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NOVEMBER 2025Nasdaq: AYTU
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This presentation includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (“Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (“Exchange Act”). All statements other than statements of historical facts contained in this presentation, 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,” or similar words, or the negatives of such terms or other variations on such terms or comparable terminology. All statements other than statements of historical facts contained in this presentation, are forward-looking statements. These statements are predictions and are subject to risks and uncertainties that could cause the actual events or results to differ materially. These risks and uncertainties include, among others, risks associated with: the Company’s overall financial and operational performance, potential adverse changes to the Company’s financial position or its business, the results of operations, strategy and plans, changes in capital markets and the ability of the Company to finance operations in the manner expected, risks relating to gaining market acceptance of its products, its partners performing their required activities, its anticipated future cash position, regulatory and compliance challenges and future events under current and potential future collaborations. The Company also refers you to (i) the risks described in “Risk Factors” in Part I, Item 1A of the Company’s most recent Annual Report on Form 10 K and in the other reports and documents it files with the United States Securities and Exchange Commission. Forward-Looking Statements 2 Aytu uses the terms adjusted EBITDA and adjusted operating expense, which are terms not defined under United States generally accepted accounting principles ("U.S. GAAP"). The Company uses these terms because they are a widely accepted financial indicator utilized to analyze and compare companies on the basis of operating performance. The Company believes that presenting adjusted EBITDA and adjusted operating expense by certain categories allows investors to evaluate the various performance of these categories. The Company's method of computation of adjusted EBITDA and adjusted operating expense may or may not be comparable to other similarly titled measures used by other companies. The Company believes that net income (loss) is the performance measure calculated and presented in accordance with U.S. GAAP that is most directly comparable to adjusted EBITDA. The Company believes that operating expenses is the performance measure calculated and presented in accordance with U.S. GAAP that is most directly comparable to adjusted operating expense. See the Appendix for a reconciliation of net income (loss) to adjusted EBITDA and operating expense to adjusted operating expense. Use of Non-GAAP Information
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3 The mission of Aytu BioPharma is to improve the lives of patients everywhere, with a distinct focus on complex CNS conditions. Our novel therapeutics enhance the lives of patients living with major depressive disorder (MDD) and attention deficit/hyperactivity disorder (ADHD). We ensure access to our medicines by thinking differently and acting boldly. Medicines Made for Life.
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ADJUSTED EBITDA* Successful Multi-Year Strategic Realignment to Focus Company on Profitable Prescription Pharmaceutical Business Sets Stage for EXXUA Launch $ Million June 30 Fiscal Year-End KEY TRANSFORMATIVE EVENTSOctober 2022 - Indefinite Suspension of Clinical Development ProgramsJune 2024 – Paydown and Refinancing of Term Loan on Improved Terms July 2024 – Completed Wind Down & Divestiture of Consumer Health Business June 2024 – Completed Outsource to U.S.-Based Third-Party Contract Manufacturer $34.7 million adjusted EBITDA improvement over four-year period November 2024 – Organizational Changes and Operating Optimization Plan($25.5) ($5.5) $9.7 $10.8 $9.2 ($30)($25)($20)($15)($10)($5)$0$5$10$15 20212022202320242025June 2025 – Exclusive Agreement to Commercialize EXXUA™ in the United States New Development *Reflects Go-Forward Rx business only and thus excludes all Consumer Health and Pipeline R&D expensesSee reconciliation of non-GAAP financial information in the Appendix4
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Novel, Patent-Protected Prescription Portfolio MDD BRAND PEDIATRIC BRANDS Differentiated Rx brands primarily focused on CNS conditionsLeverage experience of a portfolio built through efficient M&A to add accretive, novel, branded prescription products to commercial portfolio ADHD BRANDS 5 Commercial Launch in Calendar Q4 2025
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Net Revenue by Vertical $10.9 $42.9$46.9 $57.8$57.6$55.5 $12.4$16.1$25.4 $7.3$8.8$8.2$9.4$2.2$1.6$0.1$0.0$0.0$0 $10 $20 $30 $40 $50 $60 $70 20212022202320242025TTM Q1 2026 ADHDPediatricOther NET REVENUE BY PRODUCT PORTFOLIO EXXUA for MDD poised to launch in fourth quarter of calendar 2025 and be significant contributor to net revenue$ Million 6 June 30 Fiscal Year-End
