8-K
AYTU BIOPHARMA, INC (AYTU)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
September 26, 2024
Date of Report (Date of earliest event reported):
AYTU BIOPHARMA, INC .
(Exact name of registrant as specified in its charter)
| Delaware | 001-38247 | 47-0883144 |
|---|---|---|
| (State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) |
7900 East Union Avenue, Suite 920
Denver, CO 80237
(Address of principal executive offices, including Zip Code)
Registrant’s telephone number, including area code: (720) 437-6580
Not applicable
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| ☐ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
|---|---|
| ☐ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| --- | --- |
| ☐ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| --- | --- |
| ☐ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
| --- | --- |
Securities registered pursuant to Section 12(b) of the Act:
| Title of Each Class | Trading Symbol(s) | Name of Each Exchange on Which Registered |
|---|---|---|
| Common Stock, par value $0.0001 per share | AYTU | The NASDAQ Capital Market |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02. Results of Operations and Financial Condition.
On September 26, 2024, Aytu BioPharma, Inc. (the “Company”) issued a press release announcing its fiscal 2024 full year and fourth quarter operational and financial results. As indicated in the press release, the Company scheduled a conference call and live audio webcast for September 26, 2024, at 4:30 p.m. Eastern time to discuss the operational and financial results and to answer questions. The conference call is publicly accessible via webcast and telephone (available live and for replay), and the press release includes instructions for accessing the webcast via the Company’s website or dialing in to the call. A replay of the call will be made available after the call on the Company’s website and via a telephone replay. Availability of the call replay posted on the Company’s website and via the telephone replay is at the Company’s discretion and may be discontinued at any time. A copy of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K.
The information in the press release attached as Exhibit 99.1 hereto shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), nor shall such information be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits.
| Exhibit Number | Exhibit Description |
|---|---|
| 99.1 | Press Release dated September 26, 2024 |
| 104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| AYTU BIOPHARMA, INC. | ||
|---|---|---|
| Date: September 26, 2024 | By: | /s/ Mark K. Oki |
| Mark K. Oki | ||
| Chief Financial Officer |
ex_686151.htm
Exhibit 99.1
Aytu BioPharma Reports Fiscal 2024 Full Year and Fourth Quarter Operational and Financial Results
Full year fiscal 2024 consolidated net revenue of $81.0 million; Rx Segment net revenue of $65.2 million
Full year fiscal 2024 ADHD Portfolio net revenue up 23% compared to fiscal 2023
Full year fiscal 2024 adjusted EBITDA^1^ improved to $9.2 million, up by $5.7 million compared to fiscal 2023
$20.0 million cash balance at June 30, 2024
Company expects Rx Segment net revenue and adjusted EBITDA growth in fiscal 2025 from current levels
Company to host conference call and webcast today, September 26, 2026, at 4:30 p.m. Eastern time
DENVER, CO / September 26 , 2024 / Aytu BioPharma, Inc. (the “Company” or “Aytu”) (Nasdaq: AYTU), a pharmaceutical company focused on commercializing novel therapeutics, today announced operational and financial results for the fiscal 2024 full year and fourth quarter.
