Veru Inc. · NASDAQ:VERU
Veru — 2026 Cantor Global Healthcare Conference
59 slides from Veru's conference presentation, September 2026
Slide 1: Focused on Cardiometabolic and Oncology
Focused on Cardiometabolic and Oncology 2026 Cantor Global Healthcare Conference September 9-11, 2026 VERU INC. | NASDAQ: VERU MIAMI, FLORIDA
Slide 2: Forward looking statements and safe harbor
Forward looking statements and safe harbor This presentation contains "forward-looking statements" as that term is defined in the Private Securities Litigation Reform Act of 1995, including, without limitation, express or implied statements related to the safety and efficacy of sabizabulin as a trea
Slide 3: Drug candidate pipeline
CARDI OME TAB OLI C & O NCO LOGY PRO GRAMS Drug candidate pipeline Cardiometabolic Obesity Program Enobosarm + GLP-1 receptor agonist Mechanism Indication Phase 1 Phase 2 Phase 3 Marketed Oral selective androgen receptor Incremental weight loss by preserving modulator (SARM) muscle, function, and re
Slide 4: Cardiometabolic Obesity Program
Cardiometabolic Obesity Program Enobosarm
Slide 5: Older sarcopenic patients with obesity are at the highest risk
T HE PR OB L EM | W HO I S MO ST A T RIS K Older sarcopenic patients with obesity are at the highest risk When taking a GLP-1 RA drug they are starting out with lower muscle reserves Potential risks for older sarcopenic obese patients taking a GLP-1 RA drug 1-4 Normal MRI of the quadriceps area5 Poo
Slide 6: Enobosarm clinical product profile
T HE S OL U TI ON | A D D-O N T O GL P-1 TH E RAP Y Enobosarm (Ostarine, MK2866, GTx-024) Enobosarm clinical product profile: a nonsteroidal, selective androgen receptor modulator1,2 Efficacy • Demonstrates tissue-selective activity • Improves muscle mass and physical function2,6 • Stimulates lipoly
Slide 7: Unmet need: weight reduction while preserving muscle and function
U NM ET N EE D Need for a Therapy that achieves Weight Reduction While Preserving Muscle and Function F HO F NH O F
Slide 8: Completed positive Phase 2b QUALITY clinical trial in 2025
PHASE 2b Q UALIT Y TRI AL Completed positive Phase 2b QUALITY clinical trial study in 2025 Evaluated enobosarm in 168 patients with obesity taking semaglutide for weight loss Active weight loss Maintenance Primary endpoint (16 weeks) Sample size calculation Lean body mass (muscle mass) Enobosarm 6 m
Slide 9: Primary endpoint met: preservation of total lean body mass at 16 weeks
PHASE 2b Q UALIT Y TRI AL Primary endpoint met: Preservation of total lean body mass at 16 weeks Placebo + Enobosarm 3 mg+ semaglutide semaglutide Enobosarm 3 mg + semaglutide 16 weeks | n=53 16 weeks | n=53 Total lean mass change Full preservation of lean mass Mean percent (%) change (SE) -4.14% (0
Slide 10: Incremental weight loss in enobosarm 3 mg patients with BMI ≥35
PHASE 2b Q UALIT Y TRI AL Incremental weight loss was Even with 84% preservation of lean body observed in the enobosarm 3 mg mass, there is incremental weight loss with enobosarm 3 mg + semaglutide patients with a BMI ≥ 35 at 16 weeks Subset analysis: body weight in patients with BMI ≥ 35 Placebo +
Slide 11: Enobosarm prevented the decline in stair climb power
PHASE 2b Q UALIT Y TRI AL Enobosarm prevented the decline in stair climb power at 16 weeks GLP-1 weight loss alone Proportion of Subjects with ≥ 10% Loss of Stair Climb Power* (Responders Analysis) associated with a loss in physical function (stair climb) 17.60% Enobosarm 3mg + (p=0.006) semaglutide
Slide 12: Positive safety profile – Adverse events
PHASE 2b Q UALIT Y TRI AL Positive safety profile – Adverse events Adverse Events¹ and Adverse Events of Special Interest Placebo + Enobosarm 3 mg + Adverse Event semaglutide semaglutide (n=56) (n=56) Nausea 11 (20%) 6 (11%) Gastroesophageal Reflux Disease 7 (13%) 3 (5%) Diarrhea 4 (7%) 1 (2%) Vomit
Slide 13: FDA provides regulatory clarity for enobosarm development
