Q2 Results
Gross profit reached $9.6 million or 63% of revenue. This compared to $10.8 million or 66% in the prior quarter. Operating expenses rose modestly because the company invested in the EXXUA launch. As a result, net loss widened to $10.6 million from net income of $0.8 million in Q2 fiscal 2025. In part, an $8.2 million derivative warrant liability loss tied to the stock price drove this change.
Adjusted EBITDA showed a loss of $0.8 million. This contrasted with positive $1.3 million in the year-ago quarter. The company absorbed initial commercial build-out costs for EXXUA. Notably, excluding those launch investments, adjusted EBITDA would have stayed positive for the 11th straight quarter. Additionally, cash and equivalents stood at $30.0 million at Dec. 31, 2025.
Portfolio Performance & Launch Update
Aytu successfully launched EXXUA in December 2025. This marked the first FDA-approved selective serotonin 5HT1A receptor agonist for major depressive disorder (MDD) in adults. Distributors and wholesalers now fully stock the product. Moreover, sales force training completed in mid-January 2026. Therefore, the product positions for broader commercialization in the large U.S. MDD market.
Management noted stability in the ADHD franchise. Despite shifting promotional focus to the new product, demand held steady. Aytu also enhanced its Aytu RxConnect patient access platform. These improvements support payer coverage and prescription access.
Year-Over-Year Context
Total revenue slipped compared to the prior fiscal Q2. However, year-over-year adjusted EBITDA deterioration reflected early commercial investment. It did not signal core demand weakness. Finally, no analyst upgrades, downgrades, or price target changes accompanied today’s earnings release.