Quarterly report pursuant to Section 13 or 15(d)

Document and Entity Information

v3.23.3
Document and Entity Information - shares
 9 Months Ended
Jun. 30, 2023
Aug. 08, 2023
Document and Entity Information [Abstract]    
Document Type 10-Q/A  
Document Quarterly Report true  
Document Period End Date Jun. 30, 2023  
Document Transition Report false  
Entity File Number 1-13602  
Entity Registrant Name Veru Inc.  
Entity Incorporation State Country Code WI  
Entity Tax Identification Number 39-1144397  
Entity Address Address Line1 2916 N. Miami Avenue  
Entity Address Address Line2 Suite 1000  
Entity Address City Or Town Miami  
Entity Address State Or Province FL  
Entity Address Postal Zip Code 33127  
City Area Code 305  
Local Phone Number 509-6897  
Security 12b Title Common Stock, $0.01 par value per share  
Trading Symbol VERU  
Security Exchange Name NASDAQ  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Non-accelerated Filer  
Entity Small Business true  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding   90,280,439
Current Fiscal Year End Date --09-30  
Document Fiscal Period Focus Q3  
Document Fiscal Year Focus 2023  
Amendment Flag true  
Entity Central Index Key 0000863894  
Amendment Description Veru Inc. (“we,” “our,” “us,” “Veru” or the “Company”) is filing this Form 10-Q/A to amend and restate its Form 10-Q for the fiscal quarter ended June 30, 2023, which was originally filed with the U.S. Securities and Exchange Commission (the “SEC”) on August 10, 2023 (the “Original Form 10-Q”), to restate its previously issued unaudited condensed consolidated financial statements as of and for the three and nine months ended June 30, 2023 (the “Prior Financial Statements”), and to amend related disclosures, including regarding controls and procedures. On November 15, 2023, we filed a Current Report on Form 8-K under Item 4.02(a) with the SEC relating to the Prior Financial Statements. As indicated in such Current Report on Form 8-K, on November 10, 2023, in connection with the preparation of the Company’s consolidated financial statements for the year ended September 30, 2023, we determined that a restatement of the Prior Financial Statements was necessary due to the identification of an error related to the accounting for the sale of ENTADFI assets on April 19, 2023, for which a gain on sale of $17.5 million was initially recorded. The Company determined that it was not probable, at the time of the transaction, that substantially all of the consideration promised under the asset purchase agreement would be collected. The consideration for the transaction should have only included the $6.0 million cash received by the Company at closing. The notes receivable in the aggregate principal amount of $14.0 million, and related imputed interest, issued pursuant to the asset purchase agreement, should not have been recorded in the financial statements due to the uncertainty involved in the collectability of these amounts. The corrected gain on the sale of ENTADFI assets should have been $4.7 million. As a result of the restatement there is: a $12.7 million decrease in the gain on the sale of the ENTADFI assets for the three and nine months ended June 30, 2023 versus the previously reported financial results; a $12.7 million increase in operating loss for the three and nine months ended June 30, 2023 versus the previously reported financial results, which resulted in a change from operating income of $4.9 million as previously reported for the three months ended June 30, 2023 to an operating loss of $7.9 million as restated for the three months ended June 30, 2023; a $13.0 million increase in net loss for the three and nine months ended June 30, 2023 versus the previously reported financial results, which resulted in a change from net income of $6.3 million as previously reported for the three months ended June 30, 2023 to a net loss of $6.7 million as restated for the three months ended June 30, 2023; elimination of notes receivable, short-term portion and notes receivable long-term portion from the Company’s unaudited condensed consolidated balance sheet as of June 30, 2023; and corresponding adjustments, and associated impacts of the adjustments, to: oaccumulated deficit, total stockholders’ equity and total liabilities and stockholders’ equity in the Company’s unaudited condensed consolidated balance sheet as of June 30, 2023; and onet loss and adjustments to reconcile net loss to net cash used in operating activities in the Company's unaudited condensed consolidated statement of cash flows for the nine months ended June 30, 2023. The restatement adjustments did not affect the net cash used in operating activities in the Company's unaudited condensed consolidated statement of cash flows for the nine months ended June 30, 2023. See Note 1, Basis of Presentation and Restatement to the unaudited condensed consolidated financial statements included herein for additional information. The Company also determined that there was an error in the going concern disclosures. Specifically, the Company considered if the Company’s forecasted future cash flows will be sufficient to enable the Company to meet its contractual commitments and obligations as they come due in the ordinary course of business for a period of at least one year from the issuance of the Company’s report on Form 10-Q for the quarterly period ended June 30, 2023 on August 10, 2023. As discussed in Note 2, Liquidity, Going Concern, and Management’s Plans (Restated) to the unaudited condensed consolidated financial statements included herein, the collectability of the notes receivable and certain planned capital transactions were included in those cash flows but are not within the control of management and cannot be relied upon to provide future cash flows for the purpose of the going concern assessment. Therefore, the Company has concluded there is substantial doubt about the Company’s ability to continue as a going concern, as described in Note 2.