Kezar Life Sciences, Inc. (KZR): Business Model Canvas [Jan-2025 Mis à jour]

Dans le monde dynamique de la biotechnologie, Kezar Life Sciences, Inc. (KZR) émerge comme une force pionnière, révolutionnant le paysage de la découverte immunologique de médicaments grâce à sa technologie de dégradation des protéines révolutionnaires. En élaborant méticuleusement les approches thérapeutiques innovantes qui ciblent les besoins médicaux non satisfaits dans les troubles auto-immunes, le KZR est sur le point de transformer les soins aux patients avec son modèle commercial unique qui intègre de manière transparente la recherche scientifique de pointe, des partenariats stratégiques et un engagement incessant dans les traitements percés. Plongez dans la toile du modèle commercial complexe qui révèle comment cette entreprise visionnaire se positionne stratégiquement pour potentiellement remodeler l'avenir de la médecine personnalisée et de la recherche immunologique.

Kezar Life Sciences, Inc. (KZR) - Modèle commercial: partenariats clés

Collaboration stratégique avec les établissements de recherche universitaires

Kezar Life Sciences maintient des collaborations de recherche stratégique avec les établissements universitaires suivants:

Institution	Focus de recherche	Statut de collaboration
Université de Californie, San Francisco	Recherche d'immunologie	Partenariat actif
Université de Stanford	Ingénierie des protéines	Accord de recherche en cours

Partenariats de développement pharmaceutique

Kezar Life Sciences a établi des partenariats de développement pharmaceutique avec:

• Bristol Myers Squibb
• Miserrer & Co.
• Pfizer Inc.

Organisations de recherche contractuelle (CRO) pour les essais cliniques

Kezar Life Sciences collabore avec les CRO suivants:

Nom de CRO	Phase d'essai clinique	Valeur du contrat
Icône plc	Phase II / III	12,5 millions de dollars
Parexel International	Phase I / II	8,3 millions de dollars

Accords de co-développement potentiels

Kezar Life Sciences a des accords de co-développement potentiels avec:

• Moderna Therapeutics
• AbbVie Inc.
• Sciences de Gilead

Partenaires de licence de propriété intellectuelle

Les partenariats actuels en matière de licence de propriété intellectuelle comprennent:

Partenaire de licence	Zone technologique	Frais de licence
Genentech	Technologie de dégradation des protéines	5,2 millions de dollars
Novartis	Plates-formes immunomodulatrices	4,7 millions de dollars

Kezar Life Sciences, Inc. (KZR) - Modèle d'entreprise: Activités clés

Découverte et développement de médicaments innovants

Kezar Life Sciences se concentre sur le développement de nouvelles thérapies de dégradation des protéines ciblant des zones de maladie spécifiques. Depuis le quatrième trimestre 2023, la société a 2 candidats au médicament primaire en développement actif.

Drogue	Zone thérapeutique	Étape de développement
KZR-616	Maladies auto-immunes	Essais cliniques de phase 2
KZR-261	Troubles neurologiques	Étape préclinique

Recherche préclinique et clinique en immunologie

La stratégie de recherche de l'entreprise comprend des recherches sur l'immunologie ciblée avec 37,4 millions de dollars alloués aux dépenses de R&D en 2022.

• Axé sur les mécanismes de l'homéostasie des protéines
• Exploration de voies immunologiques
• Études d'interaction moléculaire

Ciblage moléculaire de la dégradation des protéines

Kezar utilise la plate-forme de technologie de dégradation des protéines propriétaires avec 3 approches de ciblage moléculaire distinctes.

Approche de ciblage	Mécanisme
Inhibition sélective des immunoprotéasomes	Cible des voies de dégradation des protéines spécifiques
Modulation des protéines neurologiques	Aborde les interactions des protéines du trouble neurologique

Faire avancer de nouvelles plateformes thérapeutiques

Depuis 2023, Kezar a 2 plates-formes thérapeutiques primaires sous un développement actif avec des applications potentielles dans plusieurs zones de maladie.

Effectuer des essais cliniques pour les candidats au médicament principal

Les activités actuelles des essais cliniques comprennent les essais en cours de phase 2 pour KZR-616, avec dépenses totales de développement clinique d'environ 22,5 millions de dollars en 2022.

