Zevra Reports Second Quarter 2026 Financial Results and Corporate Update
Rhea-AI Summary
Zevra Therapeutics (NasdaqGS: ZVRA) reported Q2 2026 net revenue of $39.7 million, up 53% from Q2 2025, driven by $30.2 million from MIPLYFFA, $0.2 million from OLPRUVA, $9.0 million in global Expanded Access Program reimbursements and $0.3 million in AZSTARYS-related royalties and reimbursements.
Cost of product revenue was $1.5 million and operating expenses were $21.0 million. Zevra reported net income of $8.8 million, or $0.14 per share; adjusted net income was estimated at $15.2 million, or $0.25 per diluted share. Cash, cash equivalents and investments totaled $260.2 million.
MIPLYFFA progress included 14 new U.S. enrollment forms in Q2 (184 total since launch), 132 patients in the global EAP, extended Orange Book IP to 2041 and new safety/effectiveness publications. The Phase 3 DiSCOVER trial of celiprolol in VEDS reached 66 enrolled patients with three confirmed events.
Positive
- Q2 2026 net revenue $39.7 million, up 53% vs. Q2 2025
- MIPLYFFA net revenue $30.2 million in Q2 2026
- Cost of product revenue down to $1.5 million in Q2 2026
- Operating expenses reduced to $21.0 million from $24.2 million year-over-year
- Adjusted net income $15.2 million, or $0.25 per diluted share, in Q2 2026
- Cash, cash equivalents and investments of $260.2 million as of June 30, 2026
Negative
- GAAP net income declined to $8.8 million from $74.7 million in Q2 2025
- Noncash fair value adjustments on warrants and CVRs increased to $6.4 million from $0.8 million
News Explained
Zevra has reported its second-quarter 2026 results; as of
Key Figures
Previous Earnings Reports
| Date | Event | Sentiment | 24h Move | Catalyst |
|---|---|---|---|---|
| Jul 22 | Q2 results call notice | Neutral | -2.5% | Announced Q2 results release timing and conference call details |
| May 06 | Q1 earnings report | Positive | -2.2% | Reported Q1 revenue growth, portfolio sale, debt prepayment, and pipeline progress |
| Apr 22 | Q1 results call notice | Neutral | +1.0% | Announced Q1 results release timing and conference call details |
| Mar 09 | Q4 earnings report | Positive | +21.3% | Reported quarterly and annual revenue, income, cash, and regulatory progress |
| Mar 02 | Q4 results call notice | Neutral | +1.8% | Announced Q4 and full-year results release timing and webcast details |
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Tag-specific earnings history was mixed, with negative reactions after the Q1 2026 results and Q2 2026 call but a strong positive reaction after Q4 and full-year 2025 results.
Key Terms
expanded access program regulatory
marketing authorisation application regulatory
orange book listing regulatory
non-gaap financial measures financial
AI-generated analysis. How Rhea-AI works. Not financial advice.
Operational execution fueled strong cash position of
Company to host conference call and webcast TODAY, August 5, 2026, at 4:30 p.m. ET
BOSTON, Aug. 05, 2026 (GLOBE NEWSWIRE) -- Zevra Therapeutics, Inc. (NasdaqGS: ZVRA) (Zevra, or the Company), a commercial-stage company focused on bringing life-changing therapeutics to people living with rare diseases, today reported its financial results for the second quarter ended June 30, 2026.
“Zevra delivered strong MIPLYFFA performance and further established the therapy as an important treatment option for people living with Niemann-Pick disease type C,” said Neil F. McFarlane, Zevra's President and Chief Executive Officer. “These results reflect the strength of our U.S. commercial execution. Additionally, we are pursuing access to arimoclomol for people living with NPC in Europe, and we have submitted a request for the re-examination of our Marketing Authorisation Application. Our global Expanded Access Program remains active for eligible patients, reflecting our steadfast commitment to patients and families.”
