0001437749-24-015705 | 10-Q | XBRL Viewer

Equity [Text Block]

G.	Stock and Warrants

Authorized, Issued, and Outstanding Common Shares

As of March 31, 2024, and December 31, 2023, the Company had authorized shares of common stock of 250,000,000 shares. Of the authorized shares, 43,426,186 and 43,110,360 shares of common stock were issued as of March 31, 2024, and December 31, 2023, respectively, and 41,850,494 and 41,534,668 shares of common stock were outstanding as of March 31, 2024, and December 31, 2023, respectively.

As of March 31, 2024 and December 31, 2023, the Company had reserved authorized shares of common stock for future issuance as follows:

	*March 31, 2024*		*December 31, 2023*
Outstanding awards under equity incentive plans		9,324,407		8,023,142
Outstanding common stock warrants		5,603,729		5,603,729
Possible future issuances under equity incentive plans		4,366,537		1,728,885
Possible future issuances under employee stock purchase plans		1,340,172		1,340,172
Total common shares reserved for future issuance		20,634,845		16,695,928

Common Stock Activity

The following table summarizes common stock activity for the three months ended March 31, 2024:

	*Shares of Common Stock*
Balance as of January 1, 2024		41,534,668
Common stock issued as compensation to third parties		9,000
Common stock issued as a result of stock options exercised		306,826
Balance as of March 31, 2024		41,850,494

Authorized, Issued, and Outstanding Preferred Stock

As of March 31, 2024, and December 31, 2023, the Company had 10,000,000 shares of authorized preferred stock, none of which 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 5,603,729 remain outstanding as of March 31, 2024, 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 loss per share calculation (Note H). The Company may be required to redeem these warrants for a cash amount equal to the Black-Scholes value of the portion of the warrants to be redeemed (the “Put Option”).

In connection with the Merger (Note L), in November 2023, the Company directly issued to certain investors an aggregate of 1,382,489 shares of its common stock, par value $0.0001 per share, and accompanying warrants to purchase up to 1,382,489 shares of its common stock (the "2023 Warrants") at a combined offering price of $4.34 per share of common stock and the Warrants and an aggregate of 917,934 shares of its common stock in exchange for the cancellation of a warrant to purchase 2,920,306 shares of common stock of Acer. The Warrants are immediately exercisable and expire on November 22, 2028. The Company used the net proceeds of approximately $6.0 million from the offering for general corporate purposes. These warrants are separately exercisable by the warrant holders. 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 March 31, 2024, and December 31, 2023, none of the warrants have been exercised. The warrants have been evaluated to determine the appropriate accounting and classification pursuant to ASC Topic 480, Distinguishing Liabilities from Equity, and ASC Topic 815, Derivatives and Hedging. 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 and the Put Option 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 unaudited condensed consolidated statements of operations as a fair value adjustment related to warrant and CVR liability. As of March 31, 2024, and December 31, 2023, the fair value of the liability associated with these warrants and the Put Option was approximately $11.5 million and $16.1 million, respectively. The fair value adjustment related to these warrants and the Put Option was approximately $4.6 million of income and $1.5 million of expense for the three months ended March 31, 2024, and 2023, respectively.

The entire disclosure for equity.

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Note L - Merger - Pro Forma Combined Results of Operations (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2024 USD ($)
Pro forma revenue	$ 3,176
Pro forma net loss	$ (20,652)

Note L - Merger

3 Months Ended

Mar. 31, 2024

Mergers, Acquisitions and Dispositions Disclosures [Text Block]

L.	Merger

On August 30, 2023, in connection with the Merger Agreement with Acer, the following transactions occurred prior to Closing:

●

Bridge Loan - Zevra and Acer entered into a bridge loan agreement (the “Bridge Loan Agreement”), providing for Zevra to make loans (collectively, the “Bridge Loan”) to Acer up to an aggregate principal amount of $16.5 million. The Bridge Loan was provided to Acer to support its termination agreement with Relief Therapeutics Holding SA (“Relief”) and to provide Acer with working capital, including for payments of accounts payable to support the commercial launch of OLPRUVA and the development of celiprolol pending the Merger’s closure. On October 31, 2023, the Company and Acer entered into an amendment to the Bridge Loan Agreement, which increased the aggregate principal amount available under the loan from $16.5 million to $18.0 million.

●

Purchase of Acer’s Term Loans - Zevra purchased certain indebtedness of Acer held by Nantahala Capital Management, LLC ("Nantahala). Under the loan purchase with Nantahala, certain of its affiliates and certain other parties (collectively with Nantahala, "Nantahala Holders") Zevra purchased (i) an original senior secured term loan facility made available to Acer in an aggregate amount of $6.5 million and funded on March 14, 2022, and (ii) an additional senior secured term loan made to Acer in an aggregate amount of $7.0 million in a single borrowing which funded on January 31, 2023 for (1) $12.0 million in cash; (2) 98,683 shares of Zevra Common Stock; and (3) a secured Promissory Note payable by Zevra to Nantahala in the original principal amount $5.0 million. These were recorded as receivables form Acer and were treated as a settlement of a preexisting relationship in connection with the closing of the transaction and recorded as a component of purchase consideration.

●

Purchase of Acer’s Convertible Notes (“Marathon Convertible Notes”)- Under the Note Purchase Agreement with the Nantahala Holders, Zevra purchased the Marathon Convertible Notes that Nantahala had acquired on June 16, 2023. Zevra acquired the Marathon Convertible Notes in exchange for the issuance of 2,171,038 shares of Zevra Common Stock at $5.0667 per share for a total purchase price of $11.0 million.

●

Amendment to IP License Agreement and IP Termination Agreement: As a condition to entering into the Merger Agreement, Acer and Relief Therapeutics Holding AG ("Relief") entered into the Exclusive License Agreement and the Termination Agreement terminating the collaboration and license agreement, dated March 19, 2021, by and between Acer and Relief. Pursuant to the Exclusive License Agreement, Relief holds exclusive development and commercialization rights for OLPRUVA in the European Union, 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). Acer has the right to receive a royalty of up to 10.0% of the net sales of OLPRUVA in Geographical Europe. In accordance with the terms of the Termination Agreement, Relief received an upfront payment from Acer of $10.0 million (which payment was funded with the Bridge Loan described above) with an additional payment of $1.5 million due on the first-year anniversary of the $10.0 million payment. Acer also agreed to pay a 10.0% royalty on net sales of OLPRUVA worldwide, excluding Geographical Europe, and 20.0% of any value received by Acer from certain third parties relating to OLPRUVA licensing or divestment rights, all of the foregoing which are capped at $45.0 million, for total payments to Relief of up to $56.5 million.

In connection with the closing of the Merger on November 17, 2023, each share of common stock of Acer was converted into the right to receive (i) 0.1210 fully paid and non-assessable shares of common stock of Zevra, par value $0.0001 per share , and (ii) one non-transferable contingent value right (“CVR”) to be issued by Zevra, which will represent the right to receive one or more contingent payments up to an additional $76 million upon the achievement, if any, of certain commercial and regulatory milestones for Acer’s OLPRUVA and celiprolol products within specified time periods. Certain additional cash payments are also possible pursuant to the CVRs with respect to milestones involving Acer’s early-stage program ACER-2820 (emetine).

The assets acquired and liabilities assumed were recorded based on their acquisition date fair values. Consideration for the Merger was $72.6 million and consists of (i) approximately 2.96 million shares of Zevra common stock valued at $12.8 million, (ii) the Bridge Loan advances of $17.8 million, (iii) $12.0 million in cash paid to Nantahala; (iv) 2.27 million shares of Zevra Common Stock issued to Nantahala valued at $11.5 million based on the VWAP of shares of Zevra Common Stock during the 20 consecutive trading days ending on the trading date prior to August 30, 2023; (v) a secured promissory note payable by Zevra to Nantahala in the original principal amount of $5.0 million, as disclosed in Note C, (vi) $8.5 million in the estimated fair value of contingent consideration related to the CVRs, (vii) approximately 0.9 million shares of Zevra Common Stock issued to a former holder of Acer warrants valued at $4.0 million based on Zevra's common stock price on the Effective Date and (viii) $1.0 million in notes payable paid by the Company on Acer's behalf. In addition, effective as of immediately prior to the Effective Time, all of the outstanding and unexercised Acer stock options were automatically cancelled and ceased to exist without any cash or other consideration being paid or provided in respect thereof. The following purchase price allocation reflects the preliminary estimates of and assumptions related to the fair values of assets acquired and liabilities assumed:

Assets
Cash	$	575
Prepaid expenses		278
Other current assets		11
Inventory		9,376
Property, plant, and equipment		35
Other noncurrent assets		209
Approved product - OLPRUVA		68,000
IPR&D - celiprolol		2,000
Goodwill acquired		4,701
		85,185

Liabilities
Accounts payable and accrued expenses	$	10,881
Deferred collaboration funding		1,500
Operating lease liabilities		175
		12,556
Fair Value of Net Assets Acquired	$	72,629

The preliminary fair values assigned to the tangible and intangible assets acquired and liabilities assumed were determined using an income approach based on management’s estimates and assumptions, as well as other information compiled by management, including third-party valuations that utilize customary valuation procedures and techniques. These preliminary fair values are subject to change within the one-year measurement period. The estimated fair values were developed by discounting future net cash flows to their present value at market-based rates of return. The goodwill acquired represents the excess of the purchase price and related costs over the value assigned to the net tangible and identifiable intangible assets of the business acquired. The useful lives of the intangible assets for amortization purposes were determined by considering the period of expected cash flows used to measure the fair values of the intangible assets adjusted as appropriate for entity-specific factors including legal, regulatory, contractual, competitive, economic and other factors that may limit the useful life. The marketed product asset is amortized on a straight-line basis over its estimated useful life. As of March 31, 2024, the IPR&D project had not been completed or abandoned and, therefore, the IPR&D intangible asset is not currently subject to amortization.

The results of operations and changes in stockholders' equity for Acer were included in the Company's consolidated financial statements beginning November 18, 2023.

The following pro forma combined results of operations present the acquisition as if it had occurred on January 1, 2023. The pro forma combined results of operations do not necessarily represent the Company's consolidated results of operations had the acquisition occurred on the date assumed, nor are these results necessarily indicative of the Company's future consolidated results of operations. The Company expects to realize certain benefits from integrating Acer into the Company and to incur certain one-time costs. The pro forma combined results of operations do not reflect these benefits or costs.

