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Private company

Kezar Life Sciences, Inc.

In its 2026 annual report the company says: “We are a clinical-stage biotechnology company developing novel small molecule therapeutics to treat unmet needs in immune-mediated diseases.”4 It is headquartered in South San Francisco, United States.2

Last updated Oct 21, 2026.

Overview

  • IndustryPharmaceutical Preparations2
  • HeadquartersSouth San Francisco, United States2
  • Incorporated inDE3
  • Business address4000 Shoreline Court, Suite 300, South San Francisco, Ca 940803
  • Filer categoryNon-accelerated filer, Smaller reporting company3
  • Legal formCorporation2
  • LEI549300EV1V8GXBV180042
  • StatusActive2
  • LEI statusIssued and current2
  • Registered addressc/o CORPORATION SERVICE COMPANY, 251 Little Falls Drive, 19808 Wilmington, United States2
  • Registered withDivision of Corporations, Department of State, 56714112

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We are a clinical-stage biotechnology company developing novel small molecule therapeutics to treat unmet needs in immune-mediated diseases. In October 2025, we announced plans to explore strategic alternatives focused on maximizing stockholder value after being unable to align with the U.S. Food and Drug Administration, or FDA, on a potential registrational clinical trial of zetomipzomib, a novel, selective inhibitor of the immunoproteasome in patients with relapsed and refractory autoimmune hepatitis, or AIH. Following this announcement, we have been implementing a restructuring plan and wind-down of our business operations to focus on strategic alternatives for zetomipzomib development.4 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

-80.0%Return on equity5
0.00×Debt to equity5
-$51.8MFree cash flow5

Financial statements

Revenue675$0 in 2025
0$2.0M$4.0M$6.0M$8.0M2021: $0$020212022: $0$020222023: $7.0M$7.0M20232024: $0$020242025: $0$02025
Operating income89675-$59.1M in 2025+58% since 2019
-$150.0M-$100.0M-$50.0M02019: -$37.3M-$37.3M20192020: -$43.0M-$43.0M2020+15%2021: -$54.7M-$54.7M2021+27%2022: -$71.2M-$71.2M2022+30%2023: -$111.4M-$111.4M2023+57%2024: -$90.6M-$90.6M2024−19%2025: -$59.1M-$59.1M2025−35%
Net income89675-$56.0M in 2025+60% since 2019
-$150.0M-$100.0M-$50.0M02019: -$35.1M-$35.1M20192020: -$41.7M-$41.7M2020+19%2021: -$54.6M-$54.6M2021+31%2022: -$68.2M-$68.2M2022+25%2023: -$101.9M-$101.9M2023+49%2024: -$83.7M-$83.7M2024−18%2025: -$56.0M-$56.0M2025−33%
Fiscal year2019202020212022202320242025
Revenue$06$07$7.0M5$05$05
Research and development$27.4M8$31.0M9$38.9M6$51.0M7$85.7M5$65.7M5$33.8M5
Operating expenses$54.7M6$71.2M7$118.4M5$90.6M5$59.1M5
Operating income-$37.3M8-$43.0M9-$54.7M6-$71.2M7-$111.4M5-$90.6M5-$59.1M5
Interest$09$159.0K6$1.2M6$1.6M6
Income before tax-$101.9M5-$83.7M5-$56.0M5
Income tax$08$09$06$07$05$05$05
Net income-$35.1M8-$41.7M9-$54.6M6-$68.2M7-$101.9M5-$83.7M5-$56.0M5
Earnings per share-$0.959-$1.046-$10.137-$14.045-$11.495-$7.665
Earnings per share (diluted)-$0.959-$1.046-$10.137-$14.045-$11.495-$7.665
Shares (weighted, basic)52.8M shares66.7M shares77.3M shares57.3M shares57.3M shares5
Shares (weighted, diluted)52.8M shares66.7M shares77.3M shares57.3M shares57.3M shares5

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Corporate structure

Kezar Life Sciences, Inc. sits at the top of its group. 1 entity, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of Kezar Life Sciences, Inc.

