# EDGAR Filing Document

**Accession Number:** 0001385818
**File Stem:** 0001437749-25-029721
**Filing Date:** 2025-9
**Character Count:** 32026
**Document Hash:** d8ebbaca86864412dd4f8acfdd64700f
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001437749-25-029721.hdr.sgml**: 20250923

**ACCESSION NUMBER**: 0001437749-25-029721

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 16

**CONFORMED PERIOD OF REPORT**: 20250923

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20250923

**DATE AS OF CHANGE**: 20250923

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** AYTU BIOPHARMA, INC
- **CENTRAL INDEX KEY:** 0001385818
- **STANDARD INDUSTRIAL CLASSIFICATION:** PHARMACEUTICAL PREPARATIONS [2834]
- **ORGANIZATION NAME:** 03 Life Sciences
- **EIN:** 470883144
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0630

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-38247
- **FILM NUMBER:** 251333664

**BUSINESS ADDRESS:**
- **STREET 1:** 7900 E. UNION AVENUE
- **STREET 2:** SUITE 920
- **CITY:** DENVER
- **STATE:** CO
- **ZIP:** 80237
- **BUSINESS PHONE:** (720) 437-6580

**MAIL ADDRESS:**
- **STREET 1:** 7900 E. UNION AVENUE
- **STREET 2:** SUITE 920
- **CITY:** DENVER
- **STATE:** CO
- **ZIP:** 80237

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** AYTU BIOSCIENCE, INC
- **DATE OF NAME CHANGE:** 20150609

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** AYTU BIOSCIENCE, INC.
- **DATE OF NAME CHANGE:** 20150609

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Rosewind CORP
- **DATE OF NAME CHANGE:** 20070110

?xml version='1.0' encoding='ASCII'? aytu20250514_8k.htm

------

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 8-K**

**CURRENT REPORT**

**Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934**

**September 23, 2025**

Date of Report (Date of earliest event reported):

![logo01.jpg](logo01.jpg)

**AYTU BIOPHARMA, INC.**

(Exact name of registrant as specified in its charter)

---

| | | |
|:---|:---|:---|
| **Delaware** | **001-38247** | **47-0883144** |
| (State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) |

---

**7900 East Union Avenue**, **Suite 920**

**Denver**, **CO 80237**

(Address of principal executive offices, including zip code)

**(**720**) **437-6580**

(Registrant's telephone number, including area code)

**Not applicable** 

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| Title of Each Class | Trading Symbol(s) | Name of Each Exchange on Which Registered |
| **Common Stock**, par value $0.0001 per share** | **AYTU** | **The**Nasdaq** Capital Market** |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

------

**Item 2.02 Results of Operations and Financial Condition.**

On September 23, 2025, Aytu BioPharma, Inc. (the "Company") issued a press release announcing its fiscal 2025 full year and fourth quarter operational and financial results. As indicated in the press release, the Company scheduled a conference call and live audio webcast for September 23, 2025, at 4:30 p.m. Eastern time to discuss the operational and financial results and to answer questions. The conference call is publicly accessible via webcast and telephone (available live and for replay), and the press release includes instructions for accessing the webcast via the Company's website or dialing in to the call. A replay of the call will be made available after the call on the Company's website and via a telephone replay. Availability of the call replay posted on the Company's website and via the telephone replay is at the Company's discretion and may be discontinued at any time. A copy of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K.

The information in the press release attached as Exhibit 99.1 hereto shall not be deemed to be "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), nor shall such information be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.

**Item 9.01 Financial Statements and Exhibits.**

**(d) Exhibits.**

---

| | |
|:---|:---|
| **Exhibit Number** | **Exhibit Description** |
| 99.1 | [Press Release dated September 23, 2025](ex_818415.htm) |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |

---

------

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | | |
|:---|:---|:---|
|  | AYTU BIOPHARMA, INC. | AYTU BIOPHARMA, INC. |
| Date: September 23, 2025 | By: | /s/ Ryan J. Selhorn |
|  |  | Ryan J. Selhorn |
|  |  | Chief Financial Officer |

---

## Exhibit 99.1

**Exhibit 99.1**

![logo.jpg](logo.jpg)

