$VERU
Veru Inc

2020 Q1 Form 10-Q Financial Statement

#000086389420000011 Filed on May 13, 2020

View on sec.gov

Income Statement

Concept 2020 Q1 2019 Q1
Revenue $9.943M $6.976M
YoY Change 42.53% 171.14%
Cost Of Revenue $2.507M $2.367M
YoY Change 5.89% 72.17%
Gross Profit $7.436M $4.609M
YoY Change 61.35% 284.73%
Gross Profit Margin 74.79% 66.07%
Selling, General & Admin $3.806M $3.823M
YoY Change -0.44% 0.14%
% of Gross Profit 51.18% 82.95%
Research & Development $3.930M $2.911M
YoY Change 35.03% 40.15%
% of Gross Profit 52.85% 63.15%
Depreciation & Amortization $110.0K $110.0K
YoY Change 0.0% -8.33%
% of Gross Profit 1.48% 2.39%
Operating Expenses $7.736M $6.733M
YoY Change 14.89% 14.23%
Operating Profit -$299.7K -$2.125M
YoY Change -85.89% -54.76%
Interest Expense $1.165M $1.258M
YoY Change -7.42% 258.9%
% of Operating Profit
Other Income/Expense, Net -$644.0K -$1.884M
YoY Change -65.82% 331.1%
Pretax Income -$943.6K -$4.009M
YoY Change -76.46% -21.91%
Income Tax -$133.1K $25.17K
% Of Pretax Income
Net Earnings -$810.5K -$4.034M
YoY Change -79.91% 5.29%
Net Earnings / Revenue -8.15% -57.83%
Basic Earnings Per Share -$0.01
Diluted Earnings Per Share -$0.01 -$64.20K
COMMON SHARES
Basic Shares Outstanding 65.37M 62.78M
Diluted Shares Outstanding 65.37M

Balance Sheet

Concept 2020 Q1 2019 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $2.600M $5.900M
YoY Change -55.93% -34.44%
Cash & Equivalents $2.558M $5.897M
Short-Term Investments
Other Short-Term Assets $3.100M $1.200M
YoY Change 158.33% 100.0%
Inventory $6.016M $2.998M
Prepaid Expenses
Receivables $5.802M $4.027M
Other Receivables -$100.0K $0.00
Total Short-Term Assets $17.46M $14.14M
YoY Change 23.45% -12.7%
LONG-TERM ASSETS
Property, Plant & Equipment $332.4K $320.8K
YoY Change 3.6% -35.84%
Goodwill $6.879M $6.879M
YoY Change 0.0%
Intangibles $20.01M $20.32M
YoY Change -1.54%
Long-Term Investments
YoY Change
Other Assets $9.000M $776.2K
YoY Change 1059.53% -94.5%
Total Long-Term Assets $38.44M $36.87M
YoY Change 4.26% -12.22%
TOTAL ASSETS
Total Short-Term Assets $17.46M $14.14M
Total Long-Term Assets $38.44M $36.87M
Total Assets $55.90M $51.01M
YoY Change 9.58% -12.35%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $4.200M $2.525M
YoY Change 66.33% -27.85%
Accrued Expenses $5.900M $2.900M
YoY Change 103.45% 26.09%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $6.700M $5.800M
YoY Change 15.52% 48.72%
Total Short-Term Liabilities $16.80M $11.27M
YoY Change 49.04% 6.34%
LONG-TERM LIABILITIES
Long-Term Debt $6.800M $5.100M
YoY Change 33.33% -17.74%
Other Long-Term Liabilities $900.0K $30.00K
YoY Change 2900.0% -70.0%
Total Long-Term Liabilities $7.700M $30.00K
YoY Change 25566.67% -99.52%
TOTAL LIABILITIES
Total Short-Term Liabilities $16.80M $11.27M
Total Long-Term Liabilities $7.700M $30.00K
Total Liabilities $24.80M $17.47M
YoY Change 41.97% 3.36%
SHAREHOLDERS EQUITY
Retained Earnings -$64.38M
YoY Change
Common Stock $649.7K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost) $7.807M
YoY Change
Treasury Stock Shares $2.184M
Shareholders Equity $31.11M $33.54M
YoY Change
Total Liabilities & Shareholders Equity $55.90M $51.01M
YoY Change 9.58% -12.35%

Cashflow Statement

Concept 2020 Q1 2019 Q1
OPERATING ACTIVITIES
Net Income -$810.5K -$4.034M
YoY Change -79.91% 5.29%
Depreciation, Depletion And Amortization $110.0K $110.0K
YoY Change 0.0% -8.33%
Cash From Operating Activities -$2.420M -$2.490M
YoY Change -2.81% -44.42%
INVESTING ACTIVITIES
Capital Expenditures -$30.00K $0.00
YoY Change
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$30.00K $0.00
YoY Change
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 830.0K -590.0K
YoY Change -240.68% -105.97%
NET CHANGE
Cash From Operating Activities -2.420M -2.490M
Cash From Investing Activities -30.00K 0.000
Cash From Financing Activities 830.0K -590.0K
Net Change In Cash -1.620M -3.080M
YoY Change -47.4% -157.04%
FREE CASH FLOW
Cash From Operating Activities -$2.420M -$2.490M
Capital Expenditures -$30.00K $0.00
Free Cash Flow -$2.390M -$2.490M
YoY Change -4.02% -44.42%

Facts In Submission

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<div> <div style="margin-left:0pt;margin-right:0pt;"> <p style="margin:0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-weight:bold;">Note 1 &#x2013; Basis of Presentation</font> </p> <p style="margin:0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">&#xFEFF;</font> </p> <p style="margin:0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">The accompanying unaudited interim condensed consolidated financial statements for Veru Inc. (&#x201C;we,&#x201D; &#x201C;our,&#x201D; &#x201C;us,&#x201D; &#x201C;Veru&#x201D; or the &#x201C;Company&#x201D;) have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (&#x201C;SEC&#x201D;) for reporting of interim financial information. Pursuant to these rules and regulations, certain information and footnote disclosures normally included in annual financial statements prepared in accordance with accounting principles generally accepted in the United States (&#x201C;U.S. GAAP&#x201D;) have been condensed or omitted, although the Company believes that the disclosures made are adequate to make the information not misleading. Accordingly, these statements do not include all the disclosures normally required by U.S. GAAP for annual financial statements and should be read in conjunction with Management&#x2019;s Discussion and Analysis of Financial Condition and Results of Operations contained in this report and the audited financial statements and notes thereto included in our Annual Report on Form 10-K for the fiscal year ended </font><font style="display: inline;">September&nbsp;30, 201</font><font style="display: inline;">9. The accompanying condensed consolidated balance sheet as of </font><font style="display: inline;">September&nbsp;30, 201</font><font style="display: inline;">9 has been derived from our audited financial statements. The unaudited condensed consolidated statements of operations for the three and six months ended March&nbsp;31, 2020 and cash flows for the </font><font style="display: inline;">six months ended March&nbsp;31, 2020</font><font style="display: inline;"> are not necessarily indicative of the results to be expected for any future period or for the fiscal year ending </font><font style="display: inline;">September&nbsp;30, 20</font><font style="display: inline;">20. </font> </p> <p style="margin:0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">&#xFEFF;</font> </p> <p style="margin:0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">The preparation of our unaudited interim condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting periods. Actual results could differ from those estimates.