Full Year Fiscal 2024 Highlights
| ● | Consolidated net revenue was $81.0 million versus $107.4 million in the prior year period. The change primarily reflects the Company’s wind down of its Consumer Health Segment as part of the strategic mandate to focus its business solely on its Rx Segment, in an effort to drive long-term stockholder value. |
|---|---|
| ● | ADHD Portfolio (Adzenys XR-ODT® and Cotempla XR-ODT®) net revenue increased 23% to $57.8 million versus $46.9 million in fiscal 2023. The Company expects net revenue growth across the Rx Segment in fiscal 2025. |
| --- | --- |
| ● | Rx Segment gross margin improved to 75% in fiscal 2024 compared to 71% in fiscal 2023. |
| --- | --- |
| ● | Consumer Health Segment net revenue during fiscal 2024 was $15.8 million, a decrease of 53% versus fiscal 2023, in line with the Company’s strategy to discontinue the Consumer Health Segment. As previously announced, the Company completed the wind down and divestiture its Consumer Health Segment in July 2024. |
| --- | --- |
| ● | Net loss during fiscal 2024 was $15.8 million, or $2.86 net loss per share, compared to a net loss of $17.1 million, or $5.11 net loss per share, in fiscal 2023. |
| --- | --- |
| ● | Consolidated adjusted EBITDA was $9.2 million in fiscal 2024 compared to $3.5 million in fiscal 2023. The Company expects adjusted EBITDA growth in fiscal 2025. |
| --- | --- |
| ● | Cash and cash equivalents were $20.0 million at June 30, 2024, compared to $23.0 million at June 30, 2023. |
| ● | Successfully refinanced existing term loan and extended revolving credit facility on more favorable terms to the Company. In addition, the Company received $3.5 million of additional capital through the exercise of warrants, a portion of which was used to pay down the term loan indebtedness. |
Q4 Fiscal 2024 Highlights
| ● | Consolidated net revenue was $18.0 million versus $30.7 million in the prior year period and reflects the Company’s continued planned wind down of its Consumer Health Segment and change in payor coverage, which impacted the Pediatric Portfolio. Pediatric Portfolio unit sales have grown 115% from July 1, 2024, to September 25, 2024. |
|---|---|
| ● | ADHD Portfolio (Adzenys XR-ODT® and Cotempla XR-ODT®) net revenue decreased 13% to $13.8 million versus $15.9 million in Q4 fiscal 2023, reflecting timing differences between the third and fourth quarters of the prior year’s period. Net revenue for the ADHD Portfolio increased 8% to $26.1 million in the second half of fiscal 2024 versus $24.1 million in the second half of fiscal 2023. |
| --- | --- |
| ● | Rx Segment gross margin improved to 76% in Q4 2024 compared to 75% in Q4 2023. |
| --- | --- |
| ● | Consumer Health Segment net revenue during Q4 2024 was $3.4 million, a decrease of 54% versus Q4 2023, in line with the Company’s strategy to discontinue the Consumer Health Segment. As previously announced, the Company completed the wind down and divestiture its Consumer Health Segment in July 2024. |
|---|---|
| ● | Net loss during Q4 2024 was $4.6 million, or $0.82 net loss per share, compared to a net loss of $2.5 million, or $0.59 net loss per share, in Q4 2023. |
| --- | --- |
| ● | Consolidated adjusted EBITDA was $1.5 million in Q4 2024 compared to $7.7 million in Q4 2023. |
| --- | --- |
Management Discussion
“During fiscal 2024, we continued to successfully reposition Aytu as a growing specialty pharmaceutical company focused on commercializing novel prescription therapeutics. Over the past year, we successfully wound down and subsequently announced the sale of our Consumer Health business, which was completed in July 2024. This renewed focus on our higher-margin Rx Segment, coupled with the successful implementation of a number of cost saving initiatives, resulted in consolidated adjusted EBITDA of $9.2 million in fiscal 2024 compared to $3.5 million in fiscal 2023, an improvement of 162%” commented Josh Disbrow, Chief Executive Officer of Aytu. “Even more impressive is the transition from just two years ago when our consolidated adjusted EBITDA was a negative $21.5 million, highlighting a positive swing of more than $30 million over the past two years. Looking to the future, we continue to focus on driving prescription growth and leveraging the unique capabilities of our commercial platform, including Aytu RxConnect. This unique program provides tremendous benefits to patients and healthcare providers through transparent and predictable drug pricing, propelling future revenue growth and efficiencies.”
