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Citius Pharmaceuticals Inc. (CTXR-4.12%) has submitted its Form 10-K filing for the fiscal year ended September 30, 2024.
The filing reveals that Citius Pharmaceuticals has not generated any revenues for the years ended September 30, 2024, and 2023. The company reported a net loss of $39,425,839 for the year ended September 30, 2024, compared to a net loss of $32,542,912 for the previous year.
Research and development expenses decreased to $11,906,601 in 2024 from $14,819,729 in 2023. This decrease was primarily due to the completion of the Phase 2 study for the Halo-Lido product candidate.
General and administrative expenses increased to $18,249,402 in 2024 from $15,295,584 in 2023, largely due to costs associated with pre-launch and market research activities for LYMPHIR.
Stock-based compensation expense rose to $11,839,678 in 2024 from $6,616,705 in 2023, primarily due to the Citius Oncology stock plan.
The company recorded a deferred income tax expense of $576,000 in each of the years ended September 30, 2024, and 2023, related to the amortization for taxable purposes of its in-process research and development asset.
Citius Pharmaceuticals reported cash and cash equivalents of $3,251,880 as of September 30, 2024, with a working capital deficit of approximately $21.6 million.
The company anticipates that its available cash resources will be sufficient to fund its operations through February 2025, raising substantial doubt about its ability to continue as a going concern beyond that date.
Citius Pharmaceuticals plans to raise additional capital through equity and/or debt financings, strategic relationships, or out-licensing of its product candidates to continue its operations beyond February 2025.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Citius Pharmaceuticals Inc. annual 10-K report dated December 27, 2024. To report an error, please email earnings@qz.com.