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KZR

Kezar Life Sciences, Inc.

KZR

Kezar Life Sciences, Inc. • NASDAQ
$6.20 ▲ 0.00% (+0.00)
Market Cap $45.40 M
52w High $7.60
52w Low $3.53
Dividend Yield 0%
P/E -0.73
Volume 26.01K
Outstanding Shares 7.32M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $0 $11.488M ▼ $-11.227M ▲ 0% $-1.53 ▲ $-11M ▲
Q2-2025 $0 $14.599M ▼ $-13.704M ▲ 0% $-1.87 ▲ $-13.159M ▲
Q1-2025 $0 $17.629M ▼ $-16.556M ▲ 0% $-2.27 ▲ $-15.958M ▲
Q4-2024 $0 $21.563M ▼ $-20.218M ▲ 0% $-2.77 ▼ $-19.57M ▲
Q3-2024 $0 $21.948M $-20.313M 0% $-0.28 $-19.65M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $90.216M ▼ $97.726M ▼ $14.75M ▼ $82.976M ▼
Q2-2025 $100.849M ▼ $109.123M ▼ $17.337M ▼ $91.786M ▼
Q1-2025 $114.361M ▼ $125.26M ▼ $22.191M ▼ $103.069M ▼
Q4-2024 $132.245M ▼ $144.682M ▼ $27.766M ▼ $116.916M ▼
Q3-2024 $148.388M $164.086M $30.037M $134.049M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-11.227M ▲ $-9.83M ▲ $15.712M ▲ $-1.305M ▼ $4.568M ▲ $-9.83M ▲
Q2-2025 $-13.704M ▲ $-12.795M ▲ $11.397M ▼ $-1.269M ▲ $-2.635M ▲ $-12.795M ▲
Q1-2025 $-16.556M ▲ $-17.19M ▼ $13.742M ▼ $-1.304M ▼ $-4.747M ▼ $-17.198M ▼
Q4-2024 $-20.218M ▲ $-16.825M ▲ $23.744M ▼ $47K ▲ $6.891M ▲ $-16.836M ▲
Q3-2024 $-20.313M $-17.494M $24.06M $0 $6.582M $-17.512M

Five-Year Company Overview

Income Statement

Income Statement Kezar is a classic clinical‑stage biotech: essentially no product revenue and a consistent pattern of operating losses. Expenses are driven mainly by research, clinical trials, and overhead. Losses have been meaningful but not exploding; they widened as the pipeline ramped up, then appear to have eased a bit more recently as programs were cut back. Earnings per share have been negative for years, reflecting a business still firmly in the investment phase rather than in a commercialization phase.

Balance Sheet

Balance Sheet The balance sheet shows a company funded mainly by equity, with modest liabilities and very little debt. Assets, including cash, built up as the company raised capital, then declined as those funds were spent on R&D and trials. Shareholders’ equity has been eroding as losses accumulate, but leverage is still low, which reduces financial strain. The separate disclosure of a sizable cash balance and cost‑cutting suggests the company is focused on stretching its remaining resources, though the asset base is clearly shrinking over time.

Cash Flow

Cash Flow Cash flows are negative from operations every year, in line with a pre‑revenue biotech running multiple clinical programs. There is essentially no spending on physical assets; nearly all cash outflow is tied to people, trials, and development. Free cash flow is therefore deeply negative and closely tracks operating cash burn. The company’s survival depends on its existing cash and any ability to raise additional capital or secure a strategic transaction, since the business does not yet generate its own cash.

Competitive Edge

Competitive Edge Kezar’s edge has been its first‑in‑class science in two novel areas: selective immunoproteasome inhibition and protein secretion inhibition. This gave it a differentiated position in autoimmune disease and oncology with patent protection. However, that advantage is under pressure. The oncology program has been discontinued, and the lead autoimmune drug has faced serious safety events and new regulatory hurdles. Without an approved product and with a narrowed pipeline, Kezar’s competitive position is now more about the potential of a single embattled asset and its intellectual property rather than a broad, advancing portfolio.

Innovation and R&D

Innovation and R&D Scientifically, Kezar has been ambitious, working at the frontiers of protein regulation with platforms that could, in theory, address multiple diseases. The immunoproteasome and Sec61 approaches are genuinely innovative and well‑protected by patents. But the path from concept to clinic has been difficult: one platform’s lead drug has been halted, and the other faces delays and extra regulatory requirements. Management has also stopped preclinical R&D and reduced staff to conserve cash, which curbs future innovation. The company still owns interesting technology, but its R&D engine is now running at a much lower throttle.

Summary

Kezar is a high‑risk, early‑stage biotech that has yet to turn its science into commercial products. Financially, it runs steady losses and burns cash, though it currently holds a meaningful cash cushion and has kept debt low. Strategically, the company is at an inflection point: one major program has been stopped, the remaining lead asset faces regulatory and safety overhangs, and management is exploring strategic alternatives. Future value now hinges on how successfully Kezar navigates regulators on its lead drug and what emerges from its strategic review, against the backdrop of a shrinking balance sheet and a scaled‑back R&D operation.

NEWS

November 12, 2025 · 4:01 PM UTC

Kezar Life Sciences Reports Third Quarter 2025 Financial Results

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November 7, 2025 · 7:01 AM UTC

Kezar Life Sciences Announces Presentation of PORTOLA Data at the American Association for the Study of Liver Disease (AASLD) – The Liver Meeting® 2025

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October 16, 2025 · 4:05 PM UTC

Kezar Life Sciences Announces Regulatory Update on Zetomipzomib Program in Autoimmune Hepatitis and Plans to Explore Strategic Alternatives

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