Aytu BioPharma — Fiscal 2026 Full Year and Fourth Quarter Earnings Summary

Financial Performance

• Q4 Fiscal 2026 net revenue increased 6.4% to $16.1 million from $15.1 million in Q4 fiscal 2025; full-year fiscal 2026 net revenue decreased 13.3% to $57.6 million from $66.4 million in fiscal 2025.
• Q4 fiscal 2026 gross profit was $10.4 million (64.6% of revenue) compared to $10.3 million (67.8%) in the prior year; full-year fiscal 2026 gross profit was $36.8 million (64.0%) compared to $45.8 million (69.0%) in the prior year.
• Q4 fiscal 2026 net loss was approximately break-even at less than ($0.1) million, compared to a net loss of ($19.8) million in the prior year; full-year fiscal 2026 net loss was ($14.3) million compared to ($13.6) million in the prior year.
• Q4 fiscal 2026 Adjusted EBITDA was $0.5 million compared to $2.0 million in the prior year; full-year fiscal 2026 Adjusted EBITDA was ($3.7) million compared to $9.2 million in the prior year.
• Cash and cash equivalents were $26.3 million at June 30, 2026, down from $31.0 million at June 30, 2025.
• Derivative warrant liabilities decreased to $1.2 million at June 30, 2026, from $26.3 million at June 30, 2025, following a $26.4 million reduction in March 2026 due to warrant amendment.
• Stockholders' equity increased to $35.3 million at June 30, 2026, from $19.0 million at June 30, 2025.
• Operating expenses (excluding amortization, restructuring, and impairment) were $10.4 million in Q4 fiscal 2026 versus $8.7 million in the prior year, and $42.6 million for the full year versus $39.6 million in the prior year.
• Q4 fiscal 2026 included a $1.0 million derivative warrant liabilities gain; full-year fiscal 2026 included a $4.7 million derivative warrant liabilities loss.

Business Segments and Product Lines

• EXXUA net revenue was $3.9 million in Q4 fiscal 2026 and $6.6 million for the full year, following a commercial launch in mid-January 2026.
• EXXUA fourth quarter fiscal 2026 total prescriptions were 3,323, up approximately 138% from 1,398 in the third quarter; monthly prescriptions reached a record 1,261 in June.
• ADHD Portfolio net revenue was $10.4 million in Q4 fiscal 2026 (down from $13.1 million in Q4 fiscal 2025) and $45.8 million for the full year (down from $57.6 million in fiscal 2025), primarily due to commercial prioritization of EXXUA and generic competition.
• Pediatric Portfolio net revenue was $1.8 million in Q4 fiscal 2026 (down from $2.0 million in Q4 fiscal 2025) and $5.1 million for the full year (down from $8.8 million in fiscal 2025), primarily due to commercial prioritization of EXXUA and reduced promotional emphasis.
• ADHD Portfolio net revenue increased sequentially to $10.4 million in Q4 from $9.1 million in Q3, driven by higher units and improved gross-to-net economics.
• Pediatric Portfolio net revenue increased sequentially to $1.8 million in Q4 from $0.9 million in Q3 as product availability normalized following a prior supply disruption.

Management Commentary and Tone

• CEO Josh Disbrow expressed confidence in EXXUA's launch momentum, citing broadening adoption across prescribers, territories, and geographies, and favorable early reimbursement dynamics.
• Management highlighted the durability of the ADHD and Pediatric portfolios, noting they remain highly profitable on a standalone basis and provide a financial foundation for EXXUA investment.
• The company views the quarter as evidence of operating leverage as EXXUA scales alongside legacy profitability and cash flow.
• Management stated they are focused on disciplined and efficient commercial execution to establish EXXUA as an important treatment option for adults with major depressive disorder.
• The company aims to build toward more consistent positive Adjusted EBITDA levels as fiscal 2027 progresses.

Other Key Points

• On March 31, 2026, the company amended and restated certain warrants, resolving accounting ambiguity and reclassifying them from liabilities to equity, reducing derivative warrant liabilities by $26.4 million and increasing stockholders' equity by the same amount.
• EXXUA is a novel oral selective serotonin 5-HT1A receptor agonist indicated for the treatment of major depressive disorder (MDD) in adults.
• The company faces risks related to generic competition for Adzenys, supply disruptions, and the need for continued commercial investment in EXXUA.
• Forward-looking statements include risks regarding market acceptance, regulatory challenges, capital market conditions, and the ability to finance operations.