</font> </p> <p style="margin:0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">&#xFEFF;</font> </p> <p style="margin:0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">In the opinion of management, the accompanying unaudited interim condensed consolidated financial statements contain all adjustments (consisting of only normally recurring adjustments) necessary to present fairly the financial position and results of operations as of the dates and for the periods presented.</font> </p> <p style="margin:0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">&#xFEFF;</font> </p> <p style="margin:0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;text-decoration:underline;">Principles of consolidation and nature of operations</font><font style="display: inline;">:&nbsp;&nbsp;Veru Inc. is </font><font style="display: inline;color:#000000;">referred to in these notes collectively with its subsidiaries as &#x201C;we,&#x201D; &#x201C;our,&#x201D; &#x201C;us,&#x201D; &#x201C;Veru&#x201D; or the &#x201C;Company.&#x201D; </font><font style="display: inline;">The consolidated financial statements include the accounts of Veru and its wholly owned subsidiaries, Aspen Park Pharmaceuticals, Inc. (&#x201C;APP&#x201D;) and The Female Health Company Limited, and The Female Health Company Limited&#x2019;s wholly owned subsidiary, The Female Health Company (UK) plc (The Female Health Company Limited and The Female Health Company (UK) plc, collectively, the &#x201C;U.K. subsidiary&#x201D;), and The Female Health Company (UK) plc&#x2019;s wholly owned subsidiary, The Female Health Company (M) SDN.BHD (the &#x201C;Malaysia subsidiary&#x201D;). All significant intercompany transactions and accounts have been eliminated in consolidation. Prior to the completion of the October 31, 2016 acquisition (the &#x201C;APP Acquisition&#x201D;) of APP through the merger of a wholly owned subsidiary of the Company into APP, the Company had been a single product company engaged in marketing, manufacturing and distributing a consumer healthcare product, the FC2 </font><font style="display: inline;">Female Condom/FC2 Internal Condom&#xAE; (&#x201C;FC2&#x201D;)</font><font style="display: inline;">. The completion of the APP Acquisition transitioned the Company into a biopharmaceutical company </font><font style="display: inline;">focused on oncology and urology</font><font style="display: inline;"> with multiple drug products under clinical development. Most of the Company&#x2019;s net revenues during the three and six months ended March&nbsp;31, 2020 and 2019 were derived from sales of FC2. </font> </p> <p style="margin:0pt;font-family:Arial Narrow;font-size: 10pt"> <font style="display: inline;font-family:Times New Roman;font-size:10pt;">&#xFEFF;</font> </p> <p style="margin:0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;text-decoration:underline;">Reclassifications</font><font style="display: inline;">:&nbsp; </font><font style="display: inline;">Certain prior period amounts on the accompanying unaudited interim condensed consolidated financial statements have been reclassified to conform with the current period presentation. </font><font style="display: inline;">These reclassifications had no effect on </font><font style="display: inline;color:#000000;">the results of operations or financial position for any period presented.</font> </p> <p style="margin:0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">&#xFEFF;</font> </p> <p style="margin:0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;text-decoration:underline;">Leases</font><font style="display: inline;">:&nbsp;&nbsp;Leases are classified as either operating or finance leases at inception. A right-of-use (&#x201C;ROU&#x201D;) asset and corresponding lease liability are established at an amount equal to the present value of fixed lease payments over the lease term at the commencement date. The ROU asset includes any initial direct costs incurred and lease payments made at or before the commencement date and is reduced by lease incentive payments. The Company has elected not to separate the lease and nonlease components for all classes of underlying assets. The Company uses its incremental borrowing rate as the discount rate to determine the present value of the lease payments for leases that do not have a readily determinable implicit discount rate. The incremental borrowing rate is the rate of interest that the Company would be charged to borrow on a collateralized basis over a similar term and amount in a similar economic environment. The Company determines the incremental borrowing rates for its leases by adjusting the risk-free interest rate with a credit risk premium corresponding to the Company&#x2019;s credit rating. </font> </p> <p style="margin:0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">&#xFEFF;</font> </p> <p style="margin:0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">Operating lease costs are recognized for fixed lease payments on a straight-line basis over the term of the lease. Finance lease costs are a combination of the amortization expense for the ROU asset and interest expense for the outstanding lease liability using the applicable discount rate. Variable lease payments are recognized when incurred based on occurrence or usage. Short-term leases with an initial term of 12 months or less are not recorded on the balance sheet; we recognize lease expense for short-term leases on a straight-line basis over the lease term.