MIPLYFFA® (arimoclomol) Highlights
- U.S.: Received 14 MIPLYFFA prescription enrollment forms for Niemann-Pick disease type C (NPC) during Q2 2026, bringing the total to 184 since product launch. Market access remains stable at
69% of covered lives. - EU: The Company has requested a re-examination of its Marketing Authorisation Application seeking approval of arimoclomol for the treatment of NPC.
- Global Expanded Access Program (EAP): As of June 30, 2026, 132 patients were enrolled in the global EAP.
- Strengthened our intellectual property position for MIPLYFFA with an Orange Book listing through 2041.
- New data published in Molecular Genetics and Metabolism Reports show MIPLYFFA was well tolerated in pediatric patients with no new safety signals observed.
- Published the long-term real-world safety and effectiveness data of MIPLYFFA from the U.S. Early Access Program in Molecular Genetics and Metabolism.
Pipeline and Innovation Highlights
- Enrolled four patients in the event-driven Phase 3 DiSCOVER trial of celiprolol for the treatment of Vascular Ehlers-Danlos Syndrome during Q2 2026, bringing the total number of enrolled patients to 66, with a total of three confirmed events. The Company expects to continue engagement with the U.S. Food and Drug Administration (FDA) in the second half of this year to explore pathways to accelerate clinical development.
Q2 2026 Financial Highlights
- Revenue, Net:
$39.7 million for Q2 2026, which includes$30.2 million of MIPLYFFA net revenue,$0.2 million of OLPRUVA net revenue,$9.0 million in net reimbursements from our global EAP, and$0.3 million in past due royalties and other reimbursements under the AZSTARYS® license agreement. This was an increase in total net revenue of$13.8 million compared to$25.9 million in Q2 2025. - Cost of Product Revenue:
$1.5 million for Q2 2026, excluding non-cash intangible asset amortization. Cost of product revenue for Q2 2025 was$12.4 million , excluding non-cash intangible asset amortization. - Operating Expenses:
$21.0 million for Q2 2026, which includes non-cash stock compensation expense of$3.0 million . Total operating expenses for Q2 2025 were$24.2 million .
- R&D expense was
$4.5 million for Q2 2026, which was an increase of$1.1 million compared to$3.4 million for Q2 2025, due primarily to an increase in spending for ongoing arimoclomol efforts. - SG&A expense was
$16.6 million for Q2 2026, which was a decrease of$4.2 million compared to$20.8 million for Q2 2025, due primarily to decreases in professional fees and third party spending, partially offset by an increase in personnel related costs.
- R&D expense was
- Net income: Net income of
$8.8 million , or$0.14 per basic and diluted share for Q2 2026, compared to a net income of$74.7 million , or$1.24 per basic and$1.21 diluted share for Q2 2025.
- In Q2 2026, the Company recognized
$6.4 million in noncash fair value adjustments related to existing warrant liabilities and contingent value rights (CVR) compared to$0.8 million in Q2 2025.
- In Q2 2026, the Company recognized
-
- In addition, in Q2 2025, the Company recognized a one-time gain on the sale of a priority review voucher of
$148.3 million , offset by a one time charge of$58.7 million related to impairment of intangible assets and an$11.7 million charge related to inventory obsolescence. - Excluding these one-time charges of
$6.4 million in Q2 2026 and the net$77.1 million income in Q2 2025 related to the Priority Review Voucher sale, OLPRUVA impairment and warrant and CVR fair value adjustment, the Company would have recognized estimated adjusted quarterly net income (loss) of$15.2 million , or$0.25 per diluted share in Q2 2026 and ($2.4) million , or ($0.04) per diluted share in Q2 2025.1
- In addition, in Q2 2025, the Company recognized a one-time gain on the sale of a priority review voucher of
- Cash Position: Cash, cash equivalents and investments were
$260.2 million as of June 30, 2026. Based on its current operating forecast, the Company believes available financial resources are sufficient to execute on its strategic priorities independent from the capital markets.
