AYTU — what changed in the latest 10-K

A section-by-section comparison of AYTU's newest periodic SEC filing (10-K/10-Q) against the prior same-form filing: paragraphs added and removed per section, with verbatim excerpts. Purely a deterministic text diff — no similarity scores, no directional read, not investment advice.

Comparing 10-K · 2026-09-22 vs the prior 10-K · 2025-09-23

Section	Outcome	Added	Removed	Minor	Unchanged
Business	Text added/removed	+5	−19	~32	44
Risk factors	Text added/removed	+7	−8	~38	200
Legal proceedings	Text added/removed	0	0	~2	1
MD&A	Text added/removed	+24	−33	~18	19
Market risk (Item 7A)	No paragraph-level changes	0	0	0	1

Counts are paragraphs; added/removed means text added or removed vs the prior filing — no direction or judgement implied.

Representative excerpts

Up to 5 excerpts of about 300 characters per section, quoted verbatim from the two SEC filings.

Business

Text added vs the prior filing · source: 10-K · 2026-09-22

For fiscal 2026, we recorded net revenue of $57.6 million. We successfully launched EXXUA during fiscal 2026, and recorded net revenue of $6.6 million for the year ended June 30, 2026. During the year, we were able to continue the production of our ADHD medications, Adzenys and Cotempla, without enc…
As an additional result of focusing on building our portfolio of revenue-generating products and generating profitability, in fiscal 2023 we terminated our license agreements relating to Healight and NT0502 (N-desethyloxybutynin), and we indefinitely suspended active development of our clinical deve…
On October 31, 2024, we received a Paragraph IV Certification Notice Letter (the “Notice Letter”) from Granules Pharmaceuticals, Inc. (“Granules”), stating that it intends to market a generic version of Adzenys before the expiration of all patents currently listed in the FDA’s publication of approve…
In June 2025, we raised gross proceeds of $16.6 million from the issuance of (i) 2,806,668 shares of our common stock, at a public offering price of $1.50 and 8,233,332 prefunded warrants at a public offering price of $1.4999 to purchase 8,233,332 shares of our common stock at an exercise price of $…
accelerate adoption of EXXUA following its fiscal 2026 commercial launch as the centerpiece of our commercialization efforts;

Text removed vs the prior filing · source: 10-K · 2025-09-23

For fiscal 2025, we recorded net revenue of $66.4 million. During the year, we were able to continue the production of our ADHD medications, Adzenys and Cotempla, without encountering any supply chain interruptions in order to provide patients receiving stimulant prescriptions for the treatment of A…
To reduce the costs associated with the manufacture of Adzenys and Cotempla we transferred the manufacturing of these products to a United States-based third-party manufacturer in the fourth quarter of fiscal 2024. Prior to this, we manufactured these products in our now closed facility in Grand Pra…
As an additional result of focusing on building our portfolio of revenue-generating products and generating profitability, in fiscal 2023 we terminated our license agreements relating to Healight and NT0502 (N-desethyloxybutynin), and we indefinitely suspended active development of our clinical deve…
We continue to experience inflationary pressures and economic uncertainty caused by global geopolitical factors and tariffs and our industry is currently encountering supply chain disruptions related to the sourcing of raw materials, increased costs of materials as result of tariffs, energy, logisti…
In October 2024, we received a Paragraph IV Certification Notice Letter (the “Notice Letter”) from Granules Pharmaceuticals, Inc. (“Granules”), stating that it intends to market a generic version of Adzenys before the expiration of all patents currently listed in the FDA’s publication of approved dr…

Risk factors

Text added vs the prior filing · source: 10-K · 2026-09-22

Our ability to become profitable depends upon our ability to generate increased net revenue from sales of our prescription products. While we have been selling pharmaceutical products for several years, we have limited commercial experience selling some of our pharmaceutical products, having only ge…
On October 31, 2024, we received a Paragraph IV Certification Notice Letter (the “Notice Letter”) from Granules Pharmaceuticals, Inc. (“Granules”), stating that it intends to market a generic version of Adzenys before the expiration of all patents currently listed in the FDA’s publication of approve…
Our failure to maintain compliance with Nasdaq's continued listing requirements could result in the delisting of our common stock, which could adversely affect the liquidity and market price of our common stock and our ability to raise capital.
Our common stock is currently listed on The Nasdaq Capital Market. Nasdaq requires listed companies to satisfy various continued listing standards, including, amount other things, requirements related to minimum bid price, market value of listed securities, public float, stockholders’ equity, corpor…
There can be no assurance that we will be able to maintain compliance with all applicable Nasdaq continued listing requirements in the future. If we receive a notice of non-compliance from Nasdaq, we may be required to implement measures to regain compliance, which may include seeking to increase ou…