</font> </p> <p style="margin:0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">&#xFEFF;</font> </p> <p style="margin:0pt;font-family:Arial Narrow;font-size: 10pt"> <font style="display: inline;font-family:Times New Roman;font-size:10pt;text-decoration:underline;">Other comprehensive loss</font><font style="display: inline;font-family:Times New Roman;font-size:10pt;">:&nbsp;&nbsp;Accounting principles generally require that recognized revenue, expenses, gains and losses be included in net loss. Although certain changes in assets and liabilities, such as foreign currency translation adjustments, are reported as a separate component of the equity section of the accompanying unaudited condensed consolidated balance sheets, these items, along with net loss, are components of other comprehensive loss. For the three and six months ended March&nbsp;31, 2020 and 2019, comprehensive loss is equivalent to the reported net loss.</font><font style="display: inline;font-family:Times New Roman;color:#000000;font-size:10pt;">&nbsp;</font> </p> <p style="margin:0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">&#xFEFF;</font> </p> <p style="margin:0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;text-decoration:underline;">Recently Issued Accounting Pronouncements</font><font style="display: inline;">:&nbsp; </font><font style="display: inline;">In February 2016, the Financial Accounting Standards Board (&#x201C;FASB&#x201D;) issued Accounting Standards Update (&#x201C;ASU&#x201D;) 2016</font><font style="display: inline;">&#8209;02, </font><font style="display: inline;font-style:italic;">Leases (Topic 842)</font><font style="display: inline;">, &nbsp;</font><font style="display: inline;color:#000000;">which requires that lessees recognize an ROU asset and a lease liability for all leases with lease terms greater than twelve months in the balance sheet. ASU 2016-02 distinguishes leases as either a finance lease or an operating lease, which affects how the leases are measured and presented in the statement of operations and statement of cash flows, and requires disclosure of</font><font style="display: inline;"> key information about leasing arrangements. </font><font style="display: inline;color:#000000;">A modified retrospective transition approach is required upon adoption.</font><font style="display: inline;"> &nbsp;I</font><font style="display: inline;color:#000000;">n July 2018, the FASB issued ASU No. 2018</font><font style="display: inline;color:#000000;">&#8209;10, </font><font style="display: inline;font-style:italic;color:#000000;">Codification Improvements to Topic 842, Leases</font><font style="display: inline;color:#000000;"> to clarify the implementation guidance and ASU No. 2018</font><font style="display: inline;color:#000000;">&#8209;11, </font><font style="display: inline;font-style:italic;color:#000000;">Leases (Topic 842) Targeted Improvements</font><font style="display: inline;color:#000000;">. This updated guidance provides an optional transition method, which allows for the initial application of the new accounting standard at the adoption date and the recognition of a cumulative-effect adjustment to the opening balance of retained earnings as of the beginning of the period of adoption. </font><font style="display: inline;">I</font><font style="display: inline;color:#000000;">n December 2018, the FASB issued ASU 2018-20, </font><font style="display: inline;font-style:italic;color:#000000;">Leases (Topic 842): Narrow-Scope Improvements for Lessors</font><font style="display: inline;color:#000000;"> to address certain implementation issues facing lessors when adopting ASU 2016</font><font style="display: inline;color:#000000;">&#8209;02. </font><font style="display: inline;">I</font><font style="display: inline;color:#000000;">n March 2019, the FASB issued ASU 2019</font><font style="display: inline;color:#000000;">&#8209;01, </font><font style="display: inline;font-style:italic;color:#000000;">Leases (Topic 842): Codification Improvements</font><font style="display: inline;color:#000000;"> to address, among other things, certain transition disclosure requirements subsequent to the adoption of ASU 2016</font><font style="display: inline;color:#000000;">&#8209;02. </font> </p> <p style="margin:0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;color:#000000;">&#xFEFF;</font> </p> <p style="margin:0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;color:#000000;">The Company adopted the new lease accounting standard using the modified retrospective approach </font><font style="display: inline;">on October&nbsp;1, 2019 and elected certain </font><font style="display: inline;color:#000000;">practical expedients, including the optional transition method that allows for the application of the new standard at its adoption date with no restatement of prior period amounts</font><font style="display: inline;">. We elected the package of practical expedients permitted under the transition guidance, which allowed us to not reassess our prior conclusions about lease identification, lease classification, and initial direct costs. </font><font style="display: inline;color:#000000;">Adoption of the new standard resulted in the recording of ROU assets and lease liabilities of approximately </font><font style="display: inline;color:#000000;">$1.2</font><font style="display: inline;color:#000000;"> million and </font><font style="display: inline;color:#000000;">$1.5</font><font style="display: inline;color:#000000;"> million, respectively, and the derecognition of prepaid expenses and operating lease deferred rent liabilities of </font><font style="display: inline;color:#000000;">$23,000</font><font style="display: inline;color:#000000;"> and </font><font style="display: inline;color:#000000;">$247,000</font><font style="display: inline;color:#000000;">, respectively, as of October 1, 2019 with </font><font style="display: inline;color:#000000;">zero</font><font style="display: inline;color:#000000;"> cumulative-effect adjustment to retained earnings. The new standard did not materially impact our consolidated statement of operations or cash flows</font><font style="display: inline;">.