Revenue and Profit - Revenue for the six months ended October 31, 2025, was $6.0 million, a decrease of $0.5 million or 8% compared to $6.5 million for the same period in 2024[155] - Gross profit for the six months ended October 31, 2025, was $4.5 million, down 11% from $5.1 million in the prior year[154] Expenses and Financial Position - General and administrative expenses increased by $2.2 million, from $0.3 million to $2.5 million for the six months ended October 31, 2025, primarily due to costs associated with YYEM becoming a Nasdaq-listed company[158] - The company had working capital of $156.0 million as of October 31, 2025, an increase of approximately $140.5 million or 884% from $15.9 million as of April 30, 2025[159] - Cash and cash equivalents increased by about $105.45 million, from $0.05 million as of April 30, 2025, to $105.5 million as of October 31, 2025[160] Financing Activities - The company signed a $500 million joint venture agreement to form AiRWA Exchange, a digital asset exchange focused on the tokenization of real-world assets[143] - The company completed a private placement on August 19, 2025, raising gross proceeds of $4.6 million by issuing 20,000,000 units[146] - Cash flow provided by financing activities rose by approximately $173.3 million for the six months ended October 31, 2025, due to private placement proceeds and funds raised under the ATM facility[163] Acquisitions and Investments - The company entered into a share purchase agreement to acquire the remaining 30% of YYEM for $36 million[149] Operating Activities - Net cash used in operating activities was $31.9 million for the six months ended October 31, 2025, compared to $0.2 million of net cash provided by operating activities for the same period in the prior year[160] Accounting Policies and Standards - The Company adopted ASC 326 on June 30, 2022, to estimate credit losses based on expected losses rather than incurred losses[170] - As of October 31, 2025, the Company had made no reserves for credit losses, indicating a stable collection environment[171] - The impairment charge for long-lived assets for the six months ended October 31, 2025, was nil, suggesting no significant adverse changes in market conditions[172] - Revenue is recognized when performance obligations are satisfied, following the five-step process outlined in ASC 606[174] - Accounts receivable are recorded when obligations have been performed, with terms typically providing net 90-day terms[176] - Royalty income is recognized over time as the Company's technology rights are utilized by customers, reflecting ongoing revenue generation[177] - The Company has adopted ASC 740 for income taxes, recognizing deferred tax assets and liabilities based on temporary differences[178] - The Company does not expect recent accounting pronouncements to materially impact its financial position or results of operations[181] - The Company is currently evaluating the impact of several new accounting standards, including ASU 2024-03 and ASU 2025-01, but does not anticipate significant effects[182][184] - The Company has not recognized any impairment losses for long-lived assets, indicating effective asset management and valuation practices[172]

Financial Performance - Revenue for the six months ended October 31, 2025, was $6.0 million, a decrease of $0.5 million or 8% compared to $6.5 million for the same period in 2024[155] - Gross profit for the six months ended October 31, 2025, was $4.5 million, down 11% from $5.1 million in the prior year[154] - Operating income decreased by 68% to $1.5 million for the six months ended October 31, 2025, compared to $4.8 million in the same period in 2024[154] - Net cash used in operating activities was $31.9 million for the six months ended October 31, 2025, compared to a net cash provided of $0.2 million in the same period in 2024[160] Expenses and Costs - General and administrative expenses increased by $2.2 million, from $0.3 million to $2.5 million for the six months ended October 31, 2025, primarily due to costs associated with YYEM becoming a Nasdaq-listed company[158] Cash and Working Capital - Cash and cash equivalents increased by approximately $105.45 million, from $0.05 million as of April 30, 2025, to $105.5 million as of October 31, 2025[160] - Working capital increased by approximately $140.5 million, or 884%, from $15.9 million as of April 30, 2025, to $156.0 million as of October 31, 2025[159] Investments and Acquisitions - The company signed a $500 million joint venture agreement to form AiRWA Exchange, a digital asset exchange focused on tokenizing U.S. stocks[143] - A private placement raised gross proceeds of $4.6 million by issuing 20,000,000 units, each comprising one share of common stock and two five-year warrants[146] - The company acquired an additional 30% of YYEM for $36 million, increasing its ownership stake[149] Accounting Policies and Standards - The Company adopted ASC 326 on June 30, 2022, which changed the impairment methodology to an "expected losses" approach for estimating credit losses[170] - Revenue is recognized when performance obligations are satisfied, following a five-step process in accordance with ASC 606[174] - Accounts receivable are recorded when obligations have been performed, with terms typically providing net 90-day terms[176] - Royalty