Aytu BioPharma (AYTU)
Market Price (9/21/2026): $2.1 | Market Cap: $22.1 MilSector: Health Care | Industry: Pharmaceuticals
Aytu BioPharma (AYTU)
Market Price (9/21/2026): $2.1Market Cap: $22.1 MilSector: Health CareIndustry: Pharmaceuticals
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -22% Megatrend and thematic driversMegatrends include Precision Medicine, and Aging Population & Chronic Disease. Themes include Biopharmaceutical R&D, Targeted Therapies, Show more. | Weak multi-year price returns2Y Excs Rtn is -54%, 3Y Excs Rtn is -35% Meaningful short interestShort Interest Days-to-CoverDTC = (Short Interest Share Quantity) / (Average Daily Trading Volume). Reflects how many days it would take to cover (close out) the short interest based on average volumes. High DTC can signify an increased risk of a short squeeze. is 12.35 | Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -6.9 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -12% Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -14%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -18%, Rev Chg QQuarterly Revenue Change % is -33% Not cash flow generativeFCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -2.4% Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -157% Key risksAYTU key risks include [1] significant financial distress and bankruptcy risk due to ongoing losses and high debt, Show more. |
| Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -22% |
| Megatrend and thematic driversMegatrends include Precision Medicine, and Aging Population & Chronic Disease. Themes include Biopharmaceutical R&D, Targeted Therapies, Show more. |
| Weak multi-year price returns2Y Excs Rtn is -54%, 3Y Excs Rtn is -35% |
| Meaningful short interestShort Interest Days-to-CoverDTC = (Short Interest Share Quantity) / (Average Daily Trading Volume). Reflects how many days it would take to cover (close out) the short interest based on average volumes. High DTC can signify an increased risk of a short squeeze. is 12.35 |
| Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -6.9 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -12% |
| Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -14%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -18%, Rev Chg QQuarterly Revenue Change % is -33% |
| Not cash flow generativeFCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -2.4% |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -157% |
| Key risksAYTU key risks include [1] significant financial distress and bankruptcy risk due to ongoing losses and high debt, Show more. |
Qualitative Assessment
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Aytu BioPharma (AYTU) stock has lost about 5% since 5/31/2026 because of the following key factors:
1. Worsening Financial Performance in Fiscal Q3 2026. Aytu BioPharma reported a significant net loss of $5.6 million for fiscal Q3 2026 (ended March 31, 2026), a considerable downturn from a net income of $4.0 million in the prior year. The company's Adjusted EBITDA also declined to $(2.8) million from $3.9 million year-over-year. Furthermore, the Earnings Per Share (EPS) of -$0.53 missed analysts' consensus estimates of -$0.44 by $0.09. These results, reported on May 13, 2026, created negative sentiment that continued into the specified period.
2. Decline in Revenue from Core Portfolio Segments. Total net revenue for fiscal Q3 2026 fell to $12.4 million, down from $18.5 million in the previous year. This decline was primarily driven by a substantial reduction in legacy product sales, with ADHD Portfolio revenue decreasing to $9.1 million from $15.4 million and Pediatric Portfolio revenue dropping to $0.9 million from $3.1 million. Although the new Major Depressive Disorder (MDD) treatment EXXUA generated $2.4 million in net revenue in its initial commercial quarter, this was insufficient to offset the considerable revenue loss from other segments.
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Aytu BioPharma (AYTU) stock has lost about 5% since 5/31/2026 because of the following key factors:
1. Worsening Financial Performance in Fiscal Q3 2026. Aytu BioPharma reported a significant net loss of $5.6 million for fiscal Q3 2026 (ended March 31, 2026), a considerable downturn from a net income of $4.0 million in the prior year. The company's Adjusted EBITDA also declined to $(2.8) million from $3.9 million year-over-year. Furthermore, the Earnings Per Share (EPS) of -$0.53 missed analysts' consensus estimates of -$0.44 by $0.09. These results, reported on May 13, 2026, created negative sentiment that continued into the specified period.
2. Decline in Revenue from Core Portfolio Segments. Total net revenue for fiscal Q3 2026 fell to $12.4 million, down from $18.5 million in the previous year. This decline was primarily driven by a substantial reduction in legacy product sales, with ADHD Portfolio revenue decreasing to $9.1 million from $15.4 million and Pediatric Portfolio revenue dropping to $0.9 million from $3.1 million. Although the new Major Depressive Disorder (MDD) treatment EXXUA generated $2.4 million in net revenue in its initial commercial quarter, this was insufficient to offset the considerable revenue loss from other segments.
3. Increased Operating Expenses and Reduced Gross Margin. The company experienced a decrease in its gross margin, which fell to 61% in fiscal Q3 2026 from 69% in the comparable prior-year quarter. Simultaneously, operating expenses increased by 14.7% to $10.9 million, largely attributed to the significant investments made for the commercial launch of EXXUA. These combined factors of reduced profitability per sale and higher operational costs contributed to investor concerns regarding the company's financial efficiency.