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Aytu RxConnect Patient Access Program Rx Connect Platform Best-in-class Analytics Specialty Distributors & Partners Non-personal Promotion Focused Specialty Sales Force oDeveloped in-house to drive patient adherence and increased script pull-through of Aytu’s Rx brandsoOver 1,000 pharmacies nationwide with 100% sales territory coverage; fully supported by in-house pharmacy support teamoOffers prescribers and patients affordability, predictability and access to Aytu brands for all commercially insured patientsoReduces pharmacy call backs relating to payor access barriers (stock outs, prior authorizations, step edits, etc.)oIncreases Rx ‘stickiness’ through greater patient adherence (i.e., higher refill rate) Aytu RxConnect is a proprietary, best-in-class patient access program, supported by an efficient commercial infrastructure, that enables affordable, predictable, hassle-free patient access to Aytu Rx products. 7
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Broad Commercial Infrastructure oLean, direct sales force covers approximately 60% of MDD writers in our current geography and 56% of over $22B ADHD market oSales force augmented by over 1,000 Aytu RxConnect pharmacy partnersoFurther support enabled through channel network partners, in-house staff, analytics platform, and selective direct-to-patient initiatives Efficient, leverageable commercial infrastructure for Rx Portfolio through 40 internal commercial representatives allows for easily scalable product expansion opportunities 8
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New Development:The EXXUA Opportunity
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EXXUA (gepirone) Extended-Release TabletsA first-in-class treatment for MDD employing a novel mechanism of action to address MDD symptoms - without the side effects commonly attributed to current antidepressants 1. “FDA Approval received September 22, 2023” – United States Food and Drug Administration, Orange Book (online), Accessed 04/23/25: https://www.accessdata.fda.gov/scripts/cder/ob/results_product.cfm?Appl_Type=N&Appl_No=021164#2166010 Major Competitive AdvantageDemonstrated efficacy in treating MDD in two well-controlled clinical trials (and five additional supportive studies) while avoiding sexual dysfunction seen with SSRIs and SNRIs, and no statistically significant weight changes Novel Mode Of ActionEXXUA specifically and directly targets pathophysiology of MDD through a novel MOA well-characterized to improve MDD and anxiety – as a 5HT1A partial agonist Large & Growing MarketLarge and growing US MDD market of over $22B, with continued market growth expected Patent ProtectionOrange Book patent through late 2030 in addition to Hatch-Waxman NCE exclusivity through 9/28 Additional IndicationsAdditional indications and active metabolite offer life cycle management opportunities to potentially extend franchise and further improve clinical profile Better Pricing ProfilePremium pricing in line with newer, branded psychiatric treatments; government reimbursement mandated for MDD treatments
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Significant Unmet Needs Exist in MDDEXXUA provides an important new treatment option for MDD patients seeking an effective therapy without inducing side effects like TESD & weight gain •Major Depressive Disorder affects an estimated 21 million people in the United States creating a $22B+ Rx therapeutics market•Greater than 40% of MDD patients switch from initial therapy indicating a high level of treatment ineffectiveness and side effects•Up to 70% of MDD patients complain of treatment emergent sexual dysfunction; greater than 65% complain of weight gain•50–75%of patients with MDD meet the DSM-5 criteria for anxious depression 11
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EXXUA: First and Only 5HT1A Agonist for MDDEXXUA has a unique mechanism of action for MDD •Selectively targets 5-HT1A, a key regulator of mood, emotion, and pleasure1-3 •Significantly lower affinity for 5-HT2A, which is associated with sexual dysfunction1,4 •No serotonin reuptake inhibition, like SSRIs and SNRIs1 12 1. EXXUA™ (gepirone) Prescribing Information. Fabre-Kramer Pharmaceuticals, Inc. 2. Lorenz TK, Johnson MF, Clayton AH. Effects of gepirone-ER on sexual function in patients with major depressive disorder. J Clin Psychiatry. 2024; 85(4):24m15357. 10.4088/JCP .24m15357. 3. Albert PR, Francios BL, Millar AM. Transcriptional dysregulation of 5-HT1A autoreceptors in mental illness. Mol Brain. 2011;4:21. doi: 10.1186/1756-6606-4-21. 4. Fabre LF, Clayton AH, Smith LC, Goldstein I, Derogatis LR. The effect of gepirone-ER in the treatment of sexual dysfunction in depressed men. J Sex Med. 2012;9(3):821-829. doi: 10.1111/j.1743-6109.2011.02624.x.
