Company: ZVRA
Filing Date: 2025-08-12
Form Type: 10-Q
Source: 0001628280-25-039967
Chunk: 123

Company: ZEVRA THERAPEUTICS, INC.
Filing Date: 2025-08-12
Form: 10-Q
Item: Part I, Item 8
Chunk 123
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 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 commercialization of MIPLYFFA and OLPRUVA, and to further the development of its other product candidates.Long-term debt consisted of the following (in thousands):June 30,2025December 31,2024Notes payable$62,566 $61,552 Unamortized original issue discount(843)(921)Less: debt issuance costs(1,031)(1,127)$60,692 $59,504 Future minimum principal payments under the Term Loans as of June 30, 2025, were as follows (in thousands):Year Ended December 31,2025 (excluding the six months ended June 30, 2025)$— 2026— 2027— 2028— 202962,566 Total minimum payments62,566 Less: unamortized debt discount, debt issuance costs and paid in kind interest(1,874)Long-term debt$60,692 

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F.    Revenue, net

For the three and six months ended June 30, 2025, the Company recorded $25.9 million and $46.3 million, respectively, of revenue. Included in revenue for the three and six months ended June 30, 2025 is a de minimis amount related to the licensing of certain IP. For the three and six months ended June 30, 2024, the Company recorded $4.4 million and $7.9 million, respectively, of revenue.Product Revenues, NetOn December 27, 2022, the FDA approved OLPRUVA (sodium phenylbutyrate), a