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Stock-Based Compensation - Schedule of Unvested Restricted Stock Units Roll Forward (Details) - Restricted Stock Units (RSUs)	12 Months Ended
	Dec. 31, 2025 $ / shares shares
Shares
Unvested balance (in shares) \| shares	1,838,258
Granted (in shares) \| shares	679,876
Vested (in shares) \| shares	758,421
Forfeited (in shares) \| shares	163,524
Unvested balance (in shares) \| shares	1,596,189
Weighted-Average Grant Date Fair Value
Unvested (in dollars per share) \| $ / shares	$ 5.32
Granted (in dollars per share) \| $ / shares	7.79
Vested (in dollars per share) \| $ / shares	5.57
Forfeited (in dollars per share) \| $ / shares	6.55
Unvested (in dollars per share) \| $ / shares	$ 6.13

Goodwill & Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Estimated Amortization Expense For Intangible Assets

For intangible assets subject to amortization, estimated amortization expense for the five fiscal years subsequent to December 31, 2025, is expected to be as follows:


2026	$	1,263
2027	1,263
2028	1,263
2029	632
2030	—

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Cash flows from operating activities:
Net income (loss)	$ 83,229	$ (105,511)
Adjustments to reconcile net income (loss) to net cash used in operating activities:
Stock-based compensation expense	12,634	14,906
Impairment of intangible assets	58,710	0
Inventory obsolescence charge	11,681	5,746
Income tax expense	3,449	15,374
Depreciation and amortization expense	4,054	6,389
Non-cash interest expense	2,649	2,089
Non-cash lease expense	602	552
Fair value adjustment related to warrant and CVR liabilities	(2,178)	(2,057)
Accretion on investments	(3,128)	(890)
Fair value adjustment related to investments	(149)	18
Loss on sublease and disposal of property and equipment	63	218
Consulting fees paid in common stock	75	474
Loss on foreign currency exchange rates	1,548	219
Gain on sale of PRV	(148,325)	0
Change in assets and liabilities:
Accounts and other receivables	(11,977)	6,868
Prepaid expenses and other current assets	(2,943)	(2,228)
Inventories	(1,305)	(8,874)
Other long-term assets	451	0
Accounts payable and accrued expenses	(15,587)	(3,598)
Discount and rebate liabilities	6,683	431
Operating lease liabilities	(675)	(626)
Other liabilities	(1,159)	835
Net cash used in operating activities	(1,598)	(69,665)
Cash flows from investing activities:
Purchases of property and equipment	(835)	0
Disposals of property and equipment	448	0
Purchases of investments	(309,986)	(41,161)
Maturities of investments	178,500	25,000
Proceeds from sale of PRV	150,000	0
Payment of royalty to XOMA	0	(6,000)
Net cash provided by (used in) investing activities	18,127	(22,161)
Cash flows from financing activities:
Proceeds from issuance of debt, net of lender fees	0	58,990
Repayment of debt	0	(42,700)
Proceeds from insurance financing arrangements	0	1,082
Proceeds from Employee Stock Purchase Plan	615	1,058
Proceeds from issuance of stock	0	64,516
Proceeds from issuance of common stock for options exercised	3,182	1,684
Proceeds from issuance of common stock for warrants exercised	8,639	0
Payments of principal on insurance financing arrangements	(372)	(431)
Payment of deferred financing costs	0	(2,091)
Net cash provided by financing activities	12,064	82,108
Effect of exchange rate changes on cash and cash equivalents	28	454
Net increase (decrease) in cash and cash equivalents	28,621	(9,264)
Cash and cash equivalents, beginning of period	33,785	43,049
Cash and cash equivalents, end of period	62,406	33,785
Supplemental cash flow information:
Cash paid for interest	5,329	5,262
Right-of-use assets obtained in exchange for lease liabilities	$ 1,115	$ 419

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Treasury Stock	Accumulated Deficit	Other Comprehensive Income (Loss)	Public Offering	Public Offering Common Stock	Public Offering Additional Paid-in Capital
Beginning balance at Dec. 31, 2023	$ 61,864	$ 4	$ 472,664	$ (10,983)	$ (399,778)	$ (43)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(105,511)				(105,511)
Stock-based compensation expense	14,906		14,906
Issuance of common stock in public offering (Note A)							$ 64,517	$ 1	$ 64,516
Issuance of common stock in exchange for consulting services	474		474
Issuance of common stock as part of the Employee Stock Purchase Plan	1,058		1,058
Issuance of common stock for options exercised	1,684		1,684
Other comprehensive income (loss)	674					674
Ending balance at Dec. 31, 2024	39,666	5	555,302	(10,983)	(505,289)	631
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	83,229				83,229
Stock-based compensation expense	12,634		12,634
Issuance of common stock in exchange for consulting services	75		75
Issuance of common stock as part of the Employee Stock Purchase Plan	615		615
Issuance of common stock for options exercised or RSUs vested	3,183	1	3,182
Issuance of common stock for warrants exercised	16,650		16,650
Other comprehensive income (loss)	(1,395)					(1,395)
Ending balance at Dec. 31, 2025	$ 154,657	$ 6	$ 588,458	$ (10,983)	$ (422,060)	$ (764)

Net Income (Loss) Per Share - Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share (Details) - shares	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total securities excluded from the calculation of weighted average number of shares of common stock outstanding (in shares)	1,571,228	6,631,549
Awards under equity incentive plans
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total securities excluded from the calculation of weighted average number of shares of common stock outstanding (in shares)	1,571,228	1,148,012
Common stock warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total securities excluded from the calculation of weighted average number of shares of common stock outstanding (in shares)	0	5,483,537

Commitment and Contingencies (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Loss Contingencies [Line Items]
Loss contingency accrual	$ 0	$ 0
AZSTARYS License Agreement
Loss Contingencies [Line Items]
Loss contingency accrual	$ 0

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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+ Details

Stock-Based Compensation - Share-Based Payment Arrangement, Option, Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Number of Options
Exercised or released (in shares)		469,563
Outstanding balance at December 31 , 2025 (in shares)	5,464,267
Exercisable at December 31, 2025 (in shares)	2,701,924
A&R 2014 Plan, and 2023 Plan
Number of Options
Outstanding balance at January 1, 2025 (in shares)	5,951,400
Granted (in shares)	1,459,750
Exercised or released (in shares)	1,193,883
Canceled or forfeited (in shares)	371,801
Expired (in shares)	381,199
Outstanding balance at December 31 , 2025 (in shares)	5,464,267	5,951,400
Exercisable at December 31, 2025 (in shares)	2,701,924
Vested and expected to vest at December 31, 2025 (in shares)	5,264,367
Weighted Average Exercise Price
Outstanding, Weighted average grant date fair value at January 2025 (in dollars per share)	$ 7.25
Granted (in dollars per share)	8.21
Exercised or released (in dollars per share)	5.14
Canceled or forfeited (in dollars per share)	5.81
Expired (in dollars per share)	25.58
Outstanding balance at December 31, 2025 (in dollars per share)	6.80	$ 7.25
Exercisable at December 31, 2025 (in dollars per share)	$ 6.97
Outstanding, weighted average remaining contractual term	6 years 7 months 17 days	6 years 9 months 14 days
Exercisable, weighted average remaining contractual term	4 years 10 months 24 days
Vested and expected to vest, weighted average remaining contractual term	6 years 6 months 18 days
Outstanding beginning balance, aggregate intrinsic value	$ 17,448
Exercised or released	3,829
Exercisable, aggregate intrinsic value	8,999
Vested and expected to vest, aggregate intrinsic value	15,312
Outstanding ending balance, aggregate intrinsic value	$ 15,709	$ 17,448

Leases - Schedule of Supplemental Cash Flow Information Related To Leases (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$ 860	$ 405
Operating cash flows from short-term leases	127	225
Operating cash flows from variable lease costs	36	39
Right-of-use assets obtained in exchange for lease liabilities:
Operating leases	$ 1,115	$ 419

Fair Value of Financial Instruments - Common Stock Warrant Liabilities Measured At Fair Value (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2025 USD ($)
Warrant liabilities
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance at December 31, 2024	$ 17,804
Change in fair value measurement of warrant liabilities	(218)
Warrants exercised	(8,011)
Balance at December 31, 2025	9,575
Contingent consideration liabilities
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance at December 31, 2024	3,500
Change in fair value measurement of warrant liabilities	(1,960)
Balance at December 31, 2025	$ 1,540

Description of Business, Basis of Presentation, and Significant Transactions (Details) - USD ($) $ / shares in Units, $ in Millions			12 Months Ended
	Aug. 12, 2024	Aug. 08, 2024	Dec. 31, 2025	Dec. 31, 2024	Jul. 12, 2024	Jun. 04, 2024	Feb. 05, 2024
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Common stock registered, shares (in shares)							2,269,721
Aggregate offering price						$ 350.0
Stock issued (in shares)				10,615,385
ATM Agreement Sales
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Aggregate offering price						$ 75.0
ATM Agreement Sales \| JMP
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Stock issued (in shares)			0
Maximum aggregate offering price					$ 75.0
Percentage of aggregate gross sales proceeds					3.00%
Underwriting Agreement
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Stock issued (in shares)		9,230,770
Shares issued, price per share (in dollars per share)		$ 6.50
Over-Allotment Option
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Option to purchase additional shares, exercise period		30 days
Over-Allotment Option \| Maximum
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Stock issuable during the period (in shares)		1,384,615
Underwriting Agreement and Over-allotment Option
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Stock issued (in shares)	10,615,385
Proceeds from issuance of common stock, net	$ 64.5

Accounts and Other Receivables

12 Months Ended

Dec. 31, 2025

Accounts and Other Receivables [Abstract]

Accounts and Other Receivables

E. Accounts and Other Receivables

Accounts and other receivables consist of the following (in thousands):


	December 31,
	2025		2024
Commercial accounts receivable	$	9,876	$	4,010
Receivables related to product reimbursements	10,998		5,380
Royalties accounts receivable	1,786		786
Other receivables	598		333
Total accounts and other receivables	$	23,258	$	10,509

As of December 31, 2025, and 2024, no reserve or allowance for doubtful accounts had been established.

Net Income (Loss) Per Share

12 Months Ended

Dec. 31, 2025

Earnings Per Share [Abstract]

Net Income (Loss) Per Share

The two-class method requires earnings for the period to be allocated between common stock and participating securities based upon their respective rights to receive distributed and undistributed earnings. Under the two-class method, for periods with net income attributable to common stockholders, basic net income attributable to common stockholders per share of common stock is computed by dividing the net income attributable to common stockholders by the weighted average number of shares of common stock outstanding during the period. Undistributed net income attributable to common stockholders is computed by subtracting from net income the portion of current period earnings that participating securities would have been entitled to receive pursuant to their dividend rights had all of the period’s earnings been distributed. No such adjustment to earnings is made during periods with a net loss as the holders of the participating securities have no obligation to fund losses. Diluted net income attributable to common stockholders per share of common stock is computed under the two-class method by using the weighted average number of shares of common stock outstanding plus the potential dilutive effects of stock options and warrants. In addition to analyzing under the two-class method, the Company analyzes the potential dilutive effect of stock options and warrants under the treasury-stock method when calculating diluted income (loss) attributable to common stockholders per share of common stock, in which it is assumed that the stock options and warrants convert into common stock at the beginning of the period or date of issuance, if the stock option or warrant was issued during the period. The Company reports the more dilutive of the approaches (two-class or treasury-stock/if-converted) as its diluted net income (loss) attributable to common stockholders per share of common stock during the period.

Diluted net loss per share of common stock is the same as basic net loss per share of common stock for the year ended December 31, 2024, because the effects of potentially dilutive items were anti-dilutive for the respective periods. The following securities, presented on a common stock equivalent basis, have been excluded from the calculation of weighted-average number of shares of common stock outstanding because their effect is anti-dilutive:


	December 31,
	2025	2024
Awards under equity incentive plans	1,571,228	1,148,012
Common stock warrants	—	5,483,537
Total securities excluded from the calculation of weighted average number of shares of common stock outstanding	1,571,228	6,631,549

A reconciliation from net income (loss) to basic net income (loss) attributable to common stockholders per share of common stock and diluted net income (loss) attributable to common stockholders per share of common stock for the years ended December 31, 2025, and 2024, is as follows (in thousands):


	Year Ended December 31,
	2025		2024
Basic net income (loss) per share of common stock:
Net income (loss)	$	83,229	$	(105,511)
Earnings allocated to participating securities	(5,644)		—
Net income (loss) attributable to shares of common stock	77,585		(105,511)
Less: Dividends declared or accumulated	—		—
Undistributed net income (loss) attributable to shares of common stock, basic	77,585		(105,511)
Weighted-average shares of common stock outstanding	55,311		46,251
Basic net income (loss) per share of common stock	$	1.40	$	(2.28)

Diluted net income (loss) per share of common stock:
Net income (loss) attributable to shares of common stock	$	77,585	$	(105,511)
Less: Fair value adjustment income related to warrant liability	—		—
Net income (loss) attributable to shares of common stock, diluted	77,585		(105,511)
Weighted-average number of shares of common stock outstanding	55,311		46,251
Dilutive effect of outstanding stock options (as converted to common stock)	1,952		—
Weighted-average shares of common stock outstanding, diluted	57,263		46,251
Diluted net income (loss) per share of common stock	$	1.35	$	(2.28)

Insider Trading Arrangements	12 Months Ended
Insider Trading Arrangements	Dec. 31, 2025
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Fair Value of Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2025

Fair Value Disclosures [Abstract]

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis

The following table summarizes the conclusions reached regarding fair value measurements as of December 31, 2025, and 2024 (in thousands):


	Balance at December 31, 2025		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
CVR liability	$	1,540	$	—	$	—	$	1,540
Warrant liabilities	9,575		—		—		9,575
Total liabilities	$	11,115	$	—	$	—	$	11,115

Securities:
U.S. Treasury securities	$	97,132	$	97,132	$	—	$	—
Corporate bonds	79,352		—		79,352		—
Total assets	$	176,484	$	97,132	$	79,352	$	—


	Balance at December 31, 2024		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
CVR liability	$	3,500	$	—	$	—	$	3,500
Warrant liabilities	17,804		—		—		17,804
Total liabilities	$	21,304	$	—	$	—	$	21,304

Securities:
U.S. Treasury securities	$	35,711	$	35,711	$	—	$	—
Corporate bonds	6,010				6,010
Total assets	$	41,721	$	35,711	$	6,010	$	—

Fair Value Measurement Inputs and Valuation Techniques

The following assumptions were used in determining the fair value of the warrant liabilities valued using the BSM option pricing model as of December 31, 2025, and 2024:


	December 31, 2025			December 31, 2024
Risk-free interest rate	3.42% - 3.67%			4.08% - 4.23%
Volatility	57.28% - 66.70%			62.14% - 68.68%
Dividend yield	—		%	—		%
Expected term (years)	0.02 - 2.89			1.02 - 3.89
Weighted average fair value	$	2.38		$	3.25

Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation

The following table is a reconciliation for the common stock warrant liabilities measured at fair value using Level 3 unobservable inputs (in thousands):


Balance as of December 31, 2024	$	17,804
Change in fair value measurement of warrant liabilities	(218)
Warrants exercised	(8,011)
Balance as of December 31, 2025	$	9,575

The following table provides a reconciliation of the beginning and ending balances related to the contingent consideration liabilities for the CVRs (dollars in thousands):


Balance as of December 31, 2024	$	3,500
Change in fair value measurement of contingent consideration liabilities	(1,960)
Balance as of December 31, 2025	$	1,540

Inventories (Tables)

12 Months Ended

Dec. 31, 2025

Inventory Disclosure [Abstract]

Schedule of Inventory, Noncurrent

The components of inventory are summarized as follows (in thousands):


	December 31,
	2025		2024
Raw materials	$	7	$	7,928
Work in progress	1,780		3,260
Finished goods	832		1,781
Total inventories	$	2,619	$	12,969

Debt Obligations (Tables)

12 Months Ended

Dec. 31, 2025

Debt Disclosure [Abstract]

Schedule of Long-Term Debt

Long-term debt consisted of the following (in thousands):


	December 31, 2025		December 31, 2024
Notes payable	$	63,608	$	61,552
Unamortized original issue discount	(755)		(921)
Less: debt issuance costs	(925)		(1,127)
	$	61,928	$	59,504

Schedule of Future Minimum Principal Payments

Future minimum principal payments under the Term Loans as of December 31, 2025, are as follows (in thousands):


Year Ending December 31,
2026	$	—
2027	—
2028	—
2029	63,608
Total minimum payments	63,608
Less: unamortized debt discount, debt issuance costs and paid in kind interest	(1,680)
Long-term debt	$	61,928

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

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-URI https://asc.fasb.org/1943274/2147481112/505-10-50-7

+ Details

Prepaid Expenses and Other Current Assets (Tables)

12 Months Ended

Dec. 31, 2025

Prepaid Expense and Other Assets, Current [Abstract]

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure

Prepaid expenses and other current assets consist of the following (in thousands):


	December 31,
	2025		2024
Prepaid insurance	$	946	$	1,037
Other prepaid expenses and current assets	6,052		3,015
Total prepaid expenses and other current assets	$	6,998	$	4,052

Accounts and Other Receivables (Tables)

12 Months Ended

Dec. 31, 2025

Accounts and Other Receivables [Abstract]

Schedule of Accounts, Notes, Loans and Financing Receivable

Accounts and other receivables consist of the following (in thousands):


	December 31,
	2025		2024
Commercial accounts receivable	$	9,876	$	4,010
Receivables related to product reimbursements	10,998		5,380
Royalties accounts receivable	1,786		786
Other receivables	598		333
Total accounts and other receivables	$	23,258	$	10,509

Income Taxes - Schedule of Components of Income Tax Expense (Benefit) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Current
U.S. federal	$ 2,108	$ 0
Foreign	11,187	0
State and local	0	0
Current income tax provision (benefit)	13,295	0
Deferred
U.S. federal	0	0
Foreign	(9,858)	15,373
State and local	12	(2)
Deferred income tax provision (benefit)	(9,846)	15,371
Total
U.S. federal	2,108	0
Foreign	1,329	15,373
State and local	12	(2)
Total income tax provision (benefit)	$ 3,449	$ 15,371

Description of Business, Basis of Presentation, and Significant Transactions	12 Months Ended
	Dec. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Description of Business, Basis of Presentation, and Significant Transactions	Description of Business, Basis of Presentation, and Significant Transactions Organization Zevra Therapeutics, Inc. (the “Company” or “Zevra”) is a commercial-stage company with a late-stage pipeline committed to bringing life-changing therapeutics to people living with rare diseases. The Company is focused on expanding patient access, progressing our pipeline toward key milestones, and delivering meaningful outcomes for patients with significant unmet needs. On September 20, 2024, the U.S. Food and Drug Administration (“FDA”) approved the New Drug Application (“NDA”) for MIPLYFFA® (arimoclomol), an orally-delivered treatment for Niemann-Pick disease type C (“NPC”), which is an ultra-rare and progressive neurodegenerative disease. MIPLYFFA, the first FDA-approved treatment for NPC, is indicated for use in combination with miglustat for the treatment of neurological manifestations of NPC in adult and pediatric patients two years of age and older. MIPLYFFA has also been granted orphan medicinal product designation for the treatment of NPC by the European Commission. The Company's other commercial stage asset, OLPRUVA® (sodium phenylbutyrate) for oral suspension, is approved by the FDA for the treatment of certain urea cycle disorders (“UCDs”). Additionally, the Company has a pipeline of investigational product candidates, including celiprolol for the treatment of Vascular Ehlers-Danlos syndrome (“VEDS”) in patients with a confirmed type III collagen mutation and KP1077, the Company's clinical development product candidate being developed to treat idiopathic hypersomnia (“IH”), a rare neurological sleep disorder, and narcolepsy. The sole active pharmaceutical ingredient of KP1077 is serdexmethylphenidate (“SDX”), the Company's proprietary prodrug of d-methylphenidate (“d-MPH”). The FDA has granted KP1077 orphan drug designation for the treatment of IH. Basis of Presentation The Company prepared the consolidated financial statements in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and the rules and regulations of the Securities and Exchange Commission (“SEC”) and, in the Company’s opinion, reflect all adjustments, including normal recurring items that are necessary. All significant intercompany accounts and transactions have been eliminated in consolidation. Registration Statements on Form S-3 On February 5, 2024, Zevra filed a registration statement on Form S-3 (File No. 333-276856) registering an aggregate of 2,269,721 shares of Zevra’s common stock. On April 5, 2024, the Company filed an amendment to such registration statement, which was declared effective on April 8, 2024. On June 4, 2024, the Company filed a registration statement on Form S-3 (File No. 333-279941) (the “June 2024 Registration Statement”) under which the Company may sell securities, including as may be issuable upon conversion, redemption, repurchase, exchange or exercise of securities, in one or more offerings up to a total aggregate offering price of $350.0 million, $75.0 million of which was allocated to the sale of the shares of common stock issuable under the 2024 ATM Agreement (as described further below). The registration statement was declared effective on June 13, 2024. August 2024 Offering On August 8, 2024, the Company entered into an underwriting agreement (the “Underwriting Agreement”) with Cantor Fitzgerald & Co. and William Blair & Company, L.L.C., as representatives of the several underwriters named therein (collectively, the “Underwriters”), in connection with the offering, issuance and sale by the Company of 9,230,770 shares of the Company’s common stock at a public offering price of $6.50 per share, pursuant to the June 2024 Registration Statement and a related prospectus supplement dated August 8, 2024, filed with the SEC (the “August 2024 Offering”). Under the terms of the Underwriting Agreement, the Company also granted the Underwriters an option exercisable for 30 days to purchase up to an additional 1,384,615 shares of its common stock at the public offering price, less underwriting discounts and commissions, which the Underwriters exercised in full on August 9, 2024. The August 2024 Offering closed on August 12, 2024. Total shares issued were 10,615,385. Net proceeds from the offering were approximately $64.5 million, after deducting underwriting discounts and commissions and estimated offering expenses payable by the Company. The Company is using the net proceeds of the offering to support the commercialization of its approved products and the continued development of its product candidates, and for other general corporate purposes. Entry into 2024 ATM Agreement On July 12, 2024, the Company entered into an equity distribution agreement (the “2024 ATM Agreement”) with Citizens JMP Securities LLC (“Citizens JMP”) under which the Company may offer and sell, from time to time at its sole discretion, shares of its common stock having an aggregate offering price of up to $75.0 million through Citizens JMP as its sales agent. The issuance and sale, if any, of common stock by the Company under the 2024 ATM Agreement will be made pursuant to the June 2024 Registration Statement, the accompanying prospectus, and the related prospectus supplement dated July 12, 2024. Citizens JMP may sell the common stock by any method permitted by law deemed to be an “at the market offering” as defined in Rule 415 of the Securities Act. Citizens JMP will use commercially reasonable efforts to sell the common stock from time to time, based upon instructions from the Company (including any price, time or size limits or other customary parameters or conditions the Company may impose). The Company will pay Citizens JMP a commission equal to 3.0% in the aggregate of the gross sales proceeds of any common stock sold through Citizens JMP under the 2024 ATM Agreement. As of December 31, 2025, no shares have been issued or sold under the 2024 ATM Agreement. Reclassifications Certain reclassifications were made to the 2024 consolidated financial statements to conform to the classifications used in 2025. These reclassifications had no impact on the consolidated net income (loss), changes in stockholder's equity, or cash flows previously reported.

