Zevra Therapeutics (Nasdaq: ZVRA) Q2 2026 revenue jumps 53% on MIPLYFFA
Rhea-AI Filing Summary
Zevra Therapeutics reported Q2 2026 net revenue of $39.7 million, a 53% increase over Q2 2025. Revenue included $30.2 million from MIPLYFFA, $0.2 million from OLPRUVA, $9.0 million in reimbursements from the global Expanded Access Program, and $0.3 million from AZSTARYS royalties and other reimbursements.
Cost of product revenue was $1.5 million, and operating expenses were $21.0 million, including $3.0 million of stock compensation. Net income was $8.8 million, or $0.14 per basic and diluted share. Excluding warrant and CVR fair value adjustments in Q2 2026 and significant one-time items in Q2 2025, management estimates adjusted net income of $15.2 million in Q2 2026 versus an adjusted net loss of $2.4 million in Q2 2025.
Cash, cash equivalents and investments totaled $260.2 million as of June 30, 2026, and long-term debt had been eliminated. Common shares outstanding were 59,341,906, with fully diluted shares of 69,298,10566 patients with three confirmed events, and the company plans further FDA engagement in the second half of 2026.
Positive
- Q2 2026 net revenue grew 53% year over year to $39.7 million, driven by $30.2 million from MIPLYFFA and diversified sources including global Expanded Access Program reimbursements.
- Cash, cash equivalents and investments reached $260.2 million with no long-term debt, and management states these resources are sufficient to execute strategic priorities independent from capital markets.
Negative
- None.
Filing Explained
European authorization remains at the re-examination-request stage; the filing adds regulatory and intellectual-property updates, not a completed European approval.
Form 8-K reports specified material events; this filing furnishes the company’s second-quarter results and corporate updates through an attached press release. The new regulatory disclosure is that Zevra has requested re-examination of its European Marketing Authorisation Application for arimoclomol, placing that application at a review-request stage rather than a completed authorization.
The filing also reports that the global Expanded Access Program had
The next specified milestones are the outcome of the European re-examination request and continued engagement with the U.S. FDA during the second half of
8-K Event Classification
2 items: 2.02, 9.01
2 items
Item 2.02
Results of Operations and Financial Condition
Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 9.01
Financial Statements and Exhibits
Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Key Figures
Net revenue Q2 2026: $39.7 million
MIPLYFFA net revenue Q2 2026: $30.2 million
Revenue growth: 53%
+5 more
8 metrics
Net revenue Q2 2026
$39.7 million
Net revenue for the three months ended June 30, 2026
MIPLYFFA net revenue Q2 2026
$30.2 million
Portion of Q2 2026 net revenue attributable to MIPLYFFA
Revenue growth
53%
Increase in total net revenue in Q2 2026 versus Q2 2025
Net income Q2 2026
$8.8 million
Net income for the three months ended June 30, 2026
Adjusted net income Q2 2026
$15.2 million
Non-GAAP adjusted net income excluding specified one-time items
Cash, cash equivalents and investments
$260.2 million
Balance as of June 30, 2026
Common shares outstanding
59,341,906
Common stock outstanding as of June 30, 2026
Long-term debt
$0
Long-term debt balance as of June 30, 2026
Key Terms
Expanded Access Program, Marketing Authorisation Application, Special Protocol Assessment, Orphan Medicinal Product designation, +2 more
6 terms
Expanded Access Program medical
"As of June 30, 2026, 132 patients were enrolled in the global EAP"
A program that allows patients with serious or life‑threatening conditions to receive an experimental drug or therapy before it is fully approved by regulators, when they cannot join clinical trials. Investors care because expanded access can change a treatment’s market perception, create early real‑world safety or demand signals, and affect regulatory timelines and potential revenue — like a pre‑order system that also reveals how the product performs outside controlled testing.
Marketing Authorisation Application regulatory
"requested a re-examination of its Marketing Authorisation Application seeking approval"
A marketing authorisation application is the formal package a drug or medical-device maker submits to a health regulator to get permission to sell a product. Think of it as an application for a sales license: regulators review safety, effectiveness and manufacturing quality before granting permission. Investors watch these submissions because approval unlocks revenue and reduces development risk, while rejection or delays can materially affect a company’s value and timeline.
