Estados financieros detallados de Kezar Life Sciences, Inc. (KZR): cuenta de resultados, balance general y flujo de caja. Sigue la evolución de márgenes, deuda, liquidez y rentabilidad año a año con hasta 20 años de histórico.
Resumen del Análisis
Márgenes de los últimos 12 meses: margen bruto 0.0%, margen operativo 0.0%, margen neto 0.0%.
Al precio actual de $7.29, KZR presenta beneficios negativos (P/E no significativo) y un ROE del -79.96%. La capitalización bursátil es de $54M.
Cuenta de Resultados (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Ingresos | 0 | 0 | 0 | 0 | 0 | 0 | 0 | $7.0M | 0 | 0 |
| Coste de Ventas | $154000 | $175000 | $690000 | $1.3M | $1.5M | $1.5M | 0 | 0 | 0 | $897000 |
| Beneficio Bruto | -$154000 | -$175000 | -$690000 | -$1.3M | -$1.5M | -$1.5M | 0 | $7.0M | 0 | -$897000 |
| I+D | $7.4M | $6.5M | $18.1M | $28.0M | $31.0M | $38.9M | $51.0M | $85.7M | $65.7M | $33.8M |
| Generales y Administrativos | $1.6M | $2.3M | $6.6M | $8.7M | $10.4M | $15.7M | $20.2M | $26.5M | $23.4M | $18.5M |
| Gastos Operativos | $9.0M | $8.7M | $24.7M | $36.7M | $41.5M | $53.1M | $71.2M | $118.4M | $90.6M | $51.4M |
| Beneficio Operativo | -$9.0M | -$8.7M | -$24.7M | -$38.0M | -$43.0M | -$54.7M | -$71.2M | -$111.4M | -$90.6M | -$52.3M |
| EBITDA | -$8.8M | -$8.3M | -$22.5M | -$34.4M | -$40.3M | -$53.0M | -$66.0M | -$99.3M | -$81.1M | -$51.4M |
| Gastos por Intereses | 0 | 0 | 0 | 0 | 0 | $159000 | $1.2M | $1.6M | $1.6M | 0 |
| Beneficio Antes de Impuestos | -$9.0M | -$8.5M | -$23.2M | -$35.7M | -$41.8M | -$54.6M | -$68.2M | -$101.9M | -$83.7M | -$56.0M |
| Impuestos | 0 | 0 | 0 | -$635000 | -$58000 | 0 | 0 | 0 | 0 | 0 |
| Beneficio Neto | -$9.0M | -$8.5M | -$23.2M | -$35.1M | -$41.7M | -$54.6M | -$68.2M | -$101.9M | -$83.7M | -$56.0M |
| BPA | $-0.69 | $-0.65 | $-1.22 | $-1.65 | $-0.95 | $-1.04 | $-1.01 | $-1.40 | $-1.15 | $-7.66 |
| BPA Diluido | $-0.69 | $-0.65 | $-1.22 | $-1.65 | $-0.95 | $-1.04 | $-1.01 | $-1.40 | $-1.15 | $-7.66 |
| Acciones en Circulación (Diluidas) | $13.0M | $13.0M | $19.0M | $19.1M | $44.0M | $52.8M | $67.4M | $72.6M | $72.9M | $7.3M |
Cuenta de Resultados (Trimestral)
| Año | 2025-Q2 | 2025-Q3 | 2025-Q4 | 2026-Q1 |
|---|
| Ingresos | 0 | 0 | 0 | 0 |
| Beneficio Bruto | 0 | 0 | -$176000 | 0 |
| Beneficio Operativo | -$14.6M | -$11.7M | -$8.3M | -$7.4M |
| EBITDA | -$13.2M | -$10.5M | -$8.2M | $47000 |
| Beneficio Neto | -$13.7M | -$11.2M | -$14.5M | -$5.8M |
| BPA | $-1.87 | $-1.53 | $-1.99 | $-0.78 |
| BPA Diluido | $-1.87 | $-1.53 | $-1.99 | $-0.78 |
Balance (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Caja y Equivalentes | $9.7M | $51.0M | $24.2M | $15.0M | $21.2M | $62.9M | $40.5M | $35.5M | $41.7M | $71.9M |
| Inversiones a Corto | 0 | 0 | $83.2M | $63.3M | $119.2M | $145.5M | $236.1M | $165.9M | $90.5M | 0 |
| Cuentas por Cobrar | 0 | 0 | 0 | $642000 | $766000 | 0 | 0 | $2.3M | $424000 | $1.9M |
| Inventario | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Activos Corrientes | $10.5M | $52.3M | $109.8M | $81.1M | $144.8M | $211.7M | $285.7M | $206.9M | $137.5M | $75.7M |
