OLE (FVC) Zura’s Unique Approach: RANDOMIZED TRIAL (w/HRCT)* Increased Potential for Successful Readout n = 50-60 EFFICACY PERIOD (24 WEEKS) PLACEBO (n = 25-30) ZB-106 DOSE 1 (n = 25-30) R 1:1 ZB-106 (n = 25-30) OLE PERIOD (24 WEEKS) n = 80 EFFICACY PERIOD (24 WEEKS) PLACEBO (n = 40) ZB-106 (n = 40) HRCT HRCT R 1:1 Optimized trial design with unique attributes achieved through collaborative drug development approach mRSS (Primary) FVC Clinician Global Patient Global HAQ-DI (Function) KEY EFFICACY ENDPOINTS mRSS qHRCT FVC Clinician Global Patient Global HAQ-DI (Function) Evidence of disease progression over previous 2-6 months: - mRSS increased by ≥3 units; or - Involvement of 1 new body area w/ increase of ≥2 mRSS units; or - Involvement of 2 new body areas w/ increase of ≥1 mRSS units Early diffuse cutaneous SSc mRSS 10-29 <5 years from first symptom HAQ-DI >0.25 Stable background therapy KEY INCLUSION CRITERIA tibulizumab | ZB-106 | SSc Early diffuse cutaneous SSc, enriched for SSc-ILD mRSS 12-35 if <2 years; mRSS 15-45 if 2-5 years Enrich for & stratify by SCL-70 antibody positive Exclude anti-centromere antibody positive Require elevated acute phase reactants Stable background therapy, including MMF for 6 months ©2024 Zura Bio Ltd. 21 (*) Trial design is subject to change Acronyms: CT, computed tomography; EOP2, end of phase 2; FDA, Food & Drug Administration; FVC, forced vital capacity; HAQ-DI, health assessment questionnaire – disability index; ILD, interstitial lung disease; MMF, mycophenolate mofetil; mRSS, modified Rodnan skin score; qHRCT, quantitative high-resolution computed tomography; SSc, systemic sclerosis

©2024 Zura Bio Ltd. 22 SSc FDA approval is likely to require evidence of improvement in1 - Skin assessed by modified Rodnan skin score, mRSS - Internal organs: ILD is most common affected organ, assessed by FVC - Patient global assessment and HAQ mRSS has historically failed in phase 2/3, typically < 3 points Any study focused on mRSS alone carries risk, given uncertainty over placebo change - Powering off FVC would require n=200 patient sample ZB-106 SSc development plan designed to mitigate historical study challenges and to potentially move directly into pivotal trial We believe our weight of evidence plan increases sample size enriches for mRSS uses quantitative high-resolution CT (qHRCT) as a more sensitive surrogate for FVC Positive phase 2 qHRCT data potentially de-risks FVC in the phase 3 program and provides support for a EOP2 FDA meeting Example: qHRCT image in patient with SSc-ILD 2 tibulizumab | ZB-106 | SSc Sources: 1 Internal planning assumptions, KOL feedback 2 Roofeh D, et al. Curr Opin Rheumatol., doi: 10.1097/BOR.0000000000000592 Acronyms: CT, computed tomography; EOP2, end of phase 2; FDA, Food & Drug Administration; FVC, forced vital capacity; HAQ, health assessment questionnaire; ILD, interstitial lung disease; mRSS, modified Rodnan skin score; qHRCT, quantitative high-resolution computed tomography; SSc, systemic sclerosis

