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Medicines Made for LifeNasdaq: AYTUFebruary 2026 Actor portrayals.
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2 Forward-Looking StatementsThis 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. Use of Non-GAAP InformationAytu 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.
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3 The mission of Aytu BioPharma is to improve the lives of patients everywhere, with a distinct focus on complex Central Nervous System (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. Actor portrayals.
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4 Successful Strategic Realignment Focused on Profitable Prescription Pharmaceutical Business ADJUSTED EBITDA* ($25.5) ($5.5) $9.7 $10.8 $9.2 ($30)($25)($20)($15)($10)($5)$0$5$10$15 20212022202320242025 KEY TRANSFORMATIVE EVENTS *Reflects Go-Forward Rx business only and thus excludes all Consumer Health and Pipeline R&D expenses. See reconciliation of non-GAAP financial information in the Appendix ●October 2022 - Indefinite Suspension of Clinical Development Programs●June 2024 – Paydown and Refinancing of Term Loan on Improved Terms●June 2024 – Completed Outsource to U.S.-Based Third-Party Contract Manufacturer●July 2024 – Completed Wind Down & Divestiture of Consumer Health Business●November 2024 – Organizational Changes and Operating Optimization Plan●June 2025 – Exclusive Agreement to Commercialize EXXUA™ in the United States●December 2025 / January 2026 - Commercial Launch of EXXUA June 30 Fiscal Year-End $34.7 million adjusted EBITDA improvement over four-year period $ Million
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5 Novel, Patent-Protected Prescription PortfolioDifferentiated 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 MDD BRANDADHD BRANDSPEDIATRIC BRANDS
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6 Net Revenue by Product PortfolioJune 30 Fiscal Year-End $10.9 $42.9$46.9 $57.8$57.6$54.9 $12.4$16.1$25.4 $7.3$8.8$7.5$9.4$2.2$1.6$0.1$0.0$0.1$0.2$0 $10 $20 $30 $40 $50 $60 $70 20212022202320242025TTM Q2 2026ADHDPediatricOtherEXXUA $ Million EXXUA for MDD recently launched and set to be significant contributor to net revenue
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7 Aytu RxConnect® Patient Access Program ●Developed in-house to drive patient adherence and increased script pull-through of Aytu’s Rx brands●Over 1,000 pharmacies nationwide with 100% sales territory coverage; fully supported by in-house pharmacy support team●Offers prescribers and patients predictable, hassle-free, and affordable access to Aytu brands for all commercially insured patients●Reduces pharmacy call backs relating to access barriers (availability, coverage, prior authorizations, step edits, etc.)●Increases 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, to support patient access to Aytu Rx products. Rx Connect Platform Best-in-class Analytics Specialty Distributors & Partners Non-personal Promotion Focused SpecialtySales Force
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8 Commercial Infrastructure ●Lean, direct sales force covers core branded MDD prescribers in our current sales footprint●Sales force augmented by rolling CSO model to support rapid expansion opportunities●Further support enabled through in-house analytics platform, virtual/tele-sales and select, efficient direct-to-patient initiatives Efficient, experienced, and leverageable commercial infrastructure for Rx Portfolio through initial 40 territories allows for rapid scalable promotional expansion opportunities
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EXXUAA New Way to Treat Major Depressive Disorder
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10 ●FDA-approved as a once-daily extended-release tablet for treatment of adults with MDD ●Member of the azapirone class, which includes Buspar® ((buspirone); immediate-release; approved for anxiety, but not for MDD)●Mechanism of action (MOA) is distinct from SSRIs, SNRIs, and buspirone●Designed to selectively activate pre- and postsynaptic 5-HT1A receptors Please see Important Safety Information throughout and Full Prescribing Information for EXXUA at this presentation.Buspar is a registered trademark of Mead Johnson & Company. EXXUA is the First and Only Selective 5-HT1A Agonist Approved for MDD in Adults
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11 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 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 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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12 Significant Unmet Needs Exist in MDDEXXUA provides an important new treatment option for MDD patients seeking an effective therapy without inducing side effects like Treatment-Emergent Sexual Dysfunction (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
