Zevra Therapeutics Reports Second-Quarter Financial Results
Zevra Therapeutics, Inc. (ZVRA) released its second-quarter financial results on Tuesday, August 8th, 2023. The report revealed a net loss of 48 cents per share, falling short of analyst expectations by 9.09%. However, the company's quarterly sales of $4.449 million exceeded analyst estimates of $4.412 million.
Net reimbursements from the French EAP for arimoclomol: $3.1 million
$1.3 million
Offset by returns from the prior pharmacy
Research and development expenses for the second quarter totaled $10.5 million, compared to $7.4 million in the same period last year. This increase was primarily driven by higher spending on the KP1077 Phase 2 clinical trial and increased personnel costs. However, a decrease in third-party costs related to arimoclomol partially offset these increases.
"During the second quarter, we made steady progress executing on our strategic objectives. We are encouraged by the favorable vote from the FDA's Genetic Metabolic Diseases Advisory Committee, which concluded that data presented support arimoclomol's effectiveness in treating Niemann Pick disease type C. While the vote is non-binding, we believe it is an important factor as the FDA completes its consideration for approval."
Following the release of the financial results, Zevra Therapeutics shares declined 1.18% in after-hours trading, closing at $6.70.