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Kezar Life Sciences Inc. (KZR+9.37%) has submitted its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing details the company's focus on developing zetomipzomib, a selective immunoproteasome inhibitor, for the treatment of autoimmune diseases. Kezar is prioritizing its clinical-stage assets and has halted development of its former product candidate, KZR-261.
Kezar reported a net loss of $83.7 million for the year, compared to $101.9 million in the previous year. The decrease in net loss is primarily attributed to reduced research and development expenses following a strategic restructuring.
The company recognized $7.0 million in collaboration revenue from an upfront payment under its license agreement with Everest Medicines. Future revenues may include milestone and royalty payments contingent on regulatory and commercial achievements.
Research and development expenses were $65.7 million, down from $85.7 million in 2023. The decrease was due to reduced personnel and research costs following the restructuring.
General and administrative expenses decreased to $23.4 million from $26.5 million, reflecting lower legal and professional services costs.
Kezar's cash, cash equivalents, and marketable securities totaled $132.2 million as of December 31, 2024. The company believes these funds are sufficient to meet its operating requirements for at least the next 12 months.
The company has a loan agreement with Oxford Finance, with $10.0 million drawn and no further tranches accessed. The loan is secured by all assets except intellectual property.
Kezar's strategic focus remains on advancing zetomipzomib through clinical trials for autoimmune hepatitis and potentially other immune-mediated diseases.
The company continues to explore strategic collaborations and licensing opportunities to support its development programs.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Kezar Life Sciences Inc. annual 10-K report dated March 25, 2025. To report an error, please email earnings@qz.com.