Three Months Ended

March 31, 2023

Pro forma revenue

3,176

Pro forma net loss

(20,652

)

Cancellation of Acer Warrant

On November 22, 2023, the Company sold an aggregate of 917,934 shares of its common stock to a healthcare focused investment fund (the "Investor") to cancel a warrant held by the Investor to purchase 2,920,306 shares of common stock of Acer. The shares of common stock were offered and sold to the Investor in a registered direct offering without an underwriter or placement agent.

Contingent Consideration

Contingent consideration liabilities relate to our liabilities arising in connection with the CVRs issued as a result of the Merger. 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 at December 31, 2023	$	7,262
Change in fair value recognized in earnings		938
Balance at March 31, 2024	$	8,200

For the three months ended March 31, 2024, the Company recorded a $0.9 million loss on the change in fair value of contingent consideration, primarily due to changes in market data and revenue projections.

Note K - Leases - Maturities of Lease Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
2024 (excluding the three months ended March 31, 2024), finance leases	$ 0
2024 (excluding the three months ended March 31, 2024), operating leases	531
2025, finance leases	0
2025, operating leases	511
2026, finance leases	0
2026, operating leases	142
2027, finance leases	0
2027, operating leases	132
2028, finance leases	0
2028, operating leases	155
Thereafter, finance leases	0
Thereafter, operating leases	40
Total lease payments, finance leases	0
Total lease payments, operating leases	1,511
Less: future interest expense, finance leases	0
Less: future interest expense, operating leases	(223)
Lease liabilities, finance leases	0	$ 0
Lease liabilities, operating leases	$ 1,288	$ 999

Note L - Merger - Reconciliation of Contingent Consideration Liabilities (Details) - Acer Therapeutics Inc [Member] $ in Thousands	3 Months Ended
	Mar. 31, 2024 USD ($)
Balance	$ 7,262
Change in fair value recognized in earnings	938
Balance	$ 8,200

Note I - Fair Value of Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2024

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block]

	*Balance as of March 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 (Note L)		8,200	$	—	$	—	$	8,200
Warrant liabilities		11,535		—		—		11,535
Total liabilities	$	19,735	$	—	$	—	$	19,735
		—
Securities:
U.S. Treasury securities		9,868		9,868		—		—
Total assets	$	9,868	$	9,868	$	—	$	—

		*Balance as of December 31, 2023*		*Quoted Prices in Active Markets for Identical Assets (Level 1)*		*Significant Other Observable Inputs (Level 2)*		*Significant Unobservable Inputs (Level 3)*
CVR liability (Note L)	$	7,262	$	—	$	—	$	7,262
Warrant liabilities		16,100		—		—		16,100
Total liabilities	$	23,362	$	—	$	—	$	23,362
		—
Securities:
U.S. Treasury securities	$	24,688	$	24,688	$	—	$	—
Total assets	$	24,688	$	24,688	$	—	$	—

Fair Value Measurement Inputs and Valuation Techniques [Table Text Block]

	March 31, 2024			December 31, 2023
Risk-free interest rate		4.14% - 4.57	%		3.76% - 4.12	%
Volatility		59.43% - 92.76	%		62.01% - 92.42	%
Dividend yield		0	%		0	%
Expected term (years)		1.8 - 4.6			2.0 - 4.9
Weighted average fair value		2.17			2.94

Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block]

Balance as of December 31, 2023	$	16,100
Change in fair value measurement		(4,565	)
Balance as of March 31, 2024	$	11,535

Note M - Goodwill & Intangible Assets (Details Textual) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Goodwill	$ 4,701		$ 4,701
Indefinite-Lived Intangible Assets (Excluding Goodwill)	$ 2,000		2,000
Finite-Lived Intangible Asset, Useful Life (Year)	11 years
Amortization of Intangible Assets	$ 1,500	$ 0
Finite-Lived Intangible Asset, Expected Amortization, Remainder of Fiscal Year	6,200
Finite-Lived Intangible Asset, Expected Amortization, Year One	6,200
Finite-Lived Intangible Asset, Expected Amortization, Year Two	6,200
Finite-Lived Intangible Asset, Expected Amortization, Year Three	6,200
Finite-Lived Intangible Asset, Expected Amortization, Year Four	6,200
OLPRUVA [Member]
Finite-Lived Intangible Assets, Net	$ 65,700		$ 67,200

Note C - Inventories - Summary of Inventory (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Raw materials	$ 4,044	$ 2,938
Work in progress	3,309	1,884
Finished goods	5,073	5,019
Total inventory	$ 12,426	$ 9,841

Note A - Description of Business, Basis of Presentation and Significant Transactions (Details Textual) - USD ($) $ in Thousands		3 Months Ended		12 Months Ended
	Jul. 12, 2021	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023	Feb. 05, 2024	Oct. 31, 2023	Aug. 30, 2023	Dec. 20, 2021	Jul. 02, 2021
Net Income (Loss) Attributable to Parent		$ (16,622)	$ (13,217)
Retained Earnings (Accumulated Deficit)		$ (416,400)		$ (399,778)
Common Stock Registered, Shares (in shares)					2,269,721
Sale of Stock, Authorized Amount	$ 350,000
Stock Repurchase Program, Authorized Amount								$ 50,000
Share Repurchase Program [Member]
Treasury Stock, Common, Shares (in shares)				1,575,692
Treasury Stock, Common, Value				$ 11,000
JMP and RBCCM [Member] \| ATM Agreement Sales [Member]
Equity Distribution Agreement, Maximum Aggregate Offering Price									$ 75,000
Equity Distribution Agreement, Commission Fee, Percentage of Gross Sales									3.00%
Stock Issued During Period, Value, New Issues	$ 75,000
Stock Issued During Period, Shares, New Issues (in shares)		0		0
Bridge Loan [Member]
Financing Receivable, Maximum Limit						$ 18,000	$ 18,000

Note G - Stock and Warrants (Details Textual) - USD ($) $ / shares in Units, $ in Thousands		1 Months Ended	2 Months Ended	3 Months Ended
	Nov. 22, 2023	Nov. 30, 2023	Dec. 31, 2023	Mar. 31, 2024	Mar. 31, 2023
Common Stock, Shares Authorized (in shares)			250,000,000	250,000,000
Common Stock, Shares, Issued (in shares)			43,110,360	43,426,186
Common Stock, Shares, Outstanding (in shares)			41,534,668	41,850,494
Preferred Stock, Shares Authorized (in shares)			10,000,000	10,000,000
Class of Warrant or Right, Outstanding (in shares)				5,603,729
Stock Issued During Period, Shares, Acquisitions (in shares)		1,382,489
Common Stock, Par or Stated Value Per Share (in dollars per share)		$ 0.0001	$ 0.0001	$ 0.0001
Derivative and Warrant Liability, Noncurrent			$ 16,100	$ 11,535
Fair Value Adjustment of Put Option, Net of Tax				$ 4,600	$ 1,500
Acer Warrants [Member]
Proceeds from Warrant Exercises		$ 6,000
Class of Warrants or Right, Exercised During Period (in shares)			0	0
Acer Warrants [Member] \| Common Stock [Member]
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares)		1,382,489
Shares and Warrants Issued, Price Per Share (in dollars per share)		$ 4.34
The Investor Warrant [Member]
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares)	2,920,306	2,920,306
Stock Issued During Period, Shares, New Issues (in shares)	917,934	917,934

Note K - Leases

3 Months Ended

Mar. 31, 2024

Lease Disclosure [Text Block]

K.	Leases

The Company has operating and finance leases for office space, laboratory facilities and various laboratory equipment, furniture and office equipment and leasehold improvements. The Company 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 unaudited condensed 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 1 year to approximately 3 years, some of which include options to extend the leases for up to 5 years, and some which include options to terminate the leases within 1 year.

Effective June 1, 2021, the Company agreed to sublease office space in Florida, comprised of one of the two contiguous suites, under a non-cancelable operating lease, which expires in February 2026.

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

	*Three months ended March 31,*
Lease Cost	*2024*			*2023*
Finance lease cost:
Amortization of right-of-use assets	$	12		$	32
Interest on lease liabilities		—			—
Total finance lease cost		12			32
Operating lease cost		93			113
Short-term lease cost		59			55
Variable lease cost		13			13
Less: sublease income		(39	)		(39	)
Total lease costs	$	138		$	174

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

	*Three months ended March 31,*
	*2024*		*2023*
Cash paid for amounts included in the measurement of lease liabilities:
Financing cash flows from finance leases	$	—	$	2
Operating cash flows from operating leases		123		142
Operating cash flows from short-term leases		59		55
Operating cash flows from variable lease costs		13		13

Right-of-use assets obtained in exchange for lease liabilities:
Finance leases	$	—	$	—
Operating leases		419		—

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

	March 31,			December 31,
	2024			2023
Finance Leases
Property and equipment, at cost	$	1,031		$	1,031
less: accumulated depreciation and amortization		(894	)		(882	)
Property and equipment, net	$	137		$	149

Other current liabilities	$	—		$	—
Other long-term liabilities		—			—
Total finance lease liabilities	$	—		$	—

Operating Leases
Operating lease right-of-use assets	$	1,086		$	790
Total operating lease right-of-use assets	$	1,086		$	790

Current portion of operating lease liabilities	$	583		$	543
Operating lease liabilities, less current portion		705			456
Total operating lease liabilities	$	1,288		$	999

Weighted Average Remaining Lease Term
Operating leases (in years)		3			2

Weighted Average Discount Rate
Finance leases		0.0	%		14.3	%
Operating leases		9.3	%		7.6	%

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

	*Finance*		*Operating*
Year Ending December 31,	*Leases*		*Leases*
2024 (excluding the three months ended March 31, 2024)	$	—	$	531
2025		—		511
2026		—		142
2027		—		132
2028		—		155
Thereafter		—		40
Total lease payments		—		1,511
Less: future interest expense		—		(223	)
Lease liabilities	$	—	$	1,288

