Aytu Biopharma Inc (AYTU) 2025 Q3 法說會逐字稿

Greetings, and welcome to the Aytu BioPharma fiscal 2025 Q3 earnings call. (Operator Instructions) Please note this conference is being recorded. I will now turn the conference over to your host, Robert Blum, Investor Relations at Aytu. Robert, your line -- you may begin.

您好，歡迎參加 Aytu BioPharma 2025 財年第三季財報電話會議。（操作員指示）請注意，本次會議正在錄音。現在我將會議交給主持人、Aytu 投資者關係部門 Robert Blum。羅伯特，你可以開始你的發言了。

Thank you very much, and good afternoon, everyone. As the operator indicated, during today's call, we will be discussing Aytu BioPharma's fiscal 2025 third quarter operational and financial results for the period ended March 31, 2025. Joining us on today's call is Aytu's Chief Executive Officer, Josh Disbrow; and Ryan Selhorn, the company's Chief Financial Officer. At the conclusion of today's prepared remarks, we will open the call for a question-and-answer session. I'd like to remind everyone that today's call is being recorded.

非常感謝，大家下午好。正如接線員所指出的，在今天的電話會議中，我們將討論 Aytu BioPharma 截至 2025 年 3 月 31 日的 2025 財年第三季度營運和財務業績。參加今天電話會議的有 Aytu 的執行長 Josh Disbrow；以及公司財務長 Ryan Selhorn。在今天的準備好的演講結束後，我們將開始問答環節。我想提醒大家，今天的通話正在錄音。

A replay of today's call will be available by using the teleconference numbers and conference ID provided in the press release issued earlier today or by utilizing a link on the company's website under Events and Presentations.

您可以使用今天早些時候發布的新聞稿中提供的電話會議號碼和會議 ID，或透過公司網站「活動和演示」下的連結重播今天的電話會議。

Finally, I'd also like to call to your attention the customary Safe Harbor disclosure regarding forward-looking information. The conference call today will contain certain looking statements including statements regarding the goals, strategies, beliefs, expectations, and future potential operating results of Aytu BioPharma. Although the management believes these statements are not guarantees of future performance. Time-sensitive information may no longer be accurate at the time of any telephonic or webcast replay.

最後，我還想提請大家注意有關前瞻性資訊的常規安全港披露。今天的電話會議將包含某些展望性聲明，包括有關 Aytu BioPharma 的目標、策略、信念、期望和未來潛在營運績效的聲明。儘管管理層認為這些聲明並不能保證未來的表現。任何電話或網路廣播重播時，時間敏感資訊可能不再準確。

Actual results may differ materially as a result of varied -- of risks, uncertainties, and other factors, including, but not limited to, the factors set forth in the company's filings with the SEC. Aytu undertakes no obligation to update or revise any of these forward-looking statements. With that said, let me turn the call over to Josh Disbrow, Chief Executive Officer of Aytu BioPharma. Josh, please proceed.

由於各種風險、不確定性和其他因素（包括但不限於公司向美國證券交易委員會提交的文件中列出的因素），實際結果可能存在重大差異。Aytu 不承擔更新或修改任何前瞻性聲明的義務。話雖如此，請容許我將電話轉給 Aytu BioPharma 執行長 Josh Disbrow。喬希，請繼續。

Thank you, Robert, and welcome, everyone. I'm extremely pleased with the operating and financial performance achieved during the 2025 third fiscal quarter. A quick run of our numbers here to get us started. Total revenue grew 32%, led by growth in both our ADHD portfolio, which was up 25% and Pediatric portfolio, which was up 77%. The strong revenue growth, coupled with the implementation of our cost reduction initiatives, which helped to decrease operating expenses by $1.6 million, led to income from operations of $2.4 million.

謝謝你，羅伯特，歡迎大家。我對 2025 財年第三季的營運和財務表現感到非常滿意。這裡快速運行我們的數字，以幫助我們開始。總收入成長了 32%，其中 ADHD 產品組合成長了 25%，兒科產品組合成長了 77%。強勁的收入成長，加上我們實施的成本削減舉措，幫助減少了 160 萬美元的營運費用，帶來了 240 萬美元的營運收入。

It's important to note that this is our second quarter with positive income from operations in the company's history, another huge milestone for everyone here at Aytu. I'll note also that this is our third quarter of positive net income from continuing operations and third quarter of positive net income as well, significant accomplishments across the board.

值得注意的是，這是我們公司歷史上第二個實現營業收入正值的季度，這對 Aytu 的每個人來說都是另一個重要的里程碑。我還要指出的是，這是我們第三季持續經營淨收入為正，第三季淨收入也為正，全面取得了重大成就。

Down the income statement, net income was $4 million, which compared to a $2.9 million loss in Q3 of a year ago and translates into basic earnings per share of $0.65 this quarter compared to a $0.52 loss in the year ago third quarter. And finally, adjusted EBITDA came in at $3.9 million compared to $0.9 million in the year ago third quarter. By nearly every financial metric there is, we had a phenomenal third quarter.

在損益表中，淨收入為 400 萬美元，而去年同期第三季虧損 290 萬美元，相當於本季每股基本收益為 0.65 美元，而去年同期第三季虧損 0.52 美元。最後，調整後的 EBITDA 為 390 萬美元，而去年同期第三季為 90 萬美元。從幾乎所有的財務指標來看，我們的第三季表現都非常出色。

While it has taken a bit of time to fully get to this point, the pieces we've been putting in place for the past number of quarters, which have focused our efforts on our Prescription Pharmaceutical business are beginning to fully manifest themselves in our financial performance.

雖然我們花了一些時間才達到這一點，但我們在過去幾個季度中一直在實施的部分，將我們的努力集中在處方藥業務上，開始在我們的財務業績中充分體現出來。

Remember, over the past two years, we have halted our clinical development efforts, wound down and sold our Consumer Health business, outsourced our manufacturing to a US based CMO and refinanced our long-term note on more favorable terms. These have been heavy lifts, but the results announced today highlight what is possible as we move this business forward. The beauty of where we sit today is that these positive financial results are being accomplished on a focused portfolio of products.

請記住，在過去兩年中，我們已經停止了臨床開發工作，逐步減少並出售了我們的消費者健康業務，將我們的製造業務外包給了一家美國的 CMO，並以更優惠的條件為我們的長期票據進行了再融資。這些都是艱鉅的任務，但今天宣布的結果凸顯了我們在推動這項業務發展過程中所能取得的成果。我們今天所處位置的美妙之處在於，這些積極的財務表現是透過集中的產品組合來實現的。

I believe our commercial platform has the ability to be further leveraged in the future through additional in-licensed or acquired products that can utilize the capabilities of our CNS-focused sales team and the broader Aytu RxConnect patient access platform.

我相信我們的商業平台未來能夠透過更多獲得許可或收購的產品得到進一步利用，這些產品可以利用我們專注於中樞神經系統的銷售團隊的能力以及更廣泛的 Aytu RxConnect 患者訪問平台。

This is something we are keenly focused on now and in the future. But first, back to our two current product focuses, starting with ADHD. As I mentioned, ADHD net revenue was up 25%, coming in at $15.4 million during the quarter compared to the year ago quarter. Sequentially, ADHD net revenue also increased, up 11%. Certainly, strong performance from the entire commercial organization that we're very pleased with.