  • Baselake Partners, LP Filed SCHEDULE 13G/A on Kezar Life Sciences, Inc., latest May 28, 2026 (3 filings since Apr 6, 2026)
  • TANG CAPITAL MANAGEMENT LLC Filed SCHEDULE 13D/A on Kezar Life Sciences, Inc., latest May 13, 2026 (3 filings since Oct 8, 2024)
  • BML Investment Partners, L.P. Filed SCHEDULE 13G/A on Kezar Life Sciences, Inc., latest May 12, 2026 (3 filings since Mar 6, 2025)
  • Stonepine Capital Management, LLC Filed SCHEDULE 13G/A on Kezar Life Sciences, Inc., latest Feb 13, 2026 (2 filings since Sep 8, 2025)
  • Avidity Partners Management LP Filed SCHEDULE 13G/A on Kezar Life Sciences, Inc., latest Nov 14, 2025 (5 filings since Jan 3, 2022)
  • Barclays Filed SCHEDULE 13G/A on Kezar Life Sciences, Inc., latest Mar 21, 2025 (3 filings since Feb 14, 2024)
  • Equal Talent Investments Ltd Filed SCHEDULE 13D/A on Kezar Life Sciences, Inc., latest Mar 3, 2025
  • Morningside Venture Investments Ltd Filed SCHEDULE 13D/A on Kezar Life Sciences, Inc., latest Jan 16, 2025 (2 filings since Aug 17, 2023)
  • BlackRock Filed SC 13G/A on Kezar Life Sciences, Inc., latest Jul 8, 2024 (5 filings since Feb 3, 2022)
  • ORBIMED ADVISORS LLC Filed SC 13G/A on Kezar Life Sciences, Inc., latest Feb 14, 2024 (2 filings since Feb 14, 2023)
  • MONTANOVA CAPITAL, LLC Filed SC 13G/A on Kezar Life Sciences, Inc., latest Feb 13, 2024 (3 filings since Jun 13, 2022)
  • Prosight Management, LP Filed SC 13G/A on Kezar Life Sciences, Inc., latest Feb 13, 2024 (2 filings since Apr 21, 2023)
  • Kezar Life Sciences, Inc. South San Francisco, California, United States

Built from parent and subsidiary links from GLEIF, the Global Legal Entity Identifier Foundation (CC0); major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What Kezar Life Sciences, Inc. reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Property and equipment

ItemLatestA year beforeChange
Property and equipment, before depreciation$3.5M5 Dec 31, 2025$9.3M5 Dec 31, 2024−63.0%
Accumulated depreciation$3.3M5 Dec 31, 2025$6.4M5 Dec 31, 2024−49.0%
Property and equipment, net$166.0K5 Dec 31, 2025$2.9M5 Dec 31, 2024−94.3%
Operating-lease assets (leased space)$749.0K5 Dec 31, 2025$1.9M5 Dec 31, 2024−60.3%

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$71.9M5 Dec 31, 2025$41.7M5 Dec 31, 2024+72.2%
Marketable securities, current$05 Dec 31, 2025$90.5M5 Dec 31, 2024−100.0%
Debt securities available for sale$05 Dec 31, 2025$131.6M5 Dec 31, 2024−100.0%

Properties, in its own words

Our principal corporate offices are located in South San Francisco, California and consists of approximately 49,000 square feet of leased office and laboratory space, all of which is located in a single building, under a lease that expires in July 2026. We believe that our facilities are adequate to meet our current needs.

Item 2 of the 10-K filed Mar 27, 2026.4

Leadership

Who has led Kezar Life Sciences, Inc., and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. Christopher J. Kirk2023–now

President

  1. Christopher J. Kirk2018–2023

Chief financial officer

  1. Marc Belsky2018–now

Chief operating officer

  1. Mark C. Schiller2025–now
20202025
Board members and other officers (17)

Timeline

  1. May 11, 20268-K Completed an acquisition or sale; Listing notice or transfer; Change to shareholders' rights35
  2. Apr 3, 20268-K Ended a material agreement; Executive or director change36
  3. Mar 30, 20268-K Entered a material agreement; Regulation FD disclosure37
  4. Mar 12, 20268-K Entered a material agreement; Completed an acquisition or sale; Regulation FD disclosure38
  5. Nov 12, 20258-K Results of operations39
  6. Nov 7, 20258-K Exit or restructuring costs40
  7. Oct 22, 20258-K Ended a material agreement41
  8. Oct 16, 20258-K Entered a material agreement; Results of operations; Change to shareholders' rights42
  9. Aug 13, 20258-K Results of operations43
  10. Jun 23, 20258-K Shareholder vote44
  11. May 13, 20258-K Results of operations45
  12. Apr 1, 20258-K Executive or director change46
  13. Nov 9, 2023New chief executive Christopher J. Kirk becomes CEO15
  14. Feb 19, 2015Founded Kezar Life Sciences, Inc. is founded2