RE GULATO RY FDA provides regulatory clarity for the development of enobosarm as a muscle preservation drug in combination with a GLP-1 RA1-3 The regulatory landscape and FDA guidance continues to evolve for muscle preservation drugs in the treatment of obesity. Based on FDA feedback on Veru’s clini
Slide 14: BMD is another path to regulatory approval
RE GULATO RY BMD is another path to regulatory approval for body composition improvement 14
Slide 15: Dual Bone-Building Action: Anabolic + Anti-Resorptive
PRE C L IN IC A L PRO OF OF CO NC E PT Dual Bone-Building Action: Anabolic + Anti-Resorptive Preclinical data shows enobosarm (ostarine) increases BMD in rat models of postmenopausal and male osteoporosis Enobosarm uniquely prevents and treats both Vehicle Enobosarm cortical and trabecular bone loss
Slide 16: Patients on a GLP-1 RA hit a weight-loss plateau
T HE PR OB L EM | W EI GH T L O SS ST O PS Patients on a GLP-1 RA hit a weight-loss plateau and still have obesity SURMOUNT-1 study2 (Tirzepatide Changes in BMI) SELECT Trial1 62.6% of patients in the tirzepatide study still had obesity Effect of semaglutide vs placebo on body weight (4.25 years) an
Slide 17: Need to Address Key problems with GLP-1 RA Weight Loss
T HE PR OB L EM | GL P - 1 RAs i n OL D ER P A TI EN TS WI T H SA RC OP EN IC O BE SI T Y I S A S PE CI A L PO PUL A T IO N Need to Address Key problems with GLP-1 RA Weight Loss Tissue nonselective Loss of muscle potentially Weight loss Persistent weight loss, lose both most harmful in older platea
Slide 18: Phase 2b PLATEAU clinical study design - Fully enrolled
TRIAL DESIGN Phase 2b PLATEAU clinical study design* - Fully enrolled Double blind study to evaluate enobosarm 3 mg on total body weight, body composition (DEXA), physical function, and safety in 239 patients with obesity taking semaglutide for weight reduction Study duration is 68-week, Double-Blin
Slide 19: Clinical supply agreement with Novo Nordisk for PLATEAU
Veru entered into a clinical supply agreement with Novo Nordisk for the Phase 2b PLATEAU clinical trial in June 20261 Under the terms of the agreement: Veru is solely responsible for conducting and sponsoring the Phase 2b PLATEAU clinical study. Novo Nordisk will supply Wegovy® to Veru at no charge
Slide 20: Supporting evidence
S UP PO RTI N G EVI D E N CE Enobosarm, a "selective" androgen receptor "modulator", by preserving muscle and augmenting fat loss may result in clinically meaningful incremental weight loss in patients receiving a GLP-1 RA F HO F NH O F
Slide 21: Incremental weight loss in enobosarm 3 mg patients with BMI ≥35
S UPP ORT I NG E VI DE NC E : P HA S E 2 b QU AL I TY T RIA L Incremental weight loss was Even with 84% preservation of lean body observed in the enobosarm 3 mg mass, there is incremental weight loss with enobosarm 3 mg + semaglutide patients with a BMI ≥ 35 at 16 weeks Subset analysis: body weight
Slide 22: Does preservation of muscle avoid the weight loss plateau?
S UPP ORT I NG E VI DE NCE Does preservation of muscle avoid the weight loss plateau? Effect of long-term testosterone in hypogonadal men with obesity (8 years) 1 Androgen receptor activation (testosterone) in obese hypogonadal Class I (BMI 30-34.9) men produced continuous weight Class II (BMI 35-39
Slide 23: Enobosarm preserved lean mass, reduced fat mass in lung cancer Phase 3
S UPP ORT I NG E VI DE NCE Enobosarm Preserved Lean Mass, Reduced Fat Mass, and Drove Greater Weight Loss Phase 3 clinical trial in non-small cell lung cancer patients with obesity (BMI ≥ 30) on chemotherapy1 Total lean body mass Total fat mass Total body weight (DEXA) Up to 3 months visit Up to 3 m
Slide 24: Lean mass preservation eventually leads to incremental weight loss
S UPP ORT I NG E VI DE NCE With time, lean mass preservation eventually leads to significant incremental weight loss Phase 2 EMBRAZE Trial1 Phase 2 COURAGE Trial2 Phase 2 BELIEVE Trial3 Group Weight Lean mass Group Weight Lean mass Group Weight Weight Weight Lean mass loss preservation loss preserva