“Within our Rx Segment, our ADHD Portfolio net revenue increased 23% for the full year and experienced an 8% year-over-year increase during the second half of the fiscal year. Further, our Pediatric Portfolio continues to be impacted by payer changes that occurred in September 2023 but we remain convicted that the Pediatric Portfolio will return to growth from these current levels. We have implemented a number of commercial initiatives that give us confidence that we can get back to growth mode across the Pediatric Portfolio. We are seeing early momentum with those growth initiatives as pediatric product unit shipments have increased 115% from July 1, 2024, to September 25, 2024. We remain focused on driving prescription demand, improved coverage and patient access across our entire portfolio, and we fully expect to see Rx Segment net revenue and adjusted EBITDA growth from fiscal 2024 levels for the full year of fiscal 2025.”
“The strategic and operational initiatives we have implemented have allowed us to maintain a strong cash position, which was in excess of $20 million at the end of the fiscal year. This successful execution was further recognized financially through the receipt of $3.5 million of proceeds from the exercise of warrants, of which a portion was used as a capital source to pay down some of our existing term loan as we continue to strengthen our balance sheet. We also successfully refinanced our existing term loan and extended our revolving credit facility during the fourth quarter on more favorable terms to the Company. We remain confident that with our strategic focus on cash flows and earnings, we will continue to further enhance the financial profile of the Company via revenue growth and bottom-line improvement going forward.”
Non-Core Business Update
In June 2023, the Company announced that it had instituted a strategic mandate focusing its business solely on its Rx Segment, in an effort to drive long-term stockholder value. The Company has generated positive adjusted EBITDA for both fiscal 2024 and fiscal 2023, as well as for eight of the last reported nine quarters for Rx, excluding the Consumer Health Segment and pipeline R&D (the “Rx Business”). This concentration on the Rx Business follows the successful completion of the wind down and divestiture of the Consumer Health Segment in July of 2024.
This goal of emphasizing profitability was initially started with the indefinite suspension of all pipeline clinical development programs announced in October 2022 to minimize research and development expense until such time that the Company can fund those efforts with internally generated cash flows or through strategic partnerships. During fiscal 2023, the Consumer Health Segment contributed adjusted EBITDA of negative $3.6 million and pipeline programs contributed adjusted EBITDA of negative $2.6 million, while the Company’s Rx Business contributed adjusted EBITDA of $9.7 million. For fiscal 2024, the Company’s Rx Business contributed adjusted EBITDA of $10.8 million.
Segment Reporting
| | Three Months Ended | Twelve Months Ended | |||||||
|---|---|---|---|---|---|---|---|---|---|
| | June 30, | June 30, | |||||||
| | 2024 | 2023 | 2024 | 2023 | |||||
| | (in thousands) | (in thousands) | |||||||
| Rx Segment net revenue | $ | 14,593 | $ | 23,313 | $ | 65,183 | $ | 73,799 | |
| Consumer Health Segment net revenue | 3,383 | 7,419 | 15,819 | 33,600 | |||||
| Total net revenue | $ | 17,976 | $ | 30,732 | $ | 81,002 | $ | 107,399 | |
| | | | | | |||||
| ADHD Portfolio net revenue | $ | 13,758 | $ | 15,878 | $ | 57,784 | $ | 46,855 | |
| Pediatric Portfolio net revenue | 841 | 7,225 | 7,280 | 25,377 | |||||
| Other ^(1)^ | (6 | ) | 210 | 119 | 1,567 | ||||
| Total Rx Segment net revenue | $ | 14,593 | $ | 23,313 | $ | 65,183 | $ | 73,799 |
^(1)^ Other includes discontinued or deprioritized products.
Full Year Fiscal 2024 Financial Results
Net revenue for the full year fiscal 2024 was $81.0 million, compared to $107.4 million for the prior year period. The change primarily reflects the Company’s wind down of its Consumer Health Segment as part of the strategic mandate to focus its business solely on its Rx Segment, in an effort to drive long-term stockholder value.