Calendar

When it reported results

  1. Nov 12, 2025Reported quarterly or annual results39
  2. Oct 16, 2025Reported quarterly or annual results42
  3. Aug 13, 2025Reported quarterly or annual results43
  4. May 13, 2025Reported quarterly or annual results45
  5. Mar 25, 2025Reported quarterly or annual results47
  6. Jan 10, 2025Reported quarterly or annual results48
  7. Nov 12, 2024Reported quarterly or annual results49
  8. Oct 17, 2024Reported quarterly or annual results50

Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar

Filings

264 filings to the SEC since October 2021: 6 annual reports, 14 quarterly reports, 59 major events, 97 insider forms, 45 large holders, 43 other. The latest 20:

  1. May 28, 2026SCHEDULE 13G/A EDGAR
  2. May 21, 202615-12G EDGAR
  3. May 14, 2026EFFECT EDGAR
  4. May 13, 2026SCHEDULE 13D/A EDGAR
  5. May 12, 2026SCHEDULE 13G/A EDGAR
  6. May 12, 2026SCHEDULE 13G/A EDGAR
  7. May 11, 20264 EDGAR
  8. May 11, 20264 EDGAR
  9. May 11, 20264 EDGAR
  10. May 11, 20264 EDGAR
  11. May 11, 20264 EDGAR
  12. May 11, 20264 EDGAR
  13. May 11, 202610-Q EDGAR
  14. May 11, 20264 EDGAR
  15. May 11, 20264 EDGAR
  16. May 11, 20264 EDGAR
  17. May 11, 20264 EDGAR
  18. May 11, 20264 EDGAR
  19. May 11, 2026S-8 POS EDGAR
  20. May 11, 2026S-8 POS EDGAR

The 264 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

25 open-market trades by officers, directors and large owners since October 2021: 2 buys and 23 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Jul 2, 2025Chiang Pichi LuoSVP, Corporate ControllerSale264$4.28$1.1KForm 4
Jul 2, 2025Schiller Mark C.Chief Operating OfficerSale561$4.28$2.4KForm 4
Jul 2, 2024Schiller Mark C.Chief Operating OfficerSale6,688$0.58$3.9KForm 4
Feb 6, 2023Morningside Venture Investments Ltd10% ownerSale40,000$6.88$275.2KForm 4
Feb 3, 2023Morningside Venture Investments Ltd10% ownerSale25,000$7.15$178.8KForm 4
Feb 2, 2023Morningside Venture Investments Ltd10% ownerSale50,000$7.19$359.5KForm 4
Feb 1, 2023Morningside Venture Investments Ltd10% ownerSale40,000$6.95$278.0KForm 4
Jan 31, 2023Morningside Venture Investments Ltd10% ownerSale30,000$7.08$212.4KForm 4
Jan 30, 2023Morningside Venture Investments Ltd10% ownerSale30,000$6.91$207.3KForm 4
Jan 25, 2023Morningside Venture Investments Ltd10% ownerSale50,000$6.85$342.5KForm 4
Jan 24, 2023Morningside Venture Investments Ltd10% ownerSale80,000$6.98$558.4KForm 4
Jan 23, 2023Morningside Venture Investments Ltd10% ownerSale80,000$6.81$544.8KForm 4
Jan 17, 2023Morningside Venture Investments Ltd10% ownerSale6,114$6.79$41.5KForm 4
Jan 13, 2023Morningside Venture Investments Ltd10% ownerSale1,971$7.15$14.1KForm 4
Jan 12, 2023Morningside Venture Investments Ltd10% ownerSale5,000$6.77$33.9KForm 4
Jan 6, 2023Morningside Venture Investments Ltd10% ownerSale3,000$6.89$20.7KForm 4
Jan 5, 2023Morningside Venture Investments Ltd10% ownerSale12,162$6.97$84.8KForm 4
Jan 4, 2023Morningside Venture Investments Ltd10% ownerSale30,000$7.17$215.1KForm 4
Jan 3, 2023Morningside Venture Investments Ltd10% ownerSale500$7.10$3.5KForm 4
Dec 29, 2022Morningside Venture Investments Ltd10% ownerSale25,000$7.10$177.5KForm 4

All 25 trades can be filtered by person here when JavaScript is on.

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Executive pay

What the company paid its top executives, from the summary compensation table in its proxy statement. Total pay includes salary, bonus, stock and option awards and other pay, as the company valued them.

