Company: ZVRA
Filing Date: 2025-05-13
Form Type: 10-Q
Source: 0001437749-25-016523
Chunk: 15

Company: ZEVRA THERAPEUTICS, INC.
Filing Date: 2025-05-13
Form: 10-Q
Item: Part I, Item 8
Chunk 15
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 year and 105 days after the end of each fiscal year, meet certain minimum net product sales amounts, and limit the ability of the Company to incur or guarantee additional indebtedness, engage in certain transactions, and effect a consolidation or merger without consent. In addition, as long as the line of credit remains active, the Company must maintain a minimum cash balance of $20.0 million to ensure the Company can meet its immediate capital needs. The obligations of the Company under the Credit Agreement  may be accelerated upon customary events of default, including non-payment of principal, interest, fees and other amounts, covenant defaults, insolvency, material judgments, or inaccuracy of representations and warranties. The Term Loans are secured by a first priority perfected lien on, and security interest in, substantially all current and future assets of the Company. The proceeds of the Term Loans were used to refinance certain existing indebtedness of the Company and its subsidiaries. The Company will use the remaining proceeds to pay fees and expenses related to the debt financing and fund the development and commercialization of MIPLYFFA and OLPRUVA.
    
   Long-term debt consisted of the following (in thousands):

       March 31,    December 31,  
   2025    2024  
 Notes payable  $62,053  $61,552 
 Unamortized original issue discount   (883)  (921)
 Less: debt issuance costs   (1,080)  (1,127)
  $60,090  $59,504 

   Future minimum principal payments under the Term Loans as of  March 31, 2025, were as follows (in thousands):

     Year Ending December 31,     
 2025 (excluding the three months ending March 31, 2025)  $— 
 2026   — 
 2027   — 
 2028   — 
 2029   62,053 
 Total minimum payments   62,053 
 Less: unamortized debt discount, debt issuance costs and paid in kind interest   (1,963)
 Long-term debt  $60,090 

       15

   F.Revenue, net

   For the three months ended  March 31, 2025, and 2024, the Company recorded $20.4 million and $3.4 million,