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A smaller Bausch Health (BHC) focused on commercializing specialty pharmaceuticals.

Like a boutique Viatris (VTRS), focused on commercializing a diverse portfolio of branded and specialty drugs.

A smaller Jazz Pharmaceuticals (JAZZ), aiming to commercialize specialty drugs and build a pipeline in niche therapeutic areas.

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• Natesto: A prescription nasal gel used for testosterone replacement therapy in adult males with hypogonadism.
• Consumer Health Products: A broad portfolio of over-the-counter products and dietary supplements addressing various health categories such as sexual health, men's health, women's health, and general wellness.

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Aytu BioPharma (AYTU) sells primarily to other companies, specifically wholesale drug distributors. As a specialty pharmaceutical company marketing prescription products, its direct customers are typically the large pharmaceutical wholesalers that manage the distribution of drugs throughout the healthcare system.

Its major customers, which are the largest pharmaceutical wholesalers in the United States, are:

• McKesson Corporation (Symbol: MCK)
• Cardinal Health, Inc. (Symbol: CAH)
• AmerisourceBergen Corporation (Symbol: ABC)

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Josh Disbrow, Chief Executive Officer

Mr. Disbrow co-founded Aytu BioPharma in 2015 and led the company's NASDAQ listing in 2017. He has orchestrated four company acquisitions within four years at Aytu. Prior to co-founding Aytu, he served as the Chief Executive Officer of Luoxis Diagnostics, Inc. from January 2013, which later merged to form Aytu. He was also the Chief Operating Officer of Ampio Pharmaceuticals. Before that, he was Vice President of Commercial Operations at Arbor Pharmaceuticals, a private specialty pharmaceutical company. He joined Arbor as the second employee and oversaw its commercial operations from inception, contributing to its growth to over $250 million in product sales. Arbor Pharmaceuticals was later acquired by a private investor group in 2010. Mr. Disbrow also served as Director of Marketing at LipoScience, which was subsequently acquired by LabCorp. He began his career in sales at Glaxo Wellcome (now GlaxoSmithKline).

Ryan Selhorn, Chief Financial Officer

Mr. Selhorn was appointed Chief Financial Officer in November 2024. He previously held roles at Aytu BioPharma as Executive Vice President, Finance and Business Optimization since November 2022, and prior to that, Senior Vice President of Finance and Operations, Consumer Healthcare Division, and Vice President of Finance, Consumer Healthcare Division. Before joining Aytu, Mr. Selhorn served as Vice President and Chief Financial Officer of Innovus Pharmaceuticals, Inc., a publicly held consumer healthcare company, from April 2018 until its acquisition by Aytu in February 2020. From 2013 to 2018, he served as Chief Financial Officer and Chief Accounting Officer of Signature Analytics, where he also acted as Chief Financial Officer for Medicinova, Inc. His career began at Grant Thornton LLP, where he was a Senior Manager, Transaction Advisory Services.

Jarrett Disbrow, Chief Business Officer

Mr. Disbrow has served as Chief Business Officer of Aytu BioPharma since November 2022. He is a co-founder of Aytu BioPharma. Prior to co-founding Aytu in 2015, he was the President and Chief Executive Officer of Vyrix Pharmaceuticals, which was acquired by Aytu in 2015. Mr. Disbrow was also the sole founder, President, and Chief Executive Officer of Arbor Pharmaceuticals, Inc., a privately held pharmaceutical company that focused on pediatrics. He was responsible for the vision, fundraising, and growth of Arbor until its acquisition by a private investor group in 2010. He previously served as Head of Marketing for Accentia Biopharmaceuticals, Inc. He began his career with GlaxoWellcome (now GlaxoSmithKline).

Greg Pyszczymuka, Chief Commercial Officer

Mr. Pyszczymuka has served as Chief Commercial Officer since January 2022. He joined Aytu BioPharma at the closing of its merger with Neos Therapeutics in March 2021, where he had served as Vice President, Commercial since June 2020. His roles at Neos also included Vice President, Commercial Strategy & Market Access, and Executive Director of Channel Strategy & Access Programs. With over 20 years of experience in the pharmaceutical industry, he has held commercial leadership positions at companies such as Aqua Pharmaceuticals (an Almirall company), Iroko Pharmaceuticals, Zogenix, and Endo Pharmaceuticals. Neos Therapeutics was acquired by Aytu BioPharma.

Margaret Cabano, Senior VP of Operations

Ms. Cabano has served as the Vice President of Operations for Aytu BioPharma since the merger with Neos Therapeutics in 2021. She held the same role for Neos Therapeutics since 2005. Prior to joining Neos, Ms. Cabano gained experience in operations and supply chain management at Adams Respiratory Therapeutics and Cardinal Health. Neos Therapeutics was acquired by Aytu BioPharma.