©2024 Zura Bio Ltd. 23 Addressing Historical SSc Trial Challenges: Our Global Approach HISTORICAL CHALLENGES OUR POTENTIAL SOLUTIONS Highly variable mRSS placebo improvements Enrich for mRSS fast progressors using clinical features & autoantibodies identified from review of historical trial data in partnership with opinion leaders. Engage CRO partner with strong track record in SSc FVC requires larger sample size and can take 52 weeks Utilize qHRCT as sensitive measure of lung improvement, detectable at 6 months Phase 2 uncertainty associated with an initial phase 2 study of new molecule IL-17 (brodalumab) and BAFF (belimumab) have clinically relevant biological effects in both lung and skin Slow recruitment of ILD patients Not mandating ILD but enriching with autoantibody biomarkers anticipated to reduce overlap with competitor phase 2/3 studies, potentially generating a more rapid rate of trial enrollment tibulizumab | ZB-106 | SSc Sources: 1 Roofeh D, et al. Curr Opin Rheumatol., doi: 10.1097/BOR.0000000000000592 Acronyms: BAFF, B cell-activating factor; CRO, contract research organization; FVC, forced vital capacity; IL, interleukin; ILD, interstitial lung disease; mRSS, modified Rodnan skin score; qHRCT, quantitative high-resolution computed tomography; SSc, systemic sclerosis

©2024 Zura Bio Ltd. 24 Increase probability of success - Larger study sample size increases probability of success (mRSS) - High Resolution CT highly correlates with FVC > ILD read-through - 6-month design, eliminate cost and time of open-label study extension for FVC Accelerate development timelines - Increased number of trial sites and 3 regions potentially accelerates topline data by up to 2 quarters - Manufacturing initial phase 3 clinical supply in 2025 potentially reduces time between phase 2 and phase 3 - Phase 2 and phase 3 trial acceleration can potentially reduce total development time by ~5 to 6 quarters Opportunity to potentially increase phase 2 probability of success and reduce full development plan by up to ~18 months Acronyms: CT, computed tomography; FVC, forced vital capacity; IL, interleukin; ILD, interstitial lung disease; mRSS, modified Rodnan skin score

©2024 Zura Bio Ltd. hidradenitis suppurativa (HS) tibulizumab ZB-106 Anti-BAFF x IL-17 Tibulizumab, is a humanized bispecific dual antagonist antibody, and has been engineered to bind to and neutralize both BAFF and IL-17A. Our approach with tibulizumab is to inhibit both pathways with a single agent, potentially providing clinical benefits to a broader range of patients, as well as a greater level of effect.

©2024 Zura Bio Ltd. Overview of hidradenitis suppurativa (HS) 26 Hidradenitis suppurativa is an inflammatory follicular skin disease Skin lesions develop in axillae, in the groin, and under the breasts, are formed as a result of inflammation & infection of sweat glands and are characterized by: - Recurrent boil-like nodules and abscesses that culminate in pus-like discharge - Difficult-to-heal open wounds (sinuses) and scarring - Increased Th1/Th17 and B cell mediated inflammation 1 - 3 - Disproportionately affects women between adolescent age to 55 years of age 4, 5 Estimated ~300K people living with Hidradenitis suppurativa in the U.S. (1-2% global prevalence) Average of 7 years to diagnose globally High unmet need >50% patients still left inadequately treated According to HiSCR 75 data CURRENT APPROVED TREATMENTS ONLY AIM TO MANAGE SYMPTOMS AND INCLUDE STEROIDS OR IMMUNOSUPPRESSANTS TO MANAGE SYSTEMIC SYMPTOMS DISEASE OVERVIEW CLINICAL OPPORTUNITY 6 Sources: 1 Moran, Barry, et al. Journal of Investigative Dermatology, doi:10.1016/j.jid.2017.05.033. 2 Banerjee, Anirban, et al. Immunological Investigations, doi:10.1080/08820139.2016.1230867. 3 Sabat, Robert, et al. Journal of Allergy and Clinical Immunology, doi:10.1016/j.jaci.2022.10.034. 4 Garg, Amit, et al. JAMA Dermatology, doi:10.1001/jamadermatol.2017.0201. 5 Ingram, John R. British Journal of Dermatology, doi:10.1111/bjd.19435. 5 Ingram, John R. British Journal of Dermatology, doi:10.1111/bjd.19435. 6 Medical Literature, MEDACorp KOL Discussions TAM projected at $3.5 -$4B By 2030 tibulizumab | ZB-106 | HS

