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Citius Oncology Inc. (CTOR+13.91%) has submitted its Form 10-K filing for the fiscal year ended September 30, 2024.
The filing details the company's focus on developing and commercializing LYMPHIR, an oncology immunotherapy for the treatment of cutaneous T-cell lymphoma (CTCL). LYMPHIR received FDA approval in August 2024.
Citius Oncology reported a net loss of $21,148,747 for the fiscal year 2024, compared to a net loss of $12,697,241 in the previous year. The increase in net loss is attributed to higher operating expenses.
Research and development expenses for the year were $4,925,001, up from $4,240,451 in the prior year, primarily due to activities related to the resubmission of the Biologics License Application (BLA) for LYMPHIR.
General and administrative expenses increased to $8,148,929 from $5,915,290, driven by pre-commercial and commercial launch activities for LYMPHIR.
Stock-based compensation expenses rose significantly to $7,498,817 from $1,965,500, reflecting the full-year impact of stock option grants.
Citius Oncology has a working capital deficit of $21,731,551 and is dependent on funding from its parent company, Citius Pharmaceuticals, Inc., to continue operations.
The company has capitalized $73,400,000 in in-process research and development related to LYMPHIR, which will be amortized over 12 years upon revenue generation.
The filing also outlines the company's agreements with Dr. Reddy’s Laboratories and Eisai Co., Ltd., including milestone payments and royalty obligations.
Citius Oncology plans to commercialize LYMPHIR in the first half of 2025, with ongoing efforts to secure reimbursement and market acceptance.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Citius Oncology Inc. annual 10-K report dated December 27, 2024. To report an error, please email earnings@qz.com.