Zevra Therapeutics (ZVRA) AI Stock Analysis

• Market Cap: $541.91M
• Dividend Yield: N/A
• Average Volume (3M): 2.44M
• Price to Earnings (P/E): 6.0
• Beta (1Y): 0.69
• Revenue Growth: 240.47%
• EPS Growth: N/A
• Country: US
• Employees: 59
• Sector: Healthcare
• Sector Strength: 45
• Industry: Biotechnology
• EPS (TTM): 0.19
• Shares Outstanding: 58,711,582
• 10 Day Avg. Volume: 2,552,948
• 30 Day Avg. Volume: 2,436,184
• PEG Ratio: -0.04
• Price to Book (P/B): 3.20
• Price to Sales (P/S): 4.65
• P/FCF Ratio: -203.69
• Enterprise Value/Market Cap: 1.00
• Enterprise Value/Revenue: 5.10
• Enterprise Value/Gross Profit: 6.32
• Enterprise Value/Ebitda: 5.81
• 1Y Price Target: $23.71
• Price Target Upside: 156.88% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 8
• EPS Forecast (FY): 0.46
• Revenue Forecast (FY): $144.26M

• Rating: 65 Neutral
• Price Target: $10.50 ▲(13.76% Upside)
• Action: Reiterated Date: 03/16/26
• Date: Action: Reiterated 03/16/26

The score is driven primarily by mixed financial performance—headline profitability and balance-sheet improvements are outweighed by weak and deteriorating cash flow and still-loss-making core operations. Offsetting this, technicals are constructive, valuation appears inexpensive on P/E, and recent updates (earnings call and corporate actions like asset sale, litigation resolution, and becoming debt-free) are supportive of near-term outlook.

Positive Factors

Commercial traction of MIPLYFFA

Sustained, material revenue from a specialty rare-disease product demonstrates validated commercial demand and payer access. Recurring prescription uptake and specialty distribution support predictable top-line streams, reducing single-product commercialization execution risk over the next 2–6 months.

European expansion opportunity (EMA review)

An active EMA review represents a structural market-expansion catalyst into Europe, materially enlarging the addressable patient base for a rare-disease drug. Regulatory progress, if approved, creates durable revenue upside and geographic diversification of a nascent commercial franchise.

Stronger balance sheet; litigation resolved

The SDX asset sale plus full term-loan repayment removes litigation overhang and interest burdens, materially improving financial flexibility. A debt-free position and staged cash proceeds reduce near-term funding risk and support investment in rare-disease commercialization and trials over the medium term.

Negative Factors

Weak cash generation

Negative and worsening operating and free cash flow indicate earnings quality issues and ongoing cash burn despite headline net income. Persistent negative cash generation increases the probability of future financing, dilution, or restricted reinvestment if operational cash conversion doesn't improve.

Operating profitability still pressured

Deeply negative EBIT/EBITDA shows core operations are not generating sustainable profits and that net income may reflect non-operating items. This weak operating leverage risks recurrence of losses if revenue growth slows or costs rise, limiting long-term self-funding capacity.

Slow clinical trial enrollment

Slow recruitment in a pivotal Phase 3 trial delays timelines, increases trial cost per enrolled patient, and heightens regulatory and commercialization risk. Protracted enrollment can defer potential approval, compress runway, and magnify the impact of any single-trial setback on long-term value creation.

Zevra Therapeutics Business Overview & Revenue Model

Company Description

Zevra Therapeutics, Inc., a rare disease company melding science, discovers and develops various proprietary prodrugs to treat serious medical conditions in the United States. The company utilizes its Ligand Activated Therapy technology to generate improved prodrug versions of FDA-approved drugs, as well as to generate prodrug versions of existing compounds that may have applications for new disease indications. Its prodrug product candidate pipeline is focused on the high need areas of attention deficit hyperactivity disorder, stimulant use disorder, and CNS rare diseases, including idiopathic hypersomnia (IH). The company's lead product candidate KP1077, which is under Phase II clinical trial for the treatment of IH and narcolepsy, is based on its prodrug of d-methylphenidate, known as serdexmethylphenidate. It is also developing KP879, a prodrug product candidate for the treatment of stimulant use disorder and is under Phase II clinical trial. In addition, the company has received FDA approval for AZSTARYS, a once-daily treatment for attention deficit hyperactivity disorder in patents age six years and older, and for APADAZ, an immediate-release combination product containing benzhydrocodone, a prodrug of hydrocodone, and acetaminophen. The company's product pipeline include, arimoclomol It has collaboration and license agreement with KVK-Tech, Inc. and Commave Therapeutics SA. The company was formerly known as KemPharm, Inc. and changed its name to Zevra Therapeutics, Inc. in February 2023. Zevra Therapeutics, Inc. was incorporated in 2006 and is headquartered in Celebration, Florida.

