Veru Q2: Revenue Halves, Prioritizes Clinical Programs, Wider Loss & More - Veru (NASDAQ:VERU)

Veru Inc. VERU reported second-quarter fiscal 2023 revenues of $6.59 million, beating the consensus of $4.32 million. Revenues fell 49.4% year over year.
The biopharmaceutical company reported an adjusted EPS of ($0.43) loss, missing the analyst consensus of ($0.33) loss.
Gross profit slumped 63.4% to $4.09 million, with a margin of 62.1%.
Operating loss widened on year to $(39.42) million from $(11.76) million.
The company held cash and equivalents worth $23.5 million as of March 31, 2023.
"We are also seeking partnerships for both our clinical drug candidates. In addition, we continue to invest in Veru's FC2 Female Condom telemedicine portal and establish partnerships to grow our FC2 prescription business in the U.S," said CEO Mitchell Steiner.
In May 2023, the company entered into a common stock purchase agreement with Lincoln Park Capital Fund. Under the terms of the Agreement, LPC has committed to purchase up to $100 million of Veru's common stock.
Price Action: VERU shares are trading higher by 10.77% to $1.3296 on the last check Thursday.