[Form 4] ZEVRA THERAPEUTICS, INC. Insider Trading Activity

Rhea-AI Filing Summary

Neil F. McFarlane, President and CEO of Zevra Therapeutics, Inc. (ZVRA), reported equity transactions on 10/10/2025. He received 50,000 restricted stock units (RSUs) that vested and settled under the company plan, bringing his direct holding to 241,516 shares. On the same date he sold 19,500 shares at a price of $10.8158, leaving him with 222,016 shares. The RSUs were part of an inducement award where 25% vested and settled on 10/10/2024 and another 25% on 10/10/2025, with the remaining 50% vesting in equal annual installments thereafter subject to continued employment; full vesting also occurs on a change of control or certain termination events. The sale was made pursuant to a 10b5-1(c) plan adopted 03/21/2025.

Positive

• 50,000 RSUs vested and settled, increasing alignment of CEO with shareholder value
• Sale executed under a 10b5-1(c) plan adopted on 03/21/2025, indicating a pre-planned compliance mechanism

Negative

• 19,500 shares sold at $10.8158, reducing direct shareholdings to 222,016

Insights

Corporate Insider Compensation Analyst

CEO received vested RSUs and executed a planned sale under a 10b5-1 plan.

The transaction combined a routine vesting/settlement of 50,000 RSUs with a contemporaneous sale of 19,500 shares at $10.8158. The RSU vesting schedule is explicit: 25% vested on 10/10/2024, 25% on 10/10/2025, with the remainder vesting annually thereafter subject to employment.

Dependence and near-term items to watch include continued employment status for remaining vesting and any change-of-control triggers that would accelerate vesting. The 03/21/2025 10b5-1 plan provides procedural protection for the sale; monitor future Form 4s for additional planned sales or accelerated vesting events.

Equity Governance Specialist

Transactions follow typical governance and disclosure practices for executive awards.

The filings show direct beneficial ownership and an attorney-in-fact signature, consistent with standard SEC reporting. The combination of a planned sale and RSU settlement is common when executives realize liquidity while retaining a significant ownership stake—here remaining at 222,016 shares after the sale.

Risks are administrative: verify the 10b5-1 adoption date and plan terms if assessing potential insider trading defense; significant corporate events that change employment status could materially affect share counts and should be checked against future disclosures.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

X

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

McFarlane Neil F.

(Last) (First) (Middle)

C/O ZEVRA THERAPEUTICS, INC.

1180 CELEBRATION BOULEVARD, SUITE 103

(Street)

CELEBRATION FL 34747

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
ZEVRA THERAPEUTICS, INC. [ ZVRA ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	President and CEO

3. Date of Earliest Transaction (Month/Day/Year)
10/10/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	10/10/2025		M		50,000	A	(1)	241,516	D
Common Stock	10/10/2025		S(2)		19,500	D	$10.8158	222,016	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Restricted Stock Unit	$0(1)	10/10/2025		M			50,000	(3)	(3)	Common Stock	50,000	$0	100,000	D

Explanation of Responses:

1. Each restricted stock unit ("RSU") represents a contingent right to receive one share of the Issuer's common stock.

2. Adoption date of referenced 10b5-1(c) plan is: 03-21-2025.

3. 25% of the RSUs vested and settled on each of October 10, 2024 and October 10, 2025. The remaining 50% of the shares will vest in equal annual installments thereafter, provided that at the relevant vesting dates the Reporting Person's employment relationship has not been terminated as defined in the Issuer's 2023 Employment Inducement Award Plan. All shares will vest in full and become immediately exercisable upon a change of control of the Issuer or if the Reporting Person is terminated without cause or resigns for good reason.

Remarks:

	/s/ Timothy J. Sangiovanni, Attorney-in-Fact for Neil F. McFarlane	10/10/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What did Neil F. McFarlane report on the Form 4 for ZVRA?

He reported the settlement of 50,000 RSUs and the sale of 19,500 shares on 10/10/2025, leaving him with 222,016 shares.

Were the sales part of a planned trading arrangement for ZVRA insider?

Yes. The sale was made pursuant to a 10b5-1(c) plan adopted on 03/21/2025.

What was the sale price reported for the ZVRA shares sold?

The reported sale price was $10.8158 per share for the 19,500 shares sold.

How many total shares does the CEO beneficially own after these transactions?

Following the transactions, the CEO beneficially owned 222,016 shares directly.

What are the vesting terms for the RSUs that settled?

The RSUs vest 25% on 10/10/2024, 25% on 10/10/2025, and the remaining 50% in equal annual installments thereafter, with full vesting on change of control or certain terminations.