How the Company Makes Money

Zevra’s primary source of revenue is product sales from its marketed therapy for Niemann-Pick disease type C (NPC). It generates revenue by selling the product through specialty distribution channels to healthcare providers and patients, with net sales affected by typical pharmaceutical market factors such as patient access programs, rebates/discounts, chargebacks, and returns. Beyond commercial sales, Zevra may also generate revenue from collaboration or licensing arrangements (e.g., upfront payments, milestones, or royalties) if such agreements are in place; however, specific active partnerships or material deal terms are null.

Zevra Therapeutics Financial Statement Overview

Summary

Financials show a mixed profile: 2025 reported profitability and a stronger balance sheet are positives, but core operating profitability remains pressured (deeply negative EBIT/EBITDA) and cash generation is weak with negative and worsening operating/free cash flow—raising earnings-quality and funding-risk concerns.

Income Statement

Profitability inflected sharply in 2025 with net income turning strongly positive and revenue up materially versus 2024, alongside a solid gross margin profile. However, operating profitability remains pressured: EBIT/EBITDA are still deeply negative in 2025, indicating the business is not yet self-funding from core operations and results may be influenced by non-operating items. Historically, the company has shown volatile growth and recurring operating losses, which tempers the quality of the 2025 improvement.

Balance Sheet

The balance sheet improved meaningfully in 2025: equity expanded substantially and leverage moderated, with debt-to-equity dropping from elevated levels in 2024 to a more manageable range. Total assets also increased, supporting a stronger capital base. Key risk: this is still a biotech profile with operating losses, so future funding needs could re-accelerate leverage or drive dilution if profitability from operations doesn’t improve.

Cash Flow

Cash generation is the weakest area. In 2025, operating cash flow and free cash flow were negative and deteriorated sharply versus the prior year, despite positive net income—signaling earnings quality concerns and/or working-capital and cash expense headwinds. While cash burn was substantially worse in 2024 than most earlier years, the lack of consistent positive free cash flow (with 2021 as the exception) increases financing risk.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	106.47M	23.61M	27.46M	10.16M	28.65M
Gross Profit	85.93M	16.20M	24.52M	9.94M	26.59M
EBITDA	-179.00K	-76.40M	-43.54M	-25.53M	-7.89M
Net Income	83.23M	-105.51M	-46.05M	-26.77M	-8.55M
Balance Sheet
Total Assets	284.73M	178.13M	172.33M	115.34M	132.94M
Cash, Cash Equivalents and Short-Term Investments	191.01M	69.50M	67.74M	82.85M	112.35M
Total Debt	63.21M	60.30M	43.77M	18.78M	1.61M
Total Liabilities	130.07M	138.46M	110.46M	40.22M	5.82M
Stockholders Equity	154.66M	39.67M	61.86M	75.12M	127.12M
Cash Flow
Free Cash Flow	-2.43M	-69.67M	-33.83M	-18.81M	10.34M
Operating Cash Flow	-1.60M	-69.67M	-33.53M	-18.72M	10.44M
Investing Cash Flow	18.13M	-22.16M	-17.39M	-36.72M	-15.52M
Financing Cash Flow	12.06M	82.11M	28.46M	8.35M	113.11M

Zevra Therapeutics Technical Analysis

• Technical Analysis Sentiment: Neutral
• Last Price: 9.23
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For ZVRA, the sentiment is Neutral. The current price of 9.23 is below the 20-day moving average (MA) of 9.40, above the 50-day MA of 9.04, and below the 200-day MA of 9.48, indicating a neutral trend. The MACD of 0.21 indicates Positive momentum. The RSI at 48.24 is Neutral, neither overbought nor oversold. The STOCH value of 21.46 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for ZVRA.

