Cambridge biotech tracker · Boston
Zevra Therapeutics
Listed on Nasdaq as ZVRA, filed under SEC industry code 2834 (pharmaceutical preparations). Fiscal year ends in December. Numbers below are from the company’s own SEC filings through Q3 '26.
- Cash & investments
- $271M
- Q3 '26 · Sep 30, 2026
- Burn per quarter
- None
- avg. operating cash flow, 4 qtrs
- Runway
- Self-funding
- Self-funding
- Net loss
- +$19.2M
- Q3 '26 · net income
- R&D expense
- $4.9M
- 21% of opex
- Raised, last 4 qtrs
- −$47.1M
- net financing cash flow
Cash & investments
Quarter-end balance
Operating cash flow
Per quarter; below zero is burn
R&D expense
Per quarter
Two views of the runway
Compare across the clusterThe outside view
Self-funding
Cash at Q3 '26 divided by the average burn of the last four quarters.
Management’s own date
12+ months
The latest filing states only the going concern minimum, that cash covers at least twelve months from issuance. No sharper date was filed.
The controller’s read
What the filings say.
Generated from the numbers above using the same questions I ask when I open a client’s books: how long the cash lasts, what is driving the gap between loss and burn, and where the accounting judgment sits.
Get this read on your companySelf-funding on an operating basis
Operating cash flow was positive on average over the last four quarters, so runway is not the constraint. Cash and investments stood at $271M at Q3 '26.
Cash position up $195M since Q4 '24
Net financing outflows of $47.1M over the last four quarters, meaning repayments or buybacks exceeded any new capital. The balance is the number the board watches; the trend is the number the auditors watch.
R&D is 21% of operating expenses
$4.9M of R&D against $24.1M of total operating expenses in Q3 '26, with G&A at $19.1M. For a clinical-stage company, the accounting questions live inside that R&D line: CRO and CMC accruals, milestone recognition, and what gets capitalized versus expensed under ASC 730.
Accumulated deficit of $356M
Total losses since inception. It is also roughly the size of the net operating loss carryforward the tax provision has to track, subject to Section 382 limits after each ownership change.
Quarterly detail, eight quarters
| Quarter | Cash & inv. | Op. cash flow | Net income | R&D | G&A | Revenue | Stock comp | Financing |
|---|---|---|---|---|---|---|---|---|
| Q4 '24 · Dec 31, 24 | $75.5M | −$16.3M | −$35.7M | $8.4M | $16.1M | — | $4.0M | $796K |
| Q1 '25 · Mar 31, 25 | $68.7M | −$8.2M | −$3.1M | $3.3M | $19.5M | — | $3.1M | $1.6M |
| Q2 '25 · Jun 30, 25 | $218M | −$3.6M | $74.7M | $3.4M | $20.8M | — | $2.5M | $1.4M |
| Q3 '25 · Sep 30, 25 | $230M | $4.7M | −$544K | $3.4M | $16.9M | — | $2.8M | $6.5M |
| Q4 '25 · Dec 31, 25 | $239M | $5.5M | $12.2M | $2.6M | $20.4M | — | $4.3M | $2.5M |
| Q1 '26 · Mar 31, 26 | $237M | $6.1M | $37.9M | $4.4M | $20.8M | — | $3.1M | −$52.8M |
| Q2 '26 · Jun 30, 26 | $260M | $17.0M | $8.8M | $4.5M | $16.6M | — | $3.0M | $1.6M |
| Q3 '26 · Sep 30, 26 | $271M | $10.0M | $19.2M | $4.9M | $19.1M | — | $2.7M | $1.6M |
Source: SEC EDGAR XBRL company facts, latest filed value for each period. Fourth quarters are derived from annual less nine-month figures; quarterly cash flows are derived from year-to-date amounts. Not investment advice. If a figure disagrees with the filing, the filing is right.