Kezar Life Sciences Files 2023 Annual Report on Form 10-K

TL;DR

<b>Kezar Life Sciences, Inc. has filed its annual 10-K report for the fiscal year ended December 31, 2023, detailing its financial status and business operations.</b>

AI Summary

Kezar Life Sciences, Inc. (KZR) filed a Annual Report (10-K) with the SEC on March 14, 2024. Kezar Life Sciences, Inc. filed its 10-K report for the fiscal year ending December 31, 2023. The company is incorporated in Delaware and headquartered in South San Francisco, California. The filing references various financial instruments and agreements, including 'At The Market' agreements and loan agreements with Oxford Finance LLC. Key dates mentioned include fiscal year end (1231) and filing dates (2024-03-14). The SIC code for Kezar Life Sciences is 2834, Pharmaceutical Preparations.

Why It Matters

For investors and stakeholders tracking Kezar Life Sciences, Inc., this filing contains several important signals. This 10-K filing provides a comprehensive overview of Kezar Life Sciences' financial performance, operational activities, and risk factors for the fiscal year 2023, which is crucial for investors to assess the company's current standing and future prospects. The detailed financial data and disclosures within the 10-K are essential for understanding the company's financial health, including its assets, liabilities, equity, and any significant transactions or agreements entered into during the reporting period.

Risk Assessment

Risk Level: medium — Kezar Life Sciences, Inc. shows moderate risk based on this filing. The filing is a standard 10-K, which is a routine annual report. However, the nature of the pharmaceutical industry and the company's stage of development inherently carry medium-to-high risks related to research, development, regulatory approval, and market adoption, though specific details on these risks are not elaborated in the provided snippet.

Analyst Insight

Investors should review the full 10-K filing to understand Kezar Life Sciences' financial position, operational risks, and strategic initiatives for 2023.

Key Numbers

• 2023-12-31 — Fiscal Year End (Report period)
• 2024-03-14 — Filing Date (Date of submission)
• 4000 Shoreline Court, Suite 300 — Business Street Address (Kezar Life Sciences headquarters)
• 94080 — Business ZIP Code (Kezar Life Sciences headquarters)
• 650-822-5600 — Business Phone (Kezar Life Sciences contact)
• 2834 — SIC Code (Pharmaceutical Preparations)

Key Players & Entities

• Kezar Life Sciences, Inc. (company) — Filer name
• South San Francisco, California (company) — Business address
• Oxford Finance LLC (company) — Mentioned in relation to loan agreements
• 2834 (dollar_amount) — Standard Industrial Classification code
• 2023-12-31 (date) — Fiscal year end
• 2024-03-14 (date) — Filing date

FAQ

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K.
• 2024-03-14: Filing Date — Date the 10-K was officially submitted to the SEC.

Glossary

10-K

An annual report required by the U.S. Securities and Exchange Commission (SEC), which gives a comprehensive summary of a company's financial performance. (This filing provides the official annual financial and business overview for Kezar Life Sciences.)

SIC Code

Standard Industrial Classification code, used to classify businesses based on their primary activity. (Indicates Kezar Life Sciences operates in the Pharmaceutical Preparations industry (2834).)

Key Financial Figures

• $0.001 — nge on which registered Common Stock, $0.001 par value KZR The Nasdaq Stock Mark
• $5.0 million — c offering in June 2018. We have paid $5.0 million in milestone payments to date under t

Filing Documents

• kzr-20231231.htm (10-K) — 2582KB
• kzr-ex4_2.htm (EX-4.2) — 32KB
• kzr-ex10_11.htm (EX-10.11) — 19KB
• kzr-ex23_1.htm (EX-23.1) — 2KB
• kzr-ex31_1.htm (EX-31.1) — 14KB
• kzr-ex31_2.htm (EX-31.2) — 14KB
• kzr-ex32_1.htm (EX-32.1) — 9KB
• kzr-ex97_1.htm (EX-97.1) — 53KB
• img39262056_0.jpg (GRAPHIC) — 748KB
• 0000950170-24-031494.txt (&nbsp;) — 12465KB
• kzr-20231231.xsd (EX-101.SCH) — 1510KB
• kzr-20231231_htm.xml (XML) — 1988KB

Business

Business 4 Item 1A.

