ZyVersa Therapeutics (NASDAQ: ZVSA) is a pre-clinical stage pharmaceutical company developing drug candidates targeting inflammation and renal disease. The company has generated no revenue since inception, funding operations entirely through equity and debt financings. Its two primary pipeline assets are VAR 200 and IC 100. IC 100 is an anti-ASC antibody licensed from InflamaCORE, LLC under an agreement effective April 18, 2019, targeting inflammasome-driven conditions including traumatic brain injury and Alzheimer's disease. The InflamaCORE license carries milestone payments up to an aggregate $22.5 million and royalties on net sales ranging from 5% to 10%, plus University of Miami royalties of 3% to 6% of net sales. ZyVersa has disclosed substantial doubt about its ability to continue as a going concern for 12 months from the issuance date of its FY2025 financial statements. Research and development expenses represent the primary use of capital, with costs historically concentrated on VAR 200 and IC 100 development activities.

Revenue model

No revenue generated as of FY2025. Operations are funded through equity and debt financings. Future revenue, if any, would depend on regulatory approval and commercialization of pipeline candidates, with licensed assets subject to milestone and royalty payment obligations to licensors.

Products and services

VAR 200 (renal disease candidate) and IC 100 (anti-ASC inflammasome inhibitor antibody targeting traumatic brain injury, Alzheimer's disease, and other inflammasome-driven conditions). IC 100 is licensed exclusively from InflamaCORE, LLC, which was founded by inventors and researchers at the University of Miami Miller School of Medicine.

Customers and end markets

No commercial customers as of FY2025. Target end markets are patients with inflammasome-driven inflammatory diseases, including traumatic brain injury and Alzheimer's disease, and patients with renal disease.

Value-chain role

Drug developer and licensor-in. ZyVersa in-licenses intellectual property and conducts pre-clinical and clinical development. It does not manufacture at commercial scale and relies on external vendors for development activities.

Geographic exposure

Operations based in the United States. The InflamaCORE license grants worldwide rights for development and commercialization of IC 100.

Source: SEC 10-K, filed 2026-03-31

Industry: Pharmaceutical Preparations Peers: Aprea Therapeutics Inc Athenex, Inc. Clovis Oncology, Inc. FINCH THERAPEUTICS GROUP, INC. iBio Inc Inhibikase Therapeutics Inc Oncotelic Therapeutics Inc VivoSim Labs Inc