Detailed financial statements for Kezar Life Sciences, Inc. (KZR): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year with up to 20 years of history.
Kezar Life Sciences, Inc. is a United States-based clinical-stage biopharmaceutical company focused on identifying and advancing novel small molecule therapies. Its mission is to address significant unmet medical needs in both immune-mediated diseases and various forms of cancer. The company's most advanced experimental drug is KZR-616, a specialized immunoproteasome inhibitor.
Analysis Summary
Trailing-twelve-month margins: gross margin 0.0%, operating margin 0.0%, net margin 0.0%.
At the current price of $7.29, KZR has negative trailing earnings (P/E not meaningful) and an ROE of -79.96%. Market capitalisation stands at $54M.
Balance sheet quality for KZR: current ratio of 11.5, net cash position of $69.6M. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 0 | 0 | 0 | 0 | 0 | 0 | 0 | $7.0M | 0 | 0 |
| Cost of Revenue | $154000 | $175000 | $690000 | $1.3M | $1.5M | $1.5M | 0 | 0 | 0 | $897000 |
| Gross Profit | -$154000 | -$175000 | -$690000 | -$1.3M | -$1.5M | -$1.5M | 0 | $7.0M | 0 | -$897000 |
| Research & Development | $7.4M | $6.5M | $18.1M | $28.0M | $31.0M | $38.9M | $51.0M | $85.7M | $65.7M | $33.8M |
| Selling, General & Admin | $1.6M | $2.3M | $6.6M | $8.7M | $10.4M | $15.7M | $20.2M | $26.5M | $23.4M | $18.5M |
| Operating Expenses | $9.0M | $8.7M | $24.7M | $36.7M | $41.5M | $53.1M | $71.2M | $118.4M | $90.6M | $51.4M |
| Operating Income | -$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 |
| Interest Expense | 0 | 0 | 0 | 0 | 0 | $159000 | $1.2M | $1.6M | $1.6M | 0 |
| Pre-tax Income | -$9.0M | -$8.5M | -$23.2M | -$35.7M | -$41.8M | -$54.6M | -$68.2M | -$101.9M | -$83.7M | -$56.0M |
| Income Tax | 0 | 0 | 0 | -$635000 | -$58000 | 0 | 0 | 0 | 0 | 0 |
| Net Income | -$9.0M | -$8.5M | -$23.2M | -$35.1M | -$41.7M | -$54.6M | -$68.2M | -$101.9M | -$83.7M | -$56.0M |
| EPS | $-0.69 | $-0.65 | $-1.22 | $-1.65 | $-0.95 | $-1.04 | $-1.01 | $-1.40 | $-1.15 | $-7.66 |
| EPS (Diluted) | $-0.69 | $-0.65 | $-1.22 | $-1.65 | $-0.95 | $-1.04 | $-1.01 | $-1.40 | $-1.15 | $-7.66 |
| Shares Outstanding (Diluted) | $13.0M | $13.0M | $19.0M | $19.1M | $44.0M | $52.8M | $67.4M | $72.6M | $72.9M | $7.3M |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $9.7M | $51.0M | $24.2M | $15.0M | $21.2M | $62.9M | $40.5M | $35.5M | $41.7M | $71.9M |
| Short-term Investments | 0 | 0 | $83.2M | $63.3M | $119.2M | $145.5M | $236.1M | $165.9M | $90.5M | 0 |
| Receivables | 0 | 0 | 0 | $642000 | $766000 | 0 | 0 | $2.3M | $424000 | $1.9M |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | $10.5M | $52.3M | $109.8M | $81.1M | $144.8M | $211.7M | $285.7M | $206.9M | $137.5M | $75.7M |
| Property, Plant & Equipment | $862000 | $1.5M | $4.6M | $8.1M | $6.7M | $6.0M | $13.2M | $8.7M | $4.8M | $915000 |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Assets | $11.4M | $54.2M | $114.7M | $89.5M | $151.8M | $217.9M | $299.6M | $221.2M | $144.7M | $76.6M |
| Accounts Payable | $466000 | $547000 | $193000 | $823000 | $2.4M | $2.0M | $2.5M | $8.3M | $3.7M | $507000 |
| Short-term Debt | 0 | 0 | 0 | $900000 | $1.0M | 0 | 0 | 0 | $5.2M | 0 |
| Total Current Liabilities | $651000 | $1.5M | $3.3M | $6.0M | $6.4M | $8.2M | $11.0M | $17.7M | $20.3M | $6.6M |
| Long-term Debt | 0 | 0 | 0 | 0 | 0 | $9.6M | $9.8M | $10.1M | $5.1M | 0 |
| Total Liabilities | $28.9M | $79.9M | $5.9M | $11.5M | $10.9M | $21.1M | $29.7M | $33.7M | $27.8M | $6.6M |
| Retained Earnings | -$17.5M | -$26.0M | -$49.2M | -$84.3M | -$126.0M | -$180.7M | -$248.9M | -$350.8M | -$434.5M | -$490.5M |
| Total Equity | -$17.4M | -$25.7M | $108.8M | $78.0M | $141.0M | $196.9M | $269.9M | $187.6M | $116.9M | $70.1M |
| Total Debt | 0 | 0 | 0 | $6.4M | $5.5M | $14.0M | $21.3M | $18.9M | $16.2M | $2.3M |
