Kezar Life Sciences (KZR) Financials
Newest figures come from the 10-Q for Q1 FY2026, filed May 11, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the KZR SEC filings page.
Kezar Life Sciences, Inc. (KZR) reported $0 in revenue for fiscal year 2025. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 10 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).
Kezar’s reported business remains development-stage: research spending overwhelms revenue and losses translate into substantial cash use.
In FY2023, R&D exceeded revenue—$85.7M versus$7M —so the reported business was funding development rather than operating at commercial scale. Cash use closely tracked the accounting loss: operating cash flow was-$81.6M while net loss was$101.9M , indicating the loss was largely cash-consuming.
The FY2023 balance sheet was lightly leveraged: liabilities were
Some figures from recent filings were inconsistent and were omitted from this summary.
Financial Health Signals
We are recalculating Kezar Life Sciences, Inc.'s peer-relative financial health score against the latest fiscal year. It will appear here once the refresh completes. The signals and metrics below are current.
Kezar Life Sciences, Inc. passes 3 of 8 computable financial strength tests (1 of the nine could not be computed from available data). 1 of 4 profitability signals pass, 2 of 3 leverage/liquidity signals pass, the one computable operating efficiency signal (asset turnover improving) does not pass.
Kezar Life Sciences, Inc. reported a net loss of $56.0M while operations used $51.8M of cash. With neither figure positive, the ratio between the two carries no quality signal.
Key Financial Metrics
Earnings & Revenue
Kezar Life Sciences, Inc.'s EBITDA was -$7.3M in Q1 2026, measuring earnings before interest, taxes, depreciation, and amortization. The change from the same quarter a year earlier is not meaningful, because that figure was zero or negative.
Kezar Life Sciences, Inc. reported a net loss of $5.8M in Q1 2026. The change from the same quarter a year earlier is not meaningful, because that figure was zero or negative. The change from the prior quarter is not meaningful, because that quarter’s figure was zero or negative.
Kezar Life Sciences, Inc. earned -$0.78 per diluted share (EPS) in Q1 2026. The change from the same quarter a year earlier is not meaningful, because that figure was zero or negative. The change from the prior quarter is not meaningful, because that quarter’s figure was zero or negative.
Not reported for Q1 2026.
Cash & Balance Sheet
Kezar Life Sciences, Inc. recorded an outflow of $7.4M in free cash flow in Q1 2026, representing a cash shortfall after capex. The change from the same quarter a year earlier is not meaningful, because that figure was zero or negative. The change from the prior quarter is not meaningful, because that quarter’s figure was zero or negative.
Kezar Life Sciences, Inc. held $66.2M in cash as of Q1 2026; no long-term debt figure is on record for that period.
Not reported for Q1 2026.
Margins & Returns
Kezar Life Sciences, Inc.'s quarterly ROE was -8.8% in Q1 2026: one quarter's net income over shareholder equity, not annualized. This is up 7.2 percentage points from the same quarter a year earlier. Against the prior quarter it is up 11.9 percentage points.
Not reported for Q1 2026.
Not reported for Q1 2026.
Not reported for Q1 2026.
Capital Allocation
Kezar Life Sciences, Inc. invested $1.5M in research and development in Q1 2026. This represents a decrease of 87.3% from the same quarter a year earlier. Against the prior quarter it is down 69.6%.
Kezar Life Sciences, Inc. reported no capital expenditure in Q1 2026. This represents a decrease of 100.0% from the same quarter a year earlier. The change from the prior quarter is not meaningful, because that quarter’s figure was zero or negative.
Not reported for Q1 2026.
