CytoDyn Inc. Files 10-Q for Period Ending November 30, 2023

TL;DR

<b>CytoDyn Inc. filed its quarterly 10-Q report for the period ending November 30, 2023, detailing financial data and stock information.</b>

AI Summary

CytoDyn Inc. (CYDY) filed a Quarterly Report (10-Q) with the SEC on January 16, 2024. CytoDyn Inc. filed a 10-Q report for the period ending November 30, 2023. The filing covers the second quarter of fiscal year 2024. The company's fiscal year ends on May 31st. The filing includes data related to common stock, preferred stock, and treasury stock as of November 30, 2023. Previous periods for financial data, including retained earnings and additional paid-in capital, are also detailed.

Why It Matters

For investors and stakeholders tracking CytoDyn Inc., this filing contains several important signals. This 10-Q filing provides investors with the latest financial performance and position of CytoDyn Inc. for the second quarter of fiscal year 2024. The detailed breakdown of stock types and capital accounts offers insight into the company's financial structure and potential equity transactions.

Risk Assessment

Risk Level: medium — CytoDyn Inc. shows moderate risk based on this filing. The company's financial health and operational status are not fully detailed in this excerpt, making a definitive risk assessment difficult without more comprehensive financial statements and management discussion.

Analyst Insight

Review the full 10-Q filing to understand the company's financial performance, cash position, and any significant operational developments or risks disclosed.

Key Numbers

• 2023-11-30 — Period End Date (10-Q filing)
• 2024-01-16 — Filing Date (10-Q filing)
• 0531 — Fiscal Year End (Company data)

Key Players & Entities

• CytoDyn Inc. (company) — Filer
• 2023-11-30 (date) — Period of report
• 2024-01-16 (date) — Filed as of date
• 0001175680 (company) — Central Index Key
• 2834 (industry) — Standard Industrial Classification
• DE (state) — State of incorporation
• 0531 (date) — Fiscal year end
• 1934 Act (regulation) — SEC Act

Forward-Looking Statements

• CytoDyn will likely need to raise additional capital within the next 12 months to fund its operations and ongoing research. (CytoDyn Inc.) — high confidence, target: 2025-01-16
• The stock price may experience downward pressure due to continued widening losses and potential dilution from future capital raises. (CytoDyn Inc. stock) — medium confidence, target: 2024-07-16

FAQ

Industry Context

CytoDyn Inc. operates in the Pharmaceutical Preparations industry, focusing on the development and commercialization of drugs.

Regulatory Implications

The company is subject to standard SEC reporting requirements for public companies, including the filing of quarterly 10-Q reports.

What Investors Should Do

1. Analyze the complete financial statements within the 10-Q for revenue, expenses, and net income.
2. Review the balance sheet details for assets, liabilities, and equity to assess financial position.
3. Examine any disclosed management discussion and analysis (MD&A) for operational insights and forward-looking statements.

Key Dates

• 2023-11-30: Period End Date — Covers the financial reporting period for the 10-Q.
• 2024-01-16: Filing Date — Date the 10-Q was officially submitted to the SEC.

Year-Over-Year Comparison

This is a 10-Q filing, which is a standard quarterly report. Specific comparative data from the prior filing period is not detailed in this excerpt.

Key Financial Figures

• $0.001 — shares outstanding of the registrant's $0.001 par value common stock. Table of Cont
• $0.50 — f Series C convertible preferred stock ($0.50 per share) — — 319 — — — 159

Filing Documents

• cydy-20231130x10q.htm (10-Q) — 2010KB
• cydy-20231130xex31d1.htm (EX-31.1) — 9KB
• cydy-20231130xex31d2.htm (EX-31.2) — 9KB
• cydy-20231130xex32.htm (EX-32) — 8KB
• 0001558370-24-000305.txt (&nbsp;) — 7816KB
• cydy-20231130.xsd (EX-101.SCH) — 61KB
• cydy-20231130_cal.xml (EX-101.CAL) — 47KB
• cydy-20231130_def.xml (EX-101.DEF) — 249KB
• cydy-20231130_lab.xml (EX-101.LAB) — 410KB
• cydy-20231130_pre.xml (EX-101.PRE) — 373KB
• cydy-20231130x10q_htm.xml (XML) — 1359KB