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EXXUA: Demonstrated Efficacy in MDDEXXUA demonstrated significantly greater improvement in depressive symptoms vs placebo1 •Efficacy was demonstrated in two eight-week, randomized, double-blind, placebo-controlled, flexible-dose studies in adults with MDD1 •Placebo-subtracted difference in HAMD-17 total score reduction with EXXUA (-2.5 points) was in the range seen with commonly prescribed antidepressants 1-2 •Statistically significant difference vs placebo seen as soon as Week 3 in Study 1 (P=0.013)3 13 1. EXXUA™ (gepirone) Prescribing Information. Fabre-Kramer Pharmaceuticals, Inc. 2. Hengartner MP , Jakobsen JC, Sorensen A, Ploderl M. Efficacy of new-generation antidepressants assessed with the Montgomery-Asberg Depression Rating Scale, the gold standard clinical rating scale: a meta-analysis of randomized placebo-controlled trials. Plos One. 2020;15(2):e0229381. doi:10.1371/journal.pone.0229381. 3. Data on file. Clinical Trial Report 134001. Organon Inc. 2001.
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EXXUA: A Favorable Adverse Event ProfileEXXUA has an adverse event profile that is distinct from other MDD treatments •Only 7% (15/226) of patient s discontinued treatment with EXXUA due to an adverse reaction vs 3% (6/230) of patient s receiving placebo1 •The most common adverse reactions leading to discontinuation for patients taking EXXUA were dizziness and nausea1–2.9% in Study 1 and 1.6% in Study 2 discontinued due to dizziness2-3–2.0% in Study 1 and 1.6% in Study 2 discontinued due to nausea2-3 14 1. EXXUA™ (gepirone) Prescribing Information. Fabre-Kramer Pharmaceuticals, Inc. 2. Data on file. Clinical Trial Report 134001. Organon Inc. 2001. 3. Data on file. Clinical Study Report FKGBE007. Fabre-Kramer Pharmaceuticals, Inc. 2005.
