Zevra Therapeutics, Inc. (NasdaqGS: ZVRA) has announced its financial results for the third quarter of 2024, spotlighting the FDA approval and launch of MIPLYFFA™ (arimoclomol) for the treatment of Niemann-Pick disease type C (NPC). This milestone, coupled with strategic corporate updates, positions Zevra for continued growth in the rare disease space.
MIPLYFFA Approval and Launch
The FDA approved MIPLYFFA capsules on September 20 as the first drug for NPC, indicated for use with miglustat in patients aged 2 years and older to treat neurological manifestations. "The third quarter was one of the most exciting and transformational periods in Zevra’s journey," said Neil F. McFarlane, Zevra’s President and Chief Executive Officer. The approval also granted Zevra a rare pediatric disease Priority Review Voucher (PRV).
As of October 31, Zevra has received 90 prescription enrollment forms for MIPLYFFA, with approximately 30% approved for reimbursement, consistent with the company’s guidance of 8-12 weeks post-launch. Zevra has also launched AmplifyAssist™ to support caregivers and those eligible living with NPC or UCDs.
OLPRUVA and UCD Focus
OLPRUVA® saw three new patient enrollments in Q3, achieving approximately 76% reimbursement coverage. Zevra is refining its commercial strategy for OLPRUVA to focus on specific patient segments. In collaboration with The National Urea Cycle Disorders Foundation, Zevra launched a targeted patient education campaign emphasizing prompt and accurate testing of blood ammonia levels via www.checkammonia.com.
Clinical Pipeline Updates
Zevra completed an End-of-Phase 2 meeting with the FDA for KP1077, with the agency indicating that a single pivotal study with confirmatory evidence would suffice for NDA submission. The Phase 3 DiSCOVER trial of celiprolol for Vascular Ehler-Danlos Syndrome (VEDS) is ongoing, with 19 patients enrolled as of Q3.
Financial Highlights
Key financial highlights from the third quarter include:
- Revenue, Net: $3.7 million, including $2.6 million from the French expanded access program (EAP) for arimoclomol and $1.1 million from the AZSTARYS® license agreement.
- R&D Expenses: $10.9 million, a decrease of $1.4 million compared to Q3 2023.
- SG&A Expenses: $16.2 million, reflecting commercial launch activities.
- Net Loss: ($33.2) million, or ($0.69) per share.
- Cash Position: $95.5 million as of Sept. 30, 2024, expected to extend the cash runway into 2027.
Strategic Plan
Zevra has completed a portfolio assessment and developed a strategic plan for 2025, focusing on Commercial Excellence, Pipeline and Innovation, Talent and Culture, and Corporate Foundation. The company has discontinued in-house drug discovery activities and is closing its laboratory facilities to focus on late-stage clinical development and commercial opportunities.
