CytoDyn Inc (CYDY) reported QQ2 2025 results with no revenue disclosed for the quarter and a continued net loss, underscoring the challenges faced by clinical-stage biotech companies in the absence of sales milestones. Key quarterly figures show: revenue null, R&D expenses of 1.409 million, G&A expenses of 2.294 million, total operating expenses of 3.707 million, interest expense of 1.274 million, depreciation and amortization of 0.004 million, resulting in an EBITDA of -3.490 million and an operating loss of -3.707 million. Net loss for the quarter was -4.768 million, with basic/diluted EPS of -0.0039. The weighted-average shares outstanding were 1.221 billion. In cash flow terms, net cash used by operating activities amounted to -3.586 million, with a free cash flow of -3.586 million. The company ended QQ2 2025 with approximately 21.34 million in cash, a continuation of a cash burn profile typical for pre-revenue biotech.
The balance sheet signals liquidity and solvency challenges: total assets of 24.88 million versus total liabilities of 114.27 million, yielding a reported negative stockholders’ equity of -89.39 million. Current ratio and cash ratio stand at 0.349 and 0.302 respectively, indicating near-term liquidity pressure unless additional financing is secured. Short-term debt is reported at 46.23 million and total debt at 46.08 million, which, alongside other current liabilities of 70.63 million, highlights the near-term funding requirements to sustain continuing R&D and clinical programs. The YoY and QoQ momentum for profitability remains materially negative on a per-share basis, with operating income down -9.09% YoY and -116.52% QoQ, while net income improves 50.14% YoY but declines -124.80% QoQ due to non-operating items and the continued burn.
Overall, CytoDyn remains in a high-risk, high-uncertainty phase driven by its clinical-stage status, lack of revenue, ongoing cash burn, and the need for external capital or partnering milestones to extend its runway. Investors should monitor clinical milestones for leronlimab, any partnership or non-dilutive financing developments, and potential dilution risk tied to liquidity constraints.