Text removed vs the prior filing · source: 10-K · 2025-09-23

We have not established sources of ongoing net revenue sufficient to cover operating costs.
Since our inception, we have had significant operating losses. As of June 30, 2025, we had accumulated deficit of $333.5 million. We may continue to incur net losses, and our ability to generate positive cash flows from operating activities is uncertain for the foreseeable future. We have not establ…
Our ability to become profitable depends upon our ability to generate increased net revenue from sales of our prescription portfolios. While we have been selling pharmaceutical products for several years, we have limited commercial experience selling our current lineup of pharmaceutical products, ha…
We depend on key personnel and attracting qualified management personnel and our business could be harmed if we lose personnel and cannot attract new personnel.
Our success depends to a significant degree upon the technical and management skills of our directors, officers, and key personnel. Any of our directors could resign from our Board at any time and for any reason. The loss of the services of any of these individuals would likely have a material adver…

MD&A

Text added vs the prior filing · source: 10-K · 2026-09-22

For fiscal 2026, we recorded net revenue of $57.6 million. During the year, we focused on the commercial launch and growth of EXXUA. We were also able to continue the production of our ADHD medications, Adzenys and Cotempla, without encountering any supply chain interruptions in order to provide pat…
Under our Eclipse Agreement, we have two loan agreements, the Eclipse Term Loan and the Eclipse Revolving Loan. The Eclipse Term Loan consists of an outstanding principal amount of $13.0 million on the closing date of the Eclipse Amendment No. 6, at an interest rate of the SOFR plus 7.0%, with a fou…
The enactment of the One Big Beautiful Bill Act (the “OBBBA”) on July 4, 2025 includes significant provisions, such as the permanent extension of certain expiring provisions of the Tax Cuts and Jobs Act (the “TCJA”), allowing for accelerated tax deductions for qualified property and research expendi…
The results of operations for the year ended June 30, 2026, compared to the year ended June 30, 2025, is as follows:
During the year ended June 30, 2026, total net revenue decreased by $8.8 million, or 13.3% compared to the year ended June 30, 2025. During the year ended June 30, 2026, we focused on the successful commercialization and launch of EXXUA, resulting in net revenue of $6.6 million. This contribution wa…

Text removed vs the prior filing · source: 10-K · 2025-09-23

For fiscal 2025, we recorded net revenue of $66.4 million. During the year, we were able to continue the production of our ADHD medications, Adzenys and Cotempla, without encountering any supply chain interruptions in order to provide patients receiving stimulant prescriptions for the treatment of A…
In June 2024, the Tranche B Warrants to purchase 2,173,912 shares of our common stock at an exercise price of $1.59 were exercised, generating proceeds of $3.5 million. The Tranche B Warrants were converted into 367,478 shares of our common stock and 1,806,434 prefunded warrants to purchase shares o…
Under our Eclipse Agreement, we have two loan agreements, the Eclipse Term Loan and the Eclipse Revolving Loan. The Eclipse Term Loan consists of an outstanding principal amount of $13.0 million on the closing date of the Eclipse Amendment No. 6, at an interest rate of the SOFR plus 7.0%, with a fou…
The enactment of the One Big Beautiful Bill Act (the “OBBBA”) on July 4, 2025, may adversely affect our business, financial condition, results of operation and future plans. The OBBBA includes significant provisions, such as the permanent extension of certain expiring provisions of the Tax Cuts and …
Net revenue disaggregated by product portfolios for the year ended June 30, 2025, compared to the year ended June 30, 2024, is as follows:

How to read Risk Factors (Item 1A) in a 10-Q

A 10-Q risk-factor section usually takes one of three forms; this page classifies it as one of:

Pointer — the filer states there have been no material changes and points back to the annual 10-K risk factors; there is no own risk text to compare this quarter.
Partial update — the filer carves out specific updated risks ("except as set forth below"); the excerpts show exactly what is new this quarter.
Restated in full — the quarter carries the complete risk-factor text. When the prior quarter was only a pointer there is no prior full text to diff against, so the page flags the section as restated instead.