</font> </p> <p style="margin:0pt;line-height:normal;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;color:#000000;">&#xFEFF;</font> </p> <p style="margin:0pt;line-height:normal;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;color:#000000;">In June 2018, the FASB issued ASU 2018</font><font style="display: inline;color:#000000;">&#8209;07,&nbsp;</font><font style="display: inline;font-style:italic;color:#000000;">Compensation - Stock Compensation&nbsp;</font><font style="display: inline;font-style:italic;color:#000000;">(Topic 718)</font><font style="display: inline;font-style:italic;color:#000000;">: Improvements to Nonemployee Share-Based Payment Accounting</font><font style="display: inline;color:#000000;">. The purpose of ASU 2018-07 is to expand the scope of </font><font style="display: inline;font-style:italic;color:#000000;">Topic 718, Compensation&#x2014;Stock Compensation</font><font style="display: inline;color:#000000;"> (which currently only includes share-based payments to employees) to include share-based payments issued to nonemployees for goods or services. Consequently, the accounting for share-based payments to nonemployees and employees will be substantially aligned. The Company has issued share-based payments to nonemployees in the past but is not able to predict the amount of future share-based payments to nonemployees, if any. We adopted ASU 2018-07 effective October 1, 2019. The adoption of ASU 2018</font><font style="display: inline;color:#000000;">&#8209;07 did not have a material impact on our consolidated financial statements and related disclosures.</font> </p> <p style="margin:0pt;line-height:normal;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;color:#000000;">&#xFEFF;</font> </p> <p style="margin:0pt;line-height:normal;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;color:#000000;">In December 2019, the FASB issued ASU 2019-12, </font><font style="display: inline;font-style:italic;color:#000000;">Income Taxes (Topic 740). Simplifying the Accounting for Income Taxes</font><font style="display: inline;color:#000000;">. The new guidance eliminates certain exceptions related to the approach for intraperiod tax allocation, the methodology for calculating income taxes in an interim period, and the recognition of deferred tax liabilities for outside basis differences. It also clarifies and simplifies other aspects of the accounting for income taxes. ASU 2019-12 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020. Early adoption is permitted. The adoption of ASU 2019-12 is not expected to have a material effect on our consolidated financial statements and related disclosures.</font> </p> <p style="margin:0pt;line-height:normal;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">&nbsp;</font> </p> <p><font size="1"> </font></p> </div> </div>
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CY2019Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
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CY2019Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
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CY2020Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
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us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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CY2019Q3 us-gaap Common Stock Shares Authorized
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CY2020Q1 us-gaap Common Stock Shares Authorized
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us-gaap Contract With Customer Liability Revenue Recognized
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CY2019Q1 us-gaap Cost Of Goods And Services Sold
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CY2020Q1 us-gaap Cost Of Goods And Services Sold
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CY2020Q1 us-gaap Deferred Income Tax Assets Net
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us-gaap Deferred Income Tax Expense Benefit
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CY2020Q1 us-gaap Deferred Tax Assets Valuation Allowance
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CY2020Q1 us-gaap Deferred Income Tax Liabilities Net
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CY2019Q3 us-gaap Deferred Tax Assets Net
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CY2019Q3 us-gaap Deferred Tax Assets Valuation Allowance
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CY2019Q3 us-gaap Deferred Tax Liabilities Goodwill And Intangible Assets Intangible Assets
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CY2019Q3 us-gaap Deferred Income Tax Liabilities
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CY2020Q1 us-gaap Deferred Revenue
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CY2020Q1 us-gaap Deferred Tax Assets Tax Deferred Expense Compensation And Benefits Share Based Compensation Cost
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CY2020Q1 us-gaap Deferred Tax Liabilities Goodwill And Intangible Assets Intangible Assets
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us-gaap Earnings Per Share Basic And Diluted
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us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
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us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Liability Transfers Into Level3
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us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Period Increase Decrease
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CY2018Q3 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliations Recurring Basis Liability Value
