Kezar Life Sciences Financials

KZR

Source SEC Filings (10-K/10-Q) Updated Sep 30, 2025 Currency USD FYE December

Financial Health Signals

Piotroski F-Score Weak

2/9

Kezar Life Sciences passes 2 of 9 financial strength tests. 1 of 4 profitability signals pass, 1 of 3 leverage/liquidity signals pass, neither operating efficiency signal passes.

Earnings Quality Low Quality

0.89x

For every $1 of reported earnings, Kezar Life Sciences generates $0.89 in operating cash flow (-$74.2M OCF vs -$83.7M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.

Interest Coverage At Risk

-56.9x

Kezar Life Sciences earns $-56.9 in operating income for every $1 of interest expense (-$90.6M vs $1.6M). This narrow margin raises concern about the company's ability to service its debt if operating income declines.

This page shows Kezar Life Sciences (KZR) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 9 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

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Key Financial Metrics

Revenue

YoY-100.0%

Kezar Life Sciences generated $0 in revenue in fiscal year 2024. This represents a decrease of 100.0% from the prior year.

EBITDA

-$89.6M

YoY+18.8%

Kezar Life Sciences's EBITDA was -$89.6M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 18.8% from the prior year.

Free Cash Flow

-$74.2M

YoY+11.0%

Kezar Life Sciences generated -$74.2M in free cash flow in fiscal year 2024, representing cash available after capex. This represents an increase of 11.0% from the prior year.

Net Income

-$83.7M

YoY+17.8%

Kezar Life Sciences reported -$83.7M in net income in fiscal year 2024. This represents an increase of 17.8% from the prior year.

EPS (Diluted)

$-11.49

YoY+18.2%

Kezar Life Sciences earned $-11.49 per diluted share (EPS) in fiscal year 2024. This represents an increase of 18.2% from the prior year.

Cash & Debt

$41.7M

YoY+17.6%

5Y CAGR+22.8%

Kezar Life Sciences held $41.7M in cash against $5.1M in long-term debt as of fiscal year 2024.

Dividends Per Share

N/A

Shares Outstanding

YoY+0.4%

Kezar Life Sciences had 7M shares outstanding in fiscal year 2024. This represents an increase of 0.4% from the prior year.

Gross Margin

N/A

Operating Margin

N/A

Net Margin

N/A

Return on Equity

N/A

R&D Spending

$65.7M

YoY-23.3%

5Y CAGR+19.2%

Kezar Life Sciences invested $65.7M in research and development in fiscal year 2024. This represents a decrease of 23.3% from the prior year.

Share Buybacks

N/A

Capital Expenditures

$29K

YoY-98.4%

5Y CAGR-45.6%

Kezar Life Sciences invested $29K in capex in fiscal year 2024, funding long-term assets and infrastructure. This represents a decrease of 98.4% from the prior year.

KZR Income Statement

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Revenue	$0-100.0%	$7.0M	$0	$0	N/A	N/A
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	$65.7M-23.3%	$85.7M+68.0%	$51.0M+31.0%	$38.9M+25.7%	$31.0M+13.2%	$27.4M
SG&A Expenses	$23.4M-11.9%	$26.5M+31.7%	$20.2M+28.2%	$15.7M+31.4%	$12.0M+19.9%	$10.0M
Operating Income	-$90.6M+18.7%	-$111.4M-56.6%	-$71.2M-30.2%	-$54.7M-27.3%	-$43.0M-15.0%	-$37.3M
Interest Expense	$1.6M+2.8%	$1.6M+30.8%	$1.2M+645.3%	$159K	$0	N/A
Income Tax	$0	$0	$0	$0	$0	$0
Net Income	-$83.7M+17.8%	-$101.9M-49.3%	-$68.2M-24.9%	-$54.6M-30.9%	-$41.7M-19.0%	-$35.1M
EPS (Diluted)	$-11.49+18.2%	$-14.04	$-10.13-874.0%	$-1.04-9.5%	$-0.95	N/A

