Veru Inc. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>Veru Inc. filed its Q2 2024 10-Q, outlining financial results and significant business events.</b>

AI Summary

VERU INC. (VERU) filed a Quarterly Report (10-Q) with the SEC on May 8, 2024. Veru Inc. filed its 10-Q report for the period ending March 31, 2024. The filing details financial performance and business operations for the quarter. Key agreements and potential events are referenced, including purchase agreements and sales agreements. Information regarding commercial disputes and accounts receivable is included. Subsequent events, such as the Entadfi agreement, are noted.

Why It Matters

For investors and stakeholders tracking VERU INC., this filing contains several important signals. This filing provides investors with the latest financial health and operational status of Veru Inc., crucial for investment decisions. The report highlights ongoing business activities, potential risks, and future outlook based on recent events and agreements.

Risk Assessment

Risk Level: medium — VERU INC. shows moderate risk based on this filing. The company's financial performance and future prospects are subject to various risks detailed in the filing, including market conditions and regulatory factors.

Analyst Insight

Investors should review the detailed financial statements and risk factors in the 10-Q to assess Veru Inc.'s current financial standing and future potential.

Key Numbers

• 2024-03-31 — Period End Date (CONFORMED PERIOD OF REPORT)
• 2024-05-08 — Filing Date (FILED AS OF DATE)
• Q2 2024 — Fiscal Quarter (Filing Values)

Key Players & Entities

• VERU INC. (company) — FILER
• 20240331 (date) — CONFORMED PERIOD OF REPORT
• 20240508 (date) — FILED AS OF DATE
• 2834 (other) — STANDARD INDUSTRIAL CLASSIFICATION
• WI (other) — STATE OF INCORPORATION
• 001-13602 (other) — SEC FILE NUMBER
• 24925118 (other) — FILM NUMBER
• 2024-04-24 (date) — Subsequent Event

FAQ

Risk Factors

• Customer Concentration Risk [medium — financial]: The company faces risk due to customer concentration, as a significant portion of its revenue may depend on a limited number of customers.

Key Dates

• 2024-03-31: Quarter End — Reporting period for the 10-Q filing.
• 2024-05-08: Filing Date — Date the 10-Q was officially submitted to the SEC.
• 2024-04-24: Subsequent Event — Noted event occurring after the reporting period, related to Entadfi.

Glossary

10-Q

A quarterly report required by the U.S. Securities and Exchange Commission (SEC). (Provides investors with a comprehensive overview of a company's financial performance and operations during a specific quarter.)

Customer Concentration Risk

The risk that a company's revenue is heavily dependent on a small number of customers. (Indicates potential vulnerability if one or more key customers reduce or cease their business with the company.)

Key Financial Figures

• $0.01 — nge on which registered Common Stock, $0.01 par value per share VERU Nasdaq Cap

Filing Documents

• veru-20240331x10q.htm (10-Q) — 3021KB
• veru-20240331xex31_1.htm (EX-31.1) — 15KB
• veru-20240331xex31_2.htm (EX-31.2) — 16KB
• veru-20240331xex32_1.htm (EX-32.1) — 12KB
• 0000863894-24-000011.txt (&nbsp;) — 11625KB
• veru-20240331.xsd (EX-101.SCH) — 60KB
• veru-20240331_cal.xml (EX-101.CAL) — 59KB
• veru-20240331_def.xml (EX-101.DEF) — 220KB
• veru-20240331_lab.xml (EX-101.LAB) — 426KB
• veru-20240331_pre.xml (EX-101.PRE) — 389KB
• veru-20240331x10q_htm.xml (XML) — 2620KB

Forward Looking Statements

Forward Looking Statements 3

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements 6 Unaudited Condensed Consolidated Balance Sheets 6 U naudited Condensed Consolidated Statements of Operations 7 U naudited Condensed Consolidated Statements of Stockholders' Equity 8 U naudited Condensed Consolidated Statements of Cash Flows 9 Notes to Unaudited Condensed Consolidated Financial Statements 10

