ZEVRA THERAPEUTICS, INC.
ZVRA · Pharmaceutical Preparations · 59.1M shares · +85%/yr ↑ dilution · EDGAR filings ↗
Net buyback after stock comp: -$11M (gross $3M, SBC $15M)
Reference price $12.68 · est. market cap ~$750M — last insider sale, 2026-06-22 (estimated from the dated SEC Form 4 price × shares outstanding — not a live quote)
Grade
C56Rare-disease pharma (Miplyffa/Olpruva) — commercial with high reported returns, but a net loss and lumpy economics.
Strengths
- Strong reported returns — ROA 29% (97th)
- Adequate liquidity — current ratio 5.7 (63rd)
Risks
- Net loss; one-off-driven economics — net income -179%
- Single-/few-product commercial ramp — per 10-K
- Leverage — D/E 0.4 (63rd)
Notable findings
- Chronic dilutionShare count +85%/yr over 4y (dilution, book value/share -87%)
- Cash burnNegative free cash flow (-2.4M)
- Exec changeRecent 8-K item 5.02 8-K ↗
- Fund exitedNotable fund(s) exited this quarter: VANGUARD GROUP INC
- Strong balance sheetStrong balance sheet — $239M cash & investments, ~393 quarters of runway
- Notable holderHeld by 4 notable fund(s): FMR LLC, STATE STREET CORP, CITADEL ADVISORS LLC +1 more (as of 2026-03-31)
- Insider sellingInsider selling — 10 open-market sale(s) by 5 insider(s) (cluster of 5 insiders, ~$2M, last 6mo) Form 4 ↗
Quarterly revenue
Last 4 quarters · from SEC filings.
Key metrics
Return on equity
53.8%
Return on assets
29.2%
ROIC
-23.0%
Debt / equity
0.4×
Current ratio
5.7×
Free cash flow
-$2M
EBITDA
-$59M
Tangible book value
$144M
Cash & investments
$239M
Cash runway
393q
Insider transactions · last 18 months
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| 2026-06-22 | Thompson Rahsaan | Sell | 35K | $12.68 |
| 2026-06-21 | Thompson Rahsaan | Option exercise | 67K | — |
| 2026-05-11 | Thompson Rahsaan | Sell | 1.8K | $11.30 |
| 2026-03-24 | Bode John B | Option exercise | 39K | $4.89 |
| 2026-03-24 | Bode John B | Option exercise | 39K | $4.97 |
| 2026-02-09 | McFarlane Neil F. | Sell | 15K | $8.56 |
| 2026-02-07 | McFarlane Neil F. | Option exercise | 38K | — |
| 2026-02-03 | Schafer Joshua | Sell | 10K | $9.19 |
| 2026-02-03 | Sangiovanni Timothy J. | Sell | 3.0K | $9.18 |
| 2026-02-02 | McFarlane Neil F. | Sell | 91K | $9.38 |
| 2026-01-31 | McFarlane Neil F. | Option exercise | 233K | — |
| 2026-01-31 | Schafer Joshua | Option exercise | 35K | — |
| 2026-01-31 | Sangiovanni Timothy J. | Option exercise | 12K | — |
| 2026-01-30 | Thompson Rahsaan | Sell | 4.1K | $8.83 |
| 2026-01-30 | Schafer Joshua | Option exercise | 11K | — |
| 2026-01-30 | Schafer Joshua | Sell | 3.4K | $8.83 |
| 2026-01-30 | Quartel Adrian W | Option exercise | 11K | — |
| 2026-01-30 | Quartel Adrian W | Sell | 4.5K | $8.83 |
| 2026-01-30 | Thompson Rahsaan | Option exercise | 11K | — |
| 2026-01-30 | Sangiovanni Timothy J. | Option exercise | 6.3K | — |
| 2026-01-30 | Sangiovanni Timothy J. | Sell | 1.8K | $8.82 |