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Aytu BioPharma (AYTU) faces significant risks, primarily related to its financial health and the inherent challenges within the highly regulated pharmaceutical sector.

1. Financial Health and Profitability: Aytu BioPharma exhibits concerning financial health, characterized by ongoing losses, a negative net margin, and a low Piotroski F-Score, indicating poor business operations. The company also has a low Altman Z-Score, suggesting a potential risk of financial distress or bankruptcy. Additionally, Aytu BioPharma has experienced a decline in overall revenue, despite some growth in its ADHD portfolio, and carries a high level of debt.
2. Regulatory and Commercial Challenges: Operating within the highly regulated healthcare sector, Aytu BioPharma is subject to substantial regulatory changes and intense competitive pressures. Key risks include the ability to gain market acceptance for its products, secure reimbursement from third-party payors, and navigate complex regulatory submissions. The launch of new medications, such as EXXUA, also carries inherent risks, including the necessity of addressing serious warnings like the "boxed warning" regarding increased suicidal thoughts and behaviors associated with antidepressants.
3. Market Acceptance and Commercialization of Products: The success of Aytu BioPharma's business is heavily dependent on the market acceptance and successful commercialization of its prescription products, particularly newly launched ones like EXXUA. Despite a strategic focus on its prescription segment following the divestiture of its Consumer Health business, the company must effectively gain traction in competitive markets to drive revenue and achieve profitability.

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The advent and growing adoption of prescription digital therapeutics (PDTs) for ADHD represent a clear emerging threat. These products, exemplified by Akili Interactive's EndeavorRx, offer a non-pharmacological, software-based treatment modality that has received FDA clearance. As these innovative therapeutic approaches gain wider acceptance among patients, physicians, and payers, they pose a disruptive challenge to traditional pharmaceutical treatments for ADHD, such as Aytu BioPharma's Adzenys XR-ODT and Cotempla XR-ODT. This new class of treatment provides an alternative or adjunctive pathway for managing ADHD symptoms, potentially diverting patients who might otherwise be prescribed conventional medications and impacting the market share and growth potential of AYTU's core products.

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Aytu BioPharma's main products and their addressable markets are as follows:

• Attention Deficit Hyperactivity Disorder (ADHD) Products (Adzenys XR-ODT, Cotempla XR-ODT, Metadate CD):
  • The global ADHD market was estimated at USD 14.3 billion in 2023 and is projected to reach USD 18.6 billion by 2030, with a compound annual growth rate (CAGR) of 3.7% from 2024 to 2030.
  • Another estimate places the global ADHD market at USD 17.60 billion in 2025, anticipated to grow to USD 23.03 billion by 2030 at a CAGR of 5.53%.
  • The U.S. ADHD market held a significant share of the global industry, accounting for 69.1% of revenue in 2023. It is expected to reach USD 10.2 billion by the end of 2032, growing at a 5.1% CAGR.
• Major Depressive Disorder (MDD) Product (EXXUA):
  • The global Major Depressive Disorder market was valued at USD 7.8 billion in 2024 and is expected to grow to USD 11.56 billion by 2032, at a CAGR of 4.93% from 2025.
  • Another source projects the global MDD market to reach US$ 14.57 billion by 2033, from US$ 6.84 billion in 2024, growing at a CAGR of 8.8%.
  • The total addressable market for MDD treatment globally is expected to grow from USD 12,000 million in 2025 to USD 15,800 million by 2035, with a CAGR of approximately 2.6%.
  • The U.S. Major Depressive Disorder market was valued at around $3239.1 million in 2022 and is projected to reach $3968.1 million by 2030, exhibiting a CAGR of 2.57%.
• Pediatric Allergic Conditions Product (Karbinal ER):
  • The global allergic rhinitis treatment market is estimated at US$ 16.03 billion in 2024 and is projected to reach US$ 23.38 billion by 2034, advancing at a CAGR of 3.8%.
  • The global allergic rhinitis drugs market was valued at USD 13.7 billion in 2024 and is estimated to grow at a CAGR of 3.9% from 2025 to 2034.
  • The U.S. allergic rhinitis drugs market was valued at USD 5.2 billion in 2024.
• Vascular Ehlers-Danlos Syndrome (VEDS) Product (AR101, pipeline): null
• Pediatric Fluoride Deficiency Supplements (Poly-Vi-Flor, Tri-Vi-Flor): null
• Insomnia Product (ZolpiMist):
  • The global insomnia market size was valued at USD 5.84 billion in 2024 and is expected to reach USD 8.89 billion by 2032, with a CAGR of 5.40%.
  • Another estimate for the global insomnia market values it at USD 4.85 billion in 2023, projected to grow to USD 8.64 billion by 2032 with a CAGR of 5.8%.
  • The U.S. insomnia therapeutics market generated a revenue of USD 930.7 million in 2024 and is expected to reach USD 1,163.4 million by 2030, with a CAGR of 3.8%.
• Male Hypogonadism Product (Natesto):
  • The global male hypogonadism market was estimated at USD 4 billion in 2024 and is expected to grow to USD 6.7 billion by 2034, at a CAGR of 5.2%.
  • North America dominated the market for male hypogonadism in 2020.
• Cough Syrup Product (Tuzistra XR):
  • The global cough and cold preparations market size was $84.82 billion in 2024 and is expected to grow to $106.35 billion in 2029, at a CAGR of 4.6%.
  • The global Cough and Cold Medicine market size is anticipated to be valued at USD 47,896.1 million in 2025, with a projected growth to USD 459,435.1 million by 2034 at a CAGR of 5.33%.
  • The U.S. cough, cold, flu, and allergy (CCFA) market reached $12.6 billion in 2024 and is expected to grow to $12.8 billion by 2029.
  • The market size of the Cough & Cold Medicine Manufacturing OTC in the U.S. was $11.8 billion in 2024 and is projected to be $12.0 billion in 2025.

