Zevra Therapeutics, Inc. (formerly KemPharm, Inc.) is a biopharmaceutical company founded in 2006 and headquartered in Boston, Massachusetts, with operations in Celebration, Florida. The company is focused on discovering, developing, and commercializing innovative therapies for rare diseases, particularly those affecting the central nervous system (CNS) with high unmet medical needs. ...Zevra Therapeutics, Inc. (formerly KemPharm, Inc.) is a biopharmaceutical company founded in 2006 and headquartered in Boston, Massachusetts, with operations in Celebration, Florida. The company is focused on discovering, developing, and commercializing innovative therapies for rare diseases, particularly those affecting the central nervous system (CNS) with high unmet medical needs. Zevra leverages its proprietary Ligand Activated Therapy (LAT) technology to create novel prodrug versions of existing FDA-approved medications or to enable new applications for other compounds. The company's pipeline includes lead candidates KP1077 (a prodrug of d-methylphenidate) for idiopathic hypersomnia and narcolepsy, and KP879 for stimulant use disorder, both currently in Phase II trials. Zevra has successfully secured FDA approval for AZSTARYS (a once-daily ADHD treatment) and APADAZ (a combination product for pain management). Additionally, the company holds collaborations with KVK-Tech and Commave Therapeutics. As a commercial-stage company, Zevra generates revenue from these approved products and has a solid financial position with a market cap of approximately $683 million, a price-to-sales ratio of 5.0, and a net profit margin of 42.8%. The company employs around 61 full-time employees and is led by CEO Neil F. McFarlane, who brings extensive experience in the pharmaceutical industry. With a focus on rare diseases, Zevra aims to redefine what is possible in bringing life-changing therapies to patients in need.
Operator: Good afternoon, and thank you for joining Zevra's First Quarter 2026 Financial Results and Corporate Update Conference Call. Today's call is being recorded and will be available via the Investor Relations section of the company's website later today. The host for today's call is Nichol Ochsner, Zevra's Vice President of Investor Relations and Corporate Communications.
Nichol Ochsner: Thank you, and welcome to those who are joining us. Today, we will provide an overview of our recent accomplishments, followed by a review of our first quarter 2026 financial results. I encourage you to read our financial results news release, which was distributed this afternoon and is available in the Investors section of our website. Before we begin the call, please note that certain information shared today will include forward-looking statements. Actual results may differ materially from those stated or implied in any forward-looking statements due to risks and uncertainties associated with Zevra's business. Forward-looking statements are not promises or guarantees and are inherently subject to risks, uncertainties and other important factors that may lead to actual results differing materially from projections made and should be evaluated together with the Risk Factors section in our most recent quarterly report on Form 10-Q, our annual report on Form 10-K and our filings with the SEC. I am pleased to welcome Zevra's management team members participating in today's call. Neil McFarlane, Zevra's President and Chief Executive Officer; Josh Schafer, our Chief Commercial Officer; and Justin Renz, our Chief Financial Officer. Our Chief Medical Officer, Adrian Quortel, will also be available for today's question-and-answer session. Now it's my pleasure to hand the call over to Neil.
Neil McFarlane: Thank you, Nichol, and welcome to everyone joining our quarterly call this afternoon. We are building a durable rare disease company grounded in disciplined execution, financial strength and a commitment to patients. We continue to advance our strategic plan, delivering strong performance and positioning ourselves for long-term growth. We made substantial progress in establishing MIPLYFFA as a foundational treatment for Niemann-Pick disease type C or NPC in the U.S. by delivering meaningful clinical impact to patients and pursuing multiple pathways to expand patient access globally. We are also advancing our late-stage asset, Celiprolol, through a Phase III study for the treatment of Vascular Ehlers-Danlos Syndrome, or VES, and executing several approaches to accelerate its development. To sharpen our focus on high-impact activities and remove operational distractions, we optimized the portfolio by divesting noncore assets with the sale of the SDX portfolio, to Commave Therapeutics for $50 million and concurrently resolved the legal dispute. Our balance sheet is strong with a cash position of $236.8 million and no outstanding debt, providing financial …
