Announcement • Jan 28

Veru Announces Positive Topline Data from Phase 2b QUALITY Clinical Study

Veru Inc. announced positive topline results from the Phase 2b QUALITY clinical study. Phase 2b QUALITY clinical trial design - The Phase 2b QUALITY clinical study was a multicenter, double-blind, placebo-controlled, randomized, dose-finding study to evaluate the safety and efficacy of enobosarm 3mg, and enobosarm 6mg, compared to placebo in 168 older patients, greater than 60 years of age, who are overweight or have obesity and who are receiving WEGOVY (semaglutide), a GLP-1 receptor agonist (RA), for weight reduction. The primary endpoint was the change in total lean body mass from baseline to 16 weeks, and key secondary endpoints were the change from baseline to 16 weeks in total fat mass, total body weight, and physical function as measured by a stair climb test. Standard Deviation, ANCOVA model, least square means analysis using gender and BMI at baseline as covariates, Fisher’s exact test The Phase 2b QUALITY study is the first human study to report the effects of a muscle preservation agent on body composition in older patients who have obesity or are overweight and receiving a GLP-1 receptor agonist. In the topline efficacy analysis, the Phase 2b QUALITY clinical study met its primary endpoint with a statistically significant benefit in preservation of total lean body mass in all patients receiving enobosarm + semaglutide versus placebo + semaglutide at 16 weeks. Secondary endpoints showed: Enobosarm + semaglutide treatment resulted in a greater reduction in total fat mass compared to placebo + semaglutide at 16 weeks. There appears to be minor differences in total body weight changes between the enobosarm + semaglutide group and placebo + semaglutide group at 16 weeks. Therefore, enobosarm + semaglutide improved changes in body composition and resulted in more selective and greater loss of fat mass than in subjects receiving placebo + semaglutide. The proportion of subjects that lost =10% stair climb power was statistically significant and clinically meaningfully reduced in the enobosarm + semaglutide groups compared to placebo + semaglutide group. Therefore, enobosarm reduced the proportion of patients that lost clinically significant physical function versus subjects receiving semaglutide alone. The Company plans to present the full clinical efficacy and safety data set for the Phase 2b QUALITY clinical study in future scientific conferences and publications after the Phase 2b extension portion of study is completed and unblinded. Next regulatory steps: As a reminder, the Phase 2b extension clinical trial where all patients will stop receiving a GLP-1 RA, but will continue taking placebo, enobosarm 3mg, or enobosarm 6mg for an additional 12 weeks is ongoing. The blinded Phase 2b extension clinical trial is asking a different question than the Phase 2b QUALITY clinical study which evaluated the ability of enobosarm to improve body composition changes associated with GLP-1 RA weight loss induction. The Phase 2b extension study will evaluate maintenance of weight loss, meaning whether enobosarm can maintain muscle and prevent the fat and weight gain that occurs after discontinuing a GLP-1 RA. If successful, this would provide another important obesity related indication for which enobosarm could be considered. The topline results for the separate blinded Phase 2b extension clinical study are expected in April of 2025. As the Phase 2b QUALITY study has positive topline clinical results, the company are planning to move forward to request an end of Phase 2 meeting with FDA. In the new weight reduction FDA guidance, FDA makes a regulatory path distinction between weight reduction drugs and drugs for body composition changes. FDA states that: “Sponsors seeking an efficacy claim related to changes in body composition would need to consult with FDA early in development to align on the clinical condition being treated. Trial design, including appropriate choice of population and selection of endpoints that measure how a patient feels, functions, or survives, to potentially support such a claim is beyond the scope of this weight reduction guidance.” Based on this updated FDA guidance, enobosarm is being developed as a body composition drug to selectively preserve lean body mass and physical function, and augment loss of fat in older patients who are overweight or have obesity receiving GLP-1 RA containing drug for chronic weight management. The company has previously met with FDA to discuss the company's regulatory path forward as an improvement in body composition drug, and FDA has provided general advice on Phase 3 design. Anticipated Phase 3 Trial Design: Based on the Phase 2b QUALITY clinical trial, the proposed Phase 3 clinical trial design is currently expected to be a double-blind, placebo-controlled study in older (> 60 years of age), patients who have obesity or who are overweight and who are eligible for treatment with GLP-1 RA. The GLP-1 RA may be either WEGOVY (semaglutide) and/or Zepbound® (tirzepatide). Patients will be randomized to oral daily enobosarm or matching placebo. All subjects will start and receive GLP-1 RA during the study. The proposed primary objective will be the effect of enobosarm on stair climb power, as measured by the proportion of subjects that lose =10% stair climb power from baseline. Proposed key secondary objectives will be to assess the effect of enobosarm on total lean mass, total body weight, total fat mass, bone mineral density, HOMA-IR, and hemoglobin A1c. The duration of treatment is expected to be 52 weeks which will allow the company to also capture the benefits of enobosarm improvements on body composition for greater loss of adiposity and weight reduction. Based on the responder rates of the stair climb power observed in this Phase 2b clinical study, the predicted trial sample size is expected to be approximately 470 total subjects with a 90% power and an alpha of 0.05.