這是我們現在和將來熱切關注的事情。但首先，回到我們目前的兩個產品重點，首先是 ADHD。正如我所提到的，ADHD 淨收入本季與去年同期相比成長了 25%，達到 1,540 萬美元。同時，ADHD 淨收入也成長了 11%。當然，我們對整個商業組織的強勁表現感到非常滿意。

Overall, ADHD prescriptions were approximately 94,000 during the third quarter. Looking more broadly at the ADHD stimulant market, we continue to see conditions returning to a more normalized state following a series of significant market-wide stimulant shortages commencing in early 2023 that impacted the supply of Adderall XR and amphetamine-based products as well as methylphenidate-based stimulant medications.

整體而言，第三季 ADHD 處方量約為 94,000 份。更廣泛地看待 ADHD 興奮劑市場，我們繼續看到情況恢復到更正常的狀態，此前自 2023 年初開始的一系列嚴重的市場範圍內的興奮劑短缺影響了 Adderall XR 和苯丙胺類產品以及哌甲酯類興奮劑藥物的供應。

As I've discussed, fortunately, Aytu supply was never impacted, and we, therefore, realized short-term and long-term tailwinds from the shortages others were facing. With the market stabilization in effect, the ADHD net revenue growth was largely driven by organic growth and improvements in gross to net through assertive management of our brand's economics.

正如我所討論的，幸運的是，Aytu 的供應從未受到影響，因此，我們從其他人面臨的短缺中獲得了短期和長期的順風。隨著市場穩定，ADHD 淨收入的成長主要得益於有機成長以及透過積極管理我們品牌的經濟效益而實現的毛收入與淨收入的提高。

This, of course, is enabled through our Aytu RxConnect platform, gaining strong channel and dispensing insights, and therefore, the ability to manage our per script economics is a calling card of Aytu RxConnect. So it was encouraging this quarter to see these GTN improvements. We saw a benefit from savings offers, government rebates, commercial rebates and distributor fee improvements and also took a slight price increase in January of this year.

當然，這是透過我們的 Aytu RxConnect 平台實現的，獲得了強大的管道和分配洞察力，因此，管理我們每個腳本經濟學的能力是 Aytu RxConnect 的名片。因此，本季看到這些 GTN 改進是令人鼓舞的。我們從儲蓄優惠、政府回扣、商業回扣和經銷商費用改善中獲益，並且今年 1 月價格也略有上漲。

It was a favorable quarter across multiple GTN parameters to be sure. But back to what I believe is a key driver in all of this, Aytu RxConnect, our flagship best-in-class patient access platform. RxConnect continues to be a significant differentiator for the company and one that enables us to stand apart from the competition and truly benefit patients.

可以肯定的是，從多個 GTN 參數來看，這是一個有利的季度。但回到我認為是所有這一切的關鍵驅動因素，Aytu RxConnect，我們的旗艦最佳患者訪問平台。RxConnect 繼續成為公司的顯著差異化因素，讓我們在競爭中脫穎而出，真正造福患者。

As a reminder, RxConnect is, among other things, a network of about 1,000 pharmacies with which we work around the country. Many of these are independent pharmacies in local geographies that do an excellent job servicing patients and prescribers. They're small businesses that work very hard to serve patients well and to go above and beyond to deliver best-in-class patient experiences.

提醒一下，RxConnect 是一個由全國各地約 1,000 家藥局組成的網絡，我們與這些藥局合作。其中許多是當地的獨立藥房，為患者和處方者提供出色的服務。他們都是小型企業，但卻非常努力地為患者提供良好的服務，並竭盡全力為患者提供一流的體驗。

The other part of our network is made up of regional grocery chains that are very customer-centric, that provide excellent customer service and work directly with us to ensure patient access to our products and the optimal use of our savings offers.

我們網路的另一部分由區域性雜貨連鎖店組成，這些連鎖店非常注重客戶，提供優質的客戶服務，並直接與我們合作，以確保患者能夠獲得我們的產品並充分利用我們的節省優惠。

I dove into this during our last quarter a bit, but as a reminder, the biggest differentiators of Aytu RxConnect is our ability to cut through the opaqueness of the pharmacy model to offer prescribers and patients affordability, predictability and access, irrespective of a patient's insurance or their plan design and even during the high deductible season when many patients experience higher out-of-pocket costs.

我在上個季度對此進行了一些深入研究，但提醒一下，Aytu RxConnect 最大的不同之處在於我們能夠打破藥房模式的不透明性，為處方者和患者提供可負擔性、可預測性和可訪問性，無論患者的保險或計劃設計如何，即使在許多患者自付費用較高的高免賠額季節也是如此。

Ultimately, with RxConnect, we are putting the power back into the hands of physicians and patients, something both stakeholders so desperately need today. Today, more than 85% of the company scripts are driven through the Aytu RxConnect network. Again, this is something we think can be leveraged in the future as we look to bring in other products to the portfolio.

最終，透過 RxConnect，我們將權力重新交給醫生和病人手中，這是雙方利害關係人今天都迫切需要的。如今，該公司超過 85% 的處方都是透過 Aytu RxConnect 網路驅動的。再次，我們認為，當我們尋求將其他產品引入產品組合時，這一點可以得到利用。

Transitioning now to the Pediatric side of the business. As I mentioned at the beginning, Pediatric portfolio net revenue increased 77% to $3.1 million compared to the prior year period. Sequentially, the Pediatric portfolio net increased -- net revenue increased 27%. Growth in peds reflects the positive effects from our recently implemented return to growth plan as well as improvements in product gross to net.

現在轉向兒科業務。正如我在開頭提到的，兒科投資組合淨收入與去年同期相比成長了 77%，達到 310 萬美元。連續，兒科產品組合淨收入增加—淨收入增加了 27%。兒科業務的成長反映了我們最近實施的恢復成長計畫的正面影響以及產品毛利與淨利的提高。

As a reminder, looking back a few quarters ago, we were impacted by a variety of payer and channel challenges. Initially, we saw the impact when a large payer stopped covering a big portion of pediatric fluoride-based multivitamins that affected the entire multivitamin plus fluoride class. This was exacerbated further as we had some fairly concentrated dispensing pharmacies where this payer has a large market share.

提醒一下，回顧幾個季度前，我們受到了各種付款人和管道挑戰的影響。最初，我們看到了當大型付款人停止承擔大部分兒科含氟化物複合維生素的費用時產生的影響，這影響了整個複合維生素加氟化物類別。由於我們有一些相當集中的配藥藥房，而該付款人擁有很大的市場份額，因此這種情況進一步加劇。

Our antihistamine was affected similarly by a payer change in an area where we had a pretty significant concentration of prescribers with that product largely covered by Medicaid. We have put in place a series of initiatives focused on diversifying the prescriber base and improving payer coverage for both franchises, multivitamins as well as with our antihistamine franchise.

