Company: ZVRA
Filing Date: 2025-08-12
Form Type: 10-Q
Source: 0001628280-25-039967
Chunk: 153

Company: ZEVRA THERAPEUTICS, INC.
Filing Date: 2025-08-12
Form: 10-Q
Item: Part I, Item 8
Chunk 153
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 and CVR liability(747)5,779 (6,526)Fair value adjustment related to investments(2)1 (3)Interest and other income, net2,378 270 2,108 Total other income147,945 3,940 144,005 Income (loss) before income taxes76,906 (19,855)96,761 Income tax expense(2,199)(70)(2,129)Net income (loss)$74,707 $(19,925)$94,632 

Net Income (Loss)

Net income for the three months ended June 30, 2025, was $74.7 million, compared to a net loss of $19.9 million for the three months ended June 30, 2024, an increase in net income of $94.6 million. The increase was primarily attributable to the gain on sale of the PRV of $148.3 million and an increase of $21.4 million in revenue, partially offset by $58.7 million in impairment of intangible assets, $11.7 million in inventory obsolescence, and a decrease in the fair value adjustment related to warrant and CVR liability of $6.5 million. 

Revenue, net

Revenue for the three months ended June 30, 2025, was $25.9 million, compared to revenue of $4.4 million for the three months ended June 30, 2024, an increase of approximately $21.4 million. The increase was primarily due to an increase in product sales of MIPLYFFA of $21.5 million.

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Cost of product revenue

Cost of product revenue for the three months ended June 30, 2025, increased by $8.8 million compared to the cost of product revenue for the three months ended June 30, 2024. This increase is primarily due to $11.7 million in inventory obsolescence for the three months ended June 30, 2025, compared to $3.2 million for the three months ended June 30, 2024, as well as royalty costs related to product sales of MIPLYFFA.

Intangible asset amortization

Intangible asset amortization for the three months ended June 30, 2025, increased by $0.1 million compared to the intangible asset amortization for the three months ended June 30, 2024, and is composed of amortization expense