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Citius Pharmaceuticals Inc. (CTXR-15.76%) 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 during the period. The company reported a net loss of $10,281,246, compared to a net loss of $9,231,185 in the same quarter the previous year.
Research and development expenses decreased to $2,127,038 from $2,621,910 in the same quarter of the previous year. This decrease is attributed to lower costs associated with the completion of the Phase 3 trial for Mino-Lok.
General and administrative expenses increased to $5,387,752 from $3,660,728, primarily due to higher costs for pre-launch sales and market activities associated with LYMPHIR.
Stock-based compensation expense was $2,524,824 for the quarter, down from $3,058,185 in the previous year.
Interest income for the quarter was $22,608, compared to $253,638 in the previous year, reflecting lower average investable balances.
The company recorded a deferred income tax expense of $264,240, related to the amortization for taxable purposes of its in-process research and development asset.
Citius Pharmaceuticals had cash and cash equivalents of $1,100,079 as of December 31, 2024, with a negative working capital of approximately $26.5 million. The company expects to have sufficient funds to continue operations through March 2025.
The filing outlines the company's ongoing efforts to raise additional capital and highlights the risks associated with its ability to continue as a going concern.
The report also details various license agreements, including those for Mino-Lok, LYMPHIR, and NoveCite, outlining the associated financial obligations and potential milestone payments.
Citius Pharmaceuticals continues to focus on the development and commercialization of its products, including LYMPHIR, which received FDA approval in August 2024.
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. quarterly 10-Q report dated February 14, 2025. To report an error, please email earnings@qz.com.