Metric	Q3'25	Q3'24	Q4'23	Q3'23	Q4'22	Q3'22	Q4'21	Q3'21
Revenue	N/A	$0	N/A	$7.0M	N/A	$0	N/A	N/A
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	$6.9M-57.4%	$16.2M	N/A	$23.7M	N/A	$13.9M	N/A	$10.5M
SG&A Expenses	$4.8M-15.9%	$5.7M	N/A	$8.8M	N/A	$5.1M	N/A	$4.0M
Operating Income	-$11.7M+46.6%	-$21.9M	N/A	-$25.5M	N/A	-$18.9M	N/A	-$14.5M
Interest Expense	$302K-25.1%	$403K	N/A	$396K	N/A	$310K	N/A	$0
Income Tax	$0	$0	N/A	$0	N/A	$0	N/A	$0
Net Income	-$11.2M+44.7%	-$20.3M	N/A	-$23.1M	N/A	-$17.8M	N/A	-$14.5M
EPS (Diluted)	$-1.53+45.0%	$-2.78	N/A	$-3.18	N/A	$-0.25	N/A	$-0.28

KZR Balance Sheet

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Total Assets	$144.7M-34.6%	$221.2M-26.1%	$299.6M+37.5%	$217.9M+43.5%	$151.8M+69.6%	$89.5M
Current Assets	$137.5M-33.6%	$206.9M-27.6%	$285.7M+35.0%	$211.7M+46.2%	$144.8M+78.5%	$81.1M
Cash & Equivalents	$41.7M+17.6%	$35.5M-12.3%	$40.5M-35.7%	$62.9M+196.2%	$21.2M+42.0%	$15.0M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	N/A	N/A	$0	N/A	N/A	N/A
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$27.8M-17.5%	$33.7M+13.4%	$29.7M+41.0%	$21.1M+93.8%	$10.9M-5.3%	$11.5M
Current Liabilities	$20.3M+14.6%	$17.7M+61.4%	$11.0M+33.9%	$8.2M+27.5%	$6.4M+7.3%	$6.0M
Long-Term Debt	$5.1M-49.2%	$10.1M+2.4%	$9.8M+2.2%	$9.6M	N/A	N/A
Total Equity	$116.9M-37.7%	$187.6M-30.5%	$269.9M+37.1%	$196.9M+39.7%	$141.0M+80.6%	$78.0M
Retained Earnings	-$434.5M-23.9%	-$350.8M-40.9%	-$248.9M-37.8%	-$180.7M-43.3%	-$126.0M-49.5%	-$84.3M

Metric	Q3'25	Q3'24	Q4'23	Q3'23	Q4'22	Q3'22	Q4'21	Q3'21
Total Assets	$97.7M-32.5%	$144.7M-34.6%	$221.2M-11.3%	$249.3M-16.8%	$299.6M-1.7%	$304.8M+39.8%	$217.9M+66.5%	$130.9M
Current Assets	$94.5M-31.3%	$137.5M-33.6%	$206.9M-10.2%	$230.5M-19.3%	$285.7M-4.4%	$298.9M+41.2%	$211.7M+69.7%	$124.8M
Cash & Equivalents	$38.9M-6.7%	$41.7M+17.6%	$35.5M+33.9%	$26.5M-34.5%	$40.5M-37.2%	$64.5M+2.5%	$62.9M+10.1%	$57.1M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	N/A	N/A	N/A	$7.0M	$0	N/A	N/A	N/A
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$14.8M-46.9%	$27.8M-17.5%	$33.7M+1.0%	$33.3M+12.2%	$29.7M+37.6%	$21.6M+2.5%	$21.1M+84.6%	$11.4M
Current Liabilities	$13.4M-34.2%	$20.3M+14.6%	$17.7M+6.4%	$16.7M+51.6%	$11.0M+14.6%	$9.6M+16.8%	$8.2M+4.3%	$7.9M
Long-Term Debt	$1.4M-73.1%	$5.1M-49.2%	$10.1M+0.6%	$10.0M+1.8%	$9.8M+0.6%	$9.8M+1.6%	$9.6M	N/A
Total Equity	$83.0M-29.0%	$116.9M-37.7%	$187.6M-13.2%	$216.0M-20.0%	$269.9M-4.7%	$283.2M+43.8%	$196.9M+64.8%	$119.5M
Retained Earnings	-$476.0M-9.5%	-$434.5M-23.9%	-$350.8M-10.1%	-$318.5M-28.0%	-$248.9M-7.9%	-$230.7M-27.7%	-$180.7M-8.5%	-$166.4M

