ZyVersa Therapeutics reported a net loss of $19.8 million for the three months ended September 30, 2025, a sharp increase from the $2.4 million loss recorded for the same period a year earlier. The jump is almost entirely driven by an $18.6 million impairment charge on in‑process research and development, reflecting a decline in the company’s market capitalization and the inability to demonstrate that financing for future milestones is assured as of September 30.
Operating expenses for the quarter were $2.1 million, comprised of $0.4 million in research and development and $1.7 million in general and administrative costs. While those two expense categories fell by $0.1 million each compared with the prior year, total operating expenses rose to $20.8 million from $2.3 million in Q3 2024, indicating that other cost components—such as clinical trial support and regulatory activities—expanded significantly.
Cash on hand fell to $0.5 million, underscoring the company’s urgent liquidity needs. ZyVersa was delisted from the Nasdaq Capital Market on October 6, 2025 after failing to meet the minimum bid‑price requirement and now trades on the OTCQB market. The company raised approximately $2.05 million in the third quarter and $4.05 million year‑to‑date, but those amounts are insufficient to sustain its operating and capital‑expenditure profile.
The company’s pipeline remains focused on VAR 200, a therapy for kidney diseases, and IC 100, a candidate for chronic inflammatory and cardiometabolic conditions. A Phase 2a trial for VAR 200 in diabetic kidney disease was initiated, with preliminary data expected in Q4, while an IND submission for IC 100 was completed in Q2 and a Phase 1 trial is planned.
Management emphasized the need to secure additional capital through equity, debt, or strategic partnerships to keep the clinical programs on track. The company’s financial condition raises substantial doubt about its ability to continue as a going concern, and the liquidity crisis, combined with the Nasdaq delisting, places significant pressure on its ability to raise the necessary funding to reach regulatory milestones.
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