Veru Inc. (NASDAQ: VERU), a biopharmaceutical company focused on
developing novel medicines for COVID-19 and other viral and Acute
Respiratory Distress Syndrome (ARDS)-related diseases and for the
management of breast and prostate cancers, today announced
financial results for its fiscal 2022 third quarter ended June 30,
2022, and sabizabulin for COVID progress towards regulatory
decisions in key territories.
Third Quarter Financial Summary: Fiscal 2022 vs Fiscal
2021
- Total net revenues decreased 46% to $9.6 million from $17.7
million
- US FC2 prescription net revenues decreased 50% to $6.7 million
from $13.5 million
- Gross profit decreased 49% to $7.1 million from $13.9
million
- Gross margin decreased to 74% of net revenues from 79% of net
revenues
- Research and development expenses increased to $18.1 million
from $11.2 million
- Operating loss was $21.8 million versus $2.9 million
- Net loss was $22.2 million, or $0.28 per share, compared to
$2.7 million, or $0.03 per share
Year-to-Date Financial Summary: Fiscal 2022 vs Fiscal
2021
- Total net revenues decreased 19% to $36.8 million from $45.6
million
- US FC2 prescription net revenues decreased 9% to $29.9 million
from $32.9 million
- Gross profit decreased 16% to $30.1 million from $35.6
million
- Gross margin increased to 82% of net revenues from 78% of net
revenues
- Research and development expenses increased to $43.8 million
from $24.4 million
- Operating loss was $38.6 million compared with operating income
of $14.8 million, which included an $18.4 million gain on the
December 2020 sale of the PREBOOST® business
- Net loss was $42.8 million, or $0.53 per diluted share,
compared with net income, which included the gain on sale of the
PREBOOST business, of $11.7 million, or $0.14 per diluted
share
Balance Sheet Information
- Cash and cash equivalents were $100.6 million as of June 30,
2022 versus $122.4 million as of September 30, 2021
- Net accounts receivable were $8.3 million as of June 30, 2022
versus $8.8 million as of September 30, 2021
“COVID-19 new cases and hospitalizations are on the rise again
with both summer and fall-winter surges expected. Unfortunately,
the death rate in hospitalized patients with moderate to severe
COVID-19 who are at risk for ARDS remains unacceptably high with
current standard of care,” said Mitchell Steiner, M.D., Chairman,
President, and Chief Executive Officer of Veru. “By reducing deaths
in hospitalized COVID-19 patients, sabizabulin has great potential
to play a critical role in the battle against COVID-19.”
Dr. Steiner added: “I am proud of how expeditiously the Veru
team moved to get the Emergency Use Authorization (EUA) application
submitted to FDA in June. I was also very pleased to see the UK’s
Medicines and Healthcare Products Regulatory Agency’s decision to
expedite review of a marketing authorization application for
sabizabulin as well as the European Medicines Agency’s Emergency
Task Force’s decision to initiate data review, for the first time
ever under their article 18, for potential emergency use of
sabizabulin in European Union member countries. Veru has scaled up
manufacturing of sabizabulin 9mg capsules to meet the needs of
patients in the U.S. and ex-US, if authorizations are received, and
we are building our U.S. and ex-U.S. infectious disease commercial
franchises.”
Finally, Dr. Steiner noted: “We expect to have significant
near-term revenue from sabizabulin for the treatment of
hospitalized COVID-19 patients at high risk for ARDS, if the EUA is
granted by the U.S. FDA. The decrease in the third quarter FC2 net
revenues in the U.S. prescription channel is primarily due to lower
volume from telemedicine customers because of some business
challenges experienced by our customers which resulted in a
slow-down in orders during the current quarter. We expect their
historical ordering patterns to resume in future quarters, although
there is uncertainty as to timing of the resumption, and we also
anticipate new revenues from the launch of ENTADFI™ which is now
commercially available.”
Pharmaceutical Pipeline Highlights:
Infectious Disease Franchise:
The Company has Completed a Positive Phase 3 COVID-19
Study in Hospitalized Moderate to Severe COVID-19 Patients at High
Risk for ARDS.
