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Kezar Life Sciences (KZR) investor relations material

Kezar Life Sciences Q2 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q2 2025 earnings summary13 Aug, 2025

Executive summary

  • Focused on developing zetomipzomib for autoimmune hepatitis after terminating other clinical programs, with ongoing regulatory engagement following FDA removal of a clinical hold on a key trial in July 2025.

  • Type C meeting with FDA requested for Q4 2025 to discuss registration-enabling trial design.

  • PORTOLA Phase 2a data selected for oral presentation at The Liver Meeting 2025.

  • Zung To promoted to Chief Development Officer, strengthening clinical development leadership.

  • No product sales to date; operations funded by equity, debt, and a collaboration with Everest Medicines, with continued significant operating losses expected.

Financial highlights

  • Net loss for Q2 2025 was $13.7 million, down from $21.5 million in Q2 2024; six-month net loss was $30.3 million, down from $43.2 million year-over-year.

  • Operating expenses for Q2 2025 were $14.6 million, a decrease from $23.4 million in Q2 2024, mainly due to lower R&D and restructuring costs.

  • Cash, cash equivalents, and marketable securities totaled $100.8 million as of June 30, 2025, down from $132.2 million at December 31, 2024.

  • R&D expenses for Q2 2025 decreased to $9.6 million from $16.3 million in Q2 2024, mainly due to lower clinical activity and personnel costs.

  • G&A expenses for Q2 2025 decreased to $5.0 million from $5.6 million in Q2 2024.

Outlook and guidance

  • Cash resources are expected to fund operations for at least 12 months from the reporting date, but additional capital will be needed for long-term plans.

  • Expenses are expected to remain stable in the near term, then increase as zetomipzomib advances into later-stage development.

  • On track with clinical development and regulatory submission plan for zetomipzomib in autoimmune hepatitis.

  • Type C FDA meeting in Q4 2025 expected to be a key milestone for advancing zetomipzomib.

  • No revenue from product sales anticipated in the near future; future funding needs depend on clinical progress and regulatory outcomes.

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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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