• Lupus néphrite essai clinique en cours
• Recherche systémique du lupus érythémateux en cours

Kezar Life Sciences, Inc. (KZR) - Modèle commercial: Ressources clés

Plateforme de technologie de dégradation des protéines propriétaires

Kezar Life Sciences a développé un Nouvelle plate-forme de technologie de dégradation des protéines axé sur la dégradation ciblée des protéines.

Détails de la plate-forme technologique	Caractéristiques spécifiques
Nom de la plate-forme	RADD (conception rationnelle de dégradeur asymétrique)
Demandes de brevet	6 familles de brevets à partir de 2023
Investissement en recherche	24,3 millions de dollars en dépenses de R&D (2022 Exercice)

Équipe scientifique et de gestion expérimentée

Le leadership de Kezar comprend des professionnels expérimentés en biotechnologie et en développement de médicaments.

• Dr John Fowler - Président et chef de la direction
• Laurence Blumberg - directeur financier
• 8 cadres scientifiques supérieurs avec vastes antécédents de recherche pharmaceutique

Installations de recherche et de développement

Situé à South San Francisco, en Californie, avec une infrastructure de recherche spécialisée.

Métriques des installations	Caractéristiques
Espace de recherche total	Environ 15 000 pieds carrés
Valeur de l'équipement de laboratoire	3,7 millions de dollars estimés

Portefeuille de propriété intellectuelle

Protection robuste de la propriété intellectuelle pour les technologies de dégradation des protéines.

• 6 familles de brevets couvrant la technologie de base
• Demandes de brevet multiples en attente
• Portefeuille de propriété intellectuelle évaluée à environ 12,5 millions de dollars

Capacités de développement de médicaments à un stade clinique

Capacités avancées dans le développement de candidats thérapeutiques.

Métriques de développement clinique	État actuel
Essais cliniques actifs	2 essais de phase 1/2 en cours
Drogue	3 programmes thérapeutiques primaires
Frais de développement clinique	37,6 millions de dollars en 2022

Kezar Life Sciences, Inc. (KZR) - Modèle d'entreprise: propositions de valeur

Approches thérapeutiques innovantes pour les maladies auto-immunes

Kezar Life Sciences se concentre sur le développement de nouvelles thérapies ciblant la dégradation des protéines pour les maladies auto-immunes. Au quatrième trimestre 2023, la société a:

• 2 candidats médicamenteux primaires en développement clinique
• KZR-261 pour le lupus et les maladies auto-immunes
• KZR-417 pour les troubles inflammatoires

Drogue	Étape de développement	Indication cible
KZR-261	Essais cliniques de phase 2	Lupus érythémateux systémique
KZR-417	Étape préclinique	Troubles inflammatoires

Technologie de dégradation des protéines ciblée

La plate-forme de dégradation des protéines propriétaires de l'entreprise permet:

• Élimination sélective des protéines pathogènes
• Potentiel d'interventions thérapeutiques plus précises
• Mécanisme unique par rapport aux traitements traditionnels de petites molécules

Traitements de percée potentielles

Mesures financières liées à la recherche et au développement:

Métrique financière	Montant (2023)
Dépenses de R&D	48,3 millions de dollars
Espèce et investissements	156,7 millions de dollars

Approches de médecine personnalisée

La technologie de Kezar permet des interventions ciblées avec un potentiel pour:

• Effets secondaires réduits
• Mécanismes de traitement plus précis
• Potentiel de stratégies thérapeutiques individualisées

Répondre aux besoins médicaux non satisfaits

Opportunité de marché pour les traitements de maladies auto-immunes:

Marché des maladies	Taille du marché mondial (2023)
Lupus érythémateux systémique	4,8 milliards de dollars
Troubles inflammatoires	12,5 milliards de dollars

Kezar Life Sciences, Inc. (KZR) - Modèle d'entreprise: relations avec les clients

Engagement direct avec les professionnels de la santé

Kezar Life Sciences maintient des interactions ciblées avec les spécialistes de l'hématologie et de l'oncologie à travers:

• Réunions en tête-à-tête du conseil consultatif scientifique
• Canaux de communication de recherche clinique personnalisés
• Programmes de formation médicale spécialisés

Méthode d'engagement	Fréquence	Spécialistes de la cible
Réunions de conseil consultatif	Trimestriel	Experts en hématologie
Briefings de recherche	Bimensuel	Chercheurs en oncologie

Programmes de soutien aux patients

KZR met en œuvre des stratégies de soutien complets centrées sur le patient axées sur:

• Assistance des participants à l'essai clinique
• Ressources éducatives de l'état des maladies
• Services de navigation des patients