Risk Factors

Risk Factors 21 Item 1B. Unresolved Staff Comments 58 Item 1C. Cybersecurity 58 Item 2.

Properties

Properties 59 Item 3.

Legal Proceedings

Legal Proceedings 59 Item 4. Mine Safety Disclosures 59 PART II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 60 Item 6. [Reserved] 60 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 61 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 67 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 68 Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure 68 Item 9A.

Controls and Procedures

Controls and Procedures 68 Item 9B. Other Information 68 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 68 PART III Item 10. Directors, Executive Officers and Corporate Governance 69 Item 11.

Executive Compensation

Executive Compensation 69 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 69 Item 13. Certain Relationships and Related Transactions, and Director Independence 69 Item 14. Principal Accountant Fees and Services 69 PART IV Item 15. Exhibit and Financial Statement Schedules 70 Item 16 Form 10-K Summary 72 In this report, unless otherwise stated or the context otherwise indicates, references to "Kezar Life Sciences," "Kezar," "the Company," "we," "us," "our" and similar references refer to Kezar Life Sciences, Inc. and our wholly owned Australian subsidiary, Kezar Life Sciences Australia Pty Ltd. This report also contains registered marks, trademarks and trade names of other companies. All other trademarks, registered marks and trade names appearing in this report are the property of their respective holders. 2 Table of Contents SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS This Annual Report on Form 10-K contains forward-looking statements. In some cases, you can identify these statements by forward-looking words such as "believe," "may," "will," "estimate," "continue," "anticipate," "intend," "could," "should," "would," "potential," "project," "plan," "expect," "seek," "target" or similar expressions, or the negative or plural of these words or expressions. These forward-looking statements include statements concerning the following: our plans to develop and commercialize our product candidates; the initiation, timing, progress and expected results of our current and future clinical trials and our research and development programs; our estimates regarding expenses, future revenue, capital requirements and needs for additional financing; our ability to maintain and establish collaborations or strategic relationships or obtain additional funding; the timing and likelihood of obtaining regulatory approval of our current and future product candidates; the potential milestone and royalty payments u

B usiness

Item 1. B usiness. Overview We are a clinical-stage biotechnology company developing novel small molecule therapeutics to treat unmet needs in immune-mediated diseases and cancer. We believe therapies that inhibit multiple drivers of disease by targeting fundamental upstream control processes within the cell have the potential for profound therapeutic benefit in a number of difficult-to-treat diseases. To that end, we are advancing two drug development programs that harness different regulators of cellular function: the first targets the immunoproteasome which is responsible for protein degradation in cells of the immune system and drives many key aspects of immune cell function, and the second targets the Sec61 translocon, which is located on the endoplasmic reticulum and represents the beginning of the protein secretion pathway. Targeting these fundamental regulators of cellular function offers an attractive approach to treating many diseases. Our lead product candidate, zetomipzomib, is a first-in-class selective immunoproteasome inhibitor that has successfully completed Phase 1a testing in healthy volunteers and a Phase 1b/2a clinical trial in patients with systemic lupus erythematosus, or SLE, with or without lupus nephritis, or LN (the MISSION trial). We are now conducting PALIZADE, a global, placebo-controlled, double-blind Phase 2b clinical trial evaluating zetomipzomib in patients with LN. In addition, we are leveraging the broad therapeutic potential of zetomipzomib in other severe autoimmune diseases of high unmet medical need. Our PORTOLA trial is a placebo-controlled, double-blind Phase 2a clinical trial evaluating zetomipzomib in patients with autoimmune hepatitis, or AIH. We are also continuing to explore development opportunities for zetomipzomib in patients with SLE. Based on clinical data generated to date with zetomipzomib, we believe that zetomipzomib has the potential to address multiple chronic immune-mediated diseases. We believe that

View Full Filing

View this 10-K filing on SEC EDGAR