4. Uncertain Path to Profitability and High Debt Level. Analysts project that Aytu BioPharma will continue to incur losses through fiscal year 2027, with positive profits of US$12 million not anticipated until fiscal year 2028. Achieving this profitability requires an ambitious average annual growth rate of 112%. This extended timeline for reaching profitability, coupled with a relatively high debt-to-equity ratio of 62%, introduces considerable uncertainty and risk for investors regarding the company's future financial health.
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Stock Movement Drivers
Fundamental Drivers
The -7.4% change in AYTU stock from 5/31/2026 to 9/20/2026 was primarily driven by a -7.4% change in the company's P/S Multiple.| (LTM values as of) | 5312026 | 9202026 | Change |
|---|---|---|---|
| Stock Price ($) | 2.29 | 2.12 | -7.4% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 57 | 57 | 0.0% |
| P/S Multiple | 0.4 | 0.4 | -7.4% |
| Shares Outstanding (Mil) | 11 | 11 | 0.0% |
| Cumulative Contribution | -7.4% |
Market Drivers
5/31/2026 to 9/20/2026| Return | Correlation | |
|---|---|---|
| AYTU | -7.4% | |
| Market (SPY) | 0.9% | 17.0% |
| Sector (XLV) | 12.7% | 10.8% |
Fundamental Drivers
The -17.5% change in AYTU stock from 2/28/2026 to 9/20/2026 was primarily driven by a -9.6% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 2282026 | 9202026 | Change |
|---|---|---|---|
| Stock Price ($) | 2.57 | 2.12 | -17.5% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 63 | 57 | -9.6% |
| P/S Multiple | 0.4 | 0.4 | -4.4% |
| Shares Outstanding (Mil) | 10 | 11 | -4.5% |
| Cumulative Contribution | -17.5% |
Market Drivers
2/28/2026 to 9/20/2026| Return | Correlation | |
|---|---|---|
| AYTU | -17.5% | |
| Market (SPY) | 11.6% | 27.4% |
| Sector (XLV) | 5.5% | 16.7% |
Fundamental Drivers
The -9.8% change in AYTU stock from 8/31/2025 to 9/20/2026 was primarily driven by a -41.6% change in the company's Shares Outstanding (Mil).| (LTM values as of) | 8312025 | 9202026 | Change |
|---|---|---|---|
| Stock Price ($) | 2.35 | 2.12 | -9.8% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 66 | 57 | -14.0% |
| P/S Multiple | 0.2 | 0.4 | 79.8% |
| Shares Outstanding (Mil) | 6 | 11 | -41.6% |
| Cumulative Contribution | -9.8% |
Market Drivers
8/31/2025 to 9/20/2026| Return | Correlation | |
|---|---|---|
| AYTU | -9.8% | |
| Market (SPY) | 19.4% | 21.1% |
| Sector (XLV) | 24.1% | 15.4% |
Fundamental Drivers
The 24.7% change in AYTU stock from 8/31/2023 to 9/20/2026 was primarily driven by a 547.0% change in the company's P/S Multiple.| (LTM values as of) | 8312023 | 9202026 | Change |
|---|---|---|---|
| Stock Price ($) | 1.70 | 2.12 | 24.7% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 104 | 57 | -45.6% |
| P/S Multiple | 0.1 | 0.4 | 547.0% |
| Shares Outstanding (Mil) | 4 | 11 | -64.5% |
| Cumulative Contribution | 24.7% |
Market Drivers
8/31/2023 to 9/20/2026| Return | Correlation | |
|---|---|---|
| AYTU | 24.7% | |
| Market (SPY) | 75.6% | 13.7% |
| Sector (XLV) | 32.3% | 11.7% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| AYTU Return | -77% | -86% | -25% | -40% | 53% | -23% | -98% |
| Peers Return | 21% | 17% | -9% | 17% | 50% | 29% | 190% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 12% | 103% |
Monthly Win Rates [3] | |||||||
| AYTU Win Rate | 17% | 17% | 42% | 33% | 50% | 33% | |
| Peers Win Rate | 57% | 58% | 50% | 50% | 57% | 56% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 44% | |
Max Drawdowns [4] | |||||||
| AYTU Max Drawdown | -86% | -90% | -65% | -60% | -46% | -32% | |
| Peers Max Drawdown | -34% | -35% | -33% | -28% | -35% | -28% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: AXSM, SUPN, CPIX, PBH, JNJ.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 9/18/2026 (YTD)
How Low Can It Go
| Event | AYTU | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -27.5% | -18.8% |
| % Gain to Breakeven | 38.0% | 23.1% |
| Time to Breakeven | 38 days | 79 days |
| 2024 Yen Carry Trade Unwind | ||
| % Loss | -16.3% | -7.8% |
| % Gain to Breakeven | 19.4% | 8.5% |
| Time to Breakeven | 45 days | 18 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -12.1% | -9.5% |
| % Gain to Breakeven | 13.7% | 10.5% |
| Time to Breakeven | 13 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -52.8% | -6.7% |
| % Gain to Breakeven | 112.1% | 7.1% |
| Time to Breakeven | 112 days | 31 days |
| 2020 COVID-19 Crash | ||
| % Loss | -52.0% | -33.7% |
| % Gain to Breakeven | 108.3% | 50.9% |
| Time to Breakeven | 1 days | 140 days |
In The Past
Aytu BioPharma's stock fell -27.5% during the 2025 US Tariff Shock. Such a loss loss requires a 38.0% gain to breakeven.