income is recognized over time as the Company's technology rights are utilized by customers, reflecting ongoing revenue generation[177] - The Company has adopted ASC 740 for income taxes, recognizing deferred tax assets and liabilities based on temporary differences[178] - The Company does not expect recent accounting pronouncements to materially impact its financial position or results of operations[181] - The Company is currently evaluating the impact of several new accounting standards, including ASU 2024-03 and ASU 2025-01, but does not anticipate significant effects[182][184] Asset Performance - As of October 31, 2025, the Company had made no reserves for credit losses, indicating a stable collection environment[171] - The impairment charge recognized for the six months ended October 31, 2025, was nil, suggesting no significant adverse changes in asset values[172] - The Company has not recognized any impairment losses for long-lived assets, indicating stable asset performance[172]

Commercial Production and Sales - Graphjet Technology plans to commence commercial production by the end of February 2026 after securing a production facility in Malaysia [218]. - The company has not yet started commercial sales but aims to sample products to multinational companies for market acceptance [217]. - The qualification process for Graphjet's products typically spans 12 to 18 months, involving comprehensive testing and compliance checks [238]. - The company is currently in its early commercialization phase and relies heavily on external funding to support operations, R&D, and compliance commitments [269]. Financial Performance - Revenues increased by approximately $92,776, or 100% for the year ended September 30, 2025, due to selling side products since June 2025 [293]. - Cost of revenues also increased by approximately $192,941, or 100% for the year ended September 30, 2025, consistent with the increase in product revenue [294]. - Gross loss was approximately $100,165 for the year ended September 30, 2025, primarily due to low productivity and discounted sales of side products [295]. - General and administrative expenses decreased by approximately $14.2 million, or 81.5%, from approximately $17.4 million for the year ended September 30, 2024, to approximately $3.2 million for the year ended September 30, 2025 [298]. - Net loss reduced by approximately $1.4 million, or 8%, from approximately $17.8 million for the year ended September 30, 2024, to approximately $16.4 million for the year ended September 30, 2025 [301]. - Net cash used in operating activities was $(2,119,350) for the year ended September 30, 2025, compared to $(3,026,529) in 2024 [309]. - The Company has an accumulated deficit of $42.2 million as of September 30, 2025 [305]. Funding and Investment - The company has funded its operations primarily through equity investments from current shareholders [217]. - The Company plans to pursue a diversified funding structure, including strategic partnerships and institutional investors, to support its growth plan [288]. - Net cash provided by financing activities for the year ended September 30, 2025 was approximately $2.3 million, mainly from proceeds of short-term loans with related-party of approximately $1.3 million and issuance of ordinary shares of $0.9 million [313]. - Net cash provided by financing activities for the year ended September 30, 2024 was approximately $4.7 million, primarily from proceeds of long-term debt with related-party of approximately $2.9 million and PIPE investment of $2.5 million [314]. Market and Industry Challenges - Graphite prices have declined approximately 20% for fine-flake graphite in the first ten months of 2024, with a 2.7% decrease in Q3 2025 due to subdued demand [226]. - The ongoing US-China trade tensions and China's ban on graphite exports pose significant risks to the company's supply chain and operational costs [232]. - The competitive landscape in the graphene and graphite industry remains fierce, driven by price, performance, and customer service factors [234]. - Stringent import and export regulations in key markets pose significant operational challenges, potentially delaying shipments and increasing costs [242]. - Geopolitical tensions and supply chain disruptions have led to operational halts among industry leaders, highlighting the fragility of current supply chains [249]. - The company faces significant uncertainty due to changing political landscapes and green energy policies, which can impact revenue projections and investment decisions [239]. Operational Efficiency and Technology - The company is positioned as a leader in cost efficiency, producing high-quality graphene and graphite at lower costs compared to conventional methods [214]. - Graphjet's proprietary manufacturing technology achieved up to an 83% reduction in carbon footprint and up to an 80% reduction in production costs [277]. - The company must invest significantly in eco-friendly technologies to comply with evolving environmental regulations, which can increase operating costs [240]. - The loss of key technical personnel could disrupt operations and delay project milestones, adversely affecting technology development efforts [270]. Stock and Market Status - Graphjet's Class A ordinary shares were suspended from trading on The Nasdaq Global