- Common and Fully Diluted Shares O/S: As of June 30, 2026, total shares of common stock outstanding were 59,341,906, and fully diluted common shares were 69,298,105, which included 7,426,820 shares issuable from outstanding awards under equity incentive plans, and 2,529,379 shares issuable upon exercise of warrants.
1 Adjusted net income and adjusted net income per share are non-GAAP financial measures. Management believes that adjusted net income and adjusted net income per share provide useful information for investors, and management uses these supplemental measures to assess the Company’s operating performance. Adjusted net income and adjusted net income per share have limitations as analytical tools because they do not reflect all of the amounts associated with our results of operations as determined in accordance with U.S. GAAP. Additionally, they may not be comparable to similarly titled measures of other companies, including in our industry, limiting the usefulness of those measures for comparative purposes. Because of these limitations, these non-GAAP financial measures should be considered along with other operating and financial performance measures presented in accordance with U.S. GAAP. The presentation of these non-GAAP financial measures are not intended to be considered in isolation or as a substitute for, or superior to, financial information prepared and presented in accordance with U.S. GAAP.
Conference Call Information
Zevra will host a conference call and audio webcast TODAY at 4:30 p.m. ET to discuss its corporate update and financial results for the second quarter 2026.
A link to the audio webcast is accessible on the “Events & Presentations” page in the Investor Relations section of the Zevra's website at investors.zevra.com. A replay of the webcast will be available for 90 days beginning at approximately 5:30 p.m. ET on August 5, 2026.
Additionally, interested participants and investors may access the conference call by dialing either:
- (800) 274-8461 (United States)
- +1 (203) -518-9814 (International)
- Conference ID: ZVRAQ226
About MIPLYFFA® (arimoclomol)
MIPLYFFA (arimoclomol) is Zevra’s approved therapy for the treatment of Niemann-Pick disease type C (NPC). Approved by the U.S. Food and Drug Administration on Sep. 20, 2024, MIPLYFFA (arimoclomol) increases the activation of the transcription factors EB (TFEB) and E3 (TFE3) resulting in the upregulation of coordinated lysosomal expression and regulation (CLEAR) genes. MIPLYFFA has also been shown to reduce unesterified cholesterol in the lysosomes of human NPC fibroblasts. The clinical significance of these findings is not fully understood. In the pivotal phase 3 trial, MIPLYFFA halted disease progression compared to placebo over the one-year duration of the trial when measured by the only validated disease progression measurement tool, the NPC Clinical Severity Scale. MIPLYFFA has also received Orphan Medicinal Product designation by the European Medicines Agency (EMA) for the treatment of NPC. The extensive data generated for MIPLYFFA has shown long-term, meaningful clinical outcomes with more than 5 years of patient experience across more than 270 NPC patients worldwide through a Phase 2/3 clinical trial, Open-Label Extension (OLE) study, Expanded Access Programs (EAP), and a pediatric sub-study, which is the most expansive clinical development program in NPC to date. Zevra has submitted a Marketing Authorization Application to the European Medicines Agency for the evaluation of arimoclomol for the treatment of Niemann-Pick disease type C.
INDICATIONS AND USAGE
MIPLYFFA is indicated for use in combination with miglustat for the treatment of neurological manifestations of Niemann-Pick disease type C (NPC) in adult and pediatric patients 2 years of age and older.
IMPORTANT SAFETY INFORMATION
Hypersensitivity Reactions: Hypersensitivity reactions such as urticaria and angioedema have been reported in patients treated with MIPLYFFA during Trial 1: two patients reported both urticaria and angioedema (
Embryofetal Toxicity: MIPLYFFA may cause embryofetal harm when administered during pregnancy based on findings from animal reproduction studies. Advise pregnant females of the potential risk to the fetus and consider pregnancy planning and prevention for females of reproductive potential.
