Vault-13

KEZAR LIFE SCIENCES INC KZR

COM NEW · Common Stock · CUSIP 49372L209

39 institutional holders -2 vs Q2 2025
4,239,8334.2m shares reported held*
$16.5mreported value*
3 new 10 added 8 reduced 4 sold out net sold ≈ $916.5k (-235.0k shares)

* Summed across managers. Shares that two managers' reports both contain – a subsidiary's holdings that its parent's report includes too, or a sub-adviser's in its client's – are counted once. Holder counts are more reliable. Implied quarter-end price ≈ $3.90. Options: 2 managers hold calls ($61.6k notional), 0 hold puts (—).

Trends to Q3 2025

Institutional holders

Managers reporting a position, each quarter

0204060Q2 24: 1Q3 24: 3Q4 24: 44Q1 25: 42Q2 25: 41Q3 25: 3939Q2 24Q3 24Q4 24Q1 25Q2 25Q3 25
Numbers
QuarterHolders
Q2 20241
Q3 20243
Q4 202444
Q1 202542
Q2 202541
Q3 202539

Buyers vs sellers

Managers adding to or starting a position, vs cutting or selling out

Bought or addedCut or sold out
50050Q3 24: 2 bought or addedQ3 24: 0 cut or sold outQ3 24Q4 24: 42 bought or addedQ4 24: 3 cut or sold outQ4 24Q1 25: 12 bought or addedQ1 25: 19 cut or sold outQ1 25Q2 25: 13 bought or addedQ2 25: 12 cut or sold outQ2 25Q3 25: 13 bought or addedQ3 25: 12 cut or sold outQ3 25
Numbers
QuarterBought or addedCut or sold out
Q3 202420
Q4 2024423
Q1 20251219
Q2 20251312
Q3 20251312

Calls vs puts

Options held, notional value, last 4 quarters. P/C = puts ÷ calls

CallsPuts
$0$25k$50k$75k$100kQ4 24 calls: $83.8kQ4 24 puts: $9.4kQ4 24P/C 0.11Q1 25 calls: $57.6kQ1 25 puts: $1.0kQ1 25P/C 0.02Q2 25 calls: $0Q2 25 puts: $1.0kQ2 25P/C —Q3 25 calls: $61.6kQ3 25 puts: $0Q3 25P/C 0.00
Numbers
QuarterCallsPutsP/C
Q4 2024$83.8k$9.4k0.11
Q1 2025$57.6k$1.0k0.02
Q2 2025$0$1.0k—
Q3 2025$61.6k$00.00

Biggest buyers

Stonepine Capital Management, LLC Added +213,323+213.3k
BML Capital Management, LLC Added +85,604+85.6k
BLUEFIN CAPITAL MANAGEMENT, LLC New +33,610+33.6k
RENAISSANCE TECHNOLOGIES LLC Added +28,601+28.6k
CITADEL ADVISORS LLC New +18,221+18.2k
LANDSCAPE CAPITAL MANAGEMENT, L.L.C. New +13,042+13.0k
Peapod Lane Capital LLC Added +10,650+10.7k
Tower Research Capital LLC (TRC) Added +1,042+1.0k
BlackRock, Inc. Added +432+432
GEODE CAPITAL MANAGEMENT, LLC Added +383+383

Biggest sellers

Avidity Partners Management LP Sold out -502,600-502.6k
SPHERA FUNDS MANAGEMENT LTD. Sold out -58,539-58.5k
MILLENNIUM MANAGEMENT LLC Sold out -25,677-25.7k
ADAR1 Capital Management, LLC Reduced -22,437-22.4k
FMR LLC Reduced -13,933-13.9k
VANGUARD GROUP INC Reduced -8,062-8.1k
DIMENSIONAL FUND ADVISORS LP Reduced -6,739-6.7k
TWO SIGMA INVESTMENTS, LP Reduced -1,201-1.2k
MORGAN STANLEY Reduced -873-873
TWO SIGMA ADVISERS, LP Reduced -380-380

Biggest calls

CITADEL ADVISORS LLC New $61.2k15.7k shares
GROUP ONE TRADING LLC New $390100 shares

Biggest puts

None

Options at notional value: the value of the shares the contracts control, as filers report them, not what the options cost. Not included in the holders, shares or buying above.

Major shareholders (over 5%)

Anyone who owns more than 5% of a class of the company's shares has to say so: on Schedule 13D if they may try to influence or control the company, on 13G if they're a passive investor, and update it as the stake changes. Each holder's latest filing, from 19 Dec 2024 on; percentages are of the share class, as the holder worked them out.

No one currently above 5% in the filings since 19 Dec 2024.

Fell to 5% or below in the last year: Baselake Partners, LP (0.0%, 2026-05-28), TANG CAPITAL MANAGEMENT LLC (0.0%, 2026-05-13), Stonepine Capital Management, LLC (2.1%, 2026-02-13)

