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SOUTH SAN FRANCISCO, Calif., March 26, 2019 (GLOBE NEWSWIRE) -- Kezar Life Sciences, Inc. (Nasdaq: KZR), a clinical-stage biotechnology company discovering and developing novel small molecule therapeutics to treat unmet needs in autoimmunity and cancer, today announced its fourth quarter and full year 2018 financial results and business highlights.
“This past year was pivotal for Kezar, and I’m proud of the tremendous progress our team has accomplished,” said John Fowler, Chief Executive Officer. “We successfully completed our IPO, creating a strong capital base, and we are rapidly advancing KZR-616, our first-in-class selective immunoproteasome inhibitor for patients living with severe and underserved autoimmune diseases. We look forward to sharing results from the initial two cohorts from the Phase 1b portion of our trial in lupus patients and initiating our Phase 2 trial in lupus nephritis (LN) in the second quarter of 2019. We are also pleased to announce the planned expansion of our KZR-616 clinical program with additional Phase 2 trials commencing in up to four new indications later this year, including dermatomyositis and polymyositis. Lastly, our ongoing discovery efforts in protein secretion are progressing well, and we anticipate nominating our first oncology clinical candidate before the end of the year.”
Fourth Quarter and Recent Clinical and Business Highlights
Financial Results
About Kezar Life Sciences
Based in South San Francisco, Kezar Life Sciences is a clinical-stage biotechnology company committed to revolutionizing treatments for patients with autoimmune diseases and cancer. Kezar is translating its innovative research on the immunoproteasome and protein secretion pathways to advance novel therapeutic approaches. KZR-616, a first-in-class immunoproteasome inhibitor, is currently in a Phase 1b trial, with a Phase 2 trial in lupus nephritis patients expected to initiate during the second quarter of 2019. Kezar is also poised to expand its development programs throughout 2019 with plans to initiate Phase 2 trials of KZR-616, in up to four additional autoimmune indications, and to nominate an initial clinical candidate for the treatment of cancer from its protein secretion program. For more information, visit www.kezarlifesciences.com.
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,” “should,” 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. Actual results may differ materially from these forward-looking statements. Forward-looking statements contained in this press release include, but are not limited to, (i) projected financing needs, (ii) the discovery and development of new product candidates, (iii) the design, progress, timing, scope and results of clinical trials, (iv) the anticipated timing of disclosure of results of clinical trials, (v) the potential benefits and success of the commercialization of the formulated product candidate, (vi) the likelihood data will support future development and (vii) the likelihood of obtaining regulatory approval of Kezar’s product candidates. 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.
CONTACTS:
Celia Economides
SVP, Strategy & External Affairs
ceconomides@kezarbio.com
KEZAR LIFE SCIENCES, INC. | ||||||||
Selected Balance Sheet Data | ||||||||
(In thousands) | ||||||||
December 31, 2018 | December 31, 2017 | |||||||
Cash, cash equivalents and marketable securities | $ | 107,432 | $ | 51,033 | ||||
Total assets | 114,682 | 54,222 | ||||||
Total current liabilities | 3,337 | 1,484 | ||||||
Total stockholders' equity (deficit) | 108,797 | (25,687 | ) |
KEZAR LIFE SCIENCES, INC. | ||||||||||||||||
Condensed Consolidated Statements of Operations | ||||||||||||||||
(In thousands except share and per share data) | ||||||||||||||||
Three Months Ended | Year Ended | |||||||||||||||
December 31, | December 31, | |||||||||||||||
2018 | 2017 | 2018 | 2017 | |||||||||||||
(unaudited) | ||||||||||||||||
Operating expenses: | ||||||||||||||||
Research and development | $ | 4,673 | $ | 1,636 | $ | 18,136 | $ | 6,469 | ||||||||
General and administrative | 1,753 | 783 | 6,590 | 2,280 | ||||||||||||
Total operating expenses | 6,426 | 2,419 | 24,726 | 8,749 | ||||||||||||
Loss from operations | (6,426 | ) | (2,419 | ) | (24,726 | ) | (8,749 | ) | ||||||||
Interest income | 644 | 119 | 1,559 | 232 | ||||||||||||
Net loss | $ | (5,782 | ) | $ | (2,300 | ) | $ | (23,167 | ) | $ | (8,517 | ) | ||||
Net loss per common share, basic and diluted | $ | (0.30 | ) | $ | (3.34 | ) | $ | (2.26 | ) | $ | (14.21 | ) | ||||
Weighted-average shares used to compute net loss per common share, basic and diluted |
19,005,250 | 687,937 | 10,264,584 | 599,291 |
KEZAR LIFE SCIENCES, INC. | ||||||||
Condensed Consolidated Statements of Cash Flows | ||||||||
(In thousands) | ||||||||
Year Ended December 31, | ||||||||
2018 | 2017 | |||||||
Cash used in operating activities | $ | (20,792 | ) | $ | (8,109 | ) | ||
Cash used in investing activities | (83,904 | ) | (389 | ) | ||||
Cash provided by financing activities | 77,913 | 49,755 | ||||||
Effect of exchange rate changes on cash, cash equivalents and restricted cash | (81 | ) | 29 | |||||
Net (decrease) increase in cash, cash equivalents and restricted cash | $ | (26,864 | ) | $ | 41,286 |