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CY2019Q1 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliations Recurring Basis Liability Value
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CY2019Q3 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliations Recurring Basis Liability Value
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us-gaap Finance Lease Interest Expense
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CY2020Q1 us-gaap Finance Lease Interest Expense
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CY2020Q1 us-gaap Finance Lease Liability
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CY2020Q1 us-gaap Fair Value Liabilities Level1 To Level2 Transfers Amount
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CY2020Q1 us-gaap Fair Value Liabilities Level2 To Level1 Transfers Amount
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CY2020Q1 us-gaap Finance Lease Right Of Use Asset
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CY2020Q1 us-gaap Goodwill
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CY2020Q1 us-gaap Finance Lease Liability Payments Due
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CY2020Q1 us-gaap Finance Lease Liability Payments Due Year Three
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CY2020Q1 us-gaap Finance Lease Liability Payments Due Year Two
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CY2020Q1 us-gaap Finance Lease Liability Undiscounted Excess Amount
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us-gaap Finance Lease Principal Payments
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us-gaap Finance Lease Right Of Use Asset Amortization
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CY2020Q1 us-gaap Finance Lease Right Of Use Asset Amortization
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CY2020Q1 us-gaap Finance Lease Weighted Average Discount Rate Percent
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CY2020Q1 us-gaap Finance Lease Weighted Average Remaining Lease Term1
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CY2019Q3 us-gaap Finite Lived Intangible Assets Accumulated Amortization
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CY2020Q1 us-gaap Finite Lived Intangible Assets Accumulated Amortization
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CY2019Q3 us-gaap Finite Lived Intangible Assets Gross
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CY2020Q1 us-gaap Finite Lived Intangible Assets Gross
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CY2020Q1 us-gaap Finite Lived Intangible Assets Net
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us-gaap Gain Loss On Derivative Instruments Held For Trading Purposes Net
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CY2019Q1 us-gaap Gain Loss On Derivative Instruments Held For Trading Purposes Net
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us-gaap Gain Loss On Derivative Instruments Held For Trading Purposes Net
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CY2020Q1 us-gaap Gain Loss On Derivative Instruments Held For Trading Purposes Net
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us-gaap Goodwill Period Increase Decrease
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us-gaap Goodwill Period Increase Decrease
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us-gaap Gross Profit
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CY2019Q1 us-gaap Gross Profit
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us-gaap Gross Profit
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us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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CY2019Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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CY2020Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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us-gaap Income Tax Expense Benefit
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CY2019Q1 us-gaap Income Tax Expense Benefit
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us-gaap Income Tax Expense Benefit
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CY2020Q1 us-gaap Income Tax Expense Benefit
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us-gaap Income Tax Reconciliation Foreign Income Tax Rate Differential
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CY2019Q1 us-gaap Income Tax Reconciliation Foreign Income Tax Rate Differential
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us-gaap Income Tax Reconciliation Foreign Income Tax Rate Differential
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CY2020Q1 us-gaap Income Tax Reconciliation Foreign Income Tax Rate Differential
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us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
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CY2019Q1 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
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us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
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CY2020Q1 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
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us-gaap Income Tax Reconciliation State And Local Income Taxes
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CY2019Q1 us-gaap Income Tax Reconciliation State And Local Income Taxes
IncomeTaxReconciliationStateAndLocalIncomeTaxes
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us-gaap Income Tax Reconciliation State And Local Income Taxes
IncomeTaxReconciliationStateAndLocalIncomeTaxes
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CY2019Q3 us-gaap Inventory Net
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us-gaap Increase Decrease In Accrued Liabilities
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CY2020Q1 us-gaap Inventory Net
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CY2019Q3 us-gaap Lines Of Credit Current
