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TECX vs ZURA // FORWARD P/E MULTIPLE

Tectonic Therapeutic Inc. (NASDAQ) VS. Zura Bio Limited (Class A) (NASDAQ) • 15-METRIC TALLY: TECX 1 — ZURA 2

■ METRIC PARITY

LAST: $18.98 (-4.04%) • MKT CAP: $386.7M

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LAST: $3.94 (-2.47%) • MKT CAP: $389.2M

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15-METRIC INSTITUTIONAL SIDE-BY-SIDE SCORECARD (TECX VS. ZURA) EMERALD CELL = QUANTITATIVE EDGE

INSTITUTIONAL METRIC	TECX	ZURA	SPREAD (A - B)	ADVANTAGE	DEDICATED URL
Gross Profit Margin	—	—	—	TIE	/gross-margins <GO>
Return on Invested Capital (ROIC)	-35.00%	-35.00%	0.00	TIE	/roic <GO>
EV/EBITDA & P/E Valuation	—	—	—	TIE	/valuation <GO>
Free Cash Flow Yield	-15.04%	-17.51%	+2.47	TECX	/fcf-yield <GO>
Operating Margin	—	—	—	TIE	/operating-margins <GO>
Net Profit Margin	—	—	—	TIE	/net-margins <GO>
Revenue Growth (YoY)	—	—	—	TIE	/revenue-growth <GO>
Dividend Yield & FCF Payout Safety	0.00%	0.00%	0.00	TIE	/dividend-safety <GO>
Altman Z-Score & Debt/Equity	—	—	—	TIE	/balance-sheet <GO>
Piotroski F-Score Quality	2/9	2/9	0.00	TIE	/piotroski-score <GO>
Options Implied Move & Put/Call Skew	—	—	—	TIE	/options-implied-move <GO>
RSI-14 & 200D SMA Momentum	33.9	48.5	-14.60	ZURA	/rsi-technicals <GO>
10Y Yield & FRED Macro Beta	—	—	—	TIE	/macro-sensitivity <GO>
Forward P/E Multiple ACTIVE	—	—	—	TIE	/forward-pe <GO>
Enterprise Scale & Market Cap	$386.7M	$389.2M	-$2.5M	ZURA	/market-cap <GO>

5-YEAR HISTORICAL XBRL REVENUE & MARGIN TRAJECTORY SEC FORM 10-K FY

FISCAL YEAR	TECX REV	ZURA REV	TECX GROSS %	ZURA GROSS %	TECX FCF	ZURA FCF
FY 2025	$235.3M	$210.7M	—	—	-$60.3M	-$64.9M
FY 2024	$162.4M	$154.5M	—	—	-$59.2M	-$28.2M
FY 2023	$125.0M	$175.4M	—	—	-$40.7M	-$15.1M

FRED MACRO REGIME CORRELATION COMPARISON PEARSON r

TECX // BETA —

ZURA // BETA —