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1. Company Snapshot

1.a. Company Description

Zevra Therapeutics, Inc., a rare disease company melding science, discovers and develops various proprietary prodrugs to treat serious medical conditions in the United States.The company utilizes its Ligand Activated Therapy technology to generate improved prodrug versions of FDA-approved drugs, as well as to generate prodrug versions of existing compounds that may have applications for new disease indications.Its prodrug product candidate pipeline is focused on the high need areas of attention deficit hyperactivity disorder, stimulant use disorder, and CNS rare diseases, including idiopathic hypersomnia (IH).


The company's lead product candidate KP1077, which is under Phase II clinical trial for the treatment of IH and narcolepsy, is based on its prodrug of d-methylphenidate, known as serdexmethylphenidate.It is also developing KP879, a prodrug product candidate for the treatment of stimulant use disorder and is under Phase II clinical trial.In addition, the company has received FDA approval for AZSTARYS, a once-daily treatment for attention deficit hyperactivity disorder in patents age six years and older, and for APADAZ, an immediate-release combination product containing benzhydrocodone, a prodrug of hydrocodone, and acetaminophen.


The company's product pipeline include, arimoclomol It has collaboration and license agreement with KVK-Tech, Inc.and Commave Therapeutics SA.The company was formerly known as KemPharm, Inc.


and changed its name to Zevra Therapeutics, Inc.in February 2023.Zevra Therapeutics, Inc.


was incorporated in 2006 and is headquartered in Celebration, Florida.

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1.b. Last Insights on ZVRA

Zevra Therapeutics' recent performance was driven by several positive factors. The company's Q4 2024 earnings call highlighted its strong revenue growth, with net revenue of $12.0 million in the fourth quarter of 2024, driven by its commercial-stage therapies for rare diseases. Additionally, Zevra entered into an asset purchase agreement to sell its Rare Pediatric Disease Priority Review Voucher (PRV) for $150 million, providing a significant influx of capital. The company also launched a new disease state awareness campaign, 'Learn NPC, Read Between the Signs,' to drive early recognition and treatment of Niemann-Pick Disease Type C.

1.c. Company Highlights

2. Zevra's Q3 2025 Earnings: Strong MIPLYFFA Performance Drives Revenue Growth

Zevra reported a net revenue of $26.1 million for the third quarter of 2025, primarily driven by $22.4 million in sales from MIPLYFFA, its treatment for Niemann-Pick disease type C (NPC). The company reported a net loss of $500,000, or $0.01 per share, which beat analyst estimates of -$0.02 per share. The company's cash, cash equivalents, and investments stood at $230.4 million as of September 30, 2025. The revenue growth was largely attributed to MIPLYFFA's strong performance, with 8 new prescription enrollment forms received during the quarter, bringing the total to 137 since its commercial launch a year ago.

Publication Date: Nov -30

📋 Highlights
  • MIPLYFFA Revenue Growth:: Generated $22.4M (86% of total) from NPC treatment, driving Q3 2025 net revenue to $26.1M.
  • New Patient Enrollment:: 8 new prescriptions added, totaling 137 since commercial launch a year ago.
  • European Market Expansion:: MAA submitted to EMA for 1,100 NPC patients; 66% US-covered lives with high reimbursement rates.
  • Financial Position:: Net loss of $500K ($0.01/share) and $230.4M in cash, cash equivalents, and investments.
  • Commercial Pipeline:: 66% refill adherence for MIPLYFFA; European EAP enrolled 92 patients, including 30 from France.

Commercial Progress and Patient Enrollment

The majority of patients submitting new enrollment forms were not newly diagnosed patients but rather those who had previously been diagnosed and were either on current treatment or had been diagnosed and not received treatment. The company is seeing a breadth and increase in the overall number of prescribers, including community-based physicians. Zevra's market access efforts have resulted in 66% of covered lives, with high reimbursement rates for MIPLYFFA, driven by the strength of the data showing it halts disease progression at 12 months.

European Expansion and Regulatory Progress

The company has filed a Marketing Authorization Application (MAA) under review by the European Medicines Agency and is developing its go-to-market strategy for Europe, where approximately 1,100 people are living with NPC. Zevra is in the post-validation phase and expects to have an indication of its progress soon, feeling positive about its chances of approval and the opportunity for reimbursement in Europe.

Pipeline Development and Strategic Alternatives

Zevra's development pipeline includes the DiSCOVER trial, a Phase III trial evaluating Celiprolol as a treatment for Vascular Ehlers-Danlos Syndrome (VEDS). The company remains open to strategic alternatives for KP1077 and is having conversations, although it cannot comment further. Analysts estimate next year's revenue growth at 43.5%, indicating a positive outlook for the company's future performance.