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BrandNovel Mechanism of ActionNo Impact of Sexual FunctionWeight Neutral Once Daily Dosing EXXUA SSRIs SNRIs Wellbutrin/Bupropion Trintellix Auvelity 15 EXXUA: A Clear Position in the MDD Market EXXUA has a unique profile due to its MOA which helps explain the lack of impact on sexual function or weight – key issues for many MDD patients
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2ND LINE THERAPY EXXUA Potential Sources of Patients* Top 5 SSRI’s 18.1M Rxs0.40% MS72,578 NRxs 6 Refills/Year 508,000 TRxs/Year 3.8M Rxs0.50% MS19,001 NRxs 6 Refills/Year 133,000 TRxs/Year 180.8k Rxs5% MS9,039 NRxs 6 Refills/Year 63,000 TRxs/Year 60.6K Rxs4% MS2,424 NRxs 6 Refills/Year 17,000 TRxs/Year 7.4M Rxs0.55% MS40,833 NRxs 6 Refills/Year 286,000 TRxs/Year *Select FDA-approved MDD treatments, not all inclusive of all FDA-approved antidepressants1.TRx Totals based off one month of IQVIA NPA Data (May 25), accessed Jun 20252.Top 5: SERTRALINE, ESCITALOPRAM, TRAZODONE, FLUOXETINE, DULOXETINE3.Bupropion Includes all forms of Generic Bupropion and Branded Wellbutrin 4.All Others: VENLAFAXINE, CITALOPRAM, MIRTAZAPINE, AMITRIPTYLINE, PAROXETINE, DESVENLAFAXINE, NORTRIPTYLINE, DOXEPIN, VILAZODONE, FLUVOXAMINE, ESKETAMINE, CLOMIPRAMINE, IMIPRAMINE, DESIPRAMINE, LEVOMILNACIPRAN, TRANYLCYPROMINE, PHENELZINE, PROTRIPTYLINE, SELEGILINE, NEFAZODONE, ZURANOLONE, AMITRIPTYLINE!CHLORDIAZEPOXIDE, AMITRIPTYLINE!PERPHENAZINE, AMOXAPINE, TRIMIPRAMINE, ISOCARBOXAZID >1 Million TRxs / Year with Modest Market Penetration 16 2ND OR 3RD LINE THERAPYBupropion3RD OR 4TH LINE THERAPYTrintellix® or Auvelity® 4TH LINE THERAPY +All Others
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Significant Revenue Potential for EXXUA Recent branded psychiatric product launches support significant revenue potential for an MDD therapeutic with a unique MOA $0 $100,000,000 $200,000,000 $300,000,000 $400,000,000 $500,000,000 $600,000,000TRx WAC $s 20202021202220232024$0 $200,000,000 $400,000,000 $600,000,000 $800,000,000 $1,000,000,000 $1,200,000,000TRx WAC $s 20202021202220232024$0$100,000,000$200,000,000$300,000,000$400,000,000$500,000,000$600,000,000$700,000,000$800,000,000TRx WAC $s 20202021202220232024$0$200,000,000$400,000,000$600,000,000$800,000,000$1,000,000,000$1,200,000,000$1,400,000,000$1,600,000,000TRx WAC $s 20202021202220232024 17
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Recent MDD Brands* TRx PSYCHIATRYFAMILY PRACTICEOSTEOPATHIC MEDICINEINTERNAL MEDICINEOTHER SPECIALTIES •6.4k Psychiatrists targeted by Aytu sales force since beginning of 2024•61% of ADHD TRxs from Psychiatrists within Aytu’s commercial footprint•For Aytu ADHD brands, 32% of Prescribers are Psychiatrists, accounting for 50% of Rx’s Sales Force Well Aligned to PsychiatryGiven Aytu’s current focus on ADHD/psychiatry, we are already well aligned with EXXUA potential through Aytu’s sales force and call points. *MDD Brands shown are combined Trintellix, Auvelity and Fetzima Aytu anticipates more fully aligning to psychiatry and psychiatric extenders as the EXXUA launch approaches. 1.IQVIA NPA Data Feb 24 thru Jan 25, accessed Feb 202518
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EXXUA Promotional Mix & Commercial Priorities Patient Onboarding & Adherence Support Hub Medical Affairs, KOL Development Analytics-Driven Performance Management Retail & Aytu RxConnect Distribution Non-Personal HCP Promotion Psychiatry-Focused Sales Force Strategic Payer Contracting Web-Based Consumer Awareness 19 COMMERCIAL LAUNCH FOCUS•Efficient, multi-faceted launch with emphasis on sales force promotion and metrics-based performance management •Personal selling augmented by cost-effective Medical Affairs-led publication and KOL support •Broadened retail distribution to achieve broad-based availability•Strategic payor assessments to enable 2L+ positioning•Leverage Aytu RxConnect access tools for patient adoption & adherence•Efficient non-personal, web-based promotion to increase HCP awareness, adoption•Targeted online consumer promotion and pull-through
