The company has experienced a total cessation of commercial revenue for four consecutive quarters, while quarterly operating losses remain elevated at $7.2 million as of 2026Q2.
| Metric | TTM | Sep'25 | Sep'24 | Sep'23 | Sep'22 | Sep'21 | Sep'20 | Sep'19 | Sep'18 | Sep'17 | Sep'16 | Sep'15 | Sep'14 | Sep'13 | Sep'12 | Sep'11 | Sep'10 | Sep'09 | Sep'08 | Sep'07 | Sep'06 | Sep'05 | Sep'04 | Sep'03 | Sep'02 | Sep'01 | Sep'00 | Sep'99 | Sep'98 | Sep'97 | Sep'96 |
|---|
| Sales/Revenue | 0 | 0 | 16.89M | 16.3M | 39.35M | 61.26M | 42.59M | 31.8M | 15.86M | 13.66M | 22.13M | 32.6M | 24.49M | 31.46M | 35.03M | 18.57M | 22.22M | 27.54M | 25.63M | 19.32M | 14.82M | 11.16M | 8.83M | 9.05M | 8.42M | 6.72M | 5.77M | 4.72M | 5.45M | 2.92M | 2.06M |
| Revenue Growth % | -100% | -100% | 3.62% | -58.59% | -35.76% | 43.83% | 33.92% | 100.47% | 16.18% | -38.29% | -32.13% | 33.13% | -22.15% | -10.21% | 88.71% | -16.46% | -19.32% | 7.45% | 32.68% | 30.33% | 32.82% | 26.42% | -2.39% | 7.47% | 25.32% | 16.46% | 22.3% | -13.5% | 86.92% | 41.28% | -6.17% |
| Cost of Goods Sold | 86.1K | 0 | 11.03M | 8.73M | 8.76M | 13.33M | 11.81M | 10.15M | 7.08M | 6.64M | 8.78M | 13.63M | 11.37M | 13.95M | 14.41M | 8.7M | 9.3M | 14.03M | 14.9M | 12.16M | 9.33M | 6.37M | 5.21M | 5.46M | 4.86M | 5.34M | 3.6M | 3.31M | 5.27M | 3.48M | 3.68M |
| COGS % of Revenue | - | - | 65.33% | 53.57% | 22.27% | 21.76% | 27.72% | 31.9% | 44.64% | 48.6% | 39.67% | 41.82% | 46.42% | 44.35% | 41.14% | 46.86% | 41.84% | 50.92% | 58.14% | 62.96% | 62.97% | 57.07% | 58.97% | 60.33% | 57.69% | 79.48% | 62.51% | 70.3% | 96.73% | 119.18% | 178.5% |
| Gross Profit | -86.1K | 0 | 5.85M | 7.57M | 30.59M | 47.93M | 30.79M | 21.66M | 8.78M | 7.02M | 13.35M | 18.97M | 13.12M | 17.5M | 20.62M | 9.87M | 12.92M | 13.52M | 10.73M | 7.16M | 5.49M | 4.79M | 3.62M | 3.59M | 3.56M | 1.38M | 2.16M | 1.4M | 178.03K | -559.3K | -1.62M |
| Gross Margin % | - | - | 34.67% | 46.43% | 77.73% | 78.24% | 72.28% | 68.1% | 55.36% | 51.4% | 60.33% | 58.18% | 53.58% | 55.65% | 58.86% | 53.14% | 58.16% | 49.08% | 41.86% | 37.04% | 37.03% | 42.93% | 41.03% | 39.67% | 42.31% | 20.52% | 37.49% | 29.7% | 3.27% | -19.18% | -78.5% |
| Gross Profit Growth % | - | -100% | -22.63% | -75.27% | -36.17% | 55.67% | 42.16% | 146.59% | 25.12% | -47.42% | -29.63% | 44.57% | -25.04% | -15.11% | 109.03% | -23.67% | -4.39% | 25.98% | 49.93% | 30.37% | 14.57% | 32.28% | 0.94% | 0.77% | 158.37% | -36.24% | 54.36% | 686.68% | 131.83% | 65.48% | -440.15% |
| Operating Expenses | 28.05M | 24.75M | 42.77M | 101.35M | 113.81M | 53.36M | 45.53M | 28.09M | 29.65M | 14.58M | 10.33M | 12.35M | 9.2M | 7.71M | 9.68M | 6.57M | 6.65M | 7.3M | 7.55M | 6.28M | 5.25M | 6.1M | 4.69M | 4.92M | 6.23M | 1.98M | 4.8M | 4.43M | 3.33M | 4.68M | 6.33M |
| OpEx % of Revenue | - | - | 253.28% | 621.88% | 289.21% | 87.11% | 106.91% | 88.33% | 186.93% | 106.75% | 46.69% | 37.88% | 37.56% | 24.52% | 27.63% | 35.39% | 29.91% | 26.52% | 29.44% | 32.51% | 35.41% | 54.68% | 53.12% | 54.43% | 74.03% | 29.5% | 83.24% | 93.87% | 61.07% | 160.44% | 306.62% |
