CytoDyn (CYDY) Q2 2026 earnings summary

Executive summary

• Focused on clinical development of leronlimab for solid-tumor oncology, with ongoing Phase II trials and plans for additional studies and a long-acting version.

• Significant additional funding is needed to execute the business strategy, with efforts to pursue both dilutive and non-dilutive financing.

• In November 2025, reached an agreement in principle to settle a securities class action for $500,000 in cash and 49 million shares, subject to court approval.

Financial highlights

• Net loss of $22.6 million for the quarter ended November 30, 2025, compared to a net loss of $4.8 million in the same quarter last year.

• Six-month net loss was $28.1 million, compared to net income of $14.5 million in the prior year, which included a one-time $25 million clinical expense recovery.

• Cash and cash equivalents decreased to $5.0 million as of November 30, 2025, from $11.9 million at May 31, 2025.

• Operating expenses rose to $21.7 million for the quarter, driven by a $16.6 million legal settlement accrual.

Outlook and guidance

• Substantial doubt exists about the ability to continue as a going concern due to recurring losses and accumulated deficit of $915.9 million.

• Continuation depends on raising additional capital, successful development and approval of leronlimab, and generating future revenues.