我們的抗組織胺藥物也同樣受到付款人變更的影響，在該地區，處方人員相當集中，而該產品大部分由醫療補助計劃覆蓋。我們已實施一系列舉措，重點是實現處方者基礎多樣化，並提高多種維生素和抗組織胺特許經營權的付款人覆蓋率。

In particular, we have focused on expanding areas of promotion, diversifying our base of dispensing pharmacies and bringing on several payers that we hadn't had covering our products before. We've also deployed sales representatives and shifted some promotional resources to our pediatric products. Previously, Pediatric sales were conducted with a much smaller group of sales specialists that focused on promoting those products.

具體來說，我們專注於擴大促銷領域，使我們的配藥藥房基礎多樣化，並引入一些以前沒有支付我們產品的付款人。我們也部署了銷售代表並將一些促銷資源轉移到我們的兒科產品上。此前，兒科產品的銷售是由規模小得多的銷售專家團隊負責的，他們專注於推廣這些產品。

For the last couple of quarters, though, we shifted our sales force's product mix, providing for a better balanced and more product -- more impactful product penetration and specifically with increased short-term emphasis on those pediatric products. We'll prudently allocate resources and evaluate the most appropriate product promotional mix to leverage our sales force most effectively.

然而，在過去的幾個季度裡，我們改變了銷售團隊的產品組合，提供了更平衡、更多的產品——更有影響力的產品滲透，特別是增加了對兒科產品的短期關注。我們將謹慎分配資源並評估最合適的產品促銷組合，以最有效地發揮我們的銷售團隊的作用。

We'll also, of course, monitor all macro and political factors that could have the potential to impact our brands, whether that be our ADHD brands, our fluoride supplements, or our antihistamine franchise. And of course, we'll then shift accordingly in terms of our priorities. Being nimble and responsive to what we believe are our best growth drivers is a critical success factor here for Aytu.

當然，我們也會監控所有可能影響我們品牌的宏觀和政治因素，無論是我們的 ADHD 品牌、氟化物補充劑還是抗組織胺特許經營權。當然，我們的優先事項也會隨之改變。靈活應對我們認為的最佳成長動力是 Aytu 成功的關鍵因素。

So we'll always focus resources on the products we believe can drive the most growth depending upon all commercial and macro factors we track. Clearly, the work we have done in the last 6 to 12 months is starting to be highlighted more fully in our financial results. As we have stated for some time now, we first and foremost are focused on the continued organic growth of our ADHD and Pediatric portfolios. Today's results highlight our execution on that initiative.

因此，根據我們追蹤的所有商業和宏觀因素，我們將始終把資源集中在我們認為能夠推動最大成長的產品上。顯然，我們在過去 6 到 12 個月中所做的工作開始在我們的財務表現中得到更充分的體現。正如我們一段時間以來所說的那樣，我們首先關注的是 ADHD 和兒科產品組合的持續有機成長。今天的結果凸顯了我們對該計劃的執行。

Second, we have focused on driving efficiencies across the organization. Again, that started with our decision to stop our development work, continued with our shutdown and sale of our Consumer Health business, expanded with the outsourcing of our manufacturing, and concluded in some ways with the optimization initiatives we announced recently to cut out an additional $2 million annually from our operating expenses. All of these moves are nearly fully recognized in the results you see today.

其次，我們致力於提高整個組織的效率。再次，這始於我們決定停止開發工作，接著關閉並出售我們的消費者健康業務，然後擴大我們的製造外包，最後以我們最近宣布的優化舉措結束，即每年從我們的營運費用中額外削減 200 萬美元。所有這些舉措幾乎都得到了今天所看到的結果的充分認可。

With our infrastructure near full optimization, we remain focused on leveraging our platform through the pursuit of additional in-licensed or acquired products that can utilize the capabilities of our CNS-focused sales team and the broader Aytu RxConnect patient access platform.

隨著我們的基礎設施接近全面優化，我們仍然專注於透過尋求更多獲得許可或收購的產品來利用我們的平台，這些產品可以利用我們以 CNS 為中心的銷售團隊的能力以及更廣泛的 Aytu RxConnect 患者訪問平台。

We are adept at identifying valuable assets and aligning with partners to seek a commercial partner with unique capabilities. So we see a tremendous advantage and -- a tremendous opportunity rather to leverage our infrastructure, our capabilities, and our expertise and to diversify our portfolio by in-licensing and/or acquiring assets.

我們善於識別有價值的資產並與合作夥伴協調尋找具有獨特能力的商業夥伴。因此，我們看到了巨大的優勢和巨大的機會，可以利用我們的基礎設施、我們的能力和我們的專業知識，並透過授權和/或收購資產來實現我們的投資組合多樣化。

Of course, we'll be smart about it and look to pick these assets up as attractively as possible in win-win transactions for us and our prospective partners. As you can hear, I'm extremely pleased with the progress made and the results being more fully manifested in our financial results. In some ways, this was the type of breakout quarter that we always knew we were capable of when we implemented a series of strategic initiatives over the past couple of years. It's great to see it come to fruition.

當然，我們會明智地處理這個問題，並尋求以盡可能有吸引力的方式收購這些資產，從而實現我們和潛在合作夥伴的雙贏。正如您所聽到的，我對所取得的進展以及財務業績中更加充分體現的結果感到非常高興。從某種程度上來說，這是一個突破性的季度，我們在過去幾年實施了一系列策略性舉措，我們一直知道我們有能力實現這一目標。很高興看到它取得成果。

Let me now turn the call over to Ryan to review the financials in more detail, after which I'll provide a few closing comments, and we'll be happy to take your questions. Ryan?

現在，讓我將電話轉給瑞安 (Ryan)，讓他更詳細地審查財務狀況，然後我將提供一些結束語，我們很樂意回答您的問題。瑞安？

Thank you, Josh. As you mentioned, the 2025 fiscal third quarter's results underscore the hard work, dedication, and perseverance of the entire Aytu team. Our financial progress highlights the huge number of operational and financial changes that we've worked on over the past few years. Please note that our March third quarter fiscal 2025 financial results are detailed in both our press release and in Q3 fiscal 2025 Form 10-Q that we filed today with the SEC. Let's dive into the numbers in more detail.

謝謝你，喬希。正如您所說，2025 財年第三季的業績凸顯了整個 Aytu 團隊的辛勤工作、奉獻精神和毅力。我們的財務進步凸顯了我們在過去幾年中所做的大量營運和財務變革。請注意，我們的 2025 財年第三季 3 月財務業績詳細說明在我們的新聞稿和我們今天向美國證券交易委員會提交的 2025 財年第三季 10-Q 表中。讓我們更詳細地了解一下這些數字。

The third quarter net revenue was $18.5 million, up 32% from $14 million in the year ago third fiscal quarter. The ADHD portfolio net revenue rose 25% to $15.4 million versus $12.3 million in Q3 fiscal 2024, primarily reflecting improvements in our gross to net that we spent a lot of time optimizing and constantly refining.

