$VERU
VERU INC.

2021 Q3 Form 10-Q Financial Statement

#000086389421000009 Filed on August 12, 2021

View on sec.gov

Income Statement

Concept 2021 Q3 2021 Q2 2020 Q2
Revenue $15.65M $17.66M $10.32M
YoY Change 33.16% 71.05% 6.11%
Cost Of Revenue $3.337M $3.782M $3.803M
YoY Change 52.39% -0.53% 20.49%
Gross Profit $12.31M $13.87M $6.519M
YoY Change 28.76% 112.81% -0.79%
Gross Profit Margin 78.67% 78.58% 63.16%
Selling, General & Admin $5.925M $5.557M $3.475M
YoY Change 71.24% 59.88% -2.02%
% of Gross Profit 48.13% 40.05% 53.31%
Research & Development $8.256M $11.19M $4.436M
YoY Change 152.46% 152.19% -8.83%
% of Gross Profit 67.07% 80.65% 68.05%
Depreciation & Amortization $40.68K $21.00K $120.0K
YoY Change -66.1% -82.5% -7.69%
% of Gross Profit 0.33% 0.15% 1.84%
Operating Expenses $14.18M $16.74M $7.912M
YoY Change 110.7% 111.64% -5.96%
Operating Profit -$1.871M -$2.872M -$1.393M
YoY Change -166.12% 106.19% -24.38%
Interest Expense -$2.798M $1.288M $1.170M
YoY Change 67.53% 10.07% 7.19%
% of Operating Profit
Other Income/Expense, Net $18.47K -$2.694M -$1.392M
YoY Change -130.78% 93.54% 49.27%
Pretax Income -$4.651M -$5.566M -$2.785M
YoY Change -64.06% 99.86% 0.37%
Income Tax -$356.1K -$2.873M $240.5K
% Of Pretax Income
Net Earnings -$4.294M -$2.693M -$3.025M
YoY Change -63.7% -10.99% 9.06%
Net Earnings / Revenue -27.45% -15.25% -29.31%
Basic Earnings Per Share -$0.03 -$0.05
Diluted Earnings Per Share -$53.73K -$0.03 -$0.05
COMMON SHARES
Basic Shares Outstanding 79.85M 79.73M 66.73M
Diluted Shares Outstanding 79.73M 66.73M