Cybersecurity Risk Management and Strategy Disclosure	12 Months Ended
Cybersecurity Risk Management and Strategy Disclosure	Dec. 31, 2025
Cybersecurity Risk Management, Strategy, and Governance [Line Items]
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]	Cybersecurity Risk Management and Strategy We have developed and implemented a cybersecurity risk management program intended to protect the confidentiality, integrity, and availability of our critical systems and information. We design and assess our program based on the National Institute of Standards and Technology Cybersecurity Framework (“NIST CSF”). This does not imply that we meet any particular technical standards, specifications, or requirements, only that we use the NIST CSF as a guide to help us identify, assess, and manage cybersecurity risks relevant to our business. Our cybersecurity risk management program is integrated into our overall enterprise risk management program, and shares common methodologies, reporting channels and governance processes that apply across the enterprise risk management program to other legal, compliance, strategic, operational, and financial risk areas. Key elements of our cybersecurity risk management program include but are not limited to the following: •risk assessments designed to help identify material risks from cybersecurity threats to our critical systems, and information; •a security team principally responsible for managing (i) our cybersecurity risk assessment processes, (ii) our security controls, and (iii) our response to cybersecurity incidents; •the use of external service providers, where appropriate, to assess, test or otherwise assist with aspects of our security processes; •cybersecurity awareness training of our employees, including incident response personnel, and senior management; •a cybersecurity incident response plan that includes procedures for responding to cybersecurity incidents; and •a third-party risk management process for key service providers, based on our assessment of their criticality to our operations and respective risk profile.
Cybersecurity Risk Management Processes Integrated [Flag]	true
Cybersecurity Risk Management Processes Integrated [Text Block]	Our cybersecurity risk management program is integrated into our overall enterprise risk management program, and shares common methodologies, reporting channels and governance processes that apply across the enterprise risk management program to other legal, compliance, strategic, operational, and financial risk areas.
Cybersecurity Risk Management Third Party Engaged [Flag]	true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag]	true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag]	false
Cybersecurity Risk Board of Directors Oversight [Text Block]	Our Board considers cybersecurity risk as part of its risk oversight function and has delegated to the Audit Committee (“Committee”) oversight of cybersecurity risks, including oversight of management’s implementation of our cybersecurity risk management program. The Committee receives periodic reports from management on our cybersecurity risks. In addition, management updates the Committee, where it deems appropriate, regarding any cybersecurity incidents it considers to be significant or potentially significant. The Committee reports to the full Board regarding its activities, including those related to cybersecurity. The full Board also receives briefings from management on our cyber risk management program. Board members receive presentations on cybersecurity topics from our internal security staff or external experts as part of the Board’s continuing education on topics that impact public companies.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]	Our Board considers cybersecurity risk as part of its risk oversight function and has delegated to the Audit Committee (“Committee”) oversight of cybersecurity risks, including oversight of management’s implementation of our cybersecurity risk management program.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]	e Committee receives periodic reports from management on our cybersecurity risks. In addition, management updates the Committee, where it deems appropriate, regarding any cybersecurity incidents it considers to be significant or potentially significant.
Cybersecurity Risk Role of Management [Text Block]	Our management team, including our Chief Legal Officer, Secretary and Compliance Officer, is responsible for assessing and managing our material risks from cybersecurity threats. The team has primary responsibility for our overall cybersecurity risk management program and supervises both our internal cybersecurity personnel and our retained external cybersecurity consultants. Our management team includes IT staff such as a Director of IT with more than 22 years of IT-related experience in various roles including managing information security, managing privacy and data protection, evaluating cybersecurity risks, developing cybersecurity strategy, and implementing cybersecurity programs, as well as a dedicated Information Security Manager, responsible for operational IT security initiatives. Our management team takes steps to stay informed about and monitor efforts to prevent, detect, mitigate, and remediate cybersecurity risks and incidents through various means, which may include briefings from internal security personnel; threat intelligence and other information obtained from governmental, public or private sources, including external consultants engaged by us; and alerts and reports produced by security tools deployed in the information technology environment. In addition, our management team periodically evaluates and tests the effectiveness of our cybersecurity controls and incident response capabilities through internal reviews and, where appropriate, engagement of external specialists. These efforts may include security assessments, penetration testing, resilience and recovery exercises, and employee awareness initiatives designed to enhance preparedness against evolving threats, including ransomware and social engineering.
Cybersecurity Risk Management Positions or Committees Responsible [Flag]	true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]	Our management team, including our Chief Legal Officer, Secretary and Compliance Officer, is responsible for assessing and managing our material risks from cybersecurity threats. The team has primary responsibility for our overall cybersecurity risk management program and supervises both our internal cybersecurity personnel and our retained external cybersecurity consultants.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block]	Our management team includes IT staff such as a Director of IT with more than 22 years of IT-related experience in various roles including managing information security, managing privacy and data protection, evaluating cybersecurity risks, developing cybersecurity strategy, and implementing cybersecurity programs, as well as a dedicated Information Security Manager, responsible for operational IT security initiatives.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]	Our management team takes steps to stay informed about and monitor efforts to prevent, detect, mitigate, and remediate cybersecurity risks and incidents through various means, which may include briefings from internal security personnel; threat intelligence and other information obtained from governmental, public or private sources, including external consultants engaged by us; and alerts and reports produced by security tools deployed in the information technology environment.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag]	true

Stock and Warrants (Tables)

12 Months Ended

Dec. 31, 2025

Equity [Abstract]

Schedule of Authorized Shares of Common Stock Reserved for Future Issuance

As of December 31, 2025, and 2024, the Company had reserved authorized shares of common stock for future issuance as follows:


	December 31,
	2025	2024
Outstanding awards under equity incentive plans	7,060,457	7,789,658
Outstanding common stock warrants	4,024,157	5,483,537
Possible future issuances under equity incentive plans	6,327,569	5,383,165
Possible future issuances under employee stock purchase plan	1,011,962	1,148,012
Total common shares reserved for future issuance	18,424,145	19,804,372

Schedule of Common Stock Outstanding Roll Forward

The following table summarizes common stock activity for the years ended December 31, 2025 and 2024:


			Shares of Common Stock
Balance as of January 1, 2024			41,534,668
Common stock issued in connection with a public offering (Note A)			10,615,385
Common stock issued in connection with restricted stock units			218,000
Common stock issued as compensation to third parties			92,988
Common stock issued in connection with vesting of performance-based awards			547,945
Common stock issued as a result of stock options exercised			469,563
Common stock issued as a result of the Employee Stock Purchase Plan			192,160
Balance as of December 31, 2024			53,670,709
Common stock issued as compensation to third parties			9,306
Common stock issued as a result of stock options exercised or RSUs vested			1,579,336
Common stock issued as a result of stock warrants exercised			1,459,380
Common stock issued as a result of the Employee Stock Purchase Plan			136,050
Balance as of December 31, 2025			56,854,781

Leases (Tables)

12 Months Ended

Dec. 31, 2025

Leases [Abstract]

Schedule of Component of Lease Expenses

The components of operating lease expense were as follows (in thousands):


	Year Ended December 31,
	2025		2024
Operating lease cost	$	747	$	330
Short-term lease cost	127		177
Variable lease cost	36		39
Less: sublease income	(144)		(128)
Total lease costs	$	766	$	418

Schedule of Supplemental Cash Flow Information Related To Leases

Supplemental cash flow information related to leases was as follows (in thousands):


	Year Ended December 31,
	2025		2024
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	860	$	405
Operating cash flows from short-term leases	127		225
Operating cash flows from variable lease costs	36		39

Right-of-use assets obtained in exchange for lease liabilities:
Operating leases	1,115		419

Schedule Of Supplemental Balance Sheet Information Related To Leases

Supplemental balance sheet information related to operating leases was as follows (in thousands, except weighted average remaining lease term and weighted average discount rate):


	December 31,
	2025			2024
Operating lease right-of-use assets	$	1,212		$	657
Total operating lease right-of-use assets	$	1,212		$	657

Current portion of operating lease liabilities	$	419		$	420
Operating lease liabilities, less current portion	859			372
Total operating lease liabilities	$	1,278		$	792

Weighted average remaining lease term	3			3

Weighted average discount rate	13.0		%	9.9		%

Schedule of Maturities of Operating Lease Liabilities

Maturities on lease liabilities were as follows (in thousands):


Year Ending December 31,
2026	$	552
2027	542
2028	393
2029	39
Total lease payments	1,526
Less: future interest expense	(248)
Lease liabilities	$	1,278

Subsequent Events	12 Months Ended
Subsequent Events	Dec. 31, 2025
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events The Company evaluated events and transactions occurring subsequent to December 31, 2025, through March 9, 2026, the date the accompanying financial statements were issued. During this period, there were no subsequent events that required recognition in the accompanying consolidated financial statements, nor were there any additional non-recognized subsequent events that required disclosure.

Leases - Schedule Of Supplemental Balance Sheet Information Related To Leases (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Operating Lease, Assets And Liabilities, Lessee [Abstract]
Operating lease right-of-use assets	$ 1,212	$ 657
Total operating lease right-of-use assets	1,212	657
Current portion of operating lease liabilities	419	420
Operating lease liabilities, less current portion	859	372
Total operating lease liabilities	$ 1,278	$ 792
Weighted Average Remaining Lease Term [Abstract]
Weighted average remaining lease term	3 years	3 years
Leases, Weighted Average Discount Rate [Abstract]
Weighted average discount rate	13.00%	9.90%

Revenue, net - Narrative (Details) - USD ($)	12 Months Ended
Revenue, net - Narrative (Details) - USD ($)	Dec. 31, 2025	Dec. 31, 2024	Sep. 30, 2019
Disaggregation of Revenue [Line Items]
Revenue, net	$ 106,470,000	$ 23,612,000
Arimoclomol Purchase Agreement
Disaggregation of Revenue [Line Items]
Contract with customer, liability, revenue recognized	13,000,000.0	9,100,000
Clawback liability	6,100,000	5,700,000
Estimated reserve liability	15,300,000	12,600,000
OLPRUVA
Disaggregation of Revenue [Line Items]
Revenue, net	800,000	100,000
MIPLYFFA
Disaggregation of Revenue [Line Items]
Revenue, net	87,400,000	10,100,000
License \| Relief Therapeutics
Disaggregation of Revenue [Line Items]
Contract with customer, liability, revenue recognized	0	0
Contract with customer, liability	$ 0	0
Royalty percentage	10.00%
License \| AZSTARYS License Agreement
Disaggregation of Revenue [Line Items]
Contract with customer, liability, revenue recognized, including opening balance	$ 5,000,000.0	4,300,000
Contract with customer, liability	$ 0	$ 0
License \| AZSTARYS License Agreement \| Commave Therapeutics SA
Disaggregation of Revenue [Line Items]
Milestone payments			$ 590,000,000.0

Stock and Warrants - Schedule of Common Stock Activity (Details) - shares	12 Months Ended		55 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2025
Movement In Common Stock Activity [Roll Forward]
Beginning balance (in shares)	53,670,709	41,534,668
Stock issued (in shares)		10,615,385
Common stock issued in connection with restricted stock units (in shares)		218,000
Common stock issued as compensation to third-parties (in shares)	9,306	92,988
Common stock issued in connection with vesting of performance-based awards (in shares)		547,945
Common stock issued as a result of stock options exercised (in shares)		469,563
Common stock issued as a result of the Employee Stock Purchase Plan (in shares)	136,050	192,160	488,038
Common stock issued as a result of stock options exercised or RSUs vested (in shares)	1,579,336
Common stock issued as a result of stock warrants exercised (in shares)	1,459,380
Ending balance (in shares)	56,854,781	53,670,709	56,854,781

Income Taxes

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

Income Taxes

For the tax years ended December 31, 2025 and 2024, income from continuing operations before taxes consists of the following:


	Year ended December 31,
	2025		2024
U.S. operations	$	27,140	$	(86,269)
Foreign operations	59,538		(3,871)
Total pretax income (loss)	$	86,678	$	(90,140)

Income tax expense (benefit)

Income tax expense (benefit) attributable to income from continuing operations consists of:


	Year ended December 31, 2025
	Current		Deferred		Total
U.S. federal	$	2,108	$	—	$	2,108
Foreign	11,187		(9,858)		1,329
State and local	—		12		12
	$	13,295	$	(9,846)	$	3,449


	Year ended December 31, 2024
	Current		Deferred		Total
U.S. federal	$	—	$	—	$	—
Foreign	—		15,373		15,373
State and local	—		(2)		(2)
	$	—	$	15,371	$	15,371

Rate reconciliation

Income tax expense attributable to income from continuing operations for the years ended December 31, 2025 and 2024 differed from the amounts computed by applying the statutory U.S. Federal income tax rate of 21 percent to pretax income from continuing operations as a result of the following (in thousands, except amounts pertaining to rate which are shown as a percentage):


	Year ended December 31,
	2025				2024
U.S. Federal Statutory Income Tax Rate	$	18,202	21.00	%	$	(18,929)	21.00	%
Domestic state and local income taxes, net of federal effect(a)	45		0.05	%	(635)		0.70	%
Foreign tax
Denmark
Changes in valuation allowance	2,390		2.76	%	(3,879)		4.30	%
Changes to deferred tax asset/liability due to adjustment or true-up	(3,108)		(3.59)	%	3,989		(4.42)	%
Other	421		0.49	%	(39)		0.04	%
Effect of cross-border tax laws
Subpart F inclusions	10,752		12.40	%	—		0.00	%
Other	—		—	%	20		(0.02)	%
Tax credits
Research credits	18,212		21.01	%	1,517		(1.68)	%
Changes in valuation allowance	(51,390)		(59.28)	%	10,236		(11.36)	%
Nontaxable or nondeductible items	396		0.46	%	353		(0.39)	%
Changes in unrecognized tax benefits	(10,659)		(12.30)	%	16,115		(17.87)	%
Changes to deferred tax asset/liability due to adjustment or true-up
Net operating losses	18,636		21.50	%	6,783		(7.53)	%
Other	(448)		(0.52)	%	(160)		0.18	%
Total	$	3,449	3.98	%	$	15,371	(17.05)	%

(a)State taxes in Michigan for 2024 and in Michigan and Florida for 2025 made up the majority (greater than 50%) of the tax effect in this category.

Deferred tax asset (liabilities)

The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities at December 31, 2025 and 2024 are presented below (in thousands):


	December 31,
	2025		2024
Deferred tax assets
Allowance for bad debts	$	340	$	320
Accrued expenses	2,977		1,461
Reserve expenses	1,648		1,288
Stock compensation	6,352		5,711
Operating lease liabilities	339		108
Section 174	14,601		33,941
Plant and equipment	34		79
Intangibles	1,140		—
Net operating loss carryforwards	63,256		100,552
Credits	941		19,153
Other	57		583
Total deferred tax assets	91,685		163,196
Less: valuation allowance	(91,498)		(146,359)
Deferred tax assets, net of valuation allowance	187		16,837

Deferred tax liabilities
Intangibles	—		(17,859)
Operating lease assets	(325)		(82)
Other	(35)		—
Total deferred tax liabilities	(360)		(17,941)

Net deferred tax liabilities	$	(173)	$	(1,104)

The valuation allowance for deferred tax assets as of December 31, 2025 and 2024 was $91.5 million and $146.4 million, respectively. The net change in the total valuation allowance for each of the years ended December 31, 2025 and 2024 was a decrease of $54.9 million and an increase of $11.9 million, respectively. The valuation allowance for both years was primarily related to U.S. domestic, state, and foreign net operating loss carryforwards as well as credit carryforwards that, in the judgment of management, are not more likely than not to be realized. In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets depends on the generation of future taxable income during the periods in which those temporary differences are deductible.

At December 31, 2025, Zevra has $230.4 million in carryforwards for federal income tax purposes, which are available to reduce future federal taxable income. Of the total $230.4 million net operating loss carryforwards, $11.1 million, if not utilized, will begin to expire in 2029 and $219.4 million have no expiration date. The Company also has $312.2 million state net operating loss carryforwards which, if not utilized, will begin to expire in 2029.

Unrecognized tax benefits

A reconciliation of the beginning and ending amounts of total unrecognized tax benefits for the years ended December 31, 2025 and 2024 are as follows (in thousands):


	December 31,
	2025		2024
Balance, beginning of year	$	16,115	$	—
Increase related to prior year tax positions	—		—
Decrease related to prior year tax positions	(9,086)		—
Increases related to current year tax positions	—		16,115
Settlements	—		—
Lapse of Statute	—		—
Balance, end of year	$	7,029	$	16,115

Included in the balance of unrecognized tax benefits at December 31, 2025 is a potential benefit of $7.0 million that, if recognized, would affect the effective tax rate on income from continuing operations.

The Company files income tax returns in the United States for federal and various state jurisdictions. Generally, the statute of limitations for income tax examinations is 3 to 4 years. As such, the Company is no longer subject to U.S. federal and state and local income tax examinations for years prior to 2021, although carryforwards that were generated prior to 2021 may still be adjusted upon examination by the Internal Revenue Service or a state tax department. The Company's Denmark subsidiary files a Denmark income tax return. The Denmark statute of limitations is 3 years and, as such, it is no longer subject to Denmark tax examinations for years prior to 2022. The Company is not under income tax examination in any material jurisdiction to date.

Current portion of income tax payable

The current portion of income tax payable of $13.7 million includes approximately $11.1 million attributable to the recognized tax impact of the sale of the PRV, which included transfer pricing considerations. The remainder of the current portion of income tax payable consists of $2.6 million.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 740
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477617/942-740-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 740
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478822/944-740-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12C

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12B

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477891/740-270-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-13

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/740/tableOfContent

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-14

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-21

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
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-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-17

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Name Accounting Standards Codification
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-Paragraph 2
-Subparagraph (SAB Topic 11.C)
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-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-2

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482603/740-30-50-2

+ Details

Goodwill & Intangible Assets - Schedule of Estimated Amortization Expense For Intangible Assets (Details) $ in Thousands	Dec. 31, 2025 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
2026	$ 1,263
2027	1,263
2028	1,263
2029	632
2030	$ 0

Accounts Payable and Accrued Expenses (Tables)

12 Months Ended

Dec. 31, 2025

Payables and Accruals [Abstract]

Schedule of Accounts Payable and Accrued Expenses

Accounts payable and accrued expenses consist of the following (in thousands):


	December 31,
	2025		2024
Accrued payroll	$	4,700	$	6,126
Accrued professional fees	826		863
Accounts payable	2,478		13,075
Other accrued expenses	3,594		5,392
Total accounts payable and accrued expenses	$	11,598	$	25,456

Stock and Warrants - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Class of Stock [Line Items]
Common stock, shares authorized (in shares)	250,000,000	250,000,000
Common stock, shares issued (in shares)	58,338,319	55,246,401
Common stock, shares outstanding (in shares)	56,854,781	53,670,709	41,534,668
Preferred stock, shares authorized (in shares)	10,000,000	10,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Class of warrant or right, outstanding (in shares)	4,024,157
Total liabilities	$ 11,115	$ 21,304
Fair value adjustment related to warrant and CVR liabilities	(2,178)	(2,057)
Warrants \| Derivative Financial Instruments, Liabilities \| Fair Value, Recurring
Class of Stock [Line Items]
Total liabilities	9,600	17,800
Fair value adjustment related to warrant and CVR liabilities	$ 200	$ (1,700)
Acer Warrants
Class of Stock [Line Items]
Class of warrants or right, exercised (in shares)	1,459,380	0

Segment Information - Narrative (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
UNITED STATES
Segment Reporting, Revenue Reconciling Item [Line Items]
Long-lived assets	$ 2.2	$ 13.4
Europe
Segment Reporting, Revenue Reconciling Item [Line Items]
Long-lived assets	$ 0.4	$ 0.5

Accounts Payable and Accrued Expenses

12 Months Ended

Dec. 31, 2025

Payables and Accruals [Abstract]

Accounts Payable and Accrued Expenses

Accounts payable and accrued expenses consist of the following (in thousands):


	December 31,
	2025		2024
Accrued payroll	$	4,700	$	6,126
Accrued professional fees	826		863
Accounts payable	2,478		13,075
Other accrued expenses	3,594		5,392
Total accounts payable and accrued expenses	$	11,598	$	25,456

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

Schedule of Income before Income Tax, Domestic and Foreign

For the tax years ended December 31, 2025 and 2024, income from continuing operations before taxes consists of the following:


	Year ended December 31,
	2025		2024
U.S. operations	$	27,140	$	(86,269)
Foreign operations	59,538		(3,871)
Total pretax income (loss)	$	86,678	$	(90,140)

Schedule of Components of Income Tax Expense (Benefit)

Income tax expense (benefit) attributable to income from continuing operations consists of:


	Year ended December 31, 2025
	Current		Deferred		Total
U.S. federal	$	2,108	$	—	$	2,108
Foreign	11,187		(9,858)		1,329
State and local	—		12		12
	$	13,295	$	(9,846)	$	3,449


	Year ended December 31, 2024
	Current		Deferred		Total
U.S. federal	$	—	$	—	$	—
Foreign	—		15,373		15,373
State and local	—		(2)		(2)
	$	—	$	15,371	$	15,371

Schedule of Effective Income Tax Rate Reconciliation


	Year ended December 31,
	2025				2024
U.S. Federal Statutory Income Tax Rate	$	18,202	21.00	%	$	(18,929)	21.00	%
Domestic state and local income taxes, net of federal effect(a)	45		0.05	%	(635)		0.70	%
Foreign tax
Denmark
Changes in valuation allowance	2,390		2.76	%	(3,879)		4.30	%
Changes to deferred tax asset/liability due to adjustment or true-up	(3,108)		(3.59)	%	3,989		(4.42)	%
Other	421		0.49	%	(39)		0.04	%
Effect of cross-border tax laws
Subpart F inclusions	10,752		12.40	%	—		0.00	%
Other	—		—	%	20		(0.02)	%
Tax credits
Research credits	18,212		21.01	%	1,517		(1.68)	%
Changes in valuation allowance	(51,390)		(59.28)	%	10,236		(11.36)	%
Nontaxable or nondeductible items	396		0.46	%	353		(0.39)	%
Changes in unrecognized tax benefits	(10,659)		(12.30)	%	16,115		(17.87)	%
Changes to deferred tax asset/liability due to adjustment or true-up
Net operating losses	18,636		21.50	%	6,783		(7.53)	%
Other	(448)		(0.52)	%	(160)		0.18	%
Total	$	3,449	3.98	%	$	15,371	(17.05)	%

(a)State taxes in Michigan for 2024 and in Michigan and Florida for 2025 made up the majority (greater than 50%) of the tax effect in this category.