Unaudited Condensed Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Revenue, net	$ 3,425	$ 3,176
Cost of product revenue (excluding $1,528 in intangible asset amortization for the three months ended March 31, 2024, shown separately below)	175	125
Intangible asset amortization	1,528	0
Operating expenses:
Research and development	12,277	8,655
Selling, general and administrative	9,931	7,227
Total operating expenses	22,208	15,882
Loss from operations	(20,486)	(12,831)
Other income (expense):
Interest expense	(735)	(182)
Fair value adjustment related to warrant and CVR liability	3,627	(1,545)
Fair value adjustment related to investments	(27)	196
Interest and other income, net	929	1,042
Total other income (expense)	3,794	(489)
Loss before income taxes	(16,692)	(13,320)
Income tax benefit	70	103
Net loss	$ (16,622)	$ (13,217)
Basic and diluted net loss per share of common stock:
Net loss (in dollars per share)	$ (0.4)	$ (0.38)
Weighted average number of shares of common stock outstanding:
Basic and diluted (in shares)	41,778,774	34,466,542

Note G - Stock and Warrants - Reserved Authorized Shares of Common Stock for Future Issuance (Details) - shares	Mar. 31, 2024	Dec. 31, 2023
Common shares reserved for future issuance (in shares)	20,634,845	16,695,928
Warrant [Member]
Common shares reserved for future issuance (in shares)	5,603,729	5,603,729
Share-Based Payment Arrangement [Member]
Common shares reserved for future issuance (in shares)	9,324,407	8,023,142
Possible Future Issuances Under Equity Incentive Plans [Member]
Common shares reserved for future issuance (in shares)	4,366,537	1,728,885
Possible Future Issuances Under Employee Stock Purchase Plans [Member]
Common shares reserved for future issuance (in shares)	1,340,172	1,340,172

Note K - Leases - Supplement Cash Flow Information Related to Leases (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Financing cash flows from finance leases	$ (0)	$ 2
Operating cash flows from operating leases	123	142
Operating cash flows from short-term leases	59	55
Operating cash flows from variable lease costs	13	13
Finance leases	0	0
Operating leases	$ 419	$ 0

Note H - Stock-based Compensation

3 Months Ended

Mar. 31, 2024

Share-Based Payment Arrangement [Text Block]

H.	Stock-Based Compensation

The Company maintains a stock-based compensation plan (the “Incentive Stock Plan”) that governs stock awards made to employees and directors prior to completion of the IPO.

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 is 9,932,883 as of March 31, 2024. The number of shares of common stock reserved for issuance under the A&R 2014 Plan will automatically increase on January 1 of each year, until 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 2014 Plan, on January 1, 2024, the common stock reserved for issuance under the 2014 Plan automatically increased by 1,661,386 shares.

During the three months ended March 31, 2024, 716,875 stock options were exercised. During the three months ended March 31, 2023, no stock options were exercised.

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 March 31, 2024, 159,828 shares have been issued under the ESPP.

In January 2023, the Board approved the 2023 Employment Inducement Award Plan (the "2023 Plan"). The maximum number of shares of common stock that were initially available for issuance under the 2023 Plan was 1,500,000. In February 2024, our Board approved an amendment to the 2023 Plan to increase the aggregate number of shares of common stock available for issuance under the 2023 Plan from 1,500,000 to 4,500,000 shares.

In May 2023, the Board approved the Ninth Amended and Restated Non-Employee Director Compensation Policy (the “Non-Employee Director Compensation Policy”). The equity compensation made pursuant to the Non-Employee Director Compensation Policy will be granted under the A&R 2014 Plan.

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

	*Three months ended March 31,*
	*2024*		*2023*
Research and development	$	853	$	572
Selling, general and administrative		1,266		19
Total stock-based compensation expense	$	2,119	$	591

There was no stock-based compensation expense related to performance-based awards recognized during the three months ended March 31, 2024, and 2023.

Note D - Debt Obligations - Future Minimum Principal Payments (Details) - Nantahala Note [Member] - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
2024	$ 0
2025	1,200
2026	3,800
Total minimum payments	5,000	$ 5,000
Plus: unamortized debt premium and debt issuance costs	59
Secured promissory note, net	$ 5,059	$ 5,066

Amount of unamortized debt discount (premium) and debt issuance costs.

Material Terms of Trading Arrangement [Text Block]

Unaudited Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Cash flows from operating activities:
Net loss	$ (16,622)	$ (13,217)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock-based compensation expense	2,119	945
Non-cash interest expense	239	0
Depreciation and amortization expense	1,562	79
Fair value adjustment related to warrant and CVR liability	(3,627)	1,545
Fair value adjustment related to investments	27	(196)
Consulting fees paid in common stock	56	42
Loss (gain) on foreign currency exchange	229	(240)
Change in assets and liabilities:
Accounts and other receivables	9,072	477
Prepaid expenses and other assets	(44)	703
Inventories	(2,585)	51
Operating lease right-of-use assets	123	80
Accounts payable and accrued expenses	(7,306)	3,836
Discount and rebate liability	1,020	1,528
Operating lease liabilities	(130)	(107)
Other liabilities	(298)	429
Net cash used in operating activities	(16,165)	(4,045)
Cash flows from investing activities:
Purchases of property and equipment	0	(29)
Maturities (purchases) of investments	14,793	(17,526)
Net cash provided by (used in) investing activities	14,793	(17,555)
Cash flows from financing activities:
Proceeds from issuance of debt	0	12,914
Repayment of debt	0	(12,800)
Payments to repurchase shares as part of the Share Repurchase Program	0	(3,447)
Proceeds from issuance of stock	1,217	0
Payment of principal on insurance financing arrangements	0	(415)
Repayment of principal on finance lease liabilities	0	(2)
Net cash provided by (used in) financing activities	1,217	(3,750)
Effect of exchange rate changes on cash and cash equivalents	(45)	65
Net decrease in cash and cash equivalents	(200)	(25,285)
Cash and cash equivalents, beginning of period	43,049	65,466
Cash and cash equivalents, end of period	42,849	40,181
Supplemental cash flow information:
Cash paid for interest	140	68
Supplemental disclosure of noncash financing activities:
Cost accrued in connection with the Credit Agreement (Note D)	$ 1,726	$ 0

Note I - Fair Value of Financial Instruments - Reconciliation of Beginning and Ending Balances for Derivative and Warrant Liability Measured at Fair Value on Recurring Basis (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2024 USD ($)
Balance	$ 16,100
Change in fair value measurement	(4,565)
Balance	$ 11,535

Insider Trading Arrangements

3 Months Ended

Mar. 31, 2024

Insider Trading Arr Line Items

Item 5.

Other Information

(a) Disclosure in lieu of reporting on a Current Report on Form 8-K.

None.

(b) Material changes to the procedures by which security holders may recommend nominees to the board of directors.

None.

During the three months ended March 31, 2024, no director or officer of the Company adopted or terminated a “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement,” as each term is defined in Item 408(a) of Regulation S-K.

Rule 10b5-1 Arrangement Adopted [Flag]

false

Non-Rule 10b5-1 Arrangement Adopted [Flag]

false

Rule 10b5-1 Arrangement Terminated [Flag]

false

Non-Rule 10b5-1 Arrangement Terminated [Flag]

false

Note K - Leases (Tables)

3 Months Ended

Mar. 31, 2024

Lease, Cost [Table Text Block]

	*Three months ended March 31,*
Lease Cost	*2024*			*2023*
Finance lease cost:
Amortization of right-of-use assets	$	12		$	32
Interest on lease liabilities		—			—
Total finance lease cost		12			32
Operating lease cost		93			113
Short-term lease cost		59			55
Variable lease cost		13			13
Less: sublease income		(39	)		(39	)
Total lease costs	$	138		$	174

Schedule of Leases Cash Flow Information [Table Text Block]

	*Three months ended March 31,*
	*2024*		*2023*
Cash paid for amounts included in the measurement of lease liabilities:
Financing cash flows from finance leases	$	—	$	2
Operating cash flows from operating leases		123		142
Operating cash flows from short-term leases		59		55
Operating cash flows from variable lease costs		13		13

Right-of-use assets obtained in exchange for lease liabilities:
Finance leases	$	—	$	—
Operating leases		419		—

Schedule of Leases Balance Sheet Information [Table Text Block]

	March 31,			December 31,
	2024			2023
Finance Leases
Property and equipment, at cost	$	1,031		$	1,031
less: accumulated depreciation and amortization		(894	)		(882	)
Property and equipment, net	$	137		$	149

Other current liabilities	$	—		$	—
Other long-term liabilities		—			—
Total finance lease liabilities	$	—		$	—

Operating Leases
Operating lease right-of-use assets	$	1,086		$	790
Total operating lease right-of-use assets	$	1,086		$	790

Current portion of operating lease liabilities	$	583		$	543
Operating lease liabilities, less current portion		705			456
Total operating lease liabilities	$	1,288		$	999

Weighted Average Remaining Lease Term
Operating leases (in years)		3			2

Weighted Average Discount Rate
Finance leases		0.0	%		14.3	%
Operating leases		9.3	%		7.6	%

Operating and Finance Lease, Liability, Maturity [Table Text Block]

	*Finance*		*Operating*
Year Ending December 31,	*Leases*		*Leases*
2024 (excluding the three months ended March 31, 2024)	$	—	$	531
2025		—		511
2026		—		142
2027		—		132
2028		—		155
Thereafter		—		40
Total lease payments		—		1,511
Less: future interest expense		—		(223	)
Lease liabilities	$	—	$	1,288

Note M - Goodwill & Intangible Assets

3 Months Ended

Mar. 31, 2024

Goodwill and Intangible Assets Disclosure [Text Block]

M.	Goodwill & Intangible Assets

The Company's goodwill balance was $4.7 million as of March 31, 2024, and December 31, 2023.

As of March 31, 2024, and December 31, 2023, non-amortizable intangible assets include IPR&D of $2.0 million

As of March 31, 2024, and December 31, 2023, the Company had a definite-lived intangible asset, net related to the acquisition of OLPRUVA as a result of the Merger of $65.7 million and $67.2 million, respectively. This is amortized on a straight-line basis over its estimated economic life of eleven years and is reviewed periodically for impairment. Amortization expense is recorded as a component of cost of revenue in the unaudited condensed consolidated statements of operations and was $1.5 million for the three months ended March 31, 2024. No amortization expense related to definite-lived intangible assets was recognized for the three months ended March 31, 2023.

For intangible assets subject to amortization, estimated amortization expense for the five fiscal years subsequent to March 31, 2024, is expected to be $6.2 million per year.