**Aytu BioPharma Reports Fiscal 2025 Full Year and Fourth Quarter Operational and Financial Results and Outlines Commercial Launch Plans for EXXUA™**

*Full year fiscal 2025 net revenue of $66.4 million*

*Full year fiscal 2025 net loss of $13.6 million*

*Full year fiscal 2025 adjusted EBITDA<sup>1</sup> of $9.2 million*

*$31.0 million cash balance at June 30, 2025*

*Exclusive agreement in June 2025 to commercialize EXXUA™ (gepirone) extended-release tablets ("EXXUA") is expected to serve as a major growth catalyst; the Company anticipates launching EXXUA in the fourth calendar quarter of 2025 as a centerpiece of its commercial efforts as it enters the over $22 billion United States prescription major depressive disorder ("MDD") market with what the Company believes to be a novel first-in-class oral selective serotonin 5HT1a receptor agonist for adults with MDD*

*Company to host conference call and webcast today, September 23, 2025, at 4:30 p.m. Eastern time*

**DENVER, CO / September 23, 2025** / Aytu BioPharma, Inc. (the "Company" or "Aytu") (Nasdaq:AYTU), a pharmaceutical company focused on advancing innovative medicines for complex central nervous system diseases to improve the quality of life for patients, today announced operational and financial results for the fiscal 2025 full year and fourth quarter. The Company is also providing an update on its planned commercial launch of EXXUA, which it believes to be a novel first-in-class selective serotonin 5HT1a receptor agonist approved by the United States Food and Drug Administration ("FDA") for the treatment of MDD in adults.

**Full Year Fiscal 2025 Highlights**

● Net revenue increased 2% to $66.4 million versus $65.2 million in fiscal 2024.

● ADHD Portfolio (primarily Adzenys XR-ODT® and Cotempla XR-ODT®) net revenue was $57.6 million versus $57.8 million in fiscal 2024.

● Pediatric Portfolio (primarily Karbinal® ER, Poly-Vi-Flor® and Tri-Vi-Flor®) net revenue was $8.8 million versus $7.3 million in fiscal 2024.

● Net loss of $13.6 million compared to a net loss of $15.8 million. Net loss in fiscal 2025 included $12.1 million of combined impairment expense, restructuring costs and derivative warrant liabilities loss.

● Adjusted EBITDA was $9.2 million compared to $10.8 million in fiscal 2024.

● Cash and cash equivalents were $31.0 million at June 30, 2025.

**Q4 Fiscal 2025 Highlights**

● Net revenue increased 4% to $15.1 million versus $14.6 million in Q4 fiscal 2024.

● ADHD Portfolio net revenue was $13.1 million versus $13.8 million in Q4 fiscal 2024.

● Pediatric Portfolio net revenue was $2.0 million versus $0.8 million in Q4 fiscal 2024.

● Net loss of $19.8 million compared to a net loss of $4.6 million in Q4 fiscal 2024. Net loss in Q4 fiscal 2025 included $18.1 million of combined impairment expense and derivative warrant liabilities loss.

● Adjusted EBITDA was $2.0 million for both Q4 fiscal 2025 and 2024.

------

**EXXUA Calendar Fourth Quarter 2025 Commercial Launch Remains on Track**

Following Aytu's June 2025 entry into an exclusive agreement to commercialize EXXUA in the United States, the Company is on track to launch EXXUA in the fourth quarter of calendar 2025. Gepirone is a new chemical entity, and the Company believes EXXUA to be a novel first-in-class selective serotonin 5HT1a receptor agonist approved by the FDA for the treatment of MDD in adults. EXXUA is expected to serve as a major growth catalyst for Aytu moving forward as it enters the over $22 billion United States prescription MDD market.

Key launch activities include:

● Finalization of product manufacturing, labeling, serialization and delivery to the Company's third-party logistics provider.

● Ongoing key opinion leader engagement.

● Refinement of sales territory alignment and physician targeting.

● Product positioning, preparation of promotional materials and refinement of physician messaging.

● Commercial and government payor assessment.

Further, the Company has engaged in discussions to expand upon the existing intellectual property ("IP") through various potential life cycle management approaches.