A double-blind, randomized, placebo-controlled Phase 3 COVID-19
clinical trial was conducted in approximately 210 hospitalized
COVID-19 patients with moderate to severe COVID (≥ WHO
4-supplemental oxygen) at high risk for ARDS and death. The primary
endpoint was the proportion of deaths by Day 60. Based on a planned
interim analysis of the first 150 patients randomized, the
Independent Data Monitoring Committee unanimously halted the study
for overwhelming efficacy and safety. Treatment with sabizabulin
9mg once daily, an oral, first-in-class, new chemical entity,
microtubule disruptor that has dual anti-inflammatory and antiviral
properties, resulted in a clinically meaningful and statistically
significant 55.2% relative reduction in deaths.
On June 6, 2022, the Company submitted a request for emergency
use authorization to FDA. On July 6, 2022, the Company announced
the publication of the Phase 3 COVID-19 trial results evaluating
the efficacy and safety of oral sabizabulin in The New England
Journal of Medicine Evidence®. On July 25, 2022, the UK’s Medicines
and Healthcare Products Regulatory Agency (MHRA) informed the
Company that the sabizabulin marketing authorization application
will receive expedited review. On July 27, 2022, the European
Medicines Agency’s Emergency Task Force initiated the review of
sabizabulin treatment for hospitalized COVID-19 patients for
emergency use in European Union countries.
The Company has scaled up manufacturing processes and will be
able to produce commercial drug supply to address anticipated drug
needs following potential FDA authorization and subsequent
authorizations in the U.S. as well as other countries and
regions.
The Company has initiated discussions with government agencies
to discuss potential government purchases of sabizabulin in the
U.S. and other countries around the world.
Breast Cancer Program
Enobosarm, a Novel Oral Selective Androgen Receptor
Targeting Agonist, for the 3rd Line Treatment of
AR+ER+HER2- Metastatic Breast Cancer with AR ≥ 40%
Expression - Phase 3 ARTEST Clinical Study-
Enrolling.
Enobosarm is an oral, new chemical entity, selective androgen
receptor targeting agonist that activates the androgen receptor
(AR), a tumor suppressor, in AR+ER+HER2- metastatic breast cancer
without causing unwanted masculinizing side effects. Enobosarm has
extensive nonclinical and clinical experience having been evaluated
in 25 separate clinical studies in approximately 1,450 subjects
dosed, including three Phase 2 clinical studies in advanced
metastatic breast cancer involving more than 250 patients. In the
two Phase 2 clinical studies conducted in women with AR+ER+HER2-
metastatic breast cancer, enobosarm demonstrated significant
antitumor efficacy in heavily pretreated cohorts that previously
failed estrogen receptor blocking agents, chemotherapy, and/or CDK
4/6 inhibitors and enobosarm was well tolerated with a favorable
safety profile.
We are enrolling the Phase 3 multicenter, international, open
label, and randomized (1:1) ARTEST registration clinical trial
design to evaluate enobosarm monotherapy versus physician’s choice
of either exemestane ± everolimus or a selective estrogen receptor
modulator (SERM) as the active comparator for the treatment of
AR+ER+HER2- metastatic breast cancer in approximately 210 patients
with AR expression ≥40% in their breast cancer tissue who had
previously received a nonsteroidal aromatase inhibitor,
fulvestrant, and a CDK4/6 inhibitor. In January 2022, the FDA
granted Fast Track designation to the ARTEST Phase 3 registration
program, a distinction that underscores the urgent need for novel,
targeted therapies for this important unmet medical need.
Enobosarm and Abemaciclib, CDK 4/6 Inhibitor,
Combination Therapy for the 2nd Line Treatment
of AR+ER+HER2- Metastatic Breast Cancer with AR ≥
40% Expression - Phase 3 ENABLAR-2 Clinical
Study-Enrolling.
We are enrolling the Phase 3 multicenter, open label, randomized
(1:1), active control clinical study, named ENABLAR-2 to evaluate
the treatment of the enobosarm and abemaciclib combination versus
an alternative estrogen blocking agent (fulvestrant or an aromatase
inhibitor) in subjects with AR+ER+HER2- metastatic breast cancer
who have failed first line palbociclib (a CDK 4/6 inhibitor) plus
an estrogen blocking agent (non-steroidal aromatase inhibitor or
fulvestrant) and who have an AR ≥ 40% expression in their breast
cancer tissue in approximately 186 subjects. We have a clinical
trial collaboration and supply agreement with Lilly for our Phase 3
ENABLAR-2 trial.
Sabizabulin, Novel Oral Cytoskeleton Disruptor Agent,
for the 3rd Line Treatment of
AR+ER+HER2- Metastatic Breast Cancer with AR< 40%
Expression - Phase 2b Clinical
Study.
