Zevra Therapeutics Mixed Q2 Results: Details

Author: Erica Kollmann | August 13, 2024 05:25pm

Zevra Therapeutics, Inc. (NASDAQ:ZVRA) reported its second-quarter financial results Tuesday. Here's a look at the details from the report. 

The Details: Zevra Therapeutics reported quarterly losses of 48 cents per share, which missed the analyst consensus estimate by 9.09%.

Quarterly sales came in at $4.449 million, which beat the analyst consensus estimate of $4.412 million. The components of revenue during the second quarter included $3.1 million in net reimbursements from the French EAP for arimoclomol, $1.3 million of royalties and other reimbursements under the AZSTARYS License Agreement, and de minimis OLPRUVA revenue via sales to the specialty pharmacy, Orsini, were offset by returns from the prior pharmacy.

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Research and development expenses were $10.5 million for the second quarter, compared to $7.4 million from the same quarter last year. The increase in R&D expenses was primarily driven by an increase in spending for the KP1077 Phase 2 clinical trial and an increase in personnel-related costs, partially offset by a decrease in third-party costs related to arimoclomol. 

“During the second quarter, we made steady progress executing on our strategic objectives,” said Neil F. McFarlane, CEO of Zevra. “We are encouraged by favorable vote from the FDA’s Genetic Metabolic Diseases Advisory Committee, that data presented support that arimoclomol is effective in the treatment in patients with Niemann Pick disease type C. While the vote is non-binding, we believe it is an important factor as the FDA completes its consideration for approval."

ZVRA Price Action: According to Benzinga Pro, Zevra Therapeutics shares are down 1.18% after-hours at $6.70 at the time of publication Tuesday.

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Photo: Tung Lam from Pixabay

Posted In: ZVRA