**Management Discussion**

"We enter fiscal 2026 with an opportunity to significantly transform Aytu into one of the industry leaders in addressing complex CNS diseases following our recent exclusive agreement to commercialize EXXUA for major depressive disorder," commented Josh Disbrow, Chief Executive Officer of Aytu. "EXXUA is a perfect strategic fit and will be a centerpiece of Aytu's commercial efforts going forward considering the significant commercial potential, uniqueness of the product, our sales force's CNS focus and alignment with our proprietary Aytu RxConnect patient access platform. We remain on track to launch EXXUA in the fourth quarter of calendar 2025."

"The results of the fourth quarter and fiscal year highlight the stability within our existing ADHD and Pediatric portfolios as well as our focus on driving efficiencies across our operations to report our 9th consecutive quarter of positive adjusted EBITDA," Disbrow continued. "As we ramp up our commercial focus on EXXUA, it is our expectation that we will exit fiscal 2026 on a trajectory that positions Aytu as one of the fastest growing CNS-focused companies in the industry. We look forward to the realization of the significant market potential of EXXUA while positively impacting the lives of MDD patients," Disbrow concluded.

**Net Revenue by Product Portfolio**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended** | **Three Months Ended** | **Twelve Months Ended** | **Twelve Months Ended** |
|  | **June 30,** | **June 30,** | **June 30,** | **June 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
|  | **(in thousands)** | **(in thousands)** | **(in thousands)** | **(in thousands)** |
| ADHD Portfolio | $13107 | $13758 | $57576 | $57784 |
| Pediatric Portfolio | 2017 | 841 | 8769 | 7280 |
| Other\* | 11 | (6) | 37 | 119 |
| &nbsp;&nbsp;&nbsp; Total net revenue | $15135 | $14593 | $66382 | $65183 |

---

------

\* Other includes discontinued or deprioritized products.

------

**Full Year Fiscal 2025 Financial Results**

Net revenue for full year fiscal 2025 was $66.4 million, compared to $65.2 million for the prior year.

The ADHD Portfolio net revenue was $57.6 million in full year fiscal 2025, compared to $57.8 million in the prior year period. The change from the year ago period was a result of a decrease in the total number of prescriptions written offset by improvements in gross to net adjustments through assertive management of the Company's brands' economics as enabled through Aytu RxConnect.

The Pediatric Portfolio was $8.8 million in full year fiscal 2025, compared to $7.3 million in the prior year period. Pediatric Portfolio growth reflects the positive effects from the Company's recently implemented return-to-growth plan resulting in an increase in units sold by 49%, partially offset by a reduction in gross to net adjustments.

Gross profit was $45.8 million, or 69% of net revenue, in the full year fiscal 2025, compared to $49.1 million, or 75% of net revenue last year. The decrease in gross profit percentage is primarily related to increased cost of sales in the Company's ADHD inventory. The inventory's higher cost resulted from the allocation of certain overhead costs associated with the Company's now closed Grand Prairie, Texas manufacturing facility, to a reduced amount of ADHD product being produced there. This situation occurred as the Company ramped up production at its contract manufacturer and concurrently decreased production at Grand Prairie, Texas. This higher cost inventory is expected to be liquidated in the coming quarters as the Company continues to sell these products through its distribution channels, resulting in a normalization of ADHD gross profit percentage.

Operating expenses, excluding amortization of intangible assets, restructuring costs and impairment expense, were $39.6 million in full year fiscal 2025 compared to $44.8 million in the prior year. The decrease is primarily a result of continued cost reduction efforts and improved operational efficiencies as part of the Company's overall strategic realignment.

Net income from discontinued operations, net of tax for full year fiscal 2025 was $0.6 million compared to net loss from discontinued operations, net of tax of $3.3 million in the prior year. Discontinued operations pertain to the Consumer Health business which was successfully wound down and divested in the first quarter of fiscal 2025.

Net loss during full year fiscal 2025 was $13.6 million, or $2.16 net loss per share basic and diluted compared to a net loss of $15.8 million, or $2.86 net loss per share basic and diluted, in the prior year. The full year fiscal 2025 results were impacted by $8.3 million of impairment expense on the Company's Pediatric Portfolio primarily as a result of its shifted focus on its commercial efforts to the psychiatric product portfolio and preparation for the EXXUA launch; $1.7 million of derivative warrant liabilities loss due primarily to an increase in the fair value of 8.2 million liability classified prefunded warrants from when they were issued in June 2025 until the end of fiscal 2025, partially offset by a decrease in the fair value of the Company's other warrants and prefunded warrants due to an overall decrease in the Company's stock price during fiscal 2025; and $2.1 million of restructuring costs primarily related to the closure of the Company's Grand Prairie, Texas manufacturing site.