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13 EXXUA: First and Only 5HT1A Agonist for MDDEXXUA has a unique mechanism of action for MDD 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. ●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
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14 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 antidepressants1-2 ●Statistically significant difference vs placebo seen as soon as Week 3 in Study 1 (P=0.013)3 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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15 EXXUA: A Favorable Adverse Event ProfileEXXUA has an adverse event profile that is distinct from other MDD treatments ●Only 7% (15/226) of patients 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 o2.9% in Study 1 and 1.6% in Study 2 discontinued due to dizziness2-3 o2.0% in Study 1 and 1.6% in Study 2 discontinued due to nausea2-3 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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16 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 patientsBrandNovel Mechanism of ActionNo Impact of Sexual FunctionWeight Neutral Once Daily DosingEXXUA™ SSRIs SNRIs Wellbutrin®/Bupropion Trintellix® Auvelity®
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17 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 ,000,0 00$400 ,000,0 00$600 ,000,0 00$800 ,000,0 00$1,0 00,000 ,000$1,2 00,000 ,000TRx WAC $s 20202021202220232024$0$100 ,000,0 00$200 ,000,0 00$300 ,000,0 00$400 ,000,0 00$500 ,000,0 00$600 ,000,0 00$700 ,000,0 00$800 ,000,0 00TRx WAC $s 20202021202220232024$0$200 ,000,0 00$400 ,000,0 00$600 ,000,0 00$800 ,000,0 00$1,0 00,000 ,000$1,2 00,000 ,000$1,4 00,000 ,000$1,6 00,000 ,000TRx WAC $s 20202021202220232024
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18 Focused on Psychiatric Practices Aligned to psychiatry with existing Aytu relationships to maximize initial launch: Brand centricAligned to Aytu RxConnect pharmacies High antidepressant Rx volume Sources: 1. Symphony PrescriberSource® PayerFocus – 12 months ending Nov 25; patients aged 18+, approved HCP specialties only; 2. dbo.rpt_copay_detail_bc; 12 months ending Nov 25; 3. Symphony Metys® - USC 64300 – 12 months ending Nov 25; patients aged 21+ and unknown ●Annual MDD Market Opportunity:oAligned Territories: 140.0 million TRx1 oTarget HCPs: 18.5 million TRx1 ●~5,500 Target HCPs at initial launch1 ●100% of Target HCPs are aligned RxConnect pharmacies2 ●>50% of branded product TRx volume written by psychiatrists3 High EXXUA Potential
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19 EXXUA Promotional Mix &Commercial Priorities ●Efficient, multi-faceted launch with emphasis on sales force promotion and metrics-based performance management ●Targeted virtual promotion and pull-through to support broad customer adoption●Focused non-personal, web-based promotion to increase brand awareness and adoption●Broad Aytu RxConnect footprint for enhanced patient access, adoption, & adherence●Full retail distribution to achieve broad-based availability●New Chemical Entity (NCE) education led by cost-effective Medical Affairs-led publication and KOL support ●Strategic payor assessments with commercial and government payors EXXUA Launch FocusSales force promotion Broad Aytu RxConnect Full retail distribution New Chemical Entity (NCE) education Strategic payor assessments Focused non-personal, web-based promotion Targeted virtual HCP promotion
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Legacy Portfolios ADHD & Pediatrics
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21 Established Revenue Generating Prescription PortfolioDifferentiated Rx brands focused on ADHD and Pediatrics 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®
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22 ADHD and Pediatric Portfolio TRxs 212,633235,458 292,307305,260283,788263,339 139,798141,538140,734133,207117,469110,834 352,431376,996 433,041438,467403,228378,063 050,000100,000150,000200,000250,000300,000350,000400,000450,000500,000 FY 2021FY 2022FY 2023FY 2024FY 2025TTM Q2 2026Adzenys XR-ODTCotempla XR-ODTTotal ADHD 25,59136,44142,930 23,34724,47624,487 49,59254,182 91,380 41,601 22,84915,719 75,183 90,623 134,310 64,948 47,32540,206 0 20,000 40,000 60,000 80,000 100,000 120,000 140,000 160,000 FY 2021FY 2022FY 2023FY 2024FY 2025TTM Q2 2026Karbinal ERPTMVFTotal Pediatric ADHD Portfolio (TRxs) Pediatric Portfolio (TRxs) 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.