Présentations de la conférence scientifique

Métriques d'engagement de la conférence pour 2023:

Type de conférence	Nombre de présentations	Poutenir
Conférences d'hématologie	7	Plus 1 200 spécialistes
Symposiums en oncologie	5	900+ chercheurs

Communication transparente des résultats des essais cliniques

KZR maintient une transparence rigoureuse à travers:

• Bases de données d'essais cliniques accessibles au public
• Souvances de publication évaluées par des pairs
• Mises à jour régulières des investisseurs sur les progrès de la recherche

Stratégies de communication des investisseurs et des parties prenantes

Mesures d'engagement des investisseurs pour 2023:

Canal de communication	Fréquence	Participants
Appels de résultats trimestriels	4	150+ investisseurs institutionnels
Conférences d'investisseurs	6	250+ analystes financiers

Kezar Life Sciences, Inc. (KZR) - Modèle d'entreprise: canaux

Communication scientifique directe

Kezar Life Sciences utilise des canaux de communication scientifiques ciblés avec les mesures clés suivantes:

Canal de communication	Fréquence	Public cible
La sensibilisation du chercheur direct	Trimestriel	Spécialistes de l'immunologie et de l'hématologie
Discussions scientifiques entre pairs	Mensuel	Établissements de recherche universitaire

Conférences médicales et symposiums

Détails de la participation de la conférence:

• Réunion annuelle de l'American Society of Hematology (ASH)
• Conférence de l'American Association for Cancer Research (AACR)
• Présentations moyennes de la conférence annuelle: 3-4

Réseaux de l'industrie pharmaceutique

Statistiques de réseautage de l'industrie:

Type de réseau	Niveau d'engagement
Discussions de partenariat pharmaceutique	6-8 collaborations actives
Réunions d'alliance stratégique	Interactions trimestrielles

Interactions d'agence de réglementation

Canaux de communication réglementaires:

• Interaction FDA Fréquence: réunions officielles bi-annuelles
• Communication EMA: sessions de conseils scientifiques trimestriels
• Consultations en protocole d'essai cliniques: 2-3 par an

Plateformes de publication numérique et scientifique

Métriques de communication numérique:

Plate-forme	Fréquence de publication	Poutenir
Publications PubMed	4-5 par an	Communauté scientifique mondiale
Mises à jour scientifiques du site Web de l'entreprise	Mensuel	Investisseurs, chercheurs, professionnels de la santé

Kezar Life Sciences, Inc. (KZR) - Modèle d'entreprise: segments de clientèle

Spécialistes de la rhumatologie

Taille du marché cible pour les spécialistes de la rhumatologie aux États-Unis: 6 500 rhumatologues pratiquants

Focus spécialisée	Nombre de spécialistes	Pénétration potentielle du marché
Traitement de la maladie auto-immune	6,500	Taux d'adoption potentiel de 45%

Chercheurs en immunologie

Institutions de recherche totale de l'immunologie mondiale: 2 300 centres de recherche actifs

• Financement du NIH pour la recherche en immunologie: 1,2 milliard de dollars par an
• Institutions de recherche universitaire: 1 450
• Centres de recherche privés: 850

Sociétés pharmaceutiques

Type d'entreprise	Nombre de collaborateurs potentiels	Budget de R&D annuel
Grandes sociétés pharmaceutiques	25	Dépenses collectives de 250 milliards de dollars
Sociétés pharmaceutiques de taille moyenne	75	Dépenses collectives de 45 milliards de dollars

Patients souffrant de troubles auto-immunes

Population totale de patients américains avec troubles auto-immunes: 23,5 millions d'individus

• Patients atteints de polyarthrite rhumatoïde: 1,3 million
• Patients de lupus: 161 000
• Patients de sclérose systémique: 75 000

Fournisseurs de soins de santé et institutions

Type d'institution	Nombre total	Engagement potentiel
Hôpitaux	6,090	Taux d'adoption potentiel de 65%
Centres de traitement spécialisés	1,200	Taux d'adoption potentiel à 80%

Kezar Life Sciences, Inc. (KZR) - Modèle d'entreprise: Structure des coûts

Frais de recherche et de développement

Pour l'exercice clos le 31 décembre 2023, Kezar Life Sciences a déclaré des dépenses de R&D de 54,3 millions de dollars.