Special Protocol Assessment regulatory
"DiSCOVER trial, a Phase 3 trial being conducted under a Special Protocol Assessment"
A special protocol assessment is a formal, written agreement between a drug or device developer and a health regulator about the design, size and analysis plans of a pivotal clinical trial or study. It matters to investors because it reduces regulatory uncertainty—like getting a signed blueprint before building—by signaling that if the study follows the agreed plan and meets its goals, the regulator is unlikely to reject the results solely for design reasons, though it does not guarantee approval.
Orphan Medicinal Product designation regulatory
"MIPLYFFA has also received Orphan Medicinal Product designation by the European Medicines Agency"
A regulatory designation granted to a medicine aimed at treating a rare disease, giving the developer special incentives such as fee waivers, development support and a limited period of market protection once approved. For investors, it matters because these benefits can lower development costs, shorten timelines and reduce competition—think of it as a government-backed boost and temporary safety net that can increase the drug’s commercial potential and make an investment less risky.
Breakthrough Therapy designations regulatory
"Celiprolol has been granted Orphan Drug and Breakthrough Therapy designations by the U.S. FDA"
A breakthrough therapy designation is a special status granted by a regulatory agency to a drug or treatment that shows strong early signs of being substantially better than current options for a serious illness; it gives the developer faster and more intensive guidance during testing and review. For investors, the designation can shorten time to market, lower development risk and costs, and increase the odds of a valuable approval — like giving a promising product a fast-pass through the approval process.
non-GAAP financial measures financial
"Adjusted net income and adjusted net income per share are non-GAAP financial measures"
Non-GAAP financial measures are numbers companies use to show their financial performance that exclude certain expenses or income. They help investors see how the company might perform without one-time costs or other unusual items, giving a different perspective from official reports. However, since they can be adjusted, they don’t always tell the full story and should be looked at alongside standard financial figures.
Earnings Snapshot
Net revenue: $39.7 million
three months ended June 30, 2026
Net revenue
$39.7 million
Up 53% compared to Q2 2025
Net income
$8.8 million
Versus $74.7 million in Q2 2025, when results included significant one-time items
Adjusted net income (non-GAAP)
$15.2 million
Improved from an adjusted net loss of $2.4 million in Q2 2025
Cash, cash equivalents and investments
$260.2 million
Balance as of June 30, 2026
AI-generated analysis. How Rhea-AI works. Not financial advice.
FAQ
What were Zevra Therapeutics (ZVRA) net revenues in Q2 2026?
Zevra reported Q2 2026 net revenue of $39.7 million, a 53% increase over Q2 2025. This included $30.2 million from MIPLYFFA, $0.2 million from OLPRUVA, $9.0 million from its global Expanded Access Program, and $0.3 million from AZSTARYS-related items.
How profitable was Zevra Therapeutics (ZVRA) in Q2 2026?
Zevra generated net income of $8.8 million, or $0.14 per basic and diluted share in Q2 2026. Excluding warrant and CVR fair value adjustments and prior-year one-time items, management estimates adjusted net income of $15.2 million versus an adjusted net loss of $2.4 million in Q2 2025.
What is Zevra Therapeutics (ZVRA) cash position and debt level?
As of June 30, 2026, Zevra held $260.2 million in cash, cash equivalents and investments. The balance sheet showed no long-term debt, and the company believes these resources are sufficient to execute its strategic priorities without relying on capital markets.
How is MIPLYFFA performing for Zevra Therapeutics (ZVRA)?
MIPLYFFA generated $30.2 million in net revenue in Q2 2026. Zevra received 14 new U.S. prescription enrollment forms, reaching 184 since launch, maintained market access covering 69% of lives, and had 132 patients enrolled in its global Expanded Access Program.
What progress has Zevra Therapeutics (ZVRA) made in its celiprolol VEDS program?
In Q2 2026, Zevra enrolled four additional patients in the Phase 3 DiSCOVER trial of celiprolol for Vascular Ehlers-Danlos Syndrome, bringing enrollment to 66 patients with three confirmed events, and plans to continue FDA engagement to explore pathways to accelerate development.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
__________________________________________________________________________________________
FORM 8-K
__________________________________________________________________________________________
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of Earliest Event Reported): August 5, 2026
__________________________________________________________________________________________
(Exact Name of Registrant as Specified in Its Charter)
__________________________________________________________________________________________
| (State or Other Jurisdiction of Incorporation) | (Commission File Number) | (IRS Employer Identification No.) | ||||||
| (Address of Principal Executive Offices) | (Zip Code) | |||||||
Registrant’s Telephone Number, Including Area Code: (888 ) 958-1253
(Former Name or Former Address, if Changed Since Last Report)
__________________________________________________________________________________________
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instructions A.2. below):
| Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |||||
| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |||||
| Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |||||
| Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) | |||||
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
The (Nasdaq Global Select Market) | ||||||||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02 Results of Operations and Financial Condition.