Announcement • Jan 24

Bragar Eagel & Squire, P.C. Announces Class Action Lawsuit Against Veru Inc

Bragar Eagel & Squire, P.C. announced class action lawsuit against Veru Inc. Veru is primarily an oncology-based biopharmaceutical company that develops drugs for the management of breast and prostate cancers. Veru also develops medicines for COVID-19 and other diseases related to viral and acute respiratory distress syndrome (“ARDS”), and has two FDA-approved products for sexual health. Veru “opportunistically” developed sabizabulin (VERU-111), an orally administered “microtubule disruptor” – a drug that inhibits a virus’ ability to replicate itself – for the treatment of COVID-19 in hospitalized patients at high risk for ARDS. Veru had originally developed sabizabulin with the intention of using it as a treatment for prostate cancer. In January 2022, however, the FDA granted Veru’s COVID-19 program Fast Track designation. At the time, there was no authorized or approved treatment for hospitalized patients with severe COVID-19 infections. Throughout the Class Period, Defendants made false and/or misleading statements, as well as failed to disclose material adverse facts about the data from the sabizabulin Phase 3 trial and the Company’s interactions with the FDA. Specifically, Veru misled its shareholders to believe that the data from the Phase 3 trial was sufficient to support Emergency Use Authorization (“EUA”) and even the submission of a New Drug Application (“NDA”) without any further studies. VERU’s filings therefore concealed the true risks faced by the Company in gaining approval for its EUA request. Veru conducted a randomized, double-blind Phase 3 trial of sabizabulin’s effectiveness in treating hospitalized adults with moderate to severe COVID-19 at high risk for ARDS. The Phase 3 study sought to enroll 210 patients and evaluate mortality after 60 days of treatment. On April 11, 2022, Veru issued a press release announcing that the company would be terminating sabizabulin’s Phase 3 trial early on the basis of positive interim data, after Veru’s Independent Data Safety Monitoring Committee conducted an interim analysis of the first 150 patients randomized into the study. Veru reported that sabizabulin “resulted in a clinically and statistically meaningful 55% relative reduction in deaths” relative to the placebo group (45% mortality at 60 days for the placebo group vs. 20% mortality for the sabizabulin-treated group). On an investor call held that same day, Veru’s Chairman, President, and Chief Executive Officer Mitchell Steiner, M.D. (“Steiner”) told investors that Veru had been in “constant dialogue with FDA” since receiving the Fast Track designation and that the Company “plan[ned] to meet with FDA to discuss the next steps” including submitting an application for Emergency Use Authorization (“EUA”) on the strength of the positive Phase 3 interim results. Steiner also addressed the placebo group’s 45% mortality rate, stating that this death rate “underscores how sick these patients really are.” During the call, an analyst from Cantor Fitzgerald asked Steiner to “elaborate” on any differences in the standard of care between the placebo group and the sabizabulin-treated group in the Phase 3 trial. Steiner responded: “So, there are no imbalances with males and females and with standard of care is exactly – I mean, the system works, so the randomization works. So, there are no imbalances.” Veru’s share price more than doubled on April 11, 2022, from an opening price of $5.99 per share to a closing price of $12.28. On May 2, 2022, Veru announced that the FDA had granted the Company a pre-EUA meeting to discuss sabizabulin’s Phase 3 results, to be held on May 10, 2022. On May 11, 2022, Veru issued a press release announcing that in the May 10, 2022, pre-EUA meeting, the FDA “agreed that the efficacy and safety data from the completed Phase 3 clinical study in hospitalized COVID-19 patients at high risk for acute respiratory distress syndrome are sufficient to support the submission of a request for Emergency Use Authorization (EUA).” The press release quoted Steiner as saying “The discussion with FDA in the Pre-EUA meeting has established a direct path forward to expedite the availability of sabizabulin to the high risk hospitalized patients with COVID-19 . . . In the Phase 3 COVID-19 clinical study, sabizabulin demonstrated a clear mortality benefit in hospitalized moderate to severe COVID-19 patients on current standard of care with no significant safety signals.” The May 11, 2022 press release further stated that the FDA had “agreed that the current safety data available for sabizabulin is sufficient to support the safety portion of a request for EUA submission,” and that “additional safety data that would be collected during the use of sabizabulin under the EUA, if granted, will be sufficient to support an NDA submission, and furthermore, that no additional safety clinical studies are required.” Veru’s stock price rose from its closing price of $7.79 per share on May 10, 2022, the day of the pre-EUA meeting with the FDA to close at $13 per share on May 13, 2022 the day after Veru filed its 2022 Second Quarter 10-Q in which it reported on the results of its pre-EUA meeting with the FDA. On June 7, 2022, Veru submitted an EUA request with the FDA for use of sabizabulin to treat COVID-19. On September 7, 2022, the FDA scheduled an October 6, 2022 meeting of the Pulmonary-Allergy Drugs Advisory Committee (“AdCom”) to vote on whether sabizabulin should be granted EUA. Although AdCom recommendations are not binding, the FDA ordinarily follows them. On September 19, 2022, it was announced that the FDA had postponed the AdCom meeting to November 9, 2022. On November 9, 2022, the AdCom voted against granting Veru’s EUA request by an 8-5 margin. One AdCom member who voted against approval explained that there was “no direct evidence to support [sabizabulin’s] antiviral activity.” Veru’s stock price plummeted on the news, falling from its closing price of $15.01 per share on November 8, 2022 to close at $6.97 per share on November 10, 2022, a 54% one-day drop, wiping out over $640 million in market capitalization.