Net revenue from the Rx Segment for the full year of fiscal 2024 was $65.2 million compared to $73.8 million in the prior year period. The ADHD Portfolio (Adzenys XR-ODT® and Cotempla XR-ODT®) experienced a 23% increase in net revenue to $57.8 million for full year fiscal 2024, compared to the prior year period. The Pediatric Portfolio (Karbinal® ER, Poly-Vi-Flor® and Tri-Vi-Flor®) net revenue decreased to $7.3 million largely due to payor changes that impacted prescriptions. Pediatric Portfolio unit shipments have increased 115% from July 1, 2024, through September 25, 2024.
Net revenue from the Consumer Health Segment was $15.8 million for full year fiscal 2024, a decrease of 53% over the same period last year. As previously announced, the Company completed the wind down and divestiture of its Consumer Health Segment in July of 2024 and expects that discontinuing this segment will improve operating cash flows and drive long-term stockholder value.
Consolidated gross profit was $54.6 million, or 67% of net revenue, for full year fiscal 2024, compared to $66.6 million, or 62% of net revenue, in the same period last year. Gross profit margin for the Rx Segment was 75% for full year fiscal 2024, compared with 71% in the prior year period.
Operating expenses, excluding amortization of intangible assets, restructuring costs, impairment expense and gain from contingent consideration, were $52.3 million for full year fiscal 2024 compared to $74.2 million in the prior year period. The decrease was a result of reduced Consumer Health spending and improved operational efficiencies.
Loss from operations for full year fiscal 2024 was $5.3 million compared to $17.1 million in the prior year period.
Net loss for full year fiscal 2024 was $15.8 million, or $2.86 net loss per share, compared to a $17.1 million net loss, or $5.11 net loss per share, in the prior year period. The fiscal 2024 full year results were impacted by $2.4 million of restructuring costs and $0.7 million of inventory impairment associated with the previously announced wind down of the Consumer Health Segment and Grand Prairie, Texas manufacturing facility as well as $4.4 million of derivative warrant liabilities loss due primarily to the increase in the Company’s stock price, $0.6 million loss on extinguishment of debt, and $1.8 million of income tax expense.
Consolidated adjusted EBITDA was $9.2 million for full year fiscal 2024, compared to $3.5 million in the prior year period, a $5.7 million increase. Adjusted EBITDA for the Rx Business was $10.8 million for full year fiscal 2024, compared to $9.7 million in the prior year period, a $1.2 million increase.
Cash and cash equivalents at June 30, 2024, were $20.0 million compared to $23.0 million at June 30, 2024.
Q4 Fiscal 2024 Financial Results
Net revenue for the fourth quarter of fiscal 2024 was $18.0 million, compared to $30.7 million for the prior year period.
Net revenue from the Rx Segment in the fourth quarter of fiscal 2024 was $14.6 million compared to $23.3 million in the prior year period. The ADHD Portfolio (Adzenys XR-ODT® and Cotempla XR-ODT®) experienced a 13% decrease in net revenue to $13.8 million in the fourth quarter of fiscal 2024, compared to the prior year period, largely as a result of normalization of the ADHD market supply chain. Net revenue for the ADHD Portfolio increased 8% to $26.1 million in the second half of fiscal 2024 versus $24.1 million in the second half of fiscal 2023. This net revenue growth was achieved despite the ADHD market supply chain normalization that occurred in the second half of 2024. The Pediatric Portfolio (Karbinal® ER, Poly-Vi-Flor® and Tri-Vi-Flor®) net revenue decreased to $0.8 million largely due to payor changes that impacted prescriptions. Growth of the ADHD Portfolio and Pediatric Portfolio is expected in fiscal 2025. Pediatric Portfolio unit shipments have increased 115% from July 1, 2024, through September 25, 2024.
Net revenue from the Consumer Health Segment was $3.4 million in the fourth quarter of fiscal 2024, a decrease of 54% over the same quarter last year. As previously announced, the Company completed the wind down and divestiture of its Consumer Health Segment in July of 2024 and expects that discontinuing this segment will improve operating cash flows and drive long-term stockholder value.