Adjusted EBITDA was $9.2 million in full year fiscal 2025, compared to $10.8 million in the prior year period.

Cash and cash equivalents were $31.0 million at June 30, 2025, compared to $18.2 million at March 31, 2025.

------

**Q4 Fiscal 2025 Financial Results**

Net revenue for the fourth quarter of fiscal 2025 was $15.1 million, compared to $14.6 million for the prior year period.

The ADHD Portfolio net revenue was $13.1 million in the fourth quarter of fiscal 2025, compared to $13.8 million in the prior year period. The change from the year ago period was primarily a result of a decrease in the total number of prescriptions written.

The Pediatric Portfolio net revenue was $2.0 million in the fourth quarter of fiscal 2025, compared to $0.8 million in the prior year period. Pediatric Portfolio growth reflects the positive effects from the Company's recently implemented return-to-growth plan.

Gross profit was $10.3 million, or 68% of net revenue, in the fourth quarter of fiscal 2025, compared to $11.1 million, or 76% of net revenue, in the same quarter last year.

Operating expenses, excluding amortization of intangible assets, restructuring costs and impairment expense, were $8.7 million in the fourth quarter of fiscal 2025 compared to $10.5 million in the prior year period. The decrease is primarily a result of continued cost reduction efforts and improved operational efficiencies as part of the Company's overall strategic realignment.

Net income from discontinued operations, net of tax for the fourth quarter of fiscal 2025 was $0.1 million compared to net loss from discontinued operations, net of tax of $1.2 million in the year ago period. Discontinued operations pertain to the Consumer Health business which was successfully wound down and divested in the first quarter of fiscal 2025.

Net loss during the fourth quarter of fiscal 2025 was $19.8 million, or $2.92 net loss per share basic and diluted compared to a net loss of $4.6 million, or $0.82 net loss per share basic and diluted, in the prior year period. The fiscal 2025 fourth quarter results were impacted by $8.3 million of impairment expense on the Company's Pediatric Portfolio primarily as a result of its shifted focus on its commercial efforts to the psychiatric product portfolio and preparation for the EXXUA launch and $9.9 million of derivative warrant liabilities loss due primarily to the increase in the Company's stock price and an increase in the fair value of 8.2 million liability classified prefunded warrants from when they were issued in June 2025 until the end of fiscal 2025.

Adjusted EBITDA was $2.0 million for both the fourth quarter of fiscal 2025 and 2024.

**Conference Call Details**

***Date and Time:*** Tuesday, September 23, 2025, at 4:30 p.m. Eastern time.

***Call-in Information:*** Interested parties can access the conference call by dialing (888) 506-0062 for United States callers or +1 (973) 528-0011 for international callers and using the participant access code 447137.

***Webcast Information:*** The webcast will be accessible live and archived at https://www.webcaster4.com/Webcast/Page/2142/52803, and accessible on the Investors section of the Company's website at https://investors.aytubio.com/ under Events & Presentations.

***Replay:*** A teleconference replay of the call will be available until October 7, 2025, at (877) 481-4010 for United States callers or +1 (919) 882-2331 for international callers and using replay access code 52803.

------

**About Aytu BioPharma**

Aytu is a pharmaceutical company focused on advancing innovative medicines for complex central nervous system diseases to improve the quality of life for patients. The Company's prescription products include EXXUA™ (gepirone) extended-release tablets (see Full Prescribing Information, including Boxed WARNING) for the treatment of major depressive disorder (MDD), Adzenys XR-ODT® (amphetamine) extended-release orally disintegrating tablets (see Full Prescribing Information, including Boxed WARNING) and Cotempla XR-ODT® (methylphenidate) extended-release orally disintegrating tablets (see Full Prescribing Information, including Boxed WARNING) for the treatment of attention deficit hyperactivity disorder (ADHD), and a line of legacy products, including Karbinal® ER (carbinoxamine maleate), Poly-Vi-Flor® and Tri-Vi-Flor®. To learn more, please visit aytubio.com.

