BML Investment Reports 9.8% Stake in Kezar Life

Rhea-AI Filing Summary

Kezar Life Sciences, Inc. received an updated ownership disclosure from BML Investment Partners, L.P. in Amendment No. 2 to a Schedule 13G. As of the event date of December 31, 2025, BML Investment Partners reported beneficial ownership of 720,787 shares of Kezar common stock, representing 9.8% of the class.

The filing shows BML Investment Partners has shared voting and dispositive power over all 720,787 shares and no sole power. BML Investment Partners is a Delaware limited partnership whose sole general partner is BML Capital Management, LLC, managed by Braden M. Leonard, who is deemed an indirect owner. The reporting persons certify the shares are held on a passive basis, not to change or influence control of Kezar.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What ownership stake in Kezar Life Sciences (KZR) does BML Investment Partners report?

BML Investment Partners reports beneficial ownership of 720,787 shares of Kezar Life Sciences common stock, representing 9.8% of the class as of December 31, 2025. This makes BML Investment Partners a significant shareholder under U.S. securities rules.

Who is the reporting person in this Kezar Life Sciences Schedule 13G/A filing?

The reporting person is BML Investment Partners, L.P., a Delaware limited partnership. Its sole general partner is BML Capital Management, LLC, whose managing member is Braden M. Leonard, deemed the indirect owner of the shares held by the partnership.

What type of filing did BML submit for its Kezar Life Sciences (KZR) position?

BML Investment Partners filed an Amendment No. 2 to Schedule 13G, which is a beneficial ownership report used for investors holding more than 5% of a company’s stock on a generally passive, non‑control-seeking basis under SEC rules.

How much voting and dispositive power does BML have over its Kezar Life Sciences shares?

BML Investment Partners reports shared voting power over 720,787 shares and shared dispositive power over the same amount. It reports no sole voting or sole dispositive power, indicating decisions are made jointly under the partnership’s structure.

Does BML intend to influence control of Kezar Life Sciences (KZR) with this stake?

The filing includes a certification that the securities were not acquired and are not held for the purpose of changing or influencing control of Kezar Life Sciences, and are not held in connection with any transaction having that purpose or effect.

What is the event date for BML’s reported Kezar Life Sciences ownership?

The event date that triggered this Schedule 13G/A is December 31, 2025. As of that date, BML Investment Partners beneficially owned 720,787 shares of Kezar common stock, representing 9.8% of the outstanding class according to the disclosure.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 02/09/2026 - 02:39 PM Learn about SEC filing dates

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 2)

Kezar Life Sciences, Inc.

(Name of Issuer)

Common Stock, $0.001 par value

(Title of Class of Securities)

49372L100

(CUSIP Number)

12/31/2025

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No. 49372L100

1

Names of Reporting Persons

BML Investment Partners, L.P.

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 720,787.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 720,787.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

720,787.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

9.8 %

12

Type of Reporting Person (See Instructions)

PN

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Kezar Life Sciences, Inc.
(b)	Address of issuer's principal executive offices: 4000 Shoreline Court, Suite 300, South San Francisco, California, 94080
Item 2.
(a)	Name of person filing: BML Investment Partners, L.P.
(b)	Address or principal business office or, if none, residence: 65 E Cedar - Suite 2 Zionsville, IN 46077
(c)	Citizenship: Delaware
(d)	Title of class of securities: Common Stock, $0.001 par value
(e)	CUSIP No.: 49372L100
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: 720787
(b)	Percent of class: 9.8 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 0
	(ii) Shared power to vote or to direct the vote: 720787
	(iii) Sole power to dispose or to direct the disposition of: 0
	(iv) Shared power to dispose or to direct the disposition of: 720787
Item 5.	Ownership of 5 Percent or Less of a Class.
	Not Applicable
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

BML Investment Partners, L.P.

Signature:	Braden M Leonard
Name/Title:	BML Capital Management, LLC its General Partner By: Braden M Leonard, its Managing Member
Date:	02/09/2026

Comments accompanying signature: BML Investment Partners, L.P. is a Delaware limited partnership whose sole general partner is BML Capital Management, LLC. The managing member of BML Capital Management, LLC is Braden M. Leonard. As a result, Braden M. Leonard is deemed to be the indirect owner of the shares held directly by BML Investment Partners, L.P. Despite such shared beneficial ownership, the reporting persons disclaim that they constitute a statutory group within the meaning of Rule 13d-5(b)(1) of the Exchange Act.