Kezar Life Sciences: Baselake files Schedule 13G/A

Kezar Life Sciences, Inc. — Amendment No. 1 to a Schedule 13G/A was filed by Baselake Partners, LP, Baselake Management, LLC and David Paolella reporting zero beneficial ownership of the issuer's common stock as stated in Item 4.

Rhea-AI Filing Summary

Kezar Life Sciences, Inc. — Amendment No. 1 to a Schedule 13G/A was filed by Baselake Partners, LP, Baselake Management, LLC and David Paolella reporting zero beneficial ownership of the issuer's common stock as stated in Item 4. The filing lists the issuer's CUSIP and includes a joint filing statement and signatures dated 05/12/2026.

Insights

Corporate Governance Analyst

Baselake reports no current beneficial holdings in Kezar.

The amendment updates ownership disclosures for Baselake Partners, Baselake Management and David Paolella, restating that each holds 0 shares of common stock under Item 4. The filing formalizes the joint filing statement and signatures dated 05/12/2026.

Practically, this is an ownership-status update; timing and any prior ownership changes are not detailed here, so subsequent filings or prior reports would be needed to trace past positions.

Key Figures

CUSIP: 49372L209 Amount beneficially owned - Baselake Partners, LP: 0 shares Amount beneficially owned - Baselake Management, LLC: 0 shares +2 more

5 metrics

CUSIP 49372L209 Common Stock CUSIP listed on cover

Amount beneficially owned - Baselake Partners, LP 0 shares Item 4(a) amount beneficially owned

Amount beneficially owned - Baselake Management, LLC 0 shares Item 4(a) amount beneficially owned

Amount beneficially owned - David Paolella 0 shares Item 4(a) amount beneficially owned

Signature date 05/12/2026 Signed dates on joint filing statement

Key Terms

Schedule 13G/A, Beneficially owned, Joint Filing Statement

3 terms

Schedule 13G/A regulatory

"Amendment No. 1 to a Schedule 13G/A was filed"

A Schedule 13G/A is an amended public filing with the U.S. securities regulator that updates a previous Schedule 13G, disclosing when an individual or group holds a substantial (typically over 5%) stake in a company and is claiming a passive, non‑controlling intent. Investors monitor these updates because rising or falling holdings can signal changing confidence, potential future moves, or shifts in voting power — like watching a public ledger where large shareholders quietly adjust their positions.

Beneficially owned regulatory

"Item 4. | Ownership (a) | Amount beneficially owned"

Beneficially owned describes securities or assets where a person has the economic rights and control—such as the right to receive dividends and to direct voting—even if legal title is held in another name. Think of it like having the keys and using a car that’s registered to someone else: you get the benefits and make decisions. Investors care because beneficial ownership reveals who truly controls value and voting power, affecting corporate decisions and takeover dynamics.

Joint Filing Statement regulatory

"Exhibit I - JOINT FILING STATEMENT"

FAQ

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

What does the 13G/A filed for KZR mean?

It is an amended passive ownership disclosure filed under Schedule 13G/A. The amendment states that Baselake Partners, Baselake Management and David Paolella report 0 shares beneficially owned as set out in Item 4, with signatures dated 05/12/2026.

Does the filing show how many KZR shares Baselake previously owned?

The amendment itself reports current holdings as 0 shares. It does not provide a historical ownership timeline; prior Schedule 13 filings or amendments would need to be reviewed to see earlier reported positions.

Who signed the Schedule 13G/A amendment for Kezar (KZR)?

The filing is signed by David Paolella in three capacities: Managing Member of Baselake Management, Managing Member, and individually. Signature dates shown are 05/12/2026 on the joint filing statement.

What class of Kezar securities is covered by this filing?

The filing covers Common Stock, $0.001 par value per share of Kezar Life Sciences, with CUSIP 49372L209, as stated in Item 2(d) and on the cover information.

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

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Accepted by SEC EDGAR 05/12/2026 - 05:17 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. 1)

Kezar Life Sciences, Inc.

(Name of Issuer)

Common Stock, $0.001 par value per share

(Title of Class of Securities)

49372L209

(CUSIP Number)

05/11/2026

(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)

schemaVersion:

SCHEDULE 13G

CUSIP Number(s): 49372L209

1

Names of Reporting Persons

Baselake Partners, LP

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 0.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

0.00

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)

0 %

12

Type of Reporting Person (See Instructions)

PN

SCHEDULE 13G

CUSIP Number(s): 49372L209

1

Names of Reporting Persons

Baselake Management, LLC

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 0.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

0.00

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)

0 %

12

Type of Reporting Person (See Instructions)

IA, OO

SCHEDULE 13G

CUSIP Number(s): 49372L209

1

Names of Reporting Persons

David Paolella

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

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

391,862.00

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)

0 %

12

Type of Reporting Person (See Instructions)

HC, IN

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: Baselake Partners, LP Baselake Management, LLC David Paolella
(b)	Address or principal business office or, if none, residence: 3155 W. Big Beaver Road, Suite 207, Troy, Michigan 48084
(c)	Citizenship: Baselake Partners, LP - Delaware Baselake Management, LLC - Delaware David Paolella - United States of America
(d)	Title of class of securities: Common Stock, $0.001 par value per share
(e)	CUSIP No.: 49372L209
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: Baselake Partners, LP - 0 Baselake Management, LLC - 0 David Paolella - 0
(b)	Percent of class: Baselake Partners, LP - 0 Baselake Management, LLC - 0 David Paolella - 0
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: Baselake Partners, LP - 0 Baselake Management, LLC - 0 David Paolella - 0
	(ii) Shared power to vote or to direct the vote: Baselake Partners, LP - 0 Baselake Management, LLC - 0 David Paolella - 0
	(iii) Sole power to dispose or to direct the disposition of: Baselake Partners, LP - 0 Baselake Management, LLC - 0 David Paolella - 0
	(iv) Shared power to dispose or to direct the disposition of: Baselake Partners, LP - 0 Baselake Management, LLC - 0 David Paolella - 0
Item 5.	Ownership of 5 Percent or Less of a Class.
	Ownership of 5 percent or less of a class
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.

Baselake Partners, LP

Signature:	/s/ David Paolella
Name/Title:	David Paolella, Managing Member of Baselake Management, LLC, its investment manager
Date:	05/12/2026

Baselake Management, LLC

Signature:	/s/ David Paolella
Name/Title:	David Paolella, Managing Member
Date:	05/12/2026

David Paolella

Signature:	/s/ David Paolella
Name/Title:	Individually
Date:	05/12/2026

Exhibit Information

Exhibit I - JOINT FILING STATEMENT