Kezar Life Sciences, Inc. reported a net loss of $83.7 million for the year ended December 31, 2024, a decrease from the $101.9 million loss recorded in 2023. The company's accumulated deficit now stands at $434.5 million. The decline in net loss is attributed to a reduction in operating expenses, which totaled $90.6 million in 2024, down from $118.4 million in the previous year. This decrease was primarily driven by a strategic restructuring that included workforce reductions and a focus on advancing the clinical development of its lead product candidate, zetomipzomib.
The company did not generate any collaboration revenue in 2024, a significant drop from the $7 million reported in 2023, which was primarily due to the upfront payment received from the Everest License Agreement. Research and development expenses decreased to $65.7 million from $85.7 million, reflecting the impact of the restructuring and a shift in focus away from early-stage research. General and administrative expenses also fell to $23.4 million from $26.5 million, driven by reduced legal and professional service costs.
Kezar Life Sciences is currently focused on the development of zetomipzomib, a selective immunoproteasome inhibitor aimed at treating autoimmune diseases, particularly autoimmune hepatitis. The company has faced challenges in its clinical trials, including the termination of the PALIZADE Phase 2b trial due to a clinical hold imposed by the FDA following serious adverse events. Despite these setbacks, the company plans to continue its development efforts and is working to address the clinical hold with regulatory authorities.
As of December 31, 2024, Kezar had cash, cash equivalents, and marketable securities totaling $132.2 million, which the company believes will fund its operations for at least the next 12 months. The company has no committed external sources of funding beyond potential milestone payments from its collaboration with Everest. Kezar's future funding requirements will depend on various factors, including the progress of its clinical trials and the costs associated with obtaining regulatory approvals. The company may seek additional financing through equity offerings, debt financings, or strategic collaborations to support its ongoing operations and development programs.
About Kezar Life Sciences, Inc.
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