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ADHD & Pediatrics
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Established Revenue Generating Prescription Portfolio ADHD BRANDSPEDIATRIC BRANDS •First & only extended-release ODT amphetamine•Only branded amphetamine that is FDA-approved as bioequivalent to Adderall XR •First & only extended-release ODT methylphenidate•Strong clinical data in patients 6-17 years old, demonstrated 61% symptom improvement @ 1 hour •Only FDA-approved, extended-release carbinoxamine liquid•Broad indications for use, including as an adjunctive treatment for anaphylaxis •First and only multi-vitamin + supplement containing novel L-methylfolate Arcofolin® Differentiated Rx brands focused on ADHD and Pediatrics 21
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ADHD and Pediatric Portfolio Scripts ADHD Portfolio (TRxs) 212,633235,458 292,307305,260283,788274,366 139,798141,538140,734133,207117,469114,296 352,431376,996 433,041438,467403,228391,679 050,000100,000150,000200,000250,000300,000350,000400,000450,000500,000 FY 2021FY 2022FY 2023FY 2024FY 2025TTM Q12026Adzenys XR-ODTCotempla XR-ODTTotal ADHD Pediatric Portfolio (TRxs) 25,59136,44142,930 23,34724,47625,479 49,59254,182 91,380 41,601 22,84919,396 75,183 90,623 134,310 64,948 47,32544,875 0 20,000 40,000 60,000 80,000 100,000 120,000 140,000 160,000 FY 2021FY 2022FY 2023FY 2024FY 2025TTM Q12026Karbinal ERPTMVFTotal Pediatric Source: IQVIA NPA for scripts through FY 2024; Symphony utilized for scripts in FY 2025 and YTD FY 2026. Total ADHD includes Metadate CD. Adzenys XR-ODT includes Adzenys AG.22
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Financials
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Net Revenue & Adjusted EBITDA $32.7 $61.1 $73.8$65.2$66.4$63.7 $0 $10 $20 $30 $40 $50 $60 $70 $80 20212022202320242025TTM Q1 2026 REVENUE* EXXUA Launch Planned for fourth quarter of calendar 2025 expected to be key net revenue contributor ($25.5) ($5.5) $9.7 $10.8 $9.2 $6.7 ($30)($25)($20)($15)($10)($5)$0$5$10$15 20212022202320242025TTM Q1 2026 ADJUSTED EBITDA* $ Million $ Million June 30 Fiscal Year-End June 30 Fiscal Year-End *Reflects Go-Forward Rx business only and thus excludes all Consumer Health and Pipeline R&D expensesSee reconciliation of non-GAAP financial information in the Appendix24
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Favorable Gross Margin & OpEx Trends 29% 56% 71%75%69%68% 0%10%20%30%40%50%60%70%80%90% 20212022202320242025TTM Q1 2026 GROSS MARGIN* Production outsourcing & operational improvements have driven gross margin improvement 98% 78%69%67%59%60% 0% 20% 40% 60% 80% 100% 120% 20212022202320242025TTM Q1 2026 ADJUSTED OPEX AS A % OF NET REVENUE*June 30 Fiscal Year-End June 30 Fiscal Year-End *Reflects Go-Forward Rx business only and thus excludes all Consumer Health and Pipeline R&D expensesSee reconciliation of non-GAAP financial information in the Appendix25