Schedule of Deferred Tax Assets and Liabilities


	December 31,
	2025		2024
Deferred tax assets
Allowance for bad debts	$	340	$	320
Accrued expenses	2,977		1,461
Reserve expenses	1,648		1,288
Stock compensation	6,352		5,711
Operating lease liabilities	339		108
Section 174	14,601		33,941
Plant and equipment	34		79
Intangibles	1,140		—
Net operating loss carryforwards	63,256		100,552
Credits	941		19,153
Other	57		583
Total deferred tax assets	91,685		163,196
Less: valuation allowance	(91,498)		(146,359)
Deferred tax assets, net of valuation allowance	187		16,837

Deferred tax liabilities
Intangibles	—		(17,859)
Operating lease assets	(325)		(82)
Other	(35)		—
Total deferred tax liabilities	(360)		(17,941)

Net deferred tax liabilities	$	(173)	$	(1,104)

Schedule of Unrecognized Tax Benefits Roll Forward

A reconciliation of the beginning and ending amounts of total unrecognized tax benefits for the years ended December 31, 2025 and 2024 are as follows (in thousands):


	December 31,
	2025		2024
Balance, beginning of year	$	16,115	$	—
Increase related to prior year tax positions	—		—
Decrease related to prior year tax positions	(9,086)		—
Increases related to current year tax positions	—		16,115
Settlements	—		—
Lapse of Statute	—		—
Balance, end of year	$	7,029	$	16,115

Debt Obligations - Narrative (Details) $ in Thousands				12 Months Ended
Debt Obligations - Narrative (Details) $ in Thousands	Apr. 05, 2024 USD ($) tranche drawing	Aug. 30, 2023 USD ($) shares	Jan. 26, 2023	Dec. 31, 2025 USD ($)	Dec. 31, 2024 USD ($)
Debt Instrument [Line Items]
Proceeds from issuance of debt, net of lender fees				$ 0	$ 58,990
Debt issuance costs net				$ 925	1,127
Debt instrument, number of days to provide report to lenders, quarterly duration				60 days
Debt instrument, number of days to provide report to lenders, annual duration				105 days
Wells Fargo Bank, N.A.
Debt Instrument [Line Items]
Basis spread on variable rate			2.25%
Minimum \| Wells Fargo Bank, N.A.
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity, percentage of investments			80.00%
Maximum \| Wells Fargo Bank, N.A.
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity, percentage of investments			90.00%
SWK Loans
Debt Instrument [Line Items]
Payments to acquire notes receivable		$ 12,000
Stock issued during period, shares, acquisitions (in shares) \| shares		98,683
Nantahala Note
Debt Instrument [Line Items]
Debt instrument, face amount		$ 5,000
Interest rate, stated percentage		9.00%
Debt instrument, interest rate, stated percentage, if unpaid within six months		12.00%
Debt instrument, interest rate, increase in stated percentage, if unpaid within six months		3.00%
Debt instrument, interest, shares, consecutive trading days for calculation of volume weighted average price (in days)		20 days
Debt instrument, periodic payment, interest		$ 600
Term Loans Under Credit Agreement
Debt Instrument [Line Items]
Debt instrument, face amount	$ 100,000
Basis spread on variable rate	7.00%
Debt instrument, number of tranches \| tranche	3
Proceeds from issuance of debt, net of lender fees	$ 60,000
Debt instrument, available amount until 18 months following closing date	$ 20,000
Debt instrument, number of drawings \| drawing	2
Debt instrument, available amount until 18 months following closing date, maximum each drawing	$ 10,000
Debt instrument, available amount until December 31, 2024	20,000
Debt instrument, net product sales performance benchmark	$ 100,000
Debt instrument, basis spread on variable rate when performance benchmark meet	6.00%
Debt instrument, floor rate	4.00%
Debt instrument, maximum interest payment, percentage	25.00%
Interest payable				$ 3,100	$ 1,400
Debt issuance costs net				$ 2,200

Accounts and Other Receivables - Narrative (Details) - USD ($)	Dec. 31, 2025	Dec. 31, 2024
Accounts and Other Receivables [Abstract]
Reserve or allowance for doubtful accounts	$ 0	$ 0

Property and Equipment - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Property, Plant and Equipment [Abstract]
Depreciation and amortization expense	$ 4,054	$ 6,389
Depreciation	$ 200	$ 200

- Definition

The aggregate expense recognized in the current period that allocates the cost of tangible assets, intangible assets, or depleting assets to periods that benefit from use of the assets.

+ References + Details

Inventories (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Inventory Disclosure [Abstract]
Raw materials	$ 7	$ 7,928
Work in progress	1,780	3,260
Finished goods	832	1,781
Total inventories	$ 2,619	$ 12,969

Property and Equipment

12 Months Ended

Dec. 31, 2025

Property, Plant and Equipment [Abstract]

Property and Equipment

Property and equipment consists of the following (in thousands):


	December 31,
	2025		2024
Laboratory equipment	$	—	$	463
Furniture and office equipment	222		200
Computers and hardware	439		701
Leasehold improvements	139		710
Finance lease right-of-use assets	3		8
Total property and equipment	803		2,082
Less: accumulated depreciation and amortization	(314)		(1,726)
Property and equipment, net	$	489	$	356

The estimated useful lives of property and equipment are as follows:


						Useful Life
Asset Category						(in years)
Furniture and office equipment						5-10
Computers and hardware						3-7
Leasehold improvements						15 years or remaining lease term

Depreciation and amortization expense related to property and equipment was $0.2 million for both years ended December 31, 2025 and 2024

Leases - Schedule of Maturities of Operating Lease Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Operating Leases
2026	$ 552
2027	542
2028	393
2029	39
Total lease payments	1,526
Less: future interest expense	(248)
Lease liabilities	$ 1,278	$ 792

Cover - USD ($) $ in Millions	12 Months Ended
Cover - USD ($) $ in Millions	Dec. 31, 2025	Mar. 06, 2026	Jun. 30, 2025
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2025
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity File Number	001-36913
Entity Registrant Name	Zevra Therapeutics, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	20-5894398
Entity Address, Address Line One	101 Federal Street
Entity Address, City or Town	Boston
Entity Address, State or Province	MA
Entity Address, Postal Zip Code	02110
City Area Code	888
Local Phone Number	958-1253
Title of 12(b) Security	Common Stock, $0.0001 par value
Trading Symbol	ZVRA
Security Exchange Name	NASDAQ
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	false
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Public Float			$ 454.8
Entity Common Stock, Shares Outstanding		58,711,584
Documents Incorporated by Reference	Documents Incorporated by Reference Portions of the registrant’s definitive proxy statement relating to its 2026 annual meeting of stockholders are incorporated by reference into Part III of this Annual Report on Form 10-K where indicated. Such proxy statement will be filed with the U.S. Securities and Exchange Commission within 120 days after the end of the fiscal year to which this report relates.
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2025
Entity Central Index Key	0001434647
Amendment Flag	false

Summary of Significant Accounting Policies (Details)			12 Months Ended
Summary of Significant Accounting Policies (Details)	Apr. 01, 2025 USD ($)	Aug. 30, 2023 USD ($)	Dec. 31, 2025 USD ($) unit segment	Dec. 31, 2024 USD ($)	Feb. 26, 2025 USD ($)
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Fair value			$ 176,500,000	$ 41,700,000
Unrealized gain (loss) on investments			149,000	(18,000)
Debt securities mature within one year			128,600,000
Debt securities mature within year one through five			$ 47,900,000
Number of reporting Units \| unit			1
Goodwill			$ 4,701,000	4,701,000
Goodwill impairment charges			0	0
Intangible asset amortization			3,862,000	6,235,000
Payments to acquire intangible assets			0	6,000,000
Impairment, long-lived asset, held-for-use			0	0
Proceeds from sale of PRV	$ 148,300,000		150,000,000	0
Inventory obsolescence charge			$ 11,681,000	5,746,000
Number of operating segments \| segment			1
Number of reportable segments not disclosed flag			0
Minimum \| Computers and hardware
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Property, plant and equipment, useful life			3 years
Minimum \| Furniture and office equipment
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Property, plant and equipment, useful life			5 years
Maximum \| Computers and hardware
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Property, plant and equipment, useful life			7 years
Maximum \| Furniture and office equipment
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Property, plant and equipment, useful life			10 years
PRV Transfer Agreement
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Nontrade receivables					$ 150,000,000.0
Relief License Agreement \| Acer and Relief Therapeutics SS \| License
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Royalty percentage		10.00%
Contractual obligation		$ 45,000,000.0
Relief License Agreement \| Maximum \| Acer and Relief Therapeutics SS \| License
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Contractual obligation		$ 56,500,000
AZSTARYS License Agreement \| Aquestive Therapeutics \| License
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Royalty percentage			10.00%
Patents
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Finite-lived intangible asset, useful life			13 years
Intangible asset amortization			$ 2,600,000	5,900,000
Patents \| XOMA License Agreement
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Finite-lived intangible asset, useful life			5 years
Intangible asset amortization			$ 1,300,000	300,000
Patents \| Capitalization, Royalty Expense \| XOMA License Agreement
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Payments to acquire intangible assets			6,000,000.0
OLPRUVA
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Carrying value of intangible asset			0	61,300,000
In Process Research and Development
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Indefinite-lived intangible assets (excluding goodwill)			2,000,000.0	2,000,000.0
Impairment charges			$ 0	$ 0

Revenue, net	12 Months Ended
Revenue, net	Dec. 31, 2025
Revenue from Contract with Customer [Abstract]
Revenue, net	Revenue, net For the years ended December 31, 2025, and 2024, the Company recorded $106.5 million and $23.6 million, respectively, of revenue. Included in revenue for the year ended December 31, 2025 is a de minimis amount related to the licensing of certain IP. Product Revenues, net On December 27, 2022, the FDA approved OLPRUVA (sodium phenylbutyrate), a prescription medicine used along with certain therapy, including changes in diet, for the chronic management of adults and children with certain UCDs. For the years ended December 31, 2025, and 2024, sales of OLPRUVA were $0.8 million and $0.1 million. On September 20, 2024, the FDA approved MIPLYFFA (arimoclomol), an orally-delivered treatment for NPC, which is an ultra-rare and progressive neurodegenerative disease, for treatment in combination with miglustat. For the years ended December 31, 2025, and 2024, net sales of MIPLYFFA were $87.4 million and $10.1 million, respectively. The Company currently utilizes a single specialty pharmacy provider as its sole distributor for both MIPLYFFA and OLPRUVA. The Company also enters into arrangements with health care providers and payors that provide for government mandated and/or privately negotiated rebates with respect to the purchase of its products. All estimated reserve liabilities related to commercial products are recorded within the current portion of discount and rebate liabilities in the consolidated balance sheets. To commercialize MIPLYFFA and OLPRUVA in the United States, the Company has built marketing, sales, medical affairs, distribution, managerial and other non-technical capabilities or has made arrangements with third parties to perform these services. All revenues derived from sales of MIPLYFFA and OLPRUVA are in the United States. Expanded Access Program For the years ended December 31, 2025, and 2024, the Company recognized revenue related to the global EAP of $13.0 million and $9.1 million, respectively, net of a clawback liability of $6.1 million and $5.7 million, respectively, and other gross to net adjustments. The total estimated reserve liability as of December 31, 2025, and 2024, was $15.3 million and $12.6 million, respectively. As of December 31, 2025, and 2024, this estimated reserve liability is recorded as discount and rebate liabilities in the consolidated balance sheets and is separated into current and long-term based upon the timing of the expected payment to the French regulators. AZSTARYS License Agreement The Company entered into a Collaboration and License Agreement (the “AZSTARYS License Agreement”) with Commave Therapeutics SA (formerly known as Boston Pharmaceuticals Holdings SA) (“Commave”), an affiliate of Gurnet Point Capital, L.P., dated September 3, 2019. Under the AZSTARYS License Agreement, as amended, the Company granted to Commave an exclusive, worldwide license to develop, manufacture and commercialize the Company’s product candidates containing SDX and d-MPH, including AZSTARYS, or any other product candidates containing SDX and developed to treat ADHD or any other central nervous system disorder. Corium Inc. was tasked by Commave to lead all commercialization activities for AZSTARYS under the AZSTARYS License Agreement. Pursuant to the AZSTARYS License Agreement, Commave agreed to pay milestone payments up to an aggregate of $590.0 million upon the occurrence of specified regulatory milestones related to AZSTARYS, additional fixed payments upon the achievement of specified U.S. sales milestones, and quarterly, tiered royalty payments based on a range of percentages of net sales (as defined in the AZSTARYS License Agreement). Commave is obligated to make such royalty payments on a product-by-product basis until expiration of the royalty term for the applicable product. The Company concluded that these regulatory milestones, sales milestones and royalty payments each contain a significant uncertainty associated with a future event. As such, these milestone and royalty payments are constrained at contract inception and are not included in the transaction price, as the Company could not conclude that it is probable a significant reversal in the amount of cumulative revenue recognized will not occur surrounding these milestone payments. At the end of each reporting period, the Company updates its assessment of whether the milestone and royalty payments are constrained by considering both the likelihood and magnitude of the potential revenue reversal. For the years ended December 31, 2025, and 2024, the Company recognized revenue under the AZSTARYS License Agreement of $5.0 million and $4.3 million, respectively. There was no deferred revenue related to this agreement as of December 31, 2025, and 2024. All revenues recognized under this agreement were derived in the United States. The AZSTARYS License Agreement is within the scope of ASC 606, as the transaction represents a contract with a customer where the participants function in a customer/vendor relationship and are not exposed equally to the risks and rewards of the activities contemplated under the AZSTARYS License Agreement. Relief Exclusive License Agreement Pursuant to the Relief License Agreement, Relief will hold exclusive development and commercialization rights for OLPRUVA in the EU, Liechtenstein, San Marino, Vatican City, Norway, Iceland, Principality of Monaco, Andorra, Gibraltar, Switzerland, United Kingdom, Albania, Bosnia, Kosovo, Montenegro, Serbia and North Macedonia (“Geographical Europe”). The Company has the right to receive a royalty of up to 10% of the net sales of OLPRUVA in Geographical Europe. For the years ended December 31, 2025, and 2024, the Company did not recognize any revenue under the Relief License Agreement. There was no deferred revenue related to this agreement as of December 31, 2025, and 2024.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-7

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-9

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-10

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-15

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-13

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
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-URI https://asc.fasb.org/606/tableOfContent

+ Details

Income Taxes - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
Income Taxes - Narrative (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Operating Loss Carryforwards [Line Items]
Valuation allowance	$ 91,498	$ 146,359
Deferred tax asset, valuation allowance, increase (decrease)	(54,900)	11,900
Unrecognized tax benefits that would affect the effective tax rate	7,000
Current portion of income tax payable	13,710	$ 0
Priority review voucher, sale, income taxes payable, current	11,100
Other accrued income taxes, current	2,600
UNITED STATES
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards	230,400
Operating loss carryforwards expiration	11,100
Operating loss carryforwards, not expiration	219,400
State and Local Jurisdiction
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards	$ 312,200

Segment Information - Segment Reporting Information, by Segment (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenue, net	$ 106,470	$ 23,612
Research and development directly identified to programs	12,743	42,095
Selling, general and administrative identified to programs	77,616	54,868
Impairment of intangible assets	58,710	0
Income tax expense	3,449	15,371
Depreciation and amortization expense	4,054	6,389
Interest expense	7,977	7,351
Net income (loss)	83,229	(105,511)
Reportable Segment
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenue, net	106,470	23,612
Impairment of intangible assets	58,710	0
Income tax expense	3,449	15,371
Interest income	(7,573)	(3,159)
Depreciation and amortization expense	4,054	6,389
Interest expense	7,977	7,351
Other (income) expense, net	(133,735)	6,208
Net income (loss)	83,229	(105,511)
Reportable Segment \| Direct Operating Costs
Segment Reporting, Revenue Reconciling Item [Line Items]
Research and development directly identified to programs	7,710	22,532
Selling, general and administrative identified to programs	26,755	18,094
Reportable Segment \| Indirect Operating Costs
Segment Reporting, Revenue Reconciling Item [Line Items]
Research and development directly identified to programs	5,033	19,562
Selling, general and administrative identified to programs	$ 50,861	$ 36,775

Fair Value of Financial Instruments

12 Months Ended

Dec. 31, 2025

Fair Value Disclosures [Abstract]

Fair Value of Financial Instruments

The accounting standard for fair value measurements provides a framework for measuring fair value and requires disclosures regarding fair value measurements. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, based on the Company’s principal or, in absence of a principal, most advantageous market for the specific asset or liability.

The Company uses a three-tier fair value hierarchy to classify and disclose all assets and liabilities measured at fair value on a recurring basis, as well as assets and liabilities measured at fair value on a non-recurring basis, in periods subsequent to their initial measurement. The hierarchy requires the Company to use observable inputs, when available, and to minimize the use of unobservable inputs when determining fair value. The three tiers are defined as follows:

•Level 1: Observable inputs that reflect quoted market prices (unadjusted) for identical assets or liabilities in active markets;

•Level 2: Observable inputs other than quoted prices in active markets that are observable either directly or indirectly in the marketplace for identical or similar assets and liabilities; and

•Level 3: Unobservable inputs that are supported by little or no market data, which require the Company to develop its own assumptions.

The carrying amounts of certain financial instruments, including cash and cash equivalents, accounts and other receivables, and accounts payable and accrued expenses approximate their respective fair values due to the short-term nature of such instruments.

Assets and Liabilities Measured at Fair Value on a Recurring Basis

The Company evaluates its financial assets and liabilities subject to fair value measurements on a recurring basis to determine the appropriate level in which to classify them for each reporting period. This determination requires significant judgments to be made. The following table summarizes the conclusions reached regarding fair value measurements as of December 31, 2025, and 2024 (in thousands):


	Balance at December 31, 2025		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
CVR liability	$	1,540	$	—	$	—	$	1,540
Warrant liabilities	9,575		—		—		9,575
Total liabilities	$	11,115	$	—	$	—	$	11,115

Securities:
U.S. Treasury securities	$	97,132	$	97,132	$	—	$	—
Corporate bonds	79,352		—		79,352		—
Total assets	$	176,484	$	97,132	$	79,352	$	—


	Balance at December 31, 2024		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
CVR liability	$	3,500	$	—	$	—	$	3,500
Warrant liabilities	17,804		—		—		17,804
Total liabilities	$	21,304	$	—	$	—	$	21,304

Securities:
U.S. Treasury securities	$	35,711	$	35,711	$	—	$	—
Corporate bonds	6,010				6,010
Total assets	$	41,721	$	35,711	$	6,010	$	—

Warrants

The common stock warrant liabilities were recorded at fair value using the BSM option pricing model. The following assumptions were used in determining the fair value of the warrant liabilities valued using the BSM option pricing model as of December 31, 2025, and 2024:


	December 31, 2025			December 31, 2024
Risk-free interest rate	3.42% - 3.67%			4.08% - 4.23%
Volatility	57.28% - 66.70%			62.14% - 68.68%
Dividend yield	—		%	—		%
Expected term (years)	0.02 - 2.89			1.02 - 3.89
Weighted average fair value	$	2.38		$	3.25

The following table is a reconciliation for the common stock warrant liabilities measured at fair value using Level 3 unobservable inputs (in thousands):


Balance as of December 31, 2024	$	17,804
Change in fair value measurement of warrant liabilities	(218)
Warrants exercised	(8,011)
Balance as of December 31, 2025	$	9,575

For the year ended December 31, 2025, the changes in fair value of the warrant liabilities primarily resulted from the volatility of the Company's common stock.

Contingent Consideration

Contingent consideration liabilities relate to the Company's liabilities arising in connection with the CVRs. The contingent consideration is classified as Level 3 in the fair value hierarchy. The fair value is measured based on a Monte Carlo simulation or a scenario-based method, depending on the earn-out achievement objectives, utilizing projections about future performance. Significant inputs include volatility and projected financial information, including projections representative of a market participant's view of the expected cash payments associated with the agreed upon regulatory milestones based on probabilities of technical success, timing of the potential milestone events for the compounds, and estimated discount rates.