We intend to conduct a Phase 2b clinical study which will be an
open label, multicenter, and randomized (1:1) study evaluating
sabizabulin 32mg monotherapy versus active comparator
(exemestane ± everolimus or a SERM, physician’s choice) for
the treatment of AR+ER+HER2- metastatic breast cancer in
approximately 200 patients with AR <40% expression in their
breast cancer tissue who have previously received a nonsteroidal
aromatase inhibitor, fulvestrant, and a CDK4/6 inhibitor.
Prostate Cancer Program
Sabizabulin for the Treatment of Metastatic Castration
and Androgen Receptor Targeting Agent Resistant Prostate Cancer –
Phase 3 VERACITY Clinical Study - Enrolling.
The Company is enrolling the open label, randomized (2:1),
multicenter Phase 3 VERACITY clinical study evaluating sabizabulin
32mg versus an alternative androgen receptor targeting agent for
the treatment of chemotherapy naïve men with metastatic castration
resistant prostate cancer who have tumor progression after
previously receiving at least one androgen receptor targeting
agent. The primary endpoint is radiographic progression free
survival in approximately 245 patients from 45 clinical
centers.
VERU-100, a Novel Proprietary Long-Acting
Gonadotropin-Releasing Hormone (GnRH) Antagonist Peptide 3-Month
Subcutaneous Depot Formulation, for Androgen Deprivation
Therapy of Advanced Prostate Cancer – Phase 2 Clinical Study -
Enrolling.
VERU-100 is designed to address the current limitations of
commercially available androgen deprivation therapy. Androgen
deprivation therapy is currently the mainstay of advanced prostate
cancer treatment and is used as a foundation of treatment
throughout the course of the disease even as other endocrine,
chemotherapy, or radiation treatments are added or stopped.
Specifically, VERU-100 is a chronic, long-acting GnRH antagonist
peptide administered as a small volume, three-month depot
subcutaneous injection without a loading dose. VERU-100 immediately
suppresses testosterone with no testosterone surge upon initial or
repeated administration, a problem that occurs with currently
approved luteinizing hormone-releasing hormone agonists used for
androgen deprivation therapy. There are no GnRH antagonist depot
injectable formulations commercially approved beyond a one-month
injection. In June 2021, the Company initiated the Phase 2 dose
finding clinical study of VERU-100 androgen deprivation therapy for
hormone sensitive advanced prostate cancer. The Phase 2 VERU-100
clinical study is expected to enroll approximately 45 patients. A
Phase 3 registration clinical study has been agreed upon with FDA
and will enroll approximately 100 men.
Urev - Sexual Health Division
ENTADFI™ (tadalafil and finasteride) capsule, a new
Treatment for Benign Prostatic Hyperplasia (BPH) – commercially
launched
Today the Company initiated the U.S. commercial launch and
availability of ENTADFI™– a new oral treatment for benign prostatic
hyperplasia. ENTADFI has been shown to be more effective to treat
urinary tract symptoms caused by BPH with less potential for
adverse sexual side effects compared to finasteride monotherapy.
ENTADFI dosing is one capsule orally once a day, and the FDA
approved indication is to initiate treatment of the signs and
symptoms of BPH in men with an enlarged prostate for up to 26
weeks. ENTADFI will be featured on GoodRx®, a leading
consumer-focused digital healthcare platform, to drive awareness
among consumers and providers.
FC2 Female Condom/Internal Condom®
The Company markets and sells the FC2®, an FDA-approved product
for dual protection against unplanned pregnancy and the
transmission of sexually transmitted infections.
Event DetailsInterested parties may access the
call by dialing 1-800-341-1602 from the U.S. or 1-412-902-6706 from
outside the U.S. and asking to be joined into the Veru Inc. call.
The call will also be available through a live, listen-only audio
broadcast via the Internet at www.verupharma.com. Listeners are
encouraged to visit the website at least 10 minutes prior to the
start of the scheduled presentation to register, download and
install any necessary software. A playback of the call will be
archived and accessible on the same website for at least three
months. A telephonic replay of the conference call will be
available, beginning the same day at approximately 12 p.m. (noon)
ET by dialing 1-877-344-7529 for U.S. callers, or 1-412-317-0088
from outside the U.S., passcode 1902173, for one week.
