Company: ZVRA
Filing Date: 2025-08-12
Form Type: 10-Q
Source: 0001628280-25-039967
Chunk: 152

Company: ZEVRA THERAPEUTICS, INC.
Filing Date: 2025-08-12
Form: 10-Q
Item: Part I, Item 8
Chunk 152
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us Capital Management L.P. 

Aquestive Termination Agreement

Under our March 2012 termination agreement with Aquestive Therapeutics (“Aquestive”), Aquestive has the right to receive a royalty amount equal to 10% of any value generated by AZSTARYS and any product candidates containing SDX. In connection with the AZSTARYS License Agreement, we paid Aquestive a royalty equal to 10% of the quarterly royalty payments and of the regulatory and net sales milestones.

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Relief Exclusive License Agreement

As a condition to entering into the Merger Agreement, Acer and Relief Therapeutics SA (“Relief”) entered into an exclusive license agreement on August 30, 2023 (the “Relief License Agreement”). Pursuant to the Relief License Agreement, Relief will hold exclusive development and commercialization rights for OLPRUVA in the EU, Liechtenstein, San Marino, Vatican City, Norway, Iceland, Principality of Monaco, Andorra, Gibraltar, Switzerland, United Kingdom, Albania, Bosnia, Kosovo, Montenegro, Serbia and North Macedonia (“Geographical Europe”). We have the right to receive a royalty of up to 10% of the net sales of OLPRUVA in Geographical Europe. 

Results of Operations

Comparison of the three months ended June 30, 2025, and 2024 (in thousands):

Three months ended June 30,Period-to-20252024Period ChangeRevenue, net$25,881 $4,449 $21,432 Cost of product revenue (excluding $1,616 and $1,546 in intangible asset amortization for the three months ended June 30, 2025, and 2024, respectively, shown separately below)12,379 3,573 8,806 Intangible asset amortization1,616 1,546 70 Impairment of intangible assets58,710 — 58,710 Operating expenses:Research and development3,433 10,521 (7,088)Selling, general and administrative20,782 12,604 8,178 Total operating expenses24,215 23,125 1,090 Loss from operations(71,039)(23,795)(47,244)Other income (expense):Gain on sale of PRV148,325 — 148,325 Interest expense(2,009)(2,110)101 Fair value adjustment related to warrant