ZyVersa Therapeutics (ZVSA) Q4 2025 earnings summary

Executive summary

• Advancing a pipeline targeting inflammatory and renal diseases with a market opportunity exceeding $100 billion.

• Lead assets include Inflammasome ASC Inhibitor IC 100 for cardiometabolic conditions and Cholesterol Efflux Mediator VAR 200 for orphan renal diseases.

• Key clinical milestones expected in 2026–2027, including IND filings and Phase 1/2a trial readouts.

Financial highlights

• Cash on hand was $0.1 million as of December 31, 2025; $1 million raised in Q1-2026 via convertible notes and warrants.

• Research and development expenses decreased 37.4% year-over-year to $1.1 million due to reduced consulting and paused trials.

• General and administrative expenses fell 22.1% year-over-year to $5.7 million, driven by lower insurance, compensation, marketing, and taxes.

• Net loss for 2025 was $25.0 million, up 165% from $9.4 million in 2024, primarily due to an $18.6 million impairment of in-process R&D.

Outlook and guidance

• Cash and equivalents expected to fund operations only on a month-to-month basis; additional financing required to meet milestones.

• Plans to seek funding through equity, debt, grants, collaborations, or warrant exercises.

• Anticipated clinical and preclinical data readouts in 2026–2027 for both lead programs.