10-Q · May 13, 2026
Aytu BioPharma's Q3 fiscal 2026 report shows a significant decline in both revenue and EPS compared to prior periods. Revenue totaled $12.4 million, missing consensus estimates, while EPS registered at -$0.53,…
Earnings analysis · 10-K
AYTU earnings analysis
Filed September 22, 2026 · Our reading of the company's report
The latest report
Aytu is transitioning toward an EXXUA-led commercial model, with EXXUA contributing $6.574 million in first-year revenue and operating cash flow turning positive at $3.281 million. However, total revenue declined 13.3%…
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Aytu is transitioning toward an EXXUA-led commercial model, with EXXUA contributing $6.574 million in first-year revenue and operating cash flow turning positive at $3.281 million. However, total revenue declined 13.3% to $57.570 million, gross margin fell to 64% from 69%, and net loss widened to $14.252 million from $13.562 million. Generic competition, the July 2026 Cotempla launch, concentrated customers, secured debt, and limited cash make the path to sustained profitability uncertain despite portfolio rationalization and lower interest costs.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
From revenue to operating profit
Where each $100 of revenue went in this report.
Cost of sales, operating expenses, and what remained. Figures are rounded to whole dollars.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $-1.16
- Segment
- Single operating and reportable segment; net revenue by portfolio: EXXUA $6.574 million, ADHD Portfolio $45.825 million, Pediatric Portfolio $5.135 million, Other $0.036 million.
- Segment
- Net revenue was predominantly within the United States, with insignificant international sales.
What stood out
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EXXUA launched as growth catalyst
EXXUA generated $6.574 million of fiscal 2026 net revenue in its launch year. Management describes EXXUA as the centerpiece of its commercial efforts and as having potential to become a major growth catalyst.
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Operating cash flow turned positive
The company generated $57.570 million of fiscal 2026 net revenue, while operating cash flow improved to $3.281 million from negative $1.937 million in fiscal 2025.
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Cost structure materially streamlined
Operating expenses declined to $45.133 million from $53.658 million, helped by no impairment expense versus $8.263 million in fiscal 2025, no restructuring expense versus $2.101 million, and research and development expense falling to zero from $1.326 million.
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Debt and interest burden declined
Interest expense declined 48.8% to $1.895 million, and the company reduced term-loan principal from $13.0 million to $11.143 million and revolving-loan borrowings from $9.063 million to $6.074 million.
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ADHD manufacturing platform established
The company completed the transfer of Adzenys and Cotempla manufacturing to a U.S.-based third-party manufacturer and states that the transition was intended to improve product efficiency and profitability.
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Portfolio rationalization completed
Aytu has focused its portfolio by indefinitely suspending active clinical development, divesting Consumer Health, and operating continuing operations as a single reportable segment; it also eliminated $3.1 million of Tris settlement liabilities and $0.2 million of pediatric fixed-payment obligations during fiscal 2026.
What to watch
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ADHD generic erosion accelerates
Generic pressure is becoming more immediate: Teva's authorized generic Cotempla right to manufacture and market commenced July 1, 2026, while Actavis/Teva's generic Adzenys right commenced September 1, 2025. Fiscal 2026 ADHD revenue already fell to $45.825 million from $57.576 million.
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Adzenys patent litigation remains unresolved
The company is defending Adzenys patents against Granules in ongoing Paragraph IV litigation; the trial was rescheduled from December 7, 2026 to January 12, 2027. An adverse outcome could allow earlier generic competition, while litigation consumes financial and management resources.
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Limited liquidity versus secured debt
Liquidity and refinancing risk remain material: cash and equivalents declined to $26.308 million from $30.952 million, against $11.143 million of term debt and $6.074 million of revolving borrowings at June 30, 2026. The company states that it may need additional funding and that failure to obtain it could require delaying or curtailing operations.
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Wholesale customer concentration
Customer concentration is substantial: five customers represented 83% of fiscal 2026 gross revenue and 90% of gross accounts receivable at June 30, 2026. The loss, delay, or cancellation of one major customer could materially reduce revenue and cash collection.
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Margin pressure and inventory risk
Gross margin declined to 64% from 69%, partly because fiscal 2026 inventory write-downs were $2.187 million versus $0.325 million in fiscal 2025, primarily reflecting the shift from branded Adzenys to generic products.
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EXXUA economics include sizable obligations
The EXXUA commercialization agreement requires a second payment of $3.0 million within 45 days of the first-launch anniversary, potentially increasing to $5.0 million if first-year EXXUA net sales reach $35.0 million; it also requires royalties initially equal to 28% of EXXUA net sales.
Management's outlook
The 10-K provides no numeric revenue or EPS guidance. Management expects to become profitable through continued commercial-business growth and achieve positive operating cash flows; it also expects fiscal 2027 selling and marketing and general and administrative expenses to increase as EXXUA commercialization expands.
Earlier filings 4
10-Q · February 3, 2026
Aytu reported net revenue of $15,165,000 for the quarter ended December 31, 2025 (down from $16,221,000 in the year‑ago quarter) and GAAP diluted EPS of $(1.05) versus $0.11 a year earlier. Gross margin contracted to…
10-K · September 23, 2025
Aytu is transitioning to a focused commercial-stage pharmaceutical company centered on an anticipated EXXUA (gepirone) U.S. launch in Q4 2025 while growing its prescription business (Adzenys/Cotempla ADHD portfolio and…
10-Q · May 14, 2025
Aytu reported quarterly net revenue of $18,452,000 for the three months ended March 31, 2025, up from $14,025,000 in the prior-year quarter, and swung to operating income of $2,421,000 (13.1% margin) from an operating…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.