Kezar Life Sciences (NASDAQ: KZR) is a clinical-stage biopharmaceutical company that has developed small-molecule drug candidates targeting autoimmune diseases and cancer. The company has generated no product revenue since inception, with its only revenue to date consisting of collaboration payments, specifically an upfront payment under a license agreement with Everest Medicines II (HK) Limited. As of December 31, 2025, KZR had an accumulated deficit of $490.5 million, with net losses of $56.0 million, $83.7 million, and $101.9 million for the years ended December 31, 2025, 2024, and 2023, respectively. In 2025, the company reduced its workforce by approximately 70% and suspended various development efforts while evaluating strategic alternatives. In March 2026, it sold its Sec61-based discovery and development program assets to Enodia Therapeutics SAS, retaining its zetomipzomib program. The company is headquartered in South San Francisco, California.

Revenue model

Collaboration revenue from upfront, milestone, and contingent payments under licensing agreements, specifically the Everest Medicines II license agreement. No product revenue has been generated as of December 31, 2025. Future milestone payments from Everest are contingent on achieving predefined development objectives.

Products and services

Zetomipzomib, a small-molecule drug candidate licensed from Onyx under the Onyx License Agreement, for which KZR has paid $5.0 million in milestone payments to date and owes up to $167.5 million in additional milestone payments plus tiered royalties on net sales. The Sec61-based discovery and development program assets were sold to Enodia Therapeutics SAS in March 2026.

Customers and end markets

Licensing partner Everest Medicines II (HK) Limited is the sole revenue source to date. End markets are autoimmune diseases and oncology, with no approved products and no commercial customers as of the filing date.

Value-chain role

Early-stage drug discovery and development. KZR licenses in drug candidates (zetomipzomib from Onyx), conducts preclinical and clinical development, and out-licenses geographic rights to partners such as Everest Medicines II. It has no manufacturing or commercial sales infrastructure.

Geographic exposure

Headquartered in South San Francisco, California. Operations primarily in the United States. The Everest Medicines II license covers rights outside the United States, suggesting ex-U.S. geographic rights have been partially out-licensed.

Source: SEC 10-K, filed 2026-03-27

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