YearExecutiveAgeSalaryTotal pay
2024Christopher KirkPh.D.$600.0K$927.3K68
2024Marc Belsky69$462.0K$915.0K68
2024Mark Schiller45$451.0K$868.4K68
2023Chief Executive Officer$242.2K$2.6M68
2023Chief Financial Officer$446.3K$2.0M68

SEC filer profile

How Kezar Life Sciences, Inc. is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARKezar Life Sciences, Inc.1
  • CIK0001645666
  • Employer ID (EIN)47-33661454
  • Filer statusNon-accelerated filer not an emerging growth company; a smaller reporting company; not a shell company4
  • Incorporated inDelaware4
  • Fiscal year endsDecember 311
  • Industry code (SIC)2834 Pharmaceutical Preparations1
  • SEC reviewing officeOffice of Life Sciences, Division of Corporation Finance1
  • Business address4000 Shoreline Court, Suite 300, South San Francisco, CA 940801
  • Phone650-822-56001
  • Shares outstanding7,387,701 as of May 7, 202612
  • Public float$33.0M as of Jun 30, 20254
  • AuditorKPMG LLP, San Francisco, California PCAOB ID 185; no auditor attestation of internal control over financial reporting4
  • On EDGAR sinceJun 22, 20151
  • Filings487 in all: 4 (166), 8-K (93), SC 13G/A (30), 3 (28), 10-Q (24), SC 13G (20), SCHEDULE 13G/A (9), 10-K (8)1
    All 48 form types

    424B5 (8), CORRESP (8), DEFA14A (8), S-8 (8), S-8 POS (8), DEF 14A (7), EFFECT (6), UPLOAD (6), SCHEDULE 13D/A (4), S-1/A (3), S-3 (3), SC 13D/A (3), SCHEDULE 13G (3), 8-A12B (2), ARS (2), D (2), POS AM (2), PRE 14A (2), SC 13D (2), SC14D9C (2), 10-K/A (1), 15-12G (1), 25-NSE (1), 3/A (1), 424B4 (1), 5 (1), 8-A12B/A (1), CERT (1), CT ORDER (1), DRS (1), DRS/A (1), DRSLTR (1), POSASR (1), S-1 (1), S-1MEF (1), S-3ASR (1), SC 14D9 (1), SC 14D9/A (1), SC TO-T (1), SC TO-T/A (1)

  • Latest filingsAnnual report (10-K) Mar 27, 2026
    Quarterly report (10-Q) May 11, 2026
    Proxy statement (DEF 14A) Apr 25, 2025
    Latest 8-K (8-K) May 11, 2026

Securities registered for trading

ClassSymbolExchange
Common Stock, $0.001 par valueKZRThe Nasdaq Stock Market LLC
Preferred Share Purchase RightsThe Nasdaq Stock Market LLC

From the cover page of the 10-K filed Mar 27, 2026 (Section 12(b) of the Exchange Act).4

Risk factors and legal proceedings

The risks Kezar Life Sciences, Inc. names in Item 1A of its 10-K filed Mar 27, 2026: 62 risks under these headings, as written.4

