{"url_path":"/sec/aytu/10-q/2026/cover-page","section_key":"cover-page","section_title":"Cover Page","topic":"sec","document":{"doc_type":"10-Q","doc_date":"2026-05-13","source_url":"https://www.sec.gov/Archives/edgar/data/1385818/0001437749-26-016721-index.html","accession_number":"0001437749-26-016721","cik":"0001385818","ticker":"AYTU","issuer_name":"AYTU BIOPHARMA, INC","edgar_url":"https://www.sec.gov/Archives/edgar/data/1385818/0001437749-26-016721-index.html","primary_entity_key":"0001385818","primary_entity_name":"AYTU BIOPHARMA, INC"},"word_count":2448,"has_tables":true,"body_markdown":"aytu20260331_10q.htm\n\n0001385818\nAYTU BIOPHARMA, INC\nfalse\n--06-30\nQ3\n2026\n\n0.0001\n0.0001\n50,000,000\n50,000,000\n0\n0\n0\n0\n0.0001\n0.0001\n200,000,000\n200,000,000\n10,733,208\n10,733,208\n8,976,913\n8,976,913\n1\n1\n0.1\n0\n0.1\n0\n5\nhttp://fasb.org/us-gaap/2026#OtherLiabilitiesCurrent\nhttp://fasb.org/us-gaap/2026#OtherLiabilitiesCurrent\nhttp://fasb.org/us-gaap/2026#OtherLiabilitiesNoncurrent\nhttp://fasb.org/us-gaap/2026#OtherLiabilitiesNoncurrent\nhttp://fasb.org/us-gaap/2026#SecuredOvernightFinancingRateSofrMember\nhttp://fasb.org/us-gaap/2026#SecuredOvernightFinancingRateSofrMember\n4\n7\n4\n0.4\n2.73\n2.73\n1\n0\n10,733,208\n1\n4\n3\n4\n4\n4\n0\n0\n0\n0\n1,630,434\n1,630,434\n2,060,651\n2,060,651\n0\n0\n0\nfalse\nfalse\nfalse\nfalse\n\nIn June 2025, the Company raised gross proceeds of $16.6 million from the issuance of the June 2025 Common Stock and the June 2025 Prefunded Warrants. The June 2025 Prefunded Warrants had a fair value of approximately $12.3 million at issuance and were originally classified as derivative warrant liabilities. There was $1.3 million of issuance costs allocated to the June 2025 Prefunded Warrants. The June 2025 Prefunded Warrants were able to be exercised on a one-for-one basis at any time subject to certain limitations as defined in the agreements between the Company and the Investors. During the first half of fiscal 2026 a total of 1,485,000 of the June 2025 Prefunded Warrants were exercised to 1,485,000 shares of common stock. See Note 12 - Fair Value Measurements and Note 14 - Stockholders’ Equity for further detail. As discussed above, on March 31, 2026, all of the remaining June 2025 Prefunded Warrants were canceled and issued to the Investors, as applicable, as Amended 2023 Prefunded Warrants, which resulted in their reclassification from liability classified to equity classified. Each of the June 2025 Prefunded Warrants is exercisable at any time for one share of the Company’s common stock on a one-for-one basis under the terms of the agreements between the Company and the Investors.\nFixed payment arrangements represent obligations related to the acquisition of products. As of September 30, 2025, the Company had no remaining accrued amount recorded related to fixed payment arrangements.\nIn June 2023, the Company issued these tranche A warrants to purchase 2,173,912 shares of common stock (the “June 2023 Tranche A Warrants”), which may be exercised on a one-for-one basis at any time subject to certain limitations as defined in the agreements between the Company and the investors, for either shares of common stock at an exercise price of $1.59 per share or for prefunded warrants at an exercise price of $1.5899 per prefunded warrant to purchase common stock at a future exercise price of $0.0001 per share. The June 2023 Tranche A Warrants will expire upon the earlier of June 2028 or 30 days following the closing price of the Company’s common stock equaling 200% of the exercise price ($3.18 per share) for at least 40 consecutive trading days. As discussed above, on March 31, 2026, a total of 1,630,434 of the June 2023 Tranche A Warrants were canceled and issued to the Investors, as applicable, as Amended 2023 Tranche A Warrants, which resulted in their reclassification from liability classified to equity classified. A total of 543,478 of the June 2023 Tranche A Warrants were not amended and thus remained liability classified.\nThe number of warrants, excluding prefunded warrants, outstanding as of June 30, 2025, is comprised of 3,821,115 liability classified warrants and 15,571 equity classified warrants.\nThe Company has entered into various operating lease agreements for certain of its offices. Please see Note 6 - Leases for further detail.\nRelates to the Company amending and restating certain warrants and prefunded warrants, which resulted in them being reclassified from liability classified to equity classified on March 31, 2026. Please see Note 16 - Warrants for further detail.\nIn June 2025, the Company recorded an impairment to its product technology rights intangible asset of $8.3 million. Accordingly, $19.1 million of gross carrying amount and $10.8 million of related accumulated amortization have been removed from this table as of June 30, 2025.