Financial Information

PART I Financial Information 3

CONSOLIDATED FINANCIAL STATEMENTS

ITEM 1. CONSOLIDATED FINANCIAL STATEMENTS 3

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 23

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 33

CONTROLS AND PROCEDURES

ITEM 4. CONTROLS AND PROCEDURES 33

Other Information

PART II Other Information 35

LEGAL PROCEEDINGS

ITEM 1. LEGAL PROCEEDINGS 35

RISK FACTORS

ITEM 1A. RISK FACTORS 35

UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS 37

EXHIBITS

ITEM 6. EXHIBITS 40 2 Table of Contents

Financial Information

PART I. Financial Information

Consolidated Financial Statements

Item 1. Consolidated Financial Statements CytoDyn Inc. Consolidated Balance Sheets (Unaudited, in thousands, except par value) November 30, 2023 May 31, 2023 Assets Current assets: Cash $ 147 $ 2,541 Restricted cash 6,577 6,507 Prepaid expenses 1,578 1,167 Prepaid service fees 538 590 Total current assets 8,840 10,805 Other non-current assets 400 487 Total assets $ 9,240 $ 11,292 Liabilities and Stockholders' Deficit Current liabilities: Accounts payable $ 62,328 $ 62,725 Accrued liabilities and compensation 9,150 6,669 Accrued interest on convertible notes 12,936 10,598 Accrued dividends on convertible preferred stock 6,049 5,308 Convertible notes payable, net 32,914 34,417 Derivative liability - equity instruments 33 79 Total current liabilities 123,410 119,796 Notes payable, net — 714 Operating leases 211 283 Total liabilities 123,621 120,793 Commitments and Contingencies (Note 8) Stockholders' deficit: Preferred stock, $ 0.001 par value; 5,000 shares authorized: Series B convertible preferred stock, $ 0.001 par value; 400 authorized; 19 issued and outstanding at November 30, 2023 and May 31, 2023 — — Series C convertible preferred stock, $ 0.001 par value; 8 authorized; 6 issued and outstanding at November 30, 2023 and May 31, 2023 — — Series D convertible preferred stock, $ 0.001 par value; 12 authorized; 9 issued and outstanding at November 30, 2023 and May 31, 2023 — — Common stock, $ 0.001 par value; 1,750,000 shares authorized; 971,729 and 919,053 issued, and 971,286 and 918,610 outstanding at November 30, 2023 and May 31, 2023, respectively 971 919 Treasury stock, $ 0.001 par value; 443 shares at November 30, 2023 and May 31, 2023 — — Additional paid-in capital 747,472 731,270 Accumulated deficit ( 862,824 ) ( 841,690 ) Total stockholders' deficit ( 114,381 ) ( 109,501 ) Total liabilities and stockholders deficit

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS AS OF NOVEMBER 30, 2023 (Unaudited) Note 1. Organization CytoDyn Inc. (together with its wholly owned subsidiaries, the "Company") was originally incorporated under the laws of Colorado on May 2, 2002, under the name RexRay Corporation and, effective August 27, 2015, reincorporated under the laws of Delaware. The Company is a clinical-stage biotechnology company focused on the clinical development of innovative treatments for multiple therapeutic indications based on its product candidate, leronlimab, a novel humanized monoclonal antibody targeting the C-C chemokine receptor type 5 ("CCR5"). The Company has been investigating leronlimab as a viral entry inhibitor for treatment of human immunodeficiency virus ("HIV"), believed to competitively bind to the N-terminus and second extracellular loop of the CCR5 receptor. For immunology, the CCR5 receptor is believed to be implicated in immune-mediated illnesses such as Metabolic dysfunction-associated steatohepatitis ("MASH"), replacement for the term nonalcoholic steatohepatitis ("NASH"). Leronlimab is being or has been studied in MASH, MASH-HIV, solid tumors in oncology, and other HIV indications where CCR5 is believed to play an integral role. Note 2. Summary of Significant Accounting Policies Basis of presentation The unaudited interim consolidated financial statements include the accounts of CytoDyn Inc. and its wholly owned subsidiary, CytoDyn Operations Inc. All intercompany transactions and balances are eliminated in consolidation. The consolidated financial statements reflect all normal recurring adjustments which are, in the opinion of management, necessary for a fair statement of the results of operations for the interim financial statements. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States ("U.S. GAAP" or "GAAP") have been omitted

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View this 10-Q filing on SEC EDGAR