Zevra Q2 2024 Earnings Report
Key Takeaways
Zevra Therapeutics reported Q2 2024 net revenue of $4.4 million, a decrease from $8.5 million in Q2 2023. The net loss for the quarter was $19.9 million, or $0.48 per share, compared to a net loss of $2.6 million, or $0.08 per share in the corresponding period of the previous year. The company's cash, cash equivalents, and investments totaled $49.3 million as of June 30, 2024. The company completed an underwritten public offering on August 12, 2024, resulting in pro forma June 30, 2024 total cash, cash equivalents and investments of $113.8 million.
FDA advisory committee voted favorably regarding arimoclomol as an effective treatment for NPC, with a PDUFA date of September 21, 2024.
Pro-forma June 30, 2024, cash, cash equivalents, investments and net proceeds from underwritten public offering total $113.8 million following the closing on August 12, 2024.
Net revenue for Q2 2024 was $4.4 million, compared to $8.5 million in Q2 2023.
Net loss for Q2 2024 was $19.9 million, or $0.48 per basic and diluted share, compared to a net loss of $2.6 million, or $0.08 per basic and diluted share for Q2 2023.
Zevra
Zevra
Forward Guidance
Zevra expects that available cash, cash equivalents and investments, including proceeds from the underwritten offering closed in August, are expected to extend the company's cash runway into the first quarter of 2027, subject to continuing compliance with debt covenants.
Positive Outlook
- Cash runway forecast includes revenue from the expected sales of OLPRUVA.
- Cash runway forecast includes ongoing reimbursements from the French EAP for arimoclomol.
- Cash runway forecast includes ongoing royalties under the AZSTARYS license agreement.
- Cash runway forecast includes investments into the incremental commercial activities needed to support the launch of arimoclomol, if approved.
- The underwriters fully exercised their overallotment option, resulting in the issuance of approximately 10.6 million shares at a price of $6.50 per share, raising net proceeds of $64.5 million after fees and expenses.
Challenges Ahead
- Cash runway forecast does not include commercial revenue from arimoclomol which could follow a potential FDA approval.
- Cash runway forecast does not include the potential sale of the Priority Review Voucher which would be received upon approval.
- Net revenue for Q2 2024 was $4.4 million, compared to net revenue of $8.5 million in Q2 2023.
- The period-over-period increase reflects the commercial team in place for the entire quarter and actively engaged in activities to build awareness and provide patient services related to OLPRUVA, leading to an increase in personnel costs due to the additional headcount and an increase in other expenses related primarily to the launch of OLPRUVA
- Net loss for Q2 2024 was ($19.9) million, or ($0.48) per basic and diluted share, compared to a net loss of ($2.6) million, or ($0.08) per basic and diluted share for Q2 2023.