Preserve Wealth
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Asset Allocation
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| Event | AYTU | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -27.5% | -18.8% |
| % Gain to Breakeven | 38.0% | 23.1% |
| Time to Breakeven | 38 days | 79 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -52.8% | -6.7% |
| % Gain to Breakeven | 112.1% | 7.1% |
| Time to Breakeven | 112 days | 31 days |
| 2020 COVID-19 Crash | ||
| % Loss | -52.0% | -33.7% |
| % Gain to Breakeven | 108.3% | 50.9% |
| Time to Breakeven | 1 days | 140 days |
In The Past
Aytu BioPharma's stock fell -27.5% during the 2025 US Tariff Shock. Such a loss loss requires a 38.0% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Aytu BioPharma (AYTU)
Aytu BioPharma, Inc. (AYTU) is a specialty pharmaceutical company focused on the development and commercialization of a diverse portfolio of novel therapeutic and consumer healthcare products. Operating in both the United States and internationally, the company aims to address a variety of medical needs across multiple therapeutic areas, providing solutions for patients across different age groups.
The company's core product offerings include a significant franchise in Attention Deficit Hyperactivity Disorder (ADHD) with medications such as Adzenys XR-ODT, Cotempla XR-ODT, and Adzenys ER, which cater to patients from 6 years of age and older. Beyond ADHD, Aytu BioPharma also provides treatments for conditions like seasonal and perennial allergies with Karbinal ER, a prescription antitussive for cough relief called Tuzistra XR, and ZolpiMist for insomnia. Additionally, its portfolio includes pediatric supplements like Poly-Vi-Flor and Tri-Vi-Flor for fluoride deficiency in infants and children.
Aytu BioPharma primarily serves a broad customer base, encompassing patients of all ages, from infants and children to adolescents and adults. Its products are prescribed to individuals seeking treatment for a range of conditions, including ADHD, allergies, insomnia, cough, and specific pediatric nutritional deficiencies. The company's market therefore includes healthcare professionals who prescribe these specialized medications to their patients.
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Here are 1-3 brief analogies for Aytu BioPharma (AYTU):
- Aytu BioPharma is like a mini-Bausch Health, specializing in commercializing a diverse portfolio of unique-formulation prescription drugs for common conditions.
- Aytu BioPharma is like a smaller, specialized Johnson & Johnson for prescription medications, focusing on unique formulations for common conditions like ADHD, allergies, and insomnia.
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- Adzenys XR-ODT: An extended-release orally disintegrating tablet for treating ADHD in patients aged 6 and older.
- Cotempla XR-ODT: An extended-release orally disintegrating tablet for treating ADHD in patients aged 6 to 17.
- Adzenys ER: An extended-release oral suspension for treating ADHD in patients aged 6 and older.
- Karbinal ER: A carbinoxamine oral suspension used for the treatment of seasonal and perennial allergies.
- Poly-Vi-Flor and Tri-Vi-Flor: Prescription supplements for infants and children to treat fluoride deficiency.
- Tuzistra XR: A prescription antitussive oral suspension containing codeine polistirex and chlorpheniramine polistirex.
- ZolpiMist: An oral spray for the treatment of insomnia.
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Aytu BioPharma (AYTU), as a specialty pharmaceutical company focused on prescription therapeutics, primarily sells its products to other companies within the healthcare supply chain rather than directly to individual consumers. Its major customers are typically pharmaceutical wholesale distributors and large retail pharmacy chains.
The major customer companies for Aytu BioPharma include:
- McKesson Corporation (MCK)
- AmerisourceBergen Corporation (ABC)
- Cardinal Health, Inc. (CAH)
These companies are the primary pharmaceutical wholesalers in the United States, responsible for distributing prescription medications from manufacturers to retail pharmacies, hospitals, and other healthcare providers.
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- Catalent Pharma Solutions (CTLT)
- KVK-Tech, Inc.
- DPT Laboratories, Ltd.
- Thermo Fisher Scientific (TMO)
- Cardinal Health (CAH)
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Josh Disbrow
Chief Executive Officer and Board Director
Mr. Disbrow co-founded Aytu BioPharma in 2015 and led the company's NASDAQ listing in 2017. He previously co-founded Arbor Pharmaceuticals with his twin brother Jarrett Disbrow, serving as Vice President of Commercial Operations. Under his commercial leadership, Arbor Pharmaceuticals grew to over $250 million in annual revenue before its acquisition in 2010. He also served as Chief Operating Officer of Ampio Pharmaceuticals and Chief Executive Officer of its subsidiary Luoxis Diagnostics, Inc. Prior to that, he held commercial roles at LipoScience (which was later acquired by LabCorp), Cyberonics, and Glaxo Wellcome. He has overseen four strategic company acquisitions for Aytu BioPharma.