  • Risks Related to Our Evaluation of Strategic Alternatives
  • Our activities to evaluate and pursue potential strategic alternatives may not result in any transaction or enhance stockholder value.
  • Our recently implemented corporate restructuring intended to optimize our resource allocation and contain costs may not have the benefits we expect.
  • Risks Related to Our Financial Position and Capital Needs
  • We have incurred significant operating losses since inception and anticipate that we will continue to incur substantial operating losses for the foreseeable future and may never achieve or maintain profitability.
  • We have a limited operating history and have never generated revenue from product sales, which may make it difficult to evaluate the success of our business to date and to assess our future viability.
  • If we pursue further development of our product candidates, we will require substantial additional capital to finance our operations, which may not be available on acceptable terms, if at all. Failure to obtain this necessary capital when needed may force us to delay, reduce or terminate our product development program or other operations.
  • Raising additional capital may cause dilution to our stockholders, restrict our operations or require us to relinquish proprietary rights.
  • If we pursue further development of zetomipzomib, we will be required and expect to make significant payments in connection with our license agreement with Onyx.
  • Our ability to use net operating losses and certain other tax attributes to offset future taxable income may be subject to limitation.
  • Changes in tax laws or regulations could materially adversely affect our company.
  • Risks Related to the Development and Commercialization of Our Product Candidates
The other 53 risks
  • If we pursue further development of our product candidates, our future success is substantially dependent on the successful clinical development, regulatory approval and commercialization of our product candidates. If we are not able to obtain required regulatory approvals, we will not be able to commercialize our product candidates, and our ability to generate revenue will be adversely affected.
  • Clinical trials are very expensive, time consuming and difficult to design and implement.
  • If the market opportunities for any product candidates are smaller than we believe they are, our business may suffer.
  • Due to the significant resources required for clinical development, we are required to make strategic decisions for the development of our product candidates. We may expend our limited resources to pursue a particular product candidate or indication and fail to capitalize on other opportunities that may be more profitable or for which there may be a greater likelihood of success.
  • We may explore strategic collaborations, which would require us to relinquish important rights to and control over the development and commercialization of our product candidates to any future collaborators.
  • Success in preclinical studies or earlier clinical trials may not be indicative of future clinical trial results, and we cannot assure you that any clinical trials will lead to results sufficient for the necessary regulatory approvals.
  • Enrollment and retention of patients in clinical trials is an expensive and time-consuming process and could be delayed, made more difficult or rendered impossible by multiple factors outside our control.
  • If we pursue further development of our product candidates, we may encounter substantial delays or difficulties in our clinical trials.
  • The manufacture of our product candidates is complex and uncertain, and until we develop a validated manufacturing process, we may encounter difficulties in supplying any future clinical trials if we pursue further development. If we
  • encounter such difficulties, or fail to meet quality standards, our ability to meet clinical timelines and expand our development strategy could be impacted.
  • Our product candidates have been involved, and may be involved in the future, in investigator-initiated clinical trials, and we have limited or no control over the conduct of such trials.
  • Interim topline and preliminary data from our clinical trials that we announce or publish from time to time may change as more patient data become available and are subject to audit and verification procedures that could result in material changes in the final data.
  • Zetomipzomib has been developed as a lyophilized formulation, which could adversely affect market acceptance if patients are required to reconstitute zetomipzomib themselves prior to injection.
  • Our product candidates may cause undesirable side effects or have other properties that could delay or prevent their regulatory approval, limit the commercial potential or result in significant negative consequences following any potential marketing approval.
  • If we pursue further development of our product candidates, we may not be able to obtain or maintain orphan drug designations or exclusivity for our product candidates, which could limit the potential profitability of our product candidates.
  • Even if we obtain and maintain approval for our product candidates from the FDA, we may never obtain approval for our product candidates outside of the United States, which would limit our market opportunities and could harm our business.
  • Even if we obtain regulatory approval for any of our product candidates, they will remain subject to ongoing regulatory oversight.
  • Even if our product candidates receive marketing approval, they may fail to achieve market acceptance by physicians, patients, third-party payors or others in the medical community necessary for commercial success.
  • We are dependent upon our collaboration with Everest to further develop and commercialize zetomipzomib in the Greater China region, South Korea and select Southeast Asian countries. If we or Everest fail to perform as expected, the potential for us to generate future revenues under the collaboration could be significantly reduced, the development and commercialization of zetomipzomib may be substantially delayed, and our business could be adversely affected.
  • The actions of Everest and any other current or future licensees could adversely affect our business.
  • We face substantial competition, which may result in others developing or commercializing drugs before or more successfully than us.
  • If we are unable to establish sales and marketing capabilities or enter into agreements with third parties to market and sell our product candidates, we may not be successful in commercializing such product candidates, if and when they are approved.
  • If we seek to commercialize our product candidates outside of the United States, a variety of risks associated with international operations could harm our business.
  • Coverage and adequate reimbursement may not be available for any future product candidates, which could make it difficult for us to sell profitably, if approved.
  • Product liability lawsuits against us could cause us to incur substantial liabilities and could limit commercialization of any product candidate that we may develop.