Zevra Therapeutics Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
ZVRA	65 Neutral	$541.91M	5.95	74.63%	―	240.47%	―
LXRX	60 Neutral	$660.94M	-8.29	-41.94%	―	1255.21%	74.58%
SLDB	57 Neutral	$691.69M	―	-73.34%	―	―	17.88%
OCGN	56 Neutral	$668.91M	-5.95	-2626.38%	―	14.26%	-23.34%
CRVS	55 Neutral	$1.12B	-39.78	-23.29%	―	―	79.27%
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
PRTA	51 Neutral	$471.04M	-5.95	-73.00%	―	-91.16%	-112.24%

Zevra Therapeutics Corporate Events

Zevra Sells SDX Portfolio and Resolves Litigation

On March 13, 2026, Zevra Therapeutics agreed to sell its serdexmethylphenidate (SDX) portfolio, including AZSTARYS and KP1077, to Commave Therapeutics for $50 million while also resolving ongoing litigation in Delaware tied to a 2019 collaboration and license deal. The transaction transfers Zevra’s SDX-related assets and grants Commave a perpetual license under Zevra’s remaining SDX patents and know-how, with the parties terminating their prior AZSTARYS license agreement and mutually releasing claims.

The asset sale, effective March 13, 2026, brings Zevra a staged cash payment and eliminates legal overhang as both companies move to dismiss the lawsuit with prejudice. On March 12, 2026, Zevra also fully repaid approximately $63 million outstanding under its term loan facility, terminating the credit agreement and releasing associated liens, which leaves the company debt-free and enhances its financial and strategic flexibility to concentrate on its rare disease franchise.

The most recent analyst rating on (ZVRA) stock is a Buy with a $23.00 price target. To see the full list of analyst forecasts on Zevra Therapeutics stock, see the ZVRA Stock Forecast page.

Zevra Therapeutics Appoints Justin Renz as New CFO

On March 4, 2026, Zevra appointed industry veteran Justin Renz as Chief Financial Officer and Treasurer, effective March 9, 2026, and principal financial officer, effective March 10, 2026, with an employment package that includes a $520,000 base salary, performance-based bonus eligibility and stock options vesting over four years. Renz, whose background includes senior finance roles at Ardelyx, Correvio Pharma, Karyopharm Therapeutics and Zalicus, replaces interim principal financial officer Timothy Sangiovanni and is expected to add seasoned transactional and commercial-stage expertise as Zevra scales its rare-disease portfolio.

For the fourth quarter of 2025, Zevra reported net revenue of $34.1 million, up 31% sequentially, driven primarily by accelerating uptake of MIPLYFFA, while full-year 2025 net revenue surged to $106.5 million from $23.6 million in 2024 and the company swung to net income of $83.2 million from a $105.5 million loss. Strong MIPLYFFA performance, expanding U.S. market access, progress on an EMA review and a global expanded access program, along with advancing its vascular Ehlers-Danlos Phase 3 trial and a year-end cash balance of $238.9 million, position Zevra with greater financial flexibility and strategic optionality as it pursues near-term growth and broader rare-disease market penetration.

The most recent analyst rating on (ZVRA) stock is a Buy with a $24.00 price target. To see the full list of analyst forecasts on Zevra Therapeutics stock, see the ZVRA Stock Forecast page.

Zevra Therapeutics Announces Interim Financial Leadership Change

On December 11, 2025, Zevra Therapeutics announced organizational changes in its financial leadership. Timothy Sangiovanni, the current Senior Vice President, Finance and Corporate Controller, was appointed interim principal financial officer effective January 1, 2026, reflecting his extensive experience in financial reporting and corporate control within the company since 2015. The appointment did not alter his compensation arrangements.

The most recent analyst rating on (ZVRA) stock is a Hold with a $9.00 price target. To see the full list of analyst forecasts on Zevra Therapeutics stock, see the ZVRA Stock Forecast page.