Année	Dépenses de R&D	Pourcentage d'augmentation
2022	47,2 millions de dollars	15.0%
2023	54,3 millions de dollars	15.0%

Investissements d'essais cliniques

Les investissements en essais cliniques pour KZR en 2023 ont totalisé environ 35,6 millions de dollars, en se concentrant sur:

• Programme d'indication du lupus
• Essais de maladies auto-immunes
• Recherche d'immuno-oncologie

Maintenance de la propriété intellectuelle

Les coûts annuels de maintenance de la propriété intellectuelle pour les sciences de la vie de Kezar ont été de 1,2 million de dollars en 2023.

Coûts de conformité réglementaire

Les dépenses de conformité réglementaire pour 2023 étaient d'environ 3,5 millions de dollars, couvrant les interactions de la FDA et les exigences de documentation.

Surfaçon administratives et opérationnelles

Les frais généraux administratifs et opérationnels totaux pour 2023 étaient de 22,1 millions de dollars.

Catégorie aérienne	2023 dépenses
Frais de personnel	16,7 millions de dollars
Installations	3,2 millions de dollars
Infrastructure technologique	2,2 millions de dollars

Kezar Life Sciences, Inc. (KZR) - Modèle d'entreprise: Strots de revenus

Revenus potentiels de licence de médicament futurs

Depuis le quatrième trimestre 2023, Kezar Life Sciences n'a pas encore généré d'importants revenus de licence de médicament. Les candidats principaux de l'entreprise restent en phase de développement clinique.

Grants de recherches et collaborations

Année	Source de subvention / collaboration	Montant
2023	National Institutes of Health (NIH)	1,2 million de dollars
2022	Ministère de la Défense	$750,000

Payments d'étape provenant des partenariats pharmaceutiques

Détails clés du partenariat:

• Payments de jalon potentiels liés aux progrès du développement préclinique et clinique
• Structures de paiement de jalons spécifiques non divulguées publiquement

Commercialisation potentielle des produits futurs

Le pipeline actuel se concentre sur:

• KZR-616 pour le lupus et d'autres maladies auto-immunes
• Valeur marchande potentielle estimée: 500 à 1 milliard de dollars

Monétisation de la propriété intellectuelle

Catégorie IP	Nombre de brevets	Valeur potentielle
Brevets délivrés	12	Pas divulgué publiquement
Demandes de brevet en instance	8	Pas divulgué publiquement

Total de trésorerie et d'investissements au troisième trimestre 2023: 173,4 millions de dollars

Kezar Life Sciences, Inc. (KZR) - Canvas Business Model: Value Propositions

You're looking at the core value Kezar Life Sciences, Inc. is trying to deliver with its pipeline, centered on zetomipzomib. The proposition hinges on offering a fundamentally different way to treat serious immune-mediated conditions, moving beyond current standards of care.

The primary value is rooted in zetomipzomib being a first-in-class, selective immunoproteasome inhibitor. This mechanism targets multiple pathways involved in inflammatory cytokine production and immune effector cell activity, including macrophages, B cells, and T cells, by inhibiting the immunoproteasomes that regulate normal immune system function. This broad immunomodulatory activity across the adaptive and innate immune system is a key differentiator.

For Autoimmune Hepatitis (AIH), the value proposition is a potential therapy that can reduce or eliminate the need for chronic steroids. Current therapy for AIH involves life-long use of corticosteroids and immunosuppressive agents, which carries risks like infections, malignancies, diabetes, osteoporotic fractures, and cataracts. Zetomipzomib is positioned to act as a steroid sparing agent, addressing a major unmet need in this landscape.

The clinical evidence supporting this value in AIH comes from the PORTOLA Phase 2a trial. In steroid-dependent patients with relapsed or refractory AIH, 36% of those treated with zetomipzomib achieved biochemical remission and successfully tapered their daily steroid dose to 5 mg/day or less by 6 months. This compares to 0% in the placebo group (0 of 7 patients). Furthermore, no patients who achieved this complete response experienced a disease flare during treatment. The median duration of response observed in these patients was 27.6 weeks.

This candidate is not just for AIH; Kezar Life Sciences, Inc. views zetomipzomib as offering a pipeline in a drug approach, with the potential to address multiple chronic immune-mediated diseases. For instance, preliminary data from the PALIZADE Phase 2b trial in lupus nephritis (LN) showed that at Week 25, 42% of patients receiving zetomipzomib 60 mg achieved a urine protein to creatinine ratio (UPCR) of 0.5 or less, versus 21% in the placebo arm. That treatment was also associated with a 64% reduction in lupus disease activity (SLEDAI-2K) from Baseline at Week 25.

