$KZR
Kezar Life Sciences, Inc.

2020 Q3 Form 10-Q Financial Statement

#000156459020051314 Filed on November 05, 2020

View on sec.gov

Income Statement

Concept 2020 Q3 2019 Q3 2019 Q2
Revenue $0.00 $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $3.290M $2.600M $2.430M
YoY Change 26.54% 62.5% 41.28%
% of Gross Profit
Research & Development $8.260M $7.080M $6.925M
YoY Change 16.67% 51.93% 32.46%
% of Gross Profit
Depreciation & Amortization $200.0K $200.0K $200.0K
YoY Change 0.0% 0.0% 0.0%
% of Gross Profit
Operating Expenses $11.55M $9.681M $9.355M
YoY Change 19.32% 54.55% 34.6%
Operating Profit -$9.355M
YoY Change 34.6%
Interest Expense $260.0K $530.0K $637.0K
YoY Change -50.94% -11.67% 264.0%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income -$11.29M -$9.150M -$8.720M
YoY Change 23.39% 61.66% 28.61%
Income Tax $0.00 $0.00 $0.00
% Of Pretax Income
Net Earnings -$11.29M -$9.148M -$8.718M
YoY Change 23.4% 61.54% 28.68%
Net Earnings / Revenue
Basic Earnings Per Share
Diluted Earnings Per Share -$225.8K -$479.1K -$457.3K
COMMON SHARES
Basic Shares Outstanding 46.26M
Diluted Shares Outstanding 50.00M 19.10M 19.07M

Balance Sheet

Concept 2020 Q3 2019 Q3 2019 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $150.0M $85.20M $93.40M
YoY Change 76.06% -24.47% -21.11%
Cash & Equivalents $12.83M $20.37M $13.03M
Short-Term Investments $137.1M $64.90M $80.40M
Other Short-Term Assets $3.900M $3.600M $1.160M
YoY Change 8.33% 302.68% 75.49%
Inventory
Prepaid Expenses $1.653M
Receivables
Other Receivables
Total Short-Term Assets $153.8M $88.80M $96.24M
YoY Change 73.2% -23.0% -20.19%
LONG-TERM ASSETS
Property, Plant & Equipment $3.669M $8.400M $4.713M
YoY Change -56.32% 78.72% -1.91%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $300.0K $282.0K $282.0K
YoY Change 6.38% 0.0% 0.0%
Total Long-Term Assets $7.400M $8.723M $9.031M
YoY Change -15.17% 76.51% 77.53%
TOTAL ASSETS
Total Short-Term Assets $153.8M $88.80M $96.24M
Total Long-Term Assets $7.400M $8.723M $9.031M
Total Assets $161.2M $97.52M $105.3M
YoY Change 65.29% -18.91% -16.24%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.300M $824.0K $955.0K
YoY Change 57.77% 24.47% -13.57%
Accrued Expenses $3.872M $3.560M $2.858M
YoY Change 8.76% 51.81% 42.4%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $6.200M $5.327M $4.735M
YoY Change 16.39% 52.11% 31.45%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $4.700M $5.700M $5.900M
YoY Change -17.54% 119.23% 118.52%
Total Long-Term Liabilities $4.700M $5.700M $5.900M
YoY Change -17.54% 119.23% 118.52%
TOTAL LIABILITIES
Total Short-Term Liabilities $6.200M $5.327M $4.735M
Total Long-Term Liabilities $4.700M $5.700M $5.900M
Total Liabilities $10.90M $11.03M $10.66M
YoY Change -1.14% 79.58% 68.47%
SHAREHOLDERS EQUITY
Retained Earnings -$115.1M -$74.70M -$65.56M
YoY Change 54.08% 72.08% 73.66%
Common Stock $161.4M $160.3M
YoY Change 2.36% 1.97%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $150.3M $86.50M $94.60M
YoY Change
Total Liabilities & Shareholders Equity $161.2M $97.52M $105.3M
YoY Change 65.29% -18.91% -16.24%

Cashflow Statement

Concept 2020 Q3 2019 Q3 2019 Q2
OPERATING ACTIVITIES
Net Income -$11.29M -$9.148M -$8.718M
YoY Change 23.4% 61.54% 28.68%
Depreciation, Depletion And Amortization $200.0K $200.0K $200.0K
YoY Change 0.0% 0.0% 0.0%
Cash From Operating Activities -$9.250M -$8.260M -$7.710M
YoY Change 11.99% 79.57% 10.94%
INVESTING ACTIVITIES
Capital Expenditures $0.00 -$70.00K -$490.0K
YoY Change -100.0% -12.5% -31.94%
Acquisitions
YoY Change
Other Investing Activities $2.790M $15.69M $2.630M
YoY Change -82.22% -127.73% -116.04%
Cash From Investing Activities $2.790M $15.62M $2.140M
YoY Change -82.14% -127.56% -112.5%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 1.970M 10.00K 180.0K
YoY Change 19600.0% -100.92% -99.77%
NET CHANGE
Cash From Operating Activities -9.250M -8.260M -7.710M
Cash From Investing Activities 2.790M 15.62M 2.140M
Cash From Financing Activities 1.970M 10.00K 180.0K
Net Change In Cash -4.490M 7.370M -5.390M
YoY Change -160.92% -111.82% -109.82%
FREE CASH FLOW
Cash From Operating Activities -$9.250M -$8.260M -$7.710M
Capital Expenditures $0.00 -$70.00K -$490.0K
Free Cash Flow -$9.250M -$8.190M -$7.220M
YoY Change 12.94% 81.19% 15.89%