Increased Creatinine without Affecting Glomerular Function: Across clinical trials of MIPLYFFA, mean increases in serum creatinine of
During MIPLYFFA treatment, use alternative measures that are not based on creatinine to assess renal function. Increases in creatinine reversed upon MIPLYFFA discontinuation.
The most common adverse reactions in Trial 1 (≥
Three (
To report SUSPECTED ADVERSE REACTIONS, contact Zevra Therapeutics, Inc. toll-free at 1-844-600-2237 or FDA at 1-800-FDA-1088 or www.fda.gov/medwatch.
Drug Interaction(s): Arimoclomol is an inhibitor of the organic cationic transporter 2 (OCT2) transporter and may increase the exposure of drugs that are OCT2 substrates. When MIPLYFFA is used concomitantly with OCT2 substrates, monitor for adverse reactions and reduce the dosage of the OCT2 substrate.
Use in Females and Males of Reproductive Potential: Based on animal findings, MIPLYFFA may impair fertility and may increase post-implantation loss and reduce maternal, placental, and fetal weights.
Renal Impairment: The recommended dosage of MIPLYFFA, in combination with miglustat, in patients with an eGFR ≥15 mL/minute to <50 mL/minute is lower than the recommended dosage (less frequent dosing) in patients with normal renal function.
MIPLYFFA capsules for oral use are available in the following strengths: 47 mg, 62 mg, 93 mg, and 124 mg.
For more information, please see the full Prescribing Information, including Instructions for Use.
About OLPRUVA®
OLPRUVA (sodium phenylbutyrate) is Zevra’s approved treatment for the treatment of certain UCDs. OLPRUVA (sodium phenylbutyrate) for oral suspension is a prescription medicine used along with certain therapies, including changes in diet, for the long-term management of adults and children weighing 44
Important Safety Information
Certain medicines may increase the level of ammonia in your blood or cause serious side effects when taken during treatment with OLPRUVA. Tell your doctor about all the medicines you or your child take, especially if you or your child take corticosteroids, valproic acid, haloperidol, and/or probenecid.
OLPRUVA can cause serious side effects, including: 1) nervous system problems (neurotoxicity). Symptoms include sleepiness, tiredness, lightheadedness, vomiting, nausea, headache, confusion, 2) low potassium levels in your blood (hypokalemia) and 3) conditions related to swelling (edema). OLPRUVA contains salt (sodium), which can cause swelling from salt and water retention. Tell your doctor right away if you or your child get any of these symptoms. Your doctor may do certain blood tests to check for side effects during treatment with OLPRUVA. If you have certain medical conditions such as heart, liver or kidney problems, are pregnant/planning to get pregnant or breast-feeding, your doctor will decide if OLPRUVA is right for you.
The most common side effects of OLPRUVA include absent or irregular menstrual periods, decreased appetite, body odor, bad taste or avoiding foods you ate prior to getting sick (taste aversion). These are not all of the possible side effects of OLPRUVA. Call your doctor for medical advice about side effects. You may report side effects to U.S. FDA at 1-800-FDA-1088.
About Celiprolol
Celiprolol is Zevra’s investigational clinical candidate for the treatment of Vascular Ehlers-Danlos Syndrome (VEDS). Celiprolol has been granted Orphan Drug and Breakthrough Therapy designations by the U.S. FDA. Zevra recently restarted enrollment in the DiSCOVER trial, a Phase 3 trial being conducted under a Special Protocol Assessment (SPA) agreement with the U.S. FDA. Celiprolol’s mechanism of action is designed to reduce the mechanical stress on collagen fibers within the arterial wall through vascular dilation and smooth muscle relaxation.
About Zevra Therapeutics, Inc.
Zevra Therapeutics, Inc. is a commercial-stage company with a late-stage pipeline committed to redefining what is possible in bringing life-changing therapies to people living with rare diseases. The Company is focused on broadening access through geographic expansion opportunities, progressing its pipeline toward key milestones, and delivering meaningful therapeutics. The commercialization of its lead product, marketed in the U.S. for Niemann-Pick disease type C (NPC), a rare, progressive neurodegenerative disease, provides a strong corporate foundation and validates its ability to advance therapies from development to market. Zevra's vision is realized through disciplined execution of its strategic plan and core values — patient centricity, integrity, accountability, innovation, and courage — which guide its efforts to deliver long-term value.
