Aytu BioPharma (NASDAQ:AYTU) executives said the company is shifting its commercial focus toward EXXUA, its recently launched treatment for major depressive disorder, while relying on its legacy ADHD and pediatric portfolios to provide ongoing cash flow.
Speaking at the Lytham Partners Spring 2026 Investor Conference, Chief Executive Officer Josh Disbrow described Aytu as a commercial-stage pharmaceutical company focused largely on central nervous system conditions, particularly major depressive disorder, or MDD, and attention-deficit hyperactivity disorder. The company’s existing revenue base has historically come from its ADHD products, Adzenys and Cotempla, along with a smaller pediatric portfolio.
EXXUA Takes Center Stage
Disbrow said EXXUA began reaching the field between mid-January and the end of February and is already contributing to revenue. He said trailing 12-month revenue for Aytu’s ADHD portfolio was just under $49 million, while the pediatric portfolio generated just over $5 million. EXXUA contributed about $2.6 million in trailing 12-month revenue, largely in the March quarter, including both initial channel stocking and early prescription demand.
EXXUA is approved for adults with major depressive disorder. Disbrow said the drug is differentiated because it is the first and only FDA-approved 5-HT1A agonist indicated for depression. He contrasted the product with widely used SSRIs such as Prozac, Paxil, Zoloft and Lexapro, saying those drugs are associated with high rates of sexual dysfunction and weight gain.
According to Disbrow, the MDD market includes an estimated 21 million people in the United States and about 345 million prescriptions annually. He cited a category size of more than $22 billion in gross revenue and more than $7 billion in net revenue.
Disbrow said EXXUA showed statistically significant improvement versus placebo in two pivotal studies, with effects observed as early as week three and continuing through the eight-week studies. He also said the product does not carry a warning for sexual dysfunction and did not show a significant increase in body weight compared with placebo in the studies discussed. He noted that dizziness and nausea were observed but described discontinuation rates as low because those side effects were generally mild to moderate and transient.
Commercial Strategy Focuses on Psychiatry Practices
Aytu markets its products exclusively in the United States. Disbrow said the company has about 40 internal sales representatives and also uses contract sales representatives through a contract sales organization, with plans to convert some of those representatives to regular employees as they perform.
The company is targeting psychiatry practices, particularly higher-volume prescribers that tend to adopt branded medications early. Disbrow also highlighted Aytu’s distribution model, saying the company works with independent pharmacies and some regional grocery chains to reduce friction for patients and physicians filling prescriptions.
He said the goal is to help patients access branded medications at low copays with fewer administrative obstacles, creating what he described as improved adherence for chronic conditions such as MDD and ADHD.
Financial Position and Outlook
Chief Financial Officer Ryan Selhorn said Aytu’s current financial presentation focuses on its go-forward prescription segment, excluding past consumer health and pipeline research and development operations. He said net revenue is still primarily driven by the ADHD and pediatric portfolios, with approximately $2.4 million of EXXUA revenue in fiscal 2026.
Selhorn said the company expects EXXUA revenue to offset anticipated slight declines in the ADHD portfolio from generic competition and contribute additional growth over the next 12 to 15 months.
On profitability, Selhorn said Aytu has reduced expenses over the past few years, but launch costs tied to EXXUA have reduced EBITDA. He said the company believes those investments will benefit fiscal 2027 and fiscal 2028 as it aims to return to cash flow generation.
Aytu ended March 31, 2026, with about $26.7 million in cash and cash equivalents. Selhorn said the company is currently projecting that it will not need to raise capital to achieve profitability with EXXUA. He noted that Aytu raised $16 million in June 2025 in anticipation of covering launch costs.
Selhorn said Aytu has eliminated all of its high-interest debt, saving about $500,000 in quarterly interest expense. The company has a long-term debt facility of approximately $11.4 million, with about $500,000 of principal paid down each quarter, as well as a revolving line of credit that typically provides $12 million to $14 million of availability.
Selhorn also said Aytu has 10.7 million common shares outstanding and 8.8 million pre-funded warrants, which the company typically combines when referencing 19.5 million outstanding shares. Fully diluted shares were cited at 23.6 million. He identified Nantahala Capital and Stonepine Capital as significant shareholders, with fully diluted ownership of 28.3% and 21%, respectively.
About Aytu BioPharma (NASDAQ:AYTU)
Aytu BioPharma, Inc is a specialty pharmaceutical company focused on the development, licensing and commercialization of novel therapeutics to address underserved medical needs. Headquartered in Englewood, Colorado, Aytu pursues a strategy of acquiring late-stage or approved products in areas such as urology, endocrinology, women’s health, pediatric care and supportive therapies. The company leverages in-house commercialization capabilities and targeted business development to build a diversified portfolio of prescription medicines and diagnostics.
Aytu’s marketed portfolio includes Natesto, a nasal testosterone gel for treatment of male hypogonadism; ZolpiMist, a zolpidem tartrate lingual spray for the short-term treatment of insomnia; and Tuzistra XR, an extended-release cough syrup formulation indicated for relief of cough and upper respiratory symptoms.