Market and are now quoted on the OTC Pink Limited marketplace [307]. - The transition of Graphjet's common stocks to the OTC market has resulted in significantly lower trading liquidity, impacting the ability to raise capital for expansion plans [272]. Financial Reporting and Compliance - The company’s financial statements are prepared in accordance with U.S. GAAP, requiring estimates and judgments that affect reported amounts of assets, liabilities, revenues, and expenses [316]. - Long-lived assets are reviewed for impairment whenever events indicate that the carrying value may not be recoverable, based on undiscounted future cash flows [317]. - Fair value of financial instruments is measured based on a three-tier hierarchy, with Level 1 being the highest priority for observable inputs [319]. - Upon completion of the Business Combination, all of Graphjet's outstanding public and private warrants were replaced by the company's public and private warrants, treated as a warrant modification [323].

Production and Commercialization - Graphjet Technology plans to commence commercial production by the end of February 2026, following the acquisition of a production facility in Malaysia [218]. - The company has not yet started commercial sales but aims to sample products to multinational companies to gain market acceptance [217]. - The qualification process for Graphjet's products typically spans 12 to 18 months, involving comprehensive testing and compliance checks [238]. - The company is currently in its early commercialization phase and relies heavily on external funding to support operations and R&D activities [269]. Financial Performance - Revenues increased by approximately $92,776, or 100% for the year ended September 30, 2025, due to selling side products since June 2025 [293]. - Cost of revenues also increased by approximately $192,941, or 100% for the year ended September 30, 2025, consistent with the increase in product revenue [294]. - Gross loss was approximately $100,165 for the year ended September 30, 2025, primarily due to low productivity and discounted sales of side products [295]. - General and administrative expenses decreased by approximately $14.2 million, or 81.5%, from approximately $17.4 million for the year ended September 30, 2024, to approximately $3.2 million for the year ended September 30, 2025 [298]. - Net loss reduced by approximately $1.4 million, or 8%, from approximately $17.8 million for the year ended September 30, 2024, to approximately $16.4 million for the year ended September 30, 2025 [301]. - Net cash used in operating activities was $(2,119,350) for the year ended September 30, 2025, compared to $(3,026,529) in 2024 [309]. - The Company has an accumulated deficit of $42.2 million as of September 30, 2025 [305]. Market and Industry Challenges - Graphite prices have declined approximately 20% for fine-flake graphite in the first ten months of 2024, with a 2.7% quarter-on-quarter drop in Q3 2025 due to subdued demand [226]. - The supply of palm kernel shells, the primary raw material, has seen price increases due to heightened demand, impacting operational performance [229]. - Recent border control measures in Malaysia and China have disrupted raw material supply chains, affecting production schedules and costs [230]. - The ongoing US-China trade tensions and China's ban on graphite exports pose significant risks to sourcing and operational continuity [232]. - The competitive landscape in the graphene and graphite industry remains fierce, with challenges in pricing, performance, and customer adoption rates impacting future prospects [234]. - Stringent import and export regulations in key markets pose significant operational challenges, potentially delaying shipments and increasing costs [242]. - Geopolitical tensions and supply chain disruptions have led to operational halts among industry leaders, highlighting the fragility of current supply chains [249]. Technological and Environmental Considerations - Graphjet Technology's unique biomass conversion process allows for lower production costs compared to conventional methods, enhancing its competitive advantage [214]. - The company is positioned as a leader in cost efficiency, aiming to produce premium artificial graphite and graphene using sustainable biomass sources [213]. - The company must invest significantly in eco-friendly technologies to comply with evolving environmental regulations, which can increase operating costs [240]. - Graphjet's proprietary manufacturing technology achieved up to an 83% reduction in carbon footprint and up to an 80% reduction in production costs [277]. Funding and Capital Structure - The Company plans to pursue a diversified funding structure, including strategic partnerships and institutional investors, to support its growth plan [288]. - The transition of Graphjet's common stocks to the OTC market has resulted in significantly lower trading liquidity, impacting the ability to raise capital [272]. - Net cash provided by financing activities for the year ended September 30, 2025 was approximately $2.3 million, mainly from proceeds of short-term loans with related-party of approximately $1.3 million [313]. - Net cash provided by financing activities for the year ended September 30, 2024 was approximately $4.7 million, primarily from proceeds