KZR slashes workforce by 70%, plans ~$6.0M severance-related costs

Rhea-AI Filing Summary

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.

Positive

• None.

Negative

• Workforce reduction of ~70% (31 employees) indicating a major operational scale-back
• Estimated $6.0 million cash restructuring charges primarily for severance and benefits, with most recognized in Q4 2025

Insights

Biotech operations & restructuring analyst

70% workforce cut with about $6.0 million in charges.

Kezar Life Sciences is implementing a sizable downsizing tied to its review of strategic alternatives. The reduction—approximately 70% or 31 employees—suggests a significant scaling back of operations and programs.

The company expects cash expenditures of about $6.0 million for severance, benefits, and related items, with most charges recognized in Q4 2025. Management cautions actual amounts could differ materially and additional charges may occur, indicating cost uncertainty.

Investor impact will depend on the scope of remaining activities and outcomes from the strategic review. Recognition timing is concentrated in Q4 2025, with potential follow-on charges if further actions are taken.

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

__________________________________________________________

FORM 8-K

__________________________________________________________

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): November 6, 2025

__________________________________________________________

Kezar Life Sciences, Inc.

(Exact name of Registrant as Specified in Its Charter)

__________________________________________________________

Delaware			001-38542			47-3366145
(State or Other Jurisdiction of Incorporation)			(Commission File Number)			(IRS Employer Identification No.)
4000 Shoreline Court, Suite 300 South San Francisco, California						94080
(Address of Principal Executive Offices)						(Zip Code)

Registrant’s Telephone Number, Including Area Code: 650 822-5600

(Former Name or Former Address, if Changed Since Last Report)

__________________________________________________________

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

o			Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o			Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o			Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o			Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Stock, $0.001 par value

KZR

The Nasdaq Stock Market LLC

Preferred Share Purchase Rights

N/A

The Nasdaq Stock Market LLC

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company o

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o

Item 2.05 Costs Associated with Exit or Disposal Activities.

On November 6, 2025, Kezar Life Sciences, Inc. (the “Company”) implemented a restructuring plan pursuant to which the Company will reduce its workforce by approximately 31 employees, or approximately 70%. The Company implemented this restructuring plan in connection with its previously announced evaluation of strategic alternatives. The Company estimates that it will incur cash expenditures of approximately $6.0 million, consisting primarily of one-time severance payments, benefits and other related costs. The Company expects to recognize the majority of such costs in the fourth quarter of 2025. The estimated costs that the Company expects to incur, and the timing thereof, are subject to a number of assumptions, and actual amounts may differ materially. The Company may also incur additional costs not currently contemplated due to events that may occur as a result of, or that are associated with, the workforce reduction. If required, the Company will amend this Current Report on Form 8-K at such time as its management is able in good faith to estimate the amount, or range of amounts, of these additional charges.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

									KEZAR LIFE SCIENCES, INC.
Date:			November 7, 2025			By:			/s/ Marc L. Belsky
									Marc L. Belsky Chief Financial Officer and Secretary

FAQ

What did Kezar Life Sciences (KZR) announce?

The company implemented a restructuring plan reducing its workforce by approximately 31 employees, or about 70%.

How much will KZR’s restructuring cost?

Kezar estimates cash expenditures of about $6.0 million for severance, benefits, and related costs.

When will KZR recognize most of the restructuring charges?

The company expects to recognize the majority of the charges in Q4 2025.

Why is KZR restructuring?

The restructuring is tied to the company’s previously announced evaluation of strategic alternatives.

Could KZR’s restructuring costs change?

Yes. Management notes actual amounts may differ materially, and additional costs may arise depending on subsequent events.