For more information, please visit www.zevra.com or follow us on X and LinkedIn.
Cautionary Note Concerning Forward-Looking Statements
This press release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include all statements that do not relate solely to historical or current facts, including without limitation statements regarding our request for a re-examination of the MAA for arimoclomol; the continued availability of our global EAP; the potential to accelerate development of the Company's treatment for Vascular Ehlers-Danlos Syndrome and continued engagement with FDA; and the sufficiency of the Company’s available financial resources to execute on its strategic priorities. Forward-looking statements are based on information currently available to Zevra and its current plans or expectations. They are subject to several known and unknown uncertainties, risks, and other important factors that may cause our actual results, performance, or achievements to be materially different from any future results, performance, or achievements expressed or implied by the forward-looking statements. These and other important factors are described in detail in the “Risk Factors” section of Zevra’s Annual Report on Form 10-K for the year ended December 31, 2025, filed on March 9, 2026, and Zevra’s other filings with the Securities and Exchange Commission. While we may elect to update such forward-looking statements at some point in the future, except as required by law, we disclaim any obligation to do so, even if subsequent events cause our views to change. Although we believe the expectations reflected in such forward-looking statements are reasonable, we cannot assure that such expectations will prove correct. These forward-looking statements should not be relied upon as representing our views as of any date after the date of this press release.
Investor Contact
Nichol Ochsner
+1 (732) 754-2545
nochsner@zevra.com
Media Contact
Julie Downs
+1 (508) 246-3230
jdowns@zevra.com
| ZEVRA THERAPEUTICS, INC. UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except share and per share amounts) | ||||||||||||||||
| Three months ended June 30, | Six months ended June 30, | |||||||||||||||
| 2026 | 2025 | 2026 | 2025 | |||||||||||||
| Revenue, net | $ | 39,663 | $ | 25,881 | $ | 75,883 | $ | 46,282 | ||||||||
| Cost of product revenue (excluding | (1,525 | ) | (12,379 | ) | (3,422 | ) | (13,724 | ) | ||||||||
| Intangible asset amortization | (316 | ) | (1,616 | ) | (632 | ) | (3,231 | ) | ||||||||
| Impairment of intangible assets | — | (58,710 | ) | — | (58,710 | ) | ||||||||||
| Gain on sale of future royalties, intellectual property, and other assets, net | — | — | 43,314 | — | ||||||||||||
| Operating expenses: | ||||||||||||||||
| Research and development | (4,486 | ) | (3,433 | ) | (8,878 | ) | (6,691 | ) | ||||||||
| Selling, general and administrative | (16,559 | ) | (20,782 | ) | (37,342 | ) | (40,327 | ) | ||||||||
| Total operating expenses | (21,045 | ) | (24,215 | ) | (46,220 | ) | (47,018 | ) | ||||||||
| Income (loss) from operations | 16,777 | (71,039 | ) | 68,923 | (76,401 | ) | ||||||||||
| Other (expense) income: | ||||||||||||||||
| Gain on sale of PRV | — | 148,325 | — | 148,325 | ||||||||||||
| Loss on extinguishment of debt | — | — | (2,756 | ) | — | |||||||||||
| Loss on derivative liability | — | — | (7,216 | ) | — | |||||||||||
| Interest expense | — | (2,009 | ) | (1,711 | ) | (3,978 | ) | |||||||||
