Key Highlights

  • Revenue was USD 37.8 million, versus USD 26.1 million a year earlier, and nine-month Revenue was USD 113.6 million.
  • Net income was USD 19.2 million, or USD 0.26 per diluted share, versus a USD 0.5 million net loss.
  • Research and development expenses were USD 4.9 million, and selling, general and administrative expenses were USD 19.1 million.
  • Cash and cash equivalents were USD 122.1 million, and current investments were USD 73.4 million.

Revenue and Earnings

Zevra Therapeutics, Inc. (NASDAQ:ZVRA), a rare disease therapeutics company, filed its Quarterly Report for the period ended September 30, 2026. Net revenue was USD 37.8 million, compared with USD 26.1 million in the third quarter of 2025. For the nine months, net revenue was USD 113.6 million versus USD 72.3 million. The filing identifies MIPLYFFA and OLPRUVA as the company products.

Cost of product revenue was USD 1.8 million versus USD 1.2 million. Net Income was USD 19.2 million, compared with a net loss of USD 0.5 million, and income before income taxes was USD 19.7 million, after an income tax expense of USD 0.5 million. Basic Earnings per share were USD 0.31, and Diluted Earnings per Share were USD 0.26, compared with a loss of USD 0.01 per share in the prior-year quarter. Diluted weighted-average shares were 61.7 million.

For the nine months, net income was USD 65.9 million, or USD 1.03 per diluted share, compared with USD 71.1 million, or USD 1.16. The nine-month results include a USD 43.3 million gain on the sale of future royalties, intellectual property and other assets, and the prior-year nine months included an Impairment of intangible Assets of USD 58.7 million. Income tax expense for the nine months was USD 11.5 million versus USD 2.9 million.

Analyst estimates were EPS of USD 0.16 against reported EPS of USD 0.26, and revenue of USD 37.1 million against reported revenue of USD 37.8 million.

Operating Expenses and Other Income

Research and development expenses increased by USD 1.5 million, from USD 3.4 million to USD 4.9 million. The company attributes the increase primarily to ongoing arimoclomol efforts and continued Investment in the celiprolol development program. For the nine months, Research and Development expenses increased by USD 3.7 million to USD 13.8 million, which the company attributes to arimoclomol and the celiprolol Phase 3 study.

Selling, general and administrative expenses increased by USD 2.2 million, from USD 16.9 million to USD 19.1 million, primarily due to commercial related costs. For the nine months, these expenses decreased by USD 0.8 million to USD 56.5 million. Other income was USD 8.1 million, compared with other expense of USD 5.1 million, and the company attributes the change to an increase in Fair Value adjustments related to Warrant and contingent value right liabilities.

Balance Sheet

At September 30, 2026, cash and cash equivalents were USD 122.1 million, compared with USD 62.4 million at December 31, 2025. Current investments were USD 73.4 million, and noncurrent investments were USD 75.3 million. Accounts and other receivables were USD 19.9 million, and total assets were USD 313.6 million, compared with USD 284.7 million.

Net cash paid for interest in the nine months was USD 1.4 million, compared with USD 4.0 million, and cash paid for income taxes was USD 5.9 million. Weighted-average basic shares were 59.4 million, compared with 56.0 million.

Items to Follow

Items to follow are net revenue from MIPLYFFA and OLPRUVA, the celiprolol Phase 3 study, arimoclomol spending and the fair value adjustments on warrant and contingent value right liabilities.