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Kezar Life Sciences, Inc. (NASDAQ:KZR) repaid $6.3 million on Monday to fully satisfy its obligations under a loan and security agreement with Oxford Finance LLC and other lenders, according to a press release statement based on a filing with the Securities and Exchange Commission. The company maintains a strong liquidity position with a current ratio of 7.29, and according to InvestingPro data, holds more cash than debt on its balance sheet.
The payment, made using the company’s available cash, covered the entire outstanding balance, including accrued interest and exit fees, under the loan agreement originally dated November 4, 2021. Following this repayment, the loan agreement was terminated, and all liens and security interests related to the agreement were released.
Kezar Life Sciences is incorporated in Delaware and operates in the pharmaceutical sector, with its principal offices in South San Francisco, California. The company’s common stock is listed on the Nasdaq Stock Market under the ticker KZR.
The information in this article is based on a statement from the company’s press release and SEC filing.
In other recent news, Kezar Life Sciences has faced significant challenges with its lead drug candidate, zetomipzomib, for autoimmune hepatitis (AIH). The U.S. Food and Drug Administration (FDA) canceled a scheduled Type C meeting, which was intended to discuss the pivotal trial design for the drug. As a result, Kezar has announced it will explore strategic alternatives to maximize shareholder value. Following these developments, both William Blair and Jefferies downgraded Kezar Life Sciences’ stock. William Blair shifted its rating from Outperform to Market Perform, while Jefferies downgraded it from Buy to Hold, also reducing the price target from $18.00 to $7.00. Jefferies further decreased the probability of success for zetomipzomib from 25% to 10%. These events have prompted Kezar to consider new strategies after failing to secure FDA agreement on a registration pathway for the drug.
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