SCHEDULE 13D/A 0001193125-19-057665 0001769229 XXXXXXXX LIVE 5 Common Stock, par value $0.001 per share 02/28/2025 false 0001645666 49372L100 Kezar Life Sciences, Inc.

4000 Shoreline Court Suite 300 South San Francisco CA 94080

Equal Talent Investments Ltd 11-377-97-97-47-37 2nd Floor, Le Prince De Galles 3-5 Avenue Des Citronniers Monaco O9 98000 Moringside Tech Advisory, LLC 617-244-2800 Attn: Stephanie O'Brien, Esq. 1188 Centre Street Newton Centre MA 02459 0001769229 N Equal Talent Investments Limited a WC N D8 616502.00 0.00 616502.00 0.00 616502.00 N 8.66 CO Based on 7,119,945 shares of Common Stock outstanding as of February 3, 2025, as reported in the Issuer's Registration Statement on Form S-3 filed with the SEC on February 5, 2025. Y Tracy Gia Yunn Tsoi a AF N C3 616502 0 616502 0 616502 N 8.66 IN Based on 7,119,945 shares of Common Stock outstanding as of February 3, 2025, as reported in the Issuer's Registration Statement on Form S-3 filed with the SEC on February 5, 2025. Common Stock, par value $0.001 per share Kezar Life Sciences, Inc. 4000 Shoreline Court Suite 300 South San Francisco CA 94080 This Amendment No. 5 amends and supplements the Schedule 13D Amendment No. 4 ("Schedule 13D/A") filed by the Reporting Persons (as defined in Item 2 below) on January 16, 2025 (and relates to their beneficial ownership interest in Kezar Life Sciences, Inc.'s (the "Issuer") common stock, par value $0.001 per share ("Common Stock"). Information given in response to each item shall be deemed incorporated by reference in all other items, as applicable. Except as otherwise provided herein, each Item of the Schedule 13D/A remains unchanged. On February 28, 2025, Ms. Suk Ying Pauli Ng, notified Equal Talent Investments Limited, a British Virgin Islands exempted company ("ETIL") of her intent to resign as the sole director of ETIL, effective immediately. Ms. Ng served as sole director of ETIL since February 1, 2021. Effective February 28, 2025, Ms. Tracy Gia Yunn Tsoi became the sole director of ETIL. Each of the following is referred to as a "Reporting Person" and collectively as the "Reporting Persons:" ETIL, with respect to the Common Stock directly and beneficially owned by it and Tracy Gia Yunn Tsoi, with respect to the Common Stock beneficially owned by her as a result of her position as a director of ETIL; and Tracy Gia Yunn Tsoi, who is the sole director of ETIL and has sole voting and dispositive power with respect to the securities held by ETIL. Ms. Tsoi disclaims beneficial ownership of the securities owned directly by ETIL. ETIL is ultimately wholly beneficially owned by a trust over which Peter Stuart Allenby Edwards, a director of Morningside Venture Investments Limited, has sole authority to remove the trustee. With respect to ETIL and Ms. Tsoi: c/o THC Management Services S.A.M., 2nd Floor, Le Prince De Galles 3-5 Avenue Des Citronniers MC 98000, Monaco With copies to: Morningside Technology Advisory, LLC Attn: Stephanie O'Brien, Esq. 1188 Centre Street Newton Centre, MA 02459 Springfield Financial Advisory Limited Attn: Alice Li/Makim Ma 22nd Floor Hang Lung Centre 2-20 Paterson Street Causeway Bay, Hong Kong The present principal business of ETIL and Ms. Tsoi is the venture capital and private equity investment business. No Reporting Person, during the last five years, has been convicted in a criminal proceeding (excluding traffic violations or similar misdemeanors). No Reporting Person, during the last five years, has been a party to a civil proceeding of a judicial or administrative body of competent jurisdiction and as a result of such proceeding was or is subject to a judgment, decree or final order enjoining future violations of, or prohibiting or mandating activities subject to, federal or state securities laws or finding any violation with respect to such laws. ETIL is a British Virgin Islands Exempted Company. Ms. Tsoi is a citizen of Australia. The information contained on the cover pages is incorporated by reference to this Item 5. The Information contained on the cover pages is incorporated by reference to this Item 5. The aggregate percentage of Common Stock reported beneficially owned by each person named herein is determined in accordance with SEC rules and is based upon 7,119,945 shares of Common Stock outstanding as of February 3, 2025, as reported in the Issuer's Registration Statement on Form S-3 filed with the SEC on February 5, 2025. The applicable SEC rules generally attribute beneficial ownership of securities to persons who possess sole or shared voting power or investment power with respect to those securities. N/A N/A N/A 99.1 Joint Filing Agreement 99.2 Power of Attorney dated as of February 25, 2025 for Tracy Gia Yunn Tsoi Equal Talent Investments Limited /s/ Tracy Gia Yunn Tsoi 03/03/2025 Tracy Gia Yunn Tsoi /s/ Tracy Gia Yunn Tsoi 03/03/2025