  • Risks Related to Regulatory Compliance
  • Our relationships with customers, physicians, and third-party payors may be subject, directly or indirectly, to federal and state healthcare fraud and abuse laws, transparency laws, false claims laws, health information privacy and security laws, and other healthcare laws and regulations. If we are unable to comply, or have not fully complied, with such laws, we could face substantial penalties.
  • Healthcare legislative reform measures may have a negative impact on our business and results of operations.
  • Risks Related to Our Dependence on Third Parties
  • We will rely on third parties to manufacture clinical and commercial supplies of zetomipzomib and any future product candidates.
  • We rely on third parties to conduct, supervise and monitor our clinical trials and preclinical studies, and if those third parties perform in an unsatisfactory manner, it may harm our business.
  • Risks Related to Our Intellectual Property
  • Licensing of intellectual property is of critical importance to our business and involves complex legal, business and scientific issues. If we breach the Onyx License Agreement, we could lose the ability to develop and commercialize zetomipzomib.
  • If we are unable to obtain and maintain patent protection for zetomipzomib or any future product candidates, or if the scope of the patent protection obtained is not sufficiently broad, or if our patents are insufficient to protect our product candidates for an adequate amount of time, we may not be able to compete effectively in our markets.
  • Patent terms may be inadequate to protect our competitive position on our product candidates for an adequate amount of time.
  • Obtaining and maintaining our patent protection depends on compliance with various procedural, document submission, fee payment and other requirements imposed by government patent agencies, and our patent protection could be reduced or eliminated for non-compliance with these requirements.
  • Third parties may initiate legal proceedings alleging that we are infringing their intellectual property rights, the outcome of which would be uncertain and could have a negative impact on the success of our business.
  • We may be involved in lawsuits to protect or enforce our patents, the patents of our licensors or our other intellectual property rights, which could be expensive, time consuming and unsuccessful.
  • Changes in U.S. patent law or the patent law of other countries or jurisdictions could diminish the value of patents in general, thereby impairing our ability to protect our product candidates.
  • If we are unable to protect the confidentiality of our trade secrets, our business and competitive position would be harmed.
  • Reliance on third parties requires us to share our trade secrets, which increases the possibility that a competitor will discover them or that our trade secrets will be misappropriated or disclosed.
  • We may not be able to protect our intellectual property rights throughout the world, which could negatively impact our business.
  • Intellectual property rights do not necessarily address all potential threats to our business.
  • Risks Related to Our Business Operations and Employee Matters
  • We are highly dependent on the services of our executive officers, and if we are not able to retain these members of our management team or recruit and retain additional management, clinical and scientific personnel, our business will be harmed.
  • If we pursue further development of our product candidates, we will need to expand our organization, and we may experience difficulties in managing this growth, which could disrupt our operations.
  • We and the third parties with whom we work are subject to stringent and changing U.S. and foreign laws, regulations, rules, and contractual and other obligations related to data privacy and security. Our actual or perceived failure, or that of the third parties with whom we work, to comply with such obligations could lead to regulatory investigations or actions; litigation; fines and penalties; disruptions of our business operations; reputational harm; and other adverse business consequences.
  • If our information technology systems, or those third parties with whom we work, or other data are or were compromised, we could experience adverse consequences resulting from such compromise, including but not limited to regulatory investigations or actions; fines and penalties; disruptions or our business operations; reputational harm; loss of revenue or profits; and other adverse consequences.
  • Our employees, principal investigators, consultants and commercial partners may engage in misconduct or other improper activities, including non-compliance with regulatory standards and requirements and insider trading.
  • Risks Related to Ownership of Our Common Stock and Other General Matters
  • The market price of our common stock may be volatile and fluctuate substantially, and you could lose all or part of your investment.
  • Unstable market and economic conditions may have serious adverse consequences on our business, financial condition and share price.
  • Our common stock is thinly traded and our stockholders may be unable to sell their shares quickly or at market price.
  • Concentration of ownership of our common stock among our existing executive officers, directors and principal stockholders may prevent new investors from influencing significant corporate decisions.
  • We are a “smaller reporting company,” and the reduced disclosure requirements applicable to such companies may make our common stock less attractive to investors.
  • We will continue to incur costs as a public company, and our management will be required to devote substantial time to new compliance initiatives.
  • Provisions in our corporate charter documents and under Delaware law could make an acquisition of us, which may be beneficial to our stockholders, more difficult and may prevent attempts by our stockholders to replace or remove our current management.
  • Our amended and restated certificate of incorporation provides that the Court of Chancery of the State of Delaware and the federal district courts of the United States will be the exclusive forums for substantially all disputes between us and our stockholders, which could limit our stockholders’ ability to obtain a favorable judicial forum for disputes with us or our directors, officers or employees.

Legal proceedings

From time to time, we may become involved in legal proceedings arising in the ordinary course of our business. We are not currently a party to any material legal proceedings, and we are not aware of any pending or threatened legal proceeding against us that we believe could have an adverse effect on our business, operating results or financial condition.

The opening of Item 3, Legal Proceedings.4

Sources

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  53. 53
  54. 54
  55. 55
  56. 56
  57. 57
  58. 58
  59. 59
  60. 60
  61. 61
  62. 62
  63. 63
  64. 64
  65. 65
  66. 66
  67. 67
  68. 68