Slide 25: Phase 2 QUALITY clinical trial maintenance period
S UPP ORT I NG E VI DE NCE Phase 2 QUALITY clinical trial maintenance period GLP-1 RA stopped at 16 weeks and patients maintained on enobosarm or placebo for 12 weeks Active weight loss Maintenance Primary endpoint (16 weeks) Sample size Lean body mass (muscle mass) measured Enobosarm 6 mg PO • n=16
Slide 26: Phase 2 QUALITY maintenance period: reduced weight regain
S UPP ORT I NG E VI DE NCE Phase 2 QUALITY clinical trial maintenance period Enobosarm 3mg monotherapy significantly reduced the regain of body weight by 46% and continued to cause fat loss Active weight loss period of 16 weeks Effects of enobosarm monotherapy on weight, fat, and lean mass Weight lo
Slide 27: QUALITY clinical trial – Full study (28 weeks)
S UPP ORT I NG E VI DE NCE Phase 2 QUALITY clinical trial – Full study (28 weeks) Fat mass and lean mass at end of study (Active weight loss followed by maintenance - Day 1-196; 28 weeks) Fat Lean Mass 2.70% 3.00% in tissue composition P<0.001* LS Mean % change 1.00% -1.00% -3.00% -0.94% -5.00% -58%
Slide 28: Possible regulatory pathways for enobosarm with GLP-1 RA
RE GULATO RY Possible regulatory pathways for Phase 3 study - Obesity approval for enobosarm in Primary endpoint combination with GLP-1 RA • Total body weight - Obesity all ages Secondary endpoint (prespecified subgroups) • Physical function sarcopenic obesity age ≥ 65 y with mobility disability Inc
Slide 29: Phase 2 clinical studies in combination with GLP-1 RA
C OMP ET IT I VE LA N DS C AP E Phase 2 clinical studies in combination with GLP-1 RA Enobosarm 3mg + semaglutide 16 weeks Apitegromab + tirzepatide 24 weeks Trevogrumab + semaglutide 26 weeks Bimagrumab +semaglutide 72 weeks Route of administration Oral IV IV IV Patient population Older than 60 yea
Slide 30: How large is the market?
1B+ T OT A L MARK E T How large is the market? Global Obesity People living with obesity worldwide Market 2.5B Only 2% adults globally overweight/ obese - rate more than doubled since 1990 of obese patients currently treated by Lilly & Novo Nordisk ~30MSarcopenic obesity (US) Adults with sarcopenic
Slide 31: Obesity Program: enobosarm + semaglutide combination
CLIN ICAL MILES T ON ES Obesity Program: enobosarm + semaglutide combination 2026 2027 Q1 2026 Q3 2026 Q1 2027 Q4 2027 First patient in Enrollment Interim analysis Topline data Phase 2b PLATEAU Study completed 32-week LBM + fat mass 68-week primary endpoint - readout via DXA scan total body weight 2
Slide 32: Veru is making great progress
Veru is making great progress Clinical trial progress: Phase 2b PLATEAU clinical study is fully enrolled with 239 subjects Near term milestones: Interim analysis Q1 2027 External deal with big pharma: Entered into a clinical supply agreement with Novo Nordisk. Veru has granted Novo Nordisk a right o
Slide 33: Oncology Program
Oncology Program Sabizabulin
Slide 34: Drug candidate pipeline
CARDI OME TAB OLI C & O NCO LOGY PRO GRAMS Drug candidate pipeline Cardiometabolic Obesity Program Enobosarm + GLP-1 receptor agonist Mechanism Indication Phase 1 Phase 2 Phase 3 Marketed Oral selective androgen receptor Incremental weight loss by preserving modulator (SARM) muscle, function, and re
Slide 35: A Case for Sabizabulin
A C as e fo r S ab i za bu l i n New scientific data showing that sabizabulin can overcome daraxonrasib chemoresistance in pancreatic cancer compelled us to explore advancing our sabizabulin oncology program Reasons to advance sabizabulin Phase 2 ready Obesity program On Track Recent results from se
Slide 36: Pancreatic cancer overview
PA N CRE A TI C C AN C ER O VE RVI EW Pancreatic cancer highly lethal disease Need new therapies to overcome chemoresistance for greater efficacy NEW CA SES (US , 2026) DE AT HS (U S, 2026) ME DI AN O VE RA L L SU RV IVA L 5 - Y E A R S U R V I V A L R A T E 2,4 67,530 52,740 4 months ~12.5% estimat