\nOther consists of taxes payable, deferred cost related to the Company’s technology transfer, and various other accruals, none of which individually or in the aggregate represent greater than five percent of total liabilities.\nDuring the first half of fiscal 2025, a total of 1,485,000 of the June 2025 Prefunded Warrants were exercised to 1,485,000 shares of common stock. See Note 12 - Fair Value Measurements for further detail.\nThe $3.8 million Employee Retention Credit (“ERC”) accrual in other non-current liabilities as of March 31, 2026, represents the proceeds the Company received from the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) program during the first quarter of fiscal 2024. When management determines it has reasonable assurance that the Company has substantially met all eligibility requirements of the ERC and following any adjustments from its regulatory audit or upon further clarifications from the IRC, the ERC accrual shall be recognized as a benefit in other income, net in the unaudited consolidated statement of operations.\nRelates to the exercise of 1,485,000 prefunded warrants during the nine months ended March 31, 2026, which were liability classified and exercised at a price of $0.0001 per share.\n\nAll of the Company’s prefunded warrants do not have an expiration date.\nAs discussed above, on March 31, 2026, a total of 2,060,651 prefunded warrants related to the Company’s public equity offering completed in June 2023 were canceled and issued to the Investors, as applicable, as Amended 2023 Prefunded Warrants, which resulted in their reclassification from liability classified to equity classified. Each of these Amended 2023 Prefunded Warrants is exercisable at any time for one share of the Company’s common stock on a one-for-one basis under the terms of the agreements between the Company and the Investors.\nThe commercialization rights intangible asset was not considered placed into service until the launch of EXXUA, which the Company successfully completed in the second fiscal quarter of 2026.\nIncludes all liability classified warrants and prefunded warrants except the June 2023 Tranche A Warrants (see Note 16 - Warrants for further information).\n\nThe number of warrants, excluding prefunded warrants, outstanding as of March 31, 2026, is comprised of 2,190,681 liability classified warrants and 1,630,434 equity classified warrants.\nEach of these warrants is exercisable at any time for one share of the Company’s common stock on a one-for-one basis under the terms of the agreements between the Company and the investors.\nThe net (loss) income from continuing operations 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STATES**\n\n**SECURITIES AND EXCHANGE COMMISSION**\n\n**WASHINGTON, D.C. 20549**\n\n \n\n**FORM** **10-Q**\n\n \n\n☒ **QUARTERLY REPORT PURSUANT TO SECTION** **13 OR 15(d)** **OF THE SECURITIES EXCHANGE ACT OF 1934**\n\n \n\n**For the quarterly period ended March 31, 2026**\n\n \n\n**or**\n\n \n\n**☐ TRANSITION REPORT PURSUANT TO SECTION** **13 OR 15(d)** **OF THE SECURITIES EXCHANGE ACT OF 1934**\n\n \n\n**For the transition period from** __________ **to ___________**\n\n \n\n**Commission File Number:** **001-38247**\n\n \n\n \n\n**AYTU BIOPHARMA, INC.**\n\n(Exact name of registrant as specified in its charter)\n\n \n\n**Delaware**\n \n**47-0883144**\n\n(State or other jurisdiction of incorporation or organization)\n \n(I.R.S. Employer Identification No.)\n\n \n\n******7900 East Union Avenue, Suite** **920****, Denver, Colorado 80237**\n **(720) 437-6580**\n\n(Address of principal executive offices and zip code) (Registrant’s telephone number, including area code)\n\n \n\nSecurities registered pursuant to Section 12(b) of the Act:\n\n \n\nTitle of each class\n \nTrading Symbol(s)\n \nName of each exchange on which registered\n\n**Common Stock, par value $0.0001 per share**\n \n**AYTU**\n \n**The Nasdaq Capital Market**\n\n \n\nIndicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐\n\n \n\nIndicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐\n\n \n\nIndicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b‑2 of the Exchange Act.\n\n \n\nLarge accelerated filer\n\n  ☐\n\nAccelerated filer\n\n  ☐\n\nNon-accelerated filer\n\n  ☒\n\nSmaller reporting company\n\n  ☒\n\n  \nEmerging growth company\n\n  ☐\n\n \n\nIf 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. ☐\n\n \n\nIndicate by check mark whether the registrant is a shell company (as defined in Rule 12b‑2 of the Exchange Act). Yes ☐ No ☒\n\n \n\nAs of April 30, 2026, the registrant had 10,733,208 of common stock outstanding.\n\n \n\n \n\n[Table of Contents](#toc)\n\n \n\n \n\n \n\n**AYTU BIOPHARMA, INC.