KZR Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q | Q2'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Revenue | N/A | N/A | N/A | N/A | N/A | N/A | $0-100.0% | N/A |
| R&D Expenses | $1.5M-87.3% | $5.1M-68.3% | $6.9M-57.4% | $9.6M-41.2% | $12.2M-29.1% | $16.0M-29.2% | $16.2M-31.6% | $16.3M-22.4% |
| SG&A Expenses | $5.2M-4.4% | $3.2M-41.4% | $4.8M-15.9% | $5.0M-10.5% | $5.4M-16.7% | $5.5M-3.7% | $5.7M-35.1% | $5.6M-3.1% |
| Operating Income | -$7.4Mn/m | -$15.2Mn/m | -$11.7Mn/m | -$14.6Mn/m | -$17.6Mn/m | -$21.6Mn/m | -$21.9Mn/m | -$23.4Mn/m |
| EBITDA | -$7.3Mn/m | N/A | -$11.5Mn/m | -$14.4Mn/m | -$17.4Mn/m | N/A | -$21.7Mn/m | -$23.1Mn/m |
| Interest Expense | $0-100.0% | N/A | N/A | $302K-24.7% | $347K-13.3% | N/A | $403K+1.8% | $401K+4.2% |
| Income Tax | $0n/m | $0n/m | $0n/m | $0n/m | $0n/m | $0n/m | $0n/m | $0n/m |
| Net Income | -$5.8Mn/m | -$14.5Mn/m | -$11.2Mn/m | -$13.7Mn/m | -$16.6Mn/m | -$20.2Mn/m | -$20.3Mn/m | -$21.5Mn/m |
| EPS (Basic) | -$0.78n/m | -$1.99n/m | -$1.53n/m | -$1.87 | -$2.27 | -$2.77 | -$2.78 | -$2.96 |
| EPS (Diluted) | -$0.78n/m | -$1.99n/m | -$1.53n/m | -$1.87 | -$2.27 | -$2.77 | -$2.78 | -$2.96 |
| Diluted Shares (Avg) | 7M+0.5% | N/A | 7M+0.4% | 7M | 7M | N/A | 7M | 7M |
Not reported in any period shown, so not listed: Cost of Revenue, Gross Profit.
KZR Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q | Q2'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $68.0M-45.7% | $76.6M-47.0% | $97.7M-40.4% | $109.1M-39.3% | $125.3M-37.1% | $144.7M-34.6% | $164.1M-34.2% | $179.9M-31.7% |
| Current Assets | $67.6M-43.8% | $75.7M-44.9% | $94.5M-39.6% | $104.7M-37.5% | $120.3M-35.2% | $137.5M-33.6% | $156.4M-32.2% | $167.6M-31.2% |
| Cash & Equivalents | $66.2M+79.0% | $71.9M+72.2% | $38.9M+11.7% | $34.4M+21.5% | $37.0M+12.0% | $41.7M+17.6% | $34.9M+31.5% | $28.3M+0.6% |
| Short-Term Investments | $0-100.0% | $0-100.0% | $51.3M-54.8% | $66.5M-51.1% | $77.4M-47.3% | $90.5M-45.4% | $113.5M-40.8% | $135.9M-34.8% |
| Long-Term Investments | $0n/m | $0n/m | $0n/m | $0n/m | $0n/m | $0n/m | $0n/m | $0n/m |
| Total Liabilities | $2.8M-87.6% | $6.6M-76.3% | $14.8M-50.9% | $17.3M-40.7% | $22.2M-26.1% | $27.8M-17.5% | $30.0M-9.9% | $29.2M-6.0% |
| Current Liabilities | $2.8M-83.7% | $6.6M-67.7% | $13.4M-34.5% | $14.4M-17.9% | $17.0M+5.0% | $20.3M+14.6% | $20.4M+22.5% | $17.5M+27.4% |
| Non-Current Liabilities | $0-100.0% | $0-100.0% | $1.4M-85.7% | $3.0M-74.7% | $5.2M-62.2% | $7.4M-53.3% | $9.6M-42.3% | $11.7M-32.4% |
| Long-Term Debt | N/A | $0-100.0% | $1.4M-78.4% | $2.6M-65.4% | $3.9M-56.1% | $5.1M-49.2% | $6.3M-36.6% | $7.6M-23.7% |
| Total Equity | $65.2M-36.7% | $70.1M-40.1% | $83.0M-38.1% | $91.8M-39.1% | $103.1M-39.1% | $116.9M-37.7% | $134.0M-37.9% | $150.7M-35.1% |
| Retained Earnings | -$496.3Mn/m | -$490.5Mn/m | -$476.0Mn/m | -$464.8Mn/m | -$451.1Mn/m | -$434.5Mn/m | -$414.3Mn/m | -$394.0Mn/m |
Not reported in any period shown, so not listed: Inventory, Accounts Receivable, Goodwill.