**About EXXUA**

EXXUA is a novel oral selective serotonin 5HT1a receptor agonist indicated for the treatment of major depressive disorder (MDD) in adults. EXXUA is also being developed for other psychiatric disorders.

**INDICATIONS and IMPORTANT SAFETY INFORMATION for EXXUA**

***INDICATIONS***

EXXUA is indicated for the treatment of major depressive disorder (MDD) in adults.

***IMPORTANT SAFETY INFORMATION***

Antidepressants increased the risk of suicidal thoughts and behaviors in pediatric and young adult patients in short-term studies. Closely monitor all antidepressant-treated patients for clinical worsening and emergence of suicidal thoughts and behaviors.

EXXUA is not approved for use in pediatric patients.

Do not take EXXUA if you:

● are allergic to EXXUA or any of the ingredients in EXXUA.

● have a prolonged QTc interval greater than 450 msec or congenital long QT syndrome.

● are taking medicines known as strong CYP3A4 inhibitors. Ask your healthcare provider if you are not sure if you are taking one of these medicines.

● have severe liver problems.

● are taking, or have stopped taking within the last 14 days, a medicine called a monoamine oxidase inhibitor (MAOI), including the antibiotic linezolid or intravenous methylene blue. Ask your healthcare provider or pharmacist if you are not sure if you take an MAOI, including the antibiotic linezolid or intravenous methylene blue.

Do not start taking an MAOI for at least 14 days after you have stopped treatment with EXXUA.

EXXUA may cause serious side effects, including:

Changes in the electrical activity of your heart called QT prolongation. QT prolongation can cause irregular heartbeats that can be life-threatening. Your healthcare provider will check the electrical activity of your heart with a test called an electrocardiogram (ECG) and will also do blood tests to check your levels of body salts (electrolytes) before and during treatment with EXXUA. Your healthcare provider may check your electrolytes more often during treatment if you have heart failure, a slow heart rate, abnormal levels of electrolytes in your blood, or if you take other medications that can prolong the QT interval of your heartbeat.

A potentially life-threatening problem called serotonin syndrome can happen when EXXUA is taken with certain other medicines.

Manic episodes may happen in people with bipolar disorder who take EXXUA.

Please read FULL PRESCRIBING INFORMATION for EXXUA.

------

**Footnote 1**

Aytu uses the term adjusted EBITDA, which is a term not defined under United States generally accepted accounting principles ("U.S. GAAP"). The Company uses this term because it is a widely accepted financial indicator utilized to analyze and compare companies on the basis of operating performance. The Company believes that presenting adjusted EBITDA by certain categories allows investors to evaluate the various performance of these categories. The Company's method of computation of adjusted EBITDA may or may not be comparable to other similarly titled measures used by other companies. The Company believes that net loss is the performance measure calculated and presented in accordance with U.S. GAAP that is most directly comparable to adjusted EBITDA. See below for a reconciliation of net loss to adjusted EBITDA.

**Forward-Looking Statements**

This press release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended ("Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended ("Exchange Act"). All statements other than statements of historical facts contained in this press release, are forward-looking statements. Forward-looking statements are generally written in the future tense and/or are preceded by words such as "may," "will," "should," "forecast," "could," "expect," "suggest," "believe," "estimate," "continue," "anticipate," "intend," "plan," or similar words, or the negatives of such terms or other variations on such terms or comparable terminology. All statements other than statements of historical facts contained in this presentation, are forward-looking statements. These statements are predictions and are subject to risks and uncertainties that could cause the actual events or results to differ materially. These risks and uncertainties include, among others, risks associated with: the Company's overall financial and operational performance, potential adverse changes to the Company's financial position or its business, the results of operations, strategy and plans, changes in capital markets and the ability of the Company to finance operations in the manner expected, risks relating to gaining market acceptance of its products, its partners performing their required activities, its anticipated future cash position, regulatory and compliance challenges and future events under current and potential future collaborations. The Company also refers you to (i) the risks described in "Risk Factors" in Part I, Item 1A of the Company's most recent Annual Report on Form 10-K and in the other reports and documents it files with the United States Securities and Exchange Commission.