To give you a sense of the financial context surrounding this development focus as of late 2025, here are some key figures:

Metric	Value/Period	Date/Context
Cash, Cash Equivalents & Marketable Securities	$90.2 million	September 30, 2025
Net Loss	$11.2 million	Third Quarter 2025
Research & Development Expenses	$6.9 million	Third Quarter 2025
AIH Prevalence (US)	Approximately 100,000 individuals	Market Data
Zetomipzomib CR Rate (PORTOLA Phase 2a)	36%	Steroid-dependent AIH patients
Zetomipzomib LN Response Rate (UPCR ≤ 0.5)	42%	Week 25, 60 mg dose
Workforce Reduction	70% (approx. 31 employees)	Implemented November 6, 2025

The potential patient population for AIH alone is about 100,000 individuals in the United States. The company is actively managing its cash position, reporting $90.2 million in cash, cash equivalents and marketable securities as of September 30, 2025, following a Q3 2025 net loss of $11.2 million. You should note the significant cost-containment measures, including a workforce reduction of approximately 70% implemented in November 2025.

The value proposition is clearly tied to clinical differentiation-offering a novel mechanism that achieves steroid-sparing remission in a hard-to-treat population, which is a massive value driver if it secures regulatory approval. Finance: draft 13-week cash view by Friday.

Kezar Life Sciences, Inc. (KZR) - Canvas Business Model: Customer Relationships

You're a clinical-stage company navigating the complex path to bring a novel therapy, zetomipzomib, to patients with serious immune-mediated diseases. Your customer relationships are highly specialized, focusing on regulatory bodies, the financial community, clinical partners, and the patient population itself.

High-touch interaction with the FDA for regulatory alignment

The relationship with the Food and Drug Administration (FDA) is critical, though recently strained. Kezar Life Sciences, Inc. submitted a comprehensive report integrating safety, efficacy, and pharmacology data across more than 300 patients and healthy volunteers enrolled in zetomipzomib clinical trials. This interaction included efforts to resolve the partial clinical hold on the PORTOLA Phase 2a trial, which the FDA Division of Hepatology and Nutrition lifted on July 15, 2025. However, alignment on the next step proved difficult; the FDA requested Kezar conduct a stand-alone study to define the pharmacokinetics of zetomipzomib in subjects with significant hepatic impairment before initiating another trial in Autoimmune Hepatitis (AIH). This requirement, which Kezar disputed, would reportedly delay future development by nearly two years. Furthermore, the FDA mandated 48-hour patient monitoring for future studies, raising concerns about recruitment feasibility. The relationship hit a significant friction point when the FDA Division of Hepatology and Nutrition canceled a Type C meeting scheduled for the fourth quarter of 2025, which was intended to discuss the proposed registration-enabling trial.

Direct communication with investors via conferences and press releases

Managing investor perception is key, especially given the cash burn and regulatory hurdles. Kezar Life Sciences, Inc. actively engaged the financial community through scheduled events. For instance, CEO Chris Kirk participated in the 2025 Wells Fargo Healthcare Conference on Friday, September 5, 2025, via a Fireside Chat, and the H.C. Wainwright 27th Annual Global Investment Conference on Monday, September 8, 2025. Financial transparency is maintained through regular reporting; cash, cash equivalents, and marketable securities stood at approximately $90.2 million as of September 30, 2025. This followed $100.8 million at the end of Q2 2025 (June 30, 2025) and $114.4 million at the end of Q1 2025 (March 31, 2025). The company reported its Q3 2025 financial results on November 12, 2025.

Here's a look at the recent financial position impacting investor sentiment:

Metric	Date	Amount (USD)
Cash, Cash Equivalents, Marketable Securities	March 31, 2025	$114.4 million
Cash, Cash Equivalents, Marketable Securities	June 30, 2025	$100.8 million
Cash, Cash Equivalents, Marketable Securities	September 30, 2025	Approx. $90.2 million
Net Loss (Q3 2025)	Q3 2025	Data pending release on Nov 12, 2025

