CytoDyn Inc. Reports Net Loss of $79.8 Million for Fiscal Year 2023

CytoDyn Inc. [CYDY] has released its consolidated financial results for the fiscal year ended May 31, 2023. The company reported a net loss of $79.8 million for the year, with no revenue generated during this period.

Financial Performance

Despite the lack of revenue, CytoDyn Inc. managed to reduce its operating loss from the previous year. The company reported an operating loss of $40.6 million for fiscal year 2023, compared to an operating loss of $145.4 million in the previous year. This improvement can be attributed to cost-cutting measures and a decrease in operating expenses. General and administrative expenses were reduced from $44.3 million to $17.1 million, while research and development expenses decreased from $27.0 million to $2.6 million.