Veru Inc. Reports FY24 Results: $148.6M Assets, $93.9M Net Loss

TL;DR

Veru Inc. FY24: $148.6M assets, $2.2M liabilities, $93.9M net loss. Pharma company.

AI Summary

Veru Inc. filed its 10-K for the fiscal year ending September 30, 2024, reporting total assets of $148.6 million and total liabilities of $2.2 million. The company's net loss for the period was $93.9 million. Veru Inc. is a pharmaceutical preparations company incorporated in Wisconsin, with its principal business address in Miami, Florida.

Why It Matters

This filing provides a comprehensive overview of Veru Inc.'s financial health and operational performance for the fiscal year 2024, crucial for investors assessing the company's current standing and future prospects.

Risk Assessment

Risk Level: medium — The company reported a significant net loss of $93.9 million for the fiscal year, indicating potential financial instability.

Key Numbers

• $148.6M — Total Assets (Represents the company's total resources as of September 30, 2024.)
• $93.9M — Net Loss (Indicates the company's profitability for the fiscal year ending September 30, 2024.)
• $2.2M — Total Liabilities (Represents the company's total obligations as of September 30, 2024.)

Key Players & Entities

• VERU INC. (company) — Filer and subject of the report
• 20240930 (date) — Conformed period of report
• 20241216 (date) — Filed as of date
• $148,567,624 (dollar_amount) — Total assets for FY 2024
• $93,966,402 (dollar_amount) — Net loss for FY 2024
• $2,183,704 (dollar_amount) — Total liabilities for FY 2024

FAQ

Key Financial Figures

• $0.01 — ange on which registered Common stock, $0.01 par value VERU Nasdaq Capital Marke
• $0.70 — he registrant's common stock, which was $0.70. There were 146,383,920 shares of the

Filing Documents

• veru20240930_10k.htm (10-K) — 1939KB
• ex_755206.htm (EX-19) — 69KB
• ex_691680.htm (EX-21) — 9KB
• ex_755208.htm (EX-23.1) — 3KB
• ex_691681.htm (EX-23.2) — 3KB
• ex_691682.htm (EX-31.1) — 9KB
• ex_691683.htm (EX-31.2) — 10KB
• ex_691684.htm (EX-32.1) — 9KB
• veru01.jpg (GRAPHIC) — 5KB
• veru02.jpg (GRAPHIC) — 4KB
• verupipeline_mbbcards.jpg (GRAPHIC) — 136KB
• 0001437749-24-037576.txt ( ) — 9671KB
• veru-20240930.xsd (EX-101.SCH) — 79KB
• veru-20240930_cal.xml (EX-101.CAL) — 74KB
• veru-20240930_def.xml (EX-101.DEF) — 620KB
• veru-20240930_lab.xml (EX-101.LAB) — 522KB
• veru-20240930_pre.xml (EX-101.PRE) — 650KB
• veru20240930_10k_htm.xml (XML) — 1273KB

Business

Business 6 Item 1A.

Risk Factors

Risk Factors 25 Item 1B. Unresolved Staff Comments 55 Item 1C. Cybersecurity 55 Item 2.

Properties

Properties 56 Item 3.

Legal Proceedings

Legal Proceedings 56 Item 4. Mine Safety Disclosures 56 PART II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 56 Item 6. Reserved 56 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 57 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 69 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 69 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 69 Item 9A.

Controls and Procedures

Controls and Procedures 69 Item 9B. Other Information 71 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 71 PART III Item 10. Directors, Executive Officers and Corporate Governance 72 Item 11.

Executive Compensation

Executive Compensation 72 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 72 Item 13. Certain Relationships and Related Transactions, and Director Independence 72 Item 14. Principal Accountant Fees and Services 72 PART IV Item 15. Exhibits and Financial Statement Schedules 73 Item 16. Form 10-K Summary 77

Signatures

Signatures 78 As used in this report, the terms "we," "us," "our," "Veru" and the "Company" mean Veru Inc. and its subsidiaries collectively, unless the context indicates another meaning, and the term "common stock" means shares of our common stock, par value of $0.01 per share. All trademarks, service marks or trade names appearing in this report are the property of their respective owners. We do not intend the use or display of other companies' trade names, trademarks, or service marks to imply a relationship with, or endorsement or sponsorship of or by, any of these other companies 2 Table of Contents

FORWARD LOOKING STATEMENTS

FORWARD LOOKING STATEMENTS Certain statements included in this Annual Report on Form 10-K 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 lean mass (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. You can identify forward-looking statements by the use of words or phrases such as "anticipate," "believe," "could," "expect," "intend," "may," "opportunity," "plan," "predict," "potential," "estimate," "should," "will," "would" or the negative of those terms or other words of similar meaning. These statements are ba

Business

Item 1. Business Overview We are a late clinical stage biopharmaceutical company focused on developing novel medicines for the treatment of metabolic diseases, oncology, and ARDS. Our drug development program consists of two late-stage new chemical entities, enobosarm and sabizabulin. Enobosarm, an oral selective androgen receptor modulator ("SARM"), is being developed for two indications: (i) as a treatment to augment fat loss and to prevent lean mass (muscle) loss in sarcopenic obese or overweight older patients receiving a GLP-1 RA who are at-risk for developing muscle atrophy and muscle weakness and (ii) subject to the availability of sufficient funding, as a treatment of androgen receptor positive (AR+), estrogen receptor positive (ER+) and human epidermal growth factor receptor 2 negative (HER2-) metastatic breast cancer in the 2nd line setting. Sabizabulin, a microtubule disruptor, is being developed for the treatment of hospitalized patients with viral-induced ARDS. We do not intend to undertake further development of sabizabulin for the treatment of viral-induced ARDS until we obtain funding from government grants, pharmaceutical company partnerships, or other similar third-party external sources. We also have an FDA-approved commercial product, the FC2 Female Condom (Internal Condom), for the dual protection against unplanned pregnancy and sexually transmitted infections. A chart showing our current drug candidate pipeline as of the date of this report is below. This chart is based on our current plans and is subject to change. See "Forward Looking Statements." Company History Veru is a Wisconsin corporation that is the successor to The Wisconsin Pharmacal Company, Inc. ("Wisconsin Pharmacal"), a company which manufactured and marketed disparate specialty chemical and branded consumer products. Wisconsin Pharmacal was originally incorporated in 1971. In 1996, we completed a series of actions which resulted in our acquisition of worldwide rights to o

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