| Selling, General & Admin | 17.65M | 19.94M | 31.18M | 48.06M | 43.17M | 20.67M | 14.5M | 14.35M | 14.82M | 11.07M | 8.75M | 12.13M | 9.2M | 7.71M | 9.68M | 6.56M | 6.65M | 7.2M | 7.26M | 6.07M | 5.04M | 5.83M | 4.51M | 4.92M | 4.97M | 1.98M | 2.97M | 3.14M | 3.33M | 4.68M | 5.97M |
| SG&A % of Revenue | - | - | 184.67% | 294.89% | 109.69% | 33.74% | 34.04% | 45.12% | 93.4% | 81.09% | 39.54% | 37.21% | 37.56% | 24.52% | 27.63% | 35.33% | 29.9% | 26.13% | 28.33% | 31.43% | 33.99% | 52.22% | 51.09% | 54.43% | 59.08% | 29.5% | 51.58% | 66.65% | 61.07% | 160.44% | 289.13% |
| Research & Development | 10.43M | 15.59M | 12.81M | 51.2M | 70.65M | 32.69M | 16.94M | 13.74M | 10.85M | 3.5M | 99.39K | 219.81K | 5.58K | 4.75K | 5.28K | 10.93K | 381 | 105.92K | 284.22K | 208.61K | 210.88K | 273.78K | 179.2K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 361.09K |
| R&D % of Revenue | - | - | 75.85% | 314.18% | 179.51% | 53.37% | 39.76% | 43.21% | 68.4% | 25.66% | 0.45% | 0.67% | 0.02% | 0.02% | 0.02% | 0.06% | 0% | 0.38% | 1.11% | 1.08% | 1.42% | 2.45% | 2.03% | - | - | - | - | - | - | - | 17.49% |
| Other Operating Expenses | -28.19K | -10.78M | -1.22M | 2.09M | 0 | 0 | 14.1M | 0 | -2.2M | 0 | 9.2M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.26M | 0 | 1.83M | 1.28M | 0 | 0 | 0 |
| Operating Income | -28.13M | -24.75M | -36.92M | -93.78M | -83.22M | 12.97M | -14.75M | -6.44M | -20.87M | -8.49M | 3.02M | 6.62M | 3.92M | 9.79M | 10.94M | 3.3M | 4.35M | 4.72M | 3.18M | 875.91K | 240.35K | -1.31M | -1.07M | -1.34M | -2.67M | -602.86K | -2.64M | -3.03M | -3.15M | -5.24M | -7.95M |
| Operating Margin % | - | - | -218.61% | -575.46% | -211.47% | 21.18% | -34.62% | -20.24% | -131.57% | -62.2% | 13.64% | 20.3% | 16.02% | 31.12% | 31.23% | 17.75% | 19.57% | 17.13% | 12.42% | 4.53% | 1.62% | -11.75% | -12.09% | -14.76% | -31.72% | -8.98% | -45.75% | -64.17% | -57.8% | -179.62% | -385.12% |
| Operating Income Growth % | - | 32.95% | 60.64% | -12.69% | -741.53% | 187.97% | -129.13% | 69.17% | -145.73% | -381.4% | -54.39% | 68.67% | -59.92% | -10.51% | 231.98% | -24.23% | -7.82% | 48.19% | 263.48% | 264.42% | 118.33% | -22.83% | 20.04% | 49.99% | -342.81% | 77.15% | 12.81% | 3.96% | 39.85% | 34.11% | 3.05% |
| EBITDA | -28.02M | -24.6M | -36.65M | -93.51M | -83.01M | 13.57M | -13.96M | -5.96M | -20.42M | -8.01M | 3.44M | 7.11M | 4.51M | 10.35M | 11.4M | 3.76M | 4.82M | 4.99M | 3.4M | 1.13M | 573.99K | -788.46K | 19.17K | 210.53K | -1.66M | 321.06K | -812.89K | -1.74M | -2.62M | -4.69M | -7.27M |
| EBITDA Margin % | - | - | -217.02% | -573.8% | -210.94% | 22.15% | -32.78% | -18.75% | -128.72% | -58.68% | 15.55% | 21.81% | 18.43% | 32.89% | 32.54% | 20.25% | 21.67% | 18.1% | 13.27% | 5.84% | 3.87% | -7.06% | 0.22% | 2.33% | -19.7% | 4.78% | -14.1% | -36.95% | -48% | -160.65% | -352.42% |
