Every 10-Q that Kezar Life Sciences, Inc. (KZR) has filed with the SEC in the last 24 months is listed below, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A 10-Q covers the quarterly report filed between annual reports, so if you follow KZR and want that one kind of document rather than the whole filing history, this is the page to keep. The company's other filings, of every form, are on the full KZR filings page.
Kezar Life Sciences’ latest quarter centers on its pending sale and a leaner cost base. The company reported a Q1 2026 net loss of $5.8 million, down from $16.6 million a year earlier, as research and development spending dropped to $1.5 million after trial terminations and a 70% workforce reduction.
Cash and cash equivalents were $66.2 million as of March 31, 2026, which management believes will fund operations for at least 12 months. Kezar signed a Merger Agreement with Aurinia Pharma U.S., featuring a tender offer of $6.955 per share in cash plus one contingent value right per share, and separately sold Sec61 program assets to Enodia for $1.0 million upfront and up to $127 million in potential milestones and royalties.
Kezar Life Sciences (KZR) reported Q3 2025 results with a net loss of $11.2 million (loss per share $1.53), reflecting sharply lower operating expenses as R&D declined to $6.9 million from $16.2 million a year ago. Cash, cash equivalents and marketable securities totaled $90.2 million as of September 30, 2025, and total stockholders’ equity was $83.0 million.
Management stated existing liquidity is expected to fund operations for at least 12 months. After quarter end, the company repaid $6.3 million to fully retire its Oxford Finance loan and extended its stockholder rights plan. Kezar is exploring strategic alternatives and reduced its workforce by ~70%, estimating $6.0 million in severance and related cash costs, largely recognized in Q4 2025. The company also disclosed it was unable to align with the FDA on a potential registrational AIH study and the FDA cancelled a planned Type C meeting.
Shares outstanding were 7,323,106 as of September 30, 2025; 7,323,156 were outstanding as of November 10, 2025.
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.