About Veru Inc.Veru is a biopharmaceutical
company focused on developing novel medicines for COVID-19 and
other viral and ARDS-related diseases and for the management of
breast and prostate cancers. Veru also has a commercial sexual
health division - Urev, the proceeds of which help fund its drug
development programs, comprised of 2 FDA approved products -
ENTADFI™ (finasteride and tadalafil) capsules for oral use, a new
treatment for benign prostatic hyperplasia, and FC2 Female Condom®
(internal condom), for the dual protection against unplanned
pregnancy and the transmission of sexually transmitted infections
which is sold in the U.S. and globally.
Forward-Looking StatementsThe statements in
this release that are not historical facts are “forward-looking
statements” as that term is defined in the Private Securities
Litigation Reform Act of 1995. Forward-looking statements in this
release include statements regarding: whether and when the Company
will receive an emergency use authorization or any approval from
FDA, MHRA, EMA or any other regulatory authority outside the U.S.
for sabizabulin for certain COVID-19 patients; whether and when
sabizabulin will become an available treatment option for certain
COVID-19 patients in the U.S., UK, EU or anywhere else outside the
U.S.; whether the Company will have sufficient supply of
sabizabulin to meet demand, if an emergency use authorization or
other approval is granted in the U.S., UK, EU or in any other
country; whether the Company will secure any advance purchase
agreement with the U.S. government or any foreign government;
whether the current and future clinical development and results
will demonstrate sufficient efficacy and safety and potential
benefits to secure FDA approval of the Company’s drug candidates
and companion diagnostic; whether the drug candidates will be
approved for the targeted line of therapy; the anticipated design
and scope of clinical studies and FDA acceptance of such design and
scope; whether any regulatory pathways, including the accelerated
Fast Track designations, to seek FDA approval for sabizabulin,
enobosarm or any of the Company’s drug candidates are or continue
to be available; whether the expected commencement and timing of
the Company’s clinical studies, including the Phase 3 ENABLAR-2
study, the sabizabulin monotherapy Phase 2b clinical study for 3rd
line treatment of metastatic breast cancer, the Phase 2
registration clinical study for VERU-100, and the development of
the companion diagnostic will be met; when clinical results from
the ongoing clinical studies will be available, whether
sabizabulin, enobosarm, VERU-100, zuclomiphene, and ENTADFI will
serve any unmet need or, what dosage, if any, might be approved for
use in the U.S. or elsewhere, and also statements about the
potential, timing and efficacy of the rest of the Company’s
development pipeline, and the timing of the Company’s submissions
to FDA and FDA’s review of all such submissions; whether any of the
selective clinical properties previously observed in clinical
studies of sabizabulin, enobosarm, VERU-100 or other drug
candidates will be replicated in the current and planned clinical
development program for such drug candidates and whether any such
properties will be recognized by the FDA in any potential approvals
and labeling; whether the companion diagnostic for enobosarm will
be developed successfully or be approved by the FDA for use;
whether FC2 U.S. Rx orders from telemedicine customers will resume
historical ordering patterns; and whether ENTADFI will be
commercialized successfully and whether such commercialization will
lead to significant new revenues. These forward-looking statements
are based on the Company’s current expectations and are subject to
risks and uncertainties that may cause actual results to differ
materially, including unanticipated developments in and risks
related to: the development of the Company’s product portfolio and
the results of clinical studies possibly being unsuccessful or
insufficient to meet applicable regulatory standards or warrant
continued development; the ability to enroll sufficient numbers of
subjects in clinical studies and the ability to enroll subjects in
accordance with planned schedules; the ability to fund planned
clinical development; the timing of any submission to the FDA and
any determinations made by the FDA or any other regulatory
