MeritValue

Zura Bio Ltd

ZURAdata completeness 75%4 fiscal years on file

Data notes: no data for concept 'revenue'; no data for concept 'totalDebt'; no data for concept 'interestExpense'

The thesis, from the filings

Zura Bio Ltd earns about -68% on equity, but has diluted owners by 41172% over 4 years — worth asking whether the growth reaches owners. The cash-flow models don't apply cleanly here — the ledger says why below.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2022FY 2023FY 2024FY 2025
Revenue————
Net income−$25.7M1−$60.4M2−$52.4M3−$68.7M3
Operating cash flow−$1.2M4−$15.1M5−$28.1M6−$64.8M6
Capital expenditure——$75,0007$113,0007
Free cash flow (derived)——−$28.2M6−$64.9M6
Total debt————
Cash & equivalents$13,7858$99.8M9$176.5M10$109.4M10
Diluted shares228,14833.1M75.1M94.2M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$10.78
your share of equity
Profit it earned you last year
−$7.29
Free cash flow it threw off
−$6.9
Debt you’d be carrying
—

10 shares is a claim on $10.78 of net worth that earned you −$7.29 and generated −$6.9 of cash last year.

iii. Is this a good business?
Moat signal · return on equity
-68% avg · 4y
FY22 —FY23 -102%FY24 -36%FY25 -68%

It earned an average -68% on equity over 4 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+41172% shares · 4y

Share count is up 41172% over 4 years — owners have been diluted. Worth asking what they got for it.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
not applicable
only 2 years of FCF (need ≥3) — model not applicable
DCF · Growth Exit 5Y
not applicable
only 2 years of FCF (need ≥3) — model not applicable
Earnings Power Value
not applicable
normalized (5y-median) earnings non-positive — EPV undefined
Graham Number
not applicable
diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2022-12-31 · accession 0001410578-24-000329 (NetIncomeLoss)
  2. 10-K · period ending 2023-12-31 · accession 0001410578-25-000443 (NetIncomeLoss)
  3. 10-K · period ending 2024-12-31 · accession 0001104659-26-032080 (NetIncomeLoss)
  4. 10-K · period ending 2022-12-31 · accession 0001410578-24-000329 (NetCashProvidedByUsedInOperatingActivities)
  5. 10-K · period ending 2023-12-31 · accession 0001410578-25-000443 (NetCashProvidedByUsedInOperatingActivities)
  6. 10-K · period ending 2024-12-31 · accession 0001104659-26-032080 (NetCashProvidedByUsedInOperatingActivities)
  7. 10-K · period ending 2024-12-31 · accession 0001104659-26-032080 (PaymentsToAcquirePropertyPlantAndEquipment)
  8. 10-K · period ending 2022-12-31 · accession 0001410578-23-000374 (CashAndCashEquivalentsAtCarryingValue)
  9. 10-K · period ending 2023-12-31 · accession 0001410578-25-000443 (CashAndCashEquivalentsAtCarryingValue)
  10. 10-K · period ending 2024-12-31 · accession 0001104659-26-032080 (CashAndCashEquivalentsAtCarryingValue)