| Inmovilizado Material | $862000 | $1.5M | $4.6M | $8.1M | $6.7M | $6.0M | $13.2M | $8.7M | $4.8M | $915000 |
| Fondo de Comercio | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Activos Intangibles | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Activos Totales | $11.4M | $54.2M | $114.7M | $89.5M | $151.8M | $217.9M | $299.6M | $221.2M | $144.7M | $76.6M |
| Cuentas por Pagar | $466000 | $547000 | $193000 | $823000 | $2.4M | $2.0M | $2.5M | $8.3M | $3.7M | $507000 |
| Deuda a Corto | 0 | 0 | 0 | $900000 | $1.0M | 0 | 0 | 0 | $5.2M | 0 |
| Pasivos Corrientes | $651000 | $1.5M | $3.3M | $6.0M | $6.4M | $8.2M | $11.0M | $17.7M | $20.3M | $6.6M |
| Deuda a Largo | 0 | 0 | 0 | 0 | 0 | $9.6M | $9.8M | $10.1M | $5.1M | 0 |
| Pasivos Totales | $28.9M | $79.9M | $5.9M | $11.5M | $10.9M | $21.1M | $29.7M | $33.7M | $27.8M | $6.6M |
| Reservas | -$17.5M | -$26.0M | -$49.2M | -$84.3M | -$126.0M | -$180.7M | -$248.9M | -$350.8M | -$434.5M | -$490.5M |
| Patrimonio Neto | -$17.4M | -$25.7M | $108.8M | $78.0M | $141.0M | $196.9M | $269.9M | $187.6M | $116.9M | $70.1M |
| Deuda Total | 0 | 0 | 0 | $6.4M | $5.5M | $14.0M | $21.3M | $18.9M | $16.2M | $2.3M |
| Deuda Neta | -$9.7M | -$51.0M | -$107.4M | -$71.8M | -$135.0M | -$194.3M | -$255.3M | -$182.4M | -$116.1M | -$69.6M |
| Capital Circulante | $9.8M | $50.8M | $106.5M | $75.1M | $138.4M | $203.4M | $274.7M | $189.2M | $117.2M | $69.2M |
Balance (Trimestral)
| Año | 2025-Q2 | 2025-Q3 | 2025-Q4 | 2026-Q1 |
|---|
| Caja y Equivalentes | $34.4M | $38.9M | $71.9M | $66.2M |
| Activos Totales | $109.1M | $97.7M | $76.6M | $68.0M |
| Pasivos Totales | $17.3M | $14.8M | $6.6M | $2.8M |
| Patrimonio Neto | $91.8M | $83.0M | $70.1M | $65.2M |
| Deuda Total | $12.1M | $9.9M | $2.3M | $1.4M |
Flujo de Caja (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Beneficio Neto | -$9.0M | -$8.5M | -$23.2M | -$35.1M | -$41.7M | -$54.6M | -$68.2M | -$101.9M | -$83.7M | -$56.0M |
| Amortizaciones | $154000 | $175000 | $690000 | $1.3M | $1.5M | $1.5M | $1.0M | $1.1M | $1.0M | -$1.1M |
| Compensación en Acciones | $128000 | $203000 | $2.0M | $4.0M | $4.9M | $7.6M | $14.0M | $18.1M | $13.0M | $9.0M |
| Cambio en Capital Circulante | -$1.1M | $30000 | $62000 | $881000 | -$2.0M | $1.2M | -$4.5M | $4.7M | -$1.3M | -$5.4M |
| Flujo de Caja Operativo | -$9.8M | -$8.1M | -$20.8M | -$29.9M | -$36.9M | -$42.4M | -$58.8M | -$81.6M | -$74.2M | -$51.8M |
| Inversiones (CapEx) | -$132000 | -$389000 | -$1.1M | -$607000 | -$194000 | -$316000 | -$1.6M | -$1.8M | -$29000 | -$8000 |
| Adquisiciones | 0 | 0 | $10000 | -$21026 | $56304 | $28128 | $89814 | 0 | 0 | $121000 |
| Recompra de Acciones | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividendos Pagados | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Flujo de Caja Libre | -$9.9M | -$8.5M | -$21.9M | -$30.5M | -$37.1M | -$42.8M | -$60.4M | -$83.5M | -$74.2M | -$51.8M |
Flujo de Caja (Trimestral)
| Año | 2025-Q2 | 2025-Q3 | 2025-Q4 | 2026-Q1 |
|---|
| Flujo de Caja Operativo | -$12.8M | -$9.8M | -$12.0M | -$7.4M |
| Inversiones (CapEx) | 0 | 0 | 0 | 0 |