The following table provides a reconciliation of the beginning and ending balances related to the contingent consideration liabilities for the CVRs (dollars in thousands):


Balance as of December 31, 2024	$	3,500
Change in fair value measurement of contingent consideration liabilities	(1,960)
Balance as of December 31, 2025	$	1,540

For the year ended December 31, 2025, the changes in fair value of contingent consideration primarily resulted from changes in the discount rates.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 107
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-107

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 100
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Section 50
-Paragraph 2
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 940
-SubTopic 820
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2025

Share-Based Payment Arrangement, Disclosure [Abstract]

Share-Based Payment Arrangement, Expensed and Capitalized

Stock-based compensation expense recorded under the A&R 2014 Plan, ESPP and 2023 Plan is included in the following line items in the accompanying consolidated statements of operations (in thousands):


	Year ended December 31,
	2025		2024
Research and development	$	841	$	5,819
Selling, general and administrative	11,793		9,087
Total stock-based compensation expense	$	12,634	$	14,906

Schedule of Share-Based Payment Award, Stock Options, Valuation Assumptions

The assumptions used to estimate fair value are as follows:


	Year Ended December 31,
	2025	2024
Risk-free interest rate	3.70% - 4.39%	3.82% - 4.50%
Expected term (in years)	5.50 - 6.25	5.50 - 6.25
Expected volatility	81.54% - 87.31%	89.85% - 91.32%
Expected dividend yield	0	0

Share-Based Payment Arrangement, Option, Activity

The activity under the A&R 2014 Plan and 2023 Plan for the year ended December 31, 2025, is summarized as follows:


	Number of Options	Weighted Average Exercise Price		Weighted Average Remaining Contractual Term	Aggregate Intrinsic Value
Outstanding balance at January 1, 2025	5,951,400	$	7.25	6.79	$	17,448
Granted	1,459,750	$	8.21	—	—
Exercised or released	1,193,883	$	5.14	—	$	3,829
Canceled or forfeited	371,801	$	5.81	—	—
Expired	381,199	$	25.58	—	—
Outstanding balance at December 31, 2025	5,464,267	$	6.80	6.63	$	15,709
Exercisable at December 31, 2025	2,701,924	$	6.97	4.90	$	8,999
Vested and expected to vest at December 31, 2025	5,264,367			6.55	$	15,312

Share-Based Payment Arrangement, Option, Exercise Price Range

Information regarding currently outstanding and exercisable options as of December 31, 2025, is as follows:


	Options Outstanding		Options Exercisable
Exercise Price	Number of Shares	Weighted Average Remaining Contractual Term	Number of Shares	Weighted Average Remaining Contractual Term
$2.85 to $10.00	5,270,954	6.60	2,648,611	4.97
$10.01 to $30.00	141,875	9.71	1,875	3.31
$30.01 to $50.00	20,593	0.00	20,593	1.72
$50.01 to $70.00	12,021	0.73	12,021	0.73
$70.01 to $327.20	18,824	1.00	18,824	1.00
	5,464,267		2,701,924

Schedule of Nonvested Restricted Stock Units Activity

Unvested stock options as of December 31, 2025 and 2024, were as follows:


	Number of Unvested Shares
	December 31,
Exercise Price	2025	2024
$2.85 to $10.00	2,622,343	3,552,095
$10.01 to $30.00	140,000	—
Total number of unvested stock options	2,762,343	3,552,095

Schedule of Unvested Restricted Stock Units Roll Forward

The following table summarizes the restricted stock unit activity under the A&R 2014 and 2023 Plan:


	Shares	Weighted-Average Grant Date Fair Value
Unvested balance at January 1, 2025	1,838,258	$	5.32
Granted	679,876	7.79
Vested	758,421	5.57
Forfeited	163,524	6.55
Unvested balance at December 31, 2025	1,596,189	$	6.13

Net Income (Loss) Per Share (Tables)

12 Months Ended

Dec. 31, 2025

Earnings Per Share [Abstract]

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share


	December 31,
	2025	2024
Awards under equity incentive plans	1,571,228	1,148,012
Common stock warrants	—	5,483,537
Total securities excluded from the calculation of weighted average number of shares of common stock outstanding	1,571,228	6,631,549

Schedule of Earnings Per Share, Basic and Diluted


	Year Ended December 31,
	2025		2024
Basic net income (loss) per share of common stock:
Net income (loss)	$	83,229	$	(105,511)
Earnings allocated to participating securities	(5,644)		—
Net income (loss) attributable to shares of common stock	77,585		(105,511)
Less: Dividends declared or accumulated	—		—
Undistributed net income (loss) attributable to shares of common stock, basic	77,585		(105,511)
Weighted-average shares of common stock outstanding	55,311		46,251
Basic net income (loss) per share of common stock	$	1.40	$	(2.28)

Diluted net income (loss) per share of common stock:
Net income (loss) attributable to shares of common stock	$	77,585	$	(105,511)
Less: Fair value adjustment income related to warrant liability	—		—
Net income (loss) attributable to shares of common stock, diluted	77,585		(105,511)
Weighted-average number of shares of common stock outstanding	55,311		46,251
Dilutive effect of outstanding stock options (as converted to common stock)	1,952		—
Weighted-average shares of common stock outstanding, diluted	57,263		46,251
Diluted net income (loss) per share of common stock	$	1.35	$	(2.28)

Employee Benefit Plan (Details) - USD ($) $ in Thousands	12 Months Ended
Employee Benefit Plan (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
401(k) Plan
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items]
Defined contribution plan, employer matching contribution, percent of employees gross pay	4.00%
Defined contribution plan, employer discretionary contribution amount	$ 300	$ 500
Profit Sharing Plan
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items]
Defined contribution plan, employer discretionary contribution amount	$ 0	$ 0
Defined contribution plan, requisite service period (in years)	3 years

Commitments and Contingencies	12 Months Ended
Commitments and Contingencies	Dec. 31, 2025
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Legal Matters From time to time, the Company is involved in various legal proceedings arising in the normal course of business. For some matters, a liability is not probable, or the amount cannot be reasonably estimated and, therefore, an accrual has not been made. However, for such matters when it is probable that the Company has incurred a liability and can reasonably estimate the amount, the Company accrues and discloses such estimates. Litigation Related to the AZSTARYS License Agreement In September 2024, the Company became engaged in a legal dispute regarding the AZSTARYS License Agreement. The litigation is currently in the discovery phase. The Company cannot predict with certainty the timing or ultimate outcome of this litigation or its potential impact on the Company's business, financial condition, or results of operations. At this time, the Company has not recorded any accrual for contingent liability associated with this matter. The AZSTARYS License Agreement remains in effect during this litigation, and both parties continue to perform their respective obligations thereunder. However, there can be no assurance that this dispute will not have an adverse impact on the Company's relationship with Commave or on the Company's business. The Company will continue to monitor developments in this matter and will assess the potential impact on the Company's financial statements in future periods. The Company expects to incur significant legal expenses in connection with this litigation, which may materially affect its results of operations in future periods. As of December 31, 2025, and 2024, no accruals were made related to commitments and contingencies.

Insider Trading Policies and Procedures	12 Months Ended
Insider Trading Policies and Procedures	Dec. 31, 2025
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

Segment Information

12 Months Ended

Dec. 31, 2025

Segment Reporting [Abstract]

Segment Information

Zevra manages its business activities on a consolidated basis and operates as a single operating segment dedicated to the research and development, manufacturing, commercialization and sale of innovative medicines and therapies. The Company primarily derives its revenue from MIPLYFFA and OLPRUVA product sales, reimbursements received under the global EAP, and royalties or net sales milestone payments generated under the AZSTARYS License Agreement. The accounting policies of the segment are the same as those described in Note B.

Zevra's CODM is the Company's Chief Executive Officer, Neil F. McFarlane. The CODM uses net income (loss), as reported in the Company's consolidated statements of operations, in evaluating performance of its segment and determining how to allocate resources of the Company as a whole, including investing in its research and development, commercialization efforts, and acquisition strategy. The CODM does not review assets in evaluating the results of the segment, and, therefore, such information is not presented.

The following table presents the operating results of the Company's segment for the years ended December 31, 2025 and 2024:


	Year Ended December 31,
	2025		2024
Total revenues	$	106,470	$	23,612
Less significant segment expenses:
Research and development directly identified to programs	7,710		22,532
Research and development not directly identified to programs	5,033		19,562
Selling, general and administrative directly identified to programs	26,755		18,094
Selling, general and administrative not directly identified to programs	50,861		36,775
Other segment items:
Impairment of intangible assets	58,710		—
Income tax expense	3,449		15,371
Interest income	(7,573)		(3,159)
Depreciation and amortization expense	4,054		6,389
Interest expense	7,977		7,351
Other (income) expense, net (a)	(133,735)		6,208
Segment net income (loss)	$	83,229	$	(105,511)

(a)Other (income) expense, net included in segment net income (loss) includes the gain on the sale of the PRV in the current year, foreign currency exchange gains and losses, cost of product revenue (excluding intangible asset amortization), fair value adjustments related to warrant and contingent value right (“CVR”) liabilities, fair value adjustment related to investments, and other overhead expenses.

The Company holds long-lived assets in the United States of $2.2 million and $13.4 million as of December 31, 2025 and 2024, respectively. The Company holds long-lived assets in Europe of $0.4 million and $0.5 million as of December 31, 2025 and 2024, respectively.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-21

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Section 50
-Paragraph 21
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-21

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 10
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-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-31

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-15

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-42

Reference 7: http://www.xbrl.org/2003/role/exampleRef
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-Name Accounting Standards Codification
-Section 55
-Paragraph 48
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-URI https://asc.fasb.org/1943274/2147482785/280-10-55-48

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
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-Paragraph 32
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 270
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-Section 50
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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+ Details

Stock and Warrants - Schedule of Authorized Shares of Common Stock Reserved for Future Issuance (Details) - shares	Dec. 31, 2025	Dec. 31, 2024
Total common shares reserved for future issuance (in shares)	18,424,145	19,804,372
Outstanding common stock warrants
Total common shares reserved for future issuance (in shares)	4,024,157	5,483,537
Outstanding awards under equity incentive plans
Total common shares reserved for future issuance (in shares)	7,060,457	7,789,658
Possible future issuances under equity incentive plans
Total common shares reserved for future issuance (in shares)	6,327,569	5,383,165
Possible future issuances under employee stock purchase plan
Total common shares reserved for future issuance (in shares)	1,011,962	1,148,012

Income Taxes - Schedule of Unrecognized Tax Benefits Roll Forward (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Unrecognized Tax Benefits [Roll Forward]
Balance, beginning of year	$ 16,115	$ 0
Increase related to prior year tax positions	0	0
Decrease related to prior year tax positions	(9,086)	0
Increases related to current year tax positions	0	16,115
Settlements	0	0
Lapse of Statute	0	0
Balance, end of year	$ 7,029	$ 16,115

Leases - Narrative (Details)	12 Months Ended
Leases - Narrative (Details)	Dec. 31, 2025
Lessee, Lease, Description [Line Items]
Options to terminate leases (in years)	one year
Minimum
Lessee, Lease, Description [Line Items]
Remaining lease term (in years)	1 year
Maximum
Lessee, Lease, Description [Line Items]
Remaining lease term (in years)	3 years

Accounts and Other Receivables - Schedule of Accounts, Notes, Loans and Financing Receivable (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total accounts and other receivables	$ 23,258	$ 10,509
Commercial accounts receivable
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total accounts and other receivables	9,876	4,010
Receivables related to product reimbursements
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total accounts and other receivables	10,998	5,380
Royalties accounts receivable
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total accounts and other receivables	1,786	786
Other receivables
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total accounts and other receivables	$ 598	$ 333

Stock-Based Compensation - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands		1 Months Ended	12 Months Ended		55 Months Ended
	Jan. 01, 2026	Jun. 30, 2021	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2025
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Common stock issued as a result of stock options exercised (in shares)				469,563
Number of issuable shares (in shares)		1,500,000
Common stock issued as a result of the Employee Stock Purchase Plan (in shares)			136,050	192,160	488,038
Total stock-based compensation expense			$ 12,634	$ 14,906
Stock-based compensation expense			$ 1,500	$ 2,400
Weighted average grant date fair value (in dollars per share)			$ 8.21	$ 5.74
Total fair value of stock options			$ 7,600	$ 8,100
Total unrecognized compensation cost			9,000		$ 9,000
Performance Shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total stock-based compensation expense			200	$ 2,500
Restricted Stock Units (RSUs)
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total unrecognized compensation cost			$ 5,300		$ 5,300
2014 Equity Incentive Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share-based payment award, number of additional shares authorized (in shares)		4,900,000	12,079,711
Number of shares reserved for issuance, incremental percentage of capital stock outstanding		4.00%
Common stock issued as a result of stock options exercised (in shares)			1,193,883	1,177,545
2014 Equity Incentive Plan \| Subsequent Event
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Increase in common stock reserved for issuance (in shares)	2,274,191
The 2023 Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of shares authorized (in shares)			4,500,000		4,500,000

Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Prepaid Expense and Other Assets, Current [Abstract]
Prepaid insurance	$ 946	$ 1,037
Other prepaid expenses and current assets	6,052	3,015
Total prepaid expenses and other current assets	$ 6,998	$ 4,052

Property and Equipment - Components of Property and Equipment (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Property, Plant and Equipment [Line Items]
Finance lease right-of-use assets	$ 3	$ 8
Total property and equipment	803	2,082
Less: accumulated depreciation and amortization	(314)	(1,726)
Property and equipment, net	489	356
Laboratory equipment
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	0	463
Furniture and office equipment
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	222	200
Computers and hardware
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	439	701
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 139	$ 710

Audit Information	12 Months Ended
Audit Information	Dec. 31, 2025
Audit Information [Abstract]
Auditor Name	Ernst & Young LLP
Auditor Location	Orlando, Florida
Auditor Firm ID	42

Accounts Payable and Accrued Expenses (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Payables and Accruals [Abstract]
Accrued payroll	$ 4,700	$ 6,126
Accrued professional fees	826	863
Accounts payable	2,478	13,075
Other accrued expenses	3,594	5,392
Total accounts payable and accrued expenses	$ 11,598	$ 25,456

Stock-Based Compensation - Schedule of Share-Based Payment Award, Stock Options, Valuation Assumptions (Details)	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expected dividend yield	0.00%	0.00%
Minimum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Risk-free interest rate	3.70%	3.82%
Expected term (in years)	5 years 6 months	5 years 6 months
Expected volatility	81.54%	89.85%
Maximum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Risk-free interest rate	4.39%	4.50%
Expected term (in years)	6 years 3 months	6 years 3 months
Expected volatility	87.31%	91.32%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

CONSOLIDATED BALANCE SHEETS (Parentheticals) - $ / shares	Dec. 31, 2025	Dec. 31, 2024
Statement of Financial Position [Abstract]
Preferred stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Preferred stock, shares authorized (in shares)	10,000,000	10,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Par value, common stock (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized (in shares)	250,000,000	250,000,000
Common stock, shares issued (in shares)	58,338,319	55,246,401
Common stock, shares outstanding (in shares)	56,854,781	53,670,709

Prepaid Expenses and Other Current Assets

12 Months Ended

Dec. 31, 2025

Prepaid Expense and Other Assets, Current [Abstract]

Prepaid Expenses and Other Current Assets

Prepaid expenses and other current assets consist of the following (in thousands):


	December 31,
	2025		2024
Prepaid insurance	$	946	$	1,037
Other prepaid expenses and current assets	6,052		3,015
Total prepaid expenses and other current assets	$	6,998	$	4,052

Fair Value of Financial Instruments - Fair Value, Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
CVR liability	$ 1,540	$ 3,500
Warrant liabilities	9,575	17,804
Total liabilities	11,115	21,304
Total assets	176,484	41,721
U.S. Treasury securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities	97,132	35,711
Corporate bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities	79,352	6,010
Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
CVR liability	0	0
Warrant liabilities	0	0
Total liabilities	0	0
Total assets	97,132	35,711
Quoted Prices in Active Markets for Identical Assets (Level 1) \| U.S. Treasury securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities	97,132	35,711
Quoted Prices in Active Markets for Identical Assets (Level 1) \| Corporate bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities	0
Significant Other Observable Inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
CVR liability	0	0
Warrant liabilities	0	0
Total liabilities	0	0
Total assets	79,352	6,010
Significant Other Observable Inputs (Level 2) \| U.S. Treasury securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities	0	0
Significant Other Observable Inputs (Level 2) \| Corporate bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities	79,352	6,010
Significant Unobservable Inputs (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
CVR liability	1,540	3,500
Warrant liabilities	9,575	17,804
Total liabilities	11,115	21,304
Total assets	0	0
Significant Unobservable Inputs (Level 3) \| U.S. Treasury securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities	0	0
Significant Unobservable Inputs (Level 3) \| Corporate bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities	$ 0

Income Taxes - Schedule of Reconciliation of Difference Between Benefit for Income Taxes and Income Taxes at Statutory U.S. Federal Income Tax Rate (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Income Tax Expense (Benefit), Effective Income Tax Rate Reconciliation, Amount [Abstract]
U.S. Federal Statutory Income Tax Rate	$ 18,202	$ (18,929)
Domestic state and local income taxes, net of federal effect	45	(635)
Effect of cross-border tax laws
Subpart F inclusions	10,752	0
Other	0	20
Tax credits
Research credits	18,212
Research credits		1,517
Nontaxable or nondeductible items	396	353
Changes in unrecognized tax benefits	(10,659)	16,115
Total income tax provision (benefit)	$ 3,449	$ 15,371
Effective Income Tax Rate Reconciliation, Percent [Abstract]
U.S. Federal Statutory Income Tax Rate	21.00%	21.00%
Domestic state and local income taxes, net of federal effect	0.05%	0.70%
Effect of cross-border tax laws
Subpart F inclusions	12.40%	0.00%
Other	0.00%	(0.02%)
Tax credits
Research credits	21.01%
Research credits		(1.68%)
Nontaxable or nondeductible items	0.46%	(0.39%)
Changes in unrecognized tax benefits	(12.30%)	(17.87%)
Total	3.98%	(17.05%)
Denmark
Income Tax Expense (Benefit), Effective Income Tax Rate Reconciliation, Amount [Abstract]
Changes in valuation allowance	$ 2,390	$ (3,879)
Changes to deferred tax asset/liability due to adjustment or true-up	(3,108)	3,989
Other	$ 421	$ (39)
Effective Income Tax Rate Reconciliation, Percent [Abstract]
Changes in valuation allowance	2.76%	4.30%
Changes to deferred tax asset/liability due to adjustment or true-up	(3.59%)	(4.42%)
Other	0.49%	0.04%
UNITED STATES
Income Tax Expense (Benefit), Effective Income Tax Rate Reconciliation, Amount [Abstract]
Changes in valuation allowance	$ (51,390)	$ 10,236
Tax credits
Net operating losses	18,636	6,783
Other	$ (448)	$ (160)
Effective Income Tax Rate Reconciliation, Percent [Abstract]
Changes in valuation allowance	(59.28%)	(11.36%)
Tax credits
Net operating losses	21.50%	(7.53%)
Other	(0.52%)	0.18%

Inventories

12 Months Ended

Dec. 31, 2025

Inventory Disclosure [Abstract]

Inventories

The components of inventory are summarized as follows (in thousands):


	December 31,
	2025		2024
Raw materials	$	7	$	7,928
Work in progress	1,780		3,260
Finished goods	832		1,781
Total inventories	$	2,619	$	12,969

Stock-Based Compensation

12 Months Ended

Dec. 31, 2025

Share-Based Payment Arrangement, Disclosure [Abstract]

Stock-Based Compensation

In November 2014, the Board of Directors of the Company (“the Board”), and in April 2015, the Company’s stockholders, approved the Company’s 2014 Equity Incentive Plan (the “2014 Plan”), which became effective in April 2015. The 2014 Plan provides for the grant of stock options, other forms of equity compensation, and performance cash awards. In June 2021, the Company's stockholders approved an Amended and Restated 2014 Equity Incentive Plan (the “A&R 2014 Plan”), following its adoption by the Board in April 2021, which, among other things, added 4,900,000 shares to the maximum number of shares of common stock to be issued under the plan and extended the annual automatic increases (discussed further below) until January 1, 2031 and eliminated individual grant limits that applied under the 2014 Plan to awards that were intended to comply with the exemption for “performance-based compensation” under Code Section 162(m). The maximum number of shares of common stock that may be issued under the A&R 2014 Plan was 12,079,711 as of December 31, 2025. The number of shares of common stock reserved for issuance under the A&R 2014 Plan automatically increases on January 1 of each year, beginning on January 1, 2016, and ending on and including January 1, 2031, by 4% of the total number of shares of the Company’s capital stock outstanding on December 31 of the preceding calendar year, or a lesser number of shares determined by the Board. Pursuant to the terms of the A&R 2014 Plan, on January 1, 2026, the common stock reserved for issuance under the A&R 2014 Plan automatically increased by 2,274,191 shares.

During the years ended December 31, 2025, and 2024, 1,193,883 and 1,177,545 stock options were exercised, respectively.

In June 2021, the Company's stockholders approved an Employee Stock Purchase Plan (the “ESPP”), following its adoption by the Board in April 2021. The maximum number of shares of common stock that may be issued under the ESPP is 1,500,000. The first offering period under the ESPP began on October 1, 2021, and the first purchase date occurred on May 31, 2022. As of December 31, 2025, 488,038 shares have been issued under the ESPP.

In January 2023, the Board approved the 2023 Employment Inducement Award Plan (as amended, the “2023 Plan”). The maximum number of shares of common stock that may be issued under the 2023 Plan was 4,500,000 as of December 31, 2025.

In February 2025, the Board approved the Tenth Amended and Restated Non-Employee Director Compensation Policy (the “Non-Employee Director Compensation Policy”). The equity compensation granted pursuant to the Non-Employee Director Compensation Policy is granted under the A&R 2014 Plan.

Stock-based compensation expense recorded under the A&R 2014 Plan, ESPP and 2023 Plan is included in the following line items in the accompanying consolidated statements of operations (in thousands):


	Year ended December 31,
	2025		2024
Research and development	$	841	$	5,819
Selling, general and administrative	11,793		9,087
Total stock-based compensation expense	$	12,634	$	14,906

There was $0.2 million stock-based compensation expense related to performance-based awards recognized during the year ended December 31, 2025 resulting from the transition agreements entered into with certain former employees as noted below. There was $2.5 million stock-based compensation expense related to performance-based awards recognized during the year ended December 31, 2024.

As a result of transition agreements entered into with certain former employees and directors, the vesting for certain stock options, restricted stock units, and performance stock units was accelerated, resulting in a net increase in stock-based compensation expense of $1.5 million for the year ended December 31, 2025. The effects of this accelerated vesting are reflected in the table above within selling, general and administrative expenses. For the year ended December 31, 2024, similar transition agreements with certain former employees resulted in a net increase in stock-based compensation expense of $2.4 million which is reflected in the table above within research and development expenses.

Stock Option Awards

The Company estimates the fair value of stock options using the BSM option pricing model, which requires the use of subjective assumptions, including the expected term of the option, the expected stock price volatility, expected dividend yield and the risk-free interest rate for the expected term of the option. The expected term represents the period of time the stock options are expected to be outstanding. Due to the lack of sufficient historical exercise data to provide a reasonable basis upon which to otherwise estimate the expected term of the stock options, the Company uses the simplified method to estimate the expected term for its “plain vanilla” stock options. Under the simplified method, the expected term of an option is presumed to be the mid-point between the vesting date and the end of the contractual term. Some options, for example those that have exercise prices in excess of the fair value of the underlying stock, are not considered “plain vanilla” stock options. For these options, the Company uses an expected term equal to the contractual term of the option. Expected volatility is based on the Company’s historical volatility over the estimated expected term of the stock options. The Company assumes no dividend yield because dividends are not expected to be paid in the near future, which is consistent with the Company’s history of not paying dividends.

