ZVRA · Zevra Therapeutics, Inc.

Zevra Therapeutics delivered strong Q1 2026 results driven by robust MIPLYFFA performance, contributing $24.6 million in net revenue, alongside $10.2 million from Expanded Access Program reimbursements and $1.1 million in AZSTARYS royalties. Total net revenue rose 78% year-over-year to $36.2 million, reflecting sustained market access at 69% of covered lives and nine new U.S. prescriptions, bringing cumulative enrollments to 170 since launch. CEO Neil F. McFarlane highlighted MIPLYFFA's role in Niemann-Pick disease type C and strategic progress including the $50.0 million SDX divestiture to Commave Therapeutics, yielding $40.5 million in net proceeds received. This transaction, combined with full prepayment of the $63.1 million term loan, eliminated debt and bolstered the balance sheet to $236.8 million in cash, providing runway for priorities without capital markets reliance. Operating expenses increased modestly to $25.2 million, with R&D up due to third-party costs and SG&A reflecting professional fees. GAAP net income of $37.9 million ($0.60 diluted EPS) was propelled by the one-time SDX gain, while adjusted net income of $11.5 million ($0.18 diluted EPS) underscores core operational strength. Pipeline advances include 10 new enrollments in the Phase 3 DiSCOVER trial for VEDS (total 62 patients), an EMA review response for arimoclomol, and 122 patients in the global EAP as of quarter-end. These updates position Zevra for focused execution on rare disease therapies.