Veru Inc. 2026 Q3 Earnings Call
Review the key takeaways and the transcript of this earnings call.
- Veru Inc reported financial results for the third quarter ended June 30, 2026, with research and development costs increasing to $4.4 million from $3 million in the prior quarter, primarily due to expenses related to the ongoing phase 2B plateau clinical study and the wind down of the phase 2B quality clinical study.
- General and administrative expenses decreased to $3.4 million from $5 million in the prior quarter, mainly due to lower share-based compensation and reduced consulting expenses.
- The net loss for the quarter was $7 million, or $0.30 per diluted common share, compared to a net loss of $7.3 million, or $0.50 per diluted common share, in the prior period.
- For the nine months ended June 30, 2026, research and development costs decreased to $8.8 million from $12.7 million, and general and administrative expenses decreased to $11.5 million from $15.4 million compared to the prior period.
- The net loss for the nine months was $15.1 million, or $0.68 per diluted common share, compared to $24.2 million, or $1.65 per diluted common share, in the prior period.
- Cash, cash equivalents, and restricted cash totaled $23.9 million as of June 30, 2026, compared to $15.8 million as of September 30, 2025.
- Veru completed full enrollment of the phase 2B plateau clinical trial with 239 patients, focusing on Enobosarm combined with semaglutide for weight reduction in older patients with obesity.
- The phase 2B plateau study is a double-blind, placebo-controlled trial evaluating Enobosarm's effect on total body weight, fat mass, lean mass, physical function, bone mineral density, and safety over 68 weeks, with an interim analysis expected in Q1 2027.
- Veru entered into a supply agreement with Novo Nordisk on June 2, 2026, under which Novo Nordisk supplies Wegovy at no charge for the phase 2B plateau study, while Veru retains full global development and commercialization rights for Enobosarm.
- Veru received a Notice of Allowance from the U.S. Patent and Trademark Office for key methods of use patent application covering Enobosarm in combination with weight loss drugs, including semaglutide, with patent protection extending at least until October 3, 2044.
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Transcript
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Good morning, ladies and gentlemen, and welcome to Veru Inc.'s Investors Conference Call. All participants will be in listen only mode. Should you need assistance, please signal a conference specialist by pressing the star key followed by zero. After this morning's discussion, there will be an opportunity to ask questions. Please note that this event is being recorded. I would now like to turn the conference call over to Mr. Sam Fisch, Veru Inc.'s Executive Director, Investor Relations and Corporate Communications.
Please go ahead. The statements made on this conference call may be forward-looking statements.
Forward-looking statements may include, but are not necessarily limited to, statements of the company's plans, objectives, expectations, or intentions regarding its business, operations, regulatory interactions, finances, and development and product portfolio. Such forward-looking statements are subject to known and unknown risks and uncertainties, and our actual results may differ significantly from those projected, suggested, or included in any forward-looking statements. Risks that may cause actual results or developments that differ materially are contained in our 10-Q and 10-K SEC filings, as well as in our press releases from time to time. I would now like to turn the conference call over to Dr. Mitchell Steiner, Veru Inc.'s Chairman, CEO, and President.
Good morning. With me on this morning's call are Dr. K. Gary Barnette, our Chief Scientific Officer, Michele Greco, Chief Financial Officer and Chief Administrative Officer, Phil Greenberg, our General Counsel, and Sam Fisch, Executive Director of Investor Relations and Corporate Communications. Thank you for joining us in our third quarter fiscal year 2026 earnings call. Veru is a late clinical stage biopharmaceutical company focused on developing innovative medicines for the treatment of cardiometabolic and inflammatory diseases. Our drug development program consists of two novel small molecules, enobosarm and sabizabulin.
The first one, enobosarm, is an oral selective androgen receptor modulator, SARM, and is being developed as a next generation drug that when combined with a GLP-1 receptor agonist, makes weight reduction more tissue selective for fat loss and preservation of lean mass and physical function, which is intended to lead to greater weight loss compared to a GLP-1 receptor agonist treatment alone, with a focus on older patients with obesity. Our second asset, sabizabulin, is a microtubule disruptor. It's being developed as a broad anti-inflammatory agent to reduce vascular plaque inflammation to slow the progression or promote the regression of atherosclerotic cardiovascular disease. This morning, we will focus on the update of the clinical development progress of enobosarm in our obesity program. We will also provide financial highlights for fiscal 2026, third quarter ended June 30th, 2026.
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