Zura Bio (ZURA): 3-year performance

Zura Bio, the clinical-stage immunology company entered the public markets on March 21, 2023, by completing a reverse merger with the special purpose acquisition company (SPAC) JATT Acquisition Corp.

 

Zura Bio develops therapeutic medicines for immune and inflammatory disorders, with a pipeline that includes product candidates like tibulizumab (ZB-106), crebankitug (ZB-168), and torudokimab (ZB-880).

• Founded 2022
• Website zurabio.com
• Employees 40
• https://zurabio.com/

IPO: March 21, 2023

===Filana Therapeutics (FLNA)

Pain Therapeutics, Inc. was a drug development company that rebranded as Cassava Sciences, Inc. in 2019. Following multiple regulatory rejections for its chronic pain drug Remoxy, the company shifted its focus to neurodegenerative diseases. In early 2026, the corporation further rebranded as Filana Therapeutics.

        

Origins (1998): Founded by Remi Barbier, the company originally focused on non-addictive pain therapies and abuse-deterrent opioids. 

Pain Programs: Its primary pipeline candidates included Remoxy (an abuse-deterrent oxycodone) and Oxytrex. After repeated Complete Response Letters (CRLs) from the FDA, the company abandoned its pain pipeline to focus on neurological conditions.

PTI-901 aimed to treat irritable bowel syndrome. 

The company had no drug approved as of 2021, and no product revenues between 2013 and 2021; with 25 employees, the company's stock was the sixth-best performing in 2021 before falling after concerns over simufilam research.

Alzheimer's Drug Failure: The biotech discontinued all trials of simufilam for Alzheimer's disease after the drug missed all primary and secondary endpoints in late-stage Phase III studies.( late 2024).

Scrutiny and Investigations: The drug and its foundational data were subject to intense scrutiny. The SEC sued the company for allegedly publishing misleading data , and a federal grand jury indicted a former scientific advisor to the company for allegedly submitting false data regarding the drug's mechanism .

Corporate Settlement & Leadership Changes: Following the data controversy, several top executives—including former CEO Remi Barbier—resigned. Under new CEO Richard Barry, Cassava paid a $40 million fine to the SEC to settle misleading claims , and the DOJ subsequently closed its probe.

The company initially worked on three drugs: the pain drugs Oxytrex and Remoxy, and 

The Pivot to Filana Therapeutics: Shedding its troubled past, the company officially changed its name to Filana Therapeutics in March 2026. The biotech now trades under the ticker symbol "FLNA" and has shifted its developmental focus toward central nervous system (CNS) disorders, specifically exploring simufilam as a potential treatment for Tuberous Sclerosis Complex (TSC)-related epilepsy.

Legend Biotech (LEGN) prices offering of 7.7 mln ADSs at $29.35 per ADS

• Legend Biotech prices 7.7 million ADS underwritten offering at $29.35 each for expected gross proceeds of approximately $226 million
•  Legend Biotech (NASDAQ: LEGN) went public on June 5, 2020, raising approximately $424 million in its initial public offering (IPO). The company originally offered 18.4 million American Depositary Shares (ADS) at a price of $23.00 per share.
• https://legendbiotech.com/