Note B - Summary of Significant Accounting Policies

3 Months Ended

Mar. 31, 2024

Significant Accounting Policies [Text Block]

B.	Summary of Significant Accounting Policies

Use of Estimates

The preparation of financial statements in conformity with U.S. GAAP requires the Company to make estimates and assumptions that affect the amounts reported in the unaudited condensed 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 investments and the fair value of the derivative and 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.

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 ASC 825, Financial Instruments ("ASC 825"). As such, these securities are carried at fair value with unrealized gains and losses included in fair value adjustment related to investments on the unaudited condensed consolidated statements of operations. The securities primarily consist of U.S. Treasury securities and are included in securities at fair value in the unaudited condensed consolidated balance sheets. As of March 31, 2024, and December 31, 2023, the Company held securities with an aggregate fair value of $9.9 million and $24.7 million, respectively, that contained aggregate unrealized (losses) gainsof approximately ($0.1) million and $0.2 million, respectively. 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 unaudited condensed 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 representation on 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 judgement in determining whether these interests, in the aggregate, are considered potentially significant to the VIE. As of March 31, 2024, and December 31, 2023, the Company identified Acer to be the Company's sole interest in a VIE (Note L). 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.

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 performance obligations; and 5) recognizing revenue when the performance obligations have been fulfilled.

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 they 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.

Up-front 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.

Product Revenues, Net

Net revenues from product sales is recognized at the transaction price when the customer obtains control of the Company's products, which occurs at a point in time, typically upon receipt of the product by the customer.

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 remining in the distribution channel, as well as expectations about the market for the product and anticipated introduction of competitive products.

Inventories

The value of inventory is recorded at its net realizable value. The Company determines the cost of its other inventories, which includes amounts related to materials and manufacturing overhead, on a first-in, first-out basis.

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 product 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. Inventory manufactured prior to regulatory approval is recorded as research and development expense until regulatory approval for the product is obtained. 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 March 31, 2024, and December 31, 2023, 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 sales in the statements of operations and comprehensive loss. 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 product is subject to strict quality control and monitoring that it performs 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 sales, to write-down any unmarketable inventory to its estimated net realizable value.

Foreign currency

Assets and liabilities are translated into the reporting currency using the exchange rates in effect on the unaudited consolidated condensed 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 unaudited condensed consolidated statements of stockholders’ equity.

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 our own stock and whether the warrant holders could potentially require “net cash settlement” in a circumstance outside of the 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 unaudited condensed consolidated statement of stockholders’ deficit 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 unaudited condensed consolidated statement of operations. The fair value of the warrants was estimated using the Black-Scholes option pricing model.

New Accounting Pronouncements Not Yet Adopted

Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures

In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which modifies the disclosure and presentation requirements of reportable segments. The amendments in the update require the disclosure of significant segment expenses that are regularly provided to the chief operating decision maker ("CODM") and included within each reported measure of segment profit and loss. The amendments also require disclosure of all other segment items by reportable segment and a description of its composition. Additionally, the amendments require disclosure of the title and position of the CODM and an explanation of how the CODM uses the reported measure(s) of segment profit or loss in assessing segment performance and deciding how to allocate resources. This update is effective for annual periods beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. The Company is currently evaluating the impact that this guidance will have on the presentation of its consolidated financial statements and accompanying notes.

Income Taxes (Topic 740): Improvements to Income Tax Disclosures

In December 2023, the FASB issued ASU 2023- 09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which expands disclosures in an entity’s income tax rate reconciliation table and disclosures regarding cash taxes paid both in the U.S. and foreign jurisdictions. The update will be effective for annual periods beginning after December 15, 2024. The Company is currently evaluating the impact that this guidance will have on the presentation of its consolidated financial statements and accompanying notes.

Note I - Fair Value of Financial Instruments

3 Months Ended

Mar. 31, 2024

Fair Value Disclosures [Text Block]

I.	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, investments, 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 March 31, 2024, and December 31, 2023 (in thousands):

	*Balance as of March 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 (Note L)		8,200	$	—	$	—	$	8,200
Warrant liabilities		11,535		—		—		11,535
Total liabilities	$	19,735	$	—	$	—	$	19,735
		—
Securities:
U.S. Treasury securities		9,868		9,868		—		—
Total assets	$	9,868	$	9,868	$	—	$	—

		*Balance as of December 31, 2023*		*Quoted Prices in Active Markets for Identical Assets (Level 1)*		*Significant Other Observable Inputs (Level 2)*		*Significant Unobservable Inputs (Level 3)*
CVR liability (Note L)	$	7,262	$	—	$	—	$	7,262
Warrant liabilities		16,100		—		—		16,100
Total liabilities	$	23,362	$	—	$	—	$	23,362
		—
Securities:
U.S. Treasury securities	$	24,688	$	24,688	$	—	$	—
Total assets	$	24,688	$	24,688	$	—	$	—

The common stock warrant liabilities were recorded at fair value using the Black-Scholes option pricing model. The following assumptions were used in determining the fair value of the warrant liabilities valued using the Black-Scholes option pricing model as of March 31, 2024, and December 31, 2023:

	March 31, 2024			December 31, 2023
Risk-free interest rate		4.14% - 4.57	%		3.76% - 4.12	%
Volatility		59.43% - 92.76	%		62.01% - 92.42	%
Dividend yield		0	%		0	%
Expected term (years)		1.8 - 4.6			2.0 - 4.9
Weighted average fair value		2.17			2.94

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, 2023	$	16,100
Change in fair value measurement		(4,565	)
Balance as of March 31, 2024	$	11,535

For the three months ended March 31, 2024, and 2023, the changes in fair value of the warrant liabilities primarily resulted from the volatility of the Company's common stock and the change in the risk-free interest rates.

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.

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Significant Accounting Policies (Policies)	3 Months Ended
Significant Accounting Policies (Policies)	Mar. 31, 2024
Accounting Policies [Abstract]
Use of Estimates, Policy [Policy Text Block]	Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires the Company to make estimates and assumptions that affect the amounts reported in the unaudited condensed 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 investments and the fair value of the derivative and 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.
Investment, Policy [Policy Text Block]	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 ASC 825, Financial Instruments ("ASC 825"). As such, these securities are carried at fair value with unrealized gains and losses included in fair value adjustment related to investments on the unaudited condensed consolidated statements of operations. The securities primarily consist of U.S. Treasury securities and are included in securities at fair value in the unaudited condensed consolidated balance sheets. As of March 31, 2024, and December 31, 2023, the Company held securities with an aggregate fair value of $9.9 million and $24.7 million, respectively, that contained aggregate unrealized (losses) gainsof approximately ($0.1) million and $0.2 million, respectively. 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 unaudited condensed consolidated statements of operations.
Consolidation, Variable Interest Entity, Policy [Policy Text Block]	*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 representation on 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 judgement in determining whether these interests, in the aggregate, are considered potentially significant to the VIE. As of March 31, 2024, and December 31, 2023, the Company identified Acer to be the Company's sole interest in a VIE (Note L). 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.
Revenue from Contract with Customer [Policy Text Block]	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 performance obligations; and 5) recognizing revenue when the performance obligations have been fulfilled. 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 they 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. Up-front 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. Product Revenues, Net Net revenues from product sales is recognized at the transaction price when the customer obtains control of the Company's products, which occurs at a point in time, typically upon receipt of the product by the customer. 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 remining in the distribution channel, as well as expectations about the market for the product and anticipated introduction of competitive products.
Inventory, Policy [Policy Text Block]	Inventories The value of inventory is recorded at its net realizable value. The Company determines the cost of its other inventories, which includes amounts related to materials and manufacturing overhead, on a first-in, first-out basis. 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 product 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. Inventory manufactured prior to regulatory approval is recorded as research and development expense until regulatory approval for the product is obtained. 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 March 31, 2024, and December 31, 2023, 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 sales in the statements of operations and comprehensive loss. 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 product is subject to strict quality control and monitoring that it performs 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 sales, to write-down any unmarketable inventory to its estimated net realizable value.
Foreign Currency Transactions and Translations Policy [Policy Text Block]	Foreign currency Assets and liabilities are translated into the reporting currency using the exchange rates in effect on the unaudited consolidated condensed 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 unaudited condensed consolidated statements of stockholders’ equity.
Warrants [Policy Text Block]	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 our own stock and whether the warrant holders could potentially require “net cash settlement” in a circumstance outside of the 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 unaudited condensed consolidated statement of stockholders’ deficit 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 unaudited condensed consolidated statement of operations. The fair value of the warrants was estimated using the Black-Scholes option pricing model.
New Accounting Pronouncements, Policy [Policy Text Block]	*New Accounting Pronouncements Not* Yet Adopted** Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which modifies the disclosure and presentation requirements of reportable segments. The amendments in the update require the disclosure of significant segment expenses that are regularly provided to the chief operating decision maker ("CODM") and included within each reported measure of segment profit and loss. The amendments also require disclosure of all other segment items by reportable segment and a description of its composition. Additionally, the amendments require disclosure of the title and position of the CODM and an explanation of how the CODM uses the reported measure(s) of segment profit or loss in assessing segment performance and deciding how to allocate resources. This update is effective for annual periods beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. The Company is currently evaluating the impact that this guidance will have on the presentation of its consolidated financial statements and accompanying notes. Income Taxes (Topic 740): Improvements to Income Tax Disclosures In December 2023, the FASB issued ASU 2023- 09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which expands disclosures in an entity’s income tax rate reconciliation table and disclosures regarding cash taxes paid both in the U.S. and foreign jurisdictions. The update will be effective for annual periods beginning after December 15, 2024. The Company is currently evaluating the impact that this guidance will have on the presentation of its consolidated financial statements and accompanying notes.

Disclosure of inventory accounting policy for inventory classes, including, but not limited to, basis for determining inventory amounts, methods by which amounts are added and removed from inventory classes, loss recognition on impairment of inventories, and situations in which inventories are stated above cost.

Disclosure of accounting policy for investment in financial asset.