Pharmaceuticals Industry Growth	5.95%
Revenue growth rate	-58.40%
Return on equity	-41.52%
Net Margin	n/a
Last Earnings Update	31 Mar 2026

Date	Revenue	Earnings	G+A Expenses	R&D Expenses
31 Mar 26	0	-14	18	10
31 Dec 25	0	-19	19	11
30 Sep 25	0	-16	20	16
30 Jun 25	17	-28	28	16
31 Mar 25	0	-29	22	18
31 Dec 24	0	-29	23	17
30 Sep 24	0	-35	25	13
30 Jun 24	4	-35	25	40
31 Mar 24	7	-37	30	17
31 Dec 23	14	-62	49	32
30 Sep 23	16	-93	52	51
30 Jun 23	15	-126	63	48
31 Mar 23	21	-136	63	84
31 Dec 22	28	-116	46	81
30 Sep 22	39	-84	43	71
30 Jun 22	52	-47	31	52
31 Mar 22	60	-28	26	45
31 Dec 21	61	-16	23	37
30 Sep 21	61	7	21	33
30 Jun 21	57	0	19	28
31 Mar 21	50	0	17	21
31 Dec 20	47	2	16	17
30 Sep 20	43	-19	15	17
30 Jun 20	40	-10	15	17
31 Mar 20	39	-10	15	18
31 Dec 19	36	-13	15	17
30 Sep 19	32	-12	14	14
30 Jun 19	28	-17	15	13
31 Mar 19	24	-22	15	12
31 Dec 18	20	-22	15	11
30 Sep 18	16	-24	15	11
30 Jun 18	14	-21	14	9
31 Mar 18	13	-14	13	6
31 Dec 17	13	-11	12	5
30 Sep 17	14	-9	12	3
30 Jun 17	14	-6	10	2
31 Mar 17	15	-4	8	1
31 Dec 16	17	-3	8	0
30 Sep 16	22	0	9	0
30 Jun 16	26	3	10	0
31 Mar 16	28	3	12	0
31 Dec 15	34	5	13	0
30 Sep 15	33	4	12	0