| EBITDA Growth % | 24.86% | 32.88% | 60.81% | -12.65% | -711.9% | 197.16% | -134.1% | 70.79% | -154.84% | -332.85% | -51.62% | 57.59% | -56.38% | -9.26% | 203.21% | -21.92% | -3.42% | 46.62% | 201.26% | 96.67% | 172.8% | -4212.97% | -90.89% | 112.69% | -616.53% | 139.5% | 53.34% | 33.42% | 44.14% | 35.6% | 12.35% |
| D&A (Non-Cash Add-back) | 114.29K | 152.1K | 268.18K | 269.87K | 209.59K | 593.87K | 783.64K | 471.42K | 452.05K | 481.01K | 422.87K | 494.26K | 589.34K | 556.3K | 461.45K | 464.91K | 466.54K | 268.38K | 217.09K | 252.94K | 333.63K | 522.8K | 1.09M | 1.55M | 1.01M | 923.92K | 1.83M | 1.28M | 533.99K | 553.3K | 675.08K |
| EBIT | -28.13M | -35.53M | -36.47M | -90.25M | -79.44M | 9.15M | -15.43M | -7.62M | -20.12M | -8.6M | 4.5M | 6.62M | 3.92M | 9.79M | 10.94M | 3.3M | 6.28M | 6.21M | 3.18M | 875.91K | 240.36K | -1.31M | -1.07M | -1.34M | -2.67M | -602.86K | -2.64M | -3.03M | -3.1M | -5.3M | -7.9M |
| Net Interest Income | 0 | 0 | -607.47K | -2.43M | -4.37M | -4.89M | -4.62M | -4.71M | -2.95M | 0 | -57.06K | 10.15K | 117.12K | 245.54K | 362 | -2.11K | 29.17K | 55.98K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 10.15K | 0 | 245.54K | 0 | 0 | 29.17K | 55.98K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 0 | 0 | 607.47K | 2.43M | 4.37M | 4.89M | 4.62M | 4.71M | 2.95M | 2.04M | 3.32M | 0 | 50.56K | 0 | 296.18K | 124.63K | 0 | 0 | 0 | 74.91K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | 13.69M | 9.07M | -160.93K | 1.11M | -580.66K | -8.71M | -5.31M | -5.89M | -2.2M | -108.38K | -204.6K | 68.63K | 33.28K | 144.26K | -147.91K | -63.37K | -125.03K | 332.1K | 1.02M | -7K | -12.35K | -44.4K | 0 | 0 | -1.26M | -568.4K | 145.2K | 100.18K | 117.14K | 79.53K | -252.61K |
| Pretax Income | -14.44M | -15.68M | -37.08M | -92.67M | -83.8M | 4.27M | -20.05M | -12.32M | -23.07M | -8.6M | 2.81M | 6.69M | 3.96M | 9.93M | 10.79M | 3.23M | 4.22M | 5.05M | 4.2M | 868.91K | 228.01K | -1.33M | -1.07M | 0 | -3.93M | -1.17M | -2.49M | -2.93M | -3.03M | -5.16M | -8.2M |
| Pretax Margin % | - | - | -219.56% | -568.65% | -212.95% | 6.96% | -47.08% | -38.74% | -145.43% | -63% | 12.72% | 20.51% | 16.16% | 31.58% | 30.8% | 17.41% | 19.01% | 18.34% | 16.4% | 4.5% | 1.54% | -11.87% | -12.09% | - | -46.67% | -17.44% | -43.23% | -62.05% | -55.65% | -176.89% | -397.36% |
| Income Tax | 0 | 0 | 725.1K | 480.21K | 236.4K | -3.13M | -1.08M | -303.93K | 866.1K | -1.99M | 2.47M | 2.34M | 1.52M | -4.41M | -4.51M | -2.17M | -2.51M | -1.49M | -762.86K | -825K | -29.32K | 58.51K | 1.02M | 1.04M | 2.07M | 0 | 906.65K | 624.13K | 89.28K | 291.21K | 963K |
| Effective Tax Rate % | 0% | 0% | -1.96% | -0.52% | -0.28% | -73.36% | 5.38% | 2.47% | -3.75% | 23.14% | 87.75% | 35.01% | 38.52% | -44.38% | -41.77% | -67.05% | -59.49% | -29.41% | -18.15% | -94.95% | -12.86% | -4.41% | -95.11% | - | -52.7% | 0% | -36.37% | -21.33% | -2.94% | -5.64% | -11.74% |