On August 5, 2026, Zevra Therapeutics, Inc., a Delaware corporation ("Zevra" or "the Company"), issued a press release announcing its financial results and corporate updates for the second quarter ended June 30, 2026, as well as information regarding a conference call and audio webcast to discuss its financial results and corporate updates scheduled for Wednesday, August 5, 2026, at 4:30 p.m. ET. A copy of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K. The information contained in the press release, furnished as Exhibit 99.1, shall not be deemed “filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and is not incorporated by reference into any of Zevra's filings under the Securities Act of 1933, as amended, whether made before or after the date hereof, except as shall be expressly set forth by specific reference in any such filing.
Item 9.01 Financial Statements and Exhibits.
| (d) | Exhibits | ||||
| Exhibit No. | Description | |||||||
| 99.1 | Press Release dated August 5, 2026 | |||||||
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) | |||||||
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
| Zevra Therapeutics, Inc. | |||||||||||
Date: August 5, 2026 | By: | /s/ Justin Renz | |||||||||
| Justin Renz | |||||||||||
| Chief Financial Officer and Treasurer (Principal Financial Officer) | |||||||||||
Exhibit 99.1
Zevra Reports Second Quarter 2026 Financial Results and Corporate Update
$39.7 million net revenue for Q2 2026, driven by $30.2 million in revenue from MIPLYFFA
53% increase in total net revenue over Q2 2025
Operational execution fueled strong cash position of $260.2 million
Company to host conference call and webcast TODAY, August 5, 2026, at 4:30 p.m. ET
BOSTON, Mass., August 5, 2026 -- 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.
•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 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
•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 (6%) and one patient (3%) experienced urticaria alone within the first two months of treatment. Discontinue MIPLYFFA in patients who develop severe hypersensitivity reactions. If a mild or moderate hypersensitivity reaction occurs, stop MIPLYFFA and treat promptly. Monitor the patient until signs and symptoms resolve.
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 10% to 20% compared to baseline were reported. These increases occurred mostly in the first month of MIPLYFFA treatment and were not associated with changes in glomerular function.
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 (≥15%) in MIPLYFFA-treated patients who also received miglustat were upper respiratory tract infection, diarrhea, and decreased weight.
Three (6%) of the MIPLYFFA-treated patients had the following adverse reactions that led to withdrawal from Trial 1: increased serum creatinine (one patient), and progressive urticaria and angioedema (two patients). Serious adverse reactions reported in MIPLYFFA-treated patients were hypersensitivity reactions including urticaria and angioedema.
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 pounds (20 kg) or greater and with a body surface area (BSA) of 1.2 m2 or greater, with UCDs, involving deficiencies of carbamylphosphate synthetase (CPS), ornithine transcarbamylase (OTC), or argininosuccinic acid synthetase (AS). OLPRUVA is not used to treat rapid increase of ammonia in the blood (acute hyperammonemia), which can be life-threatening and requires emergency medical treatment. For more information, please visit www.OLPRUVA.com.
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
+1 (732) 754-2545
nochsner@zevra.com
Media Contact
Julie Downs
+1 (508) 246-3230
jdowns@zevra.com
+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 $316 and $1,616 in intangible asset amortization for the three months ended June 30, 2026, and 2025, respectively, and $632 and $3,231 for the six months ended June 30, 2026 and 2025, respectively, shown separately below) | (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, $0.0001 par value, 10,000,000 shares authorized, no shares issued or outstanding as of June 30, 2026, or December 31, 2025 | — | — | ||||||||||||
Common stock, $0.0001 par value, 250,000,000 shares authorized; 60,917,598 shares issued and 59,341,906 shares outstanding as of June 30, 2026; 58,338,319 shares issued and 56,854,781 shares outstanding as of December 31, 2025 | 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 | ||||||||||