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/Miss | Actual | Consensus Estimate |
Q3 Net Income | -$11.23 mln | ||
Q3 Operating Expenses | $11.72 mln | ||
Q3 Operating Income | -$11.72 mln |
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 is $6.00, about 3% below its November 11 closing price of $6.18
Press Release: ID:nBw2ymFSka
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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.)