Despite achieving $37.9M in net income, the company generated only $6.1M in operating cash flow in 2026Q1, highlighting a persistent disconnect between accounting profitability and actual cash conversion.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 |
|---|
| Cash from Operations | 12.77M | -1.6M | -69.67M | -33.53M | -18.72M | 10.44M | -1.94M | -23.74M | -54.2M | -33.1M | -29.77M | -20.27M | -14.67M | -4.33M | -4.43M |
| Operating CF Margin % | - | -1.5% | -295.04% | -122.12% | -184.2% | 36.44% | -14.59% | -184.88% | - | - | - | - | - | - | - |
| Operating CF Growth % | 515.76% | 97.71% | -107.74% | -79.17% | -279.3% | 638.37% | 91.83% | 56.21% | -63.76% | -11.18% | -46.89% | -38.12% | -239.13% | 2.42% | - |
| Net Income | 124.22M | 83.23M | -105.51M | -46.05M | -41.54M | -8.55M | -12.76M | -24.52M | -56.47M | -43.39M | -16.52M | -54.66M | -24.45M | -5.23M | -70.42K |
| Depreciation & Amortization | 2.77M | 4.05M | 6.39M | 1.01M | 944K | 257K | 273K | 304K | 324K | 336K | 175K | 84K | 74.76K | 68K | 62.56K |
| Stock-Based Compensation | 9.52M | 12.63M | 14.91M | 5.95M | 4.29M | 2.44M | 2.49M | 4.41M | 6.5M | 4.56M | 6.6M | 2.37M | 213.76K | 134K | 467.99K |
| Deferred Taxes | 2.27M | 3.45M | 15.37M | 0 | 0 | 16.2M | 435K | -2M | -5.98M | 164K | 6.89M | 1.91M | -789.32K | 1.56M | 0 |
| Other Non-Cash Items | -114.36M | -78.45M | 5.82M | -329K | 17.99M | 460K | 7.25M | 3.19M | 3.71M | 6.87M | -30.24M | 29.95M | 8.82M | -985K | -4.43M |
| Working Capital Changes | -10.08M | -26.51M | -6.64M | 5.88M | -406K | -357K | 374K | -5.12M | -2.29M | -1.65M | 3.32M | 87K | 1.46M | 122K | 0 |
| Change in Receivables | -2.98M | -11.98M | 6.87M | -9.08M | -6.77M | 1.05M | -714K | -1.73M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | -1.28M | -1.3M | -8.87M | 206K | 147K | 0 | 0 | 5.51M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | -8.85M | -15.59M | -3.6M | 11.13M | 3.13M | -1.11M | 931K | -3.79M | -1.64M | -801K | 1.12M | 0 | 0 | 0 | 0 |
| Cash from Investing | 87.2M | 18.13M | -22.16M | -17.39M | -36.72M | -15.52M | -33K | 3.23M | 33.33M | 27.41M | -46.95M | -19.14M | -43.72K | -34K | 5.05M |
| Capital Expenditures | -771K | -835K | 0 | -296K | -93K | -102K | -33K | -26K | -21K | -181K | -643K | -135K | -48.72K | -51K | -18.94K |
| CapEx % of Revenue | 0.63% | 0.78% | - | 1.08% | 0.92% | 0.36% | 0.25% | 0.2% | - | - | - | - | - | - | - |
| Acquisitions | 42K | 0 | 0 | -30.4M | -14.09M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 44.38M | 448K | -6M | 0 | -36.63M | 0 | 0 | 0 | 33.35M | 27.59M | -1.1M | -19M | 5K | 17K | 5.07M |
| Cash from Financing | -42.35M | 12.06M | 82.11M | 28.46M | 8.35M | 113.11M | 2.74M | 4.94M | 28.02M | -203K | 61.16M | 61.47M | 23M | 3.79M | 381.13K |
| Debt Issued (Net) | -60.09M | 0 | 16.29M | 25.59M | 12.78M | -38.1M | 2.86M | 5.24M | -193K | -157K | 62.17M | 3.97M | 24.93M | 3.79M | -79.36K |
| Equity Issued (Net) | 20.38M | 12.44M | 64.52M | -3.45M | -4.72M | 46.47M | -84K | 0 | 28.33M | 0 | 0 | 59.94M | 0 | 0 | 460.49K |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | -3.45M | -4.72M | -2.81M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -65K |
| Other Financing | -2.63M | -372K | 1.3M | 6.32M | 291K | 104.73M | -34K | -300K | -116K | -46K | -1.01M | -2.44M | -1.93M | 0 | 0 |
| Net Change in Cash | 58.26M | 28.62M | -9.26M | -22.42M | -46.88M | 108.02M | 767K | -15.56M | 7.15M | -5.89M | -15.56M | 22.06M | 8.29M | -573K | 2.54M |
| Free Cash Flow | 11.99M | -2.43M | -69.67M | -33.83M | -18.81M | 10.34M | -1.97M | -23.76M | -54.22M | -33.28M | -30.41M | -20.4M | -14.72M | -4.38M | -4.45M |
| FCF Margin % | 9.81% | -2.29% | -295.04% | -123.2% | -185.12% | 36.08% | -14.84% | -185.08% | - | - | - | - | - | - | - |
