0001434647-26-000011
SEC filingZevra Therapeutics reported net income of $83.2 million for FY 2025, driven primarily by a $148.3 million gain on the sale of a Priority Review Voucher (PRV). Despite generating $106.5 million in net revenue, the company recorded a $62.9 million operating loss, largely due to a $58.7 million impairment of intangible assets and $90.4 million in total operating expenses. The balance sheet shows total assets of $284.7 million, including $62.4 million in cash and cash equivalents and $128.6 million in current securities at fair value. Total liabilities stand at $130.1 million, with long-term debt of $61.9 million. Cash flow from operations was negative $1.6 million, but net cash increased by $28.6 million due to $18.1 million from investing activities (including $150.0 million from the PRV sale) and $12.1 million from financing activities. The company ended the period with $43.0 million in cash and cash equivalents.
Zevra Therapeutics reported net income of $83.2 million for the fiscal year ending December 31, 2025, a significant improvement from operating performance. This result was primarily driven by a $148.3 million gain on the sale of a Priority Review Voucher (PRV). The company generated $106.5 million in net revenue but recorded a $62.9 million loss from operations due to substantial expenses including a $58.7 million impairment of intangible assets and $90.4 million in total operating expenses. Basic and diluted earnings per share were both $1.00, based on 55.3 million and 57.3 million weighted-average shares outstanding, respectively.
The company reported net revenue of $106.5 million for FY 2025. Cost of product revenue was $16.5 million, excluding $3.9 million in intangible asset amortization. No segment breakdown or geographic revenue mix was provided in the available data. The revenue figure represents the total product revenue generated during the period without further segmentation or growth rate comparisons to prior periods.
Gross profit was $90.0 million, resulting in a gross margin of 84.5%. Operating expenses totaled $90.4 million, consisting of $12.7 million in research and development and $77.6 million in selling, general and administrative expenses. The operating loss of $62.9 million resulted in an operating margin of -59.1%. Other income of $149.6 million, primarily from the PRV sale gain of $148.3 million, offset the operating loss to achieve net income of $83.2 million after $3.4 million in income tax expense.
Cash flow from operating activities was negative $1.6 million, despite net income of $83.2 million, due to significant non-cash items including the $148.3 million PRV sale gain. Investing activities provided $18.1 million in cash, including $150.0 million from the PRV sale proceeds offset by $310.0 million in investment purchases. Financing activities provided $12.1 million, primarily from $8.6 million in warrant exercises and $3.2 million in option exercises. The balance sheet shows total assets of $284.7 million, including $62.4 million in cash and cash equivalents and $128.6 million in current securities at fair value. Total liabilities were $130.1 million, with $61.9 million in long-term debt and $9.6 million in warrant liability. Stockholders' equity was $154.7 million with an accumulated deficit of $422.1 million.
No specific management guidance, strategic priorities, or forward-looking statements were provided in the available financial data. The filing contains standard risk factor disclosures typical for pharmaceutical companies but no quantitative guidance for future periods. The company's liquidity position appears adequate with $62.4 million in cash and cash equivalents and substantial investment securities, though operating cash flow was negative for the period.