**Contacts for Investors**

Ryan Selhorn, Chief Financial Officer

Aytu BioPharma, Inc.

rselhorn@aytubio.com

Robert Blum

Lytham Partners

aytu@lythampartners.com

------

**Aytu BioPharma, Inc.**

**Consolidated Statements of Operations**

**(in thousands, except share and per share data)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended** | **Three Months Ended** | **Twelve Months Ended** | **Twelve Months Ended** |
|  | **June 30,** | **June 30,** | **June 30,** | **June 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| Net revenue | $15135 | $14593 | $66382 | $65183 |
| Cost of goods sold | 4881 | 3541 | 20551 | 16129 |
| &nbsp;&nbsp;&nbsp; Gross profit | 10254 | 11052 | 45831 | 49054 |
| Operating expenses: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Selling and marketing | 4781 | 5422 | 20906 | 22083 |
| &nbsp;&nbsp;&nbsp; General and administrative | 3696 | 4028 | 17379 | 19954 |
| &nbsp;&nbsp;&nbsp; Research and development | 216 | 1042 | 1326 | 2769 |
| &nbsp;&nbsp;&nbsp; Amortization of intangible assets | 921 | 921 | 3683 | 3683 |
| &nbsp;&nbsp;&nbsp; Restructuring costs |  | 1912 | 2101 | 2156 |
| &nbsp;&nbsp;&nbsp; Impairment expense | 8263 |  | 8263 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total operating expenses | 17877 | 13325 | 53658 | 50645 |
| **Loss from operations** | **(7623)** | **(2273**) | **(7827)** | **(1591)** |
| Other (expense) income, net | (1230) | 120 | (512) | 870 |
| Interest expense | (730) | (1253) | (3703) | (5059) |
| Derivative warrant liabilities (loss) gain | (9860) | 1463 | (1703) | (4004) |
| Loss on extinguishment of debt |  | (594) |  | (594) |
| **Loss from continuing operations before income tax expense** | **(19443)** | **(2537)** | **(13745)** | **(10378)** |
| Income tax expense | (437) | (841) | (437) | (2142) |
| **Net loss from continuing operations** | **(19880)** | **(3378)** | **(14182)** | **(12520)** |
| Net income (loss) from discontinued operations, net of tax | 62 | (1239) | 620 | (3324) |
| **Net loss** | $**(19818)** | $**(4617)** | $**(13562)** | $**(15844)** |
| Basic and diluted weighted-average common shares outstanding | 6791532 | 5619726 | 6279744 | 5537957 |
| Net (loss) income per share: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Basic and diluted - continuing operations | $(2.93) | $(0.60) | $(2.26) | $(2.26) |
| &nbsp;&nbsp;&nbsp; Basic and diluted - discontinued operations, net of tax | $0.01 | $(0.22) | $0.10 | $(0.60) |
| &nbsp;&nbsp;&nbsp; Basic and diluted - net loss | $(2.92) | $(0.82) | $(2.16) | $(2.86) |

