Zura Bio's small target markets and cash-consuming clinical development make its binary risk not worth taking. Its nearest-term phase 2 programs target hidradenitis and systemic sclerosis; neither has a large addressable market. Phase 2, phase 3 and a biologics license application mean no revenue for five years or more, draining cash, leaving a high debt-to-margin ratio and causing dilution. x.com 

Biotech looks weak as rates finally appear to be weighing on the sector. The biotech ETF closed red well below its 50-day moving average, its 100-day is below its 150-day, and the chart is messy. x.com