Ryan Selhorn
Chief Financial Officer, Corporate Secretary and Treasurer
Mr. Selhorn was appointed Chief Financial Officer in November 2024. He previously served as Aytu's Executive Vice President, Finance and Business Optimization since November 2022, and as Senior Vice President, Finance and Operations, Consumer Healthcare Division from February 2022 to November 2022. Before joining Aytu, he held the position of Vice President and Chief Financial Officer at Innovus Pharmaceuticals, Inc., a publicly held consumer healthcare company, until its acquisition by Aytu in February 2020. Mr. Selhorn also served as Chief Financial Officer and Chief Accounting Officer of Signature Analytics, a privately held fractional CFO and accounting firm, where he additionally acted as Chief Financial Officer of Medicinova, Inc., a publicly held biotechnology company. He began his career at Grant Thornton LLP, working in Transaction Advisory Services.
Jarrett Disbrow
Chief Business Officer
Mr. Disbrow co-founded Aytu BioPharma in April 2015 with his brother Josh Disbrow. He has held several senior leadership roles at Aytu, including President, Consumer Health (until July 2024), Executive Vice President of Corporate Operations, Corporate Development, Marketing & Market Access, and Chief Operating Officer/Head of Commercial. Prior to Aytu, he was President & CEO of Vyrix Pharmaceuticals, a specialty pharmaceutical company focused on male sexual dysfunction. He also co-founded Arbor Pharmaceuticals, initially focused on pediatrics, and was responsible for its vision, fundraising, strategy, and growth until its acquisition in 2010. His earlier experience includes commercial leadership roles at Accentia Biopharmaceuticals and GlaxoWellcome.
Greg Pyszczymuka
Chief Commercial Officer
Mr. Pyszczymuka has served as Aytu BioPharma's Chief Commercial Officer since January 2022. Before the company's merger with Neos Therapeutics in March 2021, he was the Vice President, Commercial at Neos Therapeutics since June 2020. His roles at Neos Therapeutics also included Vice President, Commercial Strategy & Market Access, and Executive Director of Channel Strategy & Access Programs.
Margaret Cabano
Vice President of Operations
Ms. Cabano has served as Vice President of Operations for Aytu BioPharma since the merger of Aytu BioPharma and Neos Therapeutics in 2021. She previously held the same role for Neos Therapeutics starting in 2005. With 21 years of industry experience, Ms. Cabano oversees all aspects of manufacturing operations, including supply chain, engineering, and technical services. Before her time at Neos, she worked in operations and supply chain management for Adams Respiratory Therapeutics and Cardinal Health.
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Generic Competition for Core ADHD Products
The most significant risk to Aytu BioPharma is the impending generic competition for its primary revenue-generating ADHD medications, Adzenys XR-ODT and Cotempla XR-ODT. Teva Pharmaceutical is set to launch generic versions of Adzenys XR-ODT in September 2025 and Cotempla XR-ODT in July 2026, without paying royalties to Aytu. This is a critical threat as the ADHD portfolio accounted for 83% of Aytu's revenue in Q3 fiscal 2025. The patents for Adzenys XR-ODT were scheduled to expire in 2026 and 2032, but an earlier settlement agreement allows for generic entry. This loss of exclusivity is expected to substantially impact the company's revenue and profitability.
Financial Performance and Sustained Profitability Challenges
Aytu BioPharma faces ongoing challenges in achieving and sustaining profitability. Recent financial reports show a decline in net revenue and a net loss in Q2 2026, which led to a drop in the stock price. While the company is working towards achieving cash breakeven and positive adjusted EBITDA, consistent profitability remains a concern, particularly with the looming generic competition for its main products. The company's stock is also considered "high risk" due to significant daily price movements and periodic low trading volume.
Regulatory Scrutiny and Past Legal Issues
Aytu BioPharma has faced regulatory challenges and legal scrutiny. In September 2025, the U.S. Food and Drug Administration (FDA) issued warning letters to Aytu BioPharma regarding misleading promotional communications for Adzenys XR-ODT and Cotempla XR-ODT. The FDA cited the omission of important risk information and failure to prominently display the established drug names, raising concerns about regulatory compliance. Additionally, a shareholder derivative lawsuit alleging fiduciary breaches and unjust enrichment by company directors was settled in January 2025. Although the lawsuit is resolved, these instances highlight potential risks associated with regulatory adherence and corporate governance.
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The increasing regulatory scrutiny and public health concerns surrounding opioid-containing medications, particularly for cough and cold treatments, pose an emerging threat to Aytu BioPharma's product Tuzistra XR, which contains codeine.
