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Citius Oncology Inc. (CTOR-4.40%) has submitted its 10-Q filing for the quarterly period ended December 31, 2024.
The filing includes financial statements for the quarter, showing no revenue generated. Operating expenses totaled $6,394,965, an increase from $4,583,403 in the same quarter the previous year.
Research and development expenses were $1,264,508, up from $1,148,495 in the previous year, primarily due to costs associated with ongoing immuno-oncology trials.
General and administrative expenses increased to $3,321,979 from $1,517,908, driven by pre-commercial and commercial launch activities for LYMPHIR.
Stock-based compensation expenses were $1,808,478, slightly down from $1,917,000 in the previous year, due to a decrease in the weighted average grant date fair value of options granted.
The company reported a net loss of $6,659,205 for the quarter, compared to a net loss of $4,727,403 in the previous year.
Citius Oncology has relied on funding from Citius Pharmaceuticals, Inc. to finance its operations, with a cash balance of $112 and a negative working capital of $26,318,037 as of December 31, 2024.
The company plans to continue relying on funding from Citius Pharmaceuticals, raise capital through equity financings, and generate revenue from future sales of LYMPHIR.
Citius Oncology is subject to various risks including the ability to raise additional funds, commercialize LYMPHIR, and maintain compliance with Nasdaq listing requirements.
The company has entered into agreements with contract manufacturers for the supply of drug substances and finished drug products, with minimum purchase commitments totaling approximately $21.8 million through 2026.
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. quarterly 10-Q report dated February 14, 2025. To report an error, please email earnings@qz.com.