©2024 Zura Bio Ltd. B Cell Signaling Potentiates HS Disease 27 Sources: 1 Van der Zee, H.H., et al. British Journal of Dermatology, doi:10.1111/j.1365-2133.2011.10698.x. 2 Rumberger, Beth E., et al. Inflammation Research, doi:10.1007/s00011-020-01381-7. 3 Sabat, Robert, et al. Journal of Allergy and Clinical Immunology, doi:10.1016/j.jaci.2022.10.034. 4 Gudjonsson, Johann E., et al. JCI Insight, doi:10.1172/jci.insight.139930. 6 Jepsen, Rebecca, et al. Journal of the American Academy of Dermatology, doi:10.1016/j.jaad.2023.05.076. Pathogenic Role for B Cells and Plasma Cells CD20+ B and CD138+ Plasma Cells are increased in chronic HS lesions 1 B cell depletion with rituximab provided therapeutic benefit with 4 out of 5 cases reporting complete remission of HS lesions 5 CD20+ B cells in HS Lesions Clinical Benefit of Targeting B Cells Modulating B cell function using fostamatinib (SYK inhibition) provided therapeutic benefit in HS 6 B cell depletion with rituximab provided therapeutic benefit 5 4/5 cases report complete remission of HS lesions 5 BAFF Drives B Cell Activation and Inflammation Increased BAFF expression in HS lesions and tunnels 2 - 4 Neutralization of BAFF in HS lesional explants reduced the expression of B & plasma cell gene signatures 2 BAFF gene expression in HS BAFF is essential for B cell activation Week 12 % Achieving HiSCR50 % Achieving HiSCR75 Fostamatinib (SYK inhibition) 6 85% 70% B cell disruption is efficacious in HS Baseline W1 W2 W4 W5 W6 W8 W12 0 50 100 HiSCR50 HiSCR75 HiSCR90 Timepoint Percentage of Participants Achieving Clinical Outcome (%) tibulizumab | ZB-106 | HS

©2024 Zura Bio Ltd. 28 Ongoing Novartis phase 2b multicenter platform study offers additional clinical evidence of B cell targeting benefit in HS tibulizumab | ZB-106 | HS *Study started in February 2019 and is currently ongoing. BAFF-R, B-cell activating factor of the tumor necrosis alpha family receptor; b.i.d., twice daily; BTKi, Bruton’s tyrosine kinase inhibitor; CD, cluster of differentiation; D, day; EOS, end of study; HS, hidradenitis suppurativa; IL, interleukin; LTA4H, leukotriene A4 hydrolase; MoA, mechanism of action; PEA, primary endpoint analysis; R, randomization; s.c., subcutaneous; W, week. Clinicaltrials.gov NCT03827798. Available at: https://classic.clinicaltrials.gov/ct2/show/NCT03827798 (Accessed 6 Mar 2024). Presented at the American Academy of Dermatology Annual Meeting; March 8–12, 2024; San Diego, CA. Adult patients aged 18–65 years Moderate to severe HS for ≥12months in ≥2 anatomical areas with ≤15 tunnels Cohorts A, C, and E: ≥5 inflammatory lesions Cohorts B and D: ≥3 inflammatory lesions Patients Cohorts Iscalimab s.c. 600 mg anti–CD-40 A LYS006 b.i.d. 20 mg LTA4Hi B MAS825 s.c. 300 mg anti–IL-1β/ IL-18 C Outcome Follow-up period variable length depending on MoA Investigational treatments (Cohort A–E) ~40–70 patients per cohort Screening Corresponding placebo (Cohort A–E) R W –5 D 1 W 16 PEA EOS Double-blind treatment period D Remibrutinib b.i.d. 100 mg or 25 mg BTKi E Ianalumab s.c. 300 mg anti–BAFF-R Positive ꭓ Negative Positive Positive Ongoing

