aytu20251231

aytu20251231_10q.htm

0001385818 false --06-30 Q2 2026 0.0001 0.0001 50,000,000 50,000,000 0 0 0 0 0.0001 0.0001 200,000,000 200,000,000 10,733,208 10,733,208 8,976,913 8,976,913 1 1 0 0 0.1 0.1 0 5 http://fasb.org/us-gaap/2025#OtherLiabilitiesCurrent http://fasb.org/us-gaap/2025#OtherLiabilitiesCurrent http://fasb.org/us-gaap/2025#OtherLiabilitiesNoncurrent http://fasb.org/us-gaap/2025#OtherLiabilitiesNoncurrent http://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMember 9.1 http://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMember 4 7 4 0.4 0.4 2.60 2.60 1 0 10,733,208 1 4 3 4 4 4 0 0 0 0 0 0 false false false false Each of these 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. During the six months ended December 31, 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. Fixed 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. The net (loss) income from continuing operations numerator has been adjusted to remove a gain of $3.1 million and $5.9 million for the three and six months ended December 31, 2024, respectively, due to the changes in fair value of certain warrant liabilities. The $3.8 million Employee Retention Credit (“ERC”) accrual in other non-current liabilities as of December 31, 2025, 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. The 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. The Company has entered into various operating lease agreements for certain of its offices. Please see Note 6 - Leases for further detail. In 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. Other 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. All of the Company’s prefunded warrants do not have an expiration date. The 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. Includes all liability classified warrants and prefunded warrants except the June 2023 Tranche A Warrants (see Note 16 - Warrants for further information). The number of warrants, excluding prefunded warrants, outstanding as of December 31, 2025, is comprised of 3,821,115 liability classified warrants and zero equity classified warrants. Relates to the exercise of 1,485,000 prefunded warrants during the six months ended December 31, 2025, which were liability classified and exercised at a price of $0.0001 per share. In 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 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. The June 2025 Prefunded Warrants had a fair value of approximately $12.3 million at issuance and are classified as derivative warrant liabilities. There was $1.3 million of issuance costs allocated to the June 2025 Prefunded Warrants. See Note 12 - Fair Value Measurements and Note 14 - Stockholders’ Equity for further detail. Each 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. In 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. In June 2024, certain warrants were exercised, generating proceeds of $3.5 million, into 367,478 shares of common stock and 1,806,434 prefunded warrants to purchase shares of common stock with an exercise price of $0.0001 per share (the “June 2023 Tranche B Prefunded Warrants”), and may be exercised at any time subject to certain limitations as defined in the agreements between the Company and the investors on a one-for-one basis. The June 2023 Tranche B Prefunded Warrants had a fair value of approximately $5.1 million at issuance and are classified as derivative warrant liabilities. 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SEC Form 10-Q filed by Aytu BioPharma Inc.