KZR Cash Flow Statement

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Operating Cash Flow	-$74.2M+9.1%	-$81.6M-38.7%	-$58.8M-38.7%	-$42.4M-14.9%	-$36.9M-23.7%	-$29.9M
Capital Expenditures	$29K-98.4%	$1.8M+14.7%	$1.6M+399.4%	$316K+62.9%	$194K-68.0%	$607K
Free Cash Flow	-$74.2M+11.0%	-$83.5M-38.1%	-$60.4M-41.3%	-$42.8M-15.1%	-$37.1M-21.8%	-$30.5M
Investing Cash Flow	$80.4M+5.8%	$76.0M+183.2%	-$91.4M-221.3%	-$28.4M+49.7%	-$56.5M-376.7%	$20.4M
Financing Cash Flow	$103K-83.9%	$638K-99.5%	$127.9M+13.6%	$112.6M+13.0%	$99.6M+36533.1%	$272K
Dividends Paid	$0	$0	$0	$0	$0	$0
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q3'25	Q3'24	Q4'23	Q3'23	Q4'22	Q3'22	Q4'21	Q3'21
Operating Cash Flow	-$9.8M+41.6%	-$16.8M+11.4%	-$19.0M+6.1%	-$20.2M-27.2%	-$15.9M+2.9%	-$16.4M-47.6%	-$11.1M-11.3%	-$10.0M
Capital Expenditures	$0-100.0%	$11K+1000.0%	$1K-99.3%	$136K-60.3%	$343K-43.1%	$603K+126.7%	$266K+923.1%	$26K
Free Cash Flow	-$9.8M+41.6%	-$16.8M+11.3%	-$19.0M+6.7%	-$20.3M-25.4%	-$16.2M+4.3%	-$17.0M-49.5%	-$11.3M-13.7%	-$10.0M
Investing Cash Flow	$15.7M-33.8%	$23.7M-14.8%	$27.9M+50.1%	$18.6M+314.5%	-$8.7M+64.9%	-$24.7M+70.0%	-$82.5M-314.4%	$38.5M
Financing Cash Flow	-$1.3M-2876.6%	$47K-20.3%	$59K+37.2%	$43K-91.5%	$506K+173.5%	$185K-99.8%	$99.4M+4391.7%	$2.2M
Dividends Paid	$0	$0	$0	$0	$0	$0	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

KZR Financial Ratios

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	-1591.8%	N/A	N/A	N/A	N/A
Net Margin	N/A	-1455.3%	N/A	N/A	N/A	N/A
Return on Equity	N/A	N/A	N/A	N/A	N/A	N/A
Return on Assets	-57.9%-11.8pp	-46.1%-23.3pp	-22.8%+2.3pp	-25.1%+2.4pp	-27.5%+11.7pp	-39.2%
Current Ratio	6.76-4.9	11.66-14.3	25.98+0.2	25.77+3.3	22.48+9.0	13.52
Debt-to-Equity	0.040.0	0.05+0.0	0.04-0.0	0.05-0.0	0.08-0.1	0.15
FCF Margin	N/A	-1192.2%	N/A	N/A	N/A	N/A

