Slide 1: Delivering Significant Value for Zevra Stockholders as a Global Commercialized Rare Disease Leader
NasdaqGS: ZVRA Delivering Significant Value for Zevra Stockholders as a Global Commercialized Rare Disease Leader May 2025
Slide 2: Forward-Looking Statements
Presentation may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements relate to future events or our future financial performance. We generally identify forward-looking statements by terminology such as “may,” “will
Slide 3: Strengthening Our Foundation: Strategic Plan to Transform Zevra
Corporate Foundation: Strengthening Our Foundation Bolstered balance sheet by restructuring debt in April 2024, using new credit facility provided by premier biotech investors, providing ample financial flexibility to continue investing in growth Secured Rare Pediatric Disease Priority Review Vouche
Slide 4: Stockholders Have Two Options
Stockholders Have Two Options: Risk Disruption by a Single Stockholder with No Stated Strategy or A Proven Team With a Clear Strategy and Strong Momentum If Mangless’ two nominees are elected this year, his nominees would have five of eight Board seats in total, raising questions over control and th
Slide 5: Table of Contents
Delivering Value to Stockholders and Patients Advancing our Mission of Becoming a Leading Rare Disease Company 1 2 Our Refreshed Board Oversees a Purpose-Built Management Team 3 Mangless’ Nominees are Not Qualified for Zevra’s Board 4 Table of Contents
Slide 6: Delivering Value to Stockholders and Patients
Delivering Value to Stockholders and Patients 1
Slide 7: Asset Portfolio Targeting Rare Diseases
PHASE 1 PHASE 2 PHASE 3 NDA/MAAiv FDA Approved Status and IP KP1077 Idiopathic Hypersomnia (IH) KP1077 Narcolepsy AZSTARYS® serdexmethylphenidate and dexmethylphenidate Attention Deficit Hyperactivity Disorder (ADHD) Celiprolol Vascular Ehlers-Danlos Syndrome (VEDS) Certain products may be subject t
Slide 8: Zevra is Outperforming Industry and Broader Market
+62.6% TSR during Neil McFarlane’s Tenure2 +45.1% 1-Year TSR1 Zevra is Outperforming Industry and Broader Market …While Outperforming the Industry and Driving Significant Value for Stockholders Over the Past Year and During Neil’s Tenure 1) Source: Factset Research Systems, Inc. 5/7/24 to 5/7/25 2)
Slide 9: Management's Renewed Focus on Investor Engagement
Ownership information via publicly available 13F information as of March 31, 2025 1) Source: Factset Research Systems, Inc. as of 10/8/23 2) Source: Factset Research Systems, Inc. as of 4/24/25 Management Team’s Renewed Focus on Investor Engagement has Heightened Zevra’s Profile with Investors meeti
Slide 10: Key Milestones Since October 2023
October 2023: Appointed Neil McFarlane as President, CEO November 2023: Completed Acquisition of Acer Therapeutics June 2024: Announced Positive Final Results from Phase 2 Clinical Trial of KP1077 Appointed Rahsaan W. Thompson as Chief Legal Officer and Alison Peters as Chief People Officer Septembe
Slide 11: Analysts are Supportive of our Board, Management Team, and Strategy
Analysts are Supportive of our Board, Management Team, and Strategy April 2025 One of the best rare disease executions we’ve seen right off the bat. Based on this early commercial transition, we strongly believe this is a team to get behind and one that is passionately putting patients first. March
Slide 12: Advancing our Mission of Becoming a Leading Rare Disease Company
2 Advancing our Mission of Becoming a Leading Rare Disease Company
Slide 13: Advancing Treatment for NPC with MIPLYFFA
Onset at Any Age Makes NPC particularly difficult to diagnose Heterogeneous Rate of progression, always fatal i. Miglustat is not approved in the U.S. for the treatment of NPC ii. carbamylphosphate synthetase (CPS), ornithine transcarbamylase (OTC), or argininosuccinic acid synthetase (AS) Transform
Slide 14: MIPLYFFA and OLPRUVA Launch Progress
Our first-ever commercially launched product helps people suffering from certain UCDs MIPLYFFA OLPRUVA U.S. Progress U.S. Progress Regulatory Path in EU EU-based Expanded Access Program continues with ~70 to 80 patients Target filing of Marketing Authorization Application (MAA) in Europe in 2H 2025
Slide 15: Expanding Adoption and Optimizing Pipeline
MIPLYFFA Expanding adoption in U.S. and securing regulatory approval in the EU Launched educational and testing support for NPC providers in the U.S. Working with payors to secure patient access to treatment On track to file MAA in second half of 2025, potentially reaching 1,100 NPC patients in the
Slide 16: Our Refreshed Board Oversees a Purpose-Built Management Team
3 Our Refreshed Board Oversees a Purpose-Built Management Team
Slide 17: Board Has Strengthened the Company's Corporate Foundation
