Veru Inc. (NASDAQ: VERU) is a clinical-stage biopharmaceutical company developing small-molecule drug candidates targeting cardiometabolic and musculoskeletal diseases. The company generates no product revenue from its drug pipeline as of the 10-K filed December 17, 2025, and funds operations through equity offerings, debt financing, and external capital sources including potential partnership and licensing arrangements. Veru's two lead drug candidates are enobosarm, being studied as a treatment to augment fat loss and prevent muscle loss in sarcopenic obese or overweight elderly patients receiving a GLP-1 receptor agonist, and sabizabulin, being studied to treat cardiovascular atherosclerotic disease by reducing major cardiovascular events. The company carries an accumulated deficit, has not been profitable, and has disclosed going-concern uncertainty regarding whether existing cash will be sufficient to fund operations. As of September 30, 2025, Veru had 14,650,320 shares of common stock outstanding.

Revenue model

Veru has no commercial product revenue from its drug pipeline as of the filing date. Operations are financed through equity issuances, including sales under common stock purchase agreements and at-the-market offerings via a Jefferies Sales Agreement, as well as potential future collaboration, licensing, and government grant arrangements.

Products and services

Enobosarm: selective androgen receptor modulator in clinical development targeting muscle preservation and fat loss in sarcopenic obese or overweight elderly patients on GLP-1 receptor agonist therapy. Sabizabulin: microtubule inhibitor in clinical development targeting cardiovascular atherosclerotic disease to reduce major cardiovascular events; patent-protected composition of matter through 2043 (extendable to 2048 with patent term extension), with methods-of-use patents pending through 2046.

Customers and end markets

No commercial customers as of the filing date. Target end markets are obesity-related muscle loss and cardiovascular atherosclerotic disease. Potential future customers would be patients, healthcare providers, and pharmaceutical partners.

Value-chain role

Clinical-stage drug developer relying on third-party contract research organizations and contract manufacturers for preclinical studies, clinical trials, and manufacturing activities. Does not own commercial manufacturing or distribution infrastructure.

Geographic exposure

Primary regulatory focus is the United States (FDA). Patent applications and trademark filings extend to the EU, Japan, and other international jurisdictions, per the 10-K filed December 17, 2025.

Source: SEC 10-K, filed 2025-12-17

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