$KZR
Kezar Life Sciences, Inc.

2020 Q1 Form 10-Q Financial Statement

#000156459020022864 Filed on May 07, 2020

View on sec.gov

Income Statement

Concept 2020 Q1 2019 Q1
Revenue $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $3.020M $2.380M
YoY Change 26.89% 57.62%
% of Gross Profit
Research & Development $7.460M $5.927M
YoY Change 25.86% 65.93%
% of Gross Profit
Depreciation & Amortization $362.0K $303.0K
YoY Change 19.47% 248.28%
% of Gross Profit
Operating Expenses $10.48M $8.309M
YoY Change 26.1% 63.37%
Operating Profit -$10.48M -$8.309M
YoY Change 26.1% 63.37%
Interest Expense $466.0K $667.0K
YoY Change -30.13% 379.86%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income -$10.01M -$7.640M
YoY Change 31.02% 54.34%
Income Tax $0.00 $0.00
% Of Pretax Income
Net Earnings -$10.01M -$7.642M
YoY Change 31.01% 54.48%
Net Earnings / Revenue
Basic Earnings Per Share
Diluted Earnings Per Share -$304.5K -$401.3K
COMMON SHARES
Basic Shares Outstanding 19.12M
Diluted Shares Outstanding 32.87M 19.04M

Balance Sheet

Concept 2020 Q1 2019 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $123.4M $101.1M
YoY Change 22.06% 114.65%
Cash & Equivalents $20.57M $18.47M
Short-Term Investments $102.8M $82.70M
Other Short-Term Assets $3.200M $991.0K
YoY Change 222.91% -64.61%
Inventory
Prepaid Expenses $1.664M
Receivables
Other Receivables
Total Short-Term Assets $126.5M $103.8M
YoY Change 21.88% 106.34%
LONG-TERM ASSETS
Property, Plant & Equipment $4.131M $4.846M
YoY Change -14.75% 34.61%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $300.0K $282.0K
YoY Change 6.38% -6.0%
Total Long-Term Assets $8.100M $9.267M
YoY Change -12.59% 131.68%
TOTAL ASSETS
Total Short-Term Assets $126.5M $103.8M
Total Long-Term Assets $8.100M $9.267M
Total Assets $134.6M $113.1M
YoY Change 19.06% 108.21%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.600M $1.448M
YoY Change 10.5% 106.86%
Accrued Expenses $4.202M $2.406M
YoY Change 74.65% -29.24%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $6.800M $4.758M
YoY Change 42.92% 1.23%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $5.200M $6.200M
YoY Change -16.13% 195.24%
Total Long-Term Liabilities $5.200M $6.200M
YoY Change -16.13% 195.24%
TOTAL LIABILITIES
Total Short-Term Liabilities $6.800M $4.758M
Total Long-Term Liabilities $5.200M $6.200M
Total Liabilities $12.00M $10.91M
YoY Change 9.98% 60.46%
SHAREHOLDERS EQUITY
Retained Earnings -$94.30M -$56.84M
YoY Change 65.91%
Common Stock $159.1M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $122.7M $102.1M
YoY Change
Total Liabilities & Shareholders Equity $134.6M $113.1M
YoY Change 19.06% 108.21%

Cashflow Statement

Concept 2020 Q1 2019 Q1
OPERATING ACTIVITIES
Net Income -$10.01M -$7.642M
YoY Change 31.01% 54.48%
Depreciation, Depletion And Amortization $362.0K $303.0K
YoY Change 19.47% 248.28%
Cash From Operating Activities -$8.301M -$6.700M
YoY Change 23.9% 77.91%
INVESTING ACTIVITIES
Capital Expenditures $93.00K $34.00K
YoY Change 173.53% -82.56%
Acquisitions
YoY Change
Other Investing Activities -$39.24M $1.010M
YoY Change -3985.15%
Cash From Investing Activities -$39.33M $976.0K
YoY Change -4129.71% -600.51%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 53.37M 4.000K
YoY Change 1334100.0% -84.0%
NET CHANGE
Cash From Operating Activities -8.301M -6.700M
Cash From Investing Activities -39.33M 976.0K
Cash From Financing Activities 53.37M 4.000K
Net Change In Cash 5.620M -5.712M
YoY Change -198.39% 44.68%
FREE CASH FLOW
Cash From Operating Activities -$8.301M -$6.700M
Capital Expenditures $93.00K $34.00K
Free Cash Flow -$8.394M -$6.734M
YoY Change 24.65% 70.01%

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<p style="margin-bottom:0pt;margin-top:18pt;text-indent:0%;font-weight:bold;font-style:italic;font-size:10pt;font-family:Times New Roman;text-transform:none;font-variant: normal;">Use of Estimates</p> <p style="margin-bottom:0pt;margin-top:6pt;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of expenses during the reporting period. Significant items subject to such estimates and assumptions include the useful lives of fixed assets, stock-based compensation, and accrued research and development costs. Management bases its estimates on historical experience and on various other market-specific relevant assumptions that management believes to be reasonable under the circumstances. Actual results may differ from those estimates.</p> <p style="margin-bottom:0pt;margin-top:6pt;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">We also anticipate that the COVID-19 pandemic will have an impact on the clinical and pre-clinical development timelines for our clinical and pre-clinical programs.  Estimates and assumptions about future events and their effects cannot be determined with certainty and therefore require the exercise of judgment. As of the date of issuance of these financial statements, the Company is not aware of any specific event or circumstance that would require the Company to update its estimates, assumptions and judgments or revise the carrying value of its assets or liabilities. These estimates may change as new events occur and additional information is obtained and are recognized in the consolidated financial statements as soon as they become known. Actual results could differ from those estimates and any such differences may be material to the Company’s financial statements.</p>
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CY2020Q1 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Stock Options
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedStockOptions
11410000
CY2019Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0
CY2020Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0
CY2015Q4 kzr Research And Development Tax Credit Maximum Utilization Against Employers Portion Of Payroll Tax
ResearchAndDevelopmentTaxCreditMaximumUtilizationAgainstEmployersPortionOfPayrollTax
250000
CY2020Q1 kzr Research And Development Tax Credit Utilized As Reduction Of Payroll Expenses
ResearchAndDevelopmentTaxCreditUtilizedAsReductionOfPayrollExpenses
156000
CY2019Q1 kzr Research And Development Tax Credit Utilized As Reduction Of Payroll Expenses
ResearchAndDevelopmentTaxCreditUtilizedAsReductionOfPayrollExpenses
93000
CY2020Q1 us-gaap Net Income Loss
NetIncomeLoss
-10012000
CY2019Q1 us-gaap Net Income Loss
NetIncomeLoss
-7642000
CY2020Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
32867597
CY2019Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
19042524
CY2020Q1 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.30
CY2019Q1 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.40
CY2020Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
4094899
CY2020Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
4094899
CY2019Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
2816731

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