第三季淨收入為 1,850 萬美元，較去年同期的 1,400 萬美元成長 32%。ADHD 投資組合淨收入從 2024 財年第三季的 1,230 萬美元成長 25% 至 1,540 萬美元，這主要反映了我們花費大量時間進行優化和不斷改進後的總淨收入的提高。

On the Pediatric side, net revenue was $3.1 million versus $1.7 million in Q3 of last year. As Josh noted, we continue to see the progress in the execution of our pediatric return to growth program and are pleased with our results, which again showed a rebound both year-over-year and sequentially. Gross margin for the third quarter was 69% compared to 74% in the Q3 of last year.

兒科方面，淨收入為 310 萬美元，而去年第三季為 170 萬美元。正如喬希所說，我們繼續看到兒科恢復生長計劃執行的進展，並對我們的結果感到滿意，該計劃再次顯示出同比和環比的反彈。第三季的毛利率為 69%，而去年第三季的毛利率為 74%。

Last quarter, I had mentioned the noise in our numbers, especially in our cost of sales. We are and expect to continue to work through the higher cost inventory through the end of this fiscal year, which ends on June 30. As a reminder, from a GAAP accounting standpoint, earlier this year, we loaded factory overhead costs into the ADHD inventory manufactured at our now shuttered Grand Prairie facility.

上個季度，我提到了我們的數據中的噪音，特別是銷售成本。我們預計在本財政年度結束前（6 月 30 日結束）繼續處理成本較高的庫存。提醒一下，從 GAAP 會計的角度來看，今年早些時候，我們將工廠間接成本計入了現已關閉的大草原工廠生產的 ADHD 庫存中。

We did this as we ramped down our own manufacturing and ramped up production at our contract manufacturer, which ensured a balanced manufacturing handoff. As our self-manufactured production output fell, the in-house produced goods absorbed the same amount of overhead from our facility and personnel.

我們在減少自身生產的同時，也增加了合約製造商的產量，從而確保了平衡的生產交接。隨著我們自主生產產量的下降，內部生產的產品吸收了我們設備和人員相同數量的管理成本。

Thus, the numerator or the overhead expense stayed constant while our denominator or manufactured units fell. And as a result, it resulted in higher unit cost of goods. As we continue to sell through this inventory, we expect to see our ADHD gross margins expand.

因此，分子或間接費用保持不變，而分母或製造單位則下降。結果，導致商品單位成本上升。隨著我們繼續銷售這些庫存，我們預計 ADHD 的毛利率將會擴大。

Breaking down our cost of goods sold slightly during the third quarter of the overall $5.6 million, $352,000 represent the current year depreciation and amortization; $1.5 million represents overhead and indirect costs; with direct costs consisting of the remaining $3.8 million. With continued revenue growth, we expect to see gross profit margins improve towards the low- to mid-70% range and see operating margins reflect our reduced headcount, leaner management structure and, of course, outsourced manufacturing.

將我們第三季的銷售成本稍微分解一下，整體為 560 萬美元，其中 352,000 美元代表當年的折舊和攤銷； 150 萬美元代表管理費用和間接費用；直接成本包括剩餘的 380 萬美元。隨著收入的持續增長，我們預計毛利率將提高至 70% 左右，而營業利潤率將反映出我們員工人數的減少、管理結構的精簡，當然還有外包製造。

Operating expenses in Q3, excluding amortization of intangible assets and restructuring costs, were down $1.3 million to $9.5 million from $10.8 million last year. The decreased OpEx is a result of our focus on continued cost reduction and our improved operational efficiencies. One note about our last year's numbers. The Consumer Healthcare business is now accounted for as discontinued operations. Thus, last year's expense exclude that division's revenues and expenses.

第三季的營運費用（不包括無形資產攤銷和重組成本）從去年的 1,080 萬美元下降了 130 萬美元至 950 萬美元。營運支出的減少是我們專注於持續降低成本和提高營運效率的結果。關於我們去年的數字有一條說明。消費者保健業務目前被視為已終止經營的業務。因此，去年的支出不包括該部門的收入和支出。

If you were to look at the actual OpEx from the year ago quarter, the savings are significantly greater. Net income from operations during this quarter was $2.4 million versus last year's loss from operations of $1.6 million or a $4 million swing in earnings. Bottom line net income during the third quarter of fiscal 2025 was $4 million or $0.65 net income per share basic and $0.21 net income per share diluted compared to a net loss of $2.9 million or $0.52 net loss per share basic and diluted in the prior year period.

如果您查看去年同期的實際營運支出，您會發現節省的金額要大得多。本季的營業淨收入為 240 萬美元，而去年的營業虧損為 160 萬美元，獲利波動為 400 萬美元。2025 財年第三季的底線淨收入為 400 萬美元，即基本每股淨收入 0.65 美元，稀釋每股淨收入 0.21 美元，而去年同期的淨虧損為 290 萬美元，即基本和稀釋每股淨虧損 0.52 美元。

The fiscal 2025 third quarter results were impacted by $2.3 million of derivative warrant liabilities gain due primarily to the decrease in the company's stock price compared to a derivative warrant liabilities gain of $1 million in the third quarter of fiscal 2024. To reiterate from earlier, the positive operating income of $2.4 million is our second quarter with positive income from operations in the company's history.

2025 財年第三季業績受到 230 萬美元衍生認股權證負債收益的影響，這主要是由於公司股價下跌，而 2024 財年第三季衍生認股權證負債收益為 100 萬美元。重申一下，240 萬美元的正營業收入是我們公司史上第二個實現正營業收入的季度。

And again, this is our third quarter of positive net income from continuing operations and positive net income overall. For the quarter, adjusted EBITDA was $3.9 million in the third quarter fiscal 2025 compared to $0.9 million in the prior year period. A full reconciliation of adjusted EBITDA is included in the press release. This puts our trailing 12-month EBITDA at $9.2 million. Turning now to the balance sheet.

再次強調，這是我們第三季實現持續經營淨收入為正，整體淨收入為正。就本季而言，2025 財年第三季的調整後 EBITDA 為 390 萬美元，而去年同期為 90 萬美元。新聞稿中包含了調整後的 EBITDA 的完整對帳。這使得我們過去 12 個月的 EBITDA 達到 920 萬美元。現在來看資產負債表。

Cash and cash equivalents were $18.2 million at March 31, 2025, compared to $20.4 million at December 31, 2024. I do want to note that the biggest change in the balance sheet was from the growth of our accounts receivable, which show at $35.8 million, up from last June's $23.5 million.

截至 2025 年 3 月 31 日，現金及現金等價物為 1,820 萬美元，而 2024 年 12 月 31 日為 2,040 萬美元。我確實想指出，資產負債表中最大的變化是我們的應收帳款的成長，從去年 6 月的 2,350 萬美元增加到 3,580 萬美元。

While our sales can be somewhat lumpy, our collections are very predictable. We collected about $19 million of those receivables in April and expect that the remainder will come in during May per our normal trade terms. On the liability side of the ledger, we are in full compliance with all our debt covenants.

儘管我們的銷售額可能有些不穩定，但我們的收藏品卻非常可預測。我們在 4 月收回了約 1,900 萬美元的應收帳款，預計剩餘款項將按照我們的正常貿易條款在 5 月到帳。在負債方面，我們完全遵守所有債務契約。

We did use some of our cash holdings to pay down a combined $2.5 million in long-term debt and other fixed payment arrangements during the third quarter of fiscal 2025. While we don't provide forward guidance, I will say that overall, we are very pleased with the progress that Aytu has made in getting to this point in time. Our hope is that as we approach the end of our fiscal 2025 year, we are well positioned to take advantage of the growth in our underlying business. With that, let me turn it back over to Josh.

