Veru (VERU) Q3 2026 earnings summary

Executive summary

• Focused on late-stage clinical development of enobosarm for obesity and muscle preservation, and sabizabulin for atherosclerotic cardiovascular disease inflammation, with enobosarm targeting quality weight loss in older patients with obesity and sarcopenia.

• Achieved full enrollment (239 patients) in the Phase 2b PLATEAU clinical trial for enobosarm and semaglutide, targeting older obese patients at risk of muscle loss.

• Entered a clinical supply agreement with Novo Nordisk for Wegovy (semaglutide) for the PLATEAU trial, maintaining full development and commercialization rights to enobosarm.

• Received USPTO notice of allowance for a key U.S. patent covering enobosarm in combination with weight loss drugs, with broad claims and protection through at least October 2044.

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

Financial highlights

• R&D expenses for the nine months ended June 30, 2026, were $8.8M, down from $12.7M year-over-year; Q3 FY2026 R&D costs rose to $4.4M from $3.0M sequentially, mainly due to the PLATEAU trial.

• General and administrative expenses for the nine months ended June 30, 2026, were $11.5M, down from $15.4M year-over-year; Q3 FY2026 G&A expenses fell to $3.4M from $5.0M.

• Net loss for the nine months ended June 30, 2026, was $15.1M ($0.68/share), improved from $24.2M ($1.65/share) in the prior period; Q3 FY2026 net loss was $7.0M ($0.30/share), improved from $7.3M ($0.50/share) year-over-year.

• Cash, cash equivalents, and restricted cash totaled $23.9M as of June 30, 2026, up from $15.8M at September 30, 2025.

• Gain on sale of FC2 business of $0.4M recognized in 2026 from settlement of a pre-closing tax dispute.

Outlook and guidance

• Interim results from the PLATEAU trial expected in Q1 2027, with final topline data anticipated in Q4 2027.

• Current cash position expected to fund operations beyond the interim analysis of the PLATEAU study, but substantial doubt exists about ability to continue as a going concern due to insufficient cash and uncertain access to capital.

• Exploring Phase 2 proof-of-concept study for sabizabulin in atherosclerotic cardiovascular disease.