The Company recognizes compensation expense related to stock-based payment transactions upon satisfaction of the requisite service or vesting requirements. Forfeitures are estimated at the time of grant and revised based on actual forfeitures, if necessary, in subsequent periods if actual forfeitures differ from those estimates.

Using the BSM option-pricing model, the weighted-average fair value of awards granted during the years ended December 31, 2025, and 2024, was $8.21 and $5.74 per share, respectively. The assumptions used to estimate fair value are as follows:


	Year Ended December 31,
	2025	2024
Risk-free interest rate	3.70% - 4.39%	3.82% - 4.50%
Expected term (in years)	5.50 - 6.25	5.50 - 6.25
Expected volatility	81.54% - 87.31%	89.85% - 91.32%
Expected dividend yield	0	0

The activity under the A&R 2014 Plan and 2023 Plan for the year ended December 31, 2025, is summarized as follows:


	Number of Options	Weighted Average Exercise Price		Weighted Average Remaining Contractual Term	Aggregate Intrinsic Value
Outstanding balance at January 1, 2025	5,951,400	$	7.25	6.79	$	17,448
Granted	1,459,750	$	8.21	—	—
Exercised or released	1,193,883	$	5.14	—	$	3,829
Canceled or forfeited	371,801	$	5.81	—	—
Expired	381,199	$	25.58	—	—
Outstanding balance at December 31, 2025	5,464,267	$	6.80	6.63	$	15,709
Exercisable at December 31, 2025	2,701,924	$	6.97	4.90	$	8,999
Vested and expected to vest at December 31, 2025	5,264,367			6.55	$	15,312

Information regarding currently outstanding and exercisable options as of December 31, 2025, is as follows:


	Options Outstanding		Options Exercisable
Exercise Price	Number of Shares	Weighted Average Remaining Contractual Term	Number of Shares	Weighted Average Remaining Contractual Term
$2.85 to $10.00	5,270,954	6.60	2,648,611	4.97
$10.01 to $30.00	141,875	9.71	1,875	3.31
$30.01 to $50.00	20,593	0.00	20,593	1.72
$50.01 to $70.00	12,021	0.73	12,021	0.73
$70.01 to $327.20	18,824	1.00	18,824	1.00
	5,464,267		2,701,924

The total fair value of stock options vested during the years ended December 31, 2025 and 2024, was $7.6 million and $8.1 million, respectively.

Unvested stock options as of December 31, 2025 and 2024, were as follows:


	Number of Unvested Shares
	December 31,
Exercise Price	2025	2024
$2.85 to $10.00	2,622,343	3,552,095
$10.01 to $30.00	140,000	—
Total number of unvested stock options	2,762,343	3,552,095

As of December 31, 2025, there was $9.0 million of total unrecognized compensation cost related to unvested share-based compensation arrangements granted under the A&R 2014 Plan and 2023 Plan.

Restricted stock units

The following table summarizes the restricted stock unit activity under the A&R 2014 and 2023 Plan:


	Shares	Weighted-Average Grant Date Fair Value
Unvested balance at January 1, 2025	1,838,258	$	5.32
Granted	679,876	7.79
Vested	758,421	5.57
Forfeited	163,524	6.55
Unvested balance at December 31, 2025	1,596,189	$	6.13

As of December 31, 2025 there was $5.3 million of total unrecognized compensation cost related to restricted stock units.

Debt Obligations - Schedule of Future Minimum Principal Payments (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Debt Disclosure [Abstract]
2026	$ 0
2027	0
2028	0
2029	63,608
Total minimum payments	63,608	$ 61,552
Less: unamortized debt discount, debt issuance costs and paid in kind interest	(1,680)
Long-term debt	$ 61,928	$ 59,504

- Definition

Amount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

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+ Details

Property and Equipment (Tables)

12 Months Ended

Dec. 31, 2025

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment

Property and equipment consists of the following (in thousands):


	December 31,
	2025		2024
Laboratory equipment	$	—	$	463
Furniture and office equipment	222		200
Computers and hardware	439		701
Leasehold improvements	139		710
Finance lease right-of-use assets	3		8
Total property and equipment	803		2,082
Less: accumulated depreciation and amortization	(314)		(1,726)
Property and equipment, net	$	489	$	356

Property, Plant and Equipment, Useful Life

The estimated useful lives of property and equipment are as follows:


						Useful Life
Asset Category						(in years)
Furniture and office equipment						5-10
Computers and hardware						3-7
Leasehold improvements						15 years or remaining lease term

Segment Information (Tables)

12 Months Ended

Dec. 31, 2025

Segment Reporting [Abstract]

Schedule of Segment Reporting Information, by Segment

The following table presents the operating results of the Company's segment for the years ended December 31, 2025 and 2024:


	Year Ended December 31,
	2025		2024
Total revenues	$	106,470	$	23,612
Less significant segment expenses:
Research and development directly identified to programs	7,710		22,532
Research and development not directly identified to programs	5,033		19,562
Selling, general and administrative directly identified to programs	26,755		18,094
Selling, general and administrative not directly identified to programs	50,861		36,775
Other segment items:
Impairment of intangible assets	58,710		—
Income tax expense	3,449		15,371
Interest income	(7,573)		(3,159)
Depreciation and amortization expense	4,054		6,389
Interest expense	7,977		7,351
Other (income) expense, net (a)	(133,735)		6,208
Segment net income (loss)	$	83,229	$	(105,511)

Fair Value of Financial Instruments - Fair Value Measurement Inputs and Valuation Techniques (Details)	12 Months Ended
	Dec. 31, 2025 $ / shares	Dec. 31, 2024 $ / shares
Weighted average fair value (in dollars per share)	$ 2.38	$ 3.25
Risk-free interest rate \| Minimum
Warrants and rights outstanding, measurement input	0.0342	0.0408
Risk-free interest rate \| Maximum
Warrants and rights outstanding, measurement input	0.0367	0.0423
Volatility \| Minimum
Warrants and rights outstanding, measurement input	0.5728	0.6214
Volatility \| Maximum
Warrants and rights outstanding, measurement input	0.6670	0.6868
Dividend yield
Warrants and rights outstanding, measurement input	0	0
Expected term (years) \| Minimum
Warrants and rights outstanding, measurement input	0.02	1.02
Expected term (years) \| Maximum
Warrants and rights outstanding, measurement input	2.89	3.89

Debt Obligations - Schedule of Long-Term Debt (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Debt Disclosure [Abstract]
Notes payable	$ 63,608	$ 61,552
Unamortized original issue discount	(755)	(921)
Less: debt issuance costs	(925)	(1,127)
Long-term debt	$ 61,928	$ 59,504

- Definition

Amount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

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+ Details

Income Taxes - Components of Net Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Deferred tax assets
Allowance for bad debts	$ 340	$ 320
Accrued expenses	2,977	1,461
Reserve expenses	1,648	1,288
Stock compensation	6,352	5,711
Operating lease liabilities	339	108
Section 174	14,601	33,941
Plant and equipment	34	79
Intangibles	1,140	0
Net operating loss carryforwards	63,256	100,552
Credits	941	19,153
Other	57	583
Total deferred tax assets	91,685	163,196
Less: valuation allowance	91,498	146,359
Deferred tax assets, net of valuation allowance	187	16,837
Deferred tax liabilities
Intangibles	0	(17,859)
Operating lease assets	(325)	(82)
Other	(35)	0
Total deferred tax liabilities	(360)	(17,941)
Net deferred tax liabilities	$ (173)	$ (1,104)

Summary of Significant Accounting Policies	12 Months Ended
Summary of Significant Accounting Policies	Dec. 31, 2025
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Use of Estimates The preparation of these consolidated financial statements in conformity with U.S. GAAP requires the Company to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates. On an ongoing basis, the Company evaluates its estimates and assumptions, including those related to revenue recognition, the useful lives of property and equipment, the recoverability of long-lived assets, the incremental borrowing rate for leases, and assumptions used for purposes of determining stock-based compensation, income taxes, the fair value of the warrant liability and discount and rebate liabilities, among others. The Company bases its estimates on historical experience and on various other assumptions that it believes to be reasonable, the results of which form the basis for making judgments about the carrying value of assets and liabilities. Concentration of Credit Risk Financial instruments that potentially expose the Company to concentrations of credit risk consist principally of cash on deposit and investments with multiple financial institutions, the balances of which frequently exceed insured limits, and accounts receivable, which are concentrated amongst a limited number of customers. Cash and Cash Equivalents The Company considers any highly liquid investments with an original maturity of three months or less to be cash equivalents. Investments The Company maintains investment securities that are classified as available-for-sale securities for which the Company has elected the fair value option under Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 825, Financial Instruments. As such, these securities are carried at fair value with unrealized gains and losses included in fair value adjustment related to investments on the consolidated statements of operations. The securities primarily consist of U.S. Treasury securities and corporate bonds and are included in securities at fair value in the consolidated balance sheets. As of December 31, 2025, and 2024, the Company held securities with an aggregate fair value of $176.5 million and $41.7 million, respectively, that contained an aggregate unrealized gain of approximately $149,000 and an aggregate unrealized loss of approximately $18,000, respectively. For securities held at December 31, 2025, $128.6 million mature within one year and $47.9 million mature in one to three years. Applying fair value accounting to these debt securities more accurately represents the Company's investment strategy due to the fact that excess cash is currently being invested for the purpose of funding future operations. Interest income is recognized as earned using an effective yield method giving effect to the amortization of premium and accretion of discount and is based on the economic life of the securities. Interest income is included in interest and other income, net, in the consolidated statements of operations. Variable Interest Entities The primary beneficiary of a variable interest entity (“VIE”) is required to consolidate the assets and liabilities of the VIE. When the Company obtains a variable interest in another entity, it assesses at the inception of the relationship and upon occurrence of certain significant events whether the entity is a VIE, and if so, whether the Company is the primary beneficiary of the VIE based on its power to direct the activities of the VIE that most significantly impact the VIE's economic performance and the Company's obligation to absorb losses or the rights to receive benefits from the VIE that could potentially be significant to the VIE. To assess whether the Company has the power to direct the activities of the VIE that most significantly impact the VIE's economic performance, the Company considers all the facts and circumstances, including the Company's role in establishing the VIE and the Company's ongoing rights and responsibilities. The assessment includes identifying the activities that most significantly impact the VIE's economic performance and identifying which party, if any, has the power to direct those activities. In general, the parties that make the most significant decisions affecting the VIE (management and members of the Board of Directors) are deemed to have the power to direct the activities of a VIE. To assess whether the Company has the obligation to absorb losses of the VIE or the rights to receive benefits from the VIE that could potentially be significant to the VIE, the Company considers all of its economic interests that are deemed to be variable interests in the VIE. This assessment requires judgment in determining whether these interests, in the aggregate, are considered potentially significant to the VIE. As of December 31, 2025, and 2024, the Company identified Acer Therapeutics, Inc. (“Acer”) to be the Company's sole interest in a VIE. As Zevra is the final decision maker for all of Acer's research, development, and commercialization of drug candidates that it is producing, the Company directs the activities of Acer that most significantly impact its performance. Therefore, the Company is the primary beneficiary of this VIE for accounting purposes and consolidates the assets and liabilities of the VIE. Goodwill and Intangible Assets Goodwill represents the excess of the consideration transferred over the fair value of the net assets acquired when accounted for using the acquisition method of accounting for business combinations. Goodwill is not amortized but is evaluated for impairment within the Company’s single reporting unit on an annual basis, during the fourth quarter, or more frequently if an event occurs or circumstances change that would more-likely-than-not reduce the fair value of the Company’s reporting unit below its carrying amount. The Company establishes its reporting units based on the organizational structure and has determined it has one reporting unit. In performing its analysis, in accordance with ASC 350, the Company has the option to first assess qualitatively whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount, including goodwill. In performing qualitative assessments, the Company considers, among other factors, macroeconomic conditions, the Company’s overall financial performance (including, but not limited to, comparisons to prior periods, current period internal expectations, and comparable peer companies), broader industry and market considerations, and the trading price performance of the Company’s common stock. The Company's goodwill balance was $4.7 million as of December 31, 2025, and 2024. As of December 31, 2025, and 2024, the Company completed its annual qualitative assessment under ASC 350 to determine whether the existence of events or circumstances indicated that it was more likely than not that the fair value of its reporting unit was less than its respective carrying value. The Company concluded that based on the relevant events and circumstances, it was more likely than not that the reporting unit’s fair value exceeded its related carrying value and therefore no quantitative assessment was required. No goodwill impairment charges were recorded for the years ended December 31, 2025, or 2024. Acquired in-process research and development (“IPR&D”) that the Company acquires in conjunction with the acquisition of a business represents the fair value assigned to incomplete research projects which, at the time of acquisition, have not reached technological feasibility. The amounts are capitalized and are accounted for as indefinite-lived intangible assets, subject to impairment testing until completion or abandonment of the projects. Upon successful completion of each IPR&D project, the Company will make a determination as to the then-useful life of the intangible asset, generally determined by the period in which the substantial majority of the cash flows are expected to be generated and begin amortization. The Company evaluates IPR&D for impairment on an annual basis, during the fourth quarter, or more frequently if impairment indicators exist. The Company’s IPR&D balance was $2.0 million as of December 31, 2025, and 2024. No IPR&D impairment charges were recognized for the years ended December 31, 2025, or 2024. As of December 31, 2025, and 2024, the Company had a definite-lived intangible asset, net related to the acquisition of OLPRUVA of $0 and $61.3 million, respectively. The Company recorded an intangible asset impairment charge in the consolidated statements of operations for the year ended December 31, 2025 as a result of a triggering event indicating the asset's carrying amount may not be recoverable (see Note S). Prior to the impairment, this asset was amortized on a straight-line basis over the OLPRUVA useful life of thirteen years. The Company reviews the estimated useful lives of its intangible assets on an ongoing basis. Amortization expense is recorded as intangible asset amortization in the consolidated statements of operations and was $2.6 million and $5.9 million for the years ended December 31, 2025, and 2024, respectively. In connection with the XOMA License Agreement, the Company paid XOMA a regulatory milestone payment of $6.0 million upon approval of MIPLYFFA in September 2024, which is included in intangible assets, net in the consolidated balance sheets. This definite-lived intangible asset is amortized on a straight-line basis over the MIPLYFFA patent life of approximately five years and is reviewed periodically for impairment. Amortization expense is recorded as intangible asset amortization in the consolidated statements of operations and was $1.3 million and $0.3 million for the years ended December 31, 2025 and 2024, respectively. Property and Equipment The Company records property and equipment at cost less accumulated depreciation and amortization. Costs of renewals and improvements that extend the useful lives of the assets are capitalized. Maintenance and repairs are expensed as incurred. Depreciation is determined on a straight-line basis over the estimated useful lives of the assets, which generally range from three to ten years. Leasehold improvements are amortized over the shorter of the useful life of the asset or the term of the related lease. Upon retirement or disposition of assets, the costs and related accumulated depreciation and amortization are removed from the accounts with the resulting gains or losses, if any, reflected in the consolidated statements of operations. Impairment of Long-Lived Assets Long-lived assets to be held and used are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the asset group may not be recoverable. When such events occur, the Company compares the carrying amount of the asset group to the undiscounted expected future cash flows. If the undiscounted cash flows are insufficient to recover the carrying value, an impairment loss is recorded for the difference between the carrying value and fair value of the asset group. Beyond the definite-lived intangible asset impairment disclosed in Note S, no other impairment occurred for the years ended December 31, 2025, or 2024. Gain on Sale of PRV The Company received a transferable rare priority review voucher (“PRV”) in conjunction with the FDA approval of MIPLYFFA. On February 26, 2025, the Company and its subsidiary, Zevra Denmark A/S, entered into an asset purchase agreement with a buyer, pursuant to which the Company agreed to sell the PRV to the buyer for aggregate proceeds of $150.0 million, payable in cash, upon the closing of the sale. On April 1, 2025, the asset sale was consummated and title of the PRV transferred to the buyer, resulting in net proceeds of $148.3 million to the Company. The PRV did not have a carrying value at the time of sale. In accordance with ASC 610-20, Gains and Losses from the Derecognition of Nonfinancial Assets, the net proceeds from the sale were recorded as a gain on sale of PRV in the Company's consolidated statements of operations for the year ended December 31, 2025. Revenue Recognition The Company recognizes revenue in accordance with the provisions of ASC 606, Revenue from Contracts with Customers (“ASC 606”) and, as a result, follows the five-step model when recognizing revenue: 1) identifying a contract; 2) identifying the performance obligations; 3) determining the transaction price; 4) allocating the price to the performance obligations; and 5) recognizing revenue when the performance obligations have been fulfilled. Product Revenues, net Net revenues from product sales are recognized at the transaction price when the customer obtains control of the Company's product, which occurs at a point in time, typically upon receipt of the product by the customer. The Company's current single customer for product sales of MIPLYFFA and OLPRUVA is a specialty pharmacy provider. In accordance with ASC 606, the Company recognizes revenue when fulfilling its performance obligation by transferring control of promised goods or services to its customer, in an amount that reflects the consideration that the Company expects to receive in exchange for those goods or services. In determining when the customer obtains control of the product, the Company considers certain indicators, including whether the Company has a present right to payment from the customer, whether title and/or significant risks and rewards of ownership have transferred to the customer and whether customer acceptance has been received. The Company's net revenues represent total revenues adjusted for discounts and allowances, including estimated cash discounts, chargebacks, rebates, returns, copay assistance, data fees and wholesaler fees for services. These adjustments represent variable consideration under ASC 606 and are recorded as a reduction of revenue. These adjustments are established by management as its best estimate based on available information and will be adjusted to reflect known changes in the factors that impact such allowances. Adjustments for variable consideration are determined based on the contractual terms with customers, historical trends, communications with customers and the levels of inventory remaining in the distribution channel, as well as expectations about the market for the product and anticipated introduction of competitive products. All estimated reserve liabilities related to commercial products are recorded within the current portion of discount and rebate liabilities in the consolidated balance sheets. Expanded Access Program Net revenue includes revenue from the sale of arimoclomol for the treatment of NPC under an expanded access program (“EAP”) in France, and in select territories outside Europe. An EAP is a program giving specific patients access to a drug that is not yet approved for commercial sale. Only drugs targeting serious or rare indications and for which there is currently no appropriate treatment are considered for expanded access programs. Further, to be considered for the expanded access program, the drug must have proven efficacy and safety and must either be undergoing price negotiations or seeking marketing approval. In accordance with ASC 606, the Company recognizes revenue when fulfilling its performance obligation under the global EAP by transferring control of promised goods or services to its customer, in an amount that reflects the consideration that the Company expects to receive in exchange for those goods or services. In determining when the customer obtains control of the product, the Company considers certain indicators, including whether the Company has a present right to payment from the customer, whether title and/or significant risks and rewards of ownership have transferred to the customer and whether customer acceptance has been received. Revenue is recognized net of sales deductions, including discounts, rebates, applicable distributor fees, and revenue-based taxes. The French Health Authorities and the manufacturer have agreed to a price for sales under the EAP in France, but the final price depends on the terms and conditions negotiated with the French Health Authorities, following market authorization. Any excess in the price charged by the manufacturer compared to the price agreed with the health authorities once the medicinal product is authorized in France must be repaid. The repayment is considered in the clawback liability. An estimate of net revenue and clawback liability are recognized using the ‘expected value’ method. Accounting for net revenue and clawback liability requires determination of the most appropriate method for estimating the expected final price. This estimate also requires assumptions with respect to inputs into the method, including current pricing of comparable marketed products within the rare disease area in France. Management has considered the expected final sales price as well as the price of similar medicinal products. The Company is operating within a rare disease therapeutic area where there is unmet treatment need and hence a limited number of comparable commercialized medicinal products. The limited available relevant market information for directly comparable commercialized medicines within rare disease increases the uncertainty in management's estimate. Licensing Agreements The terms of the Company’s licensing agreements typically include one or more of the following: (i) upfront fees; (ii) milestone payments related to the achievement of development, regulatory, or commercial goals; and (iii) royalties on net sales of licensed products. Each of these payments may result in licensing revenues. As part of the accounting for these agreements, the Company must develop estimates and assumptions that require judgment to determine the underlying stand-alone selling price for each performance obligation, which determines how the transaction price is allocated among the performance obligations. Generally, the estimation of the stand-alone selling price may include such estimates as independent evidence of market price, forecasted revenues or costs, development timelines, discount rates, and probability of regulatory success. The Company evaluates each performance obligation to determine if it can be satisfied at a point in time or over time, and it measures the services delivered to the licensee, which are periodically reviewed based on the progress of the related program. The effect of any change made to an estimated input component and, therefore, revenue or expense recognized, would be recorded as a change in estimate. In addition, variable consideration (e.g., milestone payments) must be evaluated to determine if it is constrained and, therefore, excluded from the transaction price. Upfront Fees: If a license to the Company’s intellectual property is determined to be distinct from the other performance obligations identified in the arrangement, the Company recognizes revenues from the transaction price allocated to the license when the license is transferred to the licensee and the licensee is able to use and benefit from the license. For licenses that are bundled with other promises, the Company utilizes judgment to assess the nature of the combined performance obligation to determine whether the combined performance obligation is satisfied over time or at a point in time. Milestone Payments: At the inception of each arrangement that includes milestone payments (variable consideration), the Company evaluates whether the milestones are considered probable of being reached and estimates the amount to be included in the transaction price using the most likely amount method. If it is probable that a significant revenue reversal would not occur, the associated milestone value is included in the transaction price. Milestone payments that are not within the Company’s or the licensee’s control, such as non-operational developmental and regulatory approvals, are generally not considered probable of being achieved until those approvals are received. At the end of each reporting period, the Company re-evaluates the probability of achievement of milestones that are within its or the licensee’s control, such as operational developmental milestones and any related constraint, and, if necessary, adjusts its estimate of the overall transaction price. Any such adjustments are recorded on a cumulative catch-up basis, which would affect collaboration revenues and earnings in the period of adjustment. Revisions to the Company’s estimate of the transaction price may also result in negative licensing revenues and earnings in the period of adjustment. Acquired IPR&D and Milestones Expenses In an asset acquisition, payments incurred prior to regulatory approval to acquire rights to IPR&D projects are expensed as acquired IPR&D and milestones expense in the consolidated statements of operations unless the project has an alternative future use. These costs include upfront and development milestone payments related to R&D collaborations, licensing arrangements, or other asset acquisitions that provide rights to develop, manufacture and/or sell pharmaceutical products. Where contingent development milestone payments are due to third parties, prior to regulatory approval, the payment obligations are expensed when the milestone results are achieved. Regulatory and commercial milestone payments made to third parties subsequent to regulatory approval are capitalized as intangible assets and amortized to intangible asset amortization over the remaining useful life of the related product. Inventories The value of inventories is recorded at net realizable value. The Company determines the cost of its inventories, which include amounts related to materials and manufacturing overhead, on a first-in, first-out basis. Inventories that are not expected to be sold within 12 months are classified as inventories, noncurrent. The Company may scale-up and make commercial quantities of its product candidates prior to the date it anticipates that such product will receive final regulatory approval. The scale-up and commercial production of pre-launch inventory involves the risk that such products may not be approved for marketing on a timely basis, or ever. This risk notwithstanding, the Company may scale-up and build pre-launch inventory of products that have not received final regulatory approval when the Company believes such action is appropriate in relation to the commercial value of the product launch opportunity. We capitalize inventory costs associated with our products prior to regulatory approval when, based on management's judgment, future commercialization is considered probable and the future economic benefit is expected to be realized; otherwise, such costs are expensed as research and development. The determination to capitalize inventory costs is based on various factors, including status and expectations of the regulatory approval process, any known safety or efficacy concerns, potential labeling restrictions, and any other impediments to obtaining regulatory approval. The Company had no pre-approval inventory on our consolidated balance sheets as of December 31, 2025, or 2024. Inventory used in clinical trials is also expensed as research and development expense, when selected for such use. Inventory that can be used in either the production of clinical or commercial products is expensed as research and development costs when identified for use in a clinical manufacturing campaign. The cost of finished goods inventory that is shipped to a customer to support the Company’s patient assistance programs is expensed when those shipments take place. As of December 31, 2025, and 2024, the Company did not have pre-launch inventory that qualified for capitalization. The Company performs an assessment of the recoverability of capitalized inventory during each reporting period and writes down any excess and obsolete inventory to its net realizable value in the period in which the impairment is first identified. Such impairment charges, should they occur, are recorded as a component of cost of product revenue in the consolidated statements of operations. The determination of whether inventory costs will be realizable requires the use of estimates by management. If actual market conditions are less favorable than projected by management, additional write downs of inventory may be required. Additionally, the Company’s products are subject to strict quality control and monitoring, which is performed throughout the manufacturing process. In the event that certain batches or units of product do not meet quality specifications, the Company will record a charge to cost of product revenue, to write down any unsaleable inventory to its estimated net realizable value. For the years ended December 31, 2025, and 2024, the Company recognized charges of approximately $11.7 million and $5.7 million, respectively, related to write-downs for unsaleable inventory. Cost of Product Revenue The components of cost of product revenue are royalties and expenses directly attributable to revenue. To date, the Company has generated revenue from product sales of MIPLYFFA and OLPRUVA, reimbursements received under the global EAP, royalties or net sales milestone payments generated under the Collaboration and License Agreement with Commave Therapeutics SA (the “AZSTARYS® License Agreement”), and consulting agreements. Prior to our acquisition of the assets of Orphazyme A/S (“Orphazyme”) in May 2022, Orphazyme had entered into an asset purchase agreement with LadRx Corporation, which was assigned to XOMA (US) LLC, a wholly-owned subsidiary of XOMA Corporation (“XOMA”), in June 2023 (“XOMA License Agreement”). Under the XOMA License Agreement, XOMA is entitled to a mid-single digit percentage royalty with respect to net sales of MIPLYFFA as well as milestone payments based on future potential sales and regulatory milestones. On August 30, 2023, Acer and Relief Therapeutics SA (“Relief”) entered into an exclusive license agreement (the “Relief License Agreement”). Pursuant to the Relief License Agreement, Zevra was obligated to pay royalties of 10% of U.S. net sales of OLPRUVA up to a maximum of $45.0 million, plus specified regulatory milestones, for total payments to Relief of up to $56.5 million. On April 10, 2025, the rights to this royalty were sold to Soleus Capital Management L.P. In connection with the AZSTARYS License Agreement, the Company pays Aquestive Therapeutics, Inc. (“Aquestive”) a royalty equal to 10% of all regulatory milestone and royalty payments. Accounts and Other Receivables Accounts and other receivables consist of receivables from MIPLYFFA and OLPRUVA product sales, receivables under the AZSTARYS License Agreement, the global EAP, and income tax receivables and other receivables due to the Company. Receivables under the AZSTARYS License Agreement are recorded for amounts due to the Company related to reimbursable third-party costs as well as milestones and royalties on product sales. Receivables under the global EAP are recorded for product sales of MIPLYFFA in France and select territories outside of Europe. The Company provides reserves against receivables for estimated losses that may result from a customer's inability to pay. Receivables are evaluated to determine if any reserve or allowance should be recorded based on consideration of the current economic environment, expectations of future economic conditions, specific circumstances and the Company’s own historical collection experience. Amounts determined to be uncollectible are charged or written-off against the reserve. Research and Development Major components of research and development costs include cash compensation, stock-based compensation, depreciation and amortization expense on research and development property and equipment, costs of preclinical studies, clinical trials and related clinical manufacturing, costs of drug development, costs of materials and supplies, facilities cost, overhead costs, regulatory and compliance costs, and fees paid to consultants and other entities that conduct certain research and development activities on the Company’s behalf. Costs incurred in research and development are expensed as incurred. The Company records nonrefundable advance payments it makes for future research and development activities as prepaid expenses. Prepaid expenses are recognized as expense in the consolidated statements of operations as the Company receives the related goods or services. The Company enters into contractual agreements with third-party vendors who provide research and development, manufacturing, and other services in the ordinary course of business. Some of these contracts are subject to milestone-based invoicing and services are completed over an extended period of time. The Company records liabilities under these contractual commitments when an obligation has been incurred. This accrual process involves reviewing open contracts and purchase orders, communicating with the applicable personnel to identify services that have been performed and estimating the level of service performed and the associated cost when the Company has not yet been invoiced or otherwise notified of actual cost. The majority of the service providers invoice the Company monthly in arrears for services performed. The Company makes estimates of the accrued expenses as of each balance sheet date based on the facts and circumstances known. The Company periodically confirms the accuracy of the estimates with the service providers and make adjustments, if necessary. Patent Costs Patent costs, including related legal costs, are expensed as incurred and recorded within general and administrative expenses on the consolidated statements of operations. Income Taxes The Company recognizes deferred tax assets and liabilities for the expected future tax consequences of temporary differences between the financial reporting and tax basis of assets and liabilities, as well as for operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using the tax rates that are expected to apply to taxable income for the years in which those tax assets and liabilities are expected to be realized or settled. Valuation allowances are recorded to reduce deferred tax assets to the amount the Company believes is more likely than not to be realized. The Company is subject to taxation in the United States (including federal, state, and local jurisdictions) and the Kingdom of Denmark. Generally, the Company is subject to examination by tax jurisdictions from 2021 to 2024 tax years as the statute of limitation (excluding net operating loss carryforwards) are 3 to 4 years in the United States and Kingdom of Denmark. Tax liabilities may arise from interpretations and judgments made by the Company with regard to transfer pricing in the application of the relevant statutes, regulations, tax rulings and case law across the various jurisdictions. The Company uses significant judgment in (1) determining whether the technical merits of tax positions taken in the various jurisdictions are more-likely-than-not to be sustained based on applicable tax law and (2) measuring the related amount of tax liability that qualifies for recognition. The United States federal and state tax jurisdictions can audit the net operating loss carryforwards from the tax years in which the statute of limitation has expired but can only adjust the net operating loss carryforwards. No income tax returns are currently under examination by taxing authorities. Uncertain tax positions are recognized only when the Company believes it is more likely than not that the tax position will be upheld on examination by the taxing authorities based on the merits of the position. The Company recognizes interest and penalties, if any, related to unrecognized income tax uncertainties in income tax expense. On December 22, 2017, the U.S. government enacted H.R. 1, “An Act to provide for reconciliation pursuant to titles II and V of the concurrent resolution on the budget for fiscal year 2018” (“Tax Act”). Effective January 1, 2018, the Tax Act provides for a new global intangible low-taxed income (“GILTI”) provision. Under the GILTI provision, certain foreign subsidiary earnings in excess of an allowable return on the foreign subsidiary’s tangible assets are included in U.S. taxable income. The Company has not recorded any deferred taxes for future GILTI inclusions as any future inclusions are expected to be treated as a period expense and offset by net operating loss carryforwards in the United States. Stock-Based Compensation The Company measures and recognizes compensation expense for all stock-based payment awards made to employees, officers and directors based on the estimated fair values of the awards as of the grant date. The Company records the value of the portion of the award that is ultimately expected to vest as expense over the requisite service period. The Company also accounts for equity instruments issued to non-employees using a fair value approach under ASC subtopic 505-50. The Company values equity instruments and stock options granted using the Black-Scholes-Merton (“BSM”) option pricing model. Earnings per Share The Company uses the two-class method to compute net income (loss) per common share because the Company has issued securities, other than common stock, that contractually entitle the holders to participate in dividends and earnings of the Company. The two-class method requires earnings for the period to be allocated between common stock and participating securities based upon their respective rights to receive distributed and undistributed earnings. Holders of each series of the Company’s convertible preferred stock and select warrants are entitled to participate in distributions, when and if declared by the board of directors, that are made to common stockholders and, as a result, are considered participating securities. Segment and Geographic Information Operating segments are defined as components of an enterprise (business activity from which it earns revenue and incurs expenses) for which discrete financial information is available and regularly reviewed by the chief operating decision maker (“CODM”) in deciding how to allocate resources and in assessing performance. The Company’s CODM is its Chief Executive Officer. The Company views its operations and manages its business as a single operating and reporting segment. See Note C for further information. Foreign Currency Assets and liabilities are translated into the reporting currency using the exchange rates in effect on the balance sheet dates. Equity accounts are translated at historical rates, except for the change in retained earnings during the year, which is the result of the income statement translation process. Revenue and expense accounts are translated using the weighted average exchange rate during the period. The cumulative translation adjustments associated with the net assets of foreign subsidiaries are recorded in accumulated other comprehensive income (loss) in the accompanying consolidated statements of stockholders’ equity. Debt Issuance Costs Debt issuance costs incurred in connection with financing arrangements are recorded as a reduction of the related debt on the consolidated balance sheets and amortized over the life of the respective financing arrangement using the effective interest method. Warrants The Company accounts for warrants as either equity-classified or liability-classified instruments based on an assessment of the warrant’s specific terms and applicable authoritative guidance in FASB ASC Topic 480, Distinguishing Liabilities from Equity (“ASC 480”) and FASB ASC Topic 815, Derivatives and Hedging (“ASC 815”). The assessment considers whether the warrants are freestanding financial instruments pursuant to ASC 480, meet the definition of a liability pursuant to ASC 480, and whether the warrants meet all of the requirements for equity classification under ASC 815, including whether the warrants are indexed to the Company's own stock and whether the warrant holders could potentially require “net cash settlement” in a circumstance outside of the issuing company’s control, among other conditions for equity classification. This assessment, which requires the use of professional judgment, is conducted at the time of warrant issuance and as of each subsequent quarterly period end date while the warrants are outstanding. For warrants that meet all criteria for equity classification, the warrants are required to be recorded as a component of additional paid-in capital on the consolidated statements of changes in stockholders’ equity at the time of issuance. For warrants that do not meet all the criteria for equity classification, the warrants are required to be recorded at their initial fair value on the date of issuance, and on each balance sheet date thereafter. Changes in the estimated fair value of the warrants are recognized as a non-cash gain or loss in other expense, net, on the consolidated statements of operations. The fair value of the warrants was estimated using the BSM option pricing model. New Accounting Pronouncements Recently Adopted In December 2023, the FASB issued Accounting Standards Update (“ASU”) No. 2023-09, Income Taxes (“Topic 740”): Improvements to Income Tax Disclosures. ASU 2023-09 establishes new income tax disclosure requirements in addition to modifying and eliminating certain existing requirements. Under the new guidance, entities must consistently categorize and provide greater disaggregation of information in the reconciliation of the effective tax rate to the statutory tax rate and must also further disaggregate income taxes paid. The Company adopted ASU 2023-09 for the year ended December 31, 2025 using a retrospective approach and included the required disclosures in the Notes to the Consolidated Financial Statements for income taxes. This standard update did not affect the Company’s results of operations. New Accounting Pronouncements Not Yet Adopted In November 2024, the FASB issued ASU No. 2024-03, Income Statement: Reporting Comprehensive Income-Expense Disaggregation Disclosures (“Subtopic 220-40”): Disaggregation of Income Statement Expenses. The new standard requires disclosure of specified information about certain costs and expenses. ASU 2024-03 is effective for fiscal years beginning after December 15, 2026 and for interim periods within fiscal years beginning after December 15, 2027. Early adoption is permitted. The Company is currently evaluating this guidance to determine the impact it may have on its consolidated financial statements disclosures.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ 83,229	$ (105,511)
Other comprehensive (loss) income:
Foreign currency translation adjustment	(1,395)	674
Other comprehensive (loss) income	(1,395)	674
Comprehensive income (loss)	$ 81,834	$ (104,837)