我們確實使用了部分現金持有量來償還 2025 財年第三季總計 250 萬美元的長期債務和其他固定付款安排。雖然我們沒有提供前瞻性指引，但我要說的是，總的來說，我們對 Aytu 在實現這一目標方面取得的進展感到非常滿意。我們希望，隨著 2025 財年接近尾聲，我們能夠充分利用基礎業務的成長。說完這些，讓我把話題轉回給喬希。

Thank you, Ryan. Let me just say that it's very gratifying when a plan comes together the way our multiyear strategic realignment to focus the plan has come together. Let's not forget that in fiscal '21, we had a net loss of $58.3 million and an adjusted EBITDA loss of $34.8 million. We were burning cash and taking significant impairments on our assets. Today, we have recorded three consecutive quarters of positive net income and eight straight quarters of positive adjusted EBITDA.

謝謝你，瑞安。我只想說，當一項計劃得以順利實施時，這是非常令人欣慰的，就像​​我們多年來為集中精力製定的戰略調整最終得以實現一樣。我們不要忘記，在 21 財年，我們的淨虧損為 5,830 萬美元，調整後的 EBITDA 虧損為 3,480 萬美元。我們正在消耗現金，資產遭受重大損失。如今，我們已經連續三個季度實現正淨收入，連續八個季度實現正調整後 EBITDA。

We've utilized the opportunity to improve the balance sheet through the continued paydown of our long-term loan with Eclipse, our senior lending partner, and other fixed payment arrangements. As Ryan mentioned, we paid down $2.5 million this quarter alone. The sales team and our Aytu RxConnect platform are operating at high levels of efficiency.

我們利用這個機會，透過繼續償還與我們的高級貸款合作夥伴 Eclipse 的長期貸款以及其他固定付款安排來改善資產負債表。正如瑞安所提到的，光是本季我們就償還了 250 萬美元。銷售團隊和我們的 Aytu RxConnect 平台正在高效運作。

And as Ryan just highlighted, we still have upside potential within our gross margins as we fully finalize the outsourced manufacturing transition. All of this would not have been possible without the hard work of the entire Aytu team.

正如瑞安剛才強調的那樣，隨著我們全面完成外包製造轉型，我們的毛利率仍有上升潛力。如果沒有整個 Aytu 團隊的辛勤工作，這一切都不可能實現。

I look forward to building off this success in the future, and I thank the whole team here for their efforts to get us to this important point. Thank you to everyone participating on today's call. We'll now be happy to answer any questions. Operator?

我期待在未來繼續鞏固這一成功，並感謝整個團隊為使我們達到這一重要目標所付出的努力。感謝參加今天電話會議的所有人。我們現在很樂意回答任何問題。操作員？

(Operator Instructions) Naz Rahman, Maxim Group.

（操作員指示） Naz Rahman，Maxim Group。

Congrats on the progress made, especially over all these years. For this quarter, did you see any onetime effects in the ADHD or Pediatric business, whether it's stocking or anything else that impacted the numbers?

恭喜您所取得的進步，尤其是這些年來的進步。對於本季度，您是否看到 ADHD 或兒科業務有任何一次性影響，無論是庫存還是其他影響數字的因素？

No. Thanks, Naz, for the question. The answer is no on that on both fronts. This was organic growth driven by, obviously, all the optimization efforts, but there's no one-timers in there at all, nothing related to stocking. So very good to see that.

不。謝謝 Naz 提出這個問題。這兩方面的答案都是否定的。顯然，這是由所有優化努力推動的有機成長，但其中根本沒有一次性的事情，也沒有任何與庫存有關的事情。很高興看到這一點。

Got it. And on that point, it seems like the ADHD franchise is finally back to the level seen at late fiscal '23, early fiscal '24. Are these levels you expect to continue going forward? Or do you expect to see growth here? I guess, based on what you've seen thus far in the current quarter, what are you sort of expecting and seeing?

知道了。從這一點來看，ADHD 系列似乎終於回到了 23 財年末、24 財年年初的水準。您預計這些水平將繼續保持下去嗎？或者您期望這裡會出現成長嗎？我想，根據您在本季迄今所看到的情況，您有何期待和看到？

Yes, we do certainly expect growth going forward. And yes, I appreciate you acknowledging that we're sort of back to historically high levels following just some optimization efforts that have happened along the way. And as we continue to focus, obviously, on the ADHD products along with the Pediatric products, I think we've really developed a good balance and prioritization across the portfolio to enable growth of both portfolios.

是的，我們確實預期未來會成長。是的，我很感謝您承認，經過一些優化努力，我們已經回到了歷史最高水準。而且，隨著我們繼續關注 ADHD 產品和兒科產品，我認為我們確實在整個產品組合中形成了良好的平衡和優先順序，以促進兩個產品組合的成長。

So yes, very excited with your trajectory. The sales team has really begun to get optimized and operate with good efficiency. And so excited to think that we can maintain and even grow these levels. So yes, very good momentum.

是的，我對你的軌跡感到非常興奮。銷售團隊確實開始優化並高效運作。想到我們能夠保持甚至提高這些水平，我們就感到非常興奮。是的，勢頭非常好。

Got it. And on the similar energy on the Pediatrics business, you're now returning to growth or like sales levels not seen, I guess, somewhere between like late-fiscal '23, early-fiscal '24. Where do you sort of see the franchise going or getting back to? Do you think you can still go back to becoming like a $25 million annual business? Or do you think it's less than that? What do you think the potential for the Pediatric business is now?

知道了。而在兒科業務方面，您現在也恢復了成長或前所未有的銷售水平，我想，大概在 23 財年末和 24 財年初之間。您認為該系列將走向何方或回歸何方？您認為您還能重新成為年營業額 2,500 萬美元的企業嗎？或者您認為比這還少？您認為現在兒科業務的潛力有多大？

Yes, probably not quite to that level, Naz. We would realistically expect growth to some degree from these levels, but probably not to that $25 million-plus annualized run rate. But I'd always sort of said we'd be pleased if we could get sort of halfway back to where it was. So something north of where it is today, but perhaps not at, again, that $25 million level. So I don't want to guide specifically.

是的，可能還沒有達到那個水平，納茲。我們確實期望從這些水準實現一定程度的成長，但可能不會達到 2,500 萬美元以上的年化運作率。但我總是說，如果我們能回到原來的狀態，我們會很高興。因此，它的價格比現在高了一些，但可能還沒有達到 2500 萬美元的水平。所以我不想具體指導。

But if you take a look at this quarter and potentially apply some growth to that, I think that's a realistic number. We're seeing really good momentum on the antihistamine franchise in particular. There's probably more substantial growth in that particular franchise than perhaps with the multivitamins for various reasons and ultimately think we can grow that product.

