zvra-20260630

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

____________________________________________________________

FORM 10-Q

____________________________________________________________

(Mark One)


x			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2026


o			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the Transition Period From _________ to _________

Commission File Number: 001-36913

____________________________________________________________

Zevra Therapeutics, Inc.

(Exact Name of Registrant as Specified in Its Charter)

____________________________________________________________


Delaware						20-5894398
(State or Other Jurisdiction of Incorporation or Organization)						(I.R.S. Employer Identification No.)

101 Federal Street, Boston, MA						02110
(Address of Principal Executive Offices)						(Zip Code)


(888) 958-1253
(Registrant’s Telephone Number, Including Area Code)


(Former Name, Former Address, and Former Fiscal Year if Changed Since Last Report)

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol	Name of each exchange on which registered
Common Stock, $0.0001 par value per share	ZVRA	The Nasdaq Stock Market LLC (Nasdaq Global Select Market)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No o

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes x No o

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.


Large accelerated filer	o	Accelerated filer	o
Non-accelerated filer	x	Smaller reporting company	x
		Emerging growth company	o

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No x

As of July 31, 2026, the registrant had 59,383,781 shares of common stock outstanding.

Table of Contents

ZEVRA THERAPEUTICS, INC.

FORM 10-Q


		PAGE
PART I — FINANCIAL INFORMATION

ITEM 1.	FINANCIAL STATEMENTS
	UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS AS OF JUNE 30 , 2026, AND DECEMBER 31, 2025	4
	UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS FOR THE THREE AND SIX MONTHS ENDED JUNE 30 , 2026, AND 2025	5
	UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) FOR THE THREE AND SIX MONTHS ENDED JUNE 30 , 2026, AND 2025	6
	UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY FOR THE THREE AND SIX MONTHS ENDED JUNE 30 , 2026, AND 2025	7
	UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS FOR THE SIX MONTHS ENDED JUNE 30 , 2026, AND 2025	9
	NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS	10
ITEM 2.	MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS	30
ITEM 3.	QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK	42
ITEM 4.	CONTROLS AND PROCEDURES	42

PART II — OTHER INFORMATION

ITEM 1.	LEGAL PROCEEDINGS	43
ITEM 1A.	RISK FACTORS	43
ITEM 2.	UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS	43
ITEM 3.	DEFAULTS UPON SENIOR SECURITIES	43
ITEM 4.	MINE SAFETY DISCLOSURES	43
ITEM 5.	OTHER INFORMATION	43
ITEM 6.	EXHIBITS	44

	SIGNATURES	45

Table of Contents

SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS

This Quarterly Report on Form 10-Q, including the section entitled “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” contains forward-looking statements regarding future events and our future results that are subject to the safe harbors created under the Securities Act of 1933, as amended (the “Securities Act”), and the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Forward-looking statements relate to future events or our future financial performance. We generally identify forward-looking statements by terminology such as “may,” “will,” “would,” “should,” “expects,” “plans,” “anticipates,” “could,” “intends,” “target,” “projects,” “contemplates,” “believes,” “estimates,” “predicts,” “assume,” “potential,” “continue” or other similar words or the negative of these terms. We have based these forward-looking statements largely on our current expectations about future events and financial trends that we believe may affect our business, financial condition and results of operations. The outcomes of the events described in these forward-looking statements are subject to risks, uncertainties and other factors described in “Risk Factors” of our Annual Report on Form 10-K for the fiscal year ended December 31, 2025, filed with the SEC on March 9, 2026 (the “Annual Report on Form 10-K”), as supplemented in our Quarterly Report on Form 10-Q for the quarter ended March 31, 2026, filed with the SEC on May 6, 2026 (the “Q1 2026 Form 10-Q”), and elsewhere in this report. Accordingly, you should not place undue reliance upon these forward-looking statements. We cannot assure you that the events and circumstances reflected in the forward-looking statements will be achieved or occur, and the timing of events and circumstances and actual results could differ materially from those anticipated in the forward-looking statements. Forward-looking statements contained in this report include, but are not limited to, statements about:

•our ability to commercialize and the timing of commercializing our products and product candidates, if approved;

•the potential therapeutic benefits and effectiveness of our products and product candidates;

•the progress of, timing of and expected amount of expenses associated with our commercialization, research, and development activities;

•the size and characteristics of the markets that may be addressed by our products and product candidates;

•the expected timing of clinical trials for our product candidates and the availability of data and results of those trials;

•the progress of, outcome of and timing of any regulatory approval for any of our product candidates;

•our expectations regarding federal, state and foreign tax, legal and regulatory requirements;

•our intention to seek to establish, and the potential benefits to us from, any strategic collaborations or partnerships for the development or sale of our products and product candidates;

•our expectations as to future financial performance, expense levels and liquidity sources;

•the sufficiency of our cash resources to fund our operating expenses and capital investment requirements for any period;

•our ability to raise additional funds if needed on commercially reasonable terms, or at all, in order to support our continued operations; and

•other factors discussed elsewhere in this report.