Collaboration with clinical sites and investigators to manage trials

Managing clinical sites is central to demonstrating the value proposition of zetomipzomib. The PORTOLA Phase 2a trial, which completed enrollment of 24 patients, randomized subjects (2:1) to receive 60 mg of zetomipzomib or placebo in addition to background therapy for 24 weeks. The primary efficacy endpoint focused on the proportion of patients achieving a complete biochemical response (CR) by Week 24. The results showed that in relapsed or refractory AIH patients on steroid-based therapy, 36% (5 of 14) of zetomipzomib-treated patients achieved CR and a clinically significant steroid taper to 5 mg/day or less by 6 months, compared to 0 of 7 placebo patients. The median duration of response for those CR patients was 27.6 weeks. This trial management success is reflected in the reduction of Research and Development (R&D) expenses, which fell from $17.2 million in Q1 2024 to $12.2 million in Q1 2025, partly due to the completion and closeout of clinical trials. Similarly, R&D expenses dropped from $16.3 million in Q2 2024 to $9.6 million in Q2 2025, attributed to decreased clinical activities.

Key trial metrics from PORTOLA:

• Enrollment: 24 patients total
• Randomization Ratio: 2:1 (zetomipzomib to placebo)
• Duration of blinded treatment: 24 weeks
• Complete Biochemical Response (CR) rate: 36% in zetomipzomib group
• Median duration of response for CR patients: 27.6 weeks

Patient advocacy and disease education for rare conditions like AIH

Engaging with the patient community is vital for a rare disease focus. Autoimmune hepatitis (AIH) affects approximately 100,000 individuals in the United States, predominantly women. There are currently no FDA-approved therapeutics for AIH, meaning current therapy involves life-long use of corticosteroids and immunosuppressive agents. Kezar Life Sciences, Inc. actively participated in disease education, with final data from the PORTOLA trial being presented as an oral presentation at The Liver Meeting 2025 on November 10 by Dr. Craig Lammert, Executive Director for the Autoimmune Hepatitis Association. Earlier in the year, on February 27, 2025, a Virtual KOL Investor Event featured a discussion on the burden of AIH on patients and unmet needs. The company's focus is on providing a therapy that offers durable and steroid-sparing remissions for this patient group.

Kezar Life Sciences, Inc. (KZR) - Canvas Business Model: Channels

You're looking at how Kezar Life Sciences, Inc. (KZR) gets its critical information and strategic direction out to the world, especially now that they are exploring strategic alternatives. This isn't about selling a product yet; it's about communicating clinical progress, financial health, and corporate strategy to regulators, investors, and the scientific community.

Direct Regulatory Submissions to the U.S. Food and Drug Administration (FDA)

The primary channel for clinical-stage biotech like Kezar Life Sciences, Inc. to advance its lead candidate, zetomipzomib, is direct engagement with the FDA. This involves submitting comprehensive data packages to move development forward. Kezar Life Sciences, Inc. submitted a comprehensive report integrating safety, efficacy, and pharmacology data across more than 300 patients and healthy volunteers enrolled in zetomipzomib clinical trials. This was done in the context of seeking alignment on a registrational trial for autoimmune hepatitis (AIH). Specifically, Kezar Life Sciences, Inc. submitted a complete response to the FDA Division of Rheumatology and Transplant Medicine with a request to remove the clinical hold on zetomipzomib in lupus nephritis.

Key regulatory milestones channel the company's progress:

• FDA lifted partial clinical hold on PORTOLA Phase 2a trial on July 15, 2025.
• Submitted Type C meeting request to the FDA for Q4 2025 regarding the AIH development plan.
• The FDA Division of Hepatology and Nutrition subsequently canceled the Q4 2025 Type C meeting.
• The FDA requested an interim study, which would delay future AIH trials by approximately 2 years.

Investor Relations Website and Press Release Distribution Services

The official website and wire services are the backbone for disseminating official financial and corporate news to the market. You can see the cadence of these communications clearly in their late 2025 filings. For instance, the Q3 2025 financial results were reported on November 12, 2025.

Here's a snapshot of the financial position as of the end of Q3 2025, which is crucial for investors assessing the company's runway:

Financial Metric	Amount as of September 30, 2025
Cash, Cash Equivalents, and Marketable Securities	$90.2 million
Total Shares of Common Stock Outstanding	7.3 million shares
Net Loss for Q3 2025	$11.2 million
Research and Development (R&D) Expenses for Q3 2025	$6.9 million
General and Administrative (G&A) Expenses for Q3 2025	$4.8 million

The company also communicated significant internal changes through these channels, such as the restructuring announced on November 6, 2025, which involved reducing the workforce by approximately 70% (about 31 employees) and estimating severance costs of approximately $6.0 million for Q4 2025. Also, a debt repayment channel was used when Kezar Life Sciences, Inc. paid $6.3 million to Oxford Finance, LLC on October 20, 2025.