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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Reference 28: http://www.xbrl.org/2003/role/disclosureRef
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Reference 35: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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-Section 45
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Reference 46: http://www.xbrl.org/2003/role/disclosureRef
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Reference 48: http://www.xbrl.org/2003/role/disclosureRef
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Reference 49: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(22))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478524/942-220-S99-1

+ Details

- Definition

Amount after tax, before reclassification adjustments of gain (loss) on foreign currency translation adjustments, foreign currency transactions designated and effective as economic hedges of a net investment in a foreign entity and intra-entity foreign currency transactions that are of a long-term-investment nature.

+ References + Details

Goodwill & Intangible Assets - Narrative (Details) - USD ($)	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Goodwill [Line Items]
Goodwill	$ 4,701,000	$ 4,701,000
Goodwill impairment charges	0	0
Impairment of intangible assets	58,710,000	0
Intangible asset amortization	3,862,000	6,235,000
Payments to acquire intangible assets	0	6,000,000
In Process Research and Development
Goodwill [Line Items]
Indefinite-lived intangible assets (excluding goodwill)	$ 2,000,000.0	2,000,000.0
Patents
Goodwill [Line Items]
Finite-lived intangible asset, useful life	13 years
Intangible asset amortization	$ 2,600,000	5,900,000
Patents \| XOMA License Agreement
Goodwill [Line Items]
Finite-lived intangible asset, useful life	5 years
Intangible asset amortization	$ 1,300,000	300,000
Patents \| Capitalization, Royalty Expense \| XOMA License Agreement
Goodwill [Line Items]
Payments to acquire intangible assets	6,000,000.0
OLPRUVA
Goodwill [Line Items]
Impairment of intangible assets	58,700,000	0
Carrying value of intangible asset	$ 0	$ 61,300,000

CONSOLIDATED STATEMENTS OF OPERATIONS (Parentheticals) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Income Statement [Abstract]
Intangible asset amortization	$ 3,862	$ 6,235

- Definition

The aggregate expense charged against earnings to allocate the cost of intangible assets (nonphysical assets not used in production) in a systematic and rational manner to the periods expected to benefit from such assets.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 45
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-Subparagraph (b)
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-Topic 230
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Reference 6: http://www.xbrl.org/2003/role/exampleRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476148/220-40-50-6

+ Details

Stock-Based Compensation -Schedule of Nonvested Restricted Stock Units Activity (Details) - $ / shares	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total number of unvested stock options (in shares)	2,762,343	3,552,095
Exercise Price Range One
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Exercise Price Range, Upper Range Limit (in dollars per share)	$ 10.00
Exercise Price Range, Lower Range Limit (in dollars per share)	$ 2.85
Total number of unvested stock options (in shares)	2,622,343	3,552,095
Exercise Price Range Two
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Exercise Price Range, Upper Range Limit (in dollars per share)	$ 30.00
Exercise Price Range, Lower Range Limit (in dollars per share)	$ 10.01
Total number of unvested stock options (in shares)	140,000	0

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Current assets:
Cash and cash equivalents	$ 62,406	$ 33,785
Securities at fair value, current	128,605	35,711
Accounts and other receivables	23,258	10,509
Prepaid expenses and other current assets	6,998	4,052
Inventories, current	1,740	1,970
Total current assets	223,007	86,027
Securities at fair value, noncurrent	47,879	6,010
Inventories, noncurrent	879	10,999
Property and equipment, net	489	356
Operating lease right-of-use assets	1,212	657
Goodwill	4,701	4,701
Intangible assets, net	6,421	68,993
Other long-term assets	143	384
Total assets	284,731	178,127
Current liabilities:
Accounts payable and accrued expenses	11,598	25,456
Current portion of operating lease liabilities	419	420
Current portion of discount and rebate liabilities	12,188	5,929
Current portion of income tax payable	13,710	0
Other current liabilities	1,362	2,260
Total current liabilities	39,277	34,065
Long-term debt	61,928	59,504
Warrant liability	9,575	17,804
Income tax payable	7,029	14,431
Operating lease liabilities, less current portion	859	372
Discount and rebate liabilities, less current portion	9,693	7,655
Other long-term liabilities	1,713	4,630
Total liabilities	130,074	138,461
Commitments and contingencies (Note K)
Stockholders' equity:
Undesignated preferred stock, $X.X par value, X shares authorized, X shares issued or outstanding as of XXX XX, 20XX, or December 31, 20XX	0	0
Common stock, $X.X par value, X shares authorized; X shares issued and X shares outstanding as of XXXX XX, 20XX; X shares issued and X shares outstanding as of December 31, 20XX	6	5
Additional paid-in capital	588,458	555,302
Treasury stock, at cost	(10,983)	(10,983)
Accumulated deficit	(422,060)	(505,289)
Accumulated other comprehensive (loss) income	(764)	631
Total stockholders' equity	154,657	39,666
Total liabilities and stockholders' equity	$ 284,731	$ 178,127

Goodwill & Intangible Assets

12 Months Ended

Dec. 31, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill & Intangible Assets

The Company's goodwill balance was $4.7 million as of December 31, 2025, and 2024. As of December 31, 2025, and 2024, the Company completed its annual qualitative assessment under ASC 350 to determine whether the existence of events or circumstances indicated that it was more likely than not that the fair value of its reporting unit was less than its respective carrying value. The Company concluded that based on the relevant events and circumstances, it was more likely than not that the reporting unit’s fair value exceeded its related carrying value and therefore no quantitative assessment was required. No goodwill impairment charges were recorded for the years ended December 31, 2025, or 2024.

The definite-lived intangible assets that are subject to amortization have been reviewed for impairment whenever events or changes in circumstances indicate that their carrying amounts may not be recoverable. In the second quarter of 2025, the Company assessed the results of its refined commercial efforts related to OLPRUVA. This was determined to be a triggering event that could result in a decrease in future expected cash flows, and thus indicated the carrying amount of the OLPRUVA asset group may not be fully recoverable. The Company performed an undiscounted cash flow analysis over the OLPRUVA asset group and determined that the carrying value of the asset group is not recoverable. Future cash flows specific to OLPRUVA, which most significantly includes an estimate of forecasted revenues, are based on reasonable and supportable assumptions regarding the cash flows expected to result from the use of the asset and its eventual disposition. The Company then estimated the fair value of the asset group to measure the impairment loss for the period. The fair value measurement was based on Level 3 inputs including projected sales driven by market share and product sales price estimates, associated expenses, growth rates, and the discount rate used to measure the fair value of the net cash flows associated with this asset group. The Company recorded an intangible asset impairment charge of $58.7 million in the consolidated statements of operations for the year ended December 31, 2025. As of December 31, 2024, the Company had a definite-lived intangible asset, net, related to the acquisition of OLPRUVA of $61.3 million. There was no comparable impairment in the year ended December 31, 2024.

Prior to the impairment discussed above, the OLPRUVA definite-lived intangible asset was being amortized on a straight-line basis over the OLPRUVA patent life of 13 years. Amortization expense is recorded as intangible asset amortization in the consolidated statements of operations and was $2.6 million and $5.9 million for the years ended December 31, 2025, and 2024, respectively.

In connection with the XOMA License Agreement, a regulatory milestone payment of $6.0 million was due to XOMA upon approval of MIPLYFFA in the United States, which the Company paid in October 2024. This definite-lived intangible asset is amortized on a straight-line basis over the MIPLYFFA patent life of approximately five years and is reviewed periodically for impairment. Amortization expense is recorded as intangible asset amortization in the consolidated statements of operations and was $1.3 million and $0.3 million for the years ended December 31, 2025, and 2024, respectively.

For intangible assets subject to amortization, estimated amortization expense for the five fiscal years subsequent to December 31, 2025, is expected to be as follows:


2026	$	1,263
2027	1,263
2028	1,263
2029	632
2030	—

As of December 31, 2025, and 2024, non-amortizable intangible assets include in-process research and development of $2.0 million.

Leases

12 Months Ended

Dec. 31, 2025

Leases [Abstract]

Leases

The Company has operating leases for office space and determines if an arrangement is a lease at contract inception. Lease assets and lease liabilities are recognized based on the present value of lease payments over the lease term at the commencement date. The Company does not separate lease and non-lease components. Leases with a term of 12 months or less at commencement are not recorded on the consolidated balance sheets. Lease expense for these arrangements is recognized on a straight-line bases over the lease term. The Company’s leases have remaining lease terms of less than one year and up to approximately three years, and some which include options to terminate the leases within one year.

