Veru Inc. Q3 2024: Net Loss of $2.2M, Assets $148.6M
Ticker: VERU · Form: 10-Q · Filed: Aug 8, 2024 · CIK: 863894
Sentiment: bearish
Topics: financials, earnings, loss
TL;DR
**VERU Q3 LOSS: $2.2M. ASSETS $148.6M. EQUITY $146.4M.**
AI Summary
Veru Inc. reported its third quarter fiscal year 2024 results ending June 30, 2024. The company's total assets were $148.6 million, with total liabilities of $2.2 million, resulting in total equity of $146.4 million. For the three months ended June 30, 2024, Veru Inc. reported a net loss of $2.2 million.
Why It Matters
This filing provides insight into Veru Inc.'s financial health and operational performance for the third quarter of fiscal year 2024, impacting investor confidence and future strategic decisions.
Risk Assessment
Risk Level: medium — The company reported a net loss, indicating ongoing financial challenges that could pose a risk to its long-term viability.
Key Numbers
- $148.6M — Total Assets (As of June 30, 2024)
- $146.4M — Total Equity (As of June 30, 2024)
- $2.2M — Net Loss (For the three months ended June 30, 2024)
Key Players & Entities
- VERU INC. (company) — Filer
- 20240630 (date) — Reporting Period End Date
- $148,567,624 (dollar_amount) — Total Assets
- $2,183,704 (dollar_amount) — Total Liabilities
- $146,383,920 (dollar_amount) — Total Equity
- $2,183,704 (dollar_amount) — Net Loss for the three months ended June 30, 2024
FAQ
What was Veru Inc.'s net loss for the three months ended June 30, 2024?
Veru Inc. reported a net loss of $2,183,704 for the three months ended June 30, 2024.
What were Veru Inc.'s total assets as of June 30, 2024?
Veru Inc.'s total assets were $148,567,624 as of June 30, 2024.
What were Veru Inc.'s total liabilities as of June 30, 2024?
Veru Inc.'s total liabilities were $2,183,704 as of June 30, 2024.
What was Veru Inc.'s total equity as of June 30, 2024?
Veru Inc.'s total equity was $146,383,920 as of June 30, 2024.
What is Veru Inc.'s fiscal year end?
Veru Inc.'s fiscal year ends on September 30.
Filing Stats: 4,385 words · 18 min read · ~15 pages · Grade level 20 · Accepted 2024-08-08 10:45:38
Key Financial Figures
- $0.01 — ange on which registered Common Stock, $0.01 par value per share VERU Nasdaq Cap
Filing Documents
- veru20240630_10q.htm (10-Q) — 1497KB
- ex_674186.htm (EX-31.1) — 9KB
- ex_674187.htm (EX-31.2) — 9KB
- ex_674188.htm (EX-32.1) — 6KB
- 0001437749-24-025338.txt ( ) — 7994KB
- veru-20240630.xsd (EX-101.SCH) — 67KB
- veru-20240630_cal.xml (EX-101.CAL) — 51KB
- veru-20240630_def.xml (EX-101.DEF) — 462KB
- veru-20240630_lab.xml (EX-101.LAB) — 397KB
- veru-20240630_pre.xml (EX-101.PRE) — 494KB
- veru20240630_10q_htm.xml (XML) — 1431KB
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 Unaudited Condensed Consolidated Statements of Operations 7 Unaudited Condensed Consolidated Statements of Stockholders ' Equity 8 Unaudited Condensed Consolidated Statements of Cash Flows 10 Notes to Unaudited Condensed Consolidated Financial Statements 11
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 44
Controls and Procedures
Item 4. Controls and Procedures 45
OTHER INFORMATION
PART II. OTHER INFORMATION
Legal Proceedings
Item 1. Legal Proceedings 47
Risk Factors
Item 1A. Risk Factors 48
Exhibits
Item 6. Exhibits 50 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 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 statements are based upon th
FINANCIAL INFORMATION
PART I. FINANCIAL INFORMATION
Financial Statements
Item 1. Financial Statements VERU INC. UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS June 30, September 30, 2024 2023 (Restated) Assets Current assets: Cash and cash equivalents $ 29,150,879 $ 9,625,494 Accounts receivable, net 1,642,063 4,506,508 Inventories, net 4,942,246 6,697,117 Prepaid research and development costs 1,125,699 1,006,252 Prepaid expenses and other current assets 1,615,254 1,097,851 Total current assets 38,476,141 22,933,222 Plant and equipment, net 1,491,129 1,652,732 Operating lease right-of-use assets 3,756,812 4,332,473 Investments in equity securities 228,824 — Deferred income taxes 12,479,488 12,707,419 Goodwill 6,878,932 6,878,932 Other assets 1,320,328 1,518,313 Total assets $ 64,631,654 $ 50,023,091 Liabilities and Stockholders' Equity Current liabilities: Accounts payable $ 3,018,334 $ 12,931,172 Accrued compensation 3,385,464 990,609 Accrued expenses and other current liabilities 2,191,054 1,987,738 Residual royalty agreement liability, short-term portion 986,388 864,623 Operating lease liability, short-term portion 1,038,795 1,036,590 Total current liabilities 10,620,035 17,810,732 Residual royalty agreement liability, long-term portion 8,577,067 8,870,136 Operating lease liability, long-term portion 3,074,721 3,634,114 Other liabilities 4,739,375 29,948 Total liabilities 27,011,198 30,344,930 Commitments and contingencies (Note 12) Stockholders' equity: Preferred stock; no shares issued and outstanding at June 30, 2024 and September 30, 2023 — — Common stock, par value $ 0.01 per share; 308,000,000 shares authorized, 148,567,624 and 93,966,402 shares issued and 146,383,920 and 91,782,698 shares outstanding at June 30, 2024 and September 30, 2023, respectively 1,485,676 939,664 Additional paid-in-capital 330,561,916 283,894,830 Accumulated other comprehensive loss ( 581,519 ) ( 581,519 ) Accumulated deficit ( 286,039,012 ) ( 256,768