Overview

* Kezar Q3 net loss narrows to $11.2 mln from $20.3 mln last year

* Company reduces workforce by 70% as part of strategic review

* R&D expenses for Q3 fall to $6.9 mln from $16.2 mln last year

Outlook

* Company is implementing cost-containment and cash conservation measures during strategic review

* Kezar is exploring strategic alternatives to maximize shareholder value

* Company has not provided specific financial guidance for future quarters

Result Drivers

* R&D EXPENSES - Decrease in R&D expenses due to completion of clinical trials and lower personnel costs, partially offset by increased drug manufacturing expense

* G&A EXPENSES - Declined by $0.9 mln due to decrease in non-cash stock-based compensation and personnel-related expenses

Key Details

Metric Beat/Mis Actual Consensu

s s

Estimate

Q3 Net -$11.23

Income mln

Q3 $11.72

Operatin mln

g

Expenses

Q3 -$11.72

Operatin mln

g Income

Analyst Coverage

* The current average analyst rating on the shares is "hold" and the breakdown of recommendations is 1 "strong buy" or "buy", 5 "hold" and no "sell" or "strong sell"

* The average consensus recommendation for the biotechnology & medical research peer group is "buy."

* Wall Street's median 12-month price target for Kezar Life Sciences Inc ( KZR ) is $6.00, about 3% below its November 11 closing price of $6.18

Press Release:

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)