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CY2019Q3 us-gaap Long Term Line Of Credit
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CY2020Q1 us-gaap Income Tax Reconciliation State And Local Income Taxes
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us-gaap Increase Decrease In Accounts Payable
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us-gaap Increase Decrease In Accounts Payable
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CY2020Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Four
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CY2020Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Three
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CY2020Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Two
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us-gaap Increase Decrease In Accounts Receivable
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us-gaap Increase Decrease In Accounts Receivable
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us-gaap Increase Decrease In Deferred Revenue
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us-gaap Increase Decrease In Derivative Assets And Liabilities
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us-gaap Increase Decrease In Inventories
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us-gaap Increase Decrease In Inventories
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us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
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us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
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CY2019Q3 us-gaap Intangible Assets Gross Excluding Goodwill
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CY2020Q1 us-gaap Intangible Assets Gross Excluding Goodwill
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CY2020Q1 us-gaap Intangible Assets Net Excluding Goodwill
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us-gaap Interest Expense
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CY2019Q1 us-gaap Interest Expense
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us-gaap Interest Expense
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CY2020Q1 us-gaap Interest Expense
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us-gaap Inventory Write Down
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us-gaap Lease Cost
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CY2020Q1 us-gaap Lease Cost
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CY2020Q1 us-gaap Lessee Operating Lease Liability Payments Due
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CY2020Q1 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive
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CY2020Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Five
LesseeOperatingLeaseLiabilityPaymentsDueYearFive
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CY2020Q1 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
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us-gaap Net Cash Provided By Used In Financing Activities
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us-gaap Net Cash Provided By Used In Financing Activities
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us-gaap Net Cash Provided By Used In Investing Activities
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us-gaap Net Cash Provided By Used In Investing Activities
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us-gaap Net Cash Provided By Used In Operating Activities
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us-gaap Net Cash Provided By Used In Operating Activities
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CY2019Q3 us-gaap Operating Leases Future Minimum Payments Due Current
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CY2019Q3 us-gaap Operating Leases Future Minimum Payments Due Future Minimum Sublease Rentals
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CY2019Q3 us-gaap Operating Leases Future Minimum Payments Due In Five Years
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CY2019Q3 us-gaap Operating Leases Future Minimum Payments Due In Four Years
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CY2019Q3 us-gaap Operating Leases Future Minimum Payments Due In Three Years
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CY2019Q3 us-gaap Operating Leases Future Minimum Payments Due In Two Years
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CY2020Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
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CY2020Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
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us-gaap Net Income Loss
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CY2019Q1 us-gaap Net Income Loss
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CY2019Q4 us-gaap Net Income Loss
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us-gaap Net Income Loss
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CY2020Q1 us-gaap Net Income Loss
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CY2019Q1 us-gaap Nonoperating Income Expense
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us-gaap Nonoperating Income Expense
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CY2020Q1 us-gaap Nonoperating Income Expense
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us-gaap Number Of Reportable Segments
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CY2019Q1 us-gaap Operating Expenses
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us-gaap Operating Expenses
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CY2020Q1 us-gaap Operating Expenses
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us-gaap Operating Income Loss
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CY2019Q1 us-gaap Operating Income Loss
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us-gaap Operating Income Loss
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CY2020Q1 us-gaap Operating Income Loss
