SCHEDULE 13G/A 0000935836-25-000592 0001440771 XXXXXXXX LIVE 1 Common Stock 12/31/2025 0001645666 Kezar Life Sciences, Inc. 49372L209 4000 SHORELINE COURT, SUITE 300 SOUTH SAN FRANCISCO CA 94080 Rule 13d-1(c) Stonepine Capital Management, LLC b DE 0.00 156179.00 0.00 156179.00 156179.00 N 2.1 IA OO Percentage calculated based on 7,323,156 shares of Common Stock outstanding as of November 10, 2025, as reported in the Form 10-Q filed by the Issuer for the quarter ended September 30, 2025. Stonepine Capital, L.P. b DE 0.00 156179.00 0.00 156179.00 156179.00 N 2.1 PN Percentage calculated based on 7,323,156 shares of Common Stock outstanding as of November 10, 2025, as reported in the Form 10-Q filed by the Issuer for the quarter ended September 30, 2025. Stonepine GP, LLC b DE 0.00 156179.00 0.00 156179.00 156179.00 N 2.1 OO Percentage calculated based on 7,323,156 shares of Common Stock outstanding as of November 10, 2025, as reported in the Form 10-Q filed by the Issuer for the quarter ended September 30, 2025. Jon M. Plexico b X1 0.00 156179.00 0.00 156179.00 156179.00 N 2.1 HC IN Percentage calculated based on 7,323,156 shares of Common Stock outstanding as of November 10, 2025, as reported in the Form 10-Q filed by the Issuer for the quarter ended September 30, 2025. Kezar Life Sciences, Inc. 4000 SHORELINE COURT, SUITE 300 South San Francisco, CA 94080 Stonepine Capital Management, LLC, a Delaware limited liability company ("Stonepine") Stonepine Capital, L.P., a Delaware limited partnership (the "Partnership") Stonepine GP, LLC, a Delaware limited liability company (the "General Partner") Jon M. Plexico Stonepine and the General Partner are the investment adviser and general partner, respectively, of the Partnership. Mr. Plexico is the control person of Stonepine and the General Partner. The reporting persons are filing this Schedule 13G jointly, but not as members of a group, and each disclaims membership in a group. Each reporting person also disclaims beneficial ownership of Common Stock except to the extent of that person's pecuniary interest therein. In addition, the filing of this Schedule 13G on behalf of the Partnership should not be construed as an admission that it is, and it disclaims that it is, a beneficial owner, as defined in Rule 13d-3 under the Act, of any Common Stock covered by this Schedule 13G. 2900 NW Clearwater Drive, Suite 100-11, Bend OR 97703 See Item 4 of the cover sheet for each reporting person. Y Stonepine: 156,179 Partnership: 156,179 General Partner: 156,179 Jon M. Plexico: 156,179 Stonepine: 2.1% Partnership: 2.1% General Partner: 2.1% Jon M. Plexico: 2.1% Stonepine: 0 Partnership: 0 General Partner: 0 Jon M. Plexico: 0 Stonepine: 156,179 Partnership: 156,179 General Partner: 156,179 Jon M. Plexico: 156,179 Stonepine: 0 Partnership: 0 General Partner: 0 Jon M. Plexico: 0 Stonepine: 156,179 Partnership: 156,179 General Partner: 156,179 Jon M. Plexico: 156,179 N Y Y Y Y Y N By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11. EXHIBIT 99 - AGREEMENT REGARDING JOINT FILING OF STATEMENT ON SCHEDULE 13D OR 13G Stonepine Capital Management, LLC /s/ Jon M. Plexico 02/13/2026 Stonepine Capital, L.P. /s/ Jon M. Plexico 02/13/2026 Stonepine GP, LLC /s/ Jon M. Plexico 02/13/2026 Jon M. Plexico /s/ Jon M. Plexico 02/13/2026