Kezar Life Sciences, Inc. (KZR), a clinical-stage biotechnology company, has surged 76.10% during aftermarket trading sessions. Consequently, KZR stock is trading at $14.81 at the time of the writing. The massive increase could be attributed to the announcement of interim results from MISSION phase 2 trials. On Monday, KZR closed the day at $8.41 after increasing 2.69% during regular trading hours.
Why KZR Surging?
On Monday, KZR announced interim results from the phase 2 part of its MISSION clinical trial. The trial evaluated KZR-616, a first-in-class selective immunoproteasome inhibitor. The effects of KZR-616 were monitored in patients with active, proliferative lupus nephritis (LN). The MISSION phase 2 clinical trial is an open-label study. The study is intended to demonstrate the responder rate of KZR-616 in patients with active lupus nephritis.
Q3 2021 Financial Results
On 9th November, KZR reported the financial results for the third quarter of the fiscal year 2021. The quarter ended on 30th September 2021. The company had cash and cash equivalents of $120.75 million on 30th September 2021. The total operating expenses for the period were $14.49 million against $11.55 million for the same period of 2020. The net loss suffered by the company during the period was $14.46 million against $11.28 million for the same period of 2020. The net loss per basic and diluted share for the period was $0.28 against $0.23 for the same period of 2020.
John Fowler, Co-founder and Chief Executive Officer of KZR, while commenting on the results said that the company’s programs have been seeing excellent growth as it has reached target enrollment in both of our Phase 2 trials with KZR-616 and announced its first patient dosed with KZR-261. He hoped that looking forward; the company expects to further bring improvements in its financial stature as well as make a continuous progression with regards to its current studies.
Future Outlook for KZR
During the last three months, KZR stock has climbed approximately 50%. The prime mover behind this rise is the positive developments associated with the clinical trial results, which have renewed the investor interest in the company. Analysts believe that a continued reliance upon innovation would provide the company with numerous dividends in the future to come.