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Aytu BioPharma (AYTU) operates in several addressable markets with its main products:
- ADHD Products (Adzenys XR-ODT, Cotempla XR-ODT, Adzenys ER): The U.S. ADHD therapeutics market was valued at approximately $9.89 billion in 2023 and is projected to reach $12.56 billion by 2030. The global attention deficit hyperactivity disorder market was valued at $15.8 billion in 2023 and is estimated to grow to $24.6 billion by 2032. Specifically, Cotempla XR-ODT accounted for an estimated 3-4% of the global ADHD pharmacotherapy market, valued at around $400-500 million in 2022.
- Karbinal ER (seasonal and perennial allergies): The global antihistamine drugs market size was $336.08 billion in 2025 and is expected to reach $666.15 billion by 2033. The global allergy rhinitis drugs market is expected to reach $21.61 billion by 2035. The U.S. market for carbinoxamine maleate is considered robust due to the high prevalence of seasonal allergies.
- Poly-Vi-Flor and Tri-Vi-Flor (fluoride deficiency): The global dental fluoride treatment market size was estimated at $14.11 billion in 2024 and is projected to grow to $21.0 billion by the end of 2031. The North America dental fluoride treatment market was valued at $4.1 billion in 2024, representing 36.9% of the global market.
- Tuzistra XR (antitussive): The U.S. cough and cold prescription market is valued in excess of $3 billion, with 30-35 million prescriptions written annually. The global antitussive drugs market size was approximately $1.44 billion in 2024 and is predicted to reach around $2.31 billion by 2034. North America accounts for approximately 35-38% of the global antitussive drugs market.
- ZolpiMist (insomnia): The U.S. non-benzodiazepine prescription sleep aid category is a $1.8 billion market with over 43 million prescriptions annually. The U.S. insomnia market was nearly $4.73 billion in 2023. Globally, the insomnia treatment market size was $3.85 billion in 2024 and is expected to grow to $6.63 billion by 2033.
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Here are 3-5 expected drivers of future revenue growth for Aytu BioPharma (AYTU) over the next 2-3 years:
- Commercialization and Market Penetration of EXXUA: The successful launch and subsequent market penetration of EXXUA (gepirone) for Major Depressive Disorder (MDD) is anticipated to be a primary driver of revenue growth. EXXUA was launched in the fourth quarter of calendar 2025 and is considered the centerpiece of the company's commercial efforts, expected to significantly contribute to growth by late fiscal 2026. Aytu BioPharma is actively focusing on driving prescriber adoption and long-term brand growth for this product.
- Unique Clinical Profile of EXXUA: EXXUA's distinct clinical profile, particularly the absence of reported sexual dysfunction and no clinically significant weight gain in clinical trials, differentiates it from many existing antidepressant treatments. This unique selling proposition is expected to be a key factor in driving adoption among the estimated 21 million Americans suffering from MDD, positioning EXXUA to capture market share in the over $22 billion U.S. prescription MDD market.
- Continued Contribution from ADHD Portfolio: Despite a shift in marketing focus towards EXXUA, the company's ADHD portfolio, including Adzenys XR-ODT and Cotempla XR-ODT, remains a significant revenue generator. In the second quarter of fiscal 2026, the ADHD portfolio contributed $13.2 million in net revenue. While total prescriptions decreased due to reduced marketing efforts, this was partially offset by product price increases and improved gross-to-nets, indicating potential for continued revenue generation from this established portfolio.
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Share Issuance
- Aytu BioPharma had 11 million shares outstanding in Q2 2026 (ended December 31, 2025), representing an 8.3% increase from the prior quarter.
- In April 2025, the company completed an upsized "At the Market Public Offering of Common Stock," which included the full exercise of overallotment.
- The merger with Neos Therapeutics in March 2021 resulted in Neos stockholders owning approximately 30% of the fully diluted common shares of Aytu.
Inbound Investments
- Stonepine Capital Management, LLC increased its investment in Aytu BioPharma by acquiring 626,862 shares in September 2024, bringing its ownership to 9.99% of the company.
- AWM Investment Company, Inc. reported beneficial ownership of 619,574 shares, or 5.8% of AYTU common stock, as of December 31, 2025.
- Over the last 24 months, institutional investors collectively purchased approximately $4.25 million worth of Aytu BioPharma shares.
Outbound Investments
- Aytu BioPharma completed a merger/acquisition with Rumpus Therapeutics on April 12, 2021.
- The company strategically wound down and sold its Consumer Health business to focus on its core prescription pharmaceutical portfolio.
Capital Expenditures
- Aytu BioPharma reported capital expenditures of $17,000 in Q2 2026 (ended December 31, 2025).
- In a recent quarter (Q2 2026), capital expenditures were noted as $228,000.
- Strategic realignments have included exiting research and development and closing a manufacturing facility, indicating a focus on optimizing or reducing capital expenditures in these areas.
