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

Kezar Life Sciences (KZR) reported diluted earnings per share of $-7.66 for fiscal year 2025. This represents a 33.3% 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.

Kezar Life Sciences Financials

KZR

Source SEC Filings (10-K/10-Q) Data as of Mar 31, 2026 Currency USD FYE December

This page shows Kezar Life Sciences (KZR) financial statements, including the 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).

Rhea AI KZR FY2025 2026-04-30

FY2025 shows a cash-funded development model becoming leaner, as R&D retrenchment rather than sales supports the smaller loss.

The key shift is cash burn now tracking R&D more closely: operating cash outflow improved from -$81.6M in FY2023 to -$51.8M in FY2025. Over the same span, R&D spending fell from $85.7M to $33.8M, which means the narrower loss reflects a smaller development program rather than a business beginning to self-fund.

With $71.9M of cash against just $6.6M of total liabilities, the balance sheet is now mostly liquidity and very little leverage. Because operating cash outflow was -$51.8M, that cash covers only about 1.4 years of FY2025 burn unless spending falls again or capital is replenished.

FY2025 earnings quality was straightforward: net loss of -$56.0M and operating cash outflow of -$51.8M were close, so the loss largely represented real cash use rather than accounting noise. With long-term debt down from $5.1M to $0, the remaining pressure is financing research activity, not servicing creditors.

Financial Health Signals

Financial health score pending refresh

We are recalculating Kezar Life Sciences'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.

Altman Z-Score Distress

-5.51

Kezar Life Sciences scores -5.51, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($53.9M) relative to total liabilities ($6.6M). This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.

Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.

Piotroski F-Score Partial

3/8

Kezar Life Sciences 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, neither operating efficiency signal passes.

Earnings Quality Low Quality

0.92x

For every $1 of reported earnings, Kezar Life Sciences generates $0.92 in operating cash flow (-$51.8M OCF vs -$56.0M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.

Key Financial Metrics

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Earnings & Revenue

Revenue

Kezar Life Sciences generated $0 in revenue in fiscal year 2025.

EBITDA

-$58.2M

YoY+35.0%

Kezar Life Sciences's EBITDA was -$58.2M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 35.0% from the prior year.

Net Income

-$56.0M

YoY+33.1%

Kezar Life Sciences reported -$56.0M in net income in fiscal year 2025. This represents an increase of 33.1% from the prior year.

EPS (Diluted)

$-7.66

YoY+33.3%

Kezar Life Sciences earned $-7.66 per diluted share (EPS) in fiscal year 2025. This represents an increase of 33.3% from the prior year.

Cash & Balance Sheet

Free Cash Flow

-$51.8M

YoY+30.2%

Kezar Life Sciences generated -$51.8M in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 30.2% from the prior year.

Cash & Debt

$71.9M

YoY+72.2%

5Y CAGR+27.6%

Kezar Life Sciences held $71.9M in cash against $0 in long-term debt as of fiscal year 2025.

Dividends Per Share

N/A

Shares Outstanding

YoY+0.4%

Kezar Life Sciences had 7M shares outstanding in fiscal year 2025. This represents an increase of 0.4% from the prior year.

Margins & Returns

Gross Margin

N/A

Operating Margin

N/A

Net Margin

N/A

Return on Equity

-80.0%

YoY-8.3pp

5Y CAGR-50.4pp

Kezar Life Sciences's ROE was -80.0% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 8.3 percentage points from the prior year.

Capital Allocation

R&D Spending

$33.8M

YoY-48.7%

5Y CAGR+1.7%

Kezar Life Sciences invested $33.8M in research and development in fiscal year 2025. This represents a decrease of 48.7% from the prior year.

Share Buybacks

N/A

Capital Expenditures

$8K

YoY-72.4%

5Y CAGR-47.1%

Kezar Life Sciences invested $8K in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 72.4% from the prior year.

KZR Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	$0	$0-100.0%	$7.0M	$0	$0	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	$33.8M-48.7%	$65.7M-23.3%	$85.7M+68.0%	$51.0M+31.0%	$38.9M+25.7%	$31.0M
SG&A Expenses	$18.5M-20.9%	$23.4M-11.9%	$26.5M+31.7%	$20.2M+28.2%	$15.7M+31.4%	$12.0M
Operating Income	-$59.1M+34.8%	-$90.6M+18.7%	-$111.4M-56.6%	-$71.2M-30.2%	-$54.7M-27.3%	-$43.0M
Interest Expense	N/A	$1.6M+2.8%	$1.6M+30.8%	$1.2M+645.3%	$159K	$0
Income Tax	$0	$0	$0	$0	$0	$0
Net Income	-$56.0M+33.1%	-$83.7M+17.8%	-$101.9M-49.3%	-$68.2M-24.9%	-$54.6M-30.9%	-$41.7M
EPS (Diluted)	$-7.66+33.3%	$-11.49+18.2%	$-14.04	$-10.13-874.0%	$-1.04-9.5%	$-0.95

