CytoDyn Inc. Files 10-Q for Period Ending February 29, 2024

TL;DR

<b>CytoDyn Inc. filed its quarterly report (10-Q) for the period ending February 29, 2024, on April 15, 2024.</b>

AI Summary

CytoDyn Inc. (CYDY) filed a Quarterly Report (10-Q) with the SEC on April 15, 2024. CytoDyn Inc. reported financial results for the period ending February 29, 2024. The company's fiscal year ends on May 31st. The filing is a 10-Q, indicating a quarterly report. The filing was submitted on April 15, 2024. CytoDyn Inc. is in the Pharmaceutical Preparations industry.

Why It Matters

For investors and stakeholders tracking CytoDyn Inc., this filing contains several important signals. This 10-Q filing provides investors with an update on CytoDyn Inc.'s financial performance and operational status for the most recent quarter. Understanding the details within this report is crucial for assessing the company's current financial health, strategic direction, and potential risks.

Risk Assessment

Risk Level: medium — CytoDyn Inc. shows moderate risk based on this filing. The company's financial performance and operational status are subject to the inherent risks of the pharmaceutical industry, including regulatory hurdles and market acceptance of its products, as detailed in its filings.

Analyst Insight

Review the detailed financial statements and risk factors in the 10-Q to understand CytoDyn Inc.'s current financial position and future prospects.

Key Numbers

• 2024-02-29 — Reporting Period End Date (Conformed period of report)
• 2024-04-15 — Filing Date (Filed as of date)
• 0531 — Fiscal Year End (Fiscal year end)
• 000-49908 — SEC File Number (SEC file number)

Key Players & Entities

• CytoDyn Inc. (company) — Filer name
• CYDY (company) — Ticker symbol
• 2024-02-29 (date) — Conformed period of report
• 2024-04-15 (date) — Filed as of date
• 2834 (industry) — Standard Industrial Classification
• 1111 MAIN STREET, SUITE 660 (address) — Business address
• VANCOUVER, WA (location) — Business address
• 360-980-8524 (phone) — Business phone

FAQ

Industry Context

CytoDyn Inc. operates within the Pharmaceutical Preparations sector, a highly regulated industry focused on the research, development, and commercialization of drugs.

Regulatory Implications

As a pharmaceutical company, CytoDyn Inc. is subject to stringent regulations from bodies like the FDA, governing drug approval, manufacturing, and marketing.

What Investors Should Do

1. Analyze the financial statements within the 10-Q for revenue, expenses, and cash flow.
2. Review any disclosed risk factors to understand potential challenges facing the company.
3. Examine management's discussion and analysis for insights into operational performance and future outlook.

Key Dates

• 2024-02-29: Quarterly Period End — End of the reporting period for the 10-Q filing.
• 2024-04-15: 10-Q Filing Date — Date the quarterly report was officially filed with the SEC.

Year-Over-Year Comparison

This filing is a 10-Q, representing a quarterly update, and does not contain the comprehensive annual data typically found in a 10-K.

Key Financial Figures

• $0.001 — shares outstanding of the registrant's $0.001 par value common stock. Table of Cont

Filing Documents

• cydy-20240229x10q.htm (10-Q) — 2145KB
• cydy-20240229xex10d1.htm (EX-10.1) — 57KB
• cydy-20240229xex31d1.htm (EX-31.1) — 9KB
• cydy-20240229xex31d2.htm (EX-31.2) — 9KB
• cydy-20240229xex32.htm (EX-32) — 8KB
• 0001558370-24-005134.txt (&nbsp;) — 8295KB
• cydy-20240229.xsd (EX-101.SCH) — 63KB
• cydy-20240229_cal.xml (EX-101.CAL) — 47KB
• cydy-20240229_def.xml (EX-101.DEF) — 242KB
• cydy-20240229_lab.xml (EX-101.LAB) — 430KB
• cydy-20240229_pre.xml (EX-101.PRE) — 369KB
• cydy-20240229x10q_htm.xml (XML) — 1452KB

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 25

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 34

CONTROLS AND PROCEDURES

ITEM 4. CONTROLS AND PROCEDURES 34

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 36

EXHIBITS

ITEM 6. EXHIBITS 37 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) February 29, 2024 May 31, 2023 Assets Current assets: Cash $ 1,404 $ 2,541 Restricted cash 6,619 6,507 Prepaid expenses 1,349 1,167 Prepaid service fees 538 590 Total current assets 9,910 10,805 Other non-current assets 360 487 Total assets $ 10,270 $ 11,292 Liabilities and Stockholders' Deficit Current liabilities: Accounts payable $ 62,078 $ 62,725 Accrued liabilities and compensation 10,559 6,669 Accrued interest on convertible notes 14,080 10,598 Accrued dividends on convertible preferred stock 6,418 5,308 Convertible notes payable, net 30,169 34,417 Derivative liability - equity instruments 3,493 79 Private placement of shares and warrants 2,679 — Total current liabilities 129,476 119,796 Notes payable, net — 714 Operating leases 176 283 Total liabilities 129,652 120,793 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 February 29, 2024 and May 31, 2023 — — Series C convertible preferred stock, $ 0.001 par value; 8 authorized; 6 issued and outstanding at February 29, 2024 and May 31, 2023 — — Series D convertible preferred stock, $ 0.001 par value; 12 authorized; 9 issued and outstanding at February 29, 2024 and May 31, 2023 — — Common stock, $ 0.001 par value; 1,750,000 shares authorized; 990,368 and 919,053 issued, and 989,925 and 918,610 outstanding at February 29, 2024 and May 31, 2023, respectively 990 919 Treasury stock, $ 0.001 par value; 443 shares at February 29, 2024 and May 31, 2023 — — Additional paid-in capital 754,372 731,270 Accumulated deficit ( 874,744 ) ( 841,690 ) Total stockholders' deficit ( 119,382

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS AS OF FEBRUARY 29, 2024 (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 is currently working to further establish leronlimab via clinical development of its effects on chronic inflammation, oncology, and a number of other potential exploratory indications. Historically, the Company has investigated 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, solid tumors in oncology, Covid, Long-Covid, and HIV indications where CCR5 is believed to play an integral role in the pathogenesis of disease. 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 fi

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