Slide 37: The KRAS to TUBB3 oncogenic axis in pancreatic cancer
T HE PR OB L EM The KRAS to TUBB3 oncogenic axis in pancreatic cancer Frequency of KRAS mutations The hallmark genetic development of pancreatic G12D (39.9%), G12V (28.6%), G12R (14.6%),G13D (3%), Q61H (2.2%), ductal adenocarcinoma is activating mutation of G12C (1.7%), and Q61R (1.4%)9 KRAS oncogen
Slide 38: KRAS-driven cancer: the target
T HE T A RGET Chemoresistance3 Metastasis3 KRAS-driven cancer Rationale to target KRAS to TUBB3 axis Snail High βIII-tubulin High βIII-tubulin RPPH1 β3-integrin/ NEK6 PIM1 FAK/Src signaling RTKs Increased Activation of Reduced Increased microtubule prosurvival microtubule EMT RAS Signaling dynamics
Slide 39: Overexpression of βIII-tubulin protein in cancer
T HE PR OB L EM Overexpression of Chemoresistance5,9 Metastasis5,9 βIII-tubulin protein Snail in cancer High βIII-tubulin High βIII-tubulin RPPH1 β3-integrin/ TUBB3 gene, downstream effector, NEK6 PIM1 FAK/Src signaling in KRAS-driven pancreatic cancer Increased Activation of Increased microtubule p
Slide 40: Aberrant βIII-tubulin (TUBB3) expression is common in cancer
T HE O PP ORT UN IT Y Head and neck cancer Abberant βIII-tubulin protein (TUBB3) gene Prevalence: 42% expression is a common event in cancer Esophageal squamous cell carcinoma Prevalence: 34% PFS: βIII-tubulin high: 13.2 mos; low: not achieved Thymic carcinoma OS: βIII-tubulin high: ~22 mos; low: no
Slide 41: Sabizabulin targets a novel binding site on microtubules
T HE S OL U TI ON Sabizabulin (VERU-111) targets a novel binding site on microtubules to disrupt aberrantly enhanced microtubule dynamics Sabizabulin bound to microtubule1 Sabizabulin Microtubule α-tubulin β-tubulin Sabizabulin (yellow molecule) targets the “colchicine binding site” on β-tubulin and
Slide 42: Sabizabulin suppresses progression and overcomes chemoresistance
T HE S OL U TI ON Sabizabulin (VERU-111) suppresses progression & metastasis and overcomes chemoresistance in various types of cancers1-12 Sabizabulin1-12 Triple negative breast Human lung cancer taxane • Targets the “colchicine binding site” on β-tubulin and unique site on α-tubulin to crosslink α
Slide 43: Sabizabulin is an oral agent that targets TUBB3 expression
PRE C L IN IC A L PRO OF IN PA NC RE AT I C CA N CE R Sabizabulin is an oral agent that targets TUBB3 expression of βIII-tubulin subunits Preclinical study in KRAS-driven pancreatic ductal adenocarcinoma models 43
Slide 44: Sabizabulin preclinical proof in KRAS-driven pancreatic cancer
PRE CLIN ICAL PRO OF Sabizabulin is an oral Only sabizabulin preferentially reduced aberrant TUBB3 Overcomes resistance to microtubule targeting agents agent that targets TUBB3 expression of βIII-tubulin Only sabizabulin disrupts and fragments microtubules consisting of βIII-tubulin subunits express
Slide 45: Sabizabulin activity in vemurafenib-resistant melanoma
PRE CLIN ICAL PRO OF Sabizabulin has potent anticancer activity against BRAF inhibitor vemurafenib resistant A375 melanoma by inhibiting ERK and AKT expression Vem-resistant melanoma xenograft Overactive MAPK/AKT pathway in BRAF mutant melanoma 1500 Vemurafenib FDA approved BRAF inhibitor for late-s
Slide 46: Sabizabulin disrupts the KRAS to TUBB3 axis
PRE CLIN ICAL PRO OF Sabizabulin disrupts the KRAS to TUBB3 axis1-6 KRAS-driven cancer Human KRAS-driven Pancreatic cancer (Panc-1)2 (Green color is anti-βIII-tubulin antibody) Panc-1 RTKs Sabizabulin Control 5nM 10 nM RAS Signaling Targets Network Vem-resistant melanoma xenograft Sabizabulin fragme
Slide 47: Daraxonrasib is a pan inhibitor of RAS and KRAS mutants
D ARA X O NRA S IB MAJ O R B REA K TH RO UGH Daraxonrasib is a pan inhibitor of RAS and KRAS mutants in the active state RAS family of GTPases (KRAS, NRAS, HRAS) Safety regulates cell proliferation- oncogenic mutations common in lung, colorectal, and • Gr ≥3 TRAEs occurred in 43.6% of pts receiving