| Net Income | -14.1M | -22.73M | -37.8M | -93.15M | -83.78M | 7.39M | -18.97M | -12.02M | -23.94M | -6.61M | 344.73K | 4.35M | 2.43M | 14.34M | 15.3M | 5.4M | 6.74M | 6.54M | 4.97M | 1.69M | 282.03K | -1.36M | -2.02M | -2.37M | -3.48M | -1.17M | -3.69M | -3.75M | -3.36M | -5.61M | -8.66M |
| Net Margin % | - | - | -223.86% | -571.6% | -212.88% | 12.07% | -44.55% | -37.79% | -150.89% | -48.42% | 1.56% | 13.33% | 9.93% | 45.59% | 43.67% | 29.08% | 30.32% | 23.73% | 19.38% | 8.77% | 1.9% | -12.15% | -22.87% | -26.2% | -41.36% | -17.44% | -63.99% | -79.53% | -61.59% | -192.33% | -419.54% |
| Net Income Growth % | 61.2% | 39.88% | 59.42% | -11.19% | -1232.97% | 138.97% | -57.88% | 49.8% | -262.04% | -2018.06% | -92.07% | 78.62% | -83.04% | -6.25% | 183.37% | -19.86% | 3.09% | 31.58% | 193.21% | 500.62% | 120.8% | 32.85% | 14.82% | 31.91% | -197.22% | 68.26% | 1.6% | -11.71% | 40.15% | 35.23% | -4.34% |
| Net Income (Continuing) | -14.44M | -15.68M | -37.8M | -93.15M | -84.04M | 7.39M | -18.97M | -12.02M | -23.94M | -6.61M | 344.73K | 4.35M | 2.43M | 14.34M | 15.3M | 5.4M | 6.74M | 6.54M | 4.97M | 1.69M | 282.03K | -1.36M | -2.02M | -2.37M | -3.48M | -1.17M | -3.69M | -3.75M | -3.4M | -6.3M | -8.7M |
| Discontinued Operations | 341.48K | -7.05M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.65 | -1.07 | -2.80 | -10.96 | -10.49 | 0.88 | -2.84 | -1.90 | -4.44 | -2.48 | 0.10 | 1.50 | 0.80 | 5.00 | 5.30 | 1.90 | 2.40 | 2.40 | 1.80 | 0.60 | 0.10 | -0.70 | -0.11 | -0.12 | -0.21 | -0.08 | -0.29 | -0.34 | -0.34 | -0.66 | -1.30 |
| EPS Growth % | 63.42% | 61.79% | 74.45% | -4.48% | -1292.05% | 130.99% | -49.47% | 57.25% | -78.96% | -2583.5% | -93.33% | 87.5% | -84% | -5.66% | 178.95% | -20.83% | 0% | 33.33% | 200% | 500% | 114.29% | -536.36% | 8.33% | 42.86% | -162.17% | 72.38% | 14.71% | 0% | 48.48% | 49.23% | 6.47% |
| EPS (Basic) | - | -1.07 | -2.80 | -10.96 | -10.49 | 0.97 | -2.84 | -1.90 | -4.44 | -2.48 | 0.10 | 1.50 | 0.90 | 5.10 | 5.50 | 2.00 | 2.50 | 2.50 | 1.80 | 0.60 | 0.10 | -0.70 | -0.11 | -0.12 | -0.21 | -0.08 | -0.29 | -0.34 | -0.34 | -0.66 | -1.30 |
| Diluted Shares Outstanding | 21.66M | 14.65M | 13.49M | 8.5M | 8.01M | 8.38M | 6.68M | 6.33M | 5.39M | 3.46M | 2.89M | 2.89M | 2.89M | 2.87M | 2.89M | 2.9M | 2.85M | 2.78M | 2.8M | 2.64M | 2.65M | 2.31M | 19.93M | 19.02M | 16.24M | 14.63M | 12.76M | 10.89M | 10M | 8.51M | 6.64M |
| Basic Shares Outstanding | 21.66M | 14.65M | 13.49M | 8.5M | 8.01M | 7.63M | 6.68M | 6.33M | 5.39M | 3.46M | 2.87M | 2.85M | 2.85M | 2.84M | 2.77M | 2.73M | 2.7M | 2.57M | 2.61M | 2.5M | 2.38M | 2.31M | 19.93M | 19.02M | 16.24M | 14.63M | 12.76M | 10.89M | 10M | 8.51M | 6.64M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | 0.12% | 249.65% | 52.07% | 40.48% | 102.71% | 61.21% | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Total revenue cessation risk
