Kezar Life Sciences reports Q2 EPS ($3.31), consensus (53c)
"The second quarter of 2018 marked multiple milestones for Kezar as we continue to execute on our strategy of developing our first-in-class selective immunoproteasome inhibitor for patients with severe autoimmune diseases. Enrollment is underway in KZR-616-002, our Phase 1b/2 trial in lupus (SLE) and lupus nephritis (LN), with top-line results from the initial two cohorts of the Phase 1b expected in the first half of 2019," said John Fowler, CEO of Kezar. "We remain on track to initiate our first randomized trial in LN, an area of high unmet medical need, in 2019. Finally, during this quarter we added key members to our management team and completed our IPO, which strengthened our balance sheet and will enable us to initiate clinical trials in up to four additional autoimmune indications also beginning in 2019." Cash Position. Cash, cash equivalents and marketable securities totaled $118.4 million as of June 30, 2018, compared to $51.0 million as of December 31, 2017. The increase in cash, cash equivalents and marketable securities was primarily attributable to IPO proceeds, net of cash used by the Company in operations to advance its clinical stage programs as well as preclinical research and development.