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Kezar Life Sciences (KZR) investor relations material
Kezar Life Sciences Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary12 Nov, 2025
Executive summary
Focused on developing small molecule therapeutics for immune-mediated diseases, with zetomipzomib as the lead candidate targeting autoimmune hepatitis (AIH) and other indications.
Initiated a strategic review process after failing to align with the FDA on a registrational trial for zetomipzomib in AIH, including cost containment and a 70% workforce reduction.
Retained TD Cowen to support the strategic review and implemented a restructuring plan reducing headcount by 70%.
No products approved for sale; operations funded primarily through equity, debt, and a collaboration agreement with Everest Medicines.
Financial highlights
Net loss of $11.2 million for Q3 2025, improved from $20.3 million in Q3 2024; net loss of $41.5 million for the nine months ended September 30, 2025, compared to $63.5 million in the prior year period.
Research and development expenses for Q3 2025 decreased to $6.9 million from $16.2 million in Q3 2024, mainly due to program terminations and lower personnel costs.
General and administrative expenses for Q3 2025 were $4.8 million, down from $5.7 million in Q3 2024, primarily due to lower stock-based compensation and personnel costs.
Cash, cash equivalents, and marketable securities totaled $90.2 million as of September 30, 2025, down from $132.2 million at year-end 2024.
Restructuring and impairment charges of $1.5 million recognized in Q3 2025.
Outlook and guidance
Cash resources are expected to fund operations for at least the next 12 months.
Exploring a full range of strategic alternatives to maximize shareholder value, with cost containment and cash conservation measures in place.
Research and development and general and administrative expenses are expected to remain flat or decrease due to program suspensions and workforce reductions.
If no strategic transaction is completed, dissolution and liquidation may be considered.
Majority of restructuring costs expected to be recognized in Q4 2025.
Strategic review focus and timeline
Post-restructuring cash burn rate estimate
Zetomipzomib's future beyond AIH registrational trial
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Next Kezar Life Sciences earnings date
Q4 202513 Mar, 2026
Next Kezar Life Sciences earnings date
Q4 202513 Mar, 2026
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Frequently asked questions
Kezar Life Sciences Inc. is a biotechnology company focused on developing therapies for autoimmune diseases and cancer. The company specializes in small-molecule drug candidates targeting protein homeostasis and immune system regulation. Its research and development efforts aim to advance treatments for conditions such as lupus nephritis and other immune-mediated disorders through clinical trials. The company is headquartered in South San Francisco, California, and its shares are listed on the NASDAQ.
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