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what it is
It tries to make drugs for immune diseases and cancer, with 1 lead asset on deck.
how it gets paid
Last year Kezar Life Sciences made $0 in revenue.
what just happened
Kezar posted $0 of revenue and lost about $2.77 a share in its last reported quarter (Q4 2024).
At a glance
C+ balance sheet — struggling to keep the lights on
60/100 earnings predictability — reasonably predictable
-$11.49 fy2024 eps est
$0 fy2024 revenue
1.3 beta
xvary composite: 30/100 — weak
What they do
It tries to make drugs for immune diseases and cancer, with 1 lead asset on deck.
There is no commercial moat yet, because the business has $0 revenue. The company has 55 employees and $1M of long-term debt, so you are not buying scale or safety. You are buying zetomipzomib, its lead drug, and Phase 2a means mid-stage human testing, not a finished product.
How they make money
$0
annual revenue
The products that matter
lead immunology program
Zetomipzomib
core thesis · no clean backup
this is the asset doing almost all of the valuation work. with essentially no product revenue and a ~$50M market cap, success or failure here changes the whole story.
main catalyst
monetized non-core asset
Sec61 portfolio
$127M transaction value
the Sec61 sale brought in up to $127M of upfront and milestone value. that was not growth capital from operations. it was asset monetization that bought the company more runway and less diversification.
runway support
current revenue base
legacy revenue stream
$0 product revenue (2024)
reported product revenue has been effectively zero; any small collaboration or other lines are not large enough to carry a clinical biotech. you are not buying a scaled business here. you are buying optionality with a ticker.
not the driver
Key numbers
$50M
market cap
You are paying about $50M for a company with $0 revenue. That gap is the whole story.
$0
annual revenue
No sales means there is no customer stream to hide behind. Every drug update matters more.
$11.49
2024 EPS
The company lost $11.49 a share in 2024. That is the bill before any product earns a dollar.
$1M
long-term debt
Debt is only $1M, or 3% of capital. That is small, but it does not fix the $0 revenue problem.
Financial health
C+
strength
- balance sheet grade C+ — weak — may struggle to fund operations
- risk rank 5 — safer than 5% of stocks
- price stability 5 / 100
- long-term debt $1M (3% of capital)
C+ — below average. watch for debt servicing and cash burn.
Total return vs. market
Return history isn't available for KZR right now.
source: institutional data · return history unavailable
What just happened
missed estimates
Kezar posted $0 of revenue and lost about $2.77 a share in its last reported quarter (Q4 2024).
Revenue stayed at $0, so the quarter was all spending and no sales. The GAAP loss was about $2.77 a share in that quarter, which keeps the company tied to capital markets.
$0
revenue
-$2.77
eps
n/a
n/a
the number that mattered
The $0 revenue figure mattered most because it showed the company still has no sales base.
source: company earnings report, 2026
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What could go wrong
the #1 risk is zetomipzomib failing to produce convincing clinical evidence before financing pressure builds. for KZR, those two risks are linked, not separate.
med
weak or inconclusive zetomipzomib data
If the next meaningful readout does not improve confidence on efficacy and safety, the market loses the main reason to underwrite future value here. Single-asset biotech is blunt that way.
Impact: with no meaningful product revenue, there is no operating base large enough to absorb a thesis break.
med
cash burn forces dilution before proof arrives
A C+ balance sheet is manageable until the calendar slips. If Kezar needs fresh capital before zetomipzomib earns more credibility, existing holders end up owning a smaller piece of the same uncertainty.
Impact: the stock does not need debt trouble to hurt you. New shares issued at a low valuation can do the job.
med
post-Sec61 concentration keeps the discount in place
The $127M Sec61 sale funded focus, but it also reduced internal optionality. If zetomipzomib stalls, this snapshot does not show a second disclosed engine ready to carry the story.
Impact: one timeline now carries most of the equity narrative and most of your downside.
With essentially no product revenue, a ~$50M market cap, and a C+ balance sheet, almost all of the value here depends on one program reaching the next proof point before new financing becomes the main conversation.
source: institutional data · regulatory filings · risk analysis
Pay attention to
calendar
the next material zetomipzomib update
This is still the event that matters most. In a single-asset biotech, the calendar is part of the valuation.
metric
losses versus market cap
Kezar lost $8.44 per share over the last four quarters against a $50.2M market cap. If that gap widens without new proof, financing risk gets harder to ignore.
risk
balance sheet patience
A C+ balance sheet is survivable, not comforting. If timelines stretch, the market starts pricing in dilution before management says the word.
trend
catalyst-driven trading
Beta of 1.3 and price stability of 5/100 tell you this name will trade more on trial framing than on slow sentiment shifts.
Analyst rankings
short-term outlook
mixed
analyst target data is thin here. in human-speak: there is no clean crowd view for you to lean on.
risk profile
volatile
small-cap clinical biotech rarely moves in straight lines. expect bigger swings than the broad market.
chart momentum
event-driven
this name trades on catalysts and clinical framing more than on tidy technical trends.
earnings predictability
60/100
that does not mean the business is stable. it means the loss profile is easier to anticipate than the ultimate clinical outcome.
source: institutional data
Institutional activity
institutional ownership data for KZR is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$6
current price
n/a
target midpoint · n/a from current
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