CytoDyn Inc. Files 10-Q for Nov 30, 2024

TL;DR

CYDY 10-Q filed Nov 30, 2024. Financials and ops update.

AI Summary

CytoDyn Inc. filed its 10-Q for the period ending November 30, 2024. The company reported financial results and operational updates. Specific financial figures and strategic developments are detailed within the filing.

Why It Matters

This filing provides investors with an update on CytoDyn Inc.'s financial health and operational progress for the recent quarter, crucial for investment decisions.

Risk Assessment

Risk Level: medium — As a pharmaceutical company, CytoDyn Inc. faces inherent risks related to drug development, regulatory approvals, and market competition.

Key Numbers

• 2024-11-30 — Reporting Period End Date (Indicates the end of the financial quarter being reported.)
• 20250114 — Filing Date (The date the 10-Q was officially submitted to the SEC.)

Key Players & Entities

• CytoDyn Inc. (company) — Filer of the 10-Q
• 2024-11-30 (date) — End of the reporting period
• 20250114 (date) — Filing date
• 0001175680 (company) — Central Index Key for CytoDyn Inc.

FAQ

Key Financial Figures

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

Filing Documents

• cydy-20241130x10q.htm (10-Q) — 1658KB
• cydy-20241130xex31d1.htm (EX-31.1) — 9KB
• cydy-20241130xex31d2.htm (EX-31.2) — 9KB
• cydy-20241130xex32.htm (EX-32) — 7KB
• 0001558370-25-000207.txt ( ) — 6058KB
• cydy-20241130.xsd (EX-101.SCH) — 48KB
• cydy-20241130_cal.xml (EX-101.CAL) — 46KB
• cydy-20241130_def.xml (EX-101.DEF) — 155KB
• cydy-20241130_lab.xml (EX-101.LAB) — 324KB
• cydy-20241130_pre.xml (EX-101.PRE) — 267KB
• cydy-20241130x10q_htm.xml (XML) — 993KB

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 20

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 28

CONTROLS AND PROCEDURES

ITEM 4. CONTROLS AND PROCEDURES 28

Other Information

PART II Other Information 29

LEGAL PROCEEDINGS

ITEM 1. LEGAL PROCEEDINGS 29

RISK FACTORS

ITEM 1A. RISK FACTORS 29

UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS 29

EXHIBITS

ITEM 6. EXHIBITS 30 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, 2024 May 31, 2024 Assets Current assets: Cash and cash equivalents $ 21,335 $ 3,110 Restricted cash — 6,704 Prepaid expenses 635 463 Prepaid service fees 663 538 Other receivables (Note 9) 2,000 — Total current assets 24,633 10,815 Other non-current assets 244 321 Total assets $ 24,877 $ 11,136 Liabilities and Stockholders' Deficit Current liabilities: Accounts payable $ 14,244 $ 29,561 Accrued liabilities and compensation 2,767 2,810 Accrued interest on convertible notes 17,553 15,227 Accrued dividends on convertible preferred stock 7,532 6,791 Convertible notes payable, net 28,531 29,793 Total current liabilities 70,627 84,182 Operating leases 69 141 Other liabilities (Note 9) 43,571 43,571 Total liabilities 114,267 127,894 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 November 30, 2024 and May 31, 2024 — — Series C convertible preferred stock, $ 0.001 par value; 8 authorized; 6 issued and outstanding at November 30, 2024 and May 31, 2024 — — Series D convertible preferred stock, $ 0.001 par value; 12 authorized; 9 issued and outstanding at November 30, 2024 and May 31, 2024 — — Common stock, $ 0.001 par value; 1,750,000 shares authorized; 1,223,517 and 1,059,002 issued, and 1,223,075 and 1,058,559 outstanding at November 30, 2024 and May 31, 2024, respectively 1,224 1,059 Treasury stock, $ 0.001 par value; 443 shares at November 30, 2024 and May 31, 2024 — — Additional paid-in capital 786,458 773,714 Accumulated deficit ( 877,072 ) ( 891,531 ) Total stockholders' deficit ( 89,390 ) ( 116,758 ) Total liabiliti

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS AS OF NOVEMBER 30, 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 oncology, inflammation and a number of other potential exploratory indications. Historically, the Company has investigated leronlimab as a viral entry inhibitor 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 human immunodeficiency virus ("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 statements. Certain informat

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