但如果你看一下這個季度並可能應用一些成長，我認為這是一個現實的數字。我們看到抗組織胺系列的發展勢頭尤其良好。由於各種原因，該特定特許經營業務的成長可能比複合維生素業務的成長更為顯著，最終我們認為我們可以發展該產品。

But yes, I think something approximating and maybe exceeding halfway where they were would be a good number, and that would make these a meaningful contributor for the company while we think we can continue to grow the ADHD franchise as well.

但是的，我認為接近甚至超過一半的水平將是一個不錯的數字，這將使它們成為公司有意義的貢獻者，同時我們認為我們也可以繼續發展 ADHD 特許經營業務。

Got it. And I guess on the business development front, what have been, I guess, the gating factors in potentially closing a deal? Is it more like you're having some issues just finding the correct asset? Is it the asking price? And also, what are you seeing in terms of valuations?

知道了。我想，在業務發展方面，達成交易的潛在限制因素是什麼？是不是您在尋找正確的資產時遇到了一些問題？這是要價嗎？另外，您認為估值情況如何？

Have valuations like come down in the last several months amidst like market volatility? Have they been relatively stable? Have they increased? Like what have you been seeing? And what have been the gating factors to potentially closing some sort of transaction?

在過去幾個月的市場波動中，估值是否有所下降？它們是否相對穩定？它們增加了嗎？就像你所看到的？那麼，完成某種交易的潛在限制因素是什麼？

Yes. I'd say the main gating factor for us is the right fit. We're really looking for the right asset to complement the capabilities, the therapeutic focus, the sales force footprint and of course, the RxConnect capability that we're obviously very proud of. And so, we would be optimally looking for something aligned to what the sales force does on a regular basis, which is largely calling on psychiatrists and to some degree, pediatricians. And so that's been the biggest factor is finding just that right asset.

是的。我想說，對我們來說，主要的限制因素是適當的。我們確實在尋找合適的資產來補充能力、治療重點、銷售團隊足跡，當然還有我們引以為傲的 RxConnect 能力。因此，我們最好尋找與銷售人員日常工作一致的東西，這主要是拜訪精神科醫生，在某種程度上，還有兒科醫生。因此，最重要的因素就是找到合適的資產。

And I'll remind you that we're open to assets at various stages, most preferably something that's commercial ready, commercial stage, potentially something that's on the market, but the sweet spot would be something that is on the market and/or ready to be marketed vis-a-vis through -- it's already been through the FDA approval process.

我要提醒大家的是，我們對處於不同階段的資產持開放態度，最好是已經準備好進行商業化的資產，處於商業階段的資產，可能已經上市的資產，但最佳狀態是已經上市和/或準備好上市的資產——它已經通過了 FDA 的批准程序。

So that's been the main thing. It's just finding the right thing. And I'll say, look, we're excited about some of the things that we have -- that we're evaluating, some of the things we have on our plate at the moment. And I think we can get something done here in the relative near to midterm.

這就是最重要的事。這只是找到正確的東西。我想說，看，我們對我們正在評估的一些事情、我們目前正在處理的一些事情感到興奮。我認為我們可以在中期選舉前完成一些事情。

We've said it's a high priority for the company to bring in an asset that's complementary, but we don't want to bring in just any asset for the sake of it. We are willing to look at brands that need to be launched. We're also willing to look at brands that are -- that need to be relaunched in some cases. And of course, we're open to mature assets that we believe can be accretive. The answer on valuation, I would say the valuation is going to have to be right for us.

我們說過，引進互補資產是公司的首要任務，但我們不想為了引進而引進任何資產。我們願意關注需要推出的品牌。在某些情況下，我們也願意關注需要重新推出的品牌。當然，我們對那些我們認為可以增值的成熟資產持開放態度。關於估值的答案，我想說估值必須對我們來說是正確的。

Obviously, we want to use our cash judiciously particularly in this environment where cash remains very precious to us, and we have priorities not just around launching a product, but also around managing the debt and paying that down. Valuations are a bit high.

顯然，我們希望明智地使用現金，特別是在這種現金對我們來說仍然非常寶貴的環境下，我們的優先事項不僅是推出產品，還有管理和償還債務。估值有點高。

Obviously, in this environment, people are -- the companies are holding on to their assets more and so the valuations are higher. But I'm increasingly confident that we're going to be able to bring in an asset that really well aligns with the, again, the therapeutic focus, our footprint and with our capabilities. And so more to follow, but excited about the things we have kind of circulating at the moment.

顯然，在這種環境下，人們——公司更多地持有其資產，因此估值更高。但我越來越有信心，我們將能夠引入與治療重點、我們的足跡和我們的能力真正契合的資產。接下來還會有更多消息，但對於目前流傳的消息我們感到非常興奮。

That was very helpful. And one last question, if I may. In context of the broader political environment, would tariffs have any impact on Aytu? And if so, how? Or is there any other piece of legislation that you think might have any material near- or medium-term impact on Aytu?

這非常有幫助。如果可以的話，我還有最後一個問題。在更廣泛的政治環境下，關稅會對 Aytu 產生任何影響嗎？如果是的話，怎麼辦？或者您認為還有其他立法可能會對 Aytu 產生重大的短期或中期影響嗎？

Yes. Good question. I'd say in the context of tariffs, as it relates to our products, relatively de minimis impact, understanding that our ADHD meds are -- all of our products are manufactured in the US Just to restate that, we've mentioned that, I think, in the past. The ADHD products, by definition, are made in the US.

是的。好問題。我想說，在關稅的背景下，因為它與我們的產品有關，影響相對較小，了解我們的 ADHD 藥物 - 我們所有的產品都是在美國製造的。只是重申一下，我想我們過去已經提到過這一點。顧名思義，ADHD 產品是在美國製造的。

The DEA does not allow you to import amphetamine or methylphenidate. And so by definition, there's minimal impact. We have sort of small componentry that would be sourced outside the US that would have some level -- have been impacted to some degree from tariffs, but it's not a material amount. Same applies for our other products, Karbinal and the multivitamin franchise.

美國緝毒局不允許您進口安非他明或哌甲酯。因此，根據定義，影響是微乎其微的。我們有一些從美國境外採購的小型零件，這些零件在一定程度上受到了關稅的影響，但影響並不大。這同樣適用於我們的其他產品，Karbinal 和複合維生素系列。

While there are components that we pull in from outside the US. For example, one of the key ingredients in our multivitamins does come from Europe, but it's a relatively small purchase price in the scheme of things. And again, those products are all finished here. So I would not expect tariffs to have any material impact. As it relates to other potential macro factors out there, there's been talk, particularly recently, around fluoridation.

雖然有些零件是我們從美國以外引進的。例如，我們的複合維生素中的關鍵成分確實來自歐洲，但從整體來看，它的購買價格相對較低。而且，這些產品都是在這裡完成的。因此我認為關稅不會產生任何實質影響。由於它與其他潛在的宏觀因素有關，因此人們一直在討論氟化問題，尤其是最近。

Some states have recently banned putting fluoride in the municipal water supply. Utah is one state that has recently enacted that, and that will take effect here very, very quickly. Other municipalities are seemingly daily making the move to potentially remove fluoride from the water. So we're monitoring that. What impact does that have on the upside remains to be seen.