Disclosure of accounting policy for revenue from contract with customer.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 17
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Note L - Merger (Details Textual) $ / shares in Units, $ in Thousands							1 Months Ended	3 Months Ended
	Nov. 22, 2023 shares	Nov. 17, 2023 USD ($) $ / shares shares	Aug. 30, 2023 USD ($) shares	Jun. 16, 2023 USD ($) $ / shares shares	Jan. 31, 2023 USD ($) shares	Mar. 14, 2022 USD ($)	Nov. 30, 2023 shares	Mar. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Oct. 31, 2023 USD ($)
Stock Issued During Period, Shares, Acquisitions (in shares) \| shares							1,382,489
The Investor Warrant [Member]
Stock Issued During Period, Shares, New Issues (in shares) \| shares	917,934						917,934
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) \| shares	2,920,306						2,920,306
SWK Loans [Member]
Payments to Acquire Notes Receivable			$ 12,000		$ 12,000
Stock Issued During Period, Shares, Acquisitions (in shares) \| shares			98,683		98,683
Marathon Convertible Notes [Member]
Stock Issued During Period, Shares, Acquisitions (in shares) \| shares				2,171,038
Asset Acquisition, Share Price (in dollars per share) \| $ / shares				$ 5.0667
Asset Acquisition, Consideration Transferred				$ 11,000
SWK Loans and Marathon Notes [Member]
Payments to Acquire Notes Receivable		$ 12,000
Stock Issued During Period, Shares, Acquisitions (in shares) \| shares		2,270,000
Asset Acquisition, Consideration Transferred, Equity Interest Issued and Issuable		$ 11,500
VWAP, Consecutive Trading Days (Year)		20 years
Nantahala Note [Member]
Debt Instrument, Face Amount		$ 5,000	$ 5,000		$ 5,000
Acer Therapeutics Inc [Member] \| License Agreement and Termination Agreement [Member] \| Relief [Member]
Maximum Royalty Percentage			20.00%
Upfront Payment			$ 10,000
Addiitonal Payment on First Anniversary			1,500
Maximum Royalty Obligation			$ 45,000
Acer Therapeutics Inc [Member] \| License Agreement and Termination Agreement [Member] \| Relief [Member] \| Europe [Member]
Maximum Royalty Percentage			10.00%
Acer Therapeutics Inc [Member] \| License Agreement and Termination Agreement [Member] \| Relief [Member] \| Worldwide, Excluding Europe [Member]
Maximum Royalty Percentage			10.00%
Acer Therapeutics Inc [Member] \| SWK Loans [Member]
Proceeds from Issuance of Long-Term Debt					$ 7,000	$ 6,500
Maximum [Member] \| Acer Therapeutics Inc [Member] \| License Agreement and Termination Agreement [Member] \| Relief [Member]
Contractual Obligation			$ 56,500
Bridge Loan [Member]
Financing Receivable, Maximum Limit			18,000							$ 18,000
Bridge Loan [Member] \| Minimum [Member]
Financing Receivable, Maximum Limit			16,500
Acer Therapeutics Inc [Member]
Business Combination, Consideration Transferred, Equity Interests Issued and Issuable, Conversion Ratio		0.121
Business Acquisition, Share Price (in dollars per share) \| $ / shares		$ 0.0001
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High		$ 76,000
Business Combination, Consideration Transferred		$ 72,600
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares (in shares) \| shares		2,960,000
Business Combination, Consideration Transferred, Equity Interests Issued and Issuable		$ 12,800
Business Combination, Contingent Consideration, Liability		8,500						$ 8,200	$ 7,262
Repayments of Notes Payable		$ 1,000
Gain (Loss) on Contingent Consideration, Change in Fair Value								$ 900
Acer Therapeutics Inc [Member] \| Acer Warrants [Member]
Stock Issued During Period, Shares, New Issues (in shares) \| shares		900,000
Stock Issued During Period, Value, New Issues		$ 4,000
Acer Therapeutics Inc [Member] \| Bridge Loan [Member]
Business Combination, Consideration Transferred, Other		$ 17,800	$ 16,500

Note E - Revenue, Net

3 Months Ended

Mar. 31, 2024

Revenue from Contract with Customer [Text Block]

E.	Revenue, net

Licensing Agreements

AZSTARYS License Agreement

The Company entered into a Collaboration and License Agreement (the “AZSTARYS License Agreement”) with Commave Therapeutics SA ("Commave"), an affiliate of GPC. 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 CNS disorder. Corium 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 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.

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 three months ended March 31, 2024, and 2023, the Company recognized $1.2 million and $0.6 million of revenue under the AZSTARYS License Agreement., respectively, primarily related to royalties. There was no deferred revenue related to this agreement as of March 31, 2024, or December 31, 2023.

In accordance with the terms of the Company’s Termination Agreement with Aquestive Therapeutics dated March 20, 2012, Aquestive Therapeutics ("Aquestive") has the right to receive an amount equal to 10% of any royalty or milestone payments made to the Company related to AZSTARYS or KP1077 under the AZSTARYS License Agreement.

Relief Exclusive License Agreement

As a condition to entering into the Merger Agreement, Acer and Relief Therapeutics, Inc. ("Relief") entered into an exclusive license agreement on August 30, 2023 (the “Relief License Agreement”). Pursuant to the Relief License Agreement, Relief will hold exclusive development and commercialization rights for OLPRUVA in the European Union, 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 will have the right to receive a royalty of up to 10.0% of the net sales of OLPRUVA in Geographical Europe. For the three months ended March 31, 2024, the Company did not recognize any revenue under the Relief License Agreement. There was no deferred revenue related to this agreement as of March 31, 2024, and December 31, 2023. For further discussion of the Relief License Agreement, see Note L.

Product Revenues, Net

Arimoclomol Expanded Access Program

Net revenue includes revenue from the sale of arimoclomol for the treatment of NPC under the remunerated expanded access compassionate use program in France (“French nATU”). An expanded access compassionate use program is a program giving specific patients access to a drug, which 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 compassionate use programs. Further, to be considered for the expanded access compassionate use 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 Arimoclomol Expanded Access Program ("Arimoclomol 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 the 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 during the French nATU, but the final transaction price depends on the terms and conditions in the contracts with the French Health Authorities and is subject to price negotiations with the French Health Authorities, following market approval. Any excess in the price charged the manufacturer compared to the price agreed with the health authorities once the drug product is approved in France must be repaid. The repayment is considered in the clawback liability (rebate). 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 the expected final transaction 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 drug 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 drugs products. The limited available relevant market information for directly comparable commercialized drugs within rare disease increases the uncertainty in management's estimate.

For the three months ended March 31, 2024, the Company recognized revenue related to the Arimoclomol EAP in France of $2.2 million, which is net of a clawback liability of $1.3 million, and other gross to net adjustments. For the three months ended March 31, 2023, the Company recognized revenue related to the Arimoclomol EAP in France of $2.0 million, which is net of a clawback liability of $1.3 million, and other gross to net adjustments. The total estimated reserve liability as of March 31, 2024, and December 31, 2023, wa s $13.2 million and $12.2 million, respectively. As of March 31, 2024, and December 31, 2023, this estimated reserve liability is recorded as discount and rebate liabilities in the unaudited condensed consolidated balance sheets and is separated into current and long-term based upon the timing of the expected payment to the French regulators.

OLPRUVA Product Sales

On December 27, 2022, the FDA approved OLPRUVA (sodium phenylbutyrate), a prescription medicine used along with certain therapy, including changes in diet, for the long-term management of adults and children with UCDs weighing 44 pounds (20 kg) or greater and with a body surface area of 1.2m2 or greater. On November 17, 2023, the Company acquired OLPRUVA in connection with the Merger (Note L). To commercialize OLPRUVA for oral suspension in the U.S. the Company is building marketing, sales, medical affairs, distribution, managerial and other non-technical capabilities or making arrangements with third parties to perform these services. The Company's current distributor for sales of OLPRUVA is a single specialty pharmacy provider. However, the Company intends to establish additional distributors such as other retail pharmacies and certain medical centers or hospitals. In addition to distribution agreements, the Company 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.

For the three months ended March 31, 2024, and 2023, sales of OLPRUVA were de minimis due to limited shipments to our specialty pharmacy in Q1 2024.

Accounts and Other Receivables

Accounts and other receivables consist of receivables from product sales, receivables under the AZSTARYS License Agreement and Arimoclomol EAP, as well as 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 and royalties on product sales. Receivables under the Arimoclomol EAP are recorded for product sales under the French nATU. These receivables are evaluated to determine if any reserve or allowance should be established at each reporting date. As of March 31, 2024, the Company had receivables related to the Arimoclomol EAP of $4.8 million, AZSTARYS License Agreement of $1.2 million, income tax receivables of $0.1 million and other receivables of $2.2 million. As of December 31, 2023, the Company had receivables related to the Arimoclomol EAP of $4.7 million, AZSTARYS License Agreement of $11.4 million, and other receivables of $1.3 million. As of March 31, 2024, and December 31, 2023, no reserve or allowance for doubtful accounts had been established.

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.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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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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Note H - Stock-based Compensation - Stock-based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Stock based compensation expense	$ 2,119	$ 591
Research and Development Expense [Member]
Stock based compensation expense	853	572
General and Administrative Expense [Member]
Stock based compensation expense	$ 1,266	$ 19

Note L - Merger - Estimates and Assumptions Related to Fair Value of Assets and Liabilities Acquired (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023	Nov. 17, 2023
Cash			$ 575
Prepaid expenses			278
Other current assets			11
Inventory			9,376
Property, plant, and equipment			35
Other noncurrent assets			209
Approved product - OLPRUVA			68,000
?IPR&D - celiprolol			2,000
Goodwill acquired	$ 4,701	$ 4,701
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets			85,185
Accounts payable and accrued expenses			10,881
Deferred collaboration funding			1,500
Operating lease liabilities			175
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities			12,556
Fair Value of Net Assets Acquired			72,629
Acer Therapeutics Inc [Member]
Goodwill acquired			$ 4,701

Note E - Revenue, Net (Details Textual) - USD ($) shares in Thousands, $ in Thousands		3 Months Ended		12 Months Ended
	Mar. 20, 2012	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023	May 07, 2021
Revenue from Contract with Customer, Including Assessed Tax		$ 3,425	$ 3,176
Income Taxes Receivable		100
Arimoclomol Purchase Agreement [Member]
Contract with Customer, Liability, Revenue Recognized		2,200	2,000
Contract with Customer, Clawback Liability		1,300	1,300
Asset Acquisition, Consideration Transferred, Estimated Reserve Liability		13,200		$ 12,200
Consulting Services [Member]
Accounts Receivable, after Allowance for Credit Loss, Current		2,200		1,300
GPC Member \| License [Member]
Revenue Recognition, Milestone Method, Additional Revenue to be Recognized					$ 590,000
Accounts Receivable, after Allowance for Credit Loss, Current		1,200		11,400
Aquestive Therapeutics [Member] \| License [Member]
Revenue from Contract with Customer, Including Assessed Tax		$ 1,200	$ 600
Royalty Revenue, Percent	10.00%
Relief Therapeutics [Member] \| License [Member]
Maximum Royalty Percentage		10.00%
Arimoclomol EAP [Member]
Accounts Receivable, after Allowance for Credit Loss, Current		$ 4,800		$ 4,700
JMP and RBCCM [Member] \| ATM Agreement Sales [Member]
Stock Issued During Period, Shares, New Issues (in shares)		0		0

