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of Contents](#toc)\n\n**UNITED STATES**\n\n**SECURITIES AND EXCHANGE COMMISSION**\n\n**Washington, D.C. 20549**\n\n \n\n \n\n**FORM 10-Q**\n\n \n\n \n\n**(Mark One)**\n\n \n\n☒\n\n**QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**\n\n \n\nFor the quarterly period ended March 31, 2026\n\n \n\n☐\n\n**TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**\n\n \n\nFor the transition period from              to             \n\n \n\n**Commission File Number 1-13602**\n\n \n\n \n\n**Veru Inc.**\n\n(Exact Name of Registrant as Specified in its Charter)\n\n \n\n  \n\n**Wisconsin**\n\n**39-1144397**\n\n(State of Incorporation)\n\n(I.R.S. Employer Identification No.)\n\n  \n\n**2916 N. Miami Avenue, Suite 1000, Miami, FL**\n\n**33127**\n\n(Address of Principal Executive Offices)\n\n(Zip Code)\n\n \n\n**305-509-6897**\n\n(Registrant’s Telephone Number, Including Area Code)\n\n \n\n**N/A**\n\n(Former Name, Former Address and Former Fiscal Year, if Changed Since Last Report)\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\nCommon Stock, $0.01 par value per share\n\nVERU\n\nNasdaq 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, a 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 \nAccelerated filer ☐\n\nNon-accelerated filer ☒\n \nSmaller reporting company☒\n\n  \nEmerging growth company☐\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 determined by Rule 12b-2 of the Exchange Act).    Yes  ☐     No  ☒\n\n \n\nAs of May 8, 2026, the registrant had 16,050,320 shares of $0.01 par value common stock outstanding.\n\n \n\n \n\n[Table of Contents](#toc)\n\n \n\n \n\nVERU INC.\n\nINDEX\n\n \n\n \n\nPAGE\n\n \n \n\n[Forward Looking Statements](#fls)\n\n[3](#fls)\n\n \n \n\n[PART I. FINANCIAL INFORMATION](#parti)\n\n \n\n \n \n\n[Item 1. Financial Statements](#item1)\n\n[5](#item1)\n\n \n \n\n[Unaudited Condensed Consolidated Balance Sheets](#bs)\n\n[5](#bs)\n\n \n \n\n[Unaudited Condensed Consolidated Statements of Operations](#inc)\n\n[6](#inc)\n\n \n \n\n[Unaudited Condensed Consolidated Statements of Stockholders’ Equity](#equity)\n\n[7](#equity)\n\n \n \n\n[Unaudited Condensed Consolidated Statements of Cash Flows](#cfs)\n\n[8](#cfs)\n\n \n \n\n[Notes to Unaudited Condensed Consolidated Financial Statements](#notes)\n\n[9](#notes)\n\n \n \n\n[Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](#mda)\n\n[25](#mda)\n\n \n \n\n[Item 3. Quantitative and Qualitative Disclosures About Market Risk](#qqdmr)\n\n[37](#qqdmr)\n\n \n \n\n[Item 4. Controls and Procedures](#cps)\n\n[37](#cps)\n\n \n \n\n[PART II. OTHER INFORMATION](#partii)\n\n \n\n \n \n\n[Item 1. Legal Proceedings](#legal)\n\n[37](#legal)\n\n \n \n\n[Item 1A. Risk Factors](#risks)\n\n[38](#risks)\n\n \n \n\n[Item 5. Other Information](#otherinfo)\n[39](#otherinfo)\n\n \n \n\n[Item 6. Exhibits](#exs)\n\n[40](#exs)\n\n \n\n \n\n2\n\n[Table of Contents](#toc)\n\n \n\n \n\nFORWARD LOOKING STATEMENTS\n\n \n\nCertain statements included in this quarterly report on Form 10-Q which are not statements of historical fact are intended to be, and are hereby identified as, “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements include, but are not limited to, statements about our financial condition or business, our development and commercialization plans relating to our product candidates and products, including any potential development or commercialization of enobosarm as a drug candidate that preserves muscle mass and augments fat loss in patients receiving a glucagon-like peptide-1 receptor agonist (“GLP-1 RA”) for greater amount and higher quality weight loss for the treatment of obesity and sabizabulin to treat cardiovascular atherosclerotic disease to reduce major cardiovascular events, future financial and operating results, plans, objectives, expectations and intentions, costs and expenses, royalty payments, outcome of litigation and other contingencies, financial condition, results of operations, liquidity, cost savings, our ability to continue as a going concern, objectives of management, business strategies, clinical trial timing, plans and results, the achievement of clinical and commercial milestones, the advancement of our technologies and our products and drug candidates, our intellectual property strategy and whether any products may be patented, and other statements that are not historical facts. Forward-looking statements can be identified by the use of forward-looking words or phrases such as “anticipate,” “believe,” “could,” “expect,” “intend,” “may,” “opportunity,” “plan,” “predict,” “potential,” “estimate,” “should,” “will,” “would” or the