Data	Last Updated (UTC time)
Company Analysis	2026/07/13 21:41
End of Day Share Price	2026/07/13 00:00
Earnings	2026/03/31
Annual Earnings	2025/09/30

Package	Data	Timeframe	Example US Source ^*
Company Financials	10 years	Income statement Cash flow statement Balance sheet	SEC Form 10-K SEC Form 10-Q
Analyst Consensus Estimates	+3 years	Forecast financials Analyst price targets	Analyst Research Reports Blue Matrix
Market Prices	30 years	Stock prices Dividends, Splits and Actions	ICE Market Data SEC Form S-1
Ownership	10 years	Top shareholders Insider trading	SEC Form 4 SEC Form 13D
Management	10 years	Leadership team Board of directors	SEC Form 10-K SEC Form DEF 14A
Key Developments	10 years	Company announcements	SEC Form 8-K

Analyst	Institution
Edward Nash	Canaccord Genuity
Yuchen Ding	Jefferies LLC
Leland Gershell	Oppenheimer & Co. Inc.

Veru Past Earnings Performance

Past criteria checks 0/6

Key information

Recent past performance updates

Veru Inc. to Report Q2, 2026 Results on May 13, 2026

Veru Inc. to Report Q1, 2026 Results on Feb 11, 2026

Veru Inc. to Report Fiscal Year 2025 Results on Dec 17, 2025

Veru Inc. to Report Q3, 2025 Results on Aug 12, 2025

Veru Inc. to Report Q2, 2025 Results on May 08, 2025

First quarter 2025 earnings released: US$0.012 loss per share (vs US$0.082 loss in 1Q 2024)

Recent updates

Veru Presents Updates on Enobosarm and Sabizabulin Drug Development and Clinical Trials At 2026 Obesity and Weight Loss Drug Development Summit

Veru Inc. has filed a Follow-on Equity Offering in the amount of $21.8 million.

New major risk - Share price stability

Veru Inc. to Report Q2, 2026 Results on May 13, 2026

Veru Enrolls First Patient in Phase 2B Plateau Clinical Trial of Enobosarm and Semaglutide Combination for High Quality Weight Loss

Veru Inc. to Report Q1, 2026 Results on Feb 11, 2026

Veru Inc., Annual General Meeting, Mar 12, 2026

Veru Inc. Auditor Raises 'Going Concern' Doubt

New major risk - Revenue and earnings growth

New major risk - Revenue and earnings growth

Veru Inc. to Report Fiscal Year 2025 Results on Dec 17, 2025

Veru Inc. has completed a Follow-on Equity Offering in the amount of $25.193 million.

Veru Inc.'s (NASDAQ:VERU) Share Price Boosted 29% But Its Business Prospects Need A Lift Too

Veru Announces Successful FDA Meeting Providing Regulatory Clarity for Enobosarm for Muscle Preservation in Combination with GLP-1 Ra for Greater Weight Loss in the Treatment of Obesity

Aging Trends And FDA Clarity Will Unlock Opportunity

Why Investors Shouldn't Be Surprised By Veru Inc.'s (NASDAQ:VERU) 40% Share Price Plunge

Veru Inc. Announces Selection of Novel Modified Release Oral Enobosarm Formulation for Chronic Weight Loss Management Following Pharmacokinetic Clinical Study

New minor risk - Share price stability

Veru Inc. to Report Q3, 2025 Results on Aug 12, 2025

Veru Inc. Reports Positive Results from Phase 2B Quality and Maintenance Extension Study Showing Enobosarm

