Veru Inc.

For the 3 months ended June 30, 2026, Veru reported no revenue figures on the call, research and development expense of $4.4 million versus $3.0 million in the prior quarter, general and administrative expense of $3.4 million versus $5.0 million, and net loss of $7.0 million, or $0.30 per diluted share, versus $7.3 million, or $0.50 per diluted share, in the prior period. For the 9 months ended June 30, 2026, R&D was $8.8 million versus $12.7 million, G&A was $11.5 million versus $15.4 million, and net loss was $15.1 million, or $0.68 per diluted share, versus $24.2 million, or $1.65 per diluted share. Cash, cash equivalents and restricted cash were $23.9 million at June 30, 2026, compared with $15.8 million at September 30, 2025. Management said cash is expected to be sufficient to fund operations beyond the interim analysis in the Phase IIb PLATEAU study, with the interim readout expected in Q1 calendar 2027.

Dr. Steiner framed Veru as a late-stage biopharmaceutical company centered on enobosarm and sabizabulin, but the call focused almost entirely on enobosarm in obesity. His message was that GLP-1 weight loss is often non-selective and can lead to lean-mass loss and physical function decline, especially in older patients, and that enobosarm is meant to make weight loss more "quality" by preserving muscle while increasing fat loss. He sounded notably optimistic, pointing to the fully enrolled PLATEAU trial, the Novo Nordisk supply agreement, the patent allowance, and Medicare coverage trends as signs the opportunity is becoming more commercially defined.

Michele Greco said quarterly R&D rose to $4.4 million from $3.0 million mainly because of PLATEAU spending, while G&A fell to $3.4 million from $5.0 million on lower share-based compensation and consulting costs. She reported a quarterly net loss of $7.0 million, or $0.30 per diluted share, and nine-month net loss of $15.1 million, or $0.68 per diluted share, with the improvement driven partly by lower operating expenses and prior-year gains that did not recur. She also said cash, cash equivalents and restricted cash totaled $23.9 million at June 30, 2026, operating cash used in the nine months was $20.6 million, and cash is expected to fund operations beyond the PLATEAU interim analysis.

The main analyst question focused on whether the new enobosarm patent around combination use with weight-loss drugs could be broadened to cover future GLP-1s and other obesity agents. Steiner जवाबed that the company is already prosecuting broader applications covering all weight-loss drugs, not just GLP-1s, and said the semaglutide allowance is an important first step because the current clinical program uses semaglutide. He also used the Q&A to stress that the target population is becoming more clearly defined as older patients with obesity and sarcopenic risk, and noted the company expects the PLATEAU interim readout in Q1 2027 and final data by Q4 2027.