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Financials
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24 Net Revenue & Adjusted EBITDAEXXUA for MDD recently launched and set to be significant contributor to net revenueNET REVENUE*ADJUSTED EBITDA* $32.7 $61.1 $73.8$65.2$66.4$62.6 $0 $10 $20 $30 $40 $50 $60 $70 $80 20212022202320242025TTM Q2 2026($25.5) ($5.5) $9.7 $10.8 $9.2 $4.6 ($30)($25)($20)($15)($10)($5)$0$5$10$15 20212022202320242025TTM Q2 2026 June 30 Fiscal Year-End June 30 Fiscal Year-End $ Million $ Million *Reflects Go-Forward Rx business only and thus excludes all Consumer Health and Pipeline R&D expenses. See reconciliation of non-GAAP financial information in the Appendix
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25 Favorable Gross Margin & OpEx Trends 29% 56% 71%75%69%67% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 20212022202320242025TTM Q2 2026 98% 78%69%67%59%63% 0% 20% 40% 60% 80% 100% 120% 20212022202320242025TTM Q2 2026 GROSS MARGIN*ADJUSTED OPEX AS A % OF NET REVENUE*June 30 Fiscal Year-End June 30 Fiscal Year-End Production outsourcing & operational improvements have driven gross margin improvement *Reflects Go-Forward Rx business only and thus excludes all Consumer Health and Pipeline R&D expenses. See reconciliation of non-GAAP financial information in the Appendix
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26 Balance Sheet HighlightsClosed $16.6 million upsized at the market public offering of common stock/prefunded warrants with full exercise of overallotment in June 2025.(in thousands) 12/31/2025Cash and cash equivalents$30,025Total current assets $76,241Intangible assets, net $43,578Total assets $122,000Total current liabilities $65,563Borrowings include $11,855 Term Note and $9,075 o/s on Revolving Credit$20,930Total liabilities $107,799Total stockholders’ equity$14,201
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27 Aytu BioPharma Executive Team Margaret CabanoSenior VP of OperationsJarrett DisbrowChief Business OfficerJosh DisbrowChief Executive Officer Suzane KennedyVice President of Regulatory Affairs and Quality AssuranceRyan SelhornChief Financial OfficerGreg PyszczymukaChief Commercial Officer Dr. Gerwin WestfieldSenior VP of Scientific Affairs
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FinancialAppendix
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29 Adjusted EBITDA Reconciliation$ in thousandsTTMFY21 FY22 FY23 FY24 FY25December 31, 2025Net loss - GAAP $ (58,289) $ (108,779) $ (17,051) $ (15,844) $ (13,562) $ (24,443)Interest expense 2,618 3,311 5,149 5,059 3,703 2,706 Income tax expense (benefit) 259 (110) 263 2,142 437 315 Depreciation and amortization 5,887 7,821 6,271 5,910 5,191 4,253 Stock-based compensation expense 3,138 4,674 5,698 2,374 576 649 Other (income) expense, net (816) (2,584) (425) (870) 512 803 Derivative warrant liabilities (gain) loss — (1,605) (4,793) 4,004 1,703 12,059 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 — 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 2,596 983 480 104 Net loss (income) from discontinued operations, net of tax 7,760 17,465 9,499 3,324 (620) (116)Adjusted EBITDA - non-GAAP $ (25,497) $ (5,488) $ 9,659 $ 10,833 $ 9,186 $ 4,593 TTMDecember 31, 2025December 31, 2025September 30, 2025June 30, 2025March 31, 2025Net (loss) income - GAAP $ (24,443) $ (10,584) $ 1,965 $ (19,818) $ 3,994 Interest expense 2,706 560 516 730 900 Income tax expense (benefit) 315 — — 437 (122)Depreciation and amortization 4,253 885 803 1,278 1,287 Stock-based compensation expense 649 283 114 113 139 Other expense (income), net 803 (190) (201) 1,230 (36)Derivative warrant liabilities loss (gain) 12,059 8,244 (3,784) 9,860 (2,261)Restructuring costs — — — — — Impairment expense 8,263 — — 8,263 — Pipeline research and development costs 104 — — 8 96 Net income from discontinued operations, net of tax (116) — — (62) (54)Adjusted EBITDA - non-GAAP $ 4,593 $ (802) $ (587) $ 2,039 $ 3,943 Three Months Ended