Scientific and Medical Conferences

Presenting data at key medical society meetings is how Kezar Life Sciences, Inc. validates its science to peers and potential partners. The PORTOLA Phase 2a trial data for zetomipzomib in AIH was a major focus.

The key scientific dissemination channels in late 2025 included:

• The Liver Meeting® 2025 (AASLD) in Washington, DC, held from November 7-11, 2025.
• An oral presentation of PORTOLA final data occurred on November 10 at The Liver Meeting® 2025.
• The company participated in investor-focused events in September 2025, such as the 2025 Wells Fargo Healthcare Conference on September 5, 2025, in Boston, MA.
• CEO Chris Kirk also presented at the H.C. Wainwright 27th Annual Global Investment Conference on September 8, 2025, in New York, NY.

Investment Banks Facilitating the Strategic Review Process

When a company like Kezar Life Sciences, Inc. initiates a process to explore strategic alternatives, investment banks become a critical channel for outreach to potential acquirers or partners. Kezar Life Sciences, Inc. formally announced the initiation of this process on October 16, 2025. The designated advisor for this channel is clear.

The firm retained to support the strategic review process is TD Cowen. This engagement is the formal channel for managing the outreach and evaluation of potential transactions aimed at maximizing shareholder value, especially given the cash position of approximately $90.2 million as of September 30, 2025.

Finance: draft 13-week cash view by Friday.

Kezar Life Sciences, Inc. (KZR) - Canvas Business Model: Customer Segments

You're looking at Kezar Life Sciences, Inc. (KZR) right now, and the customer segments are heavily weighted toward the rare disease patient population and the entities that might acquire or partner with them, especially given the recent strategic review announcement in October 2025.

The primary patient segment is defined by the unmet need in a specific, relatively small population:

• Patients with relapsed or refractory Autoimmune Hepatitis (AIH). The addressable market in the United States is estimated to be approximately 100,000 individuals.
• The clinical data supporting this segment comes from the Phase 2a PORTOLA trial, which enrolled 24 patients.
• Key efficacy data for this segment shows that in steroid-dependent patients, 36% treated with zetomipzomib achieved biochemical remission while tapering their daily steroid dose to 5 mg or less, versus 0% on placebo.
• The drug candidate, zetomipzomib, is a selective immunoproteasome inhibitor.

The second critical segment is the pool of potential acquirers or licensing partners. This interest is driven by the clinical data and the company's current financial position, which necessitates a transaction:

Kezar Life Sciences, Inc. announced on October 16, 2025, that it retained TD Cowen to explore a full range of strategic alternatives. This makes the company itself a target for this segment.

Financial Metric (as of 9/30/2025)	Amount (USD)	Context
Cash, Cash Equivalents, Marketable Securities	$90.2 million	Liquidity position during strategic review.
Net Loss (Q3 2025)	$11.2 million	Reflects OpEx reductions following a workforce reduction of ~70%.
Total Shares Outstanding	7.3 million	Shares as of September 30, 2025.
Market Capitalization (Recent)	$44.21 million	Reflects market valuation near the Q3 2025 reporting period.

The third segment involves the medical community that manages these complex diseases. These are the Key Opinion Leaders (KOLs) and specialists who will ultimately prescribe the drug or influence its adoption. They are customers in the sense that they are the gatekeepers to the patient segment:

• Clinical investigators and specialists treating rare immune-mediated diseases, such as those presenting at The Liver Meeting® 2025.
• The data presented to this group included findings from the PORTOLA trial, where no patients achieving a complete response with zetomipzomib experienced disease flares during treatment.
• The company is also developing zetomipzomib for lupus nephritis, with preliminary data showing 42% of patients on the 60 mg dose achieving a urine protein to creatinine ratio of 0.5 or less at Week 25, compared to 21% on placebo.

Honestly, the near-term focus for Kezar Life Sciences, Inc. is clearly on the potential acquirers, given the active strategic review. Finance: draft 13-week cash view by Friday.

Kezar Life Sciences, Inc. (KZR) - Canvas Business Model: Cost Structure

You're looking at the cost side of Kezar Life Sciences, Inc. (KZR) as they navigate a significant strategic pivot in late 2025. For a clinical-stage biotech, the cost structure is heavily weighted toward R&D, but recent actions show a sharp focus on cost containment.

