Kezar fails to align with FDA on zetomipzomib trial; cuts workforce 70%, begins strategic review

Kezar Life Sciences, Inc.

Unable to align with FDA on registrational trial for zetomipzomib in autoimmune hepatitis; strategic review with TD Cowen initiated.
Workforce reduced by ~31 employees (70%); expects ~$6.0M in severance costs in Q4 2025.
Repaid $6.3M to Oxford Finance in full; cash and marketable securities $90.2M at September 30, 2025.
Net loss Q3 2025: $11.2M ($1.53/share) vs $20.3M ($2.78) in Q3 2024; R&D down to $6.9M from $16.2M.
Retained essential employees for value creation; 7.3M shares outstanding.

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