Table of Contents Title of each class Trading Symbol(s) Name of each exchange on which registered Common Stock, $0.001 par value per share CDMO The NASDAQ Stock Market LLC 10.50% Series E Convertible Preferred Stock, $0.001 par value per share CDMOP The NASDAQ Stock Market LLC UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ______________________________ FORM 10-Q ______________________________ ý QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 ...

Financial Data and Key Metrics Changes - Revenue for Q2 2020 was $18.3 million, an increase of 80% compared to $10.2 million in the same period last year, marking the highest revenue recorded in the last two years [11][7] - Gross margin for Q2 2020 was 18%, significantly up from 3% in the prior-year period, attributed to increased manufacturing runs [12] - Consolidated net loss attributable to common stockholders was $1.9 million or $0.03 per share, an improvement from a loss of $2.9 million or $0.05 per share in Q2 2019 [16] - Backlog at the end of Q2 2020 was $52 million, a decrease of 16% from $61 million at the end of Q1 2020 but an increase of 13% from $46 million at the end of the last fiscal year [17] Business Line Data and Key Metrics Changes - Total SG&A expenses for Q2 2020 were $3.5 million, up from $2.8 million in Q2 2019, primarily due to payroll-related expenses and stock-based compensation [13] - For the first six months of fiscal 2020, revenues were $33.6 million, a 47% increase compared to $22.8 million in the prior year [18] Market Data and Key Metrics Changes - The company continues to maintain a strong presence in the market, focusing on attracting new business and expanding work with current customers [8][25] - The company hosted several industry events to increase visibility and attract potential new clients [26] Company Strategy and Development Direction - The company is focused on enhancing its services and offerings to contribute to continued growth, including the launch of a new process development facility [41] - The company is preparing to expand its Myford facility as demand solidifies, with plans to utilize the available 42,000 square feet of space [53] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving operational breakeven and sustainable profitability, with expectations for continued positive financial performance [24][50] - The company is actively engaged with clients regarding their future plans, indicating a positive outlook for commercial production [60] Other Important Information - The company reaffirmed its revenue guidance for fiscal 2020 of $64 million to $67 million, supported by a strong backlog and customer projections [23] - A new pharmaceutical grade water system is being installed to enhance manufacturing efficiencies [43] Q&A Session Summary Question: Regarding the new water system at Myford, how should costs be viewed going forward? - Management indicated that the water-for-injection system is an enhancement and the overall operational costs for such systems would be around $2 million to $3 million [52] Question: How does the company view the scope of work for opening new facilities? - Management stated that they are preparing contingency plans to build out the 42,000 square feet of space in Myford based on demand visibility [53] Question: How is the company prepared to handle volatility from major clients? - Management confirmed that there would be no negative impact from Halozyme's product discontinuation, as they remain focused on their ENHANZE platform [54] Question: Can you elaborate on the dynamics that led to the increase in revenue and the decrease in backlog? - Management explained that efficiencies allowed for the acceleration of manufacturing projects, leading to increased revenue despite the natural ebb and flow of backlog [57][58] Question: What is the expected impact of the new water treatment capabilities on gross margin? - Management noted that while the new system would not significantly boost gross margin, it would enhance overall productivity and efficiency [67] Question: Will the new process development lab contribute to business development efforts? - Management affirmed that the lab would allow for earlier stage projects and standalone process development, which typically has healthy margins [70]

Table of Contents Title of each class Trading Symbol(s) Name of each exchange on which registered Common Stock, $0.001 par value per share CDMO The NASDAQ Stock Market LLC 10.50% Series E Convertible Preferred Stock, $0.001 par value per share CDMOP The NASDAQ Stock Market LLC UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ý QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended October 31, 2019 or o TRANSITIO ...

