CytoDyn Inc (CYDY) Q1 2026 Earnings Report

CytoDyn Inc (CYDY) reported QQ1 2026 results with no revenue and a material quarterly net loss, underscoring ongoing operating burn typical of a clinical-stage biotechnology company pre-commercializing a single principal asset (leronlimab). The quarter recorded a gross loss of $4 thousand on cost of revenue of $4 thousand and total operating expenses of $4.565 million, driven by R&D spend of $3.232 million and G&A of $1.713 million. EBITDA of about $(4.847) million and net income of $(5.540) million reflect the company’s pre-revenue status and heavy investment in clinical development.

Cash flow showed limited liquidity runway: net cash used in operating activities was $(2.45) million and free cash flow stood at $(2.45) million for the period. End-of-period cash and cash equivalents were $9.33 million, down from $11.90 million at the start of the quarter, highlighting a fragile liquidity position absent meaningful revenue or financing activities. Total liabilities were reported at $112.99 million with stockholders’ equity of $(99.51) million, suggesting a leveraged balance sheet and negative equity, albeit the presented asset base ($13.48 million) appears markedly smaller than liabilities, indicating potential reporting inconsistencies in the data.

Looking ahead, there is no explicit forward guidance reflected in the provided data. As a result, CYDY remains a high-risk, high-uncertainty speculative name whose near-term path will hinge on clinical readouts for leronlimab, the success of any capital-raising efforts, and potential strategic partnerships or licensing agreements to extend runway and de-risk the business. Investors should monitor clinical milestones, any changes to liquidity plans, and the potential for external financing or collaboration deals that could unlock value from the pipeline.