The CFO helping to bring his biotech “to the finish line”

Balancing costs and securing funding can be acute challenges for finance executives in the biotechnology space, who must raise capital for products that can take over a decade to develop with no guarantee of success.

“Funds are always an issue for every biotechnology company,” according to Robert Hoffman, CFO of CytoDyn, a clinical-stage biotech company developing a drug, Leronlimab, intended to treat patients with solid-tumor cancers.

When Hoffman, a highly experienced biotech CFO and board member, joined the company in May 2025, it was looking to enroll its first colorectal cancer patient in a phase two trial. It’s now fully enrolled.

In his first year as CFO, Hoffman has pursued fresh sources of capital, put spending under the microscope, and contributed to CytoDyn’s search for a strategic partner. Hoffman said his guiding light throughout has been a desire “to give back to society [and] help, perhaps, a large group of patients.”

Capital idea. CytoDyn laid out three strategic objectives in its February 2026 quarterly filing: continue the colorectal cancer trial, test the drug’s effectiveness on other cancers including triple-negative breast cancer, and continue researching a long-acting version of Leronlimab. “We may need significant additional funding to execute the above business strategy in full, which may include conducting a variety of additional pre-clinical studies and clinical trials,” the company noted.

Hoffman started work on the funding issue early on. In November 2025, he secured a $30 million Standby Equity Purchase Agreement (SEPA) with Yorkville Advisors. Under the agreement, CytoDyn has the right to sell $30 million in stock to Yorkville over the next three years at a slight discount of 98% of the recent trading price. Hoffman said he pursued the SEPA deal “to make sure we had a backstop.”

CytoDyn also concluded a private offering to new and existing investors in February that netted $17.5 million in fresh cash.

Hoffman also had some existing obligations to sort out. When he joined CytoDyn, the company had $57 million worth of convertible promissory notes, held by Chicago Ventures, that were set to mature in April 2026.

“One of the first things I did is I flew to Chicago and met with the folks there,” he said.

The two parties struck a deal on March 24, according to an SEC filing. Chicago Ventures agreed to a three-year extension, while CytoDyn in turn agreed to make monthly payments totaling $1 million in company shares. Hoffman also negotiated a reduced annual interest rate of 5%.

Cost control. Early on, Hoffman also dug into CytoDyn’s expenses to see “where the money is going and if it makes sense,” he said.

Renegotiating vendor contracts is one way he’s reduced cash outflows. He recently had a frank conversation with a consultant whose monthly bill had gone up 50%. Hoffman reviewed all the activities the consultant was doing for CytoDyn to identify which services could be brought in-house.

“One of the big components of a publicly traded company is directors and officers [D&O] insurance,” Hoffman said. Last year, he negotiated a lower commission with CytoDyn’s insurance broker and made sure to shop around for the best insurance plan. This saved the company about $150,000.

“I want to make sure that the vendor makes money, but I also want to make sure that I save money,” he said of his approach to negotiating contracts. “And so if it gets too lopsided [on] one side or the other, that’s not a good partnership to be in.”

Courtship. The next step, Hoffman said, is to find a strategic partner for Leronlimab’s eventual commercialization.

During an April 30 investor presentation, CEO Jacob Lalezari said the data shows “that Leronlimab appears to be performing at the outer limits of what I even thought was possible.”

“I absolutely believe that this moment represents a crucial inflection point for CytoDyn as we transition from a company built on faith and belief and a whole lot of ‘ifs’ to a company with solid prospective, unassailable—and by all accounts, remarkable—data,” Lalezari said.

Hoffman said he’s helping to spread the word and put CytoDyn on the radar of potential strategic partners—namely, other drugmakers whose own products could work in tandem with Leronlimab. The company expects to have more clinical data toward the end of the year, which Hoffman plans to use in discussions with those prospective partners.

Does the search for strategic partnerships mean CytoDyn will be acquired by a larger company?

“I would say we’re looking to build a company and do the best things for patients that we ultimately can do, and what that leads to is outside of what I’m thinking about,” he said. “If we do all the right things, whether it’s a partnership or M&A, ultimately I’m putting the patients first. And when I put the patients first, I believe that drives a better outcome for shareholders and all stakeholders.”