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Revenue	$7.0M	N/A	N/A	N/A	N/A	N/A	$0	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	$1.5M	N/A	$6.9M-27.9%	$9.6M-21.3%	$12.2M	N/A	$16.2M-0.3%	$16.3M
SG&A Expenses	$5.2M	N/A	$4.8M-4.3%	$5.0M-7.9%	$5.4M	N/A	$5.7M+1.8%	$5.6M
Operating Income	-$7.4M	N/A	-$11.7M+19.8%	-$14.6M+17.2%	-$17.6M	N/A	-$21.9M+6.1%	-$23.4M
Interest Expense	$0	N/A	N/A	$302K-13.0%	$347K	N/A	$403K+0.5%	$401K
Income Tax	$0	N/A	$0	$0	$0	N/A	$0	$0
Net Income	-$5.8M	N/A	-$11.2M+18.1%	-$13.7M+17.2%	-$16.6M	N/A	-$20.3M+5.7%	-$21.5M
EPS (Diluted)	$-0.78	N/A	$-1.53+18.2%	$-1.87+17.6%	$-2.27	N/A	$-2.78	$-2.96

KZR Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$76.6M-47.0%	$144.7M-34.6%	$221.2M-26.1%	$299.6M+37.5%	$217.9M+43.5%	$151.8M
Current Assets	$75.7M-44.9%	$137.5M-33.6%	$206.9M-27.6%	$285.7M+35.0%	$211.7M+46.2%	$144.8M
Cash & Equivalents	$71.9M+72.2%	$41.7M+17.6%	$35.5M-12.3%	$40.5M-35.7%	$62.9M+196.2%	$21.2M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	N/A	N/A	N/A	$0	N/A	N/A
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$6.6M-76.3%	$27.8M-17.5%	$33.7M+13.4%	$29.7M+41.0%	$21.1M+93.8%	$10.9M
Current Liabilities	$6.6M-67.7%	$20.3M+14.6%	$17.7M+61.4%	$11.0M+33.9%	$8.2M+27.5%	$6.4M
Long-Term Debt	$0-100.0%	$5.1M-49.2%	$10.1M+2.4%	$9.8M+2.2%	$9.6M	N/A
Total Equity	$70.1M-40.1%	$116.9M-37.7%	$187.6M-30.5%	$269.9M+37.1%	$196.9M+39.7%	$141.0M
Retained Earnings	-$490.5M-12.9%	-$434.5M-23.9%	-$350.8M-40.9%	-$248.9M-37.8%	-$180.7M-43.3%	-$126.0M

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Total Assets	$68.0M-11.3%	$76.6M-21.6%	$97.7M-10.4%	$109.1M-12.9%	$125.3M-13.4%	$144.7M-11.8%	$164.1M-8.8%	$179.9M
Current Assets	$67.6M-10.8%	$75.7M-19.9%	$94.5M-9.7%	$104.7M-13.0%	$120.3M-12.5%	$137.5M-12.1%	$156.4M-6.7%	$167.6M
Cash & Equivalents	$66.2M-7.9%	$71.9M+84.6%	$38.9M+13.3%	$34.4M-7.1%	$37.0M-11.4%	$41.7M+19.8%	$34.9M+23.3%	$28.3M
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	N/A	N/A	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	$2.8M-58.0%	$6.6M-55.4%	$14.8M-14.9%	$17.3M-21.9%	$22.2M-20.1%	$27.8M-7.6%	$30.0M+2.7%	$29.2M
Current Liabilities	$2.8M-58.0%	$6.6M-50.9%	$13.4M-6.9%	$14.4M-15.3%	$17.0M-16.6%	$20.3M-0.5%	$20.4M+16.8%	$17.5M
Long-Term Debt	N/A	$0-100.0%	$1.4M-47.7%	$2.6M-32.2%	$3.9M-24.2%	$5.1M-19.5%	$6.3M-16.3%	$7.6M
Total Equity	$65.2M-6.9%	$70.1M-15.6%	$83.0M-9.6%	$91.8M-10.9%	$103.1M-11.8%	$116.9M-12.8%	$134.0M-11.0%	$150.7M
Retained Earnings	-$496.3M-1.2%	-$490.5M-3.1%	-$476.0M-2.4%	-$464.8M-3.0%	-$451.1M-3.8%	-$434.5M-4.9%	-$414.3M-5.2%	-$394.0M