| Fair value adjustment related to warrant and CVR liability | (6,408 | ) | (747 | ) | (5,440 | ) | 4,127 | |||||||||
| Fair value adjustment related to investments | (140 | ) | (2 | ) | (356 | ) | (5 | ) | ||||||||
| Interest and other income, net | 2,565 | 2,378 | 6,155 | 2,921 | ||||||||||||
| Total other (expense) income | (3,983 | ) | 147,945 | (11,324 | ) | 151,390 | ||||||||||
| Income before income taxes | 12,794 | 76,906 | 57,599 | 74,989 | ||||||||||||
| Income tax expense | (4,042 | ) | (2,199 | ) | (10,957 | ) | (3,381 | ) | ||||||||
| Net income | $ | 8,752 | $ | 74,707 | $ | 46,642 | $ | 71,608 | ||||||||
| Net income per share of common stock: | ||||||||||||||||
| Basic | $ | 0.14 | $ | 1.24 | $ | 0.76 | $ | 1.20 | ||||||||
| Diluted | $ | 0.14 | $ | 1.21 | $ | 0.74 | $ | 1.16 | ||||||||
| Weighted-average shares of common stock outstanding: | ||||||||||||||||
| Basic | 59,155,970 | 54,780,938 | 58,783,034 | 54,440,100 | ||||||||||||
| Diluted | 61,336,617 | 56,324,903 | 60,785,625 | 56,062,443 | ||||||||||||
| ZEVRA THERAPEUTICS, INC. UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands, except share and par value amounts) | ||||||||
| June 30, 2026 | December 31, 2025 | |||||||
| Assets | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 145,321 | $ | 62,406 | ||||
| Investments, current | 76,249 | 128,605 | ||||||
| Accounts and other receivables | 22,489 | 23,258 | ||||||
| Prepaid expenses and other current assets | 4,794 | 6,998 | ||||||
| Inventories, current | 2,449 | 1,740 | ||||||
| Total current assets | 251,302 | 223,007 | ||||||
| Investments, noncurrent | 38,609 | 47,879 | ||||||
| Inventories, noncurrent | — | 879 | ||||||
| Property and equipment, net | 641 | 489 | ||||||
| Operating lease right-of-use assets | 1,667 | 1,212 | ||||||
| Goodwill | 4,701 | 4,701 | ||||||
| Intangible assets, net | 5,789 | 6,421 | ||||||
| Other long-term assets | 3 | 143 | ||||||
| Total assets | $ | 302,712 | $ | 284,731 | ||||
| Liabilities and stockholders' equity | ||||||||
| Current liabilities: | ||||||||
| Accounts payable and accrued expenses | $ | 13,962 | $ | 11,598 | ||||
| Current portion of operating lease liabilities | 626 | 419 | ||||||
| Current portion of discount and rebate liabilities | 11,777 | 12,188 | ||||||
| Current portion of income tax payable | 20,844 | 13,710 | ||||||
| Other current liabilities | 1,423 | 1,362 | ||||||
| Total current liabilities | 48,632 | 39,277 | ||||||
| Long-term debt | — | 61,928 | ||||||
| Warrant liability | 13,165 | 9,575 | ||||||
| Income tax payable | 7,206 | 7,029 | ||||||
| Operating lease liabilities, less current portion | 870 | 859 | ||||||
| Discount and rebate liabilities, less current portion | 13,100 | 9,693 | ||||||
| Other long-term liabilities | 2,087 | 1,713 | ||||||
| Total liabilities | 85,060 | 130,074 | ||||||
| Commitments and contingencies | ||||||||
| Stockholders’ equity: | ||||||||
| Preferred stock: | ||||||||
| Undesignated preferred stock, | — | — | ||||||
| Common stock, | 6 | 6 | ||||||
| Additional paid-in capital | 606,264 | 588,458 | ||||||
| Treasury stock, at cost | (10,983 | ) | (10,983 | ) | ||||
| Accumulated deficit | (375,418 | ) | (422,060 | ) | ||||
| Accumulated other comprehensive loss | (2,217 | ) | (764 | ) | ||||
| Total stockholders' equity | 217,652 | 154,657 | ||||||
| Total liabilities and stockholders' equity | $ | 302,712 | $ | 284,731 | ||||
