Aytu BioPharma, Inc.

Net revenue was $12.4 million for fiscal Q3 2026, down $6 million or 33% year over year from $18.5 million. EXXUA contributed $2.4 million in revenue, ADHD net revenue was $9.1 million versus $15.4 million a year ago, and Pediatric net revenue was $0.9 million versus $3.1 million. Gross profit margin was 61% versus 69% last year; excluding a $700,000 inventory write-down, gross margin would have been about 67%. Operating expenses excluding intangible amortization were $10.9 million versus $9.5 million, and total operating expenses were $11.7 million versus $10.4 million. Net loss was $5.6 million, or $0.53 per share basic, versus net income of $4 million, or $0.65 per share basic, last year. Adjusted EBITDA was negative $2.8 million versus positive $3.9 million a year ago. Cash and cash equivalents were $26.7 million, down from $30 million at December 31, 2025, and debt was about $11.4 million. Management did not provide formal full-year guidance, but said Q4 sales and marketing spend should increase by $1 million to $2 million and G&A by $200,000 to $300,000, with ongoing quarterly spend expected to run about $6 million to $7 million for sales and marketing and $5 million to $5.3 million for G&A. They also said the company expects mid- to high-60% gross margins over time and a near-term path to profitability as EXXUA scales.

Josh Disbrow’s tone was notably upbeat and confident, centered on EXXUA’s early traction. He emphasized that the product is already seeing sequential prescription growth, early refill activity, and adoption across a meaningful share of the initial target universe, while repeatedly stressing that the launch is still in its earliest stages. He framed the company’s strategy as disciplined and focused, with targeted selling, RxConnect support, and careful capital deployment rather than broad, heavy spending.

Ryan Selhorn focused on the revenue mix shift, launch investment, and balance-sheet impact. He highlighted that EXXUA’s $2.4 million in Q3 net revenue was ahead of internal expectations, but gross-to-net is still settling and launch economics are not yet fully normalized. He noted a 61% gross margin, pressured by a $700,000 inventory write-down, and said EXXUA’s unit economics remain attractive at roughly 69% gross contribution margin before fixed costs. He also pointed to $26.7 million of cash, $10.4 million on the revolver, about $11.4 million in total debt, and the warrant amendment that increased stockholders’ equity to $35.1 million.

Analysts focused on whether EXXUA’s early revenue included channel stocking, how reimbursement is progressing, where patients are in therapy, and what refill behavior looks like. Management said about $1.5 million of EXXUA’s quarter revenue could be considered stocking revenue, that more than 70% of prior authorizations in RxConnect are getting approved, and that approval and net selling-price trends are improving, though still early. On patient mix, management said scripts range from second line to very late line, but most appear to be third- to fifth-line patients. On refills and duration, they said patients typically start with a 14-day titration pack and then move to 30-day or longer maintenance prescriptions, and they sounded pleased with early refill activity.