The components of operating lease expense were as follows (in thousands):


	Year Ended December 31,
	2025		2024
Operating lease cost	$	747	$	330
Short-term lease cost	127		177
Variable lease cost	36		39
Less: sublease income	(144)		(128)
Total lease costs	$	766	$	418

Supplemental cash flow information related to leases was as follows (in thousands):


	Year Ended December 31,
	2025		2024
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	860	$	405
Operating cash flows from short-term leases	127		225
Operating cash flows from variable lease costs	36		39

Right-of-use assets obtained in exchange for lease liabilities:
Operating leases	1,115		419

Supplemental balance sheet information related to operating leases was as follows (in thousands, except weighted average remaining lease term and weighted average discount rate):


	December 31,
	2025			2024
Operating lease right-of-use assets	$	1,212		$	657
Total operating lease right-of-use assets	$	1,212		$	657

Current portion of operating lease liabilities	$	419		$	420
Operating lease liabilities, less current portion	859			372
Total operating lease liabilities	$	1,278		$	792

Weighted average remaining lease term	3			3

Weighted average discount rate	13.0		%	9.9		%

Maturities on lease liabilities were as follows (in thousands):


Year Ending December 31,
2026	$	552
2027	542
2028	393
2029	39
Total lease payments	1,526
Less: future interest expense	(248)
Lease liabilities	$	1,278

Leases

The components of operating lease expense were as follows (in thousands):


	Year Ended December 31,
	2025		2024
Operating lease cost	$	747	$	330
Short-term lease cost	127		177
Variable lease cost	36		39
Less: sublease income	(144)		(128)
Total lease costs	$	766	$	418

Supplemental cash flow information related to leases was as follows (in thousands):


	Year Ended December 31,
	2025		2024
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	860	$	405
Operating cash flows from short-term leases	127		225
Operating cash flows from variable lease costs	36		39

Right-of-use assets obtained in exchange for lease liabilities:
Operating leases	1,115		419

Supplemental balance sheet information related to operating leases was as follows (in thousands, except weighted average remaining lease term and weighted average discount rate):


	December 31,
	2025			2024
Operating lease right-of-use assets	$	1,212		$	657
Total operating lease right-of-use assets	$	1,212		$	657

Current portion of operating lease liabilities	$	419		$	420
Operating lease liabilities, less current portion	859			372
Total operating lease liabilities	$	1,278		$	792

Weighted average remaining lease term	3			3

Weighted average discount rate	13.0		%	9.9		%

Maturities on lease liabilities were as follows (in thousands):


Year Ending December 31,
2026	$	552
2027	542
2028	393
2029	39
Total lease payments	1,526
Less: future interest expense	(248)
Lease liabilities	$	1,278

Debt Obligations

12 Months Ended

Dec. 31, 2025

Debt Disclosure [Abstract]

Debt Obligations

Secured Promissory Note

On August 30, 2023, the Company and Nantahala Capital Management, LLC (“NCM”), certain of its affiliates and certain other parties (collectively with NCM, “Nantahala”), entered into a secured promissory note payable by Zevra to Nantahala in the original principal amount of $5.0 million (the “Nantahala Note”). The Nantahala Note initially bore interest at 9.0% per annum, payable quarterly in arrears in cash. The interest rate increased to 12.0% per annum effective March 1, 2024, as the Nantahala Note remained unpaid six months from its issue date. The additional 3.0% interest would have been paid in shares of Zevra's common stock based on the volume weighted average trading price of Zevra's common stock during the twenty consecutive trading days ending on the date before such interest payment date. Beginning on the first interest payment date following the second anniversary of the Nantahala Note, and on each interest payment date thereafter, Zevra was required to make $0.6 million amortization payments on the Nantahala Note until it was paid in full. All principal and unpaid interest on the Nantahala Note would have been due on August 30, 2026, the third anniversary of the Nantahala Note. Zevra was entitled to prepay the Nantahala Note at any time without penalty.

The Nantahala Note was secured by Zevra’s interest in Acer's assets. The Company used the proceeds from the Nantahala Note, along with $12.0 million in cash and 98,683 shares of Zevra's common stock, to acquire Acer's term loans. In April 2024, the Nantahala Note was repaid in full and terminated. At the time of repayment, Nantahala elected to receive a cash payment in lieu of shares of Zevra's common stock in exchange for the additional 3.0% interest accrued for the period from March 1, 2024 through April 5, 2024.

Margin Account

On January 26, 2023, the Company and Wells Fargo, as lender, entered into a revolving margin account agreement. The Company's investments were used as collateral for the loan and the amount the Company was able to borrow was limited to 80-90% of its outstanding investment balance held with Wells Fargo. The margin account bore interest at the Prime rate minus 225 basis-points. In April 2024, the Company repaid the outstanding balance under the margin account with Wells Fargo, and upon such repayment, the margin capabilities were removed from the account.

Term Loans

On April 5, 2024 (the “Term Loans Closing Date”), the Company entered into a credit agreement (the “Credit Agreement”) with HCR Stafford Fund II, L.P., HCR Potomac Fund II, L.P., and Perceptive Credit Holdings IV, LP (collectively, the “Lenders”), and Alter Domus (US) LLC, as administrative agent (the “Administrative Agent”).

Under the terms of the Credit Agreement, the Lenders provided a senior secured loan facility to the Company in the aggregate principal amount of $100.0 million, which is divided into three tranches as follows: (i) $60.0 million, which was funded in full on the Term Loans Closing Date; (ii) $20.0 million, which was available to the Company in up to two drawings, each in an amount not to exceed $10.0 million, at the Company’s option until October 5, 2025; and; (iii) $20.0 million, which was available to the Company upon approval by the FDA of the NDA for MIPLYFFA for the treatment of NPC, at the Company’s option until December 31, 2024 (collectively, the “Term Loans”). The Company did not draw down the amounts described in (ii) and (iii) above prior to their applicable expiration dates.

The principal amount of the Term Loans outstanding (the “Outstanding Principal Amount”) historically bore interest at a rate equal to 3-Month Term Secured Overnight Financing Rate (“SOFR”) plus 7.00% per annum. As the net product sales for the calendar year ending December 31, 2025 exceeded $100.0 million, the Outstanding Principal Amount will bear interest at 3-Month Term SOFR plus 6.00% per annum beginning on January 1, 2026. In all cases, the 3-Month Term SOFR rate is subject to a floor of 4.00% per annum. Interest is payable quarterly in arrears on the last day of each calendar quarter. The Company has the option to pay up to 25% of the interest in-kind beginning on the Term Loans Closing Date, through and including June 30, 2026. The Company has recognized approximately $3.1 million and $1.4 million of interest-in-kind as of December 31, 2025, and 2024, which is included in long-term debt in the consolidated balance sheets. The Term Loans will mature on the fifth anniversary of the Term Loans Closing Date. In connection with the Credit Agreement, the Company incurred approximately $2.2 million of costs, which primarily consisted of underwriting, legal and other professional fees, and are included as a reduction to the carrying amount of the related debt liability and are deferred and amortized over the remaining life of the financing using the effective interest method.

The Credit Agreement contains customary affirmative and negative covenants by the Company, which, among other things, will require the Company to provide certain financial reports to the Lenders within 60 days after the end of each of the first three fiscal quarters of each fiscal year and 105 days after the end of each fiscal year, meet certain minimum net product sales amounts, meet certain minimum liquidity, and limit the ability of the Company to, among other things, incur or guarantee additional indebtedness, conduct asset sales, incur liens, make dividends or distributions, conduct transactions with affiliates, and effect a consolidation or merger without consent. The obligations of the Company under the Credit Agreement may be accelerated upon customary events of default, including non-payment of principal, interest, fees and other amounts, covenant defaults, insolvency, material judgments, or inaccuracy of representations and warranties. The Term Loans are secured by a first priority perfected lien on, and security interest in, substantially all current and future assets of the Company and certain subsidiaries of the Company that are guarantors thereunder. The proceeds of the Term Loans were used to refinance certain existing indebtedness of the Company and its subsidiaries. The Company will use the remaining proceeds to pay fees and expenses related to the debt financing and commercialization of MIPLYFFA and OLPRUVA, and to further the development of its other product candidates.

Long-term debt consisted of the following (in thousands):


	December 31, 2025		December 31, 2024
Notes payable	$	63,608	$	61,552
Unamortized original issue discount	(755)		(921)
Less: debt issuance costs	(925)		(1,127)
	$	61,928	$	59,504

Future minimum principal payments under the Term Loans as of December 31, 2025, are as follows (in thousands):


Year Ending December 31,
2026	$	—
2027	—
2028	—
2029	63,608
Total minimum payments	63,608
Less: unamortized debt discount, debt issuance costs and paid in kind interest	(1,680)
Long-term debt	$	61,928

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

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+ Details

Employee Benefit Plan	12 Months Ended
Employee Benefit Plan	Dec. 31, 2025
Postemployment Benefits [Abstract]
Employee Benefit Plan	Employee Benefit Plan The Company has a 401(k) retirement plan (the “401(k) Plan”) that covers substantially all employees. The Company may provide a discretionary match with a maximum amount of 4% of the participant’s compensation, which vests immediately. The Company made matching contributions under the 401(k) Plan of approximately $0.3 million and $0.5 million for the years ended December 31, 2025, and 2024, respectively. The Company has a discretionary profit-sharing plan (the “Profit Sharing Plan”) that covers all employees. Employees become eligible participants in the Profit Sharing Plan once they have provided three years of service to the Company. The Company made no contributions to the Profit Sharing Plan in 2025 or 2024.

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Income Statement [Abstract]
Revenue, net	$ 106,470	$ 23,612
Cost of product revenue (excluding $X and $X in intangible asset amortization for the years ended XXX XX, 20XX, and 20XX, respectively, shown separately below)	16,482	7,417
Intangible asset amortization	3,862	6,235
Impairment of intangible assets	58,710	0
Operating expenses:
Research and development	12,743	42,095
Selling, general and administrative	77,616	54,868
Total operating expenses	90,359	96,963
Loss from operations	(62,943)	(87,003)
Other income (expense):
Gain on sale of PRV	148,325	0
Interest expense	(7,977)	(7,351)
Fair value adjustment related to warrant and CVR liability	2,178	2,057
Fair value adjustment related to investments	149	(18)
Interest and other income, net	6,946	2,175
Total other income (expense)	149,621	(3,137)
Income (loss) before income taxes	86,678	(90,140)
Income tax expense	(3,449)	(15,371)
Net income (loss)	$ 83,229	$ (105,511)
Net income (loss) per share of common stock:
Basic (in dollars per share)	$ 1.40	$ (2.28)
Diluted (in dollars per share)	$ 1.35	$ (2.28)
Weighted-average shares of common stock outstanding:
Basic (in shares)	55,311,308	46,251,239
Diluted (in shares)	57,262,715	46,251,239

Income Taxes - Schedule of Income before Income Tax, Domestic and Foreign (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Income Tax Disclosure [Abstract]
U.S. operations	$ 27,140	$ (86,269)
Foreign operations	59,538	(3,871)
Income (loss) before income taxes	$ 86,678	$ (90,140)

- Definition

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

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+ Details

Net Income (Loss) Per Share - Schedule of Earnings Per Share, Basic and Diluted (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Net income (loss) per share of common stock:
Net income (loss)	$ 83,229	$ (105,511)
Earnings allocated to participating securities	(5,644)	0
Net income (loss) attributable to shares of common stock	77,585	(105,511)
Less: Dividends declared or accumulated	0	0
Undistributed net income (loss) attributable to shares of common stock, basic	$ 77,585	$ (105,511)
Weighted-average number of shares of common stock outstanding - basic (in shares)	55,311,308	46,251,239
Basic net (loss) income per share of common stock (in dollars per share)	$ 1.40	$ (2.28)
Diluted net income (loss) per share of common stock:
Net income (loss) attributable to shares of common stock, diluted	$ 77,585	$ (105,511)
Less: Fair value adjustment income related to warrant liability	0	0
Net income (loss) attributable to shares of common stock, diluted	$ 77,585	$ (105,511)
Weighted-average number of shares of common stock outstanding - basic (in shares)	55,311,308	46,251,239
Dilutive effect of outstanding stock options (as converted to common stock) (in shares)	1,952,000	0
Weighted-average shares of common stock outstanding, diluted (in shares)	57,262,715	46,251,239
Diluted net (loss) income per share of common stock (in dollars per share)	$ 1.35	$ (2.28)