negative of these terms or other words of similar meaning. These statements are based upon the Company’s current plans and strategies and reflect the Company’s current assessment of the risks and uncertainties related to its business and are made as of the date of this report. These statements are inherently subject to known and unknown risks and uncertainties. You should read these statements carefully because they discuss our future expectations or state other “forward-looking” information. There may be events in the future that we are not able to accurately predict or control and our actual results may differ materially from the expectations we describe in our forward-looking statements. Factors that could cause actual results to differ materially from those currently anticipated include the following:\n\n \n\n \n\n●\n\npotential delays in the timing of and results from clinical trials and studies, including potential delays in the recruitment of patients and their ability to effectively participate in such trials and studies, the potential suspension or termination of any such trials or studies, and the risk that such results will not support marketing approval or commercialization in the United States or in any foreign country;\n\n \n\n●\n\npotential delays in the timing of any submission to the U.S. Food and Drug Administration (the “FDA”) or any other regulatory authority around the world and potential delays in, or failure to obtain, from any such regulatory authority approval of products under development, including the risk of a delay or failure in reaching agreement with the FDA on the design of any clinical trial, including any post-approval or post-authorization study, or in obtaining authorization to commence a clinical trial or commercialize a product candidate in the U.S. or elsewhere, and the risk that the terms of any regulatory approval may limit the drug’s commercial potential;\n\n \n\n●\n\nalthough we have sought and received feedback from the FDA on the designs of our clinical trials and intend to continue to do so, the FDA may ultimately disagree that our trials support approval;\n\n \n\n●\n\npotential delays in the timing of approval by the FDA or any other regulatory authority of the release of manufactured lots of approved products;\n\n \n\n●\n\nclinical trial results supporting any potential regulatory approval or authorization of any of our products, including enobosarm initially as a treatment to augment fat loss and to prevent muscle loss in sarcopenic obese or overweight elderly patients receiving a GLP-1 RA who are at-risk for developing muscle weakness and sabizabulin to treat cardiovascular atherosclerotic disease to reduce major cardiovascular events, may not be replicated in clinical practice;\n\n \n\n●\n\nclinical results or early data from clinical trials may not be replicated or continue to occur in additional trials or may not otherwise support further development in the specified product candidate or at all;\n\n \n\n●\n\nrisks that our business could be negatively impacted by disruptions at the FDA or other government agencies, including as a result of a shutdown of the U.S. government;\n\n \n\n●\n\nrisks related to our ability to obtain sufficient financing on acceptable terms when needed to fund product development and our operations and to enable us to continue as a going concern;\n\n \n\n●\n\nwe may not receive any additional funds upon the exercise of outstanding warrants;\n\n \n\n●\n\nour ability to maintain compliance with the continued listing requirements of the Nasdaq Stock Market LLC (“Nasdaq”); \n\n \n\n●\n\nwe need to secure significant funding to advance our drug candidates;\n\n \n\n●\n\nwe plan to prioritize the use of our current internal cash to the development of enobosarm, with a primary near-term focus on funding our PLATEAU Phase 2b clinical trial, and as a result advancement of sabizabulin as a treatment for slowing progression of or promoting regression of atherosclerosis disease will depend upon us securing additional funding;\n\n \n\n●\n\nrisks related to the development of our product portfolio, including clinical trials, regulatory approvals and time and cost to bring any of our product candidates to market, and risks related to efforts of our collaborators;\n\n \n\n●\n\nproduct demand and market acceptance of our products in development, if approved;\n\n \n\n3\n\n[Table of Contents](#toc)\n\n \n\n \n\n●\n\nrisks related to our ability to obtain insurance reimbursement from private payors or government payors, including Medicare and Medicaid, and similar risks relating to market or political acceptance of any