Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)	1 Months Ended	3 Months Ended				6 Months Ended		12 Months Ended
	Jun. 30, 2024	Jun. 30, 2025	Mar. 31, 2025	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2025	Jun. 30, 2024	Dec. 31, 2023
Cash flows from operating activities:
Net loss		$ (13,704,000)	$ (16,556,000)	$ (21,547,000)	$ (21,658,000)	$ (30,260,000)	$ (43,205,000)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization						494,000	521,000
Stock-based compensation						5,200,000	6,519,000
Amortization of premiums and discounts on marketable securities						(1,275,000)	(2,902,000)
Amortization of debt discount and issuance costs and other non-cash interest						201,000	129,000
Impairment loss of right-of-use asset	$ 1,500,000					0	1,549,000	$ 2,700,000
Changes in operating assets and liabilities
Prepaid expenses and other current assets						1,390,000	2,143,000
Other assets						1,741,000	(927,000)
Accounts payable, accrued and other current liabilities						(6,322,000)	(3,106,000)
Operating lease assets and liabilities						(1,154,000)	(614,000)
Net cash used in operating activities						(29,985,000)	(39,893,000)
Cash flows from investing activities:
Purchases of property and equipment						(8,000)	0
Purchases of marketable securities						(28,334,000)	(52,126,000)
Maturities of marketable securities						53,481,000	84,750,000
Net cash provided by investing activities						25,139,000	32,624,000
Cash flows from financing activities:
Repayment of loan principal						(2,608,000)	0
Proceeds from issuance of common stock under employee stock incentive plans						35,000	56,000
Net cash (used in) provided by financing activities						(2,573,000)	56,000
Effect of exchange rate changes on cash and cash equivalents						37,000	(4,000)
Net decrease in cash and cash equivalents						(7,382,000)	(7,217,000)
Cash and cash equivalents at the beginning of period			$ 41,749,000		$ 35,493,000	41,749,000	35,493,000
Cash and cash equivalents at the end of period	$ 28,276,000	$ 34,367,000		$ 28,276,000		34,367,000	28,276,000	$ 35,493,000
Supplemental disclosures
Cash paid for interest						$ 448,000	$ 672,000

Kezar Life Sciences, Inc. 10-Q