As reported in recent financial filings, Veru has experienced a total cessation of revenue, with the company recording zero top-line growth for four consecutive quarters following the -100% year-over-year decline observed in 2025Q1, signaling a complete pivot away from its legacy commercial operations.
The transition from a revenue-generating entity to a pre-revenue clinical-stage firm appears absolute based on the provided data. Investors should monitor whether this reflects a strategic abandonment of the FC2 internal condom business or an inability to maintain distribution channels, as the lack of any incoming cash flow significantly heightens the reliance on external capital.
Based on the company's income statement, R&D and SG&A expenses continue to consume capital despite the absence of revenue, with quarterly operating losses consistently exceeding $5 million as reported in the most recent 2026Q2 period, highlighting a rigid and persistent cost structure.
The company's inability to scale down operating expenses in tandem with the loss of revenue suggests a high degree of fixed-cost commitment, likely tied to ongoing clinical trial obligations. This decoupling of expenses from commercial activity implies that the firm is currently operating entirely on its remaining cash reserves to fund its pipeline development.
According to historical income statements, the quality of reported net income is severely impacted by recurring operating losses and the absence of core revenue, with stock-based compensation appearing as a persistent non-cash expense that further complicates the assessment of true operational cash depletion.
The volatility in net income, including the anomalous positive figure in 2025Q4, warrants further investigation as it likely stems from non-operating items rather than core business performance. The reliance on equity-based compensation in a pre-revenue environment suggests that management is attempting to preserve cash, though this practice inherently dilutes existing shareholders during a period of clinical uncertainty.
As indicated by the financial data, the company's cash-burning trajectory in the face of zero revenue suggests that the current business model may be unsustainable without immediate dilutive financing, a risk that short-sellers would likely emphasize given the lack of a commercial safety net.
The absence of a revenue-generating engine to offset R&D burn leaves the company uniquely exposed to capital market sentiment and the high cost of equity. If the Phase 3 Enobosarm trial fails to meet its primary endpoints, the lack of alternative commercial revenue streams could lead to a rapid deterioration of the firm's remaining liquidity.
Quick answers to the most common questions about buying VERU stock.
For fiscal year 2025, Veru Inc. (VERU) reported total revenue of $0.0M. This represents a 100.0% decline compared to $2.1M in 1996.
Veru Inc. (VERU) reported a net loss of $22.7M for the fiscal year ending 2025.