KZR Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q | Q2'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$7.4Mn/m | -$12.0Mn/m | -$9.8Mn/m | -$12.8Mn/m | -$17.2Mn/m | -$16.8Mn/m | -$17.5Mn/m | -$17.0Mn/m |
| Depreciation & Amortization | $47K-81.3% | $176K-32.0% | $227K-12.7% | $243K-6.9% | $251K-3.5% | $259K-7.5% | $260K-6.5% | $261K+4.8% |
| Stock-Based Compensation | $653K-76.5% | N/A | $2.1M-32.9% | $2.4M-21.5% | $2.8M-19.1% | N/A | $3.2M-52.0% | $3.1M-23.3% |
| Capital Expenditures | $0-100.0% | $0-100.0% | $0-100.0% | $0n/m | $8Kn/m | $11K+1000.0% | $18K-86.8% | $0-100.0% |
| Free Cash Flow | -$7.4Mn/m | -$12.0Mn/m | -$9.8Mn/m | -$12.8Mn/m | -$17.2Mn/m | -$16.8Mn/m | -$17.5Mn/m | -$17.0Mn/m |
| Investing Cash Flow | $1.5M-88.9% | $51.6M+117.4% | $15.7M-34.7% | $11.4M-6.7% | $13.7M-32.7% | $23.7M-14.8% | $24.1M+29.5% | $12.2M-7.5% |
| Financing Cash Flow | $267Kn/m | -$6.7M-14370.2% | -$1.3Mn/m | -$1.3M-2366.1% | -$1.3Mn/m | $47K-20.3% | $0-100.0% | $56K-85.3% |
| Dividends Paid | $0n/m | $0n/m | $0n/m | $0n/m | $0n/m | $0n/m | $0n/m | $0n/m |
Not reported in any period shown, so not listed: Share Buybacks.
KZR Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q | Q2'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Return on Equity | -8.8%+7.2pp | -20.8%-3.5pp | -13.5%+1.6pp | -14.9%-0.6pp | -16.1%-3.3pp | -17.3%-0.1pp | -15.2%-4.5pp | -14.3%-3.8pp |
| Return on Assets | -8.5%+4.8pp | -19.0%-5.0pp | -11.5%+0.9pp | -12.6%-0.6pp | -13.2%-2.3pp | -14.0%+0.6pp | -12.4%-3.1pp | -12.0%-2.8pp |
| Current Ratio | 24.46+17.4x | 11.52+4.8x | 7.07-0.6x | 7.29-2.3x | 7.09-4.4x | 6.76-4.9x | 7.65-6.2x | 9.58-8.1x |
| Debt-to-Equity | N/A | 0.000.0x | 0.020.0x | 0.030.0x | 0.040.0x | 0.040.0x | 0.050.0x | 0.050.0x |
| Liabilities-to-Equity | 0.04-0.2x | 0.09-0.1x | 0.180.0x | 0.190.0x | 0.220.0x | 0.24+0.1x | 0.22+0.1x | 0.19+0.1x |
| Asset Turnover | N/A | N/A | N/A | N/A | N/A | N/A | 0.000.0x | N/A |
Not reported in any period shown, so not listed: Gross Margin, Operating Margin, Net Margin, FCF Margin.
