Veru (VERU) Q1 2026 earnings summary

Executive summary

• Focus on late-stage clinical development of enobosarm for obesity and muscle preservation in older adults, and sabizabulin for atherosclerotic cardiovascular disease inflammation.

• Positive phase II-B QUALITY trial results showed enobosarm, alone or with GLP-1 RAs, preserved lean mass and led to greater fat loss, with monotherapy preventing weight regain after semaglutide discontinuation.

• Strategic shift completed with the sale of the FC2 Female Condom business in December 2024; all prior product revenues now classified as discontinued operations.

• No commercial revenue in the current quarter; all revenues, costs, and expenses from discontinued operations.

• Phase 2b PLATEAU clinical trial for enobosarm plus semaglutide in older obese patients to begin in Q1 2026, with interim analysis expected in Q1 2027.

Financial highlights

• Net loss for the quarter was $5.3 million ($0.26 per diluted share), improved from $8.9 million ($0.61 per share) in the prior year.

• Research and development expenses decreased to $1.3 million from $5.7 million year-over-year, mainly due to the completion of the QUALITY study.

• General and administrative expenses fell to $4.1 million from $5.2 million, primarily due to lower share-based compensation.

• Cash, cash equivalents, and restricted cash totaled $33.0 million as of December 31, 2025, up from $15.8 million at September 30, 2025.

• Net working capital increased to $29.7 million from $11.1 million sequentially.

Outlook and guidance

• Cash on hand is expected to fund operations through the interim analysis of the phase II-B PLATEAU study, with trial initiation in Q1 2026 and interim analysis in Q1 2027.

• FDA feedback provides two regulatory pathways for enobosarm/GLP-1 RA combination approval: incremental weight loss or preservation of physical function.

• Expects to continue incurring significant expenses and operating losses as drug candidates advance.