Balance Sheet

Concept 2021 Q3 2021 Q2 2020 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $122.4M $123.2M $15.40M
YoY Change 799.7% 699.71% 92.5%
Cash & Equivalents $122.4M $123.2M $15.39M
Short-Term Investments
Other Short-Term Assets $10.03M $10.99M $2.100M
YoY Change 568.37% 423.34% 75.0%
Inventory $5.574M $6.946M $5.200M
Prepaid Expenses
Receivables $8.794M $8.314M $4.200M
Other Receivables $5.000M $5.000M -$100.0K
Total Short-Term Assets $151.8M $154.4M $26.90M
YoY Change 461.74% 474.0% 56.92%
LONG-TERM ASSETS
Property, Plant & Equipment $592.6K $392.0K $315.5K
YoY Change 89.52% 24.27% 0.24%
Goodwill $6.900M $6.900M
YoY Change 0.0%
Intangibles $4.049M $4.067M $19.93M
YoY Change -29.61% -79.6% -1.55%
Long-Term Investments
YoY Change
Other Assets $878.5K $880.9K $1.562M
YoY Change 14.67% -43.61% 128.35%
Total Long-Term Assets $26.39M $25.67M $38.30M
YoY Change 7.6% -32.98% 4.37%
TOTAL ASSETS
Total Short-Term Assets $151.8M $154.4M $26.90M
Total Long-Term Assets $26.39M $25.67M $38.30M
Total Assets $178.1M $180.1M $65.20M
YoY Change 245.62% 176.19% 21.1%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.410M $4.928M $3.800M
YoY Change 21.23% 29.68% 21.22%
Accrued Expenses $8.979M $7.719M $6.400M
YoY Change 83.25% 20.62% 64.1%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $3.246M $4.565M $7.000M
YoY Change -53.63% -34.79% 48.94%
Total Short-Term Liabilities $15.77M $17.21M $17.37M
YoY Change 7.06% -0.93% 48.95%
LONG-TERM LIABILITIES
Long-Term Debt $9.397M $7.100M $5.400M
YoY Change 67.81% 31.48% -14.29%
Other Long-Term Liabilities $14.99K $14.99K $800.0K
YoY Change -34.79% -98.13% 2566.67%
Total Long-Term Liabilities $14.99K $14.99K $6.200M
YoY Change -34.79% -99.76% 20566.67%
TOTAL LIABILITIES
Total Short-Term Liabilities $15.77M $17.21M $17.37M
Total Long-Term Liabilities $14.99K $14.99K $6.200M
Total Liabilities $25.85M $25.10M $23.90M
YoY Change 20.62% 5.04% 25.1%
SHAREHOLDERS EQUITY
Retained Earnings -$81.80M -$77.50M
YoY Change -8.29%
Common Stock $821.5K $820.4K
YoY Change 14.03%
Preferred Stock
YoY Change
Treasury Stock (at cost) $7.807M $7.807M
YoY Change 0.0%
Treasury Stock Shares $2.184M $2.184M $2.184M
Shareholders Equity $152.3M $155.0M $41.28M
YoY Change
Total Liabilities & Shareholders Equity $178.1M $180.1M $65.20M
YoY Change 245.62% 176.19% 21.1%

Cashflow Statement

Concept 2021 Q3 2021 Q2 2020 Q2
OPERATING ACTIVITIES
Net Income -$4.294M -$2.693M -$3.025M
YoY Change -63.7% -10.99% 9.06%
Depreciation, Depletion And Amortization $40.68K $21.00K $120.0K
YoY Change -66.1% -82.5% -7.69%
Cash From Operating Activities -$806.5K -$12.83M $3.340M
YoY Change 137.19% -484.27% -730.19%
INVESTING ACTIVITIES
Capital Expenditures -$222.2K -$144.4K -$20.00K
YoY Change 455.57% 622.1% -71.43%
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00
YoY Change
Cash From Investing Activities -$222.2K -$144.4K -$20.00K
YoY Change 455.57% 622.1% -71.43%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 232.3K -543.8K 9.520M
YoY Change -116.24% -105.71% 247.45%
NET CHANGE
Cash From Operating Activities -806.5K -12.83M 3.340M
Cash From Investing Activities -222.2K -144.4K -20.00K
Cash From Financing Activities 232.3K -543.8K 9.520M
Net Change In Cash -796.4K -13.52M 12.84M
YoY Change -56.0% -205.32% 500.0%
FREE CASH FLOW
Cash From Operating Activities -$806.5K -$12.83M $3.340M
Capital Expenditures -$222.2K -$144.4K -$20.00K
Free Cash Flow -$584.2K -$12.69M $3.360M
YoY Change 94.74% -477.68% -830.43%

