Citius Pharmaceuticals Files 10-Q for Q4 2024

TL;DR

Citius Pharma filed its 10-Q for Dec 31, 2024. All systems go.

AI Summary

Citius Pharmaceuticals, Inc. filed its 10-Q for the quarterly period ended December 31, 2024. The company, incorporated in Nevada, is involved in the pharmaceutical preparations industry. Its principal executive offices are located at 11 Commerce Drive, Cranford, NJ.

Why It Matters

This filing provides investors with an update on Citius Pharmaceuticals' financial performance and operational status for the most recent quarter.

Risk Assessment

Risk Level: low — This is a standard quarterly filing providing financial and operational updates, not indicating immediate significant risk.

Key Players & Entities

• Citius Pharmaceuticals, Inc. (company) — Registrant
• December 31, 2024 (date) — Quarterly period end date
• 001-38174 (other) — Commission File Number
• 11 Commerce Drive, First Floor, Cranford, NJ 07016 (location) — Principal executive offices address
• Nevada (location) — State of incorporation

FAQ

Key Financial Figures

• $0.001 — ange on Which Registered Common stock, $0.001 par value CTXR Nasdaq Capital Market

Filing Documents

• ea0230774-10q_citius.htm (10-Q) — 476KB
• ea023077401ex31-1_citius.htm (EX-31.1) — 9KB
• ea023077401ex31-2_citius.htm (EX-31.2) — 9KB
• ea023077401ex32-1_citius.htm (EX-32.1) — 4KB
• 0001213900-25-014321.txt ( ) — 3704KB
• ctxr-20241231.xsd (EX-101.SCH) — 41KB
• ctxr-20241231_cal.xml (EX-101.CAL) — 31KB
• ctxr-20241231_def.xml (EX-101.DEF) — 180KB
• ctxr-20241231_lab.xml (EX-101.LAB) — 343KB
• ctxr-20241231_pre.xml (EX-101.PRE) — 194KB
• ea0230774-10q_citius_htm.xml (XML) — 350KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION: 1 Item 1.

Financial Statements (Unaudited)

Financial Statements (Unaudited) 1 Condensed Consolidated Balance Sheets at December 31, 2024 and September 30, 2024 1 Condensed Consolidated Statements of Operations for the Three Months Ended December 31, 2024 and 2023 2 Condensed Consolidated Statements of Changes in Stockholders' Equity for the Three Months Ended December 31, 2024 and 2023 3 Condensed Consolidated Statements of Cash Flows for the Three Months Ended December 31, 2024 and 2023 4 Notes to Condensed Consolidated Financial Statements 5 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 16 Item 3.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 22 Item 4.

Controls and Procedures

Controls and Procedures 22

OTHER INFORMATION

PART II. OTHER INFORMATION 23 Item 1.

Legal Proceedings

Legal Proceedings 23 Item 1A.

Risk Factors

Risk Factors 23 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 23 Item 3. Defaults Upon Senior Securities 23 Item 4. Mine Safety Disclosures 23 Item 5. Other Information 23 Item 6. Exhibits 24

SIGNATURES

SIGNATURES 25 i EXPLANATORY NOTE In this Quarterly Report on Form 10-Q, and unless the context otherwise requires, the "Company," "we," "us," and "our" refer to Citius Pharmaceuticals, Inc. ("Citius Pharma") and its wholly-owned subsidiary Leonard-Meron Biosciences, Inc., and its majority-owned subsidiaries, Citius Oncology, Inc. (Nasdaq: CTOR) ("Citius Oncology") and NoveCite, Inc., taken as a whole. ii CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS This Quarterly Report on Form 10-Q contains "forward-looking strategies, predictions or any other statements relating to our future activities or other future events or conditions. These statements are based on current expectations, estimates and projections about our business based, in part, on assumptions made by management. These actual outcomes and results may, and are likely to, differ materially from what is expressed or forecasted in the forward-looking statements due to numerous factors discussed from time to time in this Report and in other documents which we file with the Securities and Exchange Commission. In addition, such statements could be affected by risks and uncertainties related to: the ability of the Company to recognize the anticipated benefits of the August 2024 reverse merger whereby Citius Oncology became a publicly traded company and majority-owned subsidiary (the "Merger"), which may not be realized fully, if at all, or may take longer to realize than expected; the Company's need for substantial additional funds and its ability to raise those funds; our ongoing evaluation of strategic alternatives; the ability of Citius Oncology to commercialize LYMPHIR, including covering the costs of licensing p