| 2025-12-31 | Clifton R. LaDuane | Option exercise | 141K | — |
| 2025-12-31 | Clifton R. LaDuane | Tax withheld | 49K | $8.96 |
| 2025-10-10 | McFarlane Neil F. | Option exercise | 50K | — |
| 2025-10-10 | McFarlane Neil F. | Sell | 20K | $10.82 |
| 2025-09-12 | FAVORITO TAMARA A | Buy | 3.2K | $7.79 |
| 2025-09-12 | Shih Alvin | Buy | 20K | $7.89 |
| 2025-08-19 | Bode John B | Buy | 5.0K | $9.16 |
| 2025-06-26 | Thompson Rahsaan | Sell | 24K | $9.21 |
| 2025-06-21 | Thompson Rahsaan | Option exercise | 67K | — |
| 2025-03-28 | Watton Corey Michael | Buy | 300 | $7.84 |
| 2025-03-19 | Bode John B | Buy | 10K | $7.96 |
| 2025-02-14 | McFarlane Neil F. | Sell | 31K | $8.05 |
| 2025-02-13 | Schafer Joshua | Sell | 10K | $7.86 |
| 2025-02-13 | Clifton R. LaDuane | Sell | 11K | $7.86 |
| 2025-02-13 | McFarlane Neil F. | Sell | 61K | $7.86 |
| 2025-02-13 | Sangiovanni Timothy J. | Sell | 3.0K | $7.86 |
| 2025-01-31 | Sangiovanni Timothy J. | Option exercise | 12K | — |
| 2025-01-31 | Schafer Joshua | Option exercise | 35K | — |
| 2025-01-31 | Clifton R. LaDuane | Option exercise | 43K | — |
| 2025-01-31 | McFarlane Neil F. | Option exercise | 233K | — |
All non-derivative Form 4 activity (SEC), newest first.
Clinical trials
| Trial | Title | Phase | Status | Primary completion |
|---|---|---|---|---|
| NCT05668754 ↗ | Placebo-Controlled, Double-Blind, Study to Determine the Safety and Efficacy of SDX in Patients With IH Idiopathic Hypersomnia | PHASE2 | Completed | 2024-02-28 |
Source: ClinicalTrials.gov (U.S. NIH) · active studies first.
Supply chain
Customers (0)
Suppliers (1)
Named in the 10-K; linked when we track them.
Notable events (8-K)
| Date | Items | |
|---|---|---|
| 2026-06-05 | Shareholder voteExhibits | filing ↗ |
| 2026-05-06 | ResultsExhibits | filing ↗ |
| 2026-03-16 | Material agreement1.02Reg FDExhibits | filing ↗ |
| 2026-03-09 | ResultsExec/director changeExhibits | filing ↗ |
| 2025-12-17 | Exec/director changeExhibits | filing ↗ |
| 2025-12-02 | Exec/director changeReg FDExhibits | filing ↗ |
| 2025-11-20 | Exec/director changeReg FDExhibits | filing ↗ |
| 2025-11-05 | ResultsExhibits | filing ↗ |
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 8-K | 2026-06-05 | 2026-06-04 | 0001434647-26-000041 ↗ |
| 10-Q | 2026-05-06 | 2026-03-31 | 0001434647-26-000031 ↗ |
| 8-K | 2026-05-06 | 2026-05-06 | 0001434647-26-000029 ↗ |
| 8-K | 2026-03-16 | 2026-03-12 | 0001434647-26-000015 ↗ |
| 10-K | 2026-03-09 | 2025-12-31 | 0001434647-26-000011 ↗ |
| 8-K | 2026-03-09 | 2026-03-04 | 0001434647-26-000009 ↗ |
| 8-K | 2025-12-17 | 2025-12-11 | 0001434647-25-000018 ↗ |
| 8-K | 2025-12-02 | 2025-11-26 | 0001434647-25-000015 ↗ |
| 8-K | 2025-11-20 | 2025-11-20 | 0001193125-25-289865 ↗ |
| 10-Q | 2025-11-05 | 2025-09-30 | 0001434647-25-000011 ↗ |
| 8-K | 2025-11-05 | 2025-11-05 | 0001434647-25-000009 ↗ |
| 10-Q | 2025-08-12 | 2025-06-30 | 0001628280-25-039967 ↗ |