Zevra Therapeutics Inc (NASDAQ: ZVRA) is a specialty pharmaceutical company that develops and commercializes treatments for rare and orphan diseases. Revenue comes from net product sales, which reached $106.5 million for the year ended December 31, 2025, up from $23.6 million for the year ended December 31, 2024. The company holds exclusive rights to patents licensed from Baylor College of Medicine for sodium phenylbutyrate (NaPB) for inborn errors of branched-chain amino acid metabolism, including Maple Syrup Urine Disease (MSUD), under the OLPRUVA brand, with key patents expiring between 2032 and 2038. Zevra also holds an Orphan Drug designation from the FDA for celiprolol, granted in January 2015. Research and development spending was $12.7 million for FY2025, down from $42.1 million in FY2024, primarily due to reduced spending on the Phase 2 clinical study for KP1077. The company is subject to taxation in the United States and the Kingdom of Denmark. Neil F. McFarlane has served as CEO since October 2023.

Revenue model

Product sales revenue from commercialized rare-disease therapeutics. Net revenue was $106.5 million for FY2025 versus $23.6 million for FY2024. Additional non-recurring income in FY2025 included a $148.3 million gain on the sale of a Priority Review Voucher (PRV), completed April 1, 2025.

Products and services

OLPRUVA (sodium phenylbutyrate), licensed from Baylor College of Medicine for treatment of MSUD and inborn errors of BCAA metabolism, with patents expiring through 2038. A combination therapeutic composed of sodium phenylbutyrate or glycerol phenylbutyrate and sodium benzoate, also exclusively licensed from BCM. Celiprolol, a development-stage candidate with FDA Orphan Drug designation granted January 2015 and potential NCE exclusivity. KP1077, a product candidate in Phase 2 clinical study as of FY2024, with spending reduced in FY2025.

Customers and end markets

Patients with rare and orphan diseases, including Maple Syrup Urine Disease and inborn errors of branched-chain amino acid metabolism. End markets include the United States, selected European countries (including Turkey), and Brazil, based on geographic patent filings targeting highest MSUD incidence and prevalence.

Value-chain role

Specialty pharmaceutical developer and commercializer. Licenses intellectual property from academic institutions (Baylor College of Medicine), conducts clinical development, and builds a direct commercial organization. Selling, general and administrative expenses were $77.6 million for FY2025, reflecting ongoing commercial organization build-out.

Geographic exposure

United States (primary commercial and tax jurisdiction) and Kingdom of Denmark (tax jurisdiction). Patent filings and commercial rights pursued in the United States, selected European countries including Turkey, and Brazil.

Source: SEC 10-K, filed 2026-03-09

Industry: Pharmaceutical Preparations Peers: Bright Green Corp Harrow Inc Citius Pharmaceuticals Inc Johnson & Johnson Omeros Corp Rain Oncology Inc. Prophase Labs Inc Satsuma Pharmaceuticals, Inc. Terns Pharmaceuticals Inc Xeris Biopharma Holdings Inc