Aytu Biopharma, Inc. · NASDAQ:AYTU
Aytu Biopharma — Q2 2026 Earnings Presentation
32 slides from Aytu Biopharma's earnings presentation, Feb 3, 2026
Slide 1: Medicines Made for Life
Medicines Made for Life Nasdaq: AYTU February 2026 Actor portrayals.
Slide 2: Forward-Looking Statements
Forward-Looking Statements This presentation includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (“Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (“Exchange Act”). All statements other than statements o
Slide 3: Medicines Made for Life
Medicines Made for Life. The mission of Aytu BioPharma is to improve the lives of patients everywhere, with a distinct focus on complex Central Nervous System (CNS) conditions. Our novel therapeutics enhance the lives of patients living with major depressive disorder (MDD) and attention deficit hype
Slide 4: Successful Strategic Realignment Focused on Profitable Prescription Pharmaceutical Business
Successful Strategic Realignment Focused on Profitable Prescription Pharmaceutical Business ADJUSTED EBITDA* KEY TRANSFORMATIVE EVENTS June 30 Fiscal Year-End $15 $10.8 ● October 2022 - Indefinite Suspension of Clinical $10 $9.7 $9.2 Development Programs $5 ● June 2024 – Paydown and Refinancing of T
Slide 5: Novel, Patent-Protected Prescription Portfolio
Novel, Patent-Protected Prescription Portfolio Differentiated Rx brands primarily focused on CNS conditions Leverage experience of a portfolio built through efficient M&A to add accretive, novel, branded prescription products to commercial portfolio MDD BRAND ADHD BRANDS PEDIATRIC BRANDS 5
Slide 6: Net Revenue by Product Portfolio
Net Revenue by Product Portfolio June 30 Fiscal Year-End EXXUA for MDD recently launched and set to be significant contributor to net revenue $70 $60 $57.8 $57.6 $54.9 $50 $46.9 $42.9 $40 $ Million $30 $25.4 $20 $16.1 $12.4 $10.9 $9.4 $8.8 $10 $7.3 $7.5 $2.2 $1.6 $0.1 $0.0 $0.1 $0.2 $0 2021 2022 202
Slide 7: Aytu RxConnect Patient Access Program
Aytu RxConnect® Patient Access Program Aytu RxConnect® is a proprietary, best-in-class patient access program, supported by an efficient commercial infrastructure, to support patient access to Aytu Rx products. ● Developed in-house to drive patient adherence and increased script pull- through of Ayt
Slide 8: Commercial Infrastructure
Commercial Infrastructure Efficient, experienced, and leverageable commercial infrastructure for Rx Portfolio through initial 40 territories allows for rapid scalable promotional expansion opportunities ● Lean, direct sales force covers core branded MDD prescribers in our current sales footprint ● S
Slide 9: EXXUA: A New Way to Treat Major Depressive Disorder
EXXUA A New Way to Treat Major Depressive Disorder
Slide 10: EXXUA is the First and Only Selective 5-HT1A Agonist Approved for MDD in Adults
EXXUA is the First and Only Selective 5-HT1A Agonist Approved for MDD in Adults ● FDA-approved as a once-daily extended-release tablet for treatment of adults with MDD ● Member of the azapirone class, which includes Buspar® ((buspirone); immediate-release; approved for anxiety, but not for MDD) ● Me
Slide 11: EXXUA (gepirone) Extended-Release Tablets
EXXUA (gepirone) Extended-Release Tablets A first-in-class treatment for MDD employing a novel mechanism of action to address MDD symptoms - without the side effects commonly attributed to current antidepressants Major Competitive Novel Mode Of Large & Growing Patent Additional Better Pricing Advant
Slide 12: Significant Unmet Needs Exist in MDD
Significant Unmet Needs Exist in MDD EXXUA provides an important new treatment option for MDD patients seeking an effective therapy without inducing side effects like Treatment-Emergent Sexual Dysfunction (TESD) & weight gain ● Major Depressive Disorder affects an estimated 21 million people in the
Slide 13: EXXUA: First and Only 5HT1A Agonist for MDD
EXXUA: First and Only 5HT1A Agonist for MDD EXXUA has a unique mechanism of action for MDD ● Selectively targets 5-HT1A, a key regulator of mood, emotion, and pleasure1-3 ● Significantly lower affinity for 5-HT2A, which is associated with sexual dysfunction1,4 ● No serotonin reuptake inhibition, lik
Slide 14: EXXUA: Demonstrated Efficacy in MDD
EXXUA: Demonstrated Efficacy in MDD EXXUA demonstrated significantly greater improvement in depressive symptoms vs placebo1 ● Efficacy was demonstrated in two eight-week, randomized, double-blind, placebo-controlled, flexible- dose studies in adults with MDD1 ● Placebo-subtracted difference in HAMD-
Slide 15: EXXUA: A Favorable Adverse Event Profile
EXXUA: A Favorable Adverse Event Profile EXXUA has an adverse event profile that is distinct from other MDD treatments ● Only 7% (15/226) of patients discontinued treatment with EXXUA due to an adverse reaction vs 3% (6/230) of patient s receiving placebo1 ● The most common adverse reactions leading
Slide 16: EXXUA: A Clear Position in the MDD Market
