Kezar Life Sciences Form 4: Small Option Grant to Director Franklin Berger

Rhea-AI Filing Summary

The Form 4 filing dated 06/23/2025 discloses that Kezar Life Sciences (KZR) director Franklin M. Berger received a new equity incentive on 06/18/2025.

• Instrument: Non-qualified stock option covering 5,000 common shares.
• Exercise price: $4.46 per share.
• Vesting: 100 % cliff vest on 06/18/2026, contingent upon continued service.
• Expiration: 06/17/2035 (10-year term).
• Post-grant holdings: 5,000 derivative securities, held directly.

No non-derivative share transactions were reported and no shares were sold. The filing represents a routine incentive grant, typical for board members, and does not signal a change in ownership control or near-term liquidity activity.

Insights

Corporate Governance Expert

TL;DR: Routine option grant; aligns director incentives but immaterial to ownership structure.

This Form 4 records a standard annual option award of only 5,000 shares to director Franklin Berger at an exercise price roughly equal to current market levels. The 12-month cliff vesting and 10-year term are conventional, supporting retention and long-term value creation. Because the grant represents a tiny fraction of Kezar’s roughly 70 million shares outstanding, it does not materially dilute shareholders nor serve as a signal of insider sentiment beyond normal compensation practice.

Portfolio Manager

TL;DR: Neutral event; size too small to influence valuation or trading view.

From a portfolio perspective, a 5,000-share option grant is negligible (<0.01 % of float). No purchase of common stock was reported, so there is no incremental cash investment by the director. The filing neither strengthens nor weakens the investment thesis and should not affect position sizing or near-term trading decisions.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

BERGER FRANKLIN M

(Last) (First) (Middle)

C/O KEZAR LIFE SCIENCES, INC.

4000 SHORELINE COURT, SUITE 300

(Street)

SOUTH SAN FRANCISCO CA 94080

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Kezar Life Sciences, Inc. [ KZR ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
06/18/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Stock Option (right to buy)	$4.46	06/18/2025		A		5,000		(1)	06/17/2035	Common Stock	5,000	$0	5,000	D

Explanation of Responses:

1. One-hundred percent (100%) of the shares subject to the option shall vest on 6/18/2026, subject to Reporting Person continuing to provide service through such date.

	/s/ Marc Belsky, Attorney-in-Fact	06/23/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What did Kezar Life Sciences (KZR) disclose in the latest Form 4?

A grant of 5,000 stock options to director Franklin M. Berger at a $4.46 strike price, filed on 06/23/2025.

How many shares are covered by the new option grant to KZR's director?

The option grant covers 5,000 shares of common stock.

When do the granted KZR options vest and expire?

They vest 100 % on 06/18/2026 and expire on 06/17/2035, subject to continued service.

Did the Kezar director buy or sell any common shares in this filing?

No. The filing reports only a derivative (option) grant; no common stock was bought or sold.

Is this Form 4 considered material to KZR investors?

Given the small size relative to shares outstanding, it is generally viewed as immaterial to the company’s valuation.