Note I - Fair Value of Financial Instruments - Fair Value Assumptions for Warrant Liabilities (Details)	3 Months Ended	12 Months Ended
	Mar. 31, 2024 $ / shares	Dec. 31, 2023 $ / shares
Weighted average fair value (in dollars per share)	$ 2.17	$ 2.94
Measurement Input, Expected Dividend Rate [Member]
Risk-free interest rate	0	0
Minimum [Member] \| Measurement Input, Risk Free Interest Rate [Member]
Risk-free interest rate	0.0414	0.0376
Minimum [Member] \| Measurement Input, Price Volatility [Member]
Risk-free interest rate	0.5943	0.6201
Minimum [Member] \| Measurement Input, Expected Term [Member]
Risk-free interest rate	1.8	2
Maximum [Member] \| Measurement Input, Risk Free Interest Rate [Member]
Risk-free interest rate	0.0457	0.0412
Maximum [Member] \| Measurement Input, Price Volatility [Member]
Risk-free interest rate	0.9276	0.9242
Maximum [Member] \| Measurement Input, Expected Term [Member]
Risk-free interest rate	4.6	4.9

Note J - Net Loss Per Share (Tables)

3 Months Ended

Mar. 31, 2024

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block]

	*Three months ended March 31,*
	*2024*		*2023*
Awards under equity incentive plans		4,366,537		6,024,889
Common stock warrants		5,603,729		4,252,490
Total securities excluded from the calculation of weighted average number of shares of common stock outstanding		9,970,266		10,277,379

Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]

	*Three months ended March 31,*
	*2024*			*2023*
Basic and diluted net loss per share of common stock:

Net loss, basic and diluted	$	(16,622	)	$	(13,217	)
Weighted average number of shares of common stock outstanding, basic and diluted		41,779			34,467
Basic and diluted net loss per share of common stock	$	(0.40	)	$	(0.38	)

Note C - Inventories (Tables)

3 Months Ended

Mar. 31, 2024

Schedule of Inventory, Noncurrent [Table Text Block]

	*March 31,*		*December 31,*
	*2024*		*2023*
Raw materials	$	4,044	$	2,938
Work in progress		3,309		1,884
Finished goods		5,073		5,019
Total inventory	$	12,426	$	9,841

Note N - Subsequent Events

3 Months Ended

Mar. 31, 2024

Subsequent Events [Text Block]

N.	Subsequent Events

The Company evaluated events and transactions occurring subsequent to March 31, 2024, through May 9, 2024, the date the accompanying unaudited condensed consolidated financial statements were issued. During this period, other than entering into the Credit Agreement and the repayment of the margin account and the Nantahala Note, as disclosed in Note D, there were no subsequent events that required recognition in the accompanying unaudited condensed consolidated financial statements, nor were there any additional non-recognized subsequent events that required disclosure.

Note F - Commitments and Contingencies

3 Months Ended

Mar. 31, 2024

Commitments and Contingencies Disclosure [Text Block]

F.	Commitments and Contingencies

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.

Stockholder Litigation Related to the Merger

On October 12, 2023, Brodsky & Smith, purporting to act as counsel for Jerry Beavee, who was asserted to be a stockholder of Acer, filed a complaint entitled Jerry Beavee v. Acer Therapeutics Inc., et al., No. 1:23-cv-08995 in the United States District Court for the Southern District of New York (the "Action") alleging that defendants violated Section 14(a) and 20(a) of the Securities Exchange Act of 1934 by filing the Preliminary Merger Registration Statement which allegedly omitted certain information that such counsel asserts is material to Acer’s required disclosure. On October 30, 2023, Acer filed with the SEC a Schedule DEF14A that contained additional information regarding the Merger, which mooted the disclosure claims alleged in the Action. On December 8, 2023, Jerry Beavee filed with the court a notice of dismissal of the Action without prejudice.

On October 20, 2023, Long Law, LLC and Acocelli Law, PLLC, purporting to act as counsel for Kevin Turner, who was asserted to be a stockholder of Acer, filed a complaint entitled Kevin Turner v. Acer Therapeutics Inc., et al., No. 1:23-cv-01185 in the United States District Court for the District of Delaware alleging that defendants violated Section 14(a) and 20(a) of the Securities Exchange Act of 1934 as well as SEC Rule 14a-9 by filing the Definitive Proxy Statement which allegedly omitted certain information that such counsel asserts is material to Acer’s required disclosure. The complaint prays that, if asserted omissions are not adequately corrected, then Turner will seek to enjoin Acer from holding a stockholder meeting to approve the Merger and, if the Merger closes, will seek to rescind it and seek an award of damages.

On October 20, 2023, Long Law, LLC, purporting to act as counsel for Matthew Jones, who was asserted to be a stockholder of Acer, filed a complaint entitled Matthew Jones v. Acer Therapeutics Inc., et al., No. 1:23-cv-01186 in the United States District Court for the District of Delaware alleging that defendants violated Section 14(a) and 20(a) of the Securities Exchange Act of 1934 as well as SEC Rule 14a-9 by filing the Definitive Proxy Statement which allegedly omitted certain information that such counsel asserts is material to the Acer’s required disclosure. The complaint prays that, if asserted omissions are not adequately corrected, then Jones will seek to enjoin Acer from holding a stockholder meeting to approve the Merger and, if the Merger closes, will seek to rescind it and seek an award of damages.

As of March 31, 2024, and December 31, 2023, no accruals have been made related to commitments and contingencies. The Company intends to vigorously defend these lawsuits and believes that it has meritorious defenses to each. However, litigation is inherently uncertain, and any judgment or injunctive relief entered against the Company or any adverse settlement could adversely affect the Company’s business, results of operations and financial condition.

Note G - Stock and Warrants - Common Stock Activity (Details)	3 Months Ended
	Mar. 31, 2024 shares
Balance (in shares)	41,534,668
Common stock issued as compensation to third parties (in shares)	9,000
Common stock issued as a result of stock options exercised (in shares)	306,826
Balance (in shares)	41,850,494

Note B - Summary of Significant Accounting Policies (Details Textual) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Investments, Fair Value Disclosure	$ 9,900	$ 24,700
Unrealized Gain (Loss) on Investments	(100)	200
Pre-launch Inventory that Qualified for Capitalization [Member]
Inventory, Net	$ 0	$ 0

Note A - Description of Business, Basis of Presentation and Significant Transactions

3 Months Ended

Mar. 31, 2024

Business Description and Basis of Presentation [Text Block]

A.	Description of Business, Basis of Presentation, and Significant Transactions

Organization

Zevra Therapeutics, Inc. (the "Company") is a rare disease company combining science, data and patient needs to create transformational therapies for diseases with limited or no treatment options. The Company has a diverse portfolio of products and product candidates, which includes preclinical development programs, clinical stage pipeline and commercial stage assets. The Company’s pipeline includes arimoclomol, an orally-delivered, first-in-class investigational product candidate being developed for Niemann-Pick disease type C (“NPC”), which has been granted orphan drug designation, Fast-track designation, Breakthrough Therapy designation and rare pediatric disease designation for the treatment of NPC by the U.S. Food and Drug Administration ("FDA") and orphan medical product designation for the treatment of NPC by the European Medicines Agency ("EMA"). The arimoclomol NDA for NPC was resubmitted to the FDA on December 21, 2023, and has been assigned a PDUFA date of September 21, 2024. KP1077 is the Company's lead clinical development product candidate which is being developed as a treatment for idiopathic hypersomnia ("IH"), a rare neurological sleep disorder, and narcolepsy. KP1077 is comprised solely of 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. OLPRUVA^®(sodium phenylbutyrate) for oral suspension is approved by the FDA for the treatment of urea cycle disorders ("UCDs"). The Company also has a pipeline of investigational product candidates, including celiprolol for the treatment of vascular Ehlers-Danlos syndrome in patients with a confirmed type III collagen mutation.

The Company changed its name from KemPharm, Inc. to Zevra Therapeutics, Inc. effective as of February 21, 2023. On March 1, 2023, following its name change, the Company's common stock began trading on the Nasdaq Global Select Market under the ticker symbol "ZVRA".

Going Concern

The accompanying unaudited condensed consolidated financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. During the three months ended March 31, 2024, and 2023, the Company incurred a net loss of $16.6 million and $13.2 million, respectively, and as of March 31, 2024, has an accumulated deficit of $416.4 million. The Company has sustained operating losses for the majority of its corporate history and expects to continue to incur operating losses and negative operating cash flows until revenues reach a level sufficient to support ongoing operations.

The Company’s ability to continue operating as a going concern is contingent upon its ability to generate revenue from approved products or obtain product candidate regulatory approvals, which would generate revenue, milestones, and cash flow sufficient to support ongoing operations and the satisfaction of financial covenants. These factors raise substantial doubt as to the Company’s ability to continue as a going concern for at least one year from the date the unaudited condensed consolidated financial statements are being issued. The unaudited condensed consolidated financial statements do not include any adjustments that might result from the outcome of these uncertainties.

The Company's liquidity needs will be largely determined by the success of operations through the progression of its products and product candidates in the future. The Company also may consider other sources to fund operations including: (1) out-licensing rights to certain of its technologies and product candidates, pursuant to which the Company would receive cash royalties and milestones; (2) raising additional capital through equity or debt financings or from other sources; (3) obtaining product candidate regulatory approvals, which would generate revenue, milestones and cash flow; (4) reducing spending on one or more research and development programs, including by discontinuing development; and/or (5) restructuring operations to change its overhead structure. The Company is in the early stages of its commercialization effort for OLPRUVA and does not yet have a substantial basis to project future earnings, and its other sources of revenue are not sufficient to sustain its present activities on their own. Accordingly, the Company's ability to continue as a going concern may require it to obtain additional financing to fund its operations.

