Aytu Biopharma Inc. shares soared 4.35% in after-hours on Friday, January 07, 2021, and closed the daily trading at $1.44. However, in the regular trading session of Friday, AYTU’s stock lost 2.82%. AYTU shares have fallen 79.56% over the last 12 months, and they have moved up 2.22% in the past week. Over the past three months, the stock has lost 48.89%, while over the past six months, it has declined 71.31%.
Let’s discuss its recent news and developments.
AYTU participation in the upcoming event
Aytu BioPharma, Inc. will participate at the H.C. Wainwright BioConnect Conference, on January 10, 2022. The company will be presented by chief executive officer Josh Disbrow, at the event.
AYTU New appointment
On January 4, 2022, Aytu BioPharma, Inc announced that Mark Oki will join Aytu as the company’s chief financial officer effective January 17, 2022. Mr. Oki will serve as a member of Aytu’s executive committee and will report to Josh Disbrow, chief executive officer. Mr. Oki will provide leadership and oversight of the company’s financial operations and planning, accounting, information technology, and select other functions.
The company will grant Mr. Oki’s 100,000 shares of Aytu’s common stock as an inducement grant when he will commence his duties with the company.
AYTU received FDA clearance for Enzastaurin
On December 14, 2021, Aytu BioPharma received FDA clearance for its IND application for enzastaurin and also Orphan Drug Designation (ODD) for enzastaurin for the treatment of Vascular Ehlers-Danlos Syndrome (VEDS).
After the recent approval, the company now can proceed with initiating a pivotal clinical trial for enzastaurin in VEDS and it is expecting to commence trial in the first half of 2022. The PREVEnt Trial will assess the safety and efficacy of enzastaurin in COL3A1-confirmed VEDS patients.
AYTU received a U.S patent
On November 23, 2021, the United States Patent and Trademark Office (USPTO) issued a U.S. patent to Aytu BioPharma, for the Healight™ ultraviolet-A light-based respiratory catheter. The patent will expire in August 2040 and it is the first issued patent protecting the Headlight investigational device and covers methods of treating a patient for an infectious condition inside the patient’s body through the insertion of a UV-light-emitting delivery tube inside a respiratory cavity of the patient.
AYTU latest financial results
On November 15, 2021, Aytu BioPharma, Inc. released its financial results for its fiscal first-quarter 2022 ended September 30, 2021.
Q1 2022 financial highlights
- Net revenue was $21.9 million for the first quarter of the fiscal year 2022 compared to $13.5 million in the same quarter in the fiscal year 2021.
- Gross profit was 5 million in Q1 2022 compared to $9.5 million in Q1 2021.
- Total operating expenses were $40.15 million compared to $13.01 million in Q1 2021.
- It suffered a net loss of $27.9 million, or $1.09 per share in Q1 2022 compared to a net loss of $4.3 million or $0.35 per share in Q1 2021.
- The company ended the first quarter of fiscal 2022 with cash, cash equivalents, and restricted cash of $40.6 million.
As of this writing, we have no reason to justify its mix performance on Friday and we hope that it will continue its momentum on Monday as well.