Summary of Significant Accounting Policies (Policies)	12 Months Ended
Summary of Significant Accounting Policies (Policies)	Dec. 31, 2025
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The Company prepared the consolidated financial statements in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and the rules and regulations of the Securities and Exchange Commission (“SEC”) and, in the Company’s opinion, reflect all adjustments, including normal recurring items that are necessary. All significant intercompany accounts and transactions have been eliminated in consolidation.
Reclassifications	Reclassifications Certain reclassifications were made to the 2024 consolidated financial statements to conform to the classifications used in 2025. These reclassifications had no impact on the consolidated net income (loss), changes in stockholder's equity, or cash flows previously reported.
Use of Estimates	Use of Estimates The preparation of these consolidated financial statements in conformity with U.S. GAAP requires the Company to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates. On an ongoing basis, the Company evaluates its estimates and assumptions, including those related to revenue recognition, the useful lives of property and equipment, the recoverability of long-lived assets, the incremental borrowing rate for leases, and assumptions used for purposes of determining stock-based compensation, income taxes, the fair value of the warrant liability and discount and rebate liabilities, among others. The Company bases its estimates on historical experience and on various other assumptions that it believes to be reasonable, the results of which form the basis for making judgments about the carrying value of assets and liabilities.
Concentration of Credit Risk	Concentration of Credit Risk Financial instruments that potentially expose the Company to concentrations of credit risk consist principally of cash on deposit and investments with multiple financial institutions, the balances of which frequently exceed insured limits, and accounts receivable, which are concentrated amongst a limited number of customers.
Cash and Cash Equivalents	Cash and Cash Equivalents The Company considers any highly liquid investments with an original maturity of three months or less to be cash equivalents.
Investments	Investments The Company maintains investment securities that are classified as available-for-sale securities for which the Company has elected the fair value option under Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 825, Financial Instruments. As such, these securities are carried at fair value with unrealized gains and losses included in fair value adjustment related to investments on the consolidated statements of operations. The securities primarily consist of U.S. Treasury securities and corporate bonds and are included in securities at fair value in the consolidated balance sheets. As of December 31, 2025, and 2024, the Company held securities with an aggregate fair value of $176.5 million and $41.7 million, respectively, that contained an aggregate unrealized gain of approximately $149,000 and an aggregate unrealized loss of approximately $18,000, respectively. For securities held at December 31, 2025, $128.6 million mature within one year and $47.9 million mature in one to three years. Applying fair value accounting to these debt securities more accurately represents the Company's investment strategy due to the fact that excess cash is currently being invested for the purpose of funding future operations. Interest income is recognized as earned using an effective yield method giving effect to the amortization of premium and accretion of discount and is based on the economic life of the securities. Interest income is included in interest and other income, net, in the consolidated statements of operations.
Variable Interest Entities	Variable Interest Entities The primary beneficiary of a variable interest entity (“VIE”) is required to consolidate the assets and liabilities of the VIE. When the Company obtains a variable interest in another entity, it assesses at the inception of the relationship and upon occurrence of certain significant events whether the entity is a VIE, and if so, whether the Company is the primary beneficiary of the VIE based on its power to direct the activities of the VIE that most significantly impact the VIE's economic performance and the Company's obligation to absorb losses or the rights to receive benefits from the VIE that could potentially be significant to the VIE. To assess whether the Company has the power to direct the activities of the VIE that most significantly impact the VIE's economic performance, the Company considers all the facts and circumstances, including the Company's role in establishing the VIE and the Company's ongoing rights and responsibilities. The assessment includes identifying the activities that most significantly impact the VIE's economic performance and identifying which party, if any, has the power to direct those activities. In general, the parties that make the most significant decisions affecting the VIE (management and members of the Board of Directors) are deemed to have the power to direct the activities of a VIE. To assess whether the Company has the obligation to absorb losses of the VIE or the rights to receive benefits from the VIE that could potentially be significant to the VIE, the Company considers all of its economic interests that are deemed to be variable interests in the VIE. This assessment requires judgment in determining whether these interests, in the aggregate, are considered potentially significant to the VIE. As of December 31, 2025, and 2024, the Company identified Acer Therapeutics, Inc. (“Acer”) to be the Company's sole interest in a VIE. As Zevra is the final decision maker for all of Acer's research, development, and commercialization of drug candidates that it is producing, the Company directs the activities of Acer that most significantly impact its performance. Therefore, the Company is the primary beneficiary of this VIE for accounting purposes and consolidates the assets and liabilities of the VIE.
Goodwill and Intangible Assets	Goodwill and Intangible Assets Goodwill represents the excess of the consideration transferred over the fair value of the net assets acquired when accounted for using the acquisition method of accounting for business combinations. Goodwill is not amortized but is evaluated for impairment within the Company’s single reporting unit on an annual basis, during the fourth quarter, or more frequently if an event occurs or circumstances change that would more-likely-than-not reduce the fair value of the Company’s reporting unit below its carrying amount. The Company establishes its reporting units based on the organizational structure and has determined it has one reporting unit. In performing its analysis, in accordance with ASC 350, the Company has the option to first assess qualitatively whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount, including goodwill. In performing qualitative assessments, the Company considers, among other factors, macroeconomic conditions, the Company’s overall financial performance (including, but not limited to, comparisons to prior periods, current period internal expectations, and comparable peer companies), broader industry and market considerations, and the trading price performance of the Company’s common stock. The Company's goodwill balance was $4.7 million as of December 31, 2025, and 2024. As of December 31, 2025, and 2024, the Company completed its annual qualitative assessment under ASC 350 to determine whether the existence of events or circumstances indicated that it was more likely than not that the fair value of its reporting unit was less than its respective carrying value. The Company concluded that based on the relevant events and circumstances, it was more likely than not that the reporting unit’s fair value exceeded its related carrying value and therefore no quantitative assessment was required. No goodwill impairment charges were recorded for the years ended December 31, 2025, or 2024. Acquired in-process research and development (“IPR&D”) that the Company acquires in conjunction with the acquisition of a business represents the fair value assigned to incomplete research projects which, at the time of acquisition, have not reached technological feasibility. The amounts are capitalized and are accounted for as indefinite-lived intangible assets, subject to impairment testing until completion or abandonment of the projects. Upon successful completion of each IPR&D project, the Company will make a determination as to the then-useful life of the intangible asset, generally determined by the period in which the substantial majority of the cash flows are expected to be generated and begin amortization. The Company evaluates IPR&D for impairment on an annual basis, during the fourth quarter, or more frequently if impairment indicators exist. The Company’s IPR&D balance was $2.0 million as of December 31, 2025, and 2024. No IPR&D impairment charges were recognized for the years ended December 31, 2025, or 2024. As of December 31, 2025, and 2024, the Company had a definite-lived intangible asset, net related to the acquisition of OLPRUVA of $0 and $61.3 million, respectively. The Company recorded an intangible asset impairment charge in the consolidated statements of operations for the year ended December 31, 2025 as a result of a triggering event indicating the asset's carrying amount may not be recoverable (see Note S). Prior to the impairment, this asset was amortized on a straight-line basis over the OLPRUVA useful life of thirteen years. The Company reviews the estimated useful lives of its intangible assets on an ongoing basis. Amortization expense is recorded as intangible asset amortization in the consolidated statements of operations and was $2.6 million and $5.9 million for the years ended December 31, 2025, and 2024, respectively. In connection with the XOMA License Agreement, the Company paid XOMA a regulatory milestone payment of $6.0 million upon approval of MIPLYFFA in September 2024, which is included in intangible assets, net in the consolidated balance sheets. This definite-lived intangible asset is amortized on a straight-line basis over the MIPLYFFA patent life of approximately five years and is reviewed periodically for impairment.
Property and Equipment	Property and Equipment The Company records property and equipment at cost less accumulated depreciation and amortization. Costs of renewals and improvements that extend the useful lives of the assets are capitalized. Maintenance and repairs are expensed as incurred. Depreciation is determined on a straight-line basis over the estimated useful lives of the assets, which generally range from three to ten years. Leasehold improvements are amortized over the shorter of the useful life of the asset or the term of the related lease. Upon retirement or disposition of assets, the costs and related accumulated depreciation and amortization are removed from the accounts with the resulting gains or losses, if any, reflected in the consolidated statements of operations.
Impairment of Long-Lived Assets	Impairment of Long-Lived Assets Long-lived assets to be held and used are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the asset group may not be recoverable. When such events occur, the Company compares the carrying amount of the asset group to the undiscounted expected future cash flows. If the undiscounted cash flows are insufficient to recover the carrying value, an impairment loss is recorded for the difference between the carrying value and fair value of the asset group.
Revenue Recognition	Revenue Recognition The Company recognizes revenue in accordance with the provisions of ASC 606, Revenue from Contracts with Customers (“ASC 606”) and, as a result, follows the five-step model when recognizing revenue: 1) identifying a contract; 2) identifying the performance obligations; 3) determining the transaction price; 4) allocating the price to the performance obligations; and 5) recognizing revenue when the performance obligations have been fulfilled. Product Revenues, net Net revenues from product sales are recognized at the transaction price when the customer obtains control of the Company's product, which occurs at a point in time, typically upon receipt of the product by the customer. The Company's current single customer for product sales of MIPLYFFA and OLPRUVA is a specialty pharmacy provider. In accordance with ASC 606, the Company recognizes revenue when fulfilling its performance obligation by transferring control of promised goods or services to its customer, in an amount that reflects the consideration that the Company expects to receive in exchange for those goods or services. In determining when the customer obtains control of the product, the Company considers certain indicators, including whether the Company has a present right to payment from the customer, whether title and/or significant risks and rewards of ownership have transferred to the customer and whether customer acceptance has been received. The Company's net revenues represent total revenues adjusted for discounts and allowances, including estimated cash discounts, chargebacks, rebates, returns, copay assistance, data fees and wholesaler fees for services. These adjustments represent variable consideration under ASC 606 and are recorded as a reduction of revenue. These adjustments are established by management as its best estimate based on available information and will be adjusted to reflect known changes in the factors that impact such allowances. Adjustments for variable consideration are determined based on the contractual terms with customers, historical trends, communications with customers and the levels of inventory remaining in the distribution channel, as well as expectations about the market for the product and anticipated introduction of competitive products. All estimated reserve liabilities related to commercial products are recorded within the current portion of discount and rebate liabilities in the consolidated balance sheets. Expanded Access Program Net revenue includes revenue from the sale of arimoclomol for the treatment of NPC under an expanded access program (“EAP”) in France, and in select territories outside Europe. An EAP is a program giving specific patients access to a drug that is not yet approved for commercial sale. Only drugs targeting serious or rare indications and for which there is currently no appropriate treatment are considered for expanded access programs. Further, to be considered for the expanded access program, the drug must have proven efficacy and safety and must either be undergoing price negotiations or seeking marketing approval. In accordance with ASC 606, the Company recognizes revenue when fulfilling its performance obligation under the global EAP by transferring control of promised goods or services to its customer, in an amount that reflects the consideration that the Company expects to receive in exchange for those goods or services. In determining when the customer obtains control of the product, the Company considers certain indicators, including whether the Company has a present right to payment from the customer, whether title and/or significant risks and rewards of ownership have transferred to the customer and whether customer acceptance has been received. Revenue is recognized net of sales deductions, including discounts, rebates, applicable distributor fees, and revenue-based taxes. The French Health Authorities and the manufacturer have agreed to a price for sales under the EAP in France, but the final price depends on the terms and conditions negotiated with the French Health Authorities, following market authorization. Any excess in the price charged by the manufacturer compared to the price agreed with the health authorities once the medicinal product is authorized in France must be repaid. The repayment is considered in the clawback liability. An estimate of net revenue and clawback liability are recognized using the ‘expected value’ method. Accounting for net revenue and clawback liability requires determination of the most appropriate method for estimating the expected final price. This estimate also requires assumptions with respect to inputs into the method, including current pricing of comparable marketed products within the rare disease area in France. Management has considered the expected final sales price as well as the price of similar medicinal products. The Company is operating within a rare disease therapeutic area where there is unmet treatment need and hence a limited number of comparable commercialized medicinal products. The limited available relevant market information for directly comparable commercialized medicines within rare disease increases the uncertainty in management's estimate. Licensing Agreements The terms of the Company’s licensing agreements typically include one or more of the following: (i) upfront fees; (ii) milestone payments related to the achievement of development, regulatory, or commercial goals; and (iii) royalties on net sales of licensed products. Each of these payments may result in licensing revenues. As part of the accounting for these agreements, the Company must develop estimates and assumptions that require judgment to determine the underlying stand-alone selling price for each performance obligation, which determines how the transaction price is allocated among the performance obligations. Generally, the estimation of the stand-alone selling price may include such estimates as independent evidence of market price, forecasted revenues or costs, development timelines, discount rates, and probability of regulatory success. The Company evaluates each performance obligation to determine if it can be satisfied at a point in time or over time, and it measures the services delivered to the licensee, which are periodically reviewed based on the progress of the related program. The effect of any change made to an estimated input component and, therefore, revenue or expense recognized, would be recorded as a change in estimate. In addition, variable consideration (e.g., milestone payments) must be evaluated to determine if it is constrained and, therefore, excluded from the transaction price. Upfront Fees: If a license to the Company’s intellectual property is determined to be distinct from the other performance obligations identified in the arrangement, the Company recognizes revenues from the transaction price allocated to the license when the license is transferred to the licensee and the licensee is able to use and benefit from the license. For licenses that are bundled with other promises, the Company utilizes judgment to assess the nature of the combined performance obligation to determine whether the combined performance obligation is satisfied over time or at a point in time. Milestone Payments: At the inception of each arrangement that includes milestone payments (variable consideration), the Company evaluates whether the milestones are considered probable of being reached and estimates the amount to be included in the transaction price using the most likely amount method. If it is probable that a significant revenue reversal would not occur, the associated milestone value is included in the transaction price. Milestone payments that are not within the Company’s or the licensee’s control, such as non-operational developmental and regulatory approvals, are generally not considered probable of being achieved until those approvals are received. At the end of each reporting period, the Company re-evaluates the probability of achievement of milestones that are within its or the licensee’s control, such as operational developmental milestones and any related constraint, and, if necessary, adjusts its estimate of the overall transaction price. Any such adjustments are recorded on a cumulative catch-up basis, which would affect collaboration revenues and earnings in the period of adjustment. Revisions to the Company’s estimate of the transaction price may also result in negative licensing revenues and earnings in the period of adjustment.
Acquired IPR&D and Milestones Expenses	Acquired IPR&D and Milestones Expenses In an asset acquisition, payments incurred prior to regulatory approval to acquire rights to IPR&D projects are expensed as acquired IPR&D and milestones expense in the consolidated statements of operations unless the project has an alternative future use. These costs include upfront and development milestone payments related to R&D collaborations, licensing arrangements, or other asset acquisitions that provide rights to develop, manufacture and/or sell pharmaceutical products. Where contingent development milestone payments are due to third parties, prior to regulatory approval, the payment obligations are expensed when the milestone results are achieved. Regulatory and commercial milestone payments made to third parties subsequent to regulatory approval are capitalized as intangible assets and amortized to intangible asset amortization over the remaining useful life of the related product.
Inventories	Inventories The value of inventories is recorded at net realizable value. The Company determines the cost of its inventories, which include amounts related to materials and manufacturing overhead, on a first-in, first-out basis. Inventories that are not expected to be sold within 12 months are classified as inventories, noncurrent. The Company may scale-up and make commercial quantities of its product candidates prior to the date it anticipates that such product will receive final regulatory approval. The scale-up and commercial production of pre-launch inventory involves the risk that such products may not be approved for marketing on a timely basis, or ever. This risk notwithstanding, the Company may scale-up and build pre-launch inventory of products that have not received final regulatory approval when the Company believes such action is appropriate in relation to the commercial value of the product launch opportunity. We capitalize inventory costs associated with our products prior to regulatory approval when, based on management's judgment, future commercialization is considered probable and the future economic benefit is expected to be realized; otherwise, such costs are expensed as research and development. The determination to capitalize inventory costs is based on various factors, including status and expectations of the regulatory approval process, any known safety or efficacy concerns, potential labeling restrictions, and any other impediments to obtaining regulatory approval. The Company had no pre-approval inventory on our consolidated balance sheets as of December 31, 2025, or 2024. Inventory used in clinical trials is also expensed as research and development expense, when selected for such use. Inventory that can be used in either the production of clinical or commercial products is expensed as research and development costs when identified for use in a clinical manufacturing campaign. The cost of finished goods inventory that is shipped to a customer to support the Company’s patient assistance programs is expensed when those shipments take place. As of December 31, 2025, and 2024, the Company did not have pre-launch inventory that qualified for capitalization. The Company performs an assessment of the recoverability of capitalized inventory during each reporting period and writes down any excess and obsolete inventory to its net realizable value in the period in which the impairment is first identified. Such impairment charges, should they occur, are recorded as a component of cost of product revenue in the consolidated statements of operations. The determination of whether inventory costs will be realizable requires the use of estimates by management. If actual market conditions are less favorable than projected by management, additional write downs of inventory may be required. Additionally, the Company’s products are subject to strict quality control and monitoring, which is performed throughout the manufacturing process. In the event that certain batches or units of product do not meet quality specifications, the Company will record a charge to cost of product revenue, to write down any unsaleable inventory to its estimated net realizable value.
Cost of Product Revenue	Cost of Product Revenue The components of cost of product revenue are royalties and expenses directly attributable to revenue. To date, the Company has generated revenue from product sales of MIPLYFFA and OLPRUVA, reimbursements received under the global EAP, royalties or net sales milestone payments generated under the Collaboration and License Agreement with Commave Therapeutics SA (the “AZSTARYS® License Agreement”), and consulting agreements.
Accounts and Other Receivables	Accounts and Other Receivables Accounts and other receivables consist of receivables from MIPLYFFA and OLPRUVA product sales, receivables under the AZSTARYS License Agreement, the global EAP, and income tax receivables and other receivables due to the Company. Receivables under the AZSTARYS License Agreement are recorded for amounts due to the Company related to reimbursable third-party costs as well as milestones and royalties on product sales. Receivables under the global EAP are recorded for product sales of MIPLYFFA in France and select territories outside of Europe. The Company provides reserves against receivables for estimated losses that may result from a customer's inability to pay. Receivables are evaluated to determine if any reserve or allowance should be recorded based on consideration of the current economic environment, expectations of future economic conditions, specific circumstances and the Company’s own historical collection experience. Amounts determined to be uncollectible are charged or written-off against the reserve.
Research and Development	Research and Development Major components of research and development costs include cash compensation, stock-based compensation, depreciation and amortization expense on research and development property and equipment, costs of preclinical studies, clinical trials and related clinical manufacturing, costs of drug development, costs of materials and supplies, facilities cost, overhead costs, regulatory and compliance costs, and fees paid to consultants and other entities that conduct certain research and development activities on the Company’s behalf. Costs incurred in research and development are expensed as incurred. The Company records nonrefundable advance payments it makes for future research and development activities as prepaid expenses. Prepaid expenses are recognized as expense in the consolidated statements of operations as the Company receives the related goods or services. The Company enters into contractual agreements with third-party vendors who provide research and development, manufacturing, and other services in the ordinary course of business. Some of these contracts are subject to milestone-based invoicing and services are completed over an extended period of time. The Company records liabilities under these contractual commitments when an obligation has been incurred. This accrual process involves reviewing open contracts and purchase orders, communicating with the applicable personnel to identify services that have been performed and estimating the level of service performed and the associated cost when the Company has not yet been invoiced or otherwise notified of actual cost. The majority of the service providers invoice the Company monthly in arrears for services performed. The Company makes estimates of the accrued expenses as of each balance sheet date based on the facts and circumstances known. The Company periodically confirms the accuracy of the estimates with the service providers and make adjustments, if necessary.
Patent Costs	Patent Costs Patent costs, including related legal costs, are expensed as incurred and recorded within general and administrative expenses on the consolidated statements of operations.
Income Taxes	Income Taxes The Company recognizes deferred tax assets and liabilities for the expected future tax consequences of temporary differences between the financial reporting and tax basis of assets and liabilities, as well as for operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using the tax rates that are expected to apply to taxable income for the years in which those tax assets and liabilities are expected to be realized or settled. Valuation allowances are recorded to reduce deferred tax assets to the amount the Company believes is more likely than not to be realized. The Company is subject to taxation in the United States (including federal, state, and local jurisdictions) and the Kingdom of Denmark. Generally, the Company is subject to examination by tax jurisdictions from 2021 to 2024 tax years as the statute of limitation (excluding net operating loss carryforwards) are 3 to 4 years in the United States and Kingdom of Denmark. Tax liabilities may arise from interpretations and judgments made by the Company with regard to transfer pricing in the application of the relevant statutes, regulations, tax rulings and case law across the various jurisdictions. The Company uses significant judgment in (1) determining whether the technical merits of tax positions taken in the various jurisdictions are more-likely-than-not to be sustained based on applicable tax law and (2) measuring the related amount of tax liability that qualifies for recognition. The United States federal and state tax jurisdictions can audit the net operating loss carryforwards from the tax years in which the statute of limitation has expired but can only adjust the net operating loss carryforwards. No income tax returns are currently under examination by taxing authorities. Uncertain tax positions are recognized only when the Company believes it is more likely than not that the tax position will be upheld on examination by the taxing authorities based on the merits of the position. The Company recognizes interest and penalties, if any, related to unrecognized income tax uncertainties in income tax expense. On December 22, 2017, the U.S. government enacted H.R. 1, “An Act to provide for reconciliation pursuant to titles II and V of the concurrent resolution on the budget for fiscal year 2018” (“Tax Act”). Effective January 1, 2018, the Tax Act provides for a new global intangible low-taxed income (“GILTI”) provision. Under the GILTI provision, certain foreign subsidiary earnings in excess of an allowable return on the foreign subsidiary’s tangible assets are included in U.S. taxable income. The Company has not recorded any deferred taxes for future GILTI inclusions as any future inclusions are expected to be treated as a period expense and offset by net operating loss carryforwards in the United States.
Stock-Based Compensation	Stock-Based Compensation The Company measures and recognizes compensation expense for all stock-based payment awards made to employees, officers and directors based on the estimated fair values of the awards as of the grant date. The Company records the value of the portion of the award that is ultimately expected to vest as expense over the requisite service period. The Company also accounts for equity instruments issued to non-employees using a fair value approach under ASC subtopic 505-50. The Company values equity instruments and stock options granted using the Black-Scholes-Merton (“BSM”) option pricing model.
Earnings per Share	Earnings per Share The Company uses the two-class method to compute net income (loss) per common share because the Company has issued securities, other than common stock, that contractually entitle the holders to participate in dividends and earnings of the Company. The two-class method requires earnings for the period to be allocated between common stock and participating securities based upon their respective rights to receive distributed and undistributed earnings. Holders of each series of the Company’s convertible preferred stock and select warrants are entitled to participate in distributions, when and if declared by the board of directors, that are made to common stockholders and, as a result, are considered participating securities.
Segment and Geographic Information	Segment and Geographic Information Operating segments are defined as components of an enterprise (business activity from which it earns revenue and incurs expenses) for which discrete financial information is available and regularly reviewed by the chief operating decision maker (“CODM”) in deciding how to allocate resources and in assessing performance. The Company’s CODM is its Chief Executive Officer. The Company views its operations and manages its business as a single operating and reporting segment.
Foreign Currency	Foreign Currency Assets and liabilities are translated into the reporting currency using the exchange rates in effect on the balance sheet dates. Equity accounts are translated at historical rates, except for the change in retained earnings during the year, which is the result of the income statement translation process. Revenue and expense accounts are translated using the weighted average exchange rate during the period. The cumulative translation adjustments associated with the net assets of foreign subsidiaries are recorded in accumulated other comprehensive income (loss) in the accompanying consolidated statements of stockholders’ equity.
Debt Issuance Costs	Debt Issuance Costs Debt issuance costs incurred in connection with financing arrangements are recorded as a reduction of the related debt on the consolidated balance sheets and amortized over the life of the respective financing arrangement using the effective interest method.
Warrants	Warrants The Company accounts for warrants as either equity-classified or liability-classified instruments based on an assessment of the warrant’s specific terms and applicable authoritative guidance in FASB ASC Topic 480, Distinguishing Liabilities from Equity (“ASC 480”) and FASB ASC Topic 815, Derivatives and Hedging (“ASC 815”). The assessment considers whether the warrants are freestanding financial instruments pursuant to ASC 480, meet the definition of a liability pursuant to ASC 480, and whether the warrants meet all of the requirements for equity classification under ASC 815, including whether the warrants are indexed to the Company's own stock and whether the warrant holders could potentially require “net cash settlement” in a circumstance outside of the issuing company’s control, among other conditions for equity classification. This assessment, which requires the use of professional judgment, is conducted at the time of warrant issuance and as of each subsequent quarterly period end date while the warrants are outstanding. For warrants that meet all criteria for equity classification, the warrants are required to be recorded as a component of additional paid-in capital on the consolidated statements of changes in stockholders’ equity at the time of issuance. For warrants that do not meet all the criteria for equity classification, the warrants are required to be recorded at their initial fair value on the date of issuance, and on each balance sheet date thereafter. Changes in the estimated fair value of the warrants are recognized as a non-cash gain or loss in other expense, net, on the consolidated statements of operations. The fair value of the warrants was estimated using the BSM option pricing model.
New Accounting Pronouncements Recently Adopted and Not Yet Adopted	New Accounting Pronouncements Recently Adopted In December 2023, the FASB issued Accounting Standards Update (“ASU”) No. 2023-09, Income Taxes (“Topic 740”): Improvements to Income Tax Disclosures. ASU 2023-09 establishes new income tax disclosure requirements in addition to modifying and eliminating certain existing requirements. Under the new guidance, entities must consistently categorize and provide greater disaggregation of information in the reconciliation of the effective tax rate to the statutory tax rate and must also further disaggregate income taxes paid. The Company adopted ASU 2023-09 for the year ended December 31, 2025 using a retrospective approach and included the required disclosures in the Notes to the Consolidated Financial Statements for income taxes. This standard update did not affect the Company’s results of operations. New Accounting Pronouncements Not Yet Adopted In November 2024, the FASB issued ASU No. 2024-03, Income Statement: Reporting Comprehensive Income-Expense Disaggregation Disclosures (“Subtopic 220-40”): Disaggregation of Income Statement Expenses. The new standard requires disclosure of specified information about certain costs and expenses. ASU 2024-03 is effective for fiscal years beginning after December 15, 2026 and for interim periods within fiscal years beginning after December 15, 2027. Early adoption is permitted. The Company is currently evaluating this guidance to determine the impact it may have on its consolidated financial statements disclosures.

Stock-Based Compensation - Share-Based Payment Arrangement, Option, Exercise Price Range (Details)	12 Months Ended
	Dec. 31, 2025 $ / shares shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Options outstanding, number of shares (in shares)	5,464,267
Exercisable, number of options (in shares)	2,701,924
Exercise Price Range One
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Exercise Price Range, Lower Range Limit (in dollars per share) \| $ / shares	$ 2.85
Exercise Price Range, Upper Range Limit (in dollars per share) \| $ / shares	$ 10.00
Options outstanding, number of shares (in shares)	5,270,954
Outstanding, weighted average remaining contractual term	6 years 7 months 6 days
Exercisable, number of options (in shares)	2,648,611
Exercisable, weighted average remaining contractual term (Year)	4 years 11 months 19 days
Exercise Price Range Two
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Exercise Price Range, Lower Range Limit (in dollars per share) \| $ / shares	$ 10.01
Exercise Price Range, Upper Range Limit (in dollars per share) \| $ / shares	$ 30.00
Options outstanding, number of shares (in shares)	141,875
Outstanding, weighted average remaining contractual term	9 years 8 months 15 days
Exercisable, number of options (in shares)	1,875
Exercisable, weighted average remaining contractual term (Year)	3 years 3 months 21 days
Exercise Price Range Three
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Exercise Price Range, Lower Range Limit (in dollars per share) \| $ / shares	$ 30.01
Exercise Price Range, Upper Range Limit (in dollars per share) \| $ / shares	$ 50.00
Options outstanding, number of shares (in shares)	20,593
Outstanding, weighted average remaining contractual term	0 years
Exercisable, number of options (in shares)	20,593
Exercisable, weighted average remaining contractual term (Year)	1 year 8 months 19 days
Exercise Price Range Four
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Exercise Price Range, Lower Range Limit (in dollars per share) \| $ / shares	$ 50.01
Exercise Price Range, Upper Range Limit (in dollars per share) \| $ / shares	$ 70.00
Options outstanding, number of shares (in shares)	12,021
Outstanding, weighted average remaining contractual term	8 months 23 days
Exercisable, number of options (in shares)	12,021
Exercisable, weighted average remaining contractual term (Year)	8 months 23 days
Exercise Price Range Five
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Exercise Price Range, Lower Range Limit (in dollars per share) \| $ / shares	$ 70.01
Exercise Price Range, Upper Range Limit (in dollars per share) \| $ / shares	$ 327.20
Options outstanding, number of shares (in shares)	18,824
Outstanding, weighted average remaining contractual term	1 year
Exercisable, number of options (in shares)	18,824
Exercisable, weighted average remaining contractual term (Year)	1 year

Property and Equipment - Estimated Useful Lives of Property and Equipment (Details)	Dec. 31, 2025
Furniture and office equipment \| Minimum
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life	5 years
Furniture and office equipment \| Maximum
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life	10 years
Computers and hardware \| Minimum
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life	3 years
Computers and hardware \| Maximum
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life	7 years
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life	15 years

Stock-Based Compensation - Stock-based Compensation Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total stock-based compensation expense	$ 12,634	$ 14,906
Research and development
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total stock-based compensation expense	841	5,819
Selling, general and administrative
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total stock-based compensation expense	$ 11,793	$ 9,087

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Leases- Schedule of Component of Lease Expenses (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Leases [Abstract]
Operating lease cost	$ 747	$ 330
Short-term lease cost	127	177
Variable lease cost	36	39
Less: sublease income	(144)	(128)
Total lease costs	$ 766	$ 418

Stock and Warrants

12 Months Ended

Dec. 31, 2025

Equity [Abstract]

Stock and Warrants

Authorized, Issued, and Outstanding Common Shares

As of December 31, 2025, and 2024, the Company had authorized shares of common stock of 250,000,000 shares. Of the authorized shares, 58,338,319 and 55,246,401 shares of common stock were issued as of December 31, 2025, and 2024, respectively, and 56,854,781 and 53,670,709 shares of common stock were outstanding as of December 31, 2025, and 2024, respectively.

As of December 31, 2025, and 2024, the Company had reserved authorized shares of common stock for future issuance as follows:


	December 31,
	2025	2024
Outstanding awards under equity incentive plans	7,060,457	7,789,658
Outstanding common stock warrants	4,024,157	5,483,537
Possible future issuances under equity incentive plans	6,327,569	5,383,165
Possible future issuances under employee stock purchase plan	1,011,962	1,148,012
Total common shares reserved for future issuance	18,424,145	19,804,372

Common Stock Activity

The following table summarizes common stock activity for the years ended December 31, 2025 and 2024:


			Shares of Common Stock
Balance as of January 1, 2024			41,534,668
Common stock issued in connection with a public offering (Note A)			10,615,385
Common stock issued in connection with restricted stock units			218,000
Common stock issued as compensation to third parties			92,988
Common stock issued in connection with vesting of performance-based awards			547,945
Common stock issued as a result of stock options exercised			469,563
Common stock issued as a result of the Employee Stock Purchase Plan			192,160
Balance as of December 31, 2024			53,670,709
Common stock issued as compensation to third parties			9,306
Common stock issued as a result of stock options exercised or RSUs vested			1,579,336
Common stock issued as a result of stock warrants exercised			1,459,380
Common stock issued as a result of the Employee Stock Purchase Plan			136,050
Balance as of December 31, 2025			56,854,781

Authorized, Issued, and Outstanding Preferred Stock

As of December 31, 2025, and 2024, the Company had 10,000,000 shares of authorized, unallocated preferred stock, As of December 31, 2025, and 2024, no shares of preferred stock were designated, issued, or outstanding.

Warrants to Purchase Common Stock

The Company has issued warrants to purchase common stock to various third parties, of which 4,024,157 remain outstanding as of December 31, 2025, and are immediately exercisable. These warrants qualify as participating securities under ASC Topic 260, Earnings per Share, and are treated as such in the net income (loss) per share calculation (Note P). The Company may be required to redeem these warrants for a cash amount equal to the BSM value of the portion of the warrants to be redeemed.

While the warrants are outstanding (but unexercised), the warrant holders will participate in any dividend or other distribution of the Company’s assets to its common stockholders by way of return of capital or otherwise. As of December 31, 2025, 1,459,380 of the warrants had been exercised. No warrants had been exercised as of December 31, 2024. The warrants have been evaluated to determine the appropriate accounting and classification pursuant to ASC 480 and ASC 815. Generally, freestanding warrants should be classified as (i) liabilities if the warrant terms allow settlement of the warrant exercise in cash and (ii) equity if the warrant terms only allow settlement in shares of common stock.

The Company determined that its outstanding warrants should be recorded as a liability and stated at fair value at each reporting period. Changes to the fair value of the warrant liability are recorded through the consolidated statements of operations as a fair value adjustment related to warrant and CVR liability. As of December 31, 2025, and 2024, the fair value of the liability associated with these warrants was approximately $9.6 million and $17.8 million, respectively. The fair value adjustment related to these warrants was $0.2 million of income and $1.7 million of loss for the years ended December 31, 2025, and 2024, respectively.

- Definition

The entire disclosure for equity.

+ References

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+ Details