Consolidated gross profit was $11.9 million, or 66% of net revenue, in the fourth quarter of fiscal 2024, compared to $18.6 million, or 60% of net revenue, in the same quarter last year. Gross profit margin for the Rx Segment was 76% in the fourth quarter of fiscal 2024, compared with 75% in the prior year period.
Operating expenses, excluding amortization of intangible assets, restructuring costs, impairment expense and gain from contingent consideration, were $12.1 million in the fourth quarter of fiscal 2024 compared to $14.6 million in the prior year period. The decrease was a result of reduced Consumer Health spending and improved operational efficiencies.
Loss from operations during the fourth quarter of fiscal 2024 was $3.7 million compared to income from operations of $0.2 million in the prior year period.
Net loss during the fourth quarter of fiscal 2024 was $4.6 million, or $0.82 net loss per share, compared to a $2.5 million net loss, or $0.59 net loss per share, in the prior year period. The fiscal 2024 fourth quarter results were impacted by $2.1 million of restructuring costs and $0.7 million of inventory impairment associated with the previously announced wind down of the Consumer Health Segment and Grand Prairie, Texas manufacturing facility as well as $1.5 million of derivative warrant liabilities gain due primarily to the decrease in the Company’s stock price, $0.6 million loss on extinguishment of debt, and $0.7 million of income tax expense.
Consolidated adjusted EBITDA was $1.5 million in the fourth quarter of fiscal 2024, compared to $7.7 million in the prior year period, a $6.2 million decrease resulting largely from the decrease in the Pediatric Portfolio net revenue. Adjusted EBITDA for the Rx Business was $2.0 million in the fourth quarter of fiscal 2024, compared to $8.3 million in the prior year period, a $6.2 million decrease.
Conference Call Details
Date and Time: Thursday, September 26, 2024, at 4:30 p.m. Eastern time.
Call-in Information: Interested parties can access the conference call by dialing (888) 506-0062 for United States callers or +1 (973) 528-0011 for international callers and using the participant access code 216512.
Webcast Information: The webcast will be accessible live and archived at https://www.webcaster4.com/Webcast/Page/2142/51231, and accessible on the Investors section of the Company’s website at https://investors.aytubio.com/ under Events & Presentations.
Replay: A teleconference replay of the call will be available until October 10, 2024, at (877) 481-4010 for United States callers or +1 (919) 882-2331 for international callers and using replay access code 51231.
About Aytu BioPharma, Inc.
Aytu is a pharmaceutical company focused on commercializing novel therapeutics. The Company’s prescription products include Adzenys XR-ODT® (amphetamine) extended-release orally disintegrating tablets (see Full Prescribing Information, including Boxed WARNING) and Cotempla XR-ODT® (methylphenidate) extended-release orally disintegrating tablets (see Full Prescribing Information, including Boxed WARNING) for the treatment of attention deficit hyperactivity disorder (ADHD), Karbinal® ER (carbinoxamine maleate), an extended-release antihistamine suspension indicated to treat numerous allergic conditions, and Poly-Vi-Flor® and Tri-Vi-Flor®, two complementary fluoride-based prescription vitamin product lines available in various formulations for infants and children with fluoride deficiency. To learn more, please visit aytubio.com.