一些州最近已禁止在市政供水中添加氟化物。猶他州是最近頒布該法案的州之一，該法案將很快在這裡生效。其他城市似乎每天都在採取行動，試圖去除水中的氟化物。所以我們正在監控這一點。這對上行有何影響還有待觀察。

Equal parts, there's talk of the FDA evaluating fluoride and fluoride supplements as to their benefits and the utility. And there is the potential that they, at some point down the road, conduct a study. They've indicated as much that they plan to study fluoride supplements here and come out with at least a recommendation. What impact that has? I mean, that has a long ways to go in terms of whether that even becomes close to reality.

同樣，也有傳言稱 FDA 正在評估氟化物和氟化物補充劑的益處和效用。他們有可能在未來的某個時候進行一項研究。他們表示，他們計劃在這裡研究氟化物補充劑，並至少提出一個建議。這會產生什麼影響？我的意思是，這是否接近現實還有很長的路要走。

There's certainly -- we've had the thought already understanding that that's relatively new news. It may be challenged in court. The American Dental Association continues to be very strong proponents of fluoridation and fluoride supplementation. And so it remains to be seen whether any action would be taken. But we'll monitor that, understanding that the pediatric multivitamins are not gigantic pieces of our business today.

確實有——我們已經想到了這一點，這是一個相對較新的消息。它可能會在法庭上受到質疑。美國牙科協會繼續大力支持氟化物和氟化物補充。因此，是否會採取任何行動還有待觀察。但我們會對此進行監控，因為我們知道兒科複合維生素並不是我們目前業務的重心。

So -- and if there were any action, we think it would take quite some time if it ever actually comes to fruition. So those are a couple of things as we think about the business. But overall, certainly minimal, if any, impact from a materiality standpoint on the -- from a tariffs perspective. So we feel good about that.

所以——如果採取任何行動，我們認為它需要相當長的時間才能真正取得成果。這就是我們在考慮業務時考慮的幾件事。但整體而言，從實質角度來看，關稅的影響肯定是微乎其微的。因此我們對此感到很高興。

(Operator Instructions)

（操作員指示）

Josh and Ryan, this is Robert here. While we wait to see if there are any additional questions from the teleconference line, we have a couple of questions here. Maybe, Josh, the first one for you here. You referred to the return to growth plan for the Pediatrics business. But can you revisit the substance of that plan and specifically what it entailed related to that, to what degree did you pivot the commercial team to get the products back to growth?

喬許和瑞安，這是羅伯特。在我們等待電話會議線路上是否還有其他問題時，我們這裡有幾個問題。也許，喬希，這是你這裡第一個。您提到了兒科業務恢復成長計劃。但是，您能否重新審視該計劃的實質內容以及它具體包含哪些內容，您在多大程度上調整了商業團隊以使產品恢復成長？

Yes. Thanks, Robert. I would say, look, we -- first and foremost, we did deploy the sales force against more pediatric targets than we had in the past, specifically looking at antihistamine allergy targets. So that was one thing. And so -- and not to suggest that we took them away from ADHD, but we certainly did add Karbinal to their promotional priority.

是的。謝謝，羅伯特。我想說，看，我們——首先，我們確實部署了銷售隊伍來瞄準比過去更多的兒科目標，特別是抗組織胺過敏目標。這是一回事。所以——並不是說我們讓他們遠離了 ADHD，但我們確實將 Karbinal 添加到了他們的推廣重點中。

And so that was one thing that we did. We also did expand the footprint, significantly more reps in more places than we had been before. We had a relatively small team that was active mostly in the areas where there was quite favorable coverage. Certainly -- we've deployed more folks in the field around that, again, having dual responsibility for both the ADHD products as well as Karbinal, in particular, to create sort of hybrid responsibilities. And so that has certainly served to drive some growth.

這就是我們所做的事情之一。我們也確實擴大了業務範圍，在更多地方設立了比以前更多的代表。我們的團隊規模相對較小，主要活躍在報導較良好的地區。當然——我們已經在該領域部署了更多的人員，再次強調，他們對 ADHD 產品和 Karbinal 負有雙重責任，以創造某種混合責任。因此這確實有助於推動一些成長。

And then numerous pieces on the payer front to pick up additional coverage, particularly on the public payer side as it relates to the antihistamine franchise, several states that had previously not been covering the product through some creative contracting and various strategies we've employed across the franchise. We've been able to pick up multiple state Medicaid plans.

然後，付款人方面的許多部分都需要額外的保險，特別是與抗組胺藥特許經營相關的公共付款人方面，幾個州以前沒有通過一些創造性的合同和我們在整個特許經營過程中採用的各種策略來覆蓋該產品。我們已經能夠選擇多個州的醫療補助計劃。

Previously, Karbinal have been covered in really a very small handful of states and the coverage, I will say, heading into the spring allergy season has picked up materially, multiples more in terms of the number of states that have the product now covered on the formulary and in many cases, without any kind of prior authorization or any kind of restrictions.

以前，卡比納僅在極少數州得到覆蓋，而我想說，進入春季過敏季節，覆蓋範圍已大幅增加，從現在已將該產品納入處方集的州數量來看，增長了數倍，而且在許多情況下，無需任何事先授權或任何限制。

And so I would -- as a capstone to all that, I would say, just put more emphasis in general on the Pediatric franchise while not letting our foot off the gas on ADHD, and that has certainly served to really help us. So we feel that Karbinal, in particular, has some really good momentum and good upside from these current levels.

因此，作為所有這一切的基石，我想說，只是更加重視兒科特許經營，同時不要放鬆對 ADHD 的關注，這確實對我們有很大幫助。因此，我們認為，從目前的水平來看，卡比納爾具有非常好的發展動能和良好的上漲空間。

And that having been said, as I mentioned in my prepared comments, we'll continue to evaluate promotional priorities in the mix, in the field. You never stay stagnant and static, you definitely want to make sure you're adhering to market trends.

話雖如此，正如我在準備好的評論中提到的那樣，我們將繼續評估該領域的促銷重點。你永遠不會停滯不前，你肯定希望確保自己跟上市場趨勢。

Obviously, growth drivers are going to be what we put the most emphasis behind. And so in the foreseeable future, obviously, we're fully back to promoting the ADHD brands along with Karbinal. And so excited to see that as it unfolds. But a good momentum across the portfolio on the basis of some of this return to growth plan that we put in place.

顯然，成長動力將是我們最重視的。因此，在可預見的未來，我們顯然會全力回歸，與 Karbinal 一起推廣 ADHD 品牌。我很高興看到事情的進展。但在我們實施的部分恢復成長計畫的基礎上，整個投資組合呈現出良好的動能。

Okay. Great. Next question here, and you touched on this a bit with Naz. Maybe if there's anything you can add here as it relates to new product opportunities. How are you thinking about potential product targets? Anything to add there?

好的。偉大的。下一個問題是，您和 Naz 稍微談到了這一點。也許您可以在這裡添加任何與新產品機會相關的內容。您如何看待潛在的產品目標？還有什麼要補充的嗎？

Yes I would say, just to reiterate, the sweet spot for us, the bull's eye, so to speak, would be something in the CNS space, something that's in psychiatry, neurology, but with a potential secondary emphasis in pediatric types of products and some good conversations happening with things that are sort of aligned to that. We clearly are going after brands.