authority; the possibility that as vaccines become widely
distributed the need for new COVID-19 treatment candidates may be
reduced or eliminated; government entities possibly taking actions
that directly or indirectly have the effect of limiting
opportunities for sabizabulin as a COVID-19 treatment, including
favoring other treatment alternatives or imposing price controls on
COVID-19 treatments; the Company’s existing products and any future
products, if approved, possibly not being commercially successful;
the effects of the COVID-19 pandemic and measures to address the
pandemic on the Company’s clinical studies, supply chain and other
third-party providers, commercial efforts, and business development
operations; the ability of the Company to obtain sufficient
financing on acceptable terms when needed to fund development and
operations; demand for, market acceptance of, and competition
against any of the Company’s products or product candidates; new or
existing competitors with greater resources and capabilities and
new competitive product approvals and/or introductions; changes in
regulatory practices or policies or government-driven healthcare
reform efforts, including pricing pressures and insurance coverage
and reimbursement changes; the Company’s ability to successfully
commercialize any of its products, if approved; risks relating to
the Company's development of its own dedicated direct to patient
telemedicine and telepharmacy services platform, including the
Company's lack of experience in developing such a platform,
potential regulatory complexity, and development costs; the
Company’s ability to protect and enforce its intellectual property;
the potential that delays in orders or shipments under government
tenders or the Company’s U.S. prescription business could cause
significant quarter-to-quarter variations in the Company’s
operating results and adversely affect its net revenues and gross
profit; the Company’s reliance on its international partners and on
the level of spending by country governments, global donors and
other public health organizations in the global public sector; the
concentration of accounts receivable with our largest customers and
the collection of those receivables; the Company’s production
capacity, efficiency and supply constraints and interruptions,
including potential disruption of production at the Company’s and
third party manufacturing facilities and/or of the Company’s
ability to timely supply product due to labor unrest or strikes,
labor shortages, raw material shortages, physical damage to the
Company’s and third party facilities, COVID-19 (including the
impact of COVID-19 on suppliers of key raw materials), product
testing, transportation delays or regulatory actions; costs and
other effects of litigation, including product liability claims;
the Company’s ability to identify, successfully negotiate and
complete suitable acquisitions or other strategic initiatives; the
Company’s ability to successfully integrate acquired businesses,
technologies or products; and other risks detailed from time to
time in the Company’s press releases, shareholder communications
and Securities and Exchange Commission filings, including the
Company’s Form 10-K for the fiscal year ended September 30, 2021
and subsequent quarterly reports on Form 10-Q. These documents are
available on the “SEC Filings” section of our website at
www.verupharma.com/investors. The Company disclaims any intent or
obligation to update these forward-looking statements.
GoodRx® is a registered trademark of GoodRX, Inc.
NEJM Evidence® is a registered trademark of the Massachusetts
Medical Society
FINANCIAL SCHEDULES FOLLOW
Veru Inc.Condensed
Consolidated Balance
Sheets(unaudited)
|
|
|
|
|
|
|
June 30, |
|
September 30, |
|
2022 |
|
2021 |
|
|
|
|
|
|
Cash and cash equivalents |
$ |
100,550,610 |
|
$ |
122,359,535 |
Accounts receivable, net |
|
8,302,745 |
|
|
8,794,224 |
Inventory, net |
|
7,722,551 |
|
|
5,574,253 |
Prepaid expenses and other current assets |
|
11,784,788 |
|
|
15,025,475 |
Total current assets |
|
128,360,694 |
|
|
151,753,487 |
|
|
|
|
|
|
Plant and equipment, net |
|
1,081,710 |
|
|
592,603 |
Operating lease right-of-use assets |
|
4,970,311 |
|
|
969,839 |
Deferred income taxes |
|
13,005,533 |
|
|
13,024,550 |
Intangible assets, net |
|
3,995,238 |
|
|
4,048,810 |
Goodwill |
|
6,878,932 |
|
|
6,878,932 |
Other assets |
|
2,284,890 |
|
|
878,502 |
Total assets |
$ |