Similar Companies
Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it. Market cap is stated at each company's latest close.
| Company | Fiscal year | Revenue | Net income | Net margin | Market cap | Health score |
|---|---|---|---|---|---|---|
| Kezar Life Sciences, Inc. KZR | FY2025 | $0 | -$56.0M | N/A | N/A | — |
| Pliant Therapeutics, Inc. PLRX | FY2025 | $0 | -$149.3M | N/A | $53.2M | — |
| Rein Therapeutics, Inc. RNTX | FY2025 | $0 | -$49.9M | N/A | $57.8M | — |
| Oncolytics Biotech, Inc. ONCY | FY2025 | N/A | -$28.8M | N/A | $55.8M | — |
| MiNK Therapeutics, Inc. INKT | FY2025 | N/A | -$12.5M | N/A | $53.7M | — |
| Xilio Therapeutics, Inc. XLO | FY2025 | $43.8M | -$35.0M | -80.0% | $52.8M | 88/100 |
Where Kezar Life Sciences, Inc. Ranks
Frequently Asked Questions
Kezar Life Sciences, Inc. (KZR) reported $0 in total revenue for fiscal year 2025. The change from the previous fiscal year is not meaningful, because that year’s figure was zero or negative. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
No, Kezar Life Sciences, Inc. (KZR) reported a net loss of $56.0M in fiscal year 2025.
Kezar Life Sciences, Inc. (KZR) had EBITDA of -$58.2M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
As of fiscal year 2025, Kezar Life Sciences, Inc. (KZR) had $71.9M in cash and equivalents against $0 in long-term debt.
Kezar Life Sciences, Inc. (KZR) has a return on equity of -80.0% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
Kezar Life Sciences, Inc. (KZR) recorded an outflow of $51.8M in free cash flow during fiscal year 2025. The change from the previous fiscal year is not meaningful, because that year’s figure was zero or negative. 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.
Kezar Life Sciences, Inc. (KZR) recorded an outflow of $51.8M in operating cash flow during fiscal year 2025, representing cash used by core business activities.
Kezar Life Sciences, Inc. (KZR) had $76.6M in total assets as of fiscal year 2025, including both current and long-term assets.
Kezar Life Sciences, Inc. (KZR) invested $8K in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
Kezar Life Sciences, Inc. (KZR) invested $33.8M in research and development during fiscal year 2025.
Kezar Life Sciences, Inc. (KZR) had a current ratio of 11.52 as of fiscal year 2025, which is generally considered healthy.
Kezar Life Sciences, Inc. (KZR) had a debt-to-equity ratio of 0.00 as of fiscal year 2025. We compute it as long-term debt divided by total shareholder equity, where long-term debt is the noncurrent part of the company's borrowings, so debt due within the next twelve months is not counted.
Kezar Life Sciences, Inc. (KZR) had a liabilities-to-equity ratio of 0.09 as of fiscal year 2025, which is total liabilities divided by total shareholder equity. Total liabilities counts every obligation on the balance sheet (payables, deposits, insurance reserves and deferred taxes as well as borrowings), so this ratio usually runs well above debt-to-equity.
Kezar Life Sciences, Inc. (KZR) had a return on assets of -73.1% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
At the end of fiscal year 2025, Kezar Life Sciences, Inc. (KZR) held $71.9M in cash, cash equivalents and investments, and reported an operating cash outflow of $51.8M over that year. Dividing the one by the other, the reported balance equals about 17 months of the outflow reported that year. This is arithmetic over figures already filed, not a projection: it assumes nothing about future spending, financing or operations.
Kezar Life Sciences, Inc. (KZR) has a Piotroski F-Score of 3 out of 8 computable signals; 1 of the nine could not be computed from available data, so the full-scale strength rating is not shown. 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 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Kezar Life Sciences, Inc. (KZR) reported a net loss of $56.0M while operations used $51.8M of cash. With neither figure positive, the ratio between the two carries no quality signal. 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.