A four-month FDA delay forced Kezar Life Sciences to close its doors after the regulator canceled a key clinical-trial design meeting for an autoimmune hepatitis program. Kezar had reached an agreement with the FDA in February, but the planned design discussion came too late—pushing the company into winding down and auctioning lab equipment. Kezar laid off most of its roughly 60 employees and sold office furniture as it waited for clarity that did not arrive in time. The company later said it would be sold to Aurinia Pharmaceuticals after the FDA milestone finally came through. In CEO Chris Kirk’s view, the sequence reflects increasing regulatory volatility and inconsistent decision-making that can disproportionately harm cash-constrained small companies. The episode is a new example of how timeline disruptions can erase months of work even when scientific progress is underway.