Kezar Life Sciences, Inc.

NasdaqCM:KZR Stock Report

Market Cap: US$53.9m

This company has been acquired

The company may no longer be operating, as it has been acquired. Find out why through their latest events.

Kezar Life Sciences Past Earnings Performance

Past criteria checks 0/6

Kezar Life Sciences's earnings have been declining at an average annual rate of -5.9%, while the Biotechs industry saw earnings growing at 30.7% annually. Revenues have been growing at an average rate of 16.4% per year.

Key information

-5.88%

Earnings growth rate

1.24%

EPS growth rate

Biotechs Industry Growth17.04%
Revenue growth rate16.36%
Return on equity-69.34%
Net Marginn/a
Last Earnings Update31 Mar 2026

Recent past performance updates

No updates

Recent updates

Analysis Article • Dec 08

Is Kezar Life Sciences (NASDAQ:KZR) Using Debt Sensibly?

David Iben put it well when he said, 'Volatility is not a risk we care about. What we care about is avoiding the...
Seeking Alpha • Oct 03

FDA clears Kezar Life Sciences' drug application for autoimmune hepatitis treatment

Clinical-stage biotech Kezar Life Sciences (NASDAQ:KZR) on Monday said its investigational new drug application for its inhibitor zetomipzomib for the treatment of autoimmune hepatitis (AIH) had been cleared by the U.S. FDA. AIH occurs when the body's immune system attacks the liver, leading to chronic inflammation and damage to liver cells. KZR is evaluating zetomipzomib in a phase 2a clinical trial for the treatment of AIH patients who have not responded to standard of care treatment or have relapsed. The trial aims to enroll 24 patients, and the main goal of the study is the complete response rate, KZR said in a statement. KZR stock +1.3% to $8.90 after hours.
Analysis Article • Aug 15

Is Kezar Life Sciences (NASDAQ:KZR) Using Too Much Debt?

The external fund manager backed by Berkshire Hathaway's Charlie Munger, Li Lu, makes no bones about it when he says...
Seeking Alpha • Aug 11

Kezar Life Sciences GAAP EPS of -$0.25 beats by $0.02

Kezar Life Sciences press release (NASDAQ:KZR): Q2 GAAP EPS of -$0.25 beats by $0.02. Cash, cash equivalents and marketable securities totaled $306.8 million.
Seeking Alpha • Jul 27

