$VERU
Veru Inc

2022 Q3 Form 10-Q Financial Statement

#000086389422000013 Filed on August 11, 2022

View on sec.gov

Income Statement

Concept 2022 Q3 2022 Q2 2022 Q1
Revenue $2.589M $9.602M $13.03M
YoY Change -83.46% -45.61% -2.34%
Cost Of Revenue $2.083M $2.534M $1.853M
YoY Change -37.58% -33.02% -23.81%
Gross Profit $505.4K $7.069M $11.18M
YoY Change -95.89% -49.05% 2.45%
Gross Profit Margin 19.52% 73.61% 85.78%
Selling, General & Admin $18.29M $10.76M $7.399M
YoY Change 208.66% 93.62% 53.93%
% of Gross Profit 3618.43% 152.21% 66.21%
Research & Development $26.89M $18.13M $15.54M
YoY Change 225.72% 62.08% 105.22%
% of Gross Profit 5320.62% 256.53% 139.07%
Depreciation & Amortization $62.44K $39.00K $30.00K
YoY Change 53.49% 85.71% 36.36%
% of Gross Profit 12.35% 0.55% 0.27%
Operating Expenses $45.18M $28.89M $22.94M
YoY Change 218.59% 72.54% 85.31%
Operating Profit -$44.67M -$21.82M -$11.76M
YoY Change 2287.34% 659.92% 699.57%
Interest Expense $3.302M $1.185M $1.213M
YoY Change -218.01% -7.96% -3.1%
% of Operating Profit
Other Income/Expense, Net $359.8K -$234.2K -$2.440M
YoY Change 1848.24% -91.31% 80.38%
Pretax Income -$41.01M -$22.06M -$14.21M
YoY Change 781.85% 296.3% 402.97%
Income Tax $11.59K $137.6K -$27.45K
% Of Pretax Income
Net Earnings -$41.02M -$22.20M -$14.18M
YoY Change 855.24% 724.24% 398.17%
Net Earnings / Revenue -1584.72% -231.15% -108.82%
Basic Earnings Per Share -$0.28 -$0.18
Diluted Earnings Per Share -$510.7K -$0.28 -$0.18
COMMON SHARES
Basic Shares Outstanding 80.15M 80.09M 80.05M
Diluted Shares Outstanding 80.09M 80.05M

Balance Sheet

Concept 2022 Q3 2022 Q2 2022 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $80.19M $100.6M $112.0M
YoY Change -34.46% -18.36% -18.06%
Cash & Equivalents $80.19M $100.6M $112.0M
Short-Term Investments
Other Short-Term Assets $12.41M $11.78M $11.40M
YoY Change 23.77% 7.23% 192.2%
Inventory $8.619M $7.723M $6.415M
Prepaid Expenses
Receivables $3.551M $8.303M $8.135M
Other Receivables $0.00 $0.00 $2.500M
Total Short-Term Assets $104.8M $128.4M $140.5M
YoY Change -30.96% -16.87% -10.02%
LONG-TERM ASSETS
Property, Plant & Equipment $1.186M $1.082M $1.025M
YoY Change 100.09% 175.94% -26.75%
Goodwill $6.900M $6.900M $6.900M
YoY Change 0.0% 0.0%
Intangibles $3.977M $3.995M $4.013M
YoY Change -1.76% -1.76% -1.75%
Long-Term Investments
YoY Change
Other Assets $1.562M $2.285M $2.294M
YoY Change 77.75% 159.38% -77.51%
Total Long-Term Assets $31.36M $32.22M $32.36M
YoY Change 18.81% 25.51% 28.94%
TOTAL ASSETS
Total Short-Term Assets $104.8M $128.4M $140.5M
Total Long-Term Assets $31.36M $32.22M $32.36M
Total Assets $136.1M $160.6M $172.8M
YoY Change -23.59% -10.83% -4.62%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $22.00M $6.936M $7.518M
YoY Change 545.3% 40.76% 31.9%
Accrued Expenses $17.92M $17.51M $9.378M
YoY Change 99.6% 126.84% 58.95%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $1.169M $3.050M $3.833M
YoY Change -63.99% -33.18% -47.49%
Total Short-Term Liabilities $41.44M $27.81M $21.18M
YoY Change 162.81% 61.57% 12.27%
LONG-TERM LIABILITIES
Long-Term Debt $9.656M $11.56M $11.12M
YoY Change 2.76% 62.77% 88.5%
Other Long-Term Liabilities $18.58K $15.00K $15.00K
YoY Change 23.96% 0.09% 0.09%
Total Long-Term Liabilities $18.58K $15.00K $15.00K
YoY Change 23.96% 0.09% 0.09%
TOTAL LIABILITIES
Total Short-Term Liabilities $41.44M $27.81M $21.18M
Total Long-Term Liabilities $18.58K $15.00K $15.00K
Total Liabilities $55.29M $43.71M $36.83M
YoY Change 113.85% 74.11% 43.54%
SHAREHOLDERS EQUITY
Retained Earnings -$165.6M -$124.6M -$102.4M
YoY Change 102.42% 60.7% 36.82%
Common Stock $826.9K $823.1K $822.5K
YoY Change 0.66% 0.33% 0.47%
Preferred Stock
YoY Change
Treasury Stock (at cost) $7.807M $7.807M $7.807M
YoY Change 0.0% 0.0% 0.0%
Treasury Stock Shares $2.184M $2.184M $2.184M
Shareholders Equity $80.84M $116.9M $136.0M
YoY Change
Total Liabilities & Shareholders Equity $136.1M $160.6M $172.8M
YoY Change -23.59% -10.83% -4.6%

