Company: ZVRA
Filing Date: 2025-11-05
Form Type: 10-Q
Source: 0001434647-25-000011
Chunk: 101

Company: ZEVRA THERAPEUTICS, INC.
Filing Date: 2025-11-05
Form: 10-Q
Item: Part I, Item 1
Chunk 101
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, and 2024 (in thousands):

Nine months ended September 30,Period-to-20252024Period ChangeRevenue, net$72,345 $11,569 $60,776 Cost of product revenue (excluding $3,546 and $4,619 in intangible asset amortization for the nine months ended September 30, 2025, and 2024, respectively, shown separately below)14,962 6,051 8,911 Intangible asset amortization3,546 4,619 (1,073)Impairment of intangible assets58,710 — 58,710 Operating expenses:Research and development10,123 33,743 (23,620)Selling, general and administrative57,262 38,743 18,519 Total operating expenses67,385 72,486 (5,101)Loss from operations(72,258)(71,587)(671)Other income:Gain on sale of PRV148,325 — 148,325 Interest expense(6,029)(5,157)(872)Fair value adjustment related to warrant and CVR liability(1,379)4,660 (6,039)Fair value adjustment related to investments119 64 55 Interest and other income, net5,234 2,248 2,986 Total other income146,270 1,815 144,455 Income (loss) before income taxes74,012 (69,772)143,784 Income tax expense(2,948)— (2,948)Net income (loss)$71,064 $(69,772)$140,836 

37

Net income (loss)

Net income for the nine months ended September 30, 2025, was $71.1 million, compared to net loss of $69.8 million for the nine months ended September 30, 2024, an increase in net income of approximately $140.8 million. The increase was primarily attributable to the gain on sale of the PRV of $148.3 million and an increase of $60.8 million in revenue, partially offset by $58.7 million in impairment of intangible assets and $11.7 million in inventory obsolescence.

Revenue, net

Revenue for the nine months ended September 30, 2025, was $72.3 million, compared to revenue of $11.6 million