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Balance Sheet Highlights (in thousands except shares outstanding)9/30/2025 Cash and cash equivalents$32,630Total current assets $81,109Intangible assets, net $41,430Total assets $124,988Total current liabilities $65,993Borrowings include $12,304 Term Note and $14,873 o/s on Revolving Credit$27,177Total liabilities $101,817Total stockholders’ equity$23,171 Closed $16.6 million upsized at the market public offering of common stock/prefunded warrants with full exercise of overallotment in June 2025. 26
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Aytu is a Well-Positioned Specialty Pharmaceutical CompanyLeveraging the unique capabilities of the now streamlined organization to grow commercialized novel prescription therapeutics and drive cash flow and profitability.NOVEL PATENT-PROTECTED PRESCRIPTION PRODUCTS Aytu RxConnect® Patient Access Program•Patient support program operates through a network of over 1,000 pharmacies to offer affordable, predictable co-pays Commercial Sales Infrastructure•Efficient, leverageable commercial infrastructure through 40 internal sales reps LEVERAGABLE COMMERCIAL INFRASTRUCTURE Operating ExpenseReductions•Company has cut nearly $40 million in annualized costs from operating expenses over the past three years Manufacturing Outsourcing•Completed outsource of ADHD manufacturing to US-based CMO; helps drive long-term improvement in gross margins IMPROVED OPERATIONAL EFFICIENCIES Effective, Extended-Release ADHD Treatments•Novel, extended-release orally disintegrating tablets for the treatment of ADHD Complementary Legacy Product Lines•Extended-release antihistamine & multi-vitamin + supplement line containing novel L-methylfolate suitable for pediatric population First-in-class treatment for Major Depressive Disorder•Selective serotonin 5HT1a receptor agonist approved by the FDA for the treatment of MDD in adults PRODUCT LICENSING OPPORTUNITIES Global Footprint Expansion Through Out-Licensing•International expansion via out-licensing with current agreements in place for Canada and Israel with more expected in the future 27
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Experienced Management Team Margaret CabanoSenior VP of OperationsJarrett DisbrowChief Business OfficerJosh DisbrowChief Executive Officer Suzane KennedyVice President of Regulatory Affairs and Quality AssuranceRyan SelhornChief Financial OfficerGreg PyszczymukaChief Commercial Officer 28 Dr. Gerwin WestfieldSenior VP of Scientific Affairs
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Appendix
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Adjusted EBITDA Reconciliation $ in thousands 30 TTM FY21 FY22 FY23 FY24 FY25 September 30, 2025 Net loss - GAAP $ (58,289) $ (108,779) $ (17,051) $ (15,844) $ (13,562) $ (13,071) Interest expense 2,618 3,311 5,149 5,059 3,703 3,225 Income tax expense (benefit) 259 (110) 263 2,142 437 32 Depreciation and amortization 5,887 7,821 6,271 5,910 5,191 4,660 Stock-based compensation expense 3,138 4,674 5,698 2,374 576 517 Other (income) expense, net (816) (2,584) (425) (870) 512 853 Derivative warrant liabilities (gain) loss — (1,605) (4,793) 4,004 1,703 799 Gain from contingent consideration (4,459) (1,760) (578) — — — One-time transactions — — 300 1,001 — — Non-recurring legal fees — — — — 402 — Restructuring costs — — — 2,156 2,101 1,317 Impairment expense 12,825 64,649 2,730 — 8,263 8,263 Loss (gain) on extinguishment of debt 1,569 (169) — 594 — — Pipeline research and development costs 4,011 11,599 2,596 983 480 312 Net loss (income) from discontinued operations, net of tax 7,760 17,465 9,499 3,324 (620) (239) Adjusted EBITDA - non-GAAP $ (25,497) $ (5,488) $ 9,659 $ 10,833 $ 9,186 $ 6,668 TTM September 30, 2025September 30, 2025June 30, 2025March 31, 2025December 31, 2024 Net (loss) income - GAAP $ (13,071) $ 1,965 $ (19,818) $ 3,994 $ 788 Interest expense 3,225 