ZEVRA THERAPEUTICS, INC. 8-K

What Happened

• On March 13, 2026, Zevra Therapeutics, Inc. announced an Asset Purchase and Settlement Agreement with Commave Therapeutics SA under which Zevra sold its SDX portfolio (including AZSTARYS® (KP415) and KP1077) to Commave for $50.0 million and agreed to terminate the parties’ AZSTARYS License Agreement. The sale was effective upon execution and the parties agreed to dismiss related Delaware litigation (Commave Therapeutics SA v. Zevra Therapeutics, Inc., C.A. No. 2024-0920-LWW).
• The company announced on March 12, 2026 that it repaid in full the outstanding obligations under its April 5, 2024 credit facility (approximately $63.0 million principal outstanding, including ~$3.0 million PIK interest, plus accrued cash interest), and the related loan documents and liens were terminated and released.

Key Details

• Purchase price: $50.0 million in cash payable to Zevra ( $25.0M at execution, $20.0M within 10 business days, $5.0M after delivery of certain records).
• Assets transferred: SDX portfolio assets including AZSTARYS® (KP415) and KP1077; transfer free and clear of encumbrances.
• License & releases: AZSTARYS License Agreement terminated; mutual releases of claims related to the license and litigation; Zevra granted Commave a worldwide, royalty‑free, perpetual license under certain patents/know‑how retained by Zevra covering SDX, with right to sublicense.
• Credit facility: Term loans funded $60.0M originally; ~ $63.0M outstanding repaid March 12, 2026; liens and security interests on substantially all company assets released.

Why It Matters

• The transaction resolves pending litigation with Commave and transfers the company’s SDX commercialization rights (including the marketed AZSTARYS product) in exchange for $50M cash, providing immediate liquidity.
• Full repayment and termination of the credit facility removes the company’s senior secured debt and releases liens on its assets, improving balance‑sheet flexibility.
• Investors should note Zevra no longer controls the SDX assets and has granted Commave broad rights under retained patents/know‑how; the company will be smaller but debt‑free following these actions.