**\n\n**FORM 10-Q**\n\n \n\n**TABLE OF CONTENTS**\n\n \n\n \n \n\n**Page**\n\n[Cautionary Information Regarding Forward-Looking Statements](#cautionary)\n[3](#cautionary)\n\n \n \n \n\n[**PART** **I** - **FINANCIAL INFORMATION**](#part1item1bs)\n[4](#part1item1bs)\n\n[Item 1.](#part1item1bs)\n\n[Financial Statements](#part1item1bs)\n\n[4](#part1item1bs)\n\n \n\n[Unaudited Consolidated Balance Sheets](#part1item1bs)\n\n[4](#part1item1bs)\n\n \n\n[Unaudited Consolidated Statements of Operations](#ops)\n\n[5](#ops)\n\n \n\n[Unaudited Consolidated Statements of Stockholders’ Equity](#se)\n\n[6](#se)\n\n \n\n[Unaudited Consolidated Statements of Cash Flows](#cf)\n\n[7](#cf)\n\n \n\n[Notes to the Unaudited Consolidated Financial Statements](#notes)\n\n[8](#notes)\n\n[Item 2.](#mda)\n\n[Management’s Discussion and Analysis of Financial Condition and Results of Operations](#mda)\n\n[31](#mda)\n\n[Item 3.](#quant)\n\n[Quantitative and Qualitative Disclosures About Market Risk](#quant)\n\n[38](#quant)\n\n[Item 4.](#controls)\n\n[Controls and Procedures](#controls)\n\n[38](#controls)\n\n \n \n \n\n[**PART** **II** - **OTHER INFORMATION**](#parttwo)\n[39](#parttwo)\n\n[Item 1.](#legal)\n\n[Legal Proceedings](#legal)\n\n[39](#legal)\n\n[Item 1A.](#risk)\n\n[Risk Factors](#risk)\n\n[39](#risk)\n\n[Item 5.](#ITEM5OTHERINFO)\n[Other Information](#ITEM5OTHERINFO)\n[39](#ITEM5OTHERINFO)\n\n[Item 6.](#exhibits)\n\n[Exhibits](#exhibits)\n\n[39](#exhibits)\n\n \n \n \n\n[**SIGNATURES**](#sigs)\n\n[40](#sigs)\n\n \n\n2\n\n[Table of Contents](#toc)\n\n \n\n \n\n**CAUTIONARY INFORMATION REGARDING FORWARD-LOOKING STATEMENTS**\n\n \n\nThis Report on Form 10‑Q (“Form 10-Q” or “this report”) includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). All statements other than statements of historical facts contained in this report, including statements regarding our regulatory events, future financial position, business strategy and plans and objectives of management for future operations, 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,” “potential,” or similar words, or the negatives of such terms or other variations on such terms or comparable terminology. Such forward-looking statements include, without limitation: our anticipated future cash position; the planned expanded commercialization of our products and the potential future commercialization of our product candidates; our anticipated future growth rates; anticipated sales increases; anticipated net revenue increases; amounts of certain future expenses and cost of goods sold; our plans to acquire additional assets or dispose of assets, anticipated increases or decreases to operating expenses, and selling, general, and administrative expenses; and future events under our current and potential future collaborations.\n\n \n\nThese forward-looking statements are subject to a number of risks, uncertainties and assumptions, including without limitation the risks described in “Risk Factors” in Part I, Item 1A of our [Annual Report on Form 10‑K](http://www.sec.gov/ix?doc=/Archives/edgar/data/1385818/000143774925029723/aytu20250630c_10k.htm) for the year ended June 30, 2025 (“[2025 Form 10-K](http://www.sec.gov/ix?doc=/Archives/edgar/data/1385818/000143774925029723/aytu20250630c_10k.htm)”), and in the reports we file with the United States Securities and Exchange Commission (“SEC”). These risks are not exhaustive. Moreover, we operate in a very competitive and rapidly changing environment. New risk factors emerge from time to time, and it is not possible for our management to predict all risk factors, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. Forward-looking statements should not be relied upon as predictions of future events. We can provide no assurance that the events and circumstances reflected in the forward-looking statements will be achieved or occur, and actual results could differ materially from those projected in the forward-looking statements.\n\n \n\nThis Form 10-Q may refer to registered trademarks that we currently own or license, such as Aytu, Aytu BioPharma, Aytu RxConnect, Neos Therapeutics and EXXUA, which are protected under applicable intellectual property laws and are our property or the property of our subsidiaries. This Form 10-Q also contains trademarks, service marks, copyrights and trade names of other companies, which are the property of their respective owners. Solely for convenience, our trademarks and tradenames referred to in this Form 10-Q may appear without the ® or ™ symbols, but such references are not intended to indicate in any way that we will not assert, to the fullest extent under applicable law, our rights to these trademarks and tradenames. We obtained statistical data, market and product data, and forecasts used throughout this Form 10-Q from market research, publicly available information and industry publications.\n\n \n\n3\n\n[Table of Contents](#toc)\n\n \n\n**PART 1 - FINANCIAL INFORMATION**"}