---

------

**Aytu BioPharma, Inc.**

**Consolidated Balance Sheets**

**(in thousands, except share data)**

---

| | | |
|:---|:---|:---|
|  | **June 30,** | **June 30,** |
|  | **2025** | **2024** |
| **ASSETS** |  |  |
| Current assets: |  |  |
| &nbsp;&nbsp;&nbsp; Cash and cash equivalents | $30952 | $20006 |
| &nbsp;&nbsp;&nbsp; Accounts receivable, net | 31155 | 23526 |
| &nbsp;&nbsp;&nbsp; Inventories | 11434 | 12141 |
| &nbsp;&nbsp;&nbsp; Prepaid expenses and other current assets | 5638 | 5097 |
| &nbsp;&nbsp;&nbsp; Current assets of discontinued operations |  | 1121 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total current assets | 79179 | 61891 |
| Non-current assets: |  |  |
| &nbsp;&nbsp;&nbsp; Property and equipment, net | 532 | 693 |
| &nbsp;&nbsp;&nbsp; Operating lease right-of-use assets | 1061 | 829 |
| &nbsp;&nbsp;&nbsp; Intangible assets, net | 42201 | 52453 |
| &nbsp;&nbsp;&nbsp; Other non-current assets | 1204 | 2185 |
| &nbsp;&nbsp;&nbsp; Non-current assets of discontinued operations |  | 44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total non-current assets | 44998 | 56204 |
| **Total assets** | $**124177** | $**118095** |
| **LIABILITIES AND STOCKHOLDERS' EQUITY** |  |  |
| Current liabilities: |  |  |
| &nbsp;&nbsp;&nbsp; Accounts payable | $10601 | $10314 |
| &nbsp;&nbsp;&nbsp; Accrued liabilities | 38164 | 38143 |
| &nbsp;&nbsp;&nbsp; Revolving credit facility | 9063 | 2395 |
| &nbsp;&nbsp;&nbsp; Current portion of debt | 1857 | 1857 |
| &nbsp;&nbsp;&nbsp; Other current liabilities | 3379 | 8962 |
| &nbsp;&nbsp;&nbsp; Current liabilities of discontinued operations |  | 557 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total current liabilities | 63064 | 62228 |
| Non-current liabilities: |  |  |
| &nbsp;&nbsp;&nbsp; Debt, net of current portion | 10895 | 10877 |
| &nbsp;&nbsp;&nbsp; Derivative warrant liabilities | 26334 | 12745 |
| &nbsp;&nbsp;&nbsp; Other non-current liabilities | 4918 | 4529 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total non-current liabilities | 42147 | 28151 |
| Stockholders' equity: |  |  |
| &nbsp;&nbsp;&nbsp; Preferred stock, par value $.0001; 50,000,000 shares authorized; no shares issued or outstanding |  |  |
| &nbsp;&nbsp;&nbsp; Common stock, par value $.0001; 200,000,000 shares authorized; 8,976,913 and 5,972,638 shares issued and outstanding, respectively | 1 | 1 |
| &nbsp;&nbsp;&nbsp; Additional paid-in capital | 352500 | 347688 |
| &nbsp;&nbsp;&nbsp; Accumulated deficit | (333535) | (319973) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total stockholders' equity | 18966 | 27716 |
| **Total liabilities and stockholders' equity** | $**124177** | $**118095** |

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**Aytu BioPharma, Inc.**

**Reconciliation of Net Loss to Adjusted EBITDA**

**(in thousands)**

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended** | **Three Months Ended** | **Year Ended** | **Year Ended** |
|  | **June 30,** | **June 30,** | **June 30,** | **June 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| **Net loss - GAAP** | $**(19818)** | $**(4617)** | $**(13562)** | $**(15844)** |
| &nbsp;&nbsp;&nbsp; Interest expense | 730 | 1253 | 3703 | 5059 |
| &nbsp;&nbsp;&nbsp; Income tax expense | 437 | 841 | 437 | 2142 |
| &nbsp;&nbsp;&nbsp; Depreciation and amortization | 1278 | 1398 | 5191 | 5910 |
| &nbsp;&nbsp;&nbsp; Stock-based compensation expense | 113 | 243 | 576 | 2374 |
| &nbsp;&nbsp;&nbsp; Other expense (income), net | 1230 | (120) | 512 | (870) |
| &nbsp;&nbsp;&nbsp; Derivative warrant liabilities loss (gain) | 9860 | (1463) | 1703 | 4004 |
| &nbsp;&nbsp;&nbsp; One-time transactions |  | 150 |  | 1001 |
| &nbsp;&nbsp;&nbsp; Non-recurring legal fees |  |  | 402 |  |
| &nbsp;&nbsp;&nbsp; Restructuring costs |  | 1912 | 2101 | 2156 |
| &nbsp;&nbsp;&nbsp; Impairment expense | 8263 |  | 8263 |  |
| &nbsp;&nbsp;&nbsp; Loss on extinguishment of debt |  | 594 |  | 594 |
| &nbsp;&nbsp;&nbsp; Pipeline research and development costs | 8 | 599 | 480 | 983 |
| &nbsp;&nbsp;&nbsp; Net (income) loss from discontinued operations, net of tax | (62) | 1239 | (620) | 3324 |
| **Adjusted EBITDA - non-GAAP** | $**2039** | $**2029** | $**9186** | $**10833** |

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