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 30

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 45

Controls and Procedures

Item 4. Controls and Procedures 46

OTHER INFORMATION

PART II. OTHER INFORMATION

Legal Proceedings

Item 1. Legal Proceedings 48

Risk Factors

Item 1A. Risk Factors 49

Exhibits

Item 6. Exhibits 51 2 Table of Contents

FORWARD LOOKING STATEMENTS

FORWARD LOOKING STATEMENTS Certain statements included in this quarterly report on Form 10-Q which are not statements of historical fact are intended to be, and are hereby identified as, "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements include, but are not limited to, statements about our financial condition or business, our development and commercialization plans relating to our product candidates and products, including any potential development or commercialization of enobosarm initially as a treatment to augment fat loss and to prevent muscle loss in sarcopenic obese or overweight elderly patients receiving a glucagon-like peptide-1 receptor agonist ("GLP-1 RA") who are at-risk for developing muscle atrophy and muscle weakness, enobosarm for certain breast cancer patients, and sabizabulin for viral-induced acute respiratory distress syndrome ("ARDS") indications, the outlook for growth in our FC2 business through telehealth customers, our portal and the global public health sector, future financial and operating results, plans, objectives, expectations and intentions, costs and expenses, royalty payments, outcome of litigation and other contingencies, financial condition, results of operations, liquidity, cost savings, our ability to continue as a going concern, future ordering patterns of our customers, objectives of management, business strategies, clinical trial timing, plans and results, the achievement of clinical and commercial milestones, the advancement of our technologies and our products and drug candidates, and other statements that are not historical facts. Forward-looking statements can be identified by the use of forward-looking words or phrases such as "anticipate," "believe," "could," "expect," "intend," "may," "opportunity," "plan," "predict," "potential," "estimate," "should," "will," "would" or the negative of these terms or other words of similar meaning. These statemen

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements VERU INC. UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS March 31, September 30, 2024 2023 (Restated) Assets Current assets: Cash and cash equivalents $ 34,738,038 $ 9,625,494 Accounts receivable, net 2,785,331 4,506,508 Inventories, net 4,804,665 6,697,117 Prepaid research and development costs 924,583 1,006,252 Prepaid expenses and other current assets 1,884,684 1,097,851 Total current assets 45,137,301 22,933,222 Plant and equipment, net 1,534,196 1,652,732 Operating lease right-of-use assets 3,947,417 4,332,473 Investments in equity securities 346,444 — Deferred income taxes 12,635,927 12,707,419 Goodwill 6,878,932 6,878,932 Other assets 1,320,142 1,518,313 Total assets $ 71,800,359 $ 50,023,091 Liabilities and Stockholders' Equity Current liabilities: Accounts payable $ 2,464,135 $ 12,931,172 Accrued compensation 2,683,214 990,609 Accrued expenses and other current liabilities 2,425,385 1,987,738 Residual royalty agreement liability, short-term portion 950,600 864,623 Operating lease liability, short-term portion 1,043,029 1,036,590 Total current liabilities 9,566,363 17,810,732 Residual royalty agreement liability, long-term portion 8,775,284 8,870,136 Operating lease liability, long-term portion 3,262,818 3,634,114 Other liabilities 4,986,250 29,948 Total liabilities 26,590,715 30,344,930 Commitments and contingencies (Note 12) Stockholders' equity: Preferred stock; no shares issued and outstanding at March 31, 2024 and September 30, 2023 — — Common stock, par value $ 0.01 per share; 308,000,000 shares authorized, 148,564,890 and 93,966,402 shares issued and 146,381,186 and 91,782,698 shares outstanding at March 31, 2024 and September 30, 2023, respectively 1,485,649 939,664 Additional paid-in-capital 327,182,257 283,894,830 Accumulated ot

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View this 10-Q filing on SEC EDGAR