KZR Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	-$51.8M+30.2%	-$74.2M+9.1%	-$81.6M-38.7%	-$58.8M-38.7%	-$42.4M-14.9%	-$36.9M
Capital Expenditures	$8K-72.4%	$29K-98.4%	$1.8M+14.7%	$1.6M+399.4%	$316K+62.9%	$194K
Free Cash Flow	-$51.8M+30.2%	-$74.2M+11.0%	-$83.5M-38.1%	-$60.4M-41.3%	-$42.8M-15.1%	-$37.1M
Investing Cash Flow	$92.5M+15.0%	$80.4M+5.8%	$76.0M+183.2%	-$91.4M-221.3%	-$28.4M+49.7%	-$56.5M
Financing Cash Flow	-$10.6M-10376.7%	$103K-83.9%	$638K-99.5%	$127.9M+13.6%	$112.6M+13.0%	$99.6M
Dividends Paid	$0	$0	$0	$0	$0	$0
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Operating Cash Flow	-$7.4M+37.8%	-$12.0M-21.7%	-$9.8M+23.2%	-$12.8M+25.6%	-$17.2M-2.2%	-$16.8M+3.8%	-$17.5M-2.7%	-$17.0M
Capital Expenditures	$0	$0	$0	$0-100.0%	$8K-27.3%	$11K-38.9%	$18K	$0
Free Cash Flow	-$7.4M+37.8%	-$12.0M-21.7%	-$9.8M+23.2%	-$12.8M+25.6%	-$17.2M-2.2%	-$16.8M+3.9%	-$17.5M-2.8%	-$17.0M
Investing Cash Flow	$1.5M-97.0%	$51.6M+228.5%	$15.7M+37.9%	$11.4M-17.1%	$13.7M-42.1%	$23.7M-1.3%	$24.1M+97.0%	$12.2M
Financing Cash Flow	$267K+104.0%	-$6.7M-413.9%	-$1.3M-2.8%	-$1.3M+2.7%	-$1.3M-2874.5%	$47K	$0-100.0%	$56K
Dividends Paid	$0	$0	$0	$0	$0	$0	$0	$0
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

KZR Financial Ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	-1591.8%	N/A	N/A	N/A
Net Margin	N/A	N/A	-1455.3%	N/A	N/A	N/A
Return on Equity	-80.0%-8.3pp	-71.6%-17.3pp	-54.3%-29.0pp	-25.3%+2.5pp	-27.8%+1.9pp	-29.6%
Return on Assets	-73.1%-15.2pp	-57.9%-11.8pp	-46.1%-23.3pp	-22.8%+2.3pp	-25.1%+2.4pp	-27.5%
Current Ratio	11.52+4.8	6.76-4.9	11.66-14.3	25.98+0.2	25.77+3.3	22.48
Debt-to-Equity	0.00-0.0	0.040.0	0.05+0.0	0.04-0.0	0.05-0.0	0.08
FCF Margin	N/A	N/A	-1192.2%	N/A	N/A	N/A

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	-105.2%	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	-82.2%	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Return on Equity	-8.8%	N/A	-13.5%+1.4pp	-14.9%+1.1pp	-16.1%	N/A	-15.2%-0.9pp	-14.3%
Return on Assets	-8.5%	N/A	-11.5%+1.1pp	-12.6%+0.7pp	-13.2%	N/A	-12.4%-0.4pp	-12.0%
Current Ratio	24.46+12.9	11.52+4.5	7.07-0.2	7.29+0.2	7.09+0.3	6.76-0.9	7.65-1.9	9.58
Debt-to-Equity	0.04+0.0	0.00-0.0	0.02-0.0	0.030.0	0.040.0	0.040.0	0.050.0	0.05
FCF Margin	-106.5%	N/A	N/A	N/A	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 2025. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

Is Kezar Life Sciences profitable?

No, Kezar Life Sciences (KZR) reported a net income of -$56.0M in fiscal year 2025.

What is Kezar Life Sciences's EBITDA?

Kezar Life Sciences (KZR) had EBITDA of -$58.2M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

How much debt does Kezar Life Sciences have?

As of fiscal year 2025, Kezar Life Sciences (KZR) had $71.9M in cash and equivalents against $0 in long-term debt.

What is Kezar Life Sciences's return on equity (ROE)?

Kezar Life Sciences (KZR) has a return on equity of -80.0% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is Kezar Life Sciences's free cash flow?

Kezar Life Sciences (KZR) generated -$51.8M in free cash flow during fiscal year 2025. This represents a 30.2% 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 -$51.8M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Kezar Life Sciences's total assets?

Kezar Life Sciences (KZR) had $76.6M in total assets as of fiscal year 2025, including both current and long-term assets.

What are Kezar Life Sciences's capital expenditures?

Kezar Life Sciences (KZR) invested $8K in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

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

Kezar Life Sciences (KZR) invested $33.8M in research and development during fiscal year 2025.

How many shares does Kezar Life Sciences have outstanding?

Kezar Life Sciences (KZR) had 7M shares outstanding as of fiscal year 2025.

What is Kezar Life Sciences's current ratio?

Kezar Life Sciences (KZR) had a current ratio of 11.52 as of fiscal year 2025, 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 0.00 as of fiscal year 2025, 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 -73.1% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is Kezar Life Sciences's cash runway?

Based on fiscal year 2025 data, Kezar Life Sciences (KZR) had $71.9M in cash against an annual operating cash burn of $51.8M. This gives an estimated cash runway of approximately 17 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 Altman Z-Score?

Kezar Life Sciences (KZR) has an Altman Z-Score of -5.51, placing it in the Distress Zone (elevated bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.

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

Kezar Life Sciences (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.

Are Kezar Life Sciences's earnings high quality?

Kezar Life Sciences (KZR) has an earnings quality ratio of 0.92x, 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.