Kezar Life Sciences: Regulatory Tailwinds Reverse Downside Case

Recent clinical trial momentum has started to inflect positive on the chart for Kezar Life Sciences. The stock has caught a bid in June whilst reducing equity beta to the broad sector, illustrating the sensitivity of its idiosyncratic risk premia. We've also identified a potential mispricing opportunity with a ~38% value gap to the upside, valuing KZR at $13. With this comes an opportunity to harvest alpha over the coming 4-month period into November. These and more points are discussed in this report. Investment summary Recent clinical trial momentum has begun to come through on the chart for Kezar Life Sciences, Inc. (KZR). Following regulatory updates in late June the stock has caught a bid and has our attention as a life sciences play to capture near to medium-term alpha. Here we've identified a potential mispricing to the upside and see a price objective of $13 for KZR over the coming 3-months. We feel the stock will continue breaking away from peers in the sector as investors reward its clinical trial momentum. We estimate the alpha opportunity to last until November, following Q3 earnings. With the view investors will continue to award idiosyncratic risk premia like positive trial readouts in FY22, we rate KZR a buy PT $13. Exhibit 1. KZR 9-month price action Data: Refinitiv Market factors are supportive of further upside We've observed a sharp pullback in growth factors and equity beta this year as investors look to step up in quality. As such, low-beta, high quality plays are optimal for budgeting equity risk in FY22. On that note, we observe two key findings from KZR's investment debate. Firstly, it has strengthened against the benchmark since June, after it first was punished early in that month from a setback in its PRESIDIO Phase 2 trial. Prior to this, it had been strengthening since November 2021. Following its most recent updates, discussed later, the KZR has caught a bid and is now performing against the SPX. Perhaps more importantly, however, is that its covariance structure has been shifting downwards since April and therefore looks to offer investors a source of uncorrelated alpha. Investors are paying a premium for idiosyncratic risk premia in FY22 and the fact KZR is bifurcating away from the broad market to the upside is evidence investors recognize this in the name, by estimation. Exhibit 2. Downshifting covariance structure whilst strengthening against benchmark is a bullish divergence factor Data: Updata Further evidence of this point is seen in the chart below. Firstly, the medical devices and health care equipment sector has also been curling up in H2 FY22. As observed, KZR is strengthening against an already performing sector, a clear differentiating factor. We also observe this isn't just sector beta, given the fact it has reduced correlation to the sector whilst gaining in relative strength, as seen below. Therefore, we believe this to be evidence of the market's rewarding of KZR's idiosyncratic risk premia that is now on offer. Exhibit 3. Further evidence of key differentials at work for KZR with investors outsizing the name versus the sector Data: Updata Regulatory tailwinds In late June, the company posted a set of positive updates from its clinical trial investigating zetomipzomib. It first announced that the MISSION open label Phase 2 trial, investigating zetomipzomib's use as an experimental therapy active lupus nephritis ("ALN"), showed a clinically meaningful response. ALN is a sub-condition of systemic lupus erythematosus ("SLE"), an autoimmune disorder that results in chronic inflammation of the body's connective tissue. It is estimated that ~50% of SLE patients are at risk of developing end-state renal disease that often leads to death. At present, the current standard of treatment is chronic non-steroidal anti-inflammatory ("NSAID") use, dialysis or full kidney transplantation ("FKE"). Zetomipzomib is indicated in usage here as is an immunoproteasome-selective inhibitor identified based on the optimization of ONX-0914. It shows a comparable cytokine inhibition profile peripheral blood mononuclear cells ("PBMC"). For the MISSION trial, the 21-patient cohort was dosed with 60mg of the compound via subcutaneous route 1x weekly as a combination therapy for 24 weeks. Of the group, 17 progressed through the trial, with 65% (11 out of17) of these achieving a ≥50% reduction in urine protein creatinine ratio ("UPCR") compared to baseline. Being a phase 2 trial, investigating safety and efficacy, the treatment was well tolerated with only 2 patients exhibiting serious adverse events. As an add-on, findings also showed that patients in also experienced reductions in extra-renal manifestations of SLE. One of the key benefits the label offers is that it offers an alternative to NSAID's, often the standard of care in SLE management. Long-term NSAID usage is linked to various medical conditions including Cushing's syndrome, peptic ulcers, acute renal failure and cardiovascular issues. Marcum and Hanlon (2010) illustrated that health care providers are often at risk of overprescribing NSAIDs as well. Hence, zetomipzomib has the potential to compete on top of the standard of care as a standalone drug class operating in its own segment. Price action responsive After de-rating substantially in H1 FY22, price action has now turned bullish following this most recent round of updates. In the days after the announcement, the KZR share price rallied over 100% as investors sought to price in the news. Upside has continued and based on the most recent price action we see a cluster of price targets towards $21.70, as seen on Exhibit 4. Shares are testing the first of several inner resistance lines and if it punches up above these this will be bullish confirmation towards our price target. Exhibit 4. Multiple upside targets to $21.70 Data: Updata On a 6-month daily cloud chart, shares have broken back into the cloud and are now trading within cloud support. The lag line is now testing the cloud and we await for this to breakout in order for full conviction on the upward trend. On balance volume has ticked north and suggests long-term volume is still gaining, whilst momentum still remains high as seen below. Exhibit 5. Trading into cloud support Data: Updata Tracing the fibs down from the March high to its May bottom we see the share has already retraced ~38% of the move, where it is currently being tested. We are looking for a bounce from this level to the 50% tab on the fib and this is at ~$11.40. Hence, we look for our next technical objective to be $11.40 from here. Exhibit 6. Data: Updata Valuation With its lack of profitability, assigning a concrete value for KZR is difficult. This is best done through a substantiative DCF, however, given the shifting rates regime and changing capital environment, the predictability of future cash flows is far less certain. However, KZR trades on ~3x book value, below the GICS sector median, as seen below. Exhibit 7. Multiples and comps Data: HB Insights At ~3x book value we would theoretically 'pay' $15, in other words we'd overpay by ~58.5%. We therefore believe KZR could presently be overvalued by that amount, and consequently price at $5.98 apiece, suggesting long-term valuations may already be reflective of the regulatory tailwinds discussed in this report.
Seeking Alpha • Jul 11

Kezar Life Sciences appoints Nick Mordwinkin as chief business officer

Kezar Life Sciences (NASDAQ:KZR) has announced the appointment of Nick Mordwinkin, Pharm.D., Ph.D., as Chief Business Officer. Dr. Mordwinkin will be key to the next stage of Kezar’s growth and will be responsible for shaping the company’s business development strategy. Most recently, he served as Head of Corporate Development, Inflammation and Fibrosis, at Gilead Sciences.
Analysis Article • Jan 03