Valuation Metrics

With a P/S Ratio of 7.65 and an EV/EBITDA of -4.25, the market appears to be pricing in significant growth expectations for Zevra. The company's ROE of 3.95% and ROIC of -12.23% indicate that while it is generating some return on equity, it is still struggling to generate returns on its investments. The current valuation metrics suggest that the market is expecting Zevra to continue its growth trajectory, driven by MIPLYFFA's commercial success and the company's expanding presence in Europe.

3. NewsRoom

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Zevra Therapeutics, Inc. Appoints Alicia Secor to Board of Directors; Announces Retirement of Wendy Dixon, PhD

Dec -02

Source: globenewswire.com

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Zevra Therapeutics, Inc. Announces CFO Transition

Nov -20

Source: globenewswire.com

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Zevra Therapeutics, Inc. (NASDAQ:ZVRA) Receives Consensus Rating of “Moderate Buy” from Analysts

Nov -17

Source: defenseworld.net

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Zevra Therapeutics, Inc. (ZVRA) Q3 2025 Earnings Call Transcript

Nov -06

Source: seekingalpha.com

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Zevra Therapeutics (ZVRA) Reports Q3 Loss, Lags Revenue Estimates

Nov -05

Source: zacks.com

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Zevra Reports Third Quarter 2025 Financial Results and Corporate Update

Nov -05

Source: globenewswire.com

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Zevra Therapeutics to Participate in the Guggenheim Healthcare Innovation Conference

Oct -29

Source: globenewswire.com

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Zevra Therapeutics Announces Details for Q3 2025 Financial Results Call

Oct -27

Source: globenewswire.com

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (9.27%)

6. Segments

Proprietary Prodrugs

Expected Growth: 9.27%

Zevra Therapeutics' Proprietary Prodrugs exhibit 9.27% growth driven by increasing demand for targeted therapies, advancements in prodrug technology, and strategic partnerships. The company's focus on improving bioavailability and reducing toxicity also contributes to growth, as well as expanding applications in oncology and rare diseases.

7. Detailed Products

Zevra-001

Zevra-001 is a novel, orally bioavailable, small molecule inhibitor of the Wnt/β-catenin pathway, which is a key regulator of stem cell maintenance and self-renewal.

Zevra-002

Zevra-002 is a proprietary, RNA-based therapy designed to selectively target and eliminate cancer stem cells, which are thought to be responsible for cancer relapse and metastasis.

Zevra-003

Zevra-003 is a small molecule inhibitor of the PI3K/Akt pathway, which is a key regulator of cell survival and proliferation.

8. Zevra Therapeutics, Inc.'s Porter Forces

Forces Ranking

Threat Of Substitutes

Zevra Therapeutics, Inc. has a moderate threat of substitutes due to the presence of alternative treatments and therapies in the market.

Bargaining Power Of Customers

Zevra Therapeutics, Inc. has a low bargaining power of customers due to the specialized nature of its products and limited customer base.

Bargaining Power Of Suppliers

Zevra Therapeutics, Inc. has a moderate bargaining power of suppliers due to the presence of multiple suppliers in the market.

Threat Of New Entrants

Zevra Therapeutics, Inc. has a high threat of new entrants due to the growing demand for biotechnology products and the presence of venture capital funding.

Intensity Of Rivalry

Zevra Therapeutics, Inc. operates in a highly competitive industry with multiple players, leading to a high intensity of rivalry.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 41.18%
Debt Cost 3.95%
Equity Weight 58.82%
Equity Cost 13.25%
WACC 9.42%
Leverage 70.01%

11. Quality Control: Zevra Therapeutics, Inc. passed 2 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

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Cidara Therapeutics

A-Score: 4.2/10

Value: 6.8

Growth: 3.2

Quality: 5.4

Yield: 0.0

Momentum: 10.0

Volatility: 0.0

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Arcturus Therapeutics

A-Score: 4.2/10

Value: 8.4

Growth: 6.3

Quality: 4.2

Yield: 0.0

Momentum: 5.0

Volatility: 1.0

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ImmuCell

A-Score: 4.2/10

Value: 4.6

Growth: 3.0

Quality: 4.7

Yield: 0.0

Momentum: 10.0

Volatility: 2.7

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Zevra Therapeutics

A-Score: 3.9/10

Value: 4.6

Growth: 4.0

Quality: 5.8

Yield: 0.0

Momentum: 6.5

Volatility: 2.3

1-Year Total Return ->

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Arvinas

A-Score: 3.5/10

Value: 8.4

Growth: 4.4

Quality: 5.4

Yield: 0.0

Momentum: 0.5

Volatility: 2.0

1-Year Total Return ->

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Orgenesis

A-Score: 2.9/10

Value: 7.7

Growth: 4.2

Quality: 5.8

Yield: 0.0

Momentum: 0.0

Volatility: 0.0

1-Year Total Return ->

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

8.71$

Current Price

8.71$

Potential

-0.00%

Expected Cash-Flows