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1. Launch and Growth of Exua: The company anticipates the launch of Exua, a new treatment for Major Depressive Disorder (MDD), in Q4 2025 (fiscal year). Exua is considered a "major growth catalyst" and is expected to significantly contribute to Aytu BioPharma's growth trajectory by late fiscal 2026.
2. Growth of Existing ADHD Portfolio: Aytu BioPharma's ADHD product portfolio, which includes Adzenys XR-ODT and Cotempla XR-ODT, generated a substantial portion of the company's revenue in fiscal year 2025. The company is focusing on improving the gross-to-net through "assertive management of our brand's economics" and implementing initiatives to enhance coverage and reposition products in the market. This strategy led to an 11% sequential increase in ADHD net revenue in Q1 2025.
3. Expansion of Pediatric Portfolio: The pediatric product line, comprising Karbinal ER, Poly-Vi-Flor, and Tri-Vi-Flor, demonstrated growth in fiscal year 2025 and significant sequential revenue increases in Q1 and Q2 2025. This growth is driven by the company's "return to growth plan" and efforts to secure improved reimbursement and increase prescription uptake.
4. Strategic Business Development: Aytu BioPharma is actively pursuing strategic business development opportunities, including in-licensing, out-licensing, and mergers and acquisitions. The company continually seeks "new tuck-in assets" that its sales force can promote to physicians and is exploring out-licensing its ADHD medications in new international markets such as Israel and Canada.
5. Improved Gross-to-Net and Operational Efficiencies: While not a direct new revenue stream, the company's focus on improving gross-to-net parameters for its product portfolios and optimizing operational efficiencies contributes to enhanced profitability and available capital for growth initiatives. Significant reductions in general and administrative (G&A) and sales and marketing expenses have also been achieved, further strengthening the financial position to support future revenue-generating activities.

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Share Issuance

• Aytu BioPharma raised gross proceeds of $16.6 million in June 2025 through the sale of 2,806,688 common shares and 8,233,332 prefunded warrants, with net proceeds of $14.8 million intended for working capital and general corporate purposes, including the commercialization of EXXUA.
• In June 2024, the exercise of Tranche B Warrants to purchase 2,173,912 shares of common stock generated proceeds of $3.5 million.
• The company maintains a $100 million shelf registration, preserving flexibility to access capital markets.

Inbound Investments

• Nantahala Capital Management and Stonepine Capital Management led a financing round in June 2025, participating in the $14.4 million upsized public offering of common stock.

Outbound Investments

• Aytu BioPharma entered into an Exclusive Commercialization Agreement with Fabre-Kramer Holdings, Inc. on June 5, 2025, to commercialize EXXUA™ (gepirone) extended-release tablets, involving an upfront payment of $3 million and potential future milestone payments based on sales performance.
• In fiscal 2023, the company terminated license agreements for Healight and NT0502 and indefinitely suspended the development of AR101, subsequently transferring all rights in AR101 to EnzCo.
• The Consumer Health business was divested and reported as discontinued operations in the first quarter of fiscal 2025, with the wind-down and divestiture completed on July 31, 2024.

Capital Expenditures

• Aytu BioPharma expects to launch EXXUA in the fourth calendar quarter of 2025 and has capitalized the commercialization rights for the product with an estimated useful life through September 2030.
• In June 2025, the company recorded an $8.3 million impairment to product technology rights and a separate $2.7 million full impairment of other intangible assets, reflecting a re-evaluation of past investments.
• The manufacturing of Adzenys and Cotempla was successfully transitioned to a United States-based third-party contract manufacturer in the fourth quarter of fiscal 2024, a strategic shift aimed at improving profitability.