Peer Outperformance in Pharmaceuticals
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Health Care Distributors | 6 | 16.2% | 43.2% | 90.1% | CAH 392% · MCK 346% · COR 168% |
| Managed Health Care | 8 | 40.4% | -5.3% | 2.3% | OSCR 84% · HQY 56% · ELV 17% |
| Health Care Services | 20 | 21.1% | 37.6% | -0.3% | HIMS 239% · RDNT 173% · DGX 76% |
| Health Care Facilities | 24 | 6.0% | 6.5% | -4.5% | NHC 271% · THC 261% · ENSG 129% |
| Health Care Equipment | 50 | -2.7% | -0.2% | -21.1% | POCI 11050% · UFPT 341% · GKOS 222% |
| Pharmaceuticals ← | 62 | -10.5% | 14.8% | -38.6% | LQDA 2472% · INDV 1099% · ETON 1051% |
| Health Care Supplies | 12 | 14.1% | -8.9% | -39.7% | LNTH 287% · HAE 54% · MMSI 20% |
| Life Sciences Tools & Services | 109 | 4.3% | -11.3% | -68.4% | SNWV 1757% · MEDP 231% · NTRA 199% |
| Health Care Technology | 21 | -25.8% | -52.6% | -79.2% | SPOK 68% · HSTM 3% · VEEV -13% |
| Biotechnology | 364 | 0.6% | -21.7% | -79.4% | CELZ 1280% · DNTH 1221% · ELVN 1069% |
Latest Trefis Analyses
| Title | Date | |
|---|---|---|
| DASHBOARDS | ||
| Aytu BioPharma Earnings Notes | 12/16/2025 | |
| With Aytu BioPharma Stock Surging, Have You Considered The Downside? | 10/17/2025 |
| Title | |
|---|---|
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Peer Comparisons
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Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 43.48 |
| Mkt Cap | 2.3 |
| Rev LTM | 804 |
| Op Inc LTM | -4 |
| FCF LTM | 9 |
| FCF 3Y Avg | 61 |
| CFO LTM | 11 |
| CFO 3Y Avg | 61 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 3.3% |
| Rev Chg 3Y Avg | 2.8% |
| Rev Chg Q | 6.5% |
| QoQ Delta Rev Chg LTM | 1.6% |
| Op Inc Chg LTM | -68.2% |
| Op Inc Chg 3Y Avg | -7.2% |
| Op Mgn LTM | -4.6% |
| Op Mgn 3Y Avg | 0.9% |
| QoQ Delta Op Mgn LTM | -1.8% |
| CFO/Rev LTM | 2.7% |
| CFO/Rev 3Y Avg | 12.0% |
| FCF/Rev LTM | -0.0% |
| FCF/Rev 3Y Avg | 10.5% |
FDA Approved Drugs Data
Expand for More| Post-Approval Fwd Returns | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| FDA App # | Brand Name | Generic Name | Dosage Form | FDA Approval | 3M Rtn | 6M Rtn | 1Y Rtn | 2Y Rtn | Total Rtn |
| NDA022556 | KARBINAL ER | carbinoxamine maleate | suspension, extended release | 3282013 | |||||
| NDA204736 | ACIPHEX SPRINKLE | rabeprazole sodium | capsule, delayed release | 3262013 | |||||
| NDA022196 | ZOLPIMIST | zolpidem tartrate | spray, metered | 12192008 | |||||
| Post-Approval Fwd Returns | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| FDA App # | Brand Name | Generic Name | Dosage Form | FDA Approval | 3M Rtn | 6M Rtn | 1Y Rtn | 2Y Rtn | Total Rtn |
| NDA022556 | KARBINAL ER | carbinoxamine maleate | suspension, extended release | 3282013 | |||||
| NDA204736 | ACIPHEX SPRINKLE | rabeprazole sodium | capsule, delayed release | 3262013 | |||||
| NDA022196 | ZOLPIMIST | zolpidem tartrate | spray, metered | 12192008 | |||||
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Attention Deficit Hyperactivity Disorder (ADHD) Portfolio | 58 | 58 | |||
| Pediatric Portfolio | 9 | 7 | |||
| Other | 0 | 0 | |||
| Consumer Health | 34 | 36 | 33 | ||
| Rx | 74 | 61 | 33 | ||
| Total | 66 | 65 | 107 | 97 | 66 |
| $ Mil | 2024 | 2023 |
|---|---|---|
| Rx | -2 | -7 |
| Consumer Health | -4 | -10 |
| Total | -5 | -17 |