Forward-Looking Statements
This press release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (“Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (“Exchange Act”). All statements other than statements of historical facts contained in this press release, are forward-looking statements. Forward-looking statements are generally written in the future tense and/or are preceded by words such as “may,” “will,” “should,” “forecast,” “could,” “expect,” “suggest,” “believe,” “estimate,” “continue,” “anticipate,” “intend,” “plan,” or similar words, or the negatives of such terms or other variations on such terms or comparable terminology. All statements other than statements of historical facts contained in this presentation, are forward-looking statements. These statements are predictions and are subject to risks and uncertainties that could cause the actual events or results to differ materially. These risks and uncertainties include, among others, risks associated with: the Company’s plans relating to the Company’s ability to efficiently wind down the Consumer Health Segment, the Company’s ability to complete the manufacturing transfer of Adzenys XR-ODT® and Cotempla XR-ODT®, the Company’s overall financial and operational performance, potential adverse changes to the Company’s financial position or our business, the results of operations, strategy and plans, changes in capital markets and the ability of the Company to finance operations in the manner expected, risks relating to gaining market acceptance of our products, our partners performing their required activities, our anticipated future cash position, regulatory and compliance challenges and future events under current and potential future collaborations. We also refer you to (i) the risks described in “Risk Factors” in Part I, Item 1A of our most recent Annual Report on Form 10‑K and in the other reports and documents it files with the United States Securities and Exchange Commission.
Footnote 1
Aytu uses the term adjusted EBITDA, which is a term not defined under United States generally accepted accounting principles (“U.S. GAAP”). The Company uses this term because it is a widely accepted financial indicator utilized to analyze and compare companies on the basis of operating performance. The Company believes that presenting adjusted EBITDA by certain categories allows investors to evaluate the various performance of these categories. The Company’s method of computation of adjusted EBITDA may or may not be comparable to other similarly titled measures used by other companies. We believe that net income (loss) is the performance measure calculated and presented in accordance with U.S. GAAP that is most directly comparable to adjusted EBITDA. See below for a reconciliation of net income (loss) to adjusted EBITDA.
Contacts for Investors
Mark Oki, Chief Financial Officer
Aytu BioPharma, Inc.
moki@aytubio.com
Robert Blum or Roger Weiss
Lytham Partners
aytu@lythampartners.com
Aytu BioPharma, Inc.
Consolidated Statements of Operations
(in thousands, except share and per share data)
| | Three Months Ended | Twelve Months Ended | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| | June 30, | June 30, | ||||||||||
| | 2024 | 2023 | 2024 | 2023 | ||||||||
| Net revenue | $ | 17,976 | $ | 30,732 | $ | 81,002 | $ | 107,399 | ||||
| Cost of sales | 6,070 | 12,168 | 26,416 | 40,767 | ||||||||
| Gross profit | 11,906 | 18,564 | 54,586 | 66,632 | ||||||||
| | | |||||||||||
| Operating expenses: | **** | **** | **** | **** | ||||||||
| Selling and marketing | 6,411 | 7,982 | 26,958 | 41,448 | ||||||||
| General and administrative | 4,677 | 6,113 | 22,514 | 28,630 | ||||||||
| Research and development | 1,044 | 465 | 2,791 | 4,095 | ||||||||
| Amortization of intangible assets | 1,303 | 1,195 | 5,212 | 4,788 | ||||||||
| Restructuring costs | 2,121 | — | 2,365 | — | ||||||||
| Impairment expense | — | 3,105 | — | 5,705 | ||||||||
| Gain from contingent consideration | — | (465 | ) | — | (969 | ) | ||||||
| Total operating expenses | 15,556 | 18,395 | 59,840 | 83,697 | ||||||||
| (Loss) income from operations | (3,650 | ) | 169 | (5,254 | ) | (17,065 | ) | |||||
| Other income, net | 48 | 82 | 568 | 184 | ||||||||
| Interest expense | (1,189 | ) | (1,334 | ) | (4,792 | ) | (4,963 | ) | ||||
| Derivative warrant liabilities gain (loss) | 1,463 | (1,374 | ) | (4,004 | ) | 4,793 | ||||||
| Loss on extinguishment of debt | (594 | ) | — | (594 | ) | — | ||||||
| Loss before income tax | (3,922 | ) | (2,457 | ) | (14,076 | ) | (17,051 | ) | ||||
| Income tax expense | (695 | ) | — | (1,768 | ) | — | ||||||
| Net loss | $ | (4,617 | ) | $ | (2,457 | ) | $ | (15,844 | ) | $ | (17,051 | ) |
| | | |||||||||||
| Basic and diluted weighted-average common shares outstanding | 5,619,726 | 4,144,098 | 5,537,957 | 3,339,906 | ||||||||
| Basic and diluted net loss per share | $ | (0.82 | ) | $ | (0.59 | ) | $ | (2.86 | ) | $ | (5.11 | ) |
Aytu BioPharma, Inc.