This describes the filing structure only — it is never a judgement on whether risk went up or down.

Source: text-level diff of the two SEC EDGAR filings · deterministic (no AI-generated content) · for reference only · not investment advice

More on AYTU

AYTU overview AYTU quant rating AYTU fair value (DCF)AYTU vs peers AYTU revenue history AYTU AI deep research

Section

Outcome

Added

Removed

Minor

Unchanged

Business

Text added/removed

−19

~32

Risk factors

Text added/removed

−8

~38

200

Legal proceedings

Text added/removed

MD&A

Text added/removed

+24

−33

~18

Market risk (Item 7A)

No paragraph-level changes

Representative excerpts

Up to 5 excerpts of about 300 characters per section, quoted verbatim from the two SEC filings.

Business

Text added vs the prior filing · source: 10-K · 2026-09-22

For fiscal 2026, we recorded net revenue of $57.6 million. We successfully launched EXXUA during fiscal 2026, and recorded net revenue of $6.6 million for the year ended June 30, 2026. During the year, we were able to continue the production of our ADHD medications, Adzenys and Cotempla, without enc…
As an additional result of focusing on building our portfolio of revenue-generating products and generating profitability, in fiscal 2023 we terminated our license agreements relating to Healight and NT0502 (N-desethyloxybutynin), and we indefinitely suspended active development of our clinical deve…
On October 31, 2024, we received a Paragraph IV Certification Notice Letter (the “Notice Letter”) from Granules Pharmaceuticals, Inc. (“Granules”), stating that it intends to market a generic version of Adzenys before the expiration of all patents currently listed in the FDA’s publication of approve…
In June 2025, we raised gross proceeds of $16.6 million from the issuance of (i) 2,806,668 shares of our common stock, at a public offering price of $1.50 and 8,233,332 prefunded warrants at a public offering price of $1.4999 to purchase 8,233,332 shares of our common stock at an exercise price of $…
accelerate adoption of EXXUA following its fiscal 2026 commercial launch as the centerpiece of our commercialization efforts;

Text removed vs the prior filing · source: 10-K · 2025-09-23

For fiscal 2025, we recorded net revenue of $66.4 million. During the year, we were able to continue the production of our ADHD medications, Adzenys and Cotempla, without encountering any supply chain interruptions in order to provide patients receiving stimulant prescriptions for the treatment of A…
To reduce the costs associated with the manufacture of Adzenys and Cotempla we transferred the manufacturing of these products to a United States-based third-party manufacturer in the fourth quarter of fiscal 2024. Prior to this, we manufactured these products in our now closed facility in Grand Pra…
As an additional result of focusing on building our portfolio of revenue-generating products and generating profitability, in fiscal 2023 we terminated our license agreements relating to Healight and NT0502 (N-desethyloxybutynin), and we indefinitely suspended active development of our clinical deve…
We continue to experience inflationary pressures and economic uncertainty caused by global geopolitical factors and tariffs and our industry is currently encountering supply chain disruptions related to the sourcing of raw materials, increased costs of materials as result of tariffs, energy, logisti…
In October 2024, we received a Paragraph IV Certification Notice Letter (the “Notice Letter”) from Granules Pharmaceuticals, Inc. (“Granules”), stating that it intends to market a generic version of Adzenys before the expiration of all patents currently listed in the FDA’s publication of approved dr…

Risk factors

Text added vs the prior filing · source: 10-K · 2026-09-22

Our ability to become profitable depends upon our ability to generate increased net revenue from sales of our prescription products. While we have been selling pharmaceutical products for several years, we have limited commercial experience selling some of our pharmaceutical products, having only ge…
On October 31, 2024, we received a Paragraph IV Certification Notice Letter (the “Notice Letter”) from Granules Pharmaceuticals, Inc. (“Granules”), stating that it intends to market a generic version of Adzenys before the expiration of all patents currently listed in the FDA’s publication of approve…
Our failure to maintain compliance with Nasdaq's continued listing requirements could result in the delisting of our common stock, which could adversely affect the liquidity and market price of our common stock and our ability to raise capital.
Our common stock is currently listed on The Nasdaq Capital Market. Nasdaq requires listed companies to satisfy various continued listing standards, including, amount other things, requirements related to minimum bid price, market value of listed securities, public float, stockholders’ equity, corpor…
There can be no assurance that we will be able to maintain compliance with all applicable Nasdaq continued listing requirements in the future. If we receive a notice of non-compliance from Nasdaq, we may be required to implement measures to regain compliance, which may include seeking to increase ou…