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30 Adjusted OpEx as a % of Net Revenue Reconciliation$ in thousandsTTMFY21 FY22 FY23 FY24 FY25December 31, 2025Net revenue $ 32,678 $ 61,121 $ 73,799 $ 65,183 $ 66,382 $ 62,640 Cost of goods sold 23,205 26,918 21,570 16,129 20,551 20,770 Gross profit $ 9,473 $ 34,203 $ 52,229 $ 49,054 $ 45,831 $ 41,870 Gross profit percentage 29% 56% 71% 75% 67% 63% Operating expenses - GAAP $ 56,371 $ 126,675 $ 59,587 $ 50,645 $ 53,658 $ 50,546 Impairment expense (12,825) (64,649) (2,730) — (8,263) (8,263)Restructuring costs (4,885) — — (2,156) (2,101) — Gain from contingent consideration 4,459 1,760 578 — — — Amortization of intangible assets (4,241) (4,303) (3,691) (3,683) (3,683) (2,811)Acquisition related costs (2,919) — — — — — Pipeline R&D (4,011) (11,599) (2,596) (983) (480) (104)Pipeline R&D stock-based compensation expense — (515) (22) — — — Adjusted operating expense - non-GAAP $ 31,949 $ 47,369 $ 51,126 $ 43,823 $ 39,131 $ 39,368 Adjusted operating expense as a % of net revenue - non-GAAP98% 78% 69% 67% 59% 63% TTMDecember 31, 2025December 31, 2025September 30, 2025June 30, 2025March 31, 2025Net revenue $ 62,640 $ 15,165 $ 13,888 $ 15,135 $ 18,452 Cost of goods sold 20,770 5,541 4,702 4,881 5,646 Gross profit $ 41,870 $ 9,624 $ 9,186 $ 10,254 $ 12,806 Gross profit percentage 67% 63% 66% 68% 69% Operating expenses - GAAP $ 50,546 $ 11,594 $ 10,690 $ 17,877 $ 10,385 Impairment expense (8,263) — — (8,263) — Restructuring costs — — — — — Amortization of intangible assets (2,811) (526) (444) (921) (920)Pipeline R&D (104) — — (8) (96)Adjusted operating expense - non-GAAP $ 39,368 $ 11,068 $ 10,246 $ 8,685 $ 9,369 Adjusted operating expense as a % of net revenue - non-GAAP63% 73% 74% 57% 51% Three Months Ended
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31 EXXUA Key Deal Terms•Fixed Payments:•$3M paid at execution•Additional $3M paid within forty-five (45) days of 1st anniversary of Commercial Launch (January 2027)•Second upfront payment increases to $5M if Net Sales for the first 12 months > $35M•Royalties (% of Net Sales):•28% ‘base’ royalty•3% cap on cost of goods sold•Increased royalty rate if annual Net Sales are greater than $300M•Upon royalty trigger or LOE, royalty rates are reduced•Milestone payments beginning at $100 million in annual Net Sales•$5 million milestone payment paid at $100 million
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32 Capitalization Table12/31/2025 Shares Outstanding: 10,733,208 Options Outstanding: Avg. Strike Price 4.41$ 205,418 Warrants Outstanding: Strike PriceExpiration Date June 2025 Prefunded Warrants 0.0001$ N/A 6,748,332 June 2023 Prefunded Warrants 0.0001$ N/A 2,060,651 June 2023 Tranche A Warrants 1.59$ 6/13/20282,173,912 August 2022 Warrants 2.32$ 8/11/20271,191,811 January 2022 Warrants 8.60$ 1/31/2027 122,092 March 2022 Warrants 26.00$ 9/7/2027 333,300 Total Warrants Outstanding 12,630,098 Fully Diluted Outstanding: 23,568,724