ZVRAZEVRA THERAPEUTICS, INC.

Pharmaceutical Preparations

Revenue: $106M; 351% YoY
Operating margin: -59.1%; 84% YoY
EBITDA: −$59M; 27% YoY
Market cap: $610M
Employees: 350; $304K revenue each
Net debt / EBITDA: —; −$83M net debt
AI in 10-K: 0.3; mentions per 10K words

Takeover score 5 of 13

Fixable underperformance 3 of 7

TSR below peersNo
—
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashYes
-2% of net income
Cash flow under 80% of net income
Dilutive SBCYes
12% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
0% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
2% of assets
Over 40% of assets
Shareholder dissentYes
76% lowest support
Any vote under 80% support

Buyer economics 2 of 4

Low revenue per employeeNo
$304K · 43rd pct
Bottom quartile of its SIC industry
Quiet on AIYes
0.3 per 10K words · 14th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
—
More cash than debt, positive EBITDA
Buyout-sizedYes
$610M market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
−$3M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$29M	$10M	$27M	$24M	$106M	351%
Operating income	$8M	−$43M	−$50M	−$87M	−$63M	28%
Net income	−$9M	−$27M	−$46M	−$106M	$83M	179%
Operating cash flow	$10M	−$19M	−$34M	−$70M	−$2M	98%
Capex	$102K	$93K	$296K	$0	$835K
Stock-based comp	$2M	$4M	$6M	$15M	$13M	15%
Buybacks	$3M	$5M	$3M	$0	—

Deal filings

None.

13D filers

Filed	Filer	Form	Stake	Intent
Dec 1, 2021	Braun Samuel J	SC 13D	9.6%	Active

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $3M · 13
Net: −$3M

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2025	—	—	—	195
FY2024	—	—	—	182
FY2023	—	—	—	143