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us-gaap Operating Lease Cost
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CY2020Q1 us-gaap Operating Lease Cost
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CY2020Q1 us-gaap Operating Lease Liability
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CY2020Q1 us-gaap Operating Lease Liability Current
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CY2020Q1 us-gaap Operating Lease Liability Noncurrent
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us-gaap Operating Lease Payments
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us-gaap Other Noncash Income Expense
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us-gaap Other Nonoperating Income Expense
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CY2019Q1 us-gaap Other Nonoperating Income Expense
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us-gaap Other Nonoperating Income Expense
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CY2020Q1 us-gaap Other Nonoperating Income Expense
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us-gaap Other Operating Activities Cash Flow Statement
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us-gaap Other Operating Activities Cash Flow Statement
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us-gaap Payments Of Stock Issuance Costs
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us-gaap Payments To Acquire Property Plant And Equipment
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CY2019Q3 veru Deferred Tax Liabilities Developed Technology
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CY2019Q3 veru Deferred Tax Liabilities In Process R And D
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us-gaap Other Noncash Income Expense
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us-gaap Payments To Acquire Property Plant And Equipment
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CY2019Q3 us-gaap Preferred Stock Shares Issued
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CY2020Q1 us-gaap Preferred Stock Shares Issued
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CY2019Q3 us-gaap Preferred Stock Shares Outstanding
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CY2020Q1 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
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us-gaap Prior Period Reclassification Adjustment Description
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<div> <div style="margin-left:0pt;margin-right:0pt;"> <p style="margin:0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;text-decoration:underline;">Reclassifications</font><font style="display: inline;">:&nbsp; </font><font style="display: inline;">Certain prior period amounts on the accompanying unaudited interim condensed consolidated financial statements have been reclassified to conform with the current period presentation. </font><font style="display: inline;">These reclassifications had no effect on </font><font style="display: inline;color:#000000;">the results of operations or financial position for any period presented.</font> </p> <p><font size="1"> </font></p> </div> </div>
us-gaap Proceeds From Issuance Initial Public Offering
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us-gaap Proceeds From Long Term Lines Of Credit
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us-gaap Proceeds From Stock Options Exercised
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us-gaap Proceeds From Stock Options Exercised
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CY2019Q3 us-gaap Property Plant And Equipment Gross
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CY2020Q1 us-gaap Property Plant And Equipment Gross
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CY2019Q3 us-gaap Property Plant And Equipment Net
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CY2020Q1 us-gaap Property Plant And Equipment Net
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us-gaap Provision For Doubtful Accounts
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us-gaap Repayments Of Long Term Lines Of Credit
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us-gaap Repayments Of Long Term Lines Of Credit
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us-gaap Research And Development Expense
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CY2019Q1 us-gaap Research And Development Expense
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us-gaap Research And Development Expense
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CY2020Q1 us-gaap Research And Development Expense
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us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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CY2019Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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CY2020Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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CY2018Q4 us-gaap Stockholders Equity
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us-gaap Revenues
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CY2019Q1 us-gaap Revenues
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us-gaap Revenues
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CY2020Q1 us-gaap Revenues
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us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
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CY2020Q1 veru Deferred Tax Liabilities In Process R And D
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us-gaap Selling General And Administrative Expense
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CY2019Q1 us-gaap Selling General And Administrative Expense
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us-gaap Selling General And Administrative Expense
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CY2020Q1 us-gaap Selling General And Administrative Expense
