Kezar Life Sciences reports a Schedule 13G showing Baselake-affiliated parties beneficially hold 391,862 shares (5.3% of the class). The filing states there were 7,371,527 shares issued and outstanding as of March 23, 2026. The Reporting Persons—Baselake Partners, LP; Baselake Management, LLC; and David Paolella—disclaim sole ownership and report shared voting and dispositive power over the shares held by the Fund.
Positive
None.
Negative
None.
Insights
Baselake-affiliated entities report a passive 5.3% stake in KZR.
The Schedule 13G lists 391,862 shares held by Baselake Partners, LP, with shared voting and dispositive power through Baselake Management, LLC and David Paolella. The percentage is calculated using the issuer's 10-K figure of 7,371,527 shares outstanding as of March 23, 2026.
Because the Reporting Persons disclaim beneficial ownership beyond pecuniary interest and filed a 13G, this filing indicates an institutional/passive reporting posture rather than an activist intent; further disclosures would appear if ownership or intent changes.
Key Figures
Shares held by Baselake Partners, LP:391,862 sharesPercent of class:5.3%Shares outstanding (issuer figure):7,371,527 shares
3 metrics
Shares held by Baselake Partners, LP391,862 sharesreported beneficially owned amount
Percent of class5.3%percent of common stock computed using issuer 10-K share count
Shares outstanding (issuer figure)7,371,527 sharesas of March 23, 2026 (used to compute percentage)
Key Terms
beneficially owned, shared voting and dispositive power, Schedule 13G
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.
shared voting and dispositive powerregulatory
"may be deemed to have shared voting and dispositive power with respect to the Shares"
Schedule 13Gregulatory
"form_type: SCHEDULE 13G"
A Schedule 13G is a formal document that investors file with the government when they acquire a large ownership stake in a company, usually for investment purposes rather than control. It helps keep the public informed about who owns significant parts of a company's shares, which can influence how the company is managed and how investors make decisions. Filing this schedule is important for transparency and understanding the ownership landscape of publicly traded companies.
What stake does Baselake report in Kezar Life Sciences (KZR)?
Baselake-affiliated parties report holding 391,862 shares, equal to 5.3%. The Schedule 13G attributes shared voting and dispositive power through Baselake Management and David Paolella, citing 7,371,527 shares outstanding as of March 23, 2026.
Does the Schedule 13G indicate Baselake has sole control of KZR shares?
No; the filing reports shared voting and dispositive power, not sole control. Each Reporting Person disclaims sole beneficial ownership and states the shares are held by Baselake Partners, LP with managerial relationships noted.
What outstanding share count is used to calculate Baselake's 5.3% in KZR?
The percentage uses 7,371,527 shares issued and outstanding as of March 23, 2026. That figure is cited from Kezar Life Sciences' 10-K and is the basis for the 5.3% ownership calculation.
Does this 13G filing signal activist intent by Baselake in KZR?
No; a Schedule 13G typically signals passive or institutional ownership rather than activist intent. The filing disclaims additional beneficial ownership and does not state any change in intent or plan to influence management.
Who are the Reporting Persons named in the KZR Schedule 13G?
The filing names Baselake Partners, LP; Baselake Management, LLC; and David Paolella. The manager and managing member roles explain why shared voting and dispositive powers are reported across those related entities.
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
UNDER THE SECURITIES EXCHANGE ACT OF 1934
Kezar Life Sciences, Inc.
(Name of Issuer)
Common Stock, $0.001 par value per share
(Title of Class of Securities)
49372L209
(CUSIP Number)
03/30/2026
(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
391,862.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
391,862.00
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)
5.3 %
12
Type of Reporting Person (See Instructions)
PN
Comment for Type of Reporting Person: Please see note in Item 4(a)
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
391,862.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
391,862.00
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)
5.3 %
12
Type of Reporting Person (See Instructions)
IA, OO
Comment for Type of Reporting Person: Please see note in Item 4(a)
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
391,862.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
391,862.00
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)
5.3 %
12
Type of Reporting Person (See Instructions)
HC, IN
Comment for Type of Reporting Person: Please see note in Item 4(a)
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 Number(s):
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 - 391,862*
Baselake Management, LLC - 391,862*
David Paolella - 391,862*
The Common Stock (the "Shares") reported as of the filing date are held by Baselake Partners, LP (the "Fund"). Baselake Management, LLC serves as the investment manager to the Fund (the "Investment Manager"). David Paolella serves as the managing member of the Investment Manager (the "Managing Member," and collectively with the Fund and the Investment Manager, the "Reporting Persons"). By virtue of these relationships, the Reporting Persons may be deemed to have shared voting and dispositive power with respect to the Shares owned directly by the Fund. The percentages reported herein are calculated based upon a statement in the Issuer's 10-K, indicating that there are 7,371,527 Shares issued and outstanding as of March 23, 2026. This report shall not be deemed an admission that the Reporting Persons are beneficial owners of the Shares for purposes of Section 13 of the Securities Exchange Act of 1934, as amended, or for any other purpose. Each of the Reporting Persons disclaims beneficial ownership of the Shares reported herein except to the extent of the Reporting Persons pecuniary interest therein.
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