Facts In Submission

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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:9pt;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 continue to 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 condensed 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 condensed consolidated financial statements.</p>
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0
CY2020Q3 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
4694000
CY2020Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
1635000
CY2020Q3 us-gaap Operating Lease Liability
OperatingLeaseLiability
5699000
CY2020Q3 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
1542000
CY2020Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
1588000
CY2020Q3 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
6177000
CY2019Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
6099000
CY2020Q3 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
2508000
CY2019Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
1817000
CY2020Q3 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
3669000
CY2019Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
4282000
CY2020Q3 us-gaap Depreciation
Depreciation
200000
us-gaap Depreciation
Depreciation
700000
CY2019Q3 us-gaap Depreciation
Depreciation
200000
us-gaap Depreciation
Depreciation
600000
CY2020Q3 kzr Accrued Preclinical And Research Costs Current
AccruedPreclinicalAndResearchCostsCurrent
685000
CY2019Q4 kzr Accrued Preclinical And Research Costs Current
AccruedPreclinicalAndResearchCostsCurrent
1687000
CY2020Q3 kzr Accrued Clinical Costs Current
AccruedClinicalCostsCurrent
1594000
CY2019Q4 kzr Accrued Clinical Costs Current
AccruedClinicalCostsCurrent
1027000
CY2020Q3 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
1198000
CY2019Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
1293000
CY2020Q3 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
227000
CY2019Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
53000
CY2020Q3 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
168000
CY2019Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
158000
CY2020Q3 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
3872000
CY2019Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
4218000
CY2020Q3 us-gaap Operating Lease Payments
OperatingLeasePayments
230000
us-gaap Operating Lease Payments
OperatingLeasePayments
665000
CY2020Q3 us-gaap Operating Lease Cost
OperatingLeaseCost
275000
us-gaap Operating Lease Cost
OperatingLeaseCost
825000
CY2020Q3 us-gaap Variable Lease Cost
VariableLeaseCost
136000
CY2020Q3 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
376000
CY2020Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
6087000
CY2020Q3 kzr Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExercisableNumber
2179338
CY2020Q3 kzr Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExercisableWeightedAverageExercisePrice
5.44
CY2020Q3 us-gaap Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1
0.001
CY2020Q3 kzr Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested And Exercisable Intrinsic Value
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExercisableIntrinsicValue
3879000
CY2020Q3 kzr Maximum Ownership Percentage Of Holders Upon Exercise Of Warrants
MaximumOwnershipPercentageOfHoldersUponExerciseOfWarrants
0.0999
CY2020Q3 kzr Maximum Ownership Percentage Allowed To Be Increased Or Decreased By Warrant Holders Upon Prior Notice
MaximumOwnershipPercentageAllowedToBeIncreasedOrDecreasedByWarrantHoldersUponPriorNotice
0.1999
CY2020Q3 kzr Class Of Warrants Or Rights Exercised
ClassOfWarrantsOrRightsExercised
0
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
64500
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
7.71
CY2020Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
4459922
CY2020Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
6.12
CY2020Q1 us-gaap Class Of Warrant Or Righst Date From Which Warrants Or Rights Exercisable
ClassOfWarrantOrRighstDateFromWhichWarrantsOrRightsExercisable
2020-02-04
CY2020Q1 us-gaap Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1
0.001
CY2020Q1 kzr Class Of Warrant Or Rights Expiration Date
ClassOfWarrantOrRightsExpirationDate
2040-02-04
CY2020Q1 us-gaap Class Of Warrant Or Right Number Of Securities Called By Warrants Or Rights
ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights
2884615
CY2020Q2 us-gaap Class Of Warrant Or Righst Date From Which Warrants Or Rights Exercisable
ClassOfWarrantOrRighstDateFromWhichWarrantsOrRightsExercisable
2020-06-11
CY2020Q2 us-gaap Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1
0.001
CY2020Q2 kzr Class Of Warrant Or Rights Expiration Date
ClassOfWarrantOrRightsExpirationDate
2040-06-11
CY2020Q2 us-gaap Class Of Warrant Or Right Number Of Securities Called By Warrants Or Rights
ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights
909091
CY2020Q3 us-gaap Class Of Warrant Or Right Number Of Securities Called By Warrants Or Rights
ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights
3793706
CY2019Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
3107066
CY2019Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
7.19
CY2019Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
3151000
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
1436376
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
3.80
us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
19020
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
0.90
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
74000
CY2020Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1271000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
3000000
CY2020Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.004
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0
CY2020Q3 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
CY2020Q3 kzr Research And Development Tax Credit Utilized As Reduction Of Payroll Expenses
ResearchAndDevelopmentTaxCreditUtilizedAsReductionOfPayrollExpenses
70000
kzr Research And Development Tax Credit Utilized As Reduction Of Payroll Expenses
ResearchAndDevelopmentTaxCreditUtilizedAsReductionOfPayrollExpenses
334000
CY2020Q3 us-gaap Net Income Loss
NetIncomeLoss
-11289000
CY2019Q3 us-gaap Net Income Loss
NetIncomeLoss
-9148000
us-gaap Net Income Loss
NetIncomeLoss
-30801000
CY2020Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
49999239
CY2019Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
19095870
CY2020Q3 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.23
CY2019Q3 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.48
CY2020Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
4474072

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