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements. CITIUS PHARMACEUTICALS, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) December 31, September 30, 2024 2024 ASSETS Current Assets: Cash and cash equivalents $ 1,100,079 $ 3,251,880 Inventory 14,381,369 8,268,766 Prepaid expenses 2,845,739 2,700,000 Total Current Assets 18,327,187 14,220,646 Operating lease right-of-use asset, net 191,412 246,247 Deposits 38,062 38,062 In-process research and development 92,800,000 92,800,000 Goodwill 9,346,796 9,346,796 Total Other Assets 102,184,858 102,184,858 Total Assets $ 120,703,457 $ 116,651,751 LIABILITIES AND STOCKHOLDERS' EQUITY Current Liabilities: Accounts payable $ 7,364,120 $ 4,927,211 License payable 28,400,000 28,400,000 Accrued expenses 6,242,178 17,027 Accrued compensation 2,595,091 2,229,018 Operating lease liability 204,569 241,547 Total Current Liabilities 44,805,958 35,814,803 Deferred tax liability 6,978,040 6,713,800 Operating lease liability - noncurrent - 21,318 Total Liabilities 51,783,998 42,549,921 Commitments and Contingencies Stockholders' Equity: Preferred stock - $ 0.001 par value; 10,000,000 shares authorized; no shares issued and outstanding - - Common stock - $ 0.001 par value; 16,000,000 shares authorized; 7,727,243 and 7,247,243 shares issued and outstanding at December 31, 2024 and September 30, 2024, respectively 7,727 7,247 Additional paid-in capital 276,538,816 271,440,421 Accumulated deficit ( 211,138,464 ) ( 201,370,218 ) Total Citius Pharmaceuticals, Inc. Stockholders' Equity 65,408,079 70,077,450 Non-controlling interest 3,511,380 4,024,380 Total Equity 68,919,459 74,101,830 Total Liabilities and Equity $ 120,703,457 $ 116,651,751 See notes to unaudited condensed consolidated financial Reflects a 1-for-25 reverse stock split effective November

Business

Business Citius Pharmaceuticals, Inc. ("Citius Pharma," and together with its subsidiaries, the "Company", "we" or "us") is a late-stage biopharmaceutical company dedicated to the development and commercialization of first-in-class critical care products with a focus on oncology, anti-infectives in adjunct cancer care, unique prescription products and stem cell therapies. On March 30, 2016, Citius Pharma acquired Leonard-Meron Biosciences, Inc. ("LMB") as a wholly-owned subsidiary. We acquired all the outstanding stock of LMB by issuing shares of our common stock. The net assets acquired included identifiable intangible assets of $ 19,400,000 related to in-process research and development. We recorded goodwill of $ 9,346,796 for the excess of the purchase price over the net assets acquired. On September 11, 2020, we formed NoveCite, Inc. ("NoveCite"), a Delaware corporation, of which we own 75 % of the issued and outstanding capital stock (see Note 3). On August 23, 2021, we formed Citius Oncology, Inc. (formerly named Citius Acquisition Corp.) ("Citius Oncology"), as a wholly-owned subsidiary in conjunction with the acquisition of LYMPHIR, which began operations in April 2022. Pursuant to a merger agreement, dated October 23, 2023, with TenX Keane Acquisition, and its wholly owned subsidiary, TenX Merger Sub Inc ("Merger Sub"), on August 12, 2024, Merger Sub merged with and into Citius Oncology, with Citius Oncology surviving as a wholly owned subsidiary of TenX Keane Acquisition. After the merger and recapitalization (the "Merger"), the newly combined publicly traded company is owned 92.3 % by Citius Pharma, and is named "Citius Oncology, Inc." (Nasdaq: CTOR). Since our inception, we have devoted substantially all our efforts to business planning, research and development, recruiting management and technical staff, and raising capital. We are

View Full Filing

View this 10-Q filing on SEC EDGAR