ZyVersa Therapeutics (ZVSA) Q1 2026 earnings summary

Executive summary

• Clinical-stage biopharma advancing a pipeline for renal and inflammatory diseases, with lead candidates VAR 200 and IC 100 targeting FSGS, Alport Syndrome, and cardiometabolic conditions.

• Total accessible market for lead assets exceeds $100 billion.

• No revenue generated to date; operations funded by equity and debt issuances.

• Net loss for Q1 2026 was $1.8 million, improved from $2.3 million in Q1 2025.

• Accumulated deficit reached $139.4 million as of March 31, 2026.

Financial highlights

• Research and development expenses decreased 77.6% year-over-year to $58,000, mainly due to lower payroll and paused studies.

• General and administrative expenses fell 33.9% to $1.2 million, driven by reduced professional, marketing, and tax costs.

• Net loss per share improved to $(0.22) from $(0.73) year-over-year.

• Net cash used in operating activities was $0.8 million, down from $1.8 million in Q1 2025.

• $1.0 million raised via convertible notes and warrants in Q1 2026.

Outlook and guidance

• Cash balance of $0.3 million as of March 31, 2026, only sufficient for month-to-month operations; significant additional losses expected for several years.

• Ongoing need for additional capital to fund operations and product development, with plans to raise funds through equity, debt, grants, collaborations, or warrant exercises.

• IND filing for IC 100 expected in Q4 2026, with Phase 1 readout in H1 2027; Phase 2a trial for VAR 200 to start H2 2026.