Kezar Life Sciences shut down after an FDA delay derailed a planned clinical trial-design meeting for its autoimmune hepatitis program. The company said the FDA agreed on a trial plan but only after a four-month lag that caused Kezar to miss a critical design discussion timeline. According to STAT+, the meeting was scheduled for October but was abruptly canceled without explanation. With limited regulatory clarity, Kezar’s financing deteriorated, prompting investor exits, staff reductions, and the winding down of laboratory and office assets. Kezar CEO Chris Kirk framed the outcome as part of a broader pattern of increased unpredictability at the FDA, arguing the effects can hit small developers hardest due to their reliance on near-term funding cycles.