Company: ZVRA
Filing Date: 2025-08-12
Form Type: 10-Q
Source: 0001628280-25-039967
Chunk: 154

Company: ZEVRA THERAPEUTICS, INC.
Filing Date: 2025-08-12
Form: 10-Q
Item: Part I, Item 8
Chunk 154
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 related to definite-lived intangible assets acquired in the Merger.

Impairment of intangible assets

Impairment of intangible assets for the three 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 $7.1 million, from $10.5 million for the three months ended June 30, 2024, to $3.4 million for the three months ended June 30, 2025. This decrease was primarily driven by a decrease in spending for the Phase 2 clinical study in KP1077 and a decrease in personnel-related costs.

Selling, general and administrative

Selling, general and administrative expenses increased by $8.2 million, from $12.6 million for the three months ended June 30, 2024, to $20.8 million for the three months ended June 30, 2025. The period-over-period increase was primarily related to an increase in personnel-related costs, professional fees, and other expenses as we continue to build our commercial organization. 

Other income 

Other income for the three months ended June 30, 2025, was $147.9 million compared to other income of $3.9 million for the three months ended June 30, 2024. The increase was primarily attributable to the gain on sale of the PRV of $148.3 million and the decrease in fair value adjustment related to warrant and CVR liability of $6.5 million.

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

Six months ended June 30,Period-to-20252024Period ChangeRevenue, net$46,282 $7,874 $38,408 Cost of product revenue (excluding $3,231 and $3,074 in intangible asset amortization for the six months ended June 30, 2025, and 2024, respectively, shown separately below)13,724 3,748 9,976 Intangible asset amortization3,231 3,074 157 Impairment of intangible assets58,710 — 58,710 Operating expenses:Research and development6,691 22,798 (16,107)Selling, general and administrative40,