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Sep 30, 2023
Zevra Q3 2023 Earnings Report
Reported corporate updates and financial results for the third quarter of 2023.
Key Takeaways
Zevra Therapeutics reported a net revenue of $2.9 million for Q3 2023 and ended the quarter with $83.4 million in cash, cash equivalents, and investments. The company is focused on closing the proposed Acer acquisition, resubmitting the arimoclomol NDA, and completing the Phase 2 trial in idiopathic hypersomnia.
Arimoclomol NDA resubmission remains on track for end of year filing.
Proposed acquisition of Acer Therapeutics on track to close in Q4 2023.
Net revenue of $2.9M was reported for Q3 2023.
Ended Q3 2023 with $83.4M in cash, cash equivalents, and investments, supporting the forecasted cash runway into 2026.
Zevra
Zevra
Forward Guidance
Zevra is advancing its pipeline programs toward multiple potential value inflection points, focusing on closing the Acer acquisition, resubmitting the arimoclomol NDA, and advancing KP1077 into Phase 3.
Positive Outlook
- Arimoclomol NDA resubmission on track for end of year filing.
- Acer Therapeutics acquisition expected to close in Q4 2023, diversifying revenue with OLPRUVA.
- KP1077 Phase 2 trial data expected in the first half of 2024, informing Phase 3 trial design.
- Strong cash balance of $83.4 million supports operating cash runway into 2026.
- Potential commercial launch of arimoclomol in the U.S. if approved.
Challenges Ahead
- R&D expenses increased due to ongoing Phase 2 clinical trial in KP1077 and arimoclomol NDA resubmission.
- G&A expenses increased due to personnel costs and professional fees.
- Net loss for Q3 2023 was ($14.0) million, compared to a net loss of ($6.6) million for the same period in 2022.
- Cash decreased by ($4.0) million compared to June 30, 2023, driven by increased R&D costs and G&A expenses.
- The acquisition of Acer is subject to customary closing conditions, including approval by Acer shareholders.