Consolidated Balance Sheets
(in thousands, except share data)
| | |||||
|---|---|---|---|---|---|
| | 2023 | ||||
| ASSETS | **** | **** | |||
| Current assets: | |||||
| Cash and cash equivalents | 20,006 | $ | 22,985 | ||
| Accounts receivable, net | 23,617 | 28,937 | |||
| Inventories | 12,633 | 11,995 | |||
| Prepaid expenses and other current assets | 5,635 | 7,162 | |||
| Total current assets | 61,891 | 71,079 | |||
| Non-current assets: | | ||||
| Property and equipment, net | 693 | 1,815 | |||
| Operating lease right-of-use assets | 829 | 2,054 | |||
| Intangible assets, net | 52,453 | 58,970 | |||
| Other non-current assets | 2,229 | 2,545 | |||
| Total non-current assets | 56,204 | 65,384 | |||
| Total assets | 118,095 | $ | 136,463 | ||
| | | ||||
| LIABILITIES AND STOCKHOLDERS’ EQUITY | **** | **** | |||
| Current liabilities: | |||||
| Accounts payable | 10,440 | $ | 13,478 | ||
| Accrued liabilities | 38,574 | 46,799 | |||
| Revolving credit facility | 2,395 | 1,563 | |||
| Current portion of debt | 1,857 | 85 | |||
| Other current liabilities | 8,962 | 7,090 | |||
| Total current liabilities | 62,228 | 69,015 | |||
| Non-current liabilities: | | ||||
| Debt, net of current portion | 10,877 | 14,713 | |||
| Derivative warrant liabilities | 12,745 | 6,403 | |||
| Other non-current liabilities | 4,529 | 6,975 | |||
| Total non-current liabilities | 28,151 | 28,091 | |||
| Stockholders’ equity: | |||||
| Preferred stock, par value .0001; 50,000,000 shares authorized; no shares issued or outstanding | — | — | |||
| Common stock, par value .0001; 200,000,000 shares authorized; 5,972,638 and 5,517,174 shares issued and outstanding, respectively | 1 | 1 | |||
| Additional paid-in capital | 347,688 | 343,485 | |||
| Accumulated deficit | (319,973 | ) | (304,129 | ) | |
| Total stockholders' equity | 27,716 | 39,357 | |||
| Total liabilities and stockholders’ equity | 118,095 | $ | 136,463 |
All values are in US Dollars.
Aytu BioPharma, Inc.