| $ Mil | 2022 | 2021 | 2020 | 2018 | 2017 |
|---|---|---|---|---|---|
| Consumer Health | -17 | -8 | -3 | ||
| Rx | -93 | -51 | -10 | ||
| Aytu | -8 | -22 | |||
| Aytu Women's Health | -2 | -0 | |||
| Total | -110 | -58 | -14 | -10 | -23 |
| $ Mil | 2022 | 2021 | 2020 | 2018 | 2017 |
|---|---|---|---|---|---|
| Rx | 121 | 236 | 127 | ||
| Consumer Health | 16 | 29 | 27 | ||
| Aytu | 21 | 12 | |||
| Aytu Women's Health | 0 | 3 | |||
| Total | 138 | 266 | 153 | 21 | 15 |
Price Behavior
| Market Price | $2.12 | |
| Market Cap ($ Bil) | 0.0 | |
| First Trading Date | 10/20/2017 | |
| Distance from 52W High | -26.9% | |
| 50 Days | 200 Days | |
| DMA Price | $2.22 | $2.38 |
| DMA Trend | indeterminate | up |
| Distance from DMA | -4.4% | -11.0% |
| 3M | 1YR | |
| Volatility | 35.6% | 53.5% |
| Downside Capture | 98.22 | 132.87 |
| Upside Capture | 42.26 | 93.67 |
| Correlation (SPY) | 33.6% | 21.9% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | -0.24 | 0.92 | 0.37 | 0.74 | 0.84 | 0.75 |
| Up Beta | -0.38 | 0.83 | 0.94 | 1.17 | 0.84 | 0.33 |
| Down Beta | 5.97 | 2.28 | -0.48 | -0.32 | 0.22 | 0.61 |
| Up Capture | -46% | 75% | 45% | 62% | 93% | 93% |
| Bmk +ve Days | 10 | 21 | 32 | 68 | 138 | 427 |
| Stock +ve Days | 11 | 22 | 31 | 59 | 122 | 343 |
| Down Capture | -162% | 40% | 54% | 115% | 116% | 102% |
| Bmk -ve Days | 11 | 21 | 32 | 59 | 113 | 324 |
| Stock -ve Days | 8 | 15 | 26 | 58 | 113 | 360 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with AYTU | |
|---|---|---|---|---|
| AYTU | -8.7% | 53.4% | 0.02 | - |
| Sector ETF (XLV) | 24.4% | 16.1% | 1.16 | 15.5% |
| Equity (SPY) | 16.9% | 12.9% | 0.94 | 21.7% |
| Gold (GLD) | 19.1% | 29.3% | 0.60 | 9.4% |
| Commodities (DBC) | 46.3% | 20.6% | 1.73 | -8.8% |
| Real Estate (VNQ) | 4.9% | 13.6% | 0.10 | 1.2% |
| Bitcoin (BTCUSD) | -30.6% | 44.3% | -0.70 | 18.5% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with AYTU | |
|---|---|---|---|---|
| AYTU | -50.0% | 85.0% | -0.46 | - |
| Sector ETF (XLV) | 6.4% | 15.2% | 0.24 | 12.9% |
| Equity (SPY) | 12.9% | 17.2% | 0.57 | 17.9% |
| Gold (GLD) | 19.1% | 18.8% | 0.83 | 2.7% |
| Commodities (DBC) | 11.2% | 19.5% | 0.45 | -0.8% |
| Real Estate (VNQ) | 1.1% | 18.8% | -0.05 | 13.8% |
| Bitcoin (BTCUSD) | 12.5% | 52.5% | 0.42 | 10.5% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with AYTU | |
|---|---|---|---|---|
| AYTU | -60.6% | 190.6% | -0.14 | - |
| Sector ETF (XLV) | 10.6% | 16.7% | 0.51 | 7.5% |
| Equity (SPY) | 15.1% | 18.0% | 0.72 | 11.6% |
| Gold (GLD) | 12.1% | 16.4% | 0.61 | -1.0% |
| Commodities (DBC) | 8.3% | 18.1% | 0.37 | 5.8% |
| Real Estate (VNQ) | 4.4% | 20.7% | 0.18 | 6.9% |
| Bitcoin (BTCUSD) | 62.6% | 66.2% | 1.02 | -1.0% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Updated 6/16/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 5/13/2026 | 0.9% | -4.4% | -4.4% |
| 2/3/2026 | -10.3% | -11.8% | -1.0% |
| 11/13/2025 | 1.5% | -5.8% | 17.5% |
| 9/23/2025 | -17.9% | -25.1% | -9.6% |
| 5/14/2025 | 91.9% | 49.6% | 44.4% |
| 2/12/2025 | -0.7% | -0.7% | -13.3% |
| 11/13/2024 | -11.2% | -14.6% | -17.5% |
| 9/26/2024 | -17.2% | -15.8% | -24.0% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 7 | 7 | 6 |
| # Negative | 16 | 16 | 17 |
| Median Positive | 7.3% | 11.4% | 10.7% |
| Median Negative | -7.1% | -10.4% | -13.3% |
| Max Positive | 91.9% | 54.2% | 51.6% |
