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Veru Inc. (VERU+12.62%) has submitted its annual report on Form 10-K filing for the fiscal year ended September 30, 2024.
The report details Veru's focus as a late clinical stage biopharmaceutical company developing novel medicines for metabolic diseases, oncology, and ARDS. The company has two late-stage drug candidates, enobosarm and sabizabulin, and an FDA-approved product, FC2 Female Condom.
For the fiscal year, Veru reported net revenues of $16.9 million, a slight increase from $16.3 million in the previous year. The net loss was $37.8 million, compared to a net loss of $93.2 million in the prior year. The increase in revenues was primarily due to higher sales in the global public health sector.
Veru's cost of sales rose to $11.0 million from $8.7 million, attributed to increased units sold and a higher provision for obsolete inventory. Gross profit decreased to $5.9 million from $7.6 million, with a gross profit margin of 35%, down from 46% the previous year.
Research and development expenses were significantly reduced to $12.8 million from $51.2 million, following the company's strategic decision to focus on drug candidates with the best prospects for success.
Selling, general, and administrative expenses decreased to $31.2 million from $48.1 million, primarily due to reduced commercialization costs related to sabizabulin for COVID-19.
Veru's liquidity position improved, with cash and cash equivalents of $24.9 million as of September 30, 2024, compared to $9.6 million the previous year. The company raised $35.2 million from a public offering in December 2023.
The report highlights Veru's ongoing Phase 2b clinical trial for enobosarm as a treatment for obesity, with results expected in early 2025. The company plans to prioritize the development of enobosarm and seek external funding for sabizabulin.
Veru continues to face uncertainties regarding its ability to secure additional capital to fund operations, with substantial doubt about its ability to continue as a going concern.
The report also includes detailed information on Veru's financial statements, risk factors, and strategic initiatives for the future.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Veru Inc. annual 10-K report dated December 16, 2024. To report an error, please email earnings@qz.com.