Reconciliation of Net Loss to Adjusted EBITDA - Twelve Months Ended
(in thousands)
| | Twelve Months Ended | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| June 30, 2024 | ||||||||||||
| Rx Business | Consumer Health | Pipeline R&D | Consolidated | |||||||||
| Net loss - GAAP | $ | (11,163 | ) | $ | (3,698 | ) | $ | (983 | ) | $ | (15,844 | ) |
| Depreciation and amortization | 5,910 | 1,547 | — | 7,457 | ||||||||
| Stock-based compensation expense | 2,374 | 540 | — | 2,914 | ||||||||
| Other income, net | (568 | ) | — | — | (568 | ) | ||||||
| Interest expense | 4,757 | 35 | — | 4,792 | ||||||||
| Derivative warrant liabilities loss | 4,004 | — | — | 4,004 | ||||||||
| One-time transactions | 1,001 | — | — | 1,001 | ||||||||
| Income tax expense | 1,768 | — | — | 1,768 | ||||||||
| Inventory impairment due to wind down | — | 730 | — | 730 | ||||||||
| Restructuring costs | 2,156 | 209 | — | 2,365 | ||||||||
| Loss on extinguishment of debt | 594 | — | — | 594 | ||||||||
| Adjusted EBITDA - non-GAAP | $ | 10,833 | $ | (637 | ) | $ | (983 | ) | $ | 9,213 | ||
| | Twelve Months Ended | |||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| June 30, 2023 | ||||||||||||
| Rx Business | Consumer Health | Pipeline R&D | Consolidated | |||||||||
| Net loss - GAAP | $ | (4,694 | ) | $ | (9,761 | ) | $ | (2,596 | ) | $ | (17,051 | ) |
| Depreciation and amortization | 6,271 | 1,116 | — | 7,387 | ||||||||
| Stock-based compensation expense | 5,699 | 324 | 22 | 6,045 | ||||||||
| Other income, net | (184 | ) | — | — | (184 | ) | ||||||
| Interest expense | 4,908 | 55 | — | 4,963 | ||||||||
| Gain from contingent consideration | (578 | ) | (391 | ) | — | (969 | ) | |||||
| Derivative warrant liabilities gain | (4,793 | ) | — | — | (4,793 | ) | ||||||
| One-time transactions | 300 | — | — | 300 | ||||||||
| Impairment expense | 2,730 | 5,094 | — | 7,824 | ||||||||
| Adjusted EBITDA - non-GAAP | $ | 9,659 | $ | (3,563 | ) | $ | (2,574 | ) | $ | 3,522 |
Aytu BioPharma, Inc.
Reconciliation of Net Income (Loss) to Adjusted EBITDA - Three Months Ended
(in thousands)
| | Three Months Ended | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| June 30, 2024 | ||||||||||||
| Rx Business | Consumer Health | Pipeline R&D | Consolidated | |||||||||
| Net loss - GAAP | $ | (2,633 | ) | $ | (1,385 | ) | $ | (599 | ) | $ | (4,617 | ) |
| Depreciation and amortization | 1,398 | 385 | — | 1,783 | ||||||||
| Stock-based compensation expense | 243 | 110 | — | 353 | ||||||||
| Other income, net | (48 | ) | — | — | (48 | ) | ||||||
| Interest expense | 1,181 | 8 | — | 1,189 | ||||||||
| Derivative warrant liabilities gain | (1,463 | ) | — | — | (1,463 | ) | ||||||
| One-time transactions | 150 | — | — | 150 | ||||||||
| Income tax expense | 695 | — | — | 695 | ||||||||
| Inventory impairment due to wind down | — | 730 | — | 730 | ||||||||
| Restructuring costs | 1,912 | 209 | — | 2,121 | ||||||||
| Loss on extinguishment of debt | 594 | — | — | 594 | ||||||||
| Adjusted EBITDA - non-GAAP | $ | 2,029 | $ | 57 | $ | (599 | ) | $ | 1,487 | |||
| Three Months Ended | ||||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| | June 30, 2023 | |||||||||||
| Rx Business | Consumer Health | Pipeline R&D | Consolidated | |||||||||
| Net income (loss) - GAAP | $ | 3,677 | $ | (6,098 | ) | $ | (36 | ) | $ | (2,457 | ) | |
| Depreciation and amortization | 1,562 | 274 | — | 1,836 | ||||||||
| Stock-based compensation expense | 784 | 115 | — | 899 | ||||||||
| Impairment expense | 130 | 5,094 | — | 5,224 | ||||||||
| Other income, net | (82 | ) | — | — | (82 | ) | ||||||
| Interest expense | 1,287 | 47 | — | 1,334 | ||||||||
| Gain from contingent consideration | (465 | ) | — | — | (465 | ) | ||||||
| Derivative warrant liabilities loss | 1,374 | — | — | 1,374 | ||||||||
| Adjusted EBITDA - non-GAAP | $ | 8,267 | $ | (568 | ) | $ | (36 | ) | $ | 7,663 |