Facts In Submission

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veru Depreciation And Other Amortization
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us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
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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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us-gaap Increase Decrease In Accrued Liabilities
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veru Increase Decrease In Operating Lease Liabilities
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veru Increase Decrease In Operating Lease Liabilities
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us-gaap Net Cash Provided By Used In Operating Activities
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us-gaap Payments To Acquire Property Plant And Equipment
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us-gaap Payments To Acquire Property Plant And Equipment
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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 Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Period Increase Decrease
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3719000
us-gaap Proceeds From Stock Options Exercised
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us-gaap Proceeds From Notes Payable
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836780
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1061442
us-gaap Repayments Of Notes Payable
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555920
veru Proceeds From Issuance Of Common Stock Under Purchase Agreement
ProceedsFromIssuanceOfCommonStockUnderPurchaseAgreement
13399999
us-gaap Finance Lease Principal Payments
FinanceLeasePrincipalPayments
14283
us-gaap Finance Lease Principal Payments
FinanceLeasePrincipalPayments
9444
us-gaap Net Cash Provided By Used In Financing Activities
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109486162
us-gaap Net Cash Provided By Used In Financing Activities
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10761699
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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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 Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
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6295152
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CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
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CY2020Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
15394423
us-gaap Interest Paid Net
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6651887
us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
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us-gaap Noncash Or Part Noncash Divestiture Amount Of Consideration Received1
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5000000
us-gaap Adjustments To Additional Paid In Capital Stock Issued Issuance Costs
AdjustmentsToAdditionalPaidInCapitalStockIssuedIssuanceCosts
390931
veru Noncash Or Part Noncash Acquisition Shares Issued For Services
NoncashOrPartNoncashAcquisitionSharesIssuedForServices
680937
veru Increase In Other Assets From Accrued Expenses
IncreaseInOtherAssetsFromAccruedExpenses
50284
veru Accrued Stock Issuance Costs
AccruedStockIssuanceCosts
20000
us-gaap Basis Of Accounting
BasisOfAccounting
<span style="white-space:pre-wrap; font-family: 'Times New Roman', 'serif';font-size: 10pt;font-style: normal;font-weight: bold;margin: 0;padding: 0;">Note 1 – Basis of Presentation</span><p dir="ltr" style="font-family: 'Times New Roman', 'serif';font-size: 10pt;line-height: 108%;margin-bottom: .001pt;margin-left: 0;margin-right: 0;margin-top: 0;"><span style="white-space:pre-wrap; font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;"> </span></p><p dir="ltr" style="font-family: 'Times New Roman', 'serif';font-size: 10pt;line-height: 108%;margin-bottom: .001pt;margin-left: 0;margin-right: 0;margin-top: 0;"><span style="white-space:pre-wrap; font-family: 'Times New Roman', 'serif';font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;">The accompanying unaudited interim condensed consolidated financial statements for Veru Inc. (“we,” “our,” “us,” “Veru” or the “Company”) have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (SEC) 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 (U.S. GAAP) 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’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 September 30, 2020. The accompanying condensed consolidated balance sheet as of September 30, 2020 has been derived from our audited financial statements. The unaudited condensed consolidated statements of operations for the three and nine months ended June 30, 2021 and cash flows for the nine months ended June 30, 2021 are not necessarily indicative of the results to be expected for any future period or for the fiscal year ending </span><span style="white-space:pre-wrap; font-family: 'Times New Roman', 'serif';font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;">September 30</span><span style="white-space:pre-wrap; font-family: 'Times New Roman', 'serif';font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;">, 2021. </span></p><p dir="ltr" style="font-family: 'Times New Roman', 'serif';font-size: 10pt;line-height: 108%;margin-bottom: .001pt;margin-left: 0;margin-right: 0;margin-top: 0;"><span style="white-space:pre-wrap; font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;"> </span></p><p dir="ltr" style="font-family: 'Times New Roman', 'serif';font-size: 10pt;line-height: 108%;margin-bottom: .001pt;margin-left: 0;margin-right: 0;margin-top: 0;"><span style="white-space:pre-wrap; font-family: 'Times New Roman', 'serif';font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;">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.