| FCF Growth % | 119.4% | 96.51% | -105.92% | -79.86% | -281.97% | 624.19% | 91.7% | 56.18% | -62.93% | -9.42% | -49.07% | -38.58% | -236.29% | 1.69% | - |
| FCF per Share | 0.20 | -0.04 | -1.51 | -0.95 | -0.55 | 0.35 | -0.50 | -12.82 | -48.39 | -36.34 | -33.34 | -44.30 | -19.14 | -8.95 | -29.95 |
| FCF Conversion (FCF/Net Income) | 0.10x | -0.02x | 0.66x | 0.73x | 0.70x | -1.22x | 0.15x | 0.97x | 0.96x | 0.76x | 1.80x | 0.37x | 0.60x | 0.83x | 62.97x |
| Interest Paid | 1.37M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Commercial launch execution risk
As evidenced by the 2026Q1 data, ZVRA reported $37.9M in net income while generating only $6.1M in operating cash flow, highlighting a significant disconnect between accounting profitability and actual cash generation that investors should scrutinize for potential non-cash revenue recognition or timing-related distortions.
The wide gap between net income and operating cash flow suggests that reported earnings are heavily influenced by non-cash items or accounting adjustments rather than core operational performance. This divergence warrants caution, as it implies that the company's current profitability may not be as durable or liquid as the headline figures suggest.
According to recent financial statements, ZVRA achieved a positive free cash flow of $6.1M in 2026Q1, marking a notable shift from the persistent cash burn observed throughout 2024, though the sustainability of this trajectory remains contingent on the successful commercial ramp of its rare disease portfolio.
The transition to positive free cash flow is a critical milestone, yet it appears to be a recent development that follows a long period of significant cash outflows. Analysts should monitor whether this trend represents a permanent shift in the business model or if it remains vulnerable to the high fixed costs associated with commercializing orphan drugs.
Based on reported figures, working capital changes contributed $9.6M to operating cash flow in 2026Q1, a sharp reversal from the $10.1M drain seen in 2025Q4, indicating that the company's cash position is highly sensitive to the timing of collections and inventory management during its commercial launch phase.
The volatility in working capital suggests that Zevra is still refining its operational processes as it moves from a royalty-based model to direct product sales. Investors should be wary of these fluctuations, as they can mask underlying operational inefficiencies or create temporary liquidity pressures that are not immediately apparent in the net income line.
Analysis of the cash flow statement reveals that stock-based compensation and amortization of intangibles continue to be significant non-cash adjustments, with SBC peaking at $6.1M in 2024Q3, which obscures the true economic cost of talent acquisition and asset integration required for the company's current strategic pivot.
While these adjustments are standard for biotech firms, the reliance on non-cash compensation to manage overhead suggests that the company is attempting to preserve cash while scaling its commercial infrastructure. This strategy may lead to future dilution or increased operational expenses as the company matures and seeks to retain key personnel.
Quick answers to the most common questions about buying ZVRA stock.
Zevra Therapeutics, Inc. (ZVRA) generated $-1.6M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Zevra Therapeutics, Inc. (ZVRA) reported negative free cash flow of $2.4M in 2025, indicating capital requirements exceeded cash from operations.
Zevra Therapeutics, Inc. (ZVRA) spent $0.8M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.