| Net Debt | -$9.7M | -$51.0M | -$107.4M | -$71.8M | -$135.0M | -$194.3M | -$255.3M | -$182.4M | -$116.1M | -$69.6M |
| Working Capital | $9.8M | $50.8M | $106.5M | $75.1M | $138.4M | $203.4M | $274.7M | $189.2M | $117.2M | $69.2M |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | -$9.0M | -$8.5M | -$23.2M | -$35.1M | -$41.7M | -$54.6M | -$68.2M | -$101.9M | -$83.7M | -$56.0M |
| Depreciation & Amortization | $154000 | $175000 | $690000 | $1.3M | $1.5M | $1.5M | $1.0M | $1.1M | $1.0M | -$1.1M |
| Stock-based Compensation | $128000 | $203000 | $2.0M | $4.0M | $4.9M | $7.6M | $14.0M | $18.1M | $13.0M | $9.0M |
| Change in Working Capital | -$1.1M | $30000 | $62000 | $881000 | -$2.0M | $1.2M | -$4.5M | $4.7M | -$1.3M | -$5.4M |
| Operating Cash Flow | -$9.8M | -$8.1M | -$20.8M | -$29.9M | -$36.9M | -$42.4M | -$58.8M | -$81.6M | -$74.2M | -$51.8M |
| Capital Expenditure | -$132000 | -$389000 | -$1.1M | -$607000 | -$194000 | -$316000 | -$1.6M | -$1.8M | -$29000 | -$8000 |
| Acquisitions | 0 | 0 | $10000 | -$21026 | $56304 | $28128 | $89814 | 0 | 0 | $121000 |
| Stock Repurchased | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | -$9.9M | -$8.5M | -$21.9M | -$30.5M | -$37.1M | -$42.8M | -$60.4M | -$83.5M | -$74.2M | -$51.8M |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | -100.0% | |||||||||
| Net Income Growth (YoY) | +5.3% | -172.0% | -51.5% | -19.0% | -30.9% | -24.9% | -49.3% | +17.8% | +33.1% | |
| EPS Growth (YoY) | +5.8% | -87.7% | -35.2% | +42.4% | -9.5% | +2.9% | -38.6% | +17.9% | -566.1% | |
| Shares Change (YoY) | +0.0% | +46.1% | +0.3% | +130.6% | +19.9% | +27.7% | +7.7% | +0.5% | -90.0% | |
| FCF Growth (YoY) | +14.1% | -157.8% | -39.1% | -21.8% | -15.1% | -41.3% | -38.1% | +11.0% | +30.2% | |
| Gross Margin | 100.0% | |||||||||
| Operating Margin | -1591.8% | |||||||||
| EBITDA Margin | -1417.9% | |||||||||
| Net Margin | -1455.3% | |||||||||
| FCF Margin | -1192.2% | |||||||||
| Effective Tax Rate | -0.0% | -0.0% | -0.0% | 1.8% | 0.1% | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $-0.76 | $-0.65 | $-1.15 | $-1.60 | $-0.84 | $-0.81 | $-0.90 | $-1.15 | $-1.02 | $-7.08 |
| Dividends Per Share | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Shares Outstanding (Basic) | $13.0M | $13.0M | $19.0M | $19.1M | $44.0M | $52.8M | $67.4M | $72.6M | $72.9M | $7.3M |
What to look at in Biotech
Most small biotechs lose money. Analysing them with P/E makes no sense — look at cash and pipeline.
- Cash Runway — Months of cash at current burn rate. <18 months = urgent dilution risk
- Annual cash burn — Rate at which they burn operating cash. Compare with cash position to project runway
- Total Debt — Biotech with no revenue + debt = recipe for bankruptcy
- R&D / Market cap — How much they invest in pipeline vs the company value — research-intensity indicator
- Market cap / Cash — If it trades near its cash, the market assigns ~0 value to the pipeline — opportunity or trap
Profitability
| Return on Equity | -79.96% |
| Return on Invested Capital | -72.20% |
| Return on Assets | -73.11% |
| Gross Margin | 0.00% |
| Operating Margin | 0.00% |
| Net Margin | 0.00% |
Financial Health
| Debt / Equity | 0.02 |
| Current Ratio | 24.46 |
| Piotroski F-Score | 5 |
| Altman Z-Score | -5.93 |
Key Ratios (10y)
| Year | 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/B | -1326.11 | -899.73 | 412.66 | 98.05 | 162.93 | 448.07 | 175.74 | 36.63 | 4.19 | 0.66 |
| P/S | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 981.55 | 0.00 | 0.00 |
| Gross Margin | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 100.0% | 0.0% | 0.0% |
| Operating Margin | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | -1591.8% | 0.0% | 0.0% |
| Net Margin | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | -1455.3% | 0.0% | 0.0% |
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Explore sector: Healthcare · Biotechnology
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