</span></p><p dir="ltr" style="font-family: 'Times New Roman', 'serif';font-size: 10pt;line-height: 108%;margin-bottom: .001pt;margin-left: 0;margin-right: 0;margin-top: 0;"><span style="white-space:pre-wrap; font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;"> </span></p><p dir="ltr" style="font-family: 'Times New Roman', 'serif';font-size: 10pt;line-height: 108%;margin-bottom: .001pt;margin-left: 0;margin-right: 0;margin-top: 0;"><span style="white-space:pre-wrap; font-family: 'Times New Roman', 'serif';font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;">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.</span></p><p dir="ltr" style="font-family: 'Times New Roman', 'serif';font-size: 10pt;line-height: 108%;margin-bottom: .001pt;margin-left: 0;margin-right: 0;margin-top: 0;"><span style="white-space:pre-wrap; font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;"> </span></p><p dir="ltr" style="font-family: 'Times New Roman', 'serif';font-size: 10pt;line-height: 108%;margin-bottom: .001pt;margin-left: 0;margin-right: 0;margin-top: 0;"><span style="white-space:pre-wrap; font-family: 'Times New Roman', 'serif';font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;text-decoration: underline;">Principles of consolidation and nature of operations</span><span style="white-space:pre-wrap; font-family: 'Times New Roman', 'serif';font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;">: Veru Inc. is </span><span style="white-space:pre-wrap; color: #000000;font-family: 'Times New Roman', 'serif';font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;">referred to in these notes collectively with its subsidiaries as “we,” “our,” “us,” “Veru” or the “Company.” </span><span style="white-space:pre-wrap; font-family: 'Times New Roman', 'serif';font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;">The consolidated financial statements include the accounts of Veru and its wholly owned subsidiaries, Aspen Park Pharmaceuticals, Inc. (APP) and The Female Health Company Limited, and The Female Health Company Limited’s wholly owned subsidiary, The Female Health Company (UK) plc (The Female Health Company Limited and The Female Health Company (UK) plc, collectively, the “U.K. subsidiary”), and The Female Health Company (UK) plc’s wholly owned subsidiary, The Female Health Company (M) SDN.BHD (the “Malaysia subsidiary”). All significant intercompany transactions and accounts have been eliminated in consolidation. The Company is an oncology biopharmaceutical company with a focus on developing novel medicines for the management of prostate and breast cancers. The Company has multiple drug products under clinical development. During fiscal 2020, the Sexual Health Business segment also included PREBOOST® 4% benzocaine medicated individual wipe for the treatment of premature ejaculation. The PREBOOST® business was sold on December 8, 2020. See Note 2 for additional information. Most of the Company’s net revenues during the three and nine months ended June 30, 2021 and 2020 were derived from sales of the FC2 Female Condom/FC2 Internal Condom® (FC2), an FDA-approved product for the dual protection against unplanned pregnancy and the transmission of sexually transmitted infections. </span></p><p dir="ltr" style="font-family: 'Times New Roman', 'serif';font-size: 10pt;line-height: 108%;margin-bottom: .001pt;margin-left: 0;margin-right: 0;margin-top: 0;"><span style="white-space:pre-wrap; font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;"> </span></p><p dir="ltr" style="font-family: 'Times New Roman', 'serif';font-size: 10pt;line-height: 108%;margin-bottom: .001pt;margin-left: 0;margin-right: 0;margin-top: 0;"><span style="white-space:pre-wrap; font-family: 'Times New Roman', 'serif';font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;text-decoration: underline;">Reclassifications</span><span style="white-space:pre-wrap; font-family: 'Times New Roman', 'serif';font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;">: </span><span style="white-space:pre-wrap; font-family: 'Times New Roman', 'serif';font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;">Certain prior period amounts on the accompanying unaudited interim condensed consolidated financial statements have been reclassified to conform with the current period presentation. </span><span style="white-space:pre-wrap; font-family: 'Times New Roman', 'serif';font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;">These reclassifications had no effect on </span><span style="white-space:pre-wrap; color: #000000;font-family: 'Times New Roman', 'serif';font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;">the results of operations or financial position for any period presented.