EXXUA: A Clear Position in the MDD Market EXXUA has a unique profile due to its MOA, which helps explain the lack of impact on sexual function or weight – key issues for many MDD patients Novel Mechanism No Impact of Once Daily Brand Weight Neutral of Action Sexual Function Dosing EXXUA™ SSRIs SNRIs
Slide 17: Significant Revenue Potential for EXXUA
Significant Revenue Potential for EXXUA Recent branded psychiatric product launches support significant revenue potential for an MDD therapeutic with a unique MOA TRx WAC $s TRx WAC $s TRx WAC $s TRx WAC $s $600,000,000 $1,200,000,000 $800,000,000 $1,600,000,000 $700,000,000 $1,400,000,000 $500,000,
Slide 18: Focused on Psychiatric Practices
Focused on Psychiatric Practices Aligned to psychiatry with existing Aytu relationships to maximize initial launch: High EXXUA Potential High ● Annual MDD Market Opportunity: antidepressant Rx volume o Aligned Territories: 140.0 million TRx1 o Target HCPs: 18.5 million TRx1 ● ~5,500 Target HCPs at i
Slide 19: EXXUA Promotional Mix & Commercial Priorities
EXXUA Promotional Mix & Commercial Priorities Sales force promotion EXXUA Launch Focus ● Efficient, multi-faceted launch with emphasis on sales force promotion and metrics-based performance management ● Targeted virtual promotion and pull-through to support broad Strategic payor assessments Targeted
Slide 20: ADHD & Pediatrics
ADHD & Pediatrics Legacy Portfolios
Slide 21: Established Revenue Generating Prescription Portfolio
Established Revenue Generating Prescription Portfolio Differentiated Rx brands focused on ADHD and Pediatrics ADHD BRANDS PEDIATRIC BRANDS ● First & only extended-release ODT amphetamine ● Only FDA-approved, extended-release ● Only branded amphetamine that is FDA-approved as carbinoxamine liquid bio
Slide 22: ADHD and Pediatric Portfolio TRxs
ADHD and Pediatric Portfolio TRxs ADHD Portfolio (TRxs) Pediatric Portfolio (TRxs) 500,000 160,000 450,000 433,041 438,467 140,000 134,310 403,228 400,000 376,996 378,063 352,431 120,000 350,000 305,260 292,307 100,000 300,000 283,788 90,623 91,380 263,339 250,000 235,458 80,000 75,183 212,633 64,94
Slide 23: Financials
Financials
Slide 24: Net Revenue & Adjusted EBITDA
Net Revenue & Adjusted EBITDA EXXUA for MDD recently launched and set to be significant contributor to net revenue NET REVENUE* ADJUSTED EBITDA* June 30 Fiscal Year-End June 30 Fiscal Year-End $80 $15 $73.8 $10.8 $9.7 $9.2 $10 $70 $66.4 $65.2 $62.6 $4.6 $61.1 $5 $60 $0 $50 $ Million $ Million ($5) $
Slide 25: Favorable Gross Margin & OpEx Trends
Favorable Gross Margin & OpEx Trends Production outsourcing & operational improvements have driven gross margin improvement GROSS MARGIN* ADJUSTED OPEX AS A % OF NET REVENUE* June 30 Fiscal Year-End June 30 Fiscal Year-End 90% 120% 80% 75% 98% 71% 100% 69% 70% 67% 78% 60% 56% 80% 69% 67% 50% 63% 59%
Slide 26: Balance Sheet Highlights
Balance Sheet Highlights Closed $16.6 million upsized at the market public offering of common stock/prefunded warrants with full exercise of overallotment in June 2025. (in thousands) 12/31/2025 Cash and cash equivalents $30,025 Total current assets $76,241 Intangible assets, net $43,578 Total asset
Slide 27: Aytu BioPharma Executive Team
Aytu BioPharma Executive Team Josh Disbrow Ryan Selhorn Greg Pyszczymuka Margaret Cabano Suzane Kennedy Jarrett Disbrow Dr. Gerwin Westfield Chief Executive Officer Chief Financial Officer Chief Commercial Officer Senior VP of Operations Vice President of Regulatory Chief Business Officer Senior VP
Slide 28: Appendix
Appendix Financial
Slide 29: Adjusted EBITDA Reconciliation
Adjusted EBITDA Reconciliation $ in thousands TTM FY21 FY22 FY23 FY24 FY25 December 31, 2025 Net loss - GAAP $ (58,289) $ (108,779) $ (17,051) $ (15,844) $ (13,562) $ (24,443) Interest expense 2,618 3,311 5,149 5,059 3,703 2,706 Income tax expense (benefit) 259 (110) 263 2,142 437 315 Depreciation a
Slide 30: Adjusted OpEx as a % of Net Revenue Reconciliation
Adjusted OpEx as a % of Net Revenue Reconciliation $ in thousands TTM FY21 FY22 FY23 FY24 FY25 December 31, 2025 Net revenue $ 32,678 $ 61,121 $ 73,799 $ 65,183 $ 66,382 $ 62,640 Cost of goods sold 23,205 26,918 21,570 16,129 20,551 20,770 Gross profit $ 9,473 $ 34,203 $ 52,229 $ 49,054 $ 45,831 $ 4
Slide 31: EXXUA Key Deal Terms
EXXUA Key Deal Terms • Fixed Payments: • $3M paid at execution • Additional $3M paid within forty-five (45) days of 1st anniversary of Commercial Launch (January 2027) • Second upfront payment increases to $5M if Net Sales for the first 12 months > $35M • Royalties (% of Net Sales): • 28% ‘base’ roy
Slide 32: Capitalization Table
Capitalization Table 12/31/2025 Shares Outstanding: 10,733,208 Options Outstanding: Avg. Strike Price $ 4.41 205,418 Warrants Outstanding: Strike Price Expiration Date June 2025 Prefunded Warrants $ 0.0001 N/A 6,748,332 June 2023 Prefunded Warrants $ 0.0001 N/A 2,060,651 June 2023 Tranche A Warrants