potential or actual pricing for any of our product candidates that, if approved, we attempt to commercialize;\n\n \n\n●\n\nall of our products are in development and we may fail to obtain regulatory approval for or successfully commercialize such products;\n\n \n\n●\n\nrisks related to intellectual property, including the uncertainty of obtaining intellectual property protections and in enforcing them, the possibility of infringing a third party’s intellectual property, licensing risks, and the Company’s ability to fund any enforcement or defense of its intellectual property rights;\n\n \n\n●\n\ncompetition from existing and new competitors with respect to our products in development, if approved, including the potential for reduced sales, pressure on pricing, and increased spending on marketing;\n\n \n\n●\n\nrisks related to compliance and regulatory matters, including costs and delays resulting from extensive government regulation and reimbursement and coverage under healthcare insurance and regulation as well as potential healthcare reform measures;\n\n \n\n●\n\nthe risk that we will be affected by regulatory and legal developments;\n\n \n\n●\n\nrisks inherent in doing business on an international level, including currency risks, tariffs, regulatory requirements, political risks, export restrictions and other trade barriers, and including restrictions on the importation or sale of drug products;\n\n \n\n●\n\nthe risk of disruption of production at facilities of third parties on which we rely and/or of our ability to obtain supply product due to raw material shortages, labor shortages, manufacturing partner business changes, physical damage to third parties’ facilities, product testing, transportation delays or regulatory or other governmental actions, and the duration and impact of any such disruptions;\n\n \n\n●\n\nrisks related to our growth strategy;\n\n \n\n●\n\nour continued ability to attract and retain highly skilled and qualified personnel;\n\n \n\n●\n\nrisks relating to the restatement of our unaudited condensed consolidated financial statements as of and for the three and nine months ended June 30, 2023 and the restatement of our audited consolidated financial statements as of and for the years ended September 30, 2023 and 2022;\n\n \n\n●\n\nrisks relating to our history of losses and the fact we currently have no commercial revenue and may never generate revenue or become profitable;\n\n \n\n●\n\nthe costs and other effects of litigation, governmental investigations, legal and administrative cases and proceedings, settlements and investigations, and other claims against us;\n\n \n\n●\n\nthe risk that we may identify material weaknesses or other deficiencies in our internal control over financial reporting in the future or otherwise fail to maintain an effective system of internal controls;\n\n \n\n●\n\nwe are subject to cybersecurity risks and the information technology systems on which we rely may be subject to data security or privacy incidents;\n\n \n\n●\n\nour ability to identify, successfully negotiate and complete suitable acquisitions, out-licensing transactions, in-licensing transactions or other strategic initiatives and to realize any potential benefits of such transactions or initiatives; and\n\n \n\n●\n\nour ability to successfully integrate acquired businesses, technologies or products.\n\n \n\nThese factors are not exhaustive. All forward-looking statements in this report should be considered in the context of the risks and other factors described above, in Part II, Item 1A, “Risk Factors” in this report, and in Part I, Item 1A, “Risk Factors”, in the Company’s Annual Report on Form 10-K for the fiscal year ended September 30, 2025. Additional factors that we do not yet know of or that we currently think are immaterial may also impair our business operations, and new risk factors may emerge from time to time.  It is not possible to predict all such risk factors, nor can the Company assess the impact of all such risk factors on its 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 are not guarantees of performance. You should not put undue reliance on these statements, which speak only as of the date hereof. All forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by the foregoing cautionary statements. The Company undertakes no obligation to make any revisions to the forward-looking statements contained in this report or to update them to reflect events or circumstances occurring after the date of this report except as required by applicable law.\n\n \n\n4\n\n[Table of Contents](#toc)\n\n \n\n \n\nPART I.                  FINANCIAL INFORMATION"}