©2024 Zura Bio Ltd. 29 Novartis’ interim results presented at ‘24 AAD, BTKi PBO adjusted delta in line with approved and in development agents tibulizumab | ZB-106 | HS Presented at the American Academy of Dermatology Annual Meeting; March 8–12, 2024; San Diego, CA. *The sHiSCR is defined as a ≥50% reduction in the abscess and inflammatory nodule count and no increase in draining tunnels compared with baseline. †Difference refers to the difference between remibrutinib (either dose) and pooled placebo at Week 16. ‡Bayesian posterior probability of remibrutinib (either dose) being better than pooled placebo. CI, confidence interval; HiSCR, hidradenitis suppurativa clinical response; n, total number of patients with response; N, total number of patients in each treatment arm; NRI, non-responder imputation; sHiSCR, simplified hidradenitis suppurativa clinical response. The primary endpoint of this study was met for both doses of remibrutinib; patients treated with remibrutinib reported a greater rate of sHiSCR* at Week 16 compared with placebo 48.5 72.7 34.7 20 0 40 60 80 100 0 2 4 6 10 12 14 16 Proportion of patients reporting sHiSCR (%) 8 Week Remibrutinib 100 mg (N = 33) Remibrutinib 25 mg (N = 33) Pooled placebo (N = 49) Cohort D Cohort A–D Remibrutinib 25 mg (N = 33) Remibrutinib 100 mg (N = 33) Pooled Placebo (N = 49) Proportion of patients with sHiSCR*: Observed with NRI (%) 72.7 48.5 34.7 Difference† (%) (95% CI) 38.0 (21.1 to 55.0) 13.8 (–4.4 to 32.0) Bayesian estimated (%) 72.3 48.5 34.9 Difference† (%) (95% CI) 37.2 (19.7 to 53.0) 13.9 (–4.2 to 31.9) Probability of difference‡ 99.9 89.6

©2024 Zura Bio Ltd. HS innovator expected to be uniquely positioned to capture opportunities across 1st, 2nd, and 3rd-line HS patients (*) Assumes Cosentyx® becomes first line biologic for HS following FDA approval for HS on 31-Oct-2023. Sources: Medical Literature, MEDACorp KOLs, Company websites, IQVIA, US Department of Veteran’s Affairs, Zura Bio Management Acronyms: HS, hidradenitis suppurativa 350,000 HS Patients ~45% Hurley Stage I 160,000 Patients ~55% Hurley Stage II & III 190,000 Patients oral doxycycline +/- oral antiandrogenic agent or metformin clindamycin, rifampin acitretin, dapsone 1st Line 110,000 biologic treated adalimumab, bimekizumab, secukinumab 3rd Line 27,500 Patients 2nd Line 55,000 Patients ~60% non-response, loss of response or intolerant Significant Unmet Need Innovator Opportunity 2030 HS Projections * tibulizumab | ZB-106 | HS 30

©2024 Zura Bio Ltd. Planned Phase 2 HS Trial Design* 31 KEY SAFETY ENDPOINTS KEY EFFICACY ENDPOINTS Moderate to Severe HS Total abscess and inflammatory count (AN) ≥ 5 KEY INCLUSION CRITERIA • HiSCR • Improvement in baseline AN counts • IHS4 • PGA • DLQI • PK / PD assessments • General Safety and Tolerability • Severe infection • Neutropenia Hurley Stage II/III ZB-106 DOSE LEVEL 2 PLACEBO ZB-106 DOSE LEVEL 1 1 : 1 : 1 R tibulizumab | ZB-106 | HS n = 90-120 (*) Trial design is subject to change Acronyms: DLQI, dermatology life quality index; HiSCR, Hidradenitis Suppurativa Clinical Response; HS, hidradenitis suppurativa; IHS4, international hidradenitis suppurativa severity score system; PD, pharmacodynamic; PGA, physician’s global assessment; PK, pharmacokinetic; R, randomization

©2024 Zura Bio Ltd. 32 Accelerated development plans may provide topline data by 2026* Plan informed and supported by related MoA read-outs from IL-17 and BAFF/B cell depleting therapies in SSc and HS Tibulizumab uniquely positioned as a potential first-in-class dual-pathway biologic in development for SSc and HS, if approved Potentially entering a period of growth and opportunity, with multiple key events expected over the next 6 to 12 months Tibulizumab Summary (*) assumes completion of proposed financing Sources: 1 Coherent Market Insights: Scleroderma 2022-2028, Medical Literature, MEDACorp KOL Discussions Acronyms: BAFF, B cell-activating factor; HS, hidradenitis suppurativa; IL, interleukin; MoA, mechanism of action; SSc, systemic sclerosis; TAM, total addressable market