| Max Negative | -22.1% | -25.1% | -41.8% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 5/13/2026 | 0.9% | -4.4% | -4.4% |
| 2/3/2026 | -10.3% | -11.8% | -1.0% |
| 11/13/2025 | 1.5% | -5.8% | 17.5% |
| 9/23/2025 | -17.9% | -25.1% | -9.6% |
| 5/14/2025 | 91.9% | 49.6% | 44.4% |
| 2/12/2025 | -0.7% | -0.7% | -13.3% |
| 11/13/2024 | -11.2% | -14.6% | -17.5% |
| 9/26/2024 | -17.2% | -15.8% | -24.0% |
| 5/15/2024 | -3.3% | 2.0% | -6.9% |
| 2/14/2024 | -1.0% | -6.0% | -8.9% |
| 11/14/2023 | -22.1% | -16.7% | -3.1% |
| 9/27/2023 | 39.1% | 54.2% | 51.6% |
| 5/11/2023 | -13.2% | -9.9% | -21.2% |
| 2/21/2023 | -5.8% | -9.5% | -27.7% |
| 11/14/2022 | -3.2% | 11.4% | 4.0% |
| 9/28/2022 | 0.6% | 6.7% | -15.8% |
| 5/16/2022 | 13.0% | 16.2% | 0.8% |
| 2/14/2022 | 7.3% | 0.8% | -12.1% |
| 11/15/2021 | -9.8% | -20.4% | -35.5% |
| 9/27/2021 | -8.3% | -10.9% | -23.7% |
| 5/17/2021 | -3.2% | -6.8% | -9.6% |
| 2/11/2021 | -1.9% | -7.7% | 0.2% |
| 11/12/2020 | -5.9% | -11.7% | -41.8% |
| SUMMARY STATS | |||
| # Positive | 7 | 7 | 6 |
| # Negative | 16 | 16 | 17 |
| Median Positive | 7.3% | 11.4% | 10.7% |
| Median Negative | -7.1% | -10.4% | -13.3% |
| Max Positive | 91.9% | 54.2% | 51.6% |
| Max Negative | -22.1% | -25.1% | -41.8% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 03/31/2026 | 05/13/2026 | 10-Q |
| 12/31/2025 | 02/03/2026 | 10-Q |
| 09/30/2025 | 11/13/2025 | 10-Q |
| 06/30/2025 | 09/23/2025 | 10-K |
| 03/31/2025 | 05/14/2025 | 10-Q |
| 12/31/2024 | 02/12/2025 | 10-Q |
| 09/30/2024 | 11/13/2024 | 10-Q |
| 06/30/2024 | 09/26/2024 | 10-K |
| 03/31/2024 | 05/15/2024 | 10-Q |
| 12/31/2023 | 02/14/2024 | 10-Q |
| 09/30/2023 | 11/14/2023 | 10-Q |
| 06/30/2023 | 10/12/2023 | 10-K |
| 03/31/2023 | 05/11/2023 | 10-Q |
| 12/31/2022 | 02/21/2023 | 10-Q |
| 09/30/2022 | 11/14/2022 | 10-Q |
| 06/30/2022 | 09/27/2022 | 10-K |
| Report Date | Filing Date | Filing |
|---|---|---|
| 03/31/2026 | 05/13/2026 | 10-Q |
| 12/31/2025 | 02/03/2026 | 10-Q |
| 09/30/2025 | 11/13/2025 | 10-Q |
| 06/30/2025 | 09/23/2025 | 10-K |
| 03/31/2025 | 05/14/2025 | 10-Q |
| 12/31/2024 | 02/12/2025 | 10-Q |
| 09/30/2024 | 11/13/2024 | 10-Q |
| 06/30/2024 | 09/26/2024 | 10-K |
| 03/31/2024 | 05/15/2024 | 10-Q |
| 12/31/2023 | 02/14/2024 | 10-Q |
| 09/30/2023 | 11/14/2023 | 10-Q |
| 06/30/2023 | 10/12/2023 | 10-K |
| 03/31/2023 | 05/11/2023 | 10-Q |
| 12/31/2022 | 02/21/2023 | 10-Q |
| 09/30/2022 | 11/14/2022 | 10-Q |
| 06/30/2022 | 09/27/2022 | 10-K |
| 03/31/2022 | 05/16/2022 | 10-Q |
| 12/31/2021 | 02/14/2022 | 10-Q |
| 09/30/2021 | 11/15/2021 | 10-Q |
| 06/30/2021 | 09/28/2021 | 10-K |
| 03/31/2021 | 05/17/2021 | 10-Q |
| 12/31/2020 | 02/11/2021 | 10-Q |
| 09/30/2020 | 11/12/2020 | 10-Q |
| 06/30/2020 | 10/06/2020 | 10-K |
| 03/31/2020 | 05/15/2020 | 10-Q |
| 12/31/2019 | 02/14/2020 | 10-Q |
| 09/30/2019 | 11/14/2019 | 10-Q |
| 06/30/2019 | 09/26/2019 | 10-K |
Industry Resources
| Health Care Resources |
| U.S. National Library of Medicine |
| ClinicalTrials.gov |
| Modern Healthcare |
| Healthcare Dive |
| Fierce Healthcare |
| Health Affairs |
| Health Data Management |
| FDA Tracker |
| Pharmaceuticals Resources |
| Fierce Pharma |
| Pharm Exec |
| Endpoints News |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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