Second Quarter Financial Summary: Fiscal 2023 vs Fiscal 2022
-- Net revenues decreased to $6.6 million from $13.0 million -- Gross profit decreased to $4.1 million from $11.2 million -- Research and development expenses increased to $22.9 million from $15.5 million -- Selling, general and administrative expenses increased to $12.8 million from $7.4 million -- Operating loss, which included an impairment charge of $3.9 million and a provision for credit losses of $3.9 million, was $39.4 million versus $11.8 million -- Net loss was $38.8 million, or $0.48 per share, compared to $14.2 million, or $0.18 per share
Year-to-Date Financial Summary: Fiscal 2023 vs Fiscal 2022
-- Net revenues decreased to $9.1 million from $27.2 million -- Gross profit decreased to $4.8 million from $23.0 million -- Research and development expenses increased to $41.6 million from $25.6 million -- Selling, general and administrative expenses increased to $30.4 million from $14.1 million -- Operating loss, which included an impairment charge of $3.9 million and a provision for credit losses of $3.9 million, was $75.0 million versus $16.7 million -- Net loss was $75.6 million, or $0.94 per share, compared to $20.6 million, or $0.26 per share. -- The net loss for the Company increased by $55 million for the current period. The main reason for the increase in the net loss relates to the Company preparing for the potential launch of sabizabulin for COVID-19 in the U.S. and outside the U.S. This required building a commercial team, engaging vendors to assist with the commercial launch, and manufacturing drug product for the launch upon EUA approval as required by the FDA. Since the declination, the majority of the employees hired for the commercial team have been terminated and the commercial launch sales and marketing related vendor contracts have been cancelled.
Balance Sheet Information
-- Cash and cash equivalents were $23.5 million as of March 31, 2023 versus $80.2 million as of September 30, 2022. Subsequent to the Company's Fiscal Year 2023 second quarter, and as previously disclosed, Frost Gamma Investments Trust acquired $5 million of Company common stock in a private placement, and the Company sold its ENTADFI product to Blue Water Biotech for $6 million upfront, $14 million in notes receivable, and up to an additional $80 million if certain ENTADFI sales milestones are achieved. -- Net accounts receivable were $4.2 million as of March 31, 2023 versus $3.6 million as of September 30, 2022
Event Details
The audio webcast will be accessible under "Investor Kit" in the Investors page of the Company's website at www.verupharma.com. To join the conference call via telephone, please dial 1-800-341-1602 (domestic) or 1-412-902-6706 (international) and ask to join the Veru Inc. call. An archived version of the audio webcast will be available for replay on the Company's website for approximately three months. A telephonic replay will be available on May 11, 2023 at approximately 12:00 p.m. ET by dialing 1-877-344-7529 (domestic) or 1-412-317-0088 (international) passcode 1592419 for one week.
About Veru Inc.
Veru is a late clinical stage biopharmaceutical company focused on developing novel medicines for the treatment of breast cancer and for SARS-CoV-2 and other viral ARDS-related diseases. Veru also has a commercial sexual health division called Urev that is comprised of the FC2 Female Condom(R) (internal condom), for the dual protection against unplanned pregnancy and sexually transmitted infections which is sold in the U.S. and globally.
Forward-Looking Statements |