160,577,308 |
|
$ |
178,146,723 |
|
|
|
|
|
|
Accounts payable |
$ |
6,936,312 |
|
$ |
3,409,771 |
Accrued expenses and other current liabilities |
|
17,822,991 |
|
|
9,120,328 |
Residual royalty agreement liability, short-term portion |
|
3,050,135 |
|
|
3,237,211 |
Total current liabilities |
|
27,809,438 |
|
|
15,767,310 |
|
|
|
|
|
|
Residual royalty agreement liability, long-term portion |
|
11,557,190 |
|
|
9,397,136 |
Operating lease liability, long-term portion |
|
4,264,458 |
|
|
609,921 |
Other liabilities |
|
78,426 |
|
|
78,412 |
Total liabilities |
|
43,709,512 |
|
|
25,852,779 |
|
|
|
|
|
|
Total stockholders'
equity |
|
116,867,796 |
|
|
152,293,944 |
Total liabilities and
stockholders' equity |
$ |
160,577,308 |
|
$ |
178,146,723 |
Veru Inc.Condensed
Consolidated Statements of
Operations(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months EndedJune 30, |
|
Nine Months EndedJune 30, |
|
2022 |
|
2021 |
|
2022 |
|
2021 |
|
|
|
|
|
|
|
|
|
|
|
|
Net revenues |
$ |
9,602,195 |
|
|
$ |
17,655,592 |
|
|
$ |
36,765,721 |
|
|
$ |
45,613,068 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of sales |
|
2,533,572 |
|
|
|
3,782,480 |
|
|
|
6,679,738 |
|
|
|
9,995,023 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit |
|
7,068,623 |
|
|
|
13,873,112 |
|
|
|
30,085,983 |
|
|
|
35,618,045 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
Research and development |
|
18,133,412 |
|
|
|
11,188,246 |
|
|
|
43,755,677 |
|
|
|
24,438,813 |
|
Selling, general and administrative |
|
10,758,986 |
|
|
|
5,556,730 |
|
|
|
24,881,330 |
|
|
|
14,745,507 |
|
Total operating expenses |
|
28,892,398 |
|
|
|
16,744,976 |
|
|
|
68,637,007 |
|
|
|
39,184,320 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Gain on sale of PREBOOST® |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
18,410,158 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating (loss) income |
|
(21,823,775 |
) |
|
|
(2,871,864 |
) |
|
|
(38,551,024 |
) |
|
|
14,843,883 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-operating expenses |
|
(234,198 |
) |
|
|
(2,694,065 |
) |
|
|
(3,977,580 |
) |
|
|
(5,928,100 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
(Loss) income before income
taxes |
|
(22,057,973 |
) |
|
|
(5,565,929 |
) |
|
|
(42,528,604 |
) |
|
|
8,915,783 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax expense
(benefit) |
|
137,603 |
|
|
|
(2,873,063 |
) |
|
|
224,808 |
|
|
|
(2,773,071 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Net (loss) income |
$ |
(22,195,576 |
) |
|
$ |
(2,692,866 |
) |
|
$ |
(42,753,412 |
) |
|
$ |
11,688,854 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net (loss) income per basic
common share outstanding |
$ |
(0.28 |
) |
|
$ |
(0.03 |
) |
|
$ |
(0.53 |
) |
|
$ |
0.16 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic weighted average common
shares outstanding |
|
80,088,431 |
|
|
|
79,729,370 |
|
|
|
80,054,594 |
|
|
|
75,054,871 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net (loss) income per diluted
common share outstanding |
$ |
(0.28 |
) |
|
$ |
(0.03 |
) |
|
$ |
(0.53 |
) |
|
$ |
0.14 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted weighted average
common shares outstanding |
|
80,088,431 |
|
|
|
79,729,370 |
|
|
|
80,054,594 |
|
|
|
82,807,156 |
|
Veru Inc.Condensed
Consolidated Statements of Cash
Flows(unaudited)
|
|
|
|
|
|
|
Nine Months EndedJune 30, |
|
2022 |
|
2021 |
|
|
|
|
|
|
Net (loss) income |
$ |
(42,753,412 |
) |
|
$ |
11,688,854 |
|
|
|
|
|
|
|
Adjustments to reconcile net
(loss) income to net cash used in operating activities |
|
9,529,631 |
|
|
|
(17,904,260 |
) |
|
|
|
|
|
|
Changes in operating assets
and liabilities |
|
6,597,275 |
|
|
|
(8,549,150 |
) |
|
|
|
|
|
|
Net cash used in operating
activities |
|
(26,626,506 |
) |
|
|
(14,764,556 |
) |
|
|
|
|
|
|
Net cash provided by investing
activities |
|
4,415,755 |
|
|
|
14,845,584 |
|
|
|
|
|
|
|
Net cash provided by financing
activities |
|
401,826 |
|
|
|
109,486,162 |
|
|
|
|
|
|
|
Net (decrease) increase in
cash |
|
(21,808,925 |
) |
|
|
109,567,190 |
|
|
|
|
|
|
|
Cash at beginning of
period |
|
122,359,535 |
|
|
|
13,588,778 |
|
|
|
|
|
|
|
Cash at end of period |
$ |
100,550,610 |
|
|
$ |
123,155,968 |
|
Investor and Media Contact:Samuel FischExecutive Director,
Investor Relations and Corporate CommunicationsEmail:
veruinvestor@verupharma.com
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