Kezar Life Sciences, Inc.

Listed Company

KZRCIK 0001645666NasdaqNon-AcceleratedSmaller ReportingPharmaceutical PreparationsDelawareFY ends Dec 31

Period

FY 2025

Revenue

Net Income

$-56.03M

Total Assets

—

Equity

—

Shares Out

7.39M

Op. Cash Flow

$-51.78M

Business

Kezar Life Sciences, Inc. is a clinical-stage biotechnology company developing novel small molecule therapeutics that target upstream regulators of immune function for immune-mediated and autoimmune diseases. Its main product candidates include zetomipzomib, a selective immunoproteasome inhibitor in clinical development for autoimmune hepatitis, lupus and lupus nephritis, and KZR-261, a Sec61 protein secretion inhibitor (preclinical/Phase 1). Key business activities comprise clinical development, discovery research, intellectual property management and partner collaborations, with manufacturing outsourced to contract organizations. The company conducts global clinical trials and licenses regional commercialization rights (including Greater China and parts of Asia) while planning patient self-administration via subcutaneous dosing and distribution through third-party CMOs.

Summary from filing dated 2025-03-25

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Collaboration revenue	0	0	7	0	0
Research and development	34	66	86	51	39
General and administrative	19	23	27	20	16
Restructuring and impairment charges	7	2	6	0	0
Total operating expenses	59	91	118	71	55
Loss from operations	−59	−91	−111	−71	−55
Interest income	4	8	11	4	—
Other expenses	−1	−2	−2	—	—
Net loss	−56	−84	−102	−68	−55
Net loss per common share, basic (in dollars per share)	−7.66	−11.49	−14.04	−10.13	−1.04
Net loss per common share, diluted (in dollars per share)	−7.66	−11.49	−14.04	−10.13	−1.04
Weighted-average shares used to compute net loss per common share, basic (in shares)	7	7	7	7	53
Weighted-average shares used to compute net loss per common share, diluted (in shares)	7	7	7	7	53

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	72	42	35	40	63
Marketable securities	0	90	166	236	145
Prepaid expenses and other current assets	3	5	6	9	—
Assets held for sale	500,000	0	—	—	—
Total current assets	76	137	207	286	212
Property and equipment, net	166,000	3	4	3	3
Operating lease right-of-use asset	749,000	2	5	10	3
Other assets	0	2	6	674,000	282,000
Total assets	77	145	221	300	218
Accounts payable	507,000	4	8	2	2
Accrued liabilities	4	8	6	6	5
Operating lease liabilities, current	2	4	3	3	1
Debt, current	0	5	0	—	—
Total current liabilities	7	20	18	11	8
Operating lease liabilities, noncurrent	0	2	6	9	3
Debt, noncurrent	0	5	10	10	10
Total liabilities	7	28	34	30	21
Common stock, $0.001 par value, 250,000,000 shares authorized as of December 31, 2025 and 2024; 7,331,739 and 7,303,629 shares issued and outstanding as of December 31, 2025 and 2024, respectively	7,000	7,000	7,000	68,000	56,000
Preferred stock, $0.001 par value, 10,000,000 shares authorized, zero shares issued and outstanding as of December 31, 2025 and 2024	0	0	0	0	0
Additional paid-in capital	561	552	538	520	378
Accumulated other comprehensive loss	0	−162,000	−130,000	−923,000	−291,000
Accumulated deficit	−491	−434	−351	−249	−181
Total stockholders' equity	70	117	188	270	197
Total liabilities and stockholders' equity	77	145	221	300	218

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Depreciation and amortization	897,000	1	1	1	2
Stock-based compensation	9	13	18	14	8
Amortization of premiums and discounts on marketable securities	−2	−5	−7	−1	2
Amortization of debt discount and issuance costs and other non-cash interest	176,000	259,000	235,000	212,000	91,000
Loss on debt extinguishment	146,000	0	0	—	—
Impairment loss of property and equipment	900,000	0	208,000	0	0
Impairment loss of right-of-use asset	0	2	3	0	0
Reclassification of currency translation loss	282,000	0	0	—	—
Loss on disposal of property and equipment	290,000	8,000	3,000	12,000	0
Prepaid expenses and other current assets	2	335,000	4	−6	1
Other assets	2	3	−5	−392,000	0
Accounts payable and accrued liabilities	−7	−3	6	2	1
Operating lease asset and liabilities	−2	−2	−303,000	−94,000	−1
Net cash used in operating activities	−52	−74	−82	−59	−42
Purchases of property and equipment	−8,000	−29,000	−2	−2	−316,000
Purchases of marketable securities	−43	−91	−180	−332	−156
Maturities of marketable securities	135	172	258	242	128
Proceeds from sale of equipment	121,000	0	5,000	0	0
Net cash provided by investing activities	92	80	76	−91	−28
Repayment of loan principal and final fee	−11	0	0	—	—
Proceeds from issuance of common stock under employee stock incentive plans	65,000	103,000	638,000	1	2
Net cash (used in) provided by financing activities	−11	103,000	638,000	128	113
Effect of exchange rate changes on cash and cash equivalents	28,000	−63,000	−2,000	−49,000	−50,000
Net increase (decrease) in cash and cash equivalents	30	6	−5	−22	42
Par value of common stock upon cashless exercise of prefunded warrants	0	0	4,000	0	0
Cash paid for interest	766,000	1	1	973,000	69,000

Filings

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