Financial Data and Key Metrics Changes - Revenue for Q1 2020 was $15.3 million, an increase of 21% compared to $12.6 million in the same period last year [8] - Gross margin decreased to 7% from 9% in the prior year, impacted by hiring, compensation realignment, and equipment repairs [9] - Consolidated net loss attributable to common stockholders was $4.6 million or $0.08 per share, compared to a loss of $3.4 million or $0.06 per share in Q1 2019 [12] - Backlog at the end of Q1 2020 was approximately $61 million, a 34% increase from $46 million at the end of fiscal 2019 [13] - Cash and cash equivalents as of July 31, 2019, were $28.9 million, down from $32.4 million at the end of the prior fiscal year [14] Business Line Data and Key Metrics Changes - Two new contract manufacturing service agreements were signed during the quarter, indicating robust business development activities [6][18] - Avid completed a process validation campaign for a scaled-up manufacturing process for an existing customer, marking a significant operational achievement [22] Market Data and Key Metrics Changes - The company participated in several industry events to enhance visibility and attract new customers, including BIO International and The Bioprocessing Summit [15] - Avid's strategy includes expanding relationships with existing customers, which is expected to lead to new project opportunities [20] Company Strategy and Development Direction - The company is focused on optimizing its facilities and processes to maintain its position as a leading Contract Development and Manufacturing Organization (CDMO) [25] - Plans for incremental capacity expansion are in place, particularly in the Myford facility, to enhance efficiency and meet growing demand [37] Management's Comments on Operating Environment and Future Outlook - Management expects expanding production demand to improve margins despite current challenges [10] - The company is committed to providing high-quality products and customer experiences to drive future growth [32] Other Important Information - Avid is in the process of searching for a new permanent CEO to guide future strategy and vision [29] - The company anticipates anomalies in revenue and margins during Q2 due to annual maintenance but does not expect this to impact overall revenue guidance for the year [28] Q&A Session Summary Question: Pricing environment with strong backlog - Management indicated that while they are not the lowest price provider, they are competitive due to their unique capabilities [36] Question: Capacity expansion plans - Management has tentative plans for building out the Myford facility and is in discussions with clients regarding timing and capabilities [37] Question: Backlog flow through revenue - Management explained that backlog can fluctuate based on new business signed and revenue recognized, and they reaffirmed their revenue guidance for the year [41][43] Question: Headcount expectations - Management stated that they do not expect significant increases in headcount, with additions primarily in revenue-producing positions [44] Question: Compensation structure and gross margin - Management clarified that the commentary on compensation relates to wage growth and aligning the compensation structure for the existing workforce [46]

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ý QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended July 31, 2019 or o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _____ to _____ | --- | |---------------------------------------------------------------------------------------------------| | | | | | Commission file n ...

Avid Bioservices, Inc. (NASDAQ:CDMO) Q4 2019 Results Conference Call June 27, 2019 4:30 PM ET Company Participants Tim Brons - Investor Relations Rick Hancock - Interim President and CEO Dan Hart - Chief Financial Officer Tracy Kinjerski - Vice President of Business Operations Conference Call Participants Joe Pantginis - H.C. Wainwright Paul Knight - Janney Montgomery Steve Schwartz - First Analyst Operator Good day, ladies and gentlemen. And welcome to the Avid Bioservices' Fourth Quarter and Year-End 2019 ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ________________________ FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended April 30, 2019 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number: 001-32839 AVID BIOSERVICES, INC. (Exact name of Registrant as specified in its charter) Delaware ...

Avid Bioservices, Inc. (NASDAQ:CDMO) Q3 2019 Results Earnings Conference Call March 11, 2019 4:30 PM ET Company Participants Tim Brons - Investor Relations Roger Lias - President and Chief Executive Officer Daniel Hart - Chief Financial Officer Conference Call Participants Joseph Pantginis - H.C. Wainwright Paul Knight - Janney Montgomery Steven Schwartz - First Analyst Operator Good day, ladies and gentlemen, and welcome to the Avid Bioservices’ Third Quarter 2019 Financial Results Conference Call. At this ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ý QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended January 31, 2019 OR o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _______________ to _______________ Commission file number: 001-32839 AVID BIOSERVICES, INC. (Exact name of Registrant as specified in its charter) De ...