Veru (VERU) Q2 2026 earnings summary

Executive summary

• Focused on late-stage development of enobosarm for obesity and muscle preservation, and sabizabulin for atherosclerotic cardiovascular disease inflammation, with enobosarm targeting sarcopenic obesity in older adults.

• Completed phase II-B QUALITY trial for enobosarm, showing preservation of lean mass and improved physical function when combined with GLP-1 agonists.

• Ongoing phase II-B PLATEAU trial for enobosarm in older obese patients, with interim analysis expected Q1 2027.

• Completed sale of FC2 Female Condom business in December 2024, marking a strategic shift to pure-play biopharma.

• No commercial revenue in the current period; all prior product revenues classified as discontinued operations.

Financial highlights

• Cash, cash equivalents, and restricted cash totaled $27.6M as of March 31, 2026, up from $15.8M at September 30, 2025.

• Net loss for the quarter was $2.7M ($0.12/share), compared to $7.9M ($0.54/share) prior year.

• Operating expenses and R&D costs decreased year-over-year, mainly due to the wind down of the QUALITY study and lower share-based compensation.

• Gain of $3.8M recognized from fair value increase in equity securities (ONCO Series D Preferred Stock and Warrants).

• Net income from discontinued operations of $351K for the quarter, reflecting additional gain on FC2 sale.

Outlook and guidance

• Interim analysis for the PLATEAU trial is on track for Q1 2027, with topline data expected Q4 2027.

• Cash on hand expected to fund operations beyond the interim analysis of the phase II-B plateau study.

• Plans to advance sabizabulin into a Phase 2 proof-of-concept study for inflammation in coronary artery disease, pending additional funding.

• Substantial doubt exists about ability to continue as a going concern for at least 12 months due to insufficient capital; additional financing required.