April 2024 Completed Strategic Debt Restructuring Bolstered Zevra’s balance sheet by restructuring our debt, using a new credit facility provided by premier biotech investors Zevra’s Board Has Strengthened the Company’s Corporate Foundation Disciplined approach to capital allocation has strengthened
Slide 18: Refreshed Board Has the Right Talent and Expertise
Neil F. McFarlane Chief Executive Officer and President Alvin Shih, M.D. Director Thomas D. Anderson Director Douglas W. Calder Director Tamara A. Favorito Director Wendy L. Dixon, PH.D. Director Corey M. Watton Director John B. Bode Director 7 of 8 directors joined since 2023 7 of 8 directors are i
Slide 19: Board Skills Matrix
DIRECTOR PUBLIC CO. DRUG DEVELOPMENT LIFE SCIENCES INDUSTRY FINANCIAL COMMERCIALIZATION / OPERATIONAL MARKETING Neil F. McFarlane President, CEO, and Director since October 2023 P P P P P P Wendy L. Dixon, Ph.D. Director since April 2023, Audit Committee P P P P Tamara A. Favorito Chair of Board sin
Slide 20: Specialized Life Sciences & Rare Disease Expertise
Life Sciences Experience Rare Disease Product Experience Proven track record in advancing rare disease therapies from early development through commercialization Extensive experience driving long-term value creation across Fortune 500 pharmaceutical companies to specialized rare disease companies Yo
Slide 21: Our Nominees are Proven Leaders
With more than 30 years of industry experience, Ms. Favorito brings: 20 years of expertise as Chief Financial Officer for multiple publicly-traded life science companies, including Signal Genetics, Inc., Favrille, Inc., and Immunic, Inc. A deep understanding of the Company’s history as the only dire
Slide 22: Mangless' Nominees are Not Qualified for Zevra's Board
4 Mangless’ Nominees are Not Qualified for Zevra’s Board
Slide 23: Proxy solicitor with no life sciences expertise
Proxy solicitor with no life sciences expertise Completely unqualified to serve as a Zevra director No life sciences industry experience or knowledge Only role as a director of a public operating company was over 25 years ago at US Wats, Inc. (“US Wats”), where he served as corporate secretary and d
Slide 24: Destroyed stockholder value while Zevra's CEO
Destroyed stockholder value while Zevra's CEO Non-independent former CEO; potentially disruptive in the boardroom Zevra shares fell 97.4% during Mickle's tenure as CEO Zevra achieved its current progress after Mickle resigned as CEO and Director in early 2023 Cannot be considered independent for sev
Slide 25: Mangless Continues to Advance an Unclear Agenda
Despite Zevra’s Repeated Efforts to Engage in Good Faith, Mangless Continues to Advance an Unclear Agenda Mangless already has had three nominees elected to the Board in 2023 Mangless' own filings acknowledged that if his two nominees are elected, the five nominees that he will have added to the Boa
Slide 26: Mangless' Critiques Show Lack of Understanding of Governance Practices
Mangless’ Critiques Demonstrate that He Lacks Understanding of Typical Governance Practices at Early-Stage Biotech Companies Majority vote threshold for director elections is not standard industry practice for companies of a similar size, stage, and therapeutic focus Our Board may consider moving to
Slide 27: Vote for the Nominees with the Experience and Expertise to Lead Zevra
Vote for the Nominees with the Experience and Expertise to Lead Zevra
Slide 28: Would you rather have
Would you rather have: Mangless’ Plan to Add an Unqualified Proxy Solicitor and Former CEO Risks Meaningful Disruption to Zevra Our current five-year strategic plan and upcoming milestones necessitate the right Board to continue execution; we believe that Mr. Mangless’ nominees will put your investm
Slide 29: Stockholders Have Two Options
Stockholders Have Two Options: Risk Disruption by a Single Stockholder with No Stated Strategy or A Proven Team With a Clear Strategy and Strong Momentum If Mangless’ two nominees are elected this year, his nominees would have five of eight Board seats in total, raising questions over control and th
Slide 30: Stockholders Have Two Options: TSR Comparison
Stockholders Have Two Options: - 97.4% TSR During Dr. Mickle’s Tenure as CEO of Zevra2 62.6% TSR During Neil McFarlane’s Tenure1 Risk Disruption by a Single Stockholder with No Stated Strategy or A Proven Team With a Clear Strategy and Strong Momentum Source: Factset Research Systems, Inc. 10/9/23 t
Slide 31: Summary of Achievements and Board Nominees
Launched two rare disease therapies, MIPLYFFA™ and OLPRUVA®, refreshed the Board and expanded purpose-build management team, and rapidly built Zevra’s robust internal commercial capabilities Completed a comprehensive review of our development pipeline to facilitate investment in the most promising,