ZyVersa Therapeutics (ZVSA) Q4 2025 earnings summary

Executive summary

• Clinical-stage biopharma focused on renal and inflammatory diseases with two main drug platforms: VAR 200 (renal) and IC 100 (inflammatory).

• No products approved or revenue generated; all resources devoted to R&D and organizational activities.

• Lead renal candidate VAR 200 targets FSGS, with Phase 2a trial planned for Q2-2026; IC 100 is in preclinical stage targeting cardiometabolic conditions.

• Company delisted from Nasdaq in October 2025, now trades on OTCQB under ZVSA.

Financial highlights

• Net loss for 2025 was $25.0 million, up from $9.4 million in 2024, driven by an $18.6 million impairment charge.

• Research and development expenses decreased to $1.1 million in 2025 from $1.8 million in 2024.

• General and administrative expenses fell to $5.7 million in 2025 from $7.4 million in 2024.

• Cash at year-end 2025 was $0.1 million, with a working capital deficit of $12.4 million.

• Accumulated deficit reached $137.6 million as of December 31, 2025.

Outlook and guidance

• Cash on hand only sufficient for month-to-month operations; additional financing required to continue development.

• Plans to raise capital through equity, debt, or strategic partnerships; no assurance of success.

• Anticipates continued operating losses and negative cash flows for the foreseeable future.