Holders, Q3 2025

#ManagerLocationShares Value% of their portfolioChangeShares change
1 BML Capital Management, LLC 2.59% of their portfolio ZIONSVILLE, IN 720,787720.8k $2.8m $2.8m 2.59% Added +85.6k +85,604
2 TANG CAPITAL MANAGEMENT LLC 0.11% of their portfolio SAN DIEGO, CA 720,000720.0k $2.8m $2.8m 0.11% Unchanged
3 MONTANOVA CAPITAL, LLC 0.08% of their portfolio New York, NY 716,759716.8k $2.8m $2.8m 0.08% Unchanged
4 Stonepine Capital Management, LLC 1.21% of their portfolio Bend, OR 383,182383.2k $1.5m $1.5m 1.21% Added +213.3k +213,323
5 VANGUARD GROUP INC 0.00% of their portfolio Valley Forge, PA 268,166268.2k $1.0m $1.0m 0.00% Reduced -8.1k -8,062
6 ORBIMED ADVISORS LLC 0.02% of their portfolio New York, NY 192,700192.7k $751.5k $751.5k 0.02% Unchanged
7 ACADIAN ASSET MANAGEMENT LLC 0.00% of their portfolio Boston, MA 133,525133.5k $519.0k $519.0k 0.00% Unchanged
8 Peapod Lane Capital LLC 0.44% of their portfolio Bedford Hills, NY 125,773125.8k $490.5k $490.5k 0.44% Added +10.7k +10,650
9 ADAR1 Capital Management, LLC 0.05% of their portfolio AUSTIN, TX 124,967125.0k $487.4k $487.4k 0.05% Reduced -22.4k -22,437
10 RENAISSANCE TECHNOLOGIES LLC 0.00% of their portfolio NEW YORK, NY 115,885115.9k $452.0k $452.0k 0.00% Added +28.6k +28,601
11 Ikarian Capital, LLC 0.08% of their portfolio DALLAS, TX 106,901106.9k $416.9k $416.9k 0.08% Unchanged
12 BlackRock, Inc. 0.00% of their portfolio New York, NY 98,10398.1k $382.6k $382.6k 0.00% Added +432 +432
13 QIMING U.S. VENTURES MANAGEMENT, LLC 0.58% of their portfolio BELLEVUE, WA 82,87182.9k $323.2k $323.2k 0.58% Unchanged
14 Shay Capital LLC 0.05% of their portfolio NEW YORK, NY 67,66167.7k $263.9k $263.9k 0.05% Unchanged
15 GEODE CAPITAL MANAGEMENT, LLC 0.00% of their portfolio BOSTON, MA 65,50265.5k $255.5k $255.5k 0.00% Added +383 +383
16 TWO SIGMA ADVISERS, LP 0.00% of their portfolio NEW YORK, NY 54,26154.3k $211.6k $211.6k 0.00% Reduced -380 -380
17 BRIDGEWAY CAPITAL MANAGEMENT, LLC 0.00% of their portfolio HOUSTON, TX 41,00041.0k $159.9k $159.9k 0.00% Unchanged
18 BLUEFIN CAPITAL MANAGEMENT, LLC 0.06% of their portfolio NEW YORK, NY 33,61033.6k $131.1k $131.1k 0.06% New
19 RBF Capital, LLC 0.01% of their portfolio RENO, NV 28,25328.3k $110.2k $110.2k 0.01% Unchanged
20 TWO SIGMA INVESTMENTS, LP 0.00% of their portfolio NEW YORK, NY 23,68223.7k $92.4k $92.4k 0.00% Reduced -1.2k -1,201
21 DIMENSIONAL FUND ADVISORS LP 0.00% of their portfolio AUSTIN, TX 23,23123.2k $90.6k $90.6k 0.00% Reduced -6.7k -6,739
22 STATE STREET CORP 0.00% of their portfolio BOSTON, MA 21,09321.1k $82.3k $82.3k 0.00% Unchanged
23 BOOTHBAY FUND MANAGEMENT, LLC 0.00% of their portfolio NEW YORK, NY 20,90020.9k $81.5k $81.5k 0.00% Unchanged
24 CITADEL ADVISORS LLC 0.00% of their portfolio MIAMI, FL 18,22118.2k $71.1k $71.1k 0.00% New
25 NORTHERN TRUST CORP 0.00% of their portfolio CHICAGO, IL 13,94013.9k $54.4k $54.4k 0.00% Unchanged
26 LANDSCAPE CAPITAL MANAGEMENT, L.L.C. 0.00% of their portfolio Englewood, NJ 13,04213.0k $50.9k $50.9k 0.00% New
27 FMR LLC 0.00% of their portfolio BOSTON, MA 8,7328.7k $34.1k $34.1k 0.00% Reduced -13.9k -13,933
28 MORGAN STANLEY 0.00% of their portfolio NEW YORK, NY 7,8207.8k $30.5k $30.5k 0.00% Reduced -873 -873
29 WELLS FARGO & COMPANY/MN 0.00% of their portfolio SAN FRANCISCO, CA 5,8465.8k $22.8k $22.8k 0.00% Added +100 +100
30 Tower Research Capital LLC (TRC) 0.00% of their portfolio NEW YORK, NY 1,1871.2k $4.6k $4.6k 0.00% Added +1.0k +1,042
31 Global Retirement Partners, LLC 0.00% of their portfolio San Rafael, CA 1,0001.0k $3.9k $3.9k 0.00% Unchanged
32 JPMORGAN CHASE & CO 0.00% of their portfolio NEW YORK, NY 418418 $1.6k $1.6k 0.00% Added +209 +209
33 UBS Group AG 0.00% of their portfolio ZURICH, V8 356356 $1.4k $1.4k 0.00% Added +315 +315
34 BANK OF AMERICA CORP /DE/ 0.00% of their portfolio CHARLOTTE, NC 121121 $472 $472 0.00% Reduced -59 -59
35 CIBC Private Wealth Group LLC 0.00% of their portfolio ATLANTA, GA 100100 $390 $390 0.00% Unchanged
36 BNP PARIBAS FINANCIAL MARKETS 0.00% of their portfolio PARIS, I0 9696 $374 $374 0.00% Unchanged
37 OSAIC HOLDINGS, INC. 0.00% of their portfolio SCOTTSDALE, AZ 9090 $323 $323 0.00% Unchanged
38 CITIGROUP INC 0.00% of their portfolio NEW YORK, NY 5151 $199 $199 0.00% Unchanged
39 BARCLAYS PLC 0.00% of their portfolio LONDON, X0 11 $4 $4 0.00% Unchanged