of long-term debt with related-party of approximately $2.9 million [314]. Regulatory and Compliance Issues - The company’s financial statements are prepared in accordance with U.S. GAAP, requiring estimates and judgments that affect reported amounts of assets and liabilities [316]. - Long-lived assets are reviewed for impairment whenever events indicate that the carrying value may not be recoverable [317]. - The company accounts for warrants based on specific terms and applicable guidance, determining whether they are equity or liability classified [320]. - The net proceeds from the IPO have been invested in U.S. government treasury bills or money market funds, minimizing exposure to interest rate risk [324]. Human Resources and Operational Risks - The loss of key technical personnel could disrupt operations and adversely affect technology development and commercialization efforts [270]. - Graphjet's financial standing may be adversely affected by delays in raising funds due to potential U.S. government shutdowns, which can hinder regulatory approvals and corporate filings [236].

IPO and Merger Details - Aimfinity's IPO generated gross proceeds of $80.5 million from the sale of 8,050,000 units at $10.00 per unit[145]. - Aimfinity entered into a merger agreement with Docter Inc. on October 13, 2023, which will result in PubCo becoming a publicly traded company[148]. - The merger agreement includes provisions for the board of directors composition post-merger, with three directors from Docter and two from the Sponsor[153]. - Up to 2.5 million additional shares may be issued to Docter stockholders based on sales performance, with 1 million shares contingent on selling at least 30,000 devices in fiscal year 2024[151]. Financial Performance and Position - The company has incurred losses since inception and currently has no revenue, relying on securities sales and loans for funding[147]. - As of September 30, 2025, the Company reported a net income of $117,673, consisting of $630,505 in interest income offset by operating costs of $512,832[178]. - The Company reported a working capital deficiency of $2,785,815 as of September 30, 2025[187]. - The Company has cash of $3,517 as of September 30, 2025[187]. - Management has raised substantial doubt about the Company's ability to continue as a going concern due to the inability to complete an initial business combination by the Combination Deadline[188]. Trust Account and Share Redemptions - A total of 4,076,118 AIMA New Units, or approximately 50.9%, were redeemed by shareholders during the first extraordinary general meeting[155]. - During the second extraordinary general meeting, 860,884 AIMA New Units, or about 21.7%, were redeemed, resulting in approximately $9.68 million distributed from the Trust Account[158]. - Approximately 1,996,522 AIMA New Units, or about 64.2% of the public AIMA New Units, were redeemed, resulting in $23,778,577 distributed from the Trust Account[160]. - A total of 572,989 AIMA New Units, or about 51.3% of the public AIMA New Units, were redeemed during the Fourth EGM, leading to $7,357,178.76 distributed from the Trust Account[162]. Business Combination and Extensions - The company extended its deadline to complete an initial business combination to April 28, 2024, by depositing $765,000 into the Trust Account[154]. - The Company approved the Third Charter Amendment allowing an extension of the Combination Deadline to October 28, 2025, with a total of $502,414.2 deposited for nine one-month extensions[159]. - The Fourth Charter Amendment was approved, extending the Combination Deadline to July 28, 2025, with $500 required for each one-month extension[161]. - The company has the option to extend the combination deadline up to nine times, each by one month, under the amended articles of association[156]. Funding and Loans - The Company intends to use funds held outside the Trust Account for identifying and evaluating target businesses and performing due diligence[182]. - The Sponsor may provide loans to fund working capital deficiencies or transaction costs related to the initial business combination[183]. - The Company issued a promissory note to I-Fa Chang for up to $500,000 for working capital, which is non-interest bearing and due upon the consummation of the initial business combination[184]. - As of September 30, 2025, the Company had borrowings of $1,539,134 under working capital loans[186]. Transaction Costs and Underwriting - The Company incurred $5,117,607 in transaction costs related to the IPO, including $1,610,000 in underwriting fees and $2,817,500 in deferred underwriting fees[180]. - The underwriters received a cash underwriting discount of $1,610,000 at the closing of the IPO[192]. - The deferred underwriting commission of $2,817,500 will be payable upon the consummation of an initial business combination[192]. - The Company has entered into Discharge Agreements with underwriters to settle the deferred underwriting commission with cash and shares[193]. Accounting and Financial Reporting - The Company is evaluating the impact of adopting ASU No. 2024-03 on its financial statements, which requires expanded expense disclosures[195]. - Management does not believe that any recently issued accounting standards will have a material effect on the Company's financial statements[196].