</span></p><p dir="ltr" style="font-family: 'Times New Roman', 'serif';font-size: 10pt;line-height: 108%;margin-bottom: .001pt;margin-left: 0;margin-right: 0;margin-top: 0;"><span style="white-space:pre-wrap; font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;"> </span></p><p dir="ltr" style="font-family: 'Times New Roman', 'serif';font-size: 10pt;line-height: 108%;margin-bottom: .001pt;margin-left: 0;margin-right: 0;margin-top: 0;"><span style="white-space:pre-wrap; font-family: 'Times New Roman', 'serif';font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;text-decoration: underline;">Other comprehensive income (loss)</span><span style="white-space:pre-wrap; font-family: 'Times New Roman', 'serif';font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;">: Accounting principles generally require that recognized revenue, expenses, gains and losses be included in net income (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 income (loss), are components of other comprehensive loss. For the three and nine months ended June 30, 2021 and 2020, comprehensive income (loss) is equivalent to the reported net income (loss).</span><span style="white-space:pre-wrap; color: #000000;font-family: 'Times New Roman', 'serif';font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;"> </span></p><p dir="ltr" style="font-family: 'Times New Roman', 'serif';font-size: 10pt;line-height: 108%;margin-bottom: .001pt;margin-left: 0;margin-right: 0;margin-top: 0;"><span style="white-space:pre-wrap; font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;"> </span></p><p dir="ltr" style="font-family: 'Times New Roman', 'serif';font-size: 10pt;line-height: 108%;margin-bottom: .001pt;margin-left: 0;margin-right: 0;margin-top: 0;"><span style="white-space:pre-wrap; font-family: 'Times New Roman', 'serif';font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;text-decoration: underline;">Recently adopted accounting pronouncements</span><span style="white-space:pre-wrap; font-family: 'Times New Roman', 'serif';font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;">: In June 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2016-13, Financial Instruments—Credit Losses (Topic 326). This ASU introduces a new accounting model, the Current Expected Credit Losses model (CECL), which could result in earlier recognition of credit losses and additional disclosures related to credit risk. The CECL model requires the Company to use a forward-looking expected credit loss impairment methodology for the recognition of credit losses for financial instruments at the time the financial asset is originated or acquired. The expected credit losses are adjusted each period for changes in expected lifetime credit losses. This model replaces the multiple existing impairment models in current U.S. GAAP, which generally require that a loss be incurred before it is recognized. The new standard also applies to receivables arising from revenue transactions such as accounts receivable. The Company adopted ASU 2016-13 on a modified-retrospective basis effective October 1, 2020. The adoption of ASU 2016-13 did not impact our consolidated financial statements and related disclosures.</span></p><p dir="ltr" style="font-family: 'Times New Roman', 'serif';font-size: 10pt;line-height: 108%;margin-bottom: .001pt;margin-left: 0;margin-right: 0;margin-top: 0;"><span style="white-space:pre-wrap; font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;"> </span></p><p dir="ltr" style="font-family: 'Times New Roman', 'serif';font-size: 10pt;line-height: 108%;margin-bottom: .001pt;margin-left: 0;margin-right: 0;margin-top: 0;"><span style="white-space:pre-wrap; font-family: 'Times New Roman', 'serif';font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;">In January 2017, the FASB issued ASU 2017-04, Intangibles - Goodwill and Other Topics (Topic 350): Simplifying the Test for Goodwill Impairment. The purpose of ASU 2017-04 is to reduce the cost and complexity of evaluating goodwill for impairment. It eliminates the need for entities to calculate the implied fair value of goodwill by assigning the fair value of a reporting unit to all of its assets and liabilities as if that reporting unit had been acquired in a business combination. Under this amendment, an entity will perform its goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount. An impairment charge is recognized for the amount by which the carrying value exceeds the reporting unit’s fair value. The Company adopted ASU 2017-04 on a prospective basis effective October 1, 2020. The adoption of ASU 2017-04 did not impact our consolidated financial statements and related disclosures.</span></p><p dir="ltr" style="font-family: 'Times New Roman', 'serif';font-size: 10pt;line-height: 108%;margin-bottom: .001pt;margin-left: 0;margin-right: 0;margin-top: 0;"><span style="white-space:pre-wrap; color: #000000;font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;"> </span></p><p dir="ltr" style="font-family: 'Times New Roman', 'serif';font-size: 10pt;line-height: 108%;margin-bottom: .001pt;margin-left: 0;margin-right: 0;margin-top: 0;"><span style="white-space:pre-wrap; color: #000000;font-family: 'Times New Roman', 'serif';font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;">In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework – Change to the Disclosure Requirements for Fair Value Measurement. ASU 2018-13 modifies the disclosure requirements by adding, removing, and modifying certain required disclosures for fair value measurements for assets and liabilities disclosed within the fair value hierarchy. The Company adopted ASU 2018-13 on a retrospective basis effective October 1, 2020. The adoption of ASU 2018-13 did not impact our financial position, results of operations, or cash flows as it modified disclosure requirements only.</span></p><span style="white-space:pre-wrap; color: #000000;font-family: 'Times New Roman', 'serif';font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;"> </span>
dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--09-30
us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<span style="white-space:pre-wrap; font-family: 'Times New Roman', 'serif';font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;text-decoration: underline;">Reclassifications</span><span style="white-space:pre-wrap; font-family: 'Times New Roman', 'serif';font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;">: </span><span style="white-space:pre-wrap; font-family: 'Times New Roman', 'serif';font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;">Certain prior period amounts on the accompanying unaudited interim condensed consolidated financial statements have been reclassified to conform with the current period presentation. </span><span style="white-space:pre-wrap; font-family: 'Times New Roman', 'serif';font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;">These reclassifications had no effect on </span><span style="white-space:pre-wrap; color: #000000;font-family: 'Times New Roman', 'serif';font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;">the results of operations or financial position for any period presented.</span>
CY2020Q3 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliations Recurring Basis Liability Value
FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue
4182000
CY2019Q3 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliations Recurring Basis Liability Value
FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue
3625000
us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Period Increase Decrease
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityPeriodIncreaseDecrease
2029000
CY2021Q2 us-gaap Revenues
Revenues
17655592
CY2020Q2 us-gaap Revenues
Revenues
10321754
us-gaap Revenues
Revenues
45613068
us-gaap Revenues
Revenues
30842874
CY2021Q2 us-gaap Revenues
Revenues
17655592
CY2020Q2 us-gaap Revenues
Revenues
10321754
us-gaap Revenues
Revenues
45613068
us-gaap Revenues
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30842874
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us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
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CY2021Q2 us-gaap Income Tax Reconciliation Tax Credits Research
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us-gaap Income Tax Reconciliation Tax Credits Research
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us-gaap Income Tax Reconciliation Change In Enacted Tax Rate
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CY2021Q2 veru Income Tax Reconciliation Effect Of Global Intangible Low Taxed Income
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CY2020Q2 veru Income Tax Reconciliation Effect Of Global Intangible Low Taxed Income
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CY2021Q2 us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
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CY2020Q2 us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
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us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
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us-gaap Income Tax Reconciliation Other Adjustments
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us-gaap Income Tax Reconciliation Other Adjustments
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CY2021Q2 us-gaap Deferred Tax Assets Tax Deferred Expense Compensation And Benefits Share Based Compensation Cost
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DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefitsShareBasedCompensationCost
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CY2021Q2 us-gaap Deferred Tax Asset Interest Carryforward
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CY2020Q3 us-gaap Deferred Tax Assets Derivative Instruments
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CY2021Q2 veru Deferred Tax Liabilities In Process R And D
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us-gaap Weighted Average Number Of Shares Outstanding Basic
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us-gaap Weighted Average Number Of Shares Outstanding Basic
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CY2021Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2020Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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us-gaap Weighted Average Number Of Diluted Shares Outstanding
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us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2020Q2 veru Reduction Of Selling General And Administrative Expense Cares Act
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819000

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