Veru Inc.'s (NASDAQ:VERU) 28% Share Price Surge Not Quite Adding Up

Veru Inc. Reports Positive Safety Results from Phase 2b Quality Study: Enobosarm Added to Semaglutide Led to Greater Fat Loss, Preservation of Muscle, and Fewer Gastrointestinal Side Effects Compared to Semaglutide Alone

Veru: Saving Muscle Mass Amidst The GLP-1 Drug Boom

Veru Inc. to Report Q2, 2025 Results on May 08, 2025

Enobosarm Phase III And Sabizabulin Tests Will Yield Mixed Prospects

Veru Inc.'s (NASDAQ:VERU) 27% Price Boost Is Out Of Tune With Revenues

Price target decreased by 19% to US$3.25

Veru Receives an Additional 180 Calendar Days, or Until August 25, 2025, to Regain Compliance with the Minimum Closing Bid Price Requirement

Independent Director recently bought US$84k worth of stock

First quarter 2025 earnings released: US$0.012 loss per share (vs US$0.082 loss in 1Q 2024)

Veru Inc. to Report Q1, 2025 Results on Feb 13, 2025

Veru Inc., Annual General Meeting, Mar 13, 2025

Veru Announces Positive Topline Data from Phase 2b QUALITY Clinical Study

Price target increased by 16% to US$4.00

New major risk - Revenue and earnings growth

Consensus revenue estimates decrease by 75%, EPS upgraded

Consensus revenue estimates increase by 13%

High number of new directors

Is Veru (NASDAQ:VERU) Using Debt In A Risky Way?

Veru Inc. Auditor Raises 'Going Concern' Doubt

Full year 2024 earnings: EPS and revenues exceed analyst expectations

New minor risk - Market cap size

Veru Inc. Announces Meta-Analysis of Body Composition Data from Older Patients with Obesity Which Supports Potential for Enobosarm to Optimize Weight Loss At Obesityweek

Veru Receives Notification from The Nasdaq Stock Market

Consensus EPS estimates fall by 12%, revenue upgraded

Price target increased by 16% to US$4.00

Third quarter 2024 earnings: Revenues exceed analysts expectations while EPS lags behind

Is Veru (NASDAQ:VERU) A Risky Investment?

Veru Inc. to Report Q3, 2024 Results on Aug 08, 2024

What Veru Inc.'s (NASDAQ:VERU) 28% Share Price Gain Is Not Telling You

New major risk - Financial position

Veru Inc.'s (NASDAQ:VERU) 35% Dip Still Leaving Some Shareholders Feeling Restless Over Its P/SRatio

Veru Inc. to Present an Update of Veru's Phase 2B Clinical Program of Enobosarm to Augment Fat Loss and to Avoid Muscle Loss When Combined with GLP-1 Drugs for Weight Loss At the Jefferies Global Healthcare Conference

Chairman recently sold US$247k worth of stock

Consensus revenue estimates increase by 65%, EPS downgraded

High number of new and inexperienced directors

Veru Inc. to Report Q2, 2024 Results on May 08, 2024

Veru Inc. Enrolls First Patients in Phase 2b Clinical Trial of Enobosarm and Semaglutide Combination for High Quality Weight Loss

Veru Inc. Appoints Louis Aronne as Chief Medical Advisor and A Member of the Scientific Advisory Board

Veru Receives a Notification Letter from the Listing Qualifications Department of the Nasdaq Stock Market

Veru Inc. Announces New Scientific Advisory Board for Its Enobosarm Program for High Quality Weight Loss

Veru Inc. announced delayed 10-Q filing

Veru Inc. Announces U.S. Food and Drug Administration Clearance of Investigational New Drug Application for its Phase 2b Clinical Study

Veru Receives Non-Compliance Notice From Nasdaq

Veru Inc., Annual General Meeting, Mar 26, 2024

Veru Inc. to Report Q1, 2024 Results on Feb 08, 2024

Consensus revenue estimates decrease by 32%, EPS upgraded

The Price Is Right For Veru Inc. (NASDAQ:VERU) Even After Diving 52%

Veru Submits IND Application to FDA for the Development of Enobosarm to Prevent Muscle Loss While Augmenting Fat Loss in Combination with Glp-1 Drugs for Weight Loss