ZEVRA THERAPEUTICS, INC.

Listed Company

ZVRACIK 0001434647NasdaqNon-AcceleratedSmaller ReportingPharmaceutical PreparationsDelawareFY ends Dec 31

Period

FY 2025

Revenue

—

Net Income

$83.23M

Total Assets

$284.73M

Equity

$154.66M

Shares Out

58.71M

Op. Cash Flow

$-1.60M

Business

Zevra Therapeutics, Inc. is a commercial-stage biopharmaceutical company focused on developing and commercializing therapeutics for rare diseases. It offers approved medicines (MIPLYFFA, OLPRUVA and AZSTARYS through a partnership) and a portfolio of clinical and preclinical product candidates including celiprolol and KP1077, together with related development, licensing and intellectual property management. Key business segments include commercial operations, clinical development, in‑licensing and acquisitions, and partnered products supported by regulatory, medical affairs and market access functions. The company markets in the U.S., pursues EU approvals and distributes via specialty pharmacies, third‑party distributors, contract manufacturers and strategic partners.

Summary from filing dated 2025-03-12

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Revenue, net	107	24	27	10	29
Cost of product revenue (excluding $X and $X in intangible asset amortization for the years ended XXX XX, 20XX, and 20XX, respectively, shown separately below)	16	7	2	—	—
Intangible asset amortization	4	6	800,000	—	—
Impairment of intangible assets	59	0	—	—	—
Research and development	13	42	40	20	10
Selling, general and administrative	78	55	34	15	—
Total operating expenses	90	97	74	53	21
Loss from operations	−63	−87	−50	−43	8
Gain on sale of PRV	148	0	—	—	—
Interest expense	−8	−7	−2	—	—
Fair value adjustment related to warrant and CVR liability	2	2	—	—	—
Fair value adjustment related to investments	149,000	−18,000	613,000	−577,000	—
Interest and other income, net	7	2	5	2	261,000
Total other income (expense)	150	−3	4	16	−16
Income (loss) before income taxes	87	−90	−46	−27	−9
Income tax expense	−3	−15	0	33,000	−34,000
Net income (loss)	83	−106	−46	−27	−9
Basic (in dollars per share)	1.4	−2.28	−1.3	−0.78	−2.11
Diluted (in dollars per share)	1.35	−2.28	—	—	−2.11
Basic (in shares)	55	46	35	34	30
Diluted (in shares)	57	46	—	—	30

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2023 2023-09-30	FY 2022 2022-12-31
Cash and cash equivalents	62	34	43	—	65
Securities at fair value, current	129	36	25	—	17
Accounts and other receivables	23	11	17	—	8
Prepaid expenses and other current assets	7	4	2	—	2
Inventories, current	2	2	0	—	—
Total current assets	223	86	87	—	93
Securities at fair value, noncurrent	48	6	0	—	0
Inventories, noncurrent	879,000	11	10	—	671,000
Property and equipment, net	489,000	356,000	736,000	—	794,000
Operating lease right-of-use assets	1	657,000	790,000	—	988,000
Goodwill	5	5	5	—	0
Intangible assets, net	6	69	69	—	0
Other long-term assets	143,000	384,000	94,000	—	53,000
Total assets	285	178	172	—	115
Accounts payable and accrued expenses	12	25	28	—	6
Current portion of operating lease liabilities	419,000	420,000	543,000	—	480,000
Current portion of discount and rebate liabilities	12	6	—	—	—
Current portion of income tax payable	14	0	—	—	—
Other current liabilities	1	2	3	—	719,000
Total current liabilities	39	34	74	—	12
Long-term debt	62	60	5	—	—
Warrant liability	10	18	—	—	—
Income tax payable	7	14	0	—	—
Operating lease liabilities, less current portion	859,000	372,000	456,000	—	843,000
Discount and rebate liabilities, less current portion	10	8	—	—	—
Other long-term liabilities	2	5	7	—	25,000
Total liabilities	130	138	110	—	40
Commitments and contingencies (Note K)	—	—	—	—	—
Undesignated preferred stock, $X.X par value, X shares authorized, X shares issued or outstanding as of XXX XX, 20XX, or December 31, 20XX	0	0	—	—	0
Common stock, $X.X par value, X shares authorized; X shares issued and X shares outstanding as of XXXX XX, 20XX; X shares issued and X shares outstanding as of December 31, 20XX	6,000	5,000	—	—	—
Additional paid-in capital	588	555	473	—	436
Treasury stock, at cost	−11	−11	−11	—	−8
Accumulated deficit	−422	−505	−400	—	−354
Accumulated other comprehensive (loss) income	−764,000	631,000	−43,000	—	113,000
Total stockholders' equity	155	40	62	62	75
Total liabilities and stockholders' equity	285	178	172	—	115

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Stock-based compensation expense	13	15	6	4	2
Inventory obsolescence charge	12	6	0	—	—
Income tax expense	3	15	0	—	—
Depreciation and amortization expense	4	6	1	944,000	257,000
Non-cash interest expense	3	2	0	0	8,000
Non-cash lease expense	602,000	552,000	—	—	—
Accretion on investments	−3	−890,000	0	—	—
Loss on sublease and disposal of property and equipment	63,000	218,000	157,000	9,000	76,000
Consulting fees paid in common stock	75,000	474,000	—	—	—
Loss on foreign currency exchange rates	2	219,000	−198,000	−91,000	0
Accounts and other receivables	−12	7	−9	−7	1
Prepaid expenses and other current assets	−3	−2	152,000	−894,000	−825,000
Inventories	−1	−9	206,000	147,000	0
Other long-term assets	451,000	0	−5,000	386,000	0
Accounts payable and accrued expenses	−16	−4	11	3	−1
Discount and rebate liabilities	7	431,000	3	4	0
Operating lease liabilities	−675,000	−626,000	−439,000	−389,000	−326,000
Other liabilities	−1	835,000	360,000	−74,000	723,000
Net cash used in operating activities	−2	−70	−34	−19	10
Purchases of property and equipment	−835,000	0	−296,000	−93,000	−102,000
Disposals of property and equipment	448,000	0	—	—	—
Purchases of investments	−310	−41	−46	—	—
Maturities of investments	179	25	59	1	—
Proceeds from sale of PRV	150	0	—	—	—
Payment of royalty to XOMA	0	−6	0	—	—
Net cash provided by (used in) investing activities	18	−22	−17	−37	−16
Proceeds from issuance of debt, net of lender fees	0	59	42	13	0
Repayment of debt	0	−43	−18	0	—
Proceeds from insurance financing arrangements	0	1	1	1	0
Proceeds from Employee Stock Purchase Plan	615,000	1	—	—	—
Proceeds from issuance of stock	0	65	6	0	—
Proceeds from issuance of common stock for options exercised	3	2	0	—	—
Proceeds from issuance of common stock for warrants exercised	9	0	—	0	31
Payments of principal on insurance financing arrangements	−372,000	−431,000	−564,000	−1	0
Payment of deferred financing costs	0	−2	0	—	—
Net cash provided by financing activities	12	82	28	8	113
Effect of exchange rate changes on cash and cash equivalents	28,000	454,000	44,000	204,000	0
Net increase (decrease) in cash and cash equivalents	29	−9	−22	−47	108
Cash paid for interest	5	5	456,000	321,000	218,000
Right-of-use assets obtained in exchange for lease liabilities	1	419,000	0	—	—

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