Slide 48: Cancer progression on daraxonrasib driven by KRAS reactivation
RE SI ST A NC E T O D ARA X O NRA S IB Cancer progression on daraxonrasib monotherapy is primarily driven by reactivation of the KRAS pathway Mechanisms for daraxonrasib resistance (acquired DNA alterations1-3) • Genomic alterations in ctDNA or tumor tissue from 84 patients that had cancer Proteins
Slide 49: Sabizabulin retains potency in daraxonrasib resistant cell lines
PRE CLIN ICAL PRO OF IN DARAXON RASI B RES IS TAN T CANCE R CELL LIN ES Sabizabulin retains pan-KRAS antiproliferative potency in daraxonrasib resistant (DR) KRAS-driven pancreatic ductal adenocarcinoma and colon cancer cell lines1 AsPC-1 KRAS-driven pancreatic cancer (G12D) HCT-116 KRAS-driven colo
Slide 50: First-in-man Phase 1b/2 clinical study
CLIN ICAL PRO OF First-in-man Phase 1b/2 clinical study of sabizabulin (VERU-111) 80 heavily pretreated patients with metastatic castration resistant prostate cancer 1. Markowski M et al. Clin Cancer Res 28:2789-2795, 2022. 50
Slide 51: Phase 1b and 2 clinical studies: baseline characteristics
CLIN ICAL PRO OF Characteristic Phase Ib (N = 39) Phase II (N = 41) Phase 1b and 2 Age, years clinical studies1 Median (range) 74 (61–92) 73 (57–86) Race/ethnicity, n (%) Caucasian 28 (72%) 31 (76%) Baseline demographics and African American 8 (21%) 4 (10%) disease characteristics Hispanic 3 (8%) 5
Slide 52: Phase 1b and 2 clinical studies: safety
CLIN ICAL PRO OF Phase 1b and 2 clinical studies1 Most prevalent adverse events regardless of grade (>10% frequency) and all grade 3 to 5 adverse events in patients that received 63 mg dose (n=55) Safety Phase Ib/II ≥ 63 mg (N = 55) Adverse event, n (%) All grades in >10% of patients Grade ≥ 3 At th
Slide 53: Phase 1b and 2 efficacy results
CLIN ICAL PRO OF Phase 1b and 2 metastatic castration resistant prostate cancer clinical studies Efficacy Results1 Efficacy of sabizabulin at > 63mg daily (n=55) Kaplan-Meier analysis of Phase 1b/2 study (63 mg/daily; n=55) Survival Parameter Result Survival Radiographic progression-free survival, m
Slide 54: Phase 1b/2 clinical study summary
CLIN ICAL PRO OF Phase 1b/2 clinical study in heavily pretreated metastatic resistant prostate cancer - summary Safety Efficacy • Sabizabulin had a favorable safety profile • In both the Phase 1b and Phase 2 portions of the study, preliminary evidence of efficacy was observed • Long term oral daily
Slide 55: Scientific rationale for sabizabulin in daraxonrasib resistant cancer
MECHANI SM OF ACTION Scientific rationale for sabizabulin to treat daraxonrasib RAS (ON) inhibitor resistant cancer i As cancer progression on daraxonrasib monotherapy is primarily (>90%) driven by reactivation of KRAS pathway by acquired DNA alterations, the therapeutic strategy Sabizabulin4 Cancer
Slide 56: Sabizabulin for treatment of daraxonrasib resistant pancreatic cancer
PATH FORWARD Sabizabulin for treatment of daraxonrasib resistant KRAS-driven pancreatic cancer Primary driver of daraxonrasib resistance is the reemergence of KRAS/KRAS downstream effectors 90% of pancreatic cancers have Sabizabulin is a novel oral novel small molecule that targets the “colchicine b
Slide 57: Oncology Program clinical milestones
CLIN ICAL MILES T ON ES Oncology Program: Sabizabulin for treatment of daraxonrasib resistant KRAS-driven pancreatic cancer 2026 2027 Q3 2026 Q4 2026 New preclinical data FDA Regulatory Recent preclinical results Clarity showed sabizabulin has significant anticancer activity Regulatory clarity from
Slide 58: Financial highlights
FI NA NC I AL S Financial highlights Balance Sheet as of June 30, 2026 $23.9 mm $161.8 mm 17.1 mm $5.0 mm Cash US NOL Common Shares Net proceeds from carryforward Outstanding1 equity securities2 1. An aggregate of 27.2 million warrants, stock options and stock appreciation rights are outstanding and
Slide 59: Thank You!
Thank You! VERU INC. | NASDAQ: VERU MIAMI, FLORIDA