Company: ZVRA
Filing Date: 2025-08-12
Form Type: 10-Q
Source: 0001628280-25-039967
Chunk: 197

Company: ZEVRA THERAPEUTICS, INC.
Filing Date: 2025-08-12
Form: 10-Q
Item: Part I, Item 2
Chunk 197
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 months ended June 30, 2025, was $71.6 million, compared to net loss of $36.5 million for the six months ended June 30, 2024, an increase in net income of approximately $108.2 million. The increase was primarily attributable to the gain on sale of the PRV of $148.3 million and an increase of $38.4 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 $5.3 million. 

Revenue, net

Revenue for the six months ended June 30, 2025, was $46.3 million, compared to revenue of $7.9 million for the six months ended June 30, 2024, an increase of $38.4 million. The increase was primarily due to an increase in product sales of MIPLYFFA of $38.6 million.

Cost of product revenue

Cost of product revenue for the six months ended June 30, 2025, increased by approximately $10.0 million compared to the cost of product revenue for the six months ended June 30, 2024. This increase is primarily due to $11.7 million in inventory obsolescence for the six months ended June 30, 2025, compared to $3.2 million for the six months ended June 30, 2024, as well as royalty costs related to product sales of MIPLYFFA.

Intangible asset amortization

Intangible asset amortization for the six months ended June 30, 2025, increased by $0.2 million compared to the intangible asset amortization for the six months ended June 30, 2024, and is composed of amortization expense related to definite-lived intangible assets acquired in the Merger.

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Impairment of intangible assets

Impairment of intangible assets for the six months ended June 30, 2025, was $58.7 million and is composed of the impairment loss on the OLPRUVA definite-lived intangible asset. There was no comparable impairment in the prior year.

Research and development

Research and development expenses decreased by $16.1 million, from $22.8 million for the six months ended June 30, 2024, to $6.7 million for the six months ended June