Text removed vs the prior filing · source: 10-K · 2025-09-23

We have not established sources of ongoing net revenue sufficient to cover operating costs.
Since our inception, we have had significant operating losses. As of June 30, 2025, we had accumulated deficit of $333.5 million. We may continue to incur net losses, and our ability to generate positive cash flows from operating activities is uncertain for the foreseeable future. We have not establ…
Our ability to become profitable depends upon our ability to generate increased net revenue from sales of our prescription portfolios. While we have been selling pharmaceutical products for several years, we have limited commercial experience selling our current lineup of pharmaceutical products, ha…
We depend on key personnel and attracting qualified management personnel and our business could be harmed if we lose personnel and cannot attract new personnel.
Our success depends to a significant degree upon the technical and management skills of our directors, officers, and key personnel. Any of our directors could resign from our Board at any time and for any reason. The loss of the services of any of these individuals would likely have a material adver…

MD&A

Text added vs the prior filing · source: 10-K · 2026-09-22

For fiscal 2026, we recorded net revenue of $57.6 million. During the year, we focused on the commercial launch and growth of EXXUA. We were also able to continue the production of our ADHD medications, Adzenys and Cotempla, without encountering any supply chain interruptions in order to provide pat…
Under our Eclipse Agreement, we have two loan agreements, the Eclipse Term Loan and the Eclipse Revolving Loan. The Eclipse Term Loan consists of an outstanding principal amount of $13.0 million on the closing date of the Eclipse Amendment No. 6, at an interest rate of the SOFR plus 7.0%, with a fou…
The enactment of the One Big Beautiful Bill Act (the “OBBBA”) on July 4, 2025 includes significant provisions, such as the permanent extension of certain expiring provisions of the Tax Cuts and Jobs Act (the “TCJA”), allowing for accelerated tax deductions for qualified property and research expendi…
The results of operations for the year ended June 30, 2026, compared to the year ended June 30, 2025, is as follows:
During the year ended June 30, 2026, total net revenue decreased by $8.8 million, or 13.3% compared to the year ended June 30, 2025. During the year ended June 30, 2026, we focused on the successful commercialization and launch of EXXUA, resulting in net revenue of $6.6 million. This contribution wa…

Text removed vs the prior filing · source: 10-K · 2025-09-23

For fiscal 2025, we recorded net revenue of $66.4 million. During the year, we were able to continue the production of our ADHD medications, Adzenys and Cotempla, without encountering any supply chain interruptions in order to provide patients receiving stimulant prescriptions for the treatment of A…
In June 2024, the Tranche B Warrants to purchase 2,173,912 shares of our common stock at an exercise price of $1.59 were exercised, generating proceeds of $3.5 million. The Tranche B Warrants were converted into 367,478 shares of our common stock and 1,806,434 prefunded warrants to purchase shares o…
Under our Eclipse Agreement, we have two loan agreements, the Eclipse Term Loan and the Eclipse Revolving Loan. The Eclipse Term Loan consists of an outstanding principal amount of $13.0 million on the closing date of the Eclipse Amendment No. 6, at an interest rate of the SOFR plus 7.0%, with a fou…
The enactment of the One Big Beautiful Bill Act (the “OBBBA”) on July 4, 2025, may adversely affect our business, financial condition, results of operation and future plans. The OBBBA includes significant provisions, such as the permanent extension of certain expiring provisions of the Tax Cuts and …
Net revenue disaggregated by product portfolios for the year ended June 30, 2025, compared to the year ended June 30, 2024, is as follows:

How to read Risk Factors (Item 1A) in a 10-Q

A 10-Q risk-factor section usually takes one of three forms; this page classifies it as one of:

Pointer — the filer states there have been no material changes and points back to the annual 10-K risk factors; there is no own risk text to compare this quarter.

Partial update — the filer carves out specific updated risks ("except as set forth below"); the excerpts show exactly what is new this quarter.

Restated in full — the quarter carries the complete risk-factor text. When the prior quarter was only a pointer there is no prior full text to diff against, so the page flags the section as restated instead.

This describes the filing structure only — it is never a judgement on whether risk went up or down.