是的，我想說，只是重申一下，對我們來說，最佳點，也就是靶心，可以說是中樞神經系統領域的一些東西，一些精神病學、神經病學的東西，但可能也會重點關注兒科類型的產品，以及一些與此相關的事情的良好對話。我們顯然在追求品牌。

We are definitely interested in things that are commercial stage, commercial ready, i.e., already approved through the FDA and can be launched in a relatively short order, or where products that are already in the market that we can potentially bring back or reinvent, so to speak.

我們絕對對處於商業階段、準備投入商業化的產品感興趣，即已經通過 FDA 批准並可以在相對較短的時間內推出的產品，或者已經上市的產品，我們可以將其重新推出或重新發明。

And again, we definitely want things that ideally, if we can get them that fit well within the call point, we've got a sales team that's out there actively engaging with psychiatrists and to a lesser extent, pediatricians and select family practitioners. We're obviously in psychiatry by virtue of the fact that we're in ADHD.

再說一次，我們確實希望事情是理想的，如果我們能夠讓它們很好地適應呼叫點，我們就會有一個銷售團隊積極與精神科醫生接觸，在較小程度上，與兒科醫生和精選家庭醫生接觸。顯然，由於我們患有註意力不足過動症，所以我們屬於精神病學領域。

And so something that aligns to that, again, a branded asset on market or ready to be launched would be really in the sweet spot of what we're looking for. We also want things that align well with our payer strategy and fit within the RxConnect platform, things, again, that we understand the nuance around the payer challenges, how to work within the current confines of the PBM ecosystem and obviously, how to work with our pharmacy partners to ensure that there's good value created for everyone in the value chain, the patient, the physician; and obviously, the dispensing pharmacists as well.

因此，與此相符的東西，再次強調，市場上的品牌資產或準備推出的品牌資產才是我們真正尋找的最佳點。我們還希望事情能夠與我們的付款人策略相一致，並適合 RxConnect 平台，同樣，我們了解付款人挑戰的細微差別，如何在 PBM 生態系統的當前範圍內工作，以及如何與我們的藥房合作夥伴合作，以確保為價值鏈中的每個人（患者、醫生）創造良好的價值；顯然，還有配藥藥劑師。

So you mix all those things together and -- it does create sort of a pretty specific bull's eye, but I think if we can find the right asset, it will be one that we can surely say is a really perfect fit and one that we really can mobilize around. So excited with some of the conversations that we're having.

所以你把所有這些因素混合在一起，它確實會形成一種非常具體的靶心，但我認為，如果我們能找到合適的資產，我們就可以肯定地說，它是真正完美契合的資產，也是我們真正可以動員起來的資產。我們正在進行的一些對話讓我感到非常興奮。

All right. Great. And then last question maybe for Ryan here with OpEx having come down materially over the last four-plus quarters or so. How do you think about the go-forward quarterly OpEx line? And what's a good breakeven number based on the current spend there?

好的。偉大的。最後一個問題可能是針對 Ryan 的，營運支出在過去四個多季度已經大幅下降。您如何看待未來的季度營運支出線？那麼，根據目前的支出，一個好的損益平衡數字是多少呢？

Yes. Thanks, Robert, and thanks for the question. And yes, you're correct. Over the last four years, we've continued to experience a reduction in the operating expenses as we've improved kind of the efficiency of the operations, we sold the Consumer Health division, outsourced the manufacturing of ADHD products. We finally hit the point this quarter, which demonstrates that expenses that currently -- that we currently expect to continue into the future periods to come.

是的。謝謝，羅伯特，謝謝你的提問。是的，你是對的。在過去四年中，隨著營運效率的提高，我們的營運費用持續減少，我們出售了消費者健康部門，並將 ADHD 產品的製造外包。我們最終在本季度達到了這一點，這表明目前的支出——我們目前預計這些支出將持續到未來的時期。

As you'll note in the Q3 results, we did not incur any restructuring expenses and don't anticipate such expenses in the future. Our cash-based operating expenses for the quarter, which excludes amortization, depreciation, and stock-based compensation, totaled $9.3 million with our overall operating expenses of about $10.4 million.

正如您在第三季業績中註意到的那樣，我們沒有發生任何重組費用，並且預計未來也不會發生此類費用。本季我們的現金營運費用（不包括攤銷、折舊和股票薪酬）總計 930 萬美元，我們的整體營運費用約為 1,040 萬美元。

So when analyzing a breakeven number from an overall operations standpoint, and factoring in a similar gross profit of what we accomplished this quarter of 69.4%, revenue would need to achieve approximately $15 million on a quarterly basis to breakeven. But if we eliminated the noncash expenses and calculating kind of a breakeven from an operating cash perspective, total revenue would be closer to about $13.1 million to hit that breakeven point.

因此，當從整體營運的角度分析盈虧平衡數字時，並考慮到我們本季實現的 69.4% 的類似毛利，則每季營收需要達到約 1,500 萬美元才能實現盈虧平衡。但如果我們消除非現金支出並從經營現金的角度計算損益平衡點，總收入將接近 1,310 萬美元，以達到損益平衡點。

All right. Fantastic. Josh, Ryan, not showing any additional questions here. So Josh, I guess I'll turn it over to you for closing remarks.

好的。極好的。喬希、瑞安，這裡沒有顯示任何其他問題。所以喬希，我想我會把它交給你來做最後的演講。

Great. Thanks, Robert, and thanks to everyone on today's call for your time. We appreciate everyone's interest in Aytu BioPharma. We really are very pleased with the progress that we've made over the last couple of years. It has been a long time coming.

偉大的。謝謝，羅伯特，也感謝今天參加電話會議的每個人抽出時間。我們感謝大家對 Aytu BioPharma 的關注。我們對過去幾年所取得的進展感到非常高興。這已經是很久以前的事了。

We appreciate everyone's patience as we enact many of these significant changes to transform the company to get ourselves into the position that we are today. So with that, I'll say, again, thanks for your time. Thanks for your interest.

我們感謝大家的耐心，因為我們實施了許多重大變革來改變公司，使我們達到今天的地位。因此，我再次感謝您抽出時間。感謝您的關注。

Thanks for your ongoing support of Aytu, and we look forward to sharing our full fiscal '25 year-end results in the fall in September when we file our 10-K and subsequently release earnings for the fourth fiscal quarter, which is off to a very good start. So with that, I wish you a good afternoon and good evening. And again, thanks for your time. Have a good evening.

感謝您對 Aytu 的持續支持，我們期待在 9 月秋季提交 10-K 報表並隨後發布第四財季收益時分享我們完整的 25 財年年終業績，這是一個非常好的開始。祝大家下午愉快，晚上愉快。再次感謝您抽出時間。祝您晚上愉快。

Thank you. This does conclude today's conference. You may disconnect your lines at this time. Thank you for your participation.

謝謝。今天的會議到此結束。現在您可以斷開線路。感謝您的參與。