516 730 900 1,079 Income tax expense (benefit) 32 — 437 (122) (283) Depreciation and amortization 4,660 803 1,278 1,287 1,292 Stock-based compensation expense 517 114 113 139 151 Other expense (income), net 853 (201) 1,230 (36) (140) Derivative warrant liabilities loss (gain) 799 (3,784) 9,860 (2,261) (3,016) Restructuring costs 1,317 — — — 1,317 Impairment expense 8,263 — 8,263 — — Pipeline research and development costs 312 — 8 96 208 Net income from discontinued operations, net of tax (239) — (62) (54) (123) Adjusted EBITDA - non-GAAP $ 6,668 $ (587) $ 2,039 $ 3,943 $ 1,273 Three Months Ended
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Adjusted OpEx as a % of Net Revenue Reconciliation $ in thousands 31 TTMFY21 FY22 FY23 FY24 FY25 September 30, 2025 Net revenue $ 32,678 $ 61,121 $ 73,799 $ 65,183 $ 66,382 $ 63,696 Cost of goods sold 23,205 26,918 21,570 16,129 20,551 20,664 Gross profit $ 9,473 $ 34,203 $ 52,229 $ 49,054 $ 45,831 $ 43,032 Gross profit percentage 29% 56% 71% 75% 68% 66% Operating expenses - GAAP $ 56,371 $ 126,675 $ 59,587 $ 50,645 $ 53,658 $ 51,433 Impairment expense (12,825) (64,649) (2,730) — (8,263) (8,263)Restructuring costs (4,885) — — (2,156) (2,101) (1,317)Gain from contingent consideration 4,459 1,760 578 — — — Amortization of intangible assets (4,241) (4,303) (3,691) (3,683) (3,683) (3,206)Acquisition related costs (2,919) — — — — — Pipeline R&D (4,011) (11,599) (2,596) (983) (480) (312)Pipeline R&D stock-based compensation expense — (515) (22) — — — Adjusted operating expense - non-GAAP $ 31,949 $ 47,369 $ 51,126 $ 43,823 $ 39,131 $ 38,335 Adjusted operating expense as a % of net revenue - non-GAAP98% 78% 69% 67% 59% 60% TTMSeptember 30, 2025September 30, 2025June 30, 2025March 31, 2025December 31, 2024 Net revenue $ 63,696 $ 13,888 $ 15,135 $ 18,452 $ 16,221 Cost of goods sold 20,664 4,702 4,881 5,646 5,435 Gross profit $ 43,032 $ 9,186 $ 10,254 $ 12,806 $ 10,786 Gross profit percentage 68% 66% 68% 69% 66% Operating expenses - GAAP $ 51,433 $ 10,690 $ 17,877 $ 10,385 $ 12,481 Impairment expense (8,263) — (8,263) — — Restructuring costs (1,317) — — — (1,317)Amortization of intangible assets (3,206) (444) (921) (920) (921)Pipeline R&D (312) — (8) (96) (208)Adjusted operating expense - non-GAAP $ 38,335 $ 10,246 $ 8,685 $ 9,369 $ 10,035 Adjusted operating expense as a % of net revenue - non-GAAP60% 74% 57% 51% 62% Three Months Ended
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EXXUA Summary of Deal TermsFixed Payments:•$3M paid at execution•Additional $3M paid within forty-five (45) days of 1st anniversary of commercial launch•Second upfront payment increases to $5M if net revenue for the first 12 months > $35M Royalties (% of Net Revenue):•28% ‘base’ royalty•3% cap on cost of goods sold•Increased royalty rate if annual net revenue are greater than $300M•Upon royalty trigger or LOE, royalty rates are reduced Milestone Payments Beginning at $100 Million in Annual Net Revenue•$5 million milestone payment paid at $100 million 32
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Capitalization Table 33 9/30/2025 Shares Outstanding: 9,911,913 Options Outstanding: Avg. Strike Price 4.39$ 208,253 Warrants Outstanding: Strike Price Expiration Date June 2025 Prefunded Warrants 0.0001$ N/A 7,298,332 June 2023 Prefunded Warrants 0.0001$ N/A 2,060,651 June 2023 Tranche A Warrants 1.59$ 6/13/2028 2,173,912 August 2022 Warrants 2.32$ 8/11/2027 1,191,811 January 2022 Warrants 8.60$ 1/31/2027 122,092 March 2022 Warrants 26.00$ 9/7/2027 333,300 December 2020 Warrants 150.00$ 12/15/2025 15,571 Total Warrants Outstanding 13,195,669 Fully Diluted Outstanding: 23,315,835