CytoDyn Inc. Files Q2 2024 10-Q with Financial Updates

TL;DR

CYDY 10-Q filed: Financials for Aug 31, 2024 out. Key equity figures updated.

AI Summary

CytoDyn Inc. filed its 10-Q for the period ending August 31, 2024. The company's fiscal year ends May 31st. Key financial data points such as common stock, retained earnings, and additional paid-in capital are reported as of August 31, 2024, and comparative periods. The filing also includes information on treasury stock and preferred stock.

Why It Matters

This filing provides investors with the latest financial snapshot of CytoDyn Inc., crucial for understanding the company's financial health and performance trends.

Risk Assessment

Risk Level: medium — As a pharmaceutical company, CytoDyn Inc. faces inherent risks related to drug development, regulatory approvals, and market competition, which are not fully detailed in this summary but are typical for the sector.

Key Numbers

• 2024-08-31 — Reporting Period End Date (Latest financial data available)
• 2024-05-31 — Previous Fiscal Year End (For comparative financial analysis)

Key Players & Entities

• CytoDyn Inc. (company) — Filer of the 10-Q
• 20240831 (date) — End of the reporting period
• 0531 (date) — Fiscal year end
• 1111 MAIN STREET, SUITE 660 (address) — Company business and mailing address
• VANCOUVER, WA 98660 (address) — Company business and mailing city, state, zip
• 360-980-8524 (phone_number) — Company business phone number

FAQ

Key Financial Figures

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

Filing Documents

• cydy-20240831x10q.htm (10-Q) — 1256KB
• cydy-20240831xex31d1.htm (EX-31.1) — 9KB
• cydy-20240831xex31d2.htm (EX-31.2) — 9KB
• cydy-20240831xex32.htm (EX-32) — 8KB
• 0001558370-24-013320.txt ( ) — 5404KB
• cydy-20240831.xsd (EX-101.SCH) — 46KB
• cydy-20240831_cal.xml (EX-101.CAL) — 44KB
• cydy-20240831_def.xml (EX-101.DEF) — 153KB
• cydy-20240831_lab.xml (EX-101.LAB) — 306KB
• cydy-20240831_pre.xml (EX-101.PRE) — 257KB
• cydy-20240831x10q_htm.xml (XML) — 899KB

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 19

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 26

CONTROLS AND PROCEDURES

ITEM 4. CONTROLS AND PROCEDURES 26

Other Information

PART II Other Information 28

LEGAL PROCEEDINGS

ITEM 1. LEGAL PROCEEDINGS 28

RISK FACTORS

ITEM 1A. RISK FACTORS 28

UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS 28

EXHIBITS

ITEM 6. EXHIBITS 29 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) August 31, 2024 May 31, 2024 Assets Current assets: Cash $ 24,921 $ 3,110 Restricted cash — 6,704 Prepaid expenses 570 463 Prepaid service fees 247 538 Other receivables (Note 9) 2,000 — Total current assets 27,738 10,815 Other non-current assets 283 321 Total assets $ 28,021 $ 11,136 Liabilities and Stockholders' Deficit Current liabilities: Accounts payable $ 14,159 $ 29,561 Accrued liabilities and compensation 2,923 2,810 Accrued interest on convertible notes 16,392 15,227 Accrued dividends on convertible preferred stock 7,163 6,791 Convertible notes payable, net 28,918 29,793 Total current liabilities 69,555 84,182 Operating leases 105 141 Other liabilities (Note 9) 43,571 43,571 Total liabilities 113,231 127,894 Commitments and Contingencies (Note 9) 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 August 31, 2024 and May 31, 2024 — — Series C convertible preferred stock, $ 0.001 par value; 8 authorized; 6 issued and outstanding at August 31, 2024 and May 31, 2024 — — Series D convertible preferred stock, $ 0.001 par value; 12 authorized; 9 issued and outstanding at August 31, 2024 and May 31, 2024 — — Common stock, $ 0.001 par value; 1,750,000 shares authorized; 1,220,284 and 1,059,002 issued, and 1,219,841 and 1,058,559 outstanding at August 31, 2024 and May 31, 2024, respectively 1,220 1,059 Treasury stock, $ 0.001 par value; 443 shares at August 31, 2024 and May 31, 2024 — — Additional paid-in capital 785,874 773,714 Accumulated deficit ( 872,304 ) ( 891,531 ) Total stockholders' deficit ( 85,210 ) ( 116,758 ) Total liabilities and stockholders' deficit $

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS AS OF AUGUST 31, 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-19, 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 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

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View this 10-Q filing on SEC EDGAR