Basis of Presentation

The Company prepared the unaudited condensed consolidated financial statements in accordance with 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.

Merger

On August 30, 2023, the Company and Aspen Z Merger Sub, Inc., a wholly-owned subsidiary of Zevra (“Merger Sub”), entered into an Agreement and Plan of Merger (the “Merger Agreement”) with Acer Therapeutics Inc. (“Acer”), a pharmaceutical company focused on development and commercialization of therapies for rare and life-threatening diseases. On November 17, 2023 (the "Closing Date"), the Company completed the acquisition of Acer. Pursuant to the Merger Agreement, on the Closing Date, Merger Sub was merged with and into Acer (the "Merger"), with Acer continuing as the surviving entity and as a wholly-owned subsidiary of Zevra. In connection therewith, Zevra also purchased Acer’s secured debt from Nantahala Capital Management, LLC ("NCM”), certain of its affiliates and certain other parties (collectively with NCM, “Nantahala”) through a series of transactions and Zevra agreed to provide Acer with a bridge loan facility for up to $18.0 million ("Bridge Loan"), subject to certain terms and conditions. The Merger expanded Zevra's rare disease portfolio, as well as increased and diversified its revenues with the addition of a U.S. commercial asset, OLPRUVA, indicated for the treatment of UCDs. See Note L for further discussion related to the Merger.

Amendment to Registration Statement on Form S-3

In connection with the Merger, Zevra and Nantahala concurrently entered into a registration rights agreement, pursuant to which Zevra agreed to file a resale registration statement with respect to the resale of the Zevra common stock issuable to Nantahala. 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, we filed an amendment to the registration statement on Form S-3 (File No. 333-250945) covering the issuance of the shares of our common stock issuable upon the exercise of warrants issued in connection with the Merger (Note L) and remaining unexercised as of the date of the amendment, which was declared effective on April 8, 2024.

Entry into 2021 ATM Agreement

On July 2, 2021, the Company entered into an equity distribution agreement (the "2021 ATM Agreement") with JMP Securities LLC ("JMP") and RBC Capital Markets, LLC ("RBCCM") 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 JMP and RBCCM as its sales agents. The issuance and sale, if any, of common stock by the Company under the 2021 ATM Agreement will be made pursuant to a registration statement on Form S-3. JMP and RBCCM 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 of 1933, as amended. JMP and RBCCM 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 JMP and RBCCM a commission equal to 3.0% in the aggregate of the gross sales proceeds of any common stock sold through JMP and RBCCM under the 2021 ATM Agreement. The Company filed a registration statement on Form S-3 covering the sale of the shares of its common stock up to $350.0 million, $75.0 million of which was allocated to the sales of the shares of common stock issuable under the 2021 ATM Agreement, which was declared effective on July 12, 2021. As of March 31, 2024, no shares have been issued or sold under the 2021 ATM Agreement.

Share Repurchase Program

On December 20, 2021, the Company initiated a share repurchase program (the "Share Repurchase Program") pursuant to which the Company was able to repurchase up to $50 million of shares of its common stock through December 31, 2023. On December 31, 2023, the Share Repurchase Program ended, and the Company had repurchased 1,575,692 shares of its common stock for approximately $11.0 million.

Note D - Debt Obligations

3 Months Ended

Mar. 31, 2024

Debt Disclosure [Text Block]

D.	Debt Obligations

Secured Promissory Note

In connection with the Merger (Note L), on August 30, 2023, the Company and 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 ("VWAP") 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 (i) the loan assets under the Loan Purchase Agreement described in Note L; (ii) the note assets under the Note Purchase Agreement described in Note L; (iii) the Bridge Loan described in Note L; and (iv) the proceeds therefrom. 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, as more fully described in Note L. 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. The outstanding balance under the Nantahala Note is included in long-term liabilities as of March 31, 2024, as it was refinanced with long-term debt after the balance sheet date, but prior to issuance of the unaudited condensed consolidated financial statements.

As of March 31, 2024, and December 31, 2023, the Company had a secured promissory note outstanding, in the aggregate principal amount, as follows (in thousands):

	March 31,				December 31,
	2024				2023
Secured promissory note	$	5,000		$	5,000
Unamortized original issue premium		132			148
Less: debt issuance costs		(73	)		(82	)
Secured promissory note, net	$	5,059		$	5,066

Future minimum principal payments under the secured promissory note as of March 31, 2024, were as follows (in thousands):

Year Ending December 31,
2024	$	—
2025		1,200
2026		3,800
Total minimum payments		5,000
Plus: unamortized debt premium and debt issuance costs		59
Secured promissory note, net	$	5,059

Line of Credit

On January 26, 2023, the Company and Wells Fargo, as lender, entered into a revolving margin account agreement. The Company's investments are used as collateral for the loan and the amount the Company is able to borrow is 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. As of March 31, 2024, and December 31, 2023, $37.9 million and $37.7 million was outstanding under the margin account, respectively. 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. The outstanding balance under the margin account is included in long-term liabilities as of March 31, 2024, as it was refinanced with long-term debt after the balance sheet date, but prior to issuance of the unaudited condensed consolidated financial statements. As of March 31, 2024, the remaining borrowing capacity under the margin account was approximately $3.8 million.

Term Loans

As a subsequent event, 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 is 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 18 months following the Term Loans Closing Date; and (iii) $20.0 million which is available to the Company upon approval by the FDA of the NDA for arimoclomol for the treatment of NPC, at the Company’s option until December 31, 2024 (collectively, the “Term Loans”).

The principal amount of the Term Loans outstanding (the “Outstanding Principal Amount”) will bear interest at a rate equal to 3-Month Term SOFR plus 7.00% per annum. If the net product sales for the calendar year ending December 31, 2025, exceed $100.0 million, the Outstanding Principal Amount will bear interest at 3-Month Term SOFR plus 6.00% per annum. If the net product sales for the calendar year ending December 31, 2025, do not exceed $100.0 million, then for any subsequent period of four consecutive fiscal quarters ending on or after March 31, 2026, in which net product sales exceed $125.0 million, the Outstanding Principal Amount will bear interest at 3-Month Term SOFR plus 6.50% per annum. In all cases, the 3-Month Term SOFR rate will be subject to a floor of 4.00% per annum. Interest will be 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 March 31, 2026. 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 $1.7 million of costs, which primarily consisted of underwriting, legal and other professional fees, and is included in other long-term assets in the unaudited condensed consolidated balance sheet as of March 31, 2024.

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, meet certain minimum net product sales amounts, and limit the ability of the Company to incur or guarantee additional indebtedness, engage in certain transactions, 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. The proceeds of the Term Loans shall be 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 fund the development and commercialization of OLPRUVA and arimoclomol.

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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Unaudited Condensed Consolidated Statements of Changes in Stockholders' Equity - USD ($) $ in Thousands	Previously Reported [Member] Common Stock [Member]	Previously Reported [Member] Additional Paid-in Capital [Member]	Previously Reported [Member] Treasury Stock, Common [Member]	Previously Reported [Member] Retained Earnings [Member]	Previously Reported [Member] AOCI Attributable to Parent [Member]	Previously Reported [Member]	Common Stock [Member]	Additional Paid-in Capital [Member]	Treasury Stock, Common [Member]	Retained Earnings [Member]	AOCI Attributable to Parent [Member]	Total
Balance at Dec. 31, 2022	$ 3	$ 436,269	$ (7,536)	$ (353,729)	$ 113	$ 75,120
Net Income (loss)							$ 0	$ 0	$ 0	$ (13,217)	$ 0	$ (13,217)
Stock-based compensation expense							0	945	0	0	0	945
Issuance of common stock in exchange for consulting services							0	42	0	0	0	42
Other comprehensive loss							0	0	0	0	(176)	(176)
Shares repurchased as part of the Share Repurchase Program							0	0	(3,447)	0	0	(3,447)
Balance at Mar. 31, 2023							3	437,256	(10,983)	(366,946)	(63)	59,267
Balance at Dec. 31, 2023	$ 4	$ 472,664	$ (10,983)	$ (399,778)	$ (43)	$ 61,864						61,864
Net Income (loss)							0	0	0	(16,622)	0	(16,622)
Stock-based compensation expense							0	2,119	0	0	0	2,119
Issuance of common stock in exchange for consulting services							0	56	0	0	0	56
Issuance of common stock as part of the Employee Stock Purchase Plan							0	71	0	0	0	71
Issuance of common stock for options exercised							0	1,146	0	0	0	1,146
Other comprehensive loss							0	0	0	0	184	184
Balance at Mar. 31, 2024							$ 4	$ 476,056	$ (10,983)	$ (416,400)	$ 141	$ 48,818

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

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Amount of equity (deficit) attributable to parent. Excludes temporary equity and equity attributable to noncontrolling interest.

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Note G - Stock and Warrants (Tables)

3 Months Ended

Mar. 31, 2024

Schedule of Authorized Shares of Common Stock Reserved for Future Issuance [Table Text Block]

	*March 31, 2024*		*December 31, 2023*
Outstanding awards under equity incentive plans		9,324,407		8,023,142
Outstanding common stock warrants		5,603,729		5,603,729
Possible future issuances under equity incentive plans		4,366,537		1,728,885
Possible future issuances under employee stock purchase plans		1,340,172		1,340,172
Total common shares reserved for future issuance		20,634,845		16,695,928

Schedule of Common Stock Outstanding Roll Forward [Table Text Block]

	*Shares of Common Stock*
Balance as of January 1, 2024		41,534,668
Common stock issued as compensation to third parties		9,000
Common stock issued as a result of stock options exercised		306,826
Balance as of March 31, 2024		41,850,494

Note H - Stock-based Compensation (Tables)

3 Months Ended

Mar. 31, 2024

Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Table Text Block]

	*Three months ended March 31,*
	*2024*		*2023*
Research and development	$	853	$	572
Selling, general and administrative		1,266		19
Total stock-based compensation expense	$	2,119	$	591

Note D - Debt Obligations - Aggregate Principal Amount (Details) - Nantahala Note [Member] - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Secured promissory note	$ 5,000	$ 5,000
Unamortized original issue premium	132	148
Less: debt issuance costs	(73)	(82)
Secured promissory note, net	$ 5,059	$ 5,066

Note F - Commitments and Contingencies (Details Textual) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Loss Contingency Accrual	$ 0	$ 0

Unaudited Condensed Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Net loss	$ (16,622)	$ (13,217)
Other comprehensive loss:
Foreign currency translation adjustment	184	(176)
Other comprehensive loss:	184	(176)
Comprehensive loss	$ (16,438)	$ (13,393)

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.

Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities; of income (loss) available to common shareholders.

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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.

Note L - Merger (Tables)

3 Months Ended

Mar. 31, 2024

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block]

Assets
Cash	$	575
Prepaid expenses		278
Other current assets		11
Inventory		9,376
Property, plant, and equipment		35
Other noncurrent assets		209
Approved product - OLPRUVA		68,000
IPR&D - celiprolol		2,000
Goodwill acquired		4,701
		85,185

Liabilities
Accounts payable and accrued expenses	$	10,881
Deferred collaboration funding		1,500
Operating lease liabilities		175
		12,556
Fair Value of Net Assets Acquired	$	72,629

Business Acquisition, Pro Forma Information [Table Text Block]

Three Months Ended

March 31, 2023

Pro forma revenue

3,176

Pro forma net loss

(20,652

)

Schedule of Business Acquisitions by Acquisition, Contingent Consideration [Table Text Block]

Balance at December 31, 2023	$	7,262
Change in fair value recognized in earnings		938
Balance at March 31, 2024	$	8,200

Note J - Net Loss Per Share

3 Months Ended

Mar. 31, 2024

Earnings Per Share [Text Block]

J.	Net Loss Per Share

For all periods presented herein, the Company did not use the two-class method to compute net loss per share of common stock, even though it had issued securities, other than common stock, that contractually entitled the holders to participate in dividends and earnings, because these holders are not obligated to participate in a loss. 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, basic net income per share of common stock is computed by dividing the undistributed net income by the weighted average number of shares of common stock outstanding during the period. Undistributed net income 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 and subtracting the actual or deemed dividends declared. 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 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, warrants and other outstanding convertible securities. 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 and other outstanding convertible securities under the if-converted method when calculating diluted income (loss) per share of common stock, in which it is assumed that the stock options, warrants and other outstanding convertible securities convert into common stock at the beginning of the period or date of issuance, if the stock option, warrant or other outstanding convertible security 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) of common stock during the period.

As noted above, for all periods presented herein, the Company did not utilize the two-class approach as the Company was in a net loss position and the holders of the participating securities have no obligation to fund losses. The Company did analyze diluted net loss per share of common stock under the treasury-stock/if-converted method and noted that all outstanding stock options and warrants were anti-dilutive for the periods presented. For all periods presented, basic net loss per share of common stock was the same as diluted net loss per share of common stock.

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:

	*Three months ended March 31,*
	*2024*		*2023*
Awards under equity incentive plans		4,366,537		6,024,889
Common stock warrants		5,603,729		4,252,490
Total securities excluded from the calculation of weighted average number of shares of common stock outstanding		9,970,266		10,277,379

A reconciliation from net loss to basic and diluted net loss per share of common stock for the three months ended March 31, 2024, and 2023, is as follows (in thousands):

	*Three months ended March 31,*
	*2024*			*2023*
Basic and diluted net loss per share of common stock:

Net loss, basic and diluted	$	(16,622	)	$	(13,217	)
Weighted average number of shares of common stock outstanding, basic and diluted		41,779			34,467
Basic and diluted net loss per share of common stock	$	(0.40	)	$	(0.38	)

Note H - Stock-based Compensation (Details Textual) - USD ($) $ in Thousands		1 Months Ended	3 Months Ended		36 Months Ended
	Jan. 01, 2024	Jun. 30, 2021	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2024	Feb. 29, 2024	Jan. 31, 2023
Employee Stock Purchase Plan, Maximum Number of Issuable Shares (in shares)		1,500,000
Stock Issued During Period, Shares, Employee Stock Purchase Plans (in shares)					159,828
Share-Based Payment Arrangement, Expense			$ 2,119	$ 591
Performance Shares [Member]
Share-Based Payment Arrangement, Expense			$ 0	$ 0
2014 Equity Incentive Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Additional Shares Authorized (in shares)		4,900,000
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Authorized (in shares)			9,932,883		9,932,883
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Reserved for Issuance, Incremental Percentage of Capital Stock Outstanding		4.00%
Increase in Common Stock Reserved for Issuance (in shares)	1,661,386
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures (in shares)			716,875	0
The 2023 Plan [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Authorized (in shares)						4,500,000	1,500,000

Note C - Inventories

3 Months Ended

Mar. 31, 2024

Inventory Disclosure [Text Block]

C.	Inventories

	*March 31,*		*December 31,*
	*2024*		*2023*
Raw materials	$	4,044	$	2,938
Work in progress		3,309		1,884
Finished goods		5,073		5,019
Total inventory	$	12,426	$	9,841

Note D - Debt Obligations (Tables)

3 Months Ended

Mar. 31, 2024

Schedule of Long-Term Debt Instruments [Table Text Block]

	March 31,				December 31,
	2024				2023
Secured promissory note	$	5,000		$	5,000
Unamortized original issue premium		132			148
Less: debt issuance costs		(73	)		(82	)
Secured promissory note, net	$	5,059		$	5,066

Schedule of Maturities of Long-Term Debt [Table Text Block]

Year Ending December 31,
2024	$	—
2025		1,200
2026		3,800
Total minimum payments		5,000
Plus: unamortized debt premium and debt issuance costs		59
Secured promissory note, net	$	5,059

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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Document And Entity Information - shares	3 Months Ended
Document And Entity Information - shares	Mar. 31, 2024	May 03, 2024
Document Information [Line Items]
Entity Central Index Key	0001434647
Entity Registrant Name	ZEVRA THERAPEUTICS, INC.
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2024
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2024
Document Transition Report	false
Entity File Number	001-36913
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	20-5894398
Entity Address, Address Line One	1180 Celebration Boulevard, Suite 103
Entity Address, City or Town	Celebration
Entity Address, State or Province	FL
Entity Address, Postal Zip Code	34747
City Area Code	321
Local Phone Number	939-3416
Title of 12(b) Security	Common Stock, $0.0001 par value per share
Trading Symbol	ZVRA
Security Exchange Name	NASDAQ
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
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		41,853,494

Note J - Net Loss Per Share - Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Net Income (Loss) Attributable to Parent	$ (16,622)	$ (13,217)
Weighted average number of shares of common stock outstanding, basic and diluted (in shares)	41,778,774	34,466,542
Basic and diluted net loss per share of common stock (in dollars per share)	$ (0.4)	$ (0.38)

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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

Note K - Leases (Details Textual)	3 Months Ended
Note K - Leases (Details Textual)	Mar. 31, 2024
Lessee, Lease, Option to Extend, Maximum Term (Year)	5 years
Lessee, Lease, Option to Terminate, Term (Year)	1 year
Minimum [Member]
Lessee, Lease, Remaining Term of Contract (Year)	1 year
Maximum [Member]
Lessee, Lease, Remaining Term of Contract (Year)	3 years

Note K - Leases - Supplement Balance Sheet Information Related to Lease (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Assets
Property and equipment, net	$ 695	$ 736
Liabilities, Current [Abstract]
Other current liabilities	2,089	2,524
Liabilities, Noncurrent [Abstract]
Other long-term liabilities	$ 8,537	7,458
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]
Property and equipment, net	$ 137	149
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]
Other current liabilities	$ 0	0
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]
Other long-term liabilities	$ 0	0
Lease liabilities, finance leases	0	0
Operating lease right-of-use assets	1,086	790
Total operating lease right-of-use assets	1,086	790
Current portion of operating lease liabilities	583	543
Operating lease liabilities, less current portion	705	456
Total operating lease liabilities	$ 1,288	$ 999
Operating leases (in years) (Year)	3 years	2 years
Finance leases (Year)	0 years	14 years 3 months 18 days
Operating leases	9.30%	7.60%
Property and Equipment, At Cost [Member]
Property and equipment, at cost	$ 1,031	$ 1,031
Accumulated Depreciation and Amortization [Member]
less: accumulated depreciation and amortization	$ (894)	$ (882)

Note J - Net Loss Per Share - Anti-dilutive Securities (Details) - shares	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Antidilutive securities (in shares)	9,970,266	10,277,379
Share-Based Payment Arrangement [Member]
Antidilutive securities (in shares)	4,366,537	6,024,889
Warrants to Purchase Common Stock [Member]
Antidilutive securities (in shares)	5,603,729	4,252,490

Note I - Fair Value of Financial Instruments - Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - Fair Value, Recurring [Member] - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Total liabilities	$ 19,735	$ 23,362
Total assets	9,868	24,688
US Treasury Securities [Member]
Total assets	9,868	24,688
Fair Value, Inputs, Level 1 [Member]
Total liabilities	0	0
Total assets	9,868	24,688
Fair Value, Inputs, Level 1 [Member] \| US Treasury Securities [Member]
Total assets	9,868	24,688
Fair Value, Inputs, Level 2 [Member]
Total liabilities	0	0
Total assets	0	0
Fair Value, Inputs, Level 2 [Member] \| US Treasury Securities [Member]
Total assets	0	0
Fair Value, Inputs, Level 3 [Member]
Total liabilities	19,735	23,362
Total assets	0	0
Fair Value, Inputs, Level 3 [Member] \| US Treasury Securities [Member]
Total assets	0	0
CVR Liability [Member]
Total liabilities	8,200	7,262
CVR Liability [Member] \| Fair Value, Inputs, Level 1 [Member]
Total liabilities	0	0
CVR Liability [Member] \| Fair Value, Inputs, Level 2 [Member]
Total liabilities	0	0
CVR Liability [Member] \| Fair Value, Inputs, Level 3 [Member]
Total liabilities	8,200	7,262
Warrants [Member]
Total liabilities	11,535	16,100
Warrants [Member] \| Fair Value, Inputs, Level 1 [Member]
Total liabilities	0	0
Warrants [Member] \| Fair Value, Inputs, Level 2 [Member]
Total liabilities	0	0
Warrants [Member] \| Fair Value, Inputs, Level 3 [Member]
Total liabilities	$ 11,535	$ 16,100

Fair value, after the effects of master netting arrangements, of a financial liability or contract with one or more underlyings, notional amount or payment provision or both, and the contract can be net settled by means outside the contract or delivery of an asset. Includes liabilities not subject to a master netting arrangement and not elected to be offset.

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