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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Kezar Life Sciences Inc | NASDAQ:KZR | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.6942 | 0.682 | 0.70 | 0 | 01:00:00 |
Kezar Life Sciences, Inc. (Nasdaq: KZR), a clinical-stage biotechnology company discovering and developing breakthrough treatments for immune mediated and oncologic disorders, today reported financial results for the second quarter ended June 30, 2023 and provided a business update.
“This quarter, we’ve been laser-focused on executing on our three ongoing clinical trials to validate the broad potential of our product candidates,” said John Fowler, Kezar’s Co-Founder and Chief Executive Officer. “Now actively recruiting patients, our PALIZADE and PORTOLA clinical trials are designed to demonstrate zetomipzomib’s potential to be a steroid-sparing, immunomodulating treatment for multiple autoimmune conditions. Our first-in-class protein secretion inhibitor, KZR-261, continues to demonstrate a favorable safety and tolerability profile as we proceed with our dose-escalation study, and represents only the first of several potential assets generated by our Sec61 translocon inhibition platform. I commend the Kezar team for their hard work and unwavering commitment to our mission of delivering novel treatments to patients fighting difficult-to-treat chronic diseases.”
Zetomipzomib: Selective Immunoproteasome Inhibitor
PALIZADE – Phase 2b clinical trial of zetomipzomib in patients with active lupus nephritis (LN) (ClinicalTrials.gov: NCT05781750)
PORTOLA – Phase 2a clinical trial of zetomipzomib in patients with autoimmune hepatitis (AIH) who have not benefited from standard-of-care treatment (ClinicalTrials.gov: NCT05569759)
MISSION – Completed open-label Phase 2 clinical trial of zetomipzomib in patients with active LN (ClinicalTrials.gov: NCT03393013)
Protein Secretion Inhibition Platform
KZR-261: Broad-Spectrum Sec61 Translocon Inhibitor
KZR-261-101 – Phase 1 clinical trial of KZR-261 in patients with locally advanced or metastatic solid malignancies (ClinicalTrials.gov: NCT05047536)
Financial Results
About Kezar Life Sciences
Kezar Life Sciences is a clinical-stage biopharmaceutical company discovering and developing novel treatments for immune-mediated and oncologic disorders. The company is pioneering first-in-class, small-molecule therapies that harness master regulators of cellular function to inhibit multiple drivers of disease via single, powerful targets. Zetomipzomib, its lead development asset, is a selective immunoproteasome inhibitor that has completed a Phase 2 clinical trial in lupus nephritis. This product candidate also has the potential to address multiple chronic immune-mediated diseases. KZR-261 is the first anti-cancer clinical candidate from the company’s platform targeting the Sec61 translocon and the protein secretion pathway. An open-label, dose-escalation Phase 1 clinical trial of KZR-261 to assess safety, tolerability and preliminary tumor activity in solid tumors is underway. For more information, visit www.kezarlifesciences.com, and follow us on LinkedIn, Facebook, Twitter and Instagram.
Cautionary Note on Forward-looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as “may,” “will,” “can”, “should,” “expect,” “believe,” “potential” and similar expressions (as well as other words or expressions referencing future events, conditions or circumstances) are intended to identify forward-looking statements. These forward-looking statements are based on Kezar’s expectations and assumptions as of the date of this press release. Each of these forward-looking statements involves risks and uncertainties that could cause Kezar’s clinical development programs, future results or performance to differ materially from those expressed or implied by the forward-looking statements. Forward-looking statements contained in this press release include, but are not limited to, statements about the design, initiation, progress, timing, scope and results of clinical trials, anticipated therapeutic benefit and regulatory development of Kezar’s product candidates, the likelihood that data will support future development and therapeutic potential, the association of data with treatment outcomes and the likelihood of obtaining regulatory approval of Kezar’s product candidates. Many factors may cause differences between current expectations and actual results, including unexpected safety or efficacy data observed during clinical studies, difficulties enrolling and conducting our clinical trials, changes in expected or existing competition, changes in the regulatory environment, the uncertainties and timing of the regulatory approval process, and unexpected litigation or other disputes. Other factors that may cause actual results to differ from those expressed or implied in the forward-looking statements in this press release are discussed in Kezar’s filings with the U.S. Securities and Exchange Commission, including the “Risk Factors” contained therein. Except as required by law, Kezar assumes no obligation to update any forward-looking statements contained herein to reflect any change in expectations, even as new information becomes available.
KEZAR LIFE SCIENCES, INC.
Selected Balance Sheets Data
(In thousands)
June 30, 2023
December 31, 2022
(unaudited)
Cash, cash equivalents and marketable securities
$
236,589
$
276,561
Total assets
263,379
299,568
Total current liabilities
13,737
10,997
Total noncurrent liabilities
17,365
18,699
Total stockholders' equity
232,277
269,872
Summary of Operations Data
(In thousands except share and per share data)
Three Months Ended
Six Months Ended
June 30
June 30
2023
2022
2023
2022
(unaudited)
(unaudited)
Operating expenses:
Research and development
$
20,999
$
11,346
$
39,317
$
22,290
General and administrative
5,785
4,977
11,991
9,911
Total operating expenses
26,784
16,323
51,308
32,201
Loss from operations
(26,784
)
(16,323
)
(51,308
)
(32,201
)
Interest income
2,861
408
5,556
516
Interest expense
(385
)
(272
)
(755
)
(526
)
Net loss
$
(24,308
)
$
(16,187
)
$
(46,507
)
$
(32,211
)
Net loss per common share, basic and diluted
$
(0.34
)
$
(0.25
)
$
(0.64
)
$
(0.52
)
Weighted-average shares used to compute net loss per common share, basic and diluted
72,461,850
64,279,634
72,395,410
62,465,092
View source version on businesswire.com: https://www.businesswire.com/news/home/20230810849969/en/
Investor Contact: Gitanjali Jain Vice President, Investor Relations and External Affairs gjain@kezarbio.com
Media Contact: Julia Deutsch Solebury Strategic Communications jdeutsch@soleburystrat.com
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