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us-gaap Share Based Compensation
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us-gaap Share Based Compensation
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us-gaap Short Term Lease Cost
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CY2020Q1 us-gaap Short Term Lease Cost
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CY2018Q3 us-gaap Stockholders Equity
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CY2019Q1 us-gaap Stockholders Equity
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CY2019Q3 us-gaap Stockholders Equity
StockholdersEquity
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CY2019Q4 us-gaap Stockholders Equity
StockholdersEquity
29642533
CY2020Q1 us-gaap Stockholders Equity
StockholdersEquity
31114577
CY2020Q1 us-gaap Stock Issued During Period Value Issued For Services
StockIssuedDuringPeriodValueIssuedForServices
1227000
CY2018Q4 us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
9131967
CY2018Q4 us-gaap Stock Issued During Period Value Share Based Compensation Gross
StockIssuedDuringPeriodValueShareBasedCompensationGross
417256
CY2019Q1 us-gaap Stock Issued During Period Value Share Based Compensation Gross
StockIssuedDuringPeriodValueShareBasedCompensationGross
496209
CY2019Q4 us-gaap Stock Issued During Period Value Share Based Compensation Gross
StockIssuedDuringPeriodValueShareBasedCompensationGross
614498
CY2020Q1 us-gaap Stock Issued During Period Value Share Based Compensation Gross
StockIssuedDuringPeriodValueShareBasedCompensationGross
681680
CY2019Q1 us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
200000
CY2020Q1 us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
408632
us-gaap Sublease Income
SubleaseIncome
89689
CY2020Q1 us-gaap Sublease Income
SubleaseIncome
44845
CY2019Q3 us-gaap Treasury Stock Shares
TreasuryStockShares
2183704
us-gaap Variable Lease Cost
VariableLeaseCost
67136
CY2020Q1 us-gaap Variable Lease Cost
VariableLeaseCost
33671
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
62659352
CY2019Q1 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
62767258
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
65202103
CY2020Q1 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
65367493
veru Amortization Of Deferred Costs Related To Stock Issuance
AmortizationOfDeferredCostsRelatedToStockIssuance
34759
CY2020Q1 veru Deferred Tax Liabilities Developed Technology
DeferredTaxLiabilitiesDevelopedTechnology
396947
veru Depreciation And Other Amortization
DepreciationAndOtherAmortization
84394
veru Depreciation And Other Amortization
DepreciationAndOtherAmortization
74213
veru Income Tax Reconciliation Effect Of Deemed Dividend And Repatriation Tax
IncomeTaxReconciliationEffectOfDeemedDividendAndRepatriationTax
63627
CY2019Q1 veru Income Tax Reconciliation Effect Of Deemed Dividend And Repatriation Tax
IncomeTaxReconciliationEffectOfDeemedDividendAndRepatriationTax
32318
veru Income Tax Reconciliation Effect Of Deemed Dividend And Repatriation Tax
IncomeTaxReconciliationEffectOfDeemedDividendAndRepatriationTax
16120
CY2020Q1 veru Income Tax Reconciliation Effect Of Deemed Dividend And Repatriation Tax
IncomeTaxReconciliationEffectOfDeemedDividendAndRepatriationTax
-34331
veru Increase Decrease In Operating Lease Liabilities
IncreaseDecreaseInOperatingLeaseLiabilities
-183658
veru Operating Lease Right Of Use Assets Non Cash Change
OperatingLeaseRightOfUseAssetsNonCashChange
154325
CY2020Q1 veru Lessee Sublease Future Minimum Payments Due
LesseeSubleaseFutureMinimumPaymentsDue
690082
CY2020Q1 veru Lessee Sublease Future Minimum Payments Due Remainder Of Fiscal Year
LesseeSubleaseFutureMinimumPaymentsDueRemainderOfFiscalYear
97081
CY2020Q1 veru Lessee Sublease Future Minimum Payments Due Year Four
LesseeSubleaseFutureMinimumPaymentsDueYearFour
190749
CY2020Q1 veru Lessee Sublease Future Minimum Payments Due Year Three
LesseeSubleaseFutureMinimumPaymentsDueYearThree
203584
CY2020Q1 veru Lessee Sublease Future Minimum Payments Due Year Two
LesseeSubleaseFutureMinimumPaymentsDueYearTwo
198668
CY2019Q3 veru Operating Leases Future Minimum Payments Due Future Minimum Sublease Rentals Due Current
OperatingLeasesFutureMinimumPaymentsDueFutureMinimumSubleaseRentalsDueCurrent
193753
CY2019Q3 veru Operating Leases Future Minimum Payments Due Future Minimum Sublease Rentals Due Year Four
OperatingLeasesFutureMinimumPaymentsDueFutureMinimumSubleaseRentalsDueYearFour
190749
CY2019Q3 veru Operating Leases Future Minimum Payments Due Future Minimum Sublease Rentals Due Year Three
OperatingLeasesFutureMinimumPaymentsDueFutureMinimumSubleaseRentalsDueYearThree
203584
CY2019Q3 veru Operating Leases Future Minimum Payments Due Future Minimum Sublease Rentals Due Year Two
OperatingLeasesFutureMinimumPaymentsDueFutureMinimumSubleaseRentalsDueYearTwo
198668
CY2019Q3 veru Operating Leases Future Minimum Payments Due Net Of Sublease Income
OperatingLeasesFutureMinimumPaymentsDueNetOfSubleaseIncome
579186
CY2019Q3 veru Operating Leases Future Minimum Payments Due Net Of Sublease Income Current
OperatingLeasesFutureMinimumPaymentsDueNetOfSubleaseIncomeCurrent
275249
CY2019Q3 veru Operating Leases Future Minimum Payments Due Net Of Sublease Income Year Five
OperatingLeasesFutureMinimumPaymentsDueNetOfSubleaseIncomeYearFive
11238
CY2019Q3 veru Operating Leases Future Minimum Payments Due Net Of Sublease Income Year Four
OperatingLeasesFutureMinimumPaymentsDueNetOfSubleaseIncomeYearFour
-76256
CY2019Q3 veru Operating Leases Future Minimum Payments Due Net Of Sublease Income Year Three
OperatingLeasesFutureMinimumPaymentsDueNetOfSubleaseIncomeYearThree
133872
CY2019Q3 veru Operating Leases Future Minimum Payments Due Net Of Sublease Income Year Two
OperatingLeasesFutureMinimumPaymentsDueNetOfSubleaseIncomeYearTwo
235083
veru Payment Of Financed Insurance Premiums
PaymentOfFinancedInsurancePremiums
277965
CY2020Q1 veru Product Liability Insurance Coverage Amount
ProductLiabilityInsuranceCoverageAmount
10000000

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