| Flujo de Caja Libre | -$12.8M | -$9.8M | -$12.0M | -$7.4M |
| Dividendos Pagados | 0 | 0 | 0 | 0 |
| Compensación en Acciones | $2.4M | $2.1M | $1.6M | $653000 |
Crecimiento y Márgenes (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Crecimiento Ingresos (anual) | | | | | | | | | -100.0% | |
| Crecimiento Beneficio Neto (anual) | | +5.3% | -172.0% | -51.5% | -19.0% | -30.9% | -24.9% | -49.3% | +17.8% | +33.1% |
| Crecimiento BPA (anual) | | +5.8% | -87.7% | -35.2% | +42.4% | -9.5% | +2.9% | -38.6% | +17.9% | -566.1% |
| Cambio en Acciones (anual) | | +0.0% | +46.1% | +0.3% | +130.6% | +19.9% | +27.7% | +7.7% | +0.5% | -90.0% |
| Crecimiento FCF (anual) | | +14.1% | -157.8% | -39.1% | -21.8% | -15.1% | -41.3% | -38.1% | +11.0% | +30.2% |
| Margen Bruto | | | | | | | | 100.0% | | |
| Margen Operativo | | | | | | | | -1591.8% | | |
| Margen EBITDA | | | | | | | | -1417.9% | | |
| Margen Neto | | | | | | | | -1455.3% | | |
| Margen FCF | | | | | | | | -1192.2% | | |
| Tasa Impositiva Efectiva | -0.0% | -0.0% | -0.0% | 1.8% | 0.1% | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% |
Datos por Acción (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| FCF por Acción | $-0.76 | $-0.65 | $-1.15 | $-1.60 | $-0.84 | $-0.81 | $-0.90 | $-1.15 | $-1.02 | $-7.08 |
| Dividendo por Acción | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Acciones en Circulación (Básicas) | $13.0M | $13.0M | $19.0M | $19.1M | $44.0M | $52.8M | $67.4M | $72.6M | $72.9M | $7.3M |
Qué mirar en Biotech
La mayoría de biotechs pequeñas pierden dinero. Analizarlas con P/E no tiene sentido — mira caja y pipeline.
- Cash Runway — Meses de caja al ritmo de gasto actual. <18 meses = riesgo de dilución urgente
- Cash burn anual — Ritmo al que queman caja operativa. Comparar con posición de caja para proyectar runway
- Total Debt — Biotech sin ingresos + deuda = receta para bancarrota
- I+D / Capitalización — Cuánto invierten en pipeline vs lo que vale la empresa — indicador de intensidad investigadora
- Market cap / Cash — Si cotiza cerca de su caja, el mercado le da ~0 valor al pipeline — puede ser oportunidad o trampa
Rentabilidad
| Rentabilidad sobre capital | -79.96% |
| Rentabilidad sobre capital invertido | -72.20% |
| Rentabilidad sobre activos | -73.11% |
| Margen bruto | 0.00% |
| Margen operativo | 0.00% |
| Margen neto | 0.00% |
Salud financiera
| Deuda / Patrimonio | 0.02 |
| Ratio corriente | 24.46 |
| Piotroski F-Score | 5 |
| Altman Z-Score | -5.93 |
Ratios Clave (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| P/E | -2572.46 | -2730.77 | -1934.43 | -243.03 | -549.47 | -1607.69 | -697.03 | -67.64 | -5.84 | -0.82 |
| P/VC | -1326.11 | -899.73 | 412.66 | 98.05 | 162.93 | 448.07 | 175.74 | 36.63 | 4.19 | 0.66 |
| P/V | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 981.55 | 0.00 | 0.00 |
| Margen Bruto | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 100.0% | 0.0% | 0.0% |
| Margen Operativo | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | -1591.8% | 0.0% | 0.0% |
| Margen Neto | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | -1455.3% | 0.0% | 0.0% |