The forward-looking statements made in this report relate only to events as of the date on which the statements are made. We have included or made reference to important factors in the cautionary statements included in this report, particularly in the section entitled “Risk Factors” where we make reference to Part I, Item 1A. “Risk Factors” of our Annual Report on Form 10-K as supplemented in the Q1 2026 Form 10-Q, that we believe could cause actual results or events to differ materially from the forward-looking statements that we make. Our forward-looking statements do not reflect the potential impact of any future developments, including acquisitions, mergers, dispositions, joint ventures or investments we may make. Except as required by law, we do not assume any intent to update any forward-looking statements after the date on which the statement is made, whether as a result of new information, future events or circumstances or otherwise.

Table of Contents

NOTE REGARDING COMPANY REFERENCE

Unless the context otherwise requires, we use the terms “Zevra,” “Company,” “we,” “us” and “our” in this Quarterly Report on Form 10-Q to refer to Zevra Therapeutics, Inc. and its subsidiaries. We have proprietary rights to a number of trademarks and service marks used in this Quarterly Report on Form 10-Q that are important to our business, including MIPLYFFA® and its related logo, OLPRUVA® and its related logo, LAT®, and the Zevra companies' logos. In addition, Zevra Therapeutics® and Zevra® are both registered trademarks of the Company. All other trademarks, trade names and service marks appearing in this Quarterly Report on Form 10-Q are the property of their respective owners. Solely for convenience, the trademarks and trade names in this Quarterly Report on Form 10-Q are referred to without the ® and ™ symbols, but such references should not be construed as any indicator that their respective owners will not assert, to the fullest extent under applicable law, their rights thereto.

Table of Contents

PART I — FINANCIAL INFORMATION

ITEM 1.FINANCIAL STATEMENTS

ZEVRA THERAPEUTICS, INC.

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands, except share and par value amounts)


	June 30, 2026		December 31, 2025
Assets
Current assets:
Cash and cash equivalents	$	145,321	$	62,406
Investments, current	76,249		128,605
Accounts and other receivables	22,489		23,258
Prepaid expenses and other current assets	4,794		6,998
Inventories, current	2,449		1,740
Total current assets	251,302		223,007
Investments, noncurrent	38,609		47,879
Inventories, noncurrent	—		879
Property and equipment, net	641		489
Operating lease right-of-use assets	1,667		1,212
Goodwill	4,701		4,701
Intangible assets, net	5,789		6,421
Other long-term assets	3		143
Total assets	$	302,712	$	284,731

Liabilities and stockholders' equity
Current liabilities:
Accounts payable and accrued expenses	$	13,962	$	11,598
Current portion of operating lease liabilities	626		419
Current portion of discount and rebate liabilities	11,777		12,188
Current portion of income tax payable	20,844		13,710
Other current liabilities	1,423		1,362
Total current liabilities	48,632		39,277
Long-term debt	—		61,928
Warrant liability	13,165		9,575
Income tax payable	7,206		7,029
Operating lease liabilities, less current portion	870		859
Discount and rebate liabilities, less current portion	13,100		9,693
Other long-term liabilities	2,087		1,713
Total liabilities	85,060		130,074

Commitments and contingencies (Note M)

Stockholders’ equity:
Preferred stock:
Undesignated preferred stock, $0.0001 par value, 10,000,000 shares authorized, no shares issued or outstanding as of June 30, 2026, or December 31, 2025	—		—
Common stock, $0.0001 par value, 250,000,000 shares authorized; 60,917,598 shares issued and 59,341,906 shares outstanding as of June 30, 2026; 58,338,319 shares issued and 56,854,781 shares outstanding as of December 31, 2025	6		6
Additional paid-in capital	606,264		588,458
Treasury stock, at cost	(10,983)		(10,983)
Accumulated deficit	(375,418)		(422,060)
Accumulated other comprehensive loss	(2,217)		(764)
Total stockholders' equity	217,652		154,657
Total liabilities and stockholders' equity	$	302,712	$	284,731

See accompanying notes to unaudited condensed consolidated financial statements.

Table of Contents

ZEVRA THERAPEUTICS, INC.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except share and per share amounts)


	Three months ended June 30,				Six months ended June 30,
	2026		2025		2026		2025
Revenue, net	$	39,663	$	25,881	$	75,883	$	46,282
Cost of product revenue (excluding $316 and $1,616 in intangible asset amortization for the three months ended June 30, 2026, and 2025, respectively, and $632 and $3,231 in intangible asset amortization for the six months ended June 30, 2026, and 2025, respectively, shown separately below)	(1,525)		(12,379)		(3,422)		(13,724)
Intangible asset amortization	(316)		(1,616)		(632)		(3,231)
Impairment of intangible assets	—		(58,710)		—		(58,710)
Gain on sale of future royalties, intellectual property, and other assets, net	—		—		43,314		—
Operating expenses:
Research and development	(4,486)		(3,433)		(8,878)		(6,691)
Selling, general and administrative	(16,559)		(20,782)		(37,342)		(40,327)
Total operating expenses	(21,045)		(24,215)		(46,220)		(47,018)
Income (loss) from operations