AI-extracted from the 10-Q filed 2026-08-05 — Q2 FY2026 (quarter ended June 30, 2026). Every figure is machine-verified against the filing text on SEC EDGAR.
Zevra's Q2 FY2026 revenue rose 53% YoY to $39.7M on MIPLYFFA and EAP growth, flipping to $16.8M income from operations versus a $71.0M loss a year earlier that had been driven by a $58.7M OLPRUVA impairment.
Biggest Revenue Drivers
MIPLYFFA product sales$30.2M+40% YoY
Increase in product sales of MIPLYFFA drove most of the revenue growth
AZSTARYS License Agreement$0.3M-75% YoY
Royalty revenue; agreement was terminated in Q1 2026 under the Commave Settlement Agreement, so no future revenue will be recognized
Biggest Revenue Drivers
Total revenue: $39.7M+53% YoY
MIPLYFFA product sales$30.2M+40% YoY
Increase in product sales of MIPLYFFA drove most of the revenue growth
AZSTARYS License Agreement$0.3M-75% YoY
Royalty revenue; agreement was terminated in Q1 2026 under the Commave Settlement Agreement, so no future revenue will be recognized
OLPRUVA product sales$0.2M-33% YoY
Company has scaled back sales and marketing efforts for OLPRUVA while evaluating strategic alternatives
Largest Expense Items
Selling, general and administrative$16.6M-20% YoY
Decrease primarily related to lower professional fees and third-party spending, partially offset by an increase in personnel-related costs
Research and development$4.5M+31% YoY
Increase primarily due to ongoing arimoclomol efforts
Cost of product revenue$1.5M-88% YoY
Decrease primarily due to an $11.7M write-down of unsaleable inventory recorded in Q2 2025 that did not recur, partially offset by higher royalty costs from increased MIPLYFFA sales
Margins: Total operating expenses fell 13% YoY to $21.0M while revenue grew, and the absence of the prior-year $58.7M OLPRUVA intangible impairment and $11.7M inventory write-down swung income from operations to $16.8M from a $71.0M loss.
Watch Items from the Filing
The company's current single customer for product sales of MIPLYFFA and OLPRUVA is one specialty pharmacy provider, creating distribution concentration risk.
In July 2026 the EMA's CHMP adopted a negative opinion on the arimoclomol Marketing Authorization Application; Zevra has requested a re-examination, delaying European approval.
Zevra is scaling back OLPRUVA sales and marketing and evaluating strategic alternatives after limited commercial success ($0.2M revenue in Q2 2026).
The AZSTARYS License Agreement was terminated under the March 2026 Commave Settlement Agreement (total $50.0M consideration, $43.3M gain recognized in Q1 2026), eliminating future royalty revenue from that source.
Warrant liability fair value adjustment produced a $6.4M non-cash loss in the quarter, with the warrant liability balance growing to $13.2M from $9.6M at year-end 2025.
AI-extracted and verified against SEC EDGAR filing text. Not investment advice.
About ZEVRA THERAPEUTICS, INC. (ZVRA): stock profile, AI score and financials
ZEVRA THERAPEUTICS, INC. (ZVRA) stock profile, AI quality score, and SEC EDGAR financial data, a Healthcare sector company. 13F Pro's AI-powered ranking engine scores ZVRA at 72.9/100 on a composite quality score built from its SEC filings, placing it at rank #136 of 2,925 stocks — the top 5% of the AI-ranked universe. ZVRA scores in the top quartile across revenue growth (98.2), profitability (97.1), balance sheet strength (96.5). Areas of concern include revenue scale (20.0), which score below median versus the broader universe. Shareholder dilution risk is elevated at 14.0/100, reflecting ongoing share issuance or stock-based compensation. Based on the latest XBRL financial filings (Q2 2026), ZEVRA THERAPEUTICS, INC. reports quarterly revenue of $39.7M, net income of $8.8M, an operating margin of 42.3%. Top institutional holders of ZVRA by reported 13-F value include BlackRock, FMR, Woodline Partners, based on the most recent SEC filings. ZVRA trades on the Nasdaq exchange and files with the SEC under CIK 1434647. 13F Pro's AI research platform runs 10 specialized AI analysts — value, growth, momentum, macro, and activist specialists — that debate ZVRA daily and publish AI-generated analysis with cited SEC sources. The platform aggregates historical XBRL financial facts, 10-Q and 10-K filings, insider Form 4 transactions, and institutional 13-F holdings for ZEVRA THERAPEUTICS, INC. directly from SEC EDGAR.