Metric	Q3'25	Q3'24	Q4'23	Q3'23	Q4'22	Q3'22	Q4'21	Q3'21
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	-364.7%	N/A	N/A	N/A	N/A
Net Margin	N/A	N/A	N/A	-330.0%	N/A	N/A	N/A	N/A
Return on Equity	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Return on Assets	-11.5%+0.9pp	-12.4%	N/A	-9.3%	N/A	-5.9%	N/A	-11.1%
Current Ratio	7.07+0.3	6.76-4.9	11.66-2.2	13.83-12.2	25.98-5.2	31.15+5.4	25.77+9.9	15.85
Debt-to-Equity	0.02-0.0	0.040.0	0.050.0	0.050.0	0.040.0	0.03-0.0	0.05-0.0	0.10
FCF Margin	N/A	N/A	N/A	-290.6%	N/A	N/A	N/A	N/A

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Frequently Asked Questions

What is Kezar Life Sciences's annual revenue?

Kezar Life Sciences (KZR) reported $0 in total revenue for fiscal year 2024. This represents a -100.0% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is Kezar Life Sciences's revenue growing?

Kezar Life Sciences (KZR) revenue declined by 100% year-over-year, from $7.0M to $0 in fiscal year 2024.

Is Kezar Life Sciences profitable?

No, Kezar Life Sciences (KZR) reported a net income of -$83.7M in fiscal year 2024.

What is Kezar Life Sciences's earnings per share (EPS)?

Kezar Life Sciences (KZR) reported diluted earnings per share of $-11.49 for fiscal year 2024. This represents a 18.2% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

What is Kezar Life Sciences's EBITDA?

Kezar Life Sciences (KZR) had EBITDA of -$89.6M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization.

How much debt does Kezar Life Sciences have?

As of fiscal year 2024, Kezar Life Sciences (KZR) had $41.7M in cash and equivalents against $5.1M in long-term debt.

What is Kezar Life Sciences's free cash flow?

Kezar Life Sciences (KZR) generated -$74.2M in free cash flow during fiscal year 2024. This represents a 11.0% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is Kezar Life Sciences's operating cash flow?

Kezar Life Sciences (KZR) generated -$74.2M in operating cash flow during fiscal year 2024, representing cash generated from core business activities.

What are Kezar Life Sciences's total assets?

Kezar Life Sciences (KZR) had $144.7M in total assets as of fiscal year 2024, including both current and long-term assets.

What are Kezar Life Sciences's capital expenditures?

Kezar Life Sciences (KZR) invested $29K in capital expenditures during fiscal year 2024, funding long-term assets and infrastructure.

How much does Kezar Life Sciences spend on research and development?

Kezar Life Sciences (KZR) invested $65.7M in research and development during fiscal year 2024.

How many shares does Kezar Life Sciences have outstanding?

Kezar Life Sciences (KZR) had 7M shares outstanding as of fiscal year 2024.

What is Kezar Life Sciences's current ratio?

Kezar Life Sciences (KZR) had a current ratio of 6.76 as of fiscal year 2024, which is generally considered healthy.

What is Kezar Life Sciences's debt-to-equity ratio?

Kezar Life Sciences (KZR) had a debt-to-equity ratio of 0.04 as of fiscal year 2024, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Kezar Life Sciences's return on assets (ROA)?

Kezar Life Sciences (KZR) had a return on assets of -57.9% for fiscal year 2024, measuring how efficiently the company uses its assets to generate profit.

What is Kezar Life Sciences's cash runway?

Based on fiscal year 2024 data, Kezar Life Sciences (KZR) had $41.7M in cash against an annual operating cash burn of $74.2M. This gives an estimated cash runway of approximately 7 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.

What is Kezar Life Sciences's Piotroski F-Score?

Kezar Life Sciences (KZR) has a Piotroski F-Score of 2 out of 9, indicating weak financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Kezar Life Sciences's earnings high quality?

Kezar Life Sciences (KZR) has an earnings quality ratio of 0.89x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

Can Kezar Life Sciences cover its interest payments?

Kezar Life Sciences (KZR) has an interest coverage ratio of -56.9x, meaning it can struggle to cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.