Company: ZVRA
Filing Date: 2025-11-05
Form Type: 10-Q
Source: 0001434647-25-000011
Chunk: 99

Company: ZEVRA THERAPEUTICS, INC.
Filing Date: 2025-11-05
Form: 10-Q
Item: Part I, Item 1
Chunk 99
---
 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 September 30, 2025, and 2024 (in thousands):

Three months ended September 30,Period-to-20252024Period ChangeRevenue, net$26,063 $3,695 $22,368 Cost of product revenue (excluding $315 and $1,545 in intangible asset amortization for the three months ended September 30, 2025, and 2024, respectively, shown separately below)1,238 2,303 (1,065)Intangible asset amortization315 1,545 (1,230)Operating expenses:Research and development3,432 10,945 (7,513)Selling, general and administrative16,935 16,208 727 Total operating expenses20,367 27,153 (6,786)Income (loss) from operations4,143 (27,306)31,449 Other expense:Interest expense(2,051)(2,312)261 Fair value adjustment related to warrant and CVR liability(5,506)(4,746)(760)Fair value adjustment related to investments124 90 34 Interest and other income, net2,313 1,049 1,264 Total other expense(5,120)(5,919)799 Loss before income taxes(977)(33,225)32,248 Income tax benefit433 — 433 Net loss$(544)$(33,225)$32,681 

Net loss

Net loss for the three months ended September 30, 2025, was $0.5 million, compared to a net loss of $33.2 million for the three months ended September 30, 2024, an increase to net loss of $32.7 million. The increase was primarily attributable to an increase of $22.4 million in revenue, a decrease of $7.5 million in research and development expense, an increase of $1.3 million in interest and other income, net, and a decrease of $1.2 million in intangible asset amortization.

Revenue, net

Revenue for the three months ended September 30, 2025, was $26.1 million, compared to revenue of $3.7 million for the