Cashflow Statement

Concept 2022 Q3 2022 Q2 2022 Q1
OPERATING ACTIVITIES
Net Income -$41.02M -$22.20M -$14.18M
YoY Change 855.24% 724.24% 398.17%
Depreciation, Depletion And Amortization $62.44K $39.00K $30.00K
YoY Change 53.49% 85.71% 36.36%
Cash From Operating Activities -$20.88M -$14.02M -$3.947M
YoY Change 2488.91% 9.25% 52.38%
INVESTING ACTIVITIES
Capital Expenditures -$148.8K -$96.82K -$185.2K
YoY Change -33.04% -32.96%
Acquisitions
YoY Change
Other Investing Activities $0.00 $2.500M $0.00
YoY Change
Cash From Investing Activities -$148.8K $2.403M -$185.2K
YoY Change -33.04% -1764.03%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 667.4K 154.0K 43.44K
YoY Change 187.33% -128.31% -99.96%
NET CHANGE
Cash From Operating Activities -20.88M -14.02M -3.947M
Cash From Investing Activities -148.8K 2.403M -185.2K
Cash From Financing Activities 667.4K 154.0K 43.44K
Net Change In Cash -20.36M -11.46M -4.088M
YoY Change 2456.43% -15.22% -103.87%
FREE CASH FLOW
Cash From Operating Activities -$20.88M -$14.02M -$3.947M
Capital Expenditures -$148.8K -$96.82K -$185.2K
Free Cash Flow -$20.73M -$13.93M -$3.761M
YoY Change 3448.21% 9.73% 45.23%

Facts In Submission

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<span id="_Hlk101455595" style="text-decoration: none;"/><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, 2021. The accompanying condensed consolidated balance sheet as of September 30, 2021 has been derived from our audited financial statements. The unaudited condensed consolidated statements of operations and cash flows for the three and nine months ended June 30, 2022 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;">, 2022. </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), Veru International Holdco Inc., 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 a biopharmaceutical company focused on developing novel medicines for COVID-19 and other viral and acute respiratory distress syndrome (ARDS)-related diseases and for the management of breast and prostate cancers. The Company has multiple drug products under clinical development. The Company also has </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;">two</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;"> approved products: ENTADFI</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;"><sup>™</sup></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;">, a new treatment for benign prostatic hyperplasia that was approved by the FDA in December 2021, and 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. All of the Company’s net revenues during the three and nine months ended June 30, 2022 and the three months ended June 30, 2021 and most of the Company’s net revenues during the nine months ended June 30, 2021 were derived from sales of FC2. </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;">Segments</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;">: We regularly review our operating segments and the approach used by management to evaluate performance and allocate resources. Prior to the commercialization of ENTADFI, we managed </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;">two</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;"> distinct business segments: Pharmaceuticals, which engaged exclusively in research and development activities and FC2, which included the Company’s single commercial product. Beginning in the second quarter of 2022, as a result of added commercialization efforts related to ENTADFI, the Company now operates as a </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 style="white-space:pre-wrap; -sec-ix-hidden:ct-nonFraction-58784dbb-1d4f-42da-a7be-1f105abb45b0;">single</span></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;"> operating segment. Our determination that we operate as a single segment is consistent with the financial information regularly reviewed by the chief operating decision maker (CODM) for purposes of evaluating performance, allocating resources, setting incentive compensation targets, and planning and forecasting for future periods. Our CODM allocates resources and assesses financial performance on a consolidated basis.</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 (loss) income</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 (loss) income. 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) income, are components of other comprehensive loss. For the three and nine months ended June 30, 2022 and 2021, comprehensive (loss) income is equivalent to the reported net (loss) income.</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 December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740), Simplifying the Accounting for Income Taxes. 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. The Company adopted ASU 2019-12 on a prospective basis effective October 1, 2021. The adoption of ASU 2019-12 did not impact our consolidated financial statements and related disclosures. </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>
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4048810
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18000
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us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
54000
us-gaap Amortization Of Intangible Assets
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96000
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Goodwill
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Goodwill
6900000
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GoodwillPeriodIncreaseDecrease
0
us-gaap Goodwill Period Increase Decrease
GoodwillPeriodIncreaseDecrease
0
dei Current Fiscal Year End Date
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--09-30
veru Number Of Fda Approved Products
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2
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4182000
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557000
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2029000
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FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue
8408000
CY2021Q2 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliations Recurring Basis Liability Value
FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue
6211000
CY2022Q2 us-gaap Revenues
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9602195
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Revenues
17655592
us-gaap Revenues
Revenues
36765721
us-gaap Revenues
Revenues
45613068
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PropertyPlantAndEquipmentGross
4165776
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3609198
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AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
3573173
CY2022Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
1081710
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592603
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39000
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9602195
CY2021Q2 us-gaap Revenues
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17655592
us-gaap Revenues
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36765721
us-gaap Revenues
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45613068
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312000
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132000
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327550
us-gaap Amortization Of Financing Costs And Discounts
AmortizationOfFinancingCostsAndDiscounts
1400039
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AccretionExpense
1185093
CY2021Q2 us-gaap Accretion Expense
AccretionExpense
952276
us-gaap Accretion Expense
AccretionExpense
3556477
us-gaap Accretion Expense
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