Kezar Life Sciences SEC Filings

Kezar Life Sciences (KZR) announced a major restructuring, reducing its workforce by approximately 31 employees, or about 70%, in connection with its evaluation of strategic alternatives.

The company estimates cash expenditures of about $6.0 million for one-time severance, benefits, and related costs, with the majority of these charges expected to be recognized in the fourth quarter of 2025. Management noted that actual costs could differ materially and that additional charges may arise depending on subsequent events.

Kezar Life Sciences (KZR) repaid its debt under a prior loan agreement and terminated the facility. On October 20, 2025, the company used cash on hand to repay $6.3 million, covering the aggregate outstanding amount, accrued interest, and exit fees under its November 4, 2021 Loan and Security Agreement with Oxford Finance LLC and related lenders. Following repayment, the agreement was terminated and all liens and security interests were released.

This action removes obligations tied to the loan and releases collateral, simplifying Kezar’s capital structure.

Kezar Life Sciences (KZR) disclosed two actions. The company announced a regulatory update on its zetomipzomib program in autoimmune hepatitis and said it plans to explore strategic alternatives. It also reported preliminary cash, cash equivalents and marketable securities of $90.2 million as of September 30, 2025.

The company entered into Amendment No. 2 to its Rights Agreement. The amendment extends the Final Expiration Date to the day following certification of voting results at the 2026 annual meeting, or, if stockholders approve or ratify the Rights Agreement at that meeting, to the day following certification of voting results at the 2027 annual meeting, unless the Rights are earlier redeemed or exchanged.

Stonepine Capital and related parties reported ownership of 377,240 shares of Kezar Life Sciences, Inc. common stock, representing 5.2% of the outstanding shares. The Schedule 13G, signed 09/08/2025, shows the stake is held with shared voting and dispositive power and no sole voting or dispositive power. The percentage is calculated using 7,323,106 shares outstanding as of August 8, 2025. The filing states the reporting persons are filing jointly but disclaim membership in a group and certify the shares were not acquired to change or influence control of the issuer.

Kezar Life Sciences reported continued operating losses while reducing cash burn. For the six months ended June 30, 2025 the company recorded a $30.3 million net loss versus $43.2 million a year earlier; the three‑month loss was $13.7 million. Cash, cash equivalents and marketable securities totaled $100.8 million, and management believes these resources are sufficient to fund operations for at least 12 months from issuance of the financial statements. The company carried an accumulated deficit of $464.8 million.

Operating changes reflect a strategic refocus: research and development expense fell to $21.8 million for six months (from $33.5 million) after termination or completion of several trials, including the PALIZADE program and discontinuation of KZR‑261. Kezar recognized an upfront $7.0 million payment from its Everest collaboration and has potential milestone payments up to $125.5 million plus tiered royalties. Debt outstanding totaled a principal of $7.391 million (net debt $7.921 million) with principal repayments scheduled through 2026. In July 2025 the FDA removed a partial clinical hold on the completed PORTOLA trial and Kezar requested a Type C meeting to discuss AIH development plans.

Kezar Life Sciences reported it issued a press release announcing its financial results for the fiscal quarter ended June 30, 2025. The current report furnishes that press release as Exhibit 99.1 and incorporates it by reference. The filing also includes a Cover Page Interactive Data File as Exhibit 104.

The company states that the information furnished under Item 2.02, including Exhibit 99.1, is not deemed "filed" for purposes of Section 18 of the Exchange Act and is not incorporated by reference into other filings except as expressly stated. No additional financial detail or analysis is included within this report.