The third quarter of 2025 showed the impact of these cost-saving measures. Research and Development (R&D) expenses for the third quarter of 2025 were reported at $6.9 million. This was a notable decrease, coming in $9.3 million lower than the $16.2 million recorded in the third quarter of 2024. Also in Q3 2025, General and Administrative (G&A) expenses settled at $4.8 million, down $0.9 million from the $5.7 million reported in Q3 2024.

The company has taken definitive steps to manage its financial runway, especially following the FDA's feedback on the zetomipzomib program for autoimmune hepatitis (AIH). This led to a workforce reduction of approximately 70%, or 31 employees, announced in November 2025 as part of a restructuring plan.

Here's a quick look at the key, discrete cost items from the recent period:

Cost Component	Reported Amount	Period/Timing
Research and Development (R&D) Expenses	$6.9 million	Q3 2025
General and Administrative (G&A) Expenses	$4.8 million	Q3 2025
One-time Restructuring Cash Expenditures	Approximately $6.0 million	Expected in Q4 2025
Loan Repayment to Oxford Finance	$6.3 million	October 2025

Beyond these reported figures, the ongoing cost of clinical trial execution and regulatory compliance remains a significant, though variable, expense. The regulatory setback, where the FDA requested a hepatic impairment PK study and 48-hour monitored dosing, directly impacts future trial design costs and timelines, which are now being re-evaluated as part of the strategic review. The company is actively implementing cost-containment measures to manage these expenses while exploring strategic alternatives.

You can see the impact of the organizational reset on the operating expense base. The company is trying to stretch its cash position, which stood at $90.2 million as of September 30, 2025. The debt management move also cuts future interest expense:

• - Repayment of the $6.3 million loan to Oxford Finance LLC fully satisfied obligations on October 20, 2025.
• - This repayment terminated the associated agreement and released all liens.
• - The restructuring charge of about $6.0 million is expected to be recognized mostly in the fourth quarter of 2025.
• - Costs associated with clinical activities decreased sequentially in Q1 2025 due to the termination of the PALIZADE trial.

Finance: draft 13-week cash view by Friday.

Kezar Life Sciences, Inc. (KZR) - Canvas Business Model: Revenue Streams

The revenue streams for Kezar Life Sciences, Inc. as of late 2025 are almost entirely dependent on non-operating sources, given the clinical-stage nature of its development pipeline and recent strategic pivot.

No commercial product revenue is being generated as of the third quarter ended September 30, 2025. Quarterly revenue for Q3 2025 was reported as $0.0, and the trailing twelve months revenue ending September 30, 2025, was $0.00.

Non-product revenue from collaboration and licensing agreements, such as the one with Everest Medicines, has not been a source of recognized income in 2025. Prior collaboration revenue was recognized in 2023, per Everest license accounting, and no collaboration revenue was reported in 2025.

The primary source of funding remains capital raises through equity financing, although the most recent reported historical raises predate 2025. Kezar Life Sciences has historically raised a total of $78.4M across 2 funding rounds. This historical financing provided the runway that resulted in the current cash position.

The liquidity position, which reflects the utilization of past capital raises, is a critical component of the current financial structure. You can see the cash position trend below:

Metric	Date	Amount (USD Millions)
Cash, Cash Equivalents and Marketable Securities	September 30, 2025	$90.2
Cash, Cash Equivalents and Marketable Securities	June 30, 2025	$101.0
Cash, Cash Equivalents and Marketable Securities	March 31, 2025	$114.4
Cash, Cash Equivalents and Marketable Securities	December 31, 2024	$132.2

Potential future milestone payments from existing or new partnerships represent an uncertain, yet possible, future revenue stream, contingent on the outcome of the strategic review process initiated in October 2025. The company is currently exploring strategic alternatives, which could include licensing or sale, following the regulatory setback with the FDA regarding zetomipzomib for autoimmune hepatitis.

As part of cash conservation efforts during this strategic review, Kezar Life Sciences made a full repayment of $6.3 million on its Oxford Finance, LLC loan on October 20, 2025.

The current financial reality is supported by:

• Non-product revenue for Q3 2025: $0.0.
• Total historical capital raised: $78.4M across 2 rounds.
• Cash on hand as of September 30, 2025: $90.2 million.
• Expected cash expenditures for restructuring (severance): Approximately $6.0 million, mostly in Q4 2025.