We're Not Very Worried About Kezar Life Sciences' (NASDAQ:KZR) Cash Burn Rate

Even when a business is losing money, it's possible for shareholders to make money if they buy a good business at the...
Analysis Article • Aug 26

Here's Why We're Not Too Worried About Kezar Life Sciences' (NASDAQ:KZR) Cash Burn Situation

Even when a business is losing money, it's possible for shareholders to make money if they buy a good business at the...
Analysis Article • Apr 05

We're Not Very Worried About Kezar Life Sciences' (NASDAQ:KZR) Cash Burn Rate

We can readily understand why investors are attracted to unprofitable companies. For example, although Amazon.com made...
Analysis Article • Mar 01

Here's What Kezar Life Sciences, Inc.'s (NASDAQ:KZR) Shareholder Ownership Structure Looks Like

If you want to know who really controls Kezar Life Sciences, Inc. ( NASDAQ:KZR ), then you'll have to look at the...
Analysis Article • Jan 25

Kezar Life Sciences, Inc. (NASDAQ:KZR) Insiders Increased Their Holdings

We often see insiders buying up shares in companies that perform well over the long term. The flip side of that is that...
Analysis Article • Dec 21

Kezar Life Sciences (NASDAQ:KZR) Is In A Good Position To Deliver On Growth Plans

There's no doubt that money can be made by owning shares of unprofitable businesses. For example, although...

Revenue & Expenses Breakdown

How Kezar Life Sciences makes and spends money. Based on latest reported earnings, on an LTM basis.

Earnings and Revenue History

NasdaqCM:KZR Revenue, expenses and earnings (USD Millions)
DateRevenueEarningsG+A ExpensesR&D Expenses
31 Mar 260-4518-11
31 Dec 250-56190
30 Sep 250-62210
30 Jun 250-71220
31 Mar 250-7922-5
31 Dec 240-84230
30 Sep 240-96240
30 Jun 247-99270
31 Mar 247-1012717
31 Dec 237-102270
30 Sep 237-88260
30 Jun 230-8322-22
31 Mar 230-7421-11
31 Dec 220-68200
30 Sep 220-641910
30 Jun 220-611843
31 Mar 220-581741
31 Dec 210-55160
30 Sep 210-511437
30 Jun 210-481435
31 Mar 210-451333
31 Dec 200-421231
30 Sep 200-401230
30 Jun 200-381129
31 Mar 200-371129
31 Dec 190-351027
30 Sep 190-31925
30 Jun 190-28822
31 Mar 190-26720
31 Dec 180-23718
30 Sep 180-20615
30 Jun 180-16512
31 Mar 180-1138
31 Dec 170-926

Quality Earnings: KZR is currently unprofitable.

Growing Profit Margin: KZR is currently unprofitable.

Free Cash Flow vs Earnings Analysis

Past Earnings Growth Analysis

Earnings Trend: KZR is unprofitable, and losses have increased over the past 5 years at a rate of 5.9% per year.

Accelerating Growth: Unable to compare KZR's earnings growth over the past year to its 5-year average as it is currently unprofitable

Earnings vs Industry: KZR is unprofitable, making it difficult to compare its past year earnings growth to the Biotechs industry (31.5%).

Return on Equity

High ROE: KZR has a negative Return on Equity (-69.34%), as it is currently unprofitable.

Return on Assets

Return on Capital Employed

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Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2026/05/13 08:36
End of Day Share Price 2026/05/08 00:00
Earnings2026/03/31
Annual Earnings2025/12/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

PackageDataTimeframeExample US Source *
Company Financials10 years
  • Income statement
  • Cash flow statement
  • Balance sheet
Analyst Consensus Estimates+3 years
  • Forecast financials
  • Analyst price targets
Market Prices30 years
  • Stock prices
  • Dividends, Splits and Actions
Ownership10 years
  • Top shareholders
  • Insider trading
Management10 years
  • Leadership team
  • Board of directors
Key Developments10 years
  • Company announcements

* Example for US securities, for non-US equivalent regulatory forms and sources are used.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.

Analyst Sources

Kezar Life Sciences, Inc. is covered by 4 analysts. 1 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
Maurice RaycroftJefferies LLC
Philip NadeauTD Cowen
Derek ArchilaWells Fargo Securities, LLC