IPO and Financial Overview - Aimfinity completed its IPO on April 28, 2022, raising gross proceeds of $80.5 million from the sale of 8,050,000 units at $10.00 per unit[145]. - The Company incurred $5,117,607 in transaction costs related to the IPO, including $1,610,000 in underwriting fees and $2,817,500 in deferred underwriting fees[180]. - The underwriters received a cash underwriting discount of $1,610,000 at the closing of the IPO[192]. - The deferred underwriting commission of $2,817,500 will be payable upon the consummation of an initial business combination[192]. Business Combination and Mergers - Aimfinity entered into a merger agreement with Docter Inc. on October 13, 2023, which will result in PubCo becoming a publicly traded company[148]. - The board of directors of PubCo will consist of five directors post-merger, with three designated by Docter and two by the Sponsor[153]. - Aimfinity has no assurance that its plans for an initial business combination will be successful[144]. - The Company approved the Third Charter Amendment allowing an extension of the Combination Deadline to October 28, 2025, with a total of $502,414.2 deposited for nine one-month extensions[159]. - The Fourth Charter Amendment allows for an extension of the Combination Deadline to July 28, 2025, with $500 required for each one-month extension[161]. Shareholder Actions and Redemptions - As of the First EGM, approximately 50.9% of AIMA New Units were redeemed, resulting in the cancellation of 4,076,118 units[155]. - At the Second EGM, 21.7% of AIMA New Units were redeemed, leading to approximately $9.68 million being distributed from the Trust Account[158]. - Approximately 1,996,522 AIMA New Units, or about 64.2% of the public AIMA New Units, were redeemed, resulting in $23,778,577 distributed from the Trust Account[160]. - A total of 572,989 AIMA New Units, or about 51.3% of the public AIMA New Units, were redeemed during the Fourth EGM, leading to $7,357,178.76 distributed from the Trust Account[162]. - Up to 2,500,000 additional shares may be issued to Docter stockholders as contingent post-closing earnout consideration based on device sales targets[151]. - 1,000,000 earnout shares will be issued if PubCo sells at least 30,000 devices in fiscal year 2024, and 1,500,000 shares for 40,000 devices in fiscal year 2025[151]. Financial Position and Operations - The company has incurred losses since inception and currently has no revenue, relying on the sale of securities and loans for funding[147]. - The Company held $14,294,569 in the Trust Account as of September 30, 2025, invested in U.S. Treasury Securities, intended for the Initial Business Combination[181]. - The Company reported a working capital deficiency of $2,785,815 as of September 30, 2025[187]. - Management has raised substantial doubt about the Company's ability to continue as a going concern due to the inability to complete an initial business combination by the Combination Deadline[188]. - The Company has not generated any operating revenues to date, with activities focused on preparing for the IPO and identifying a target for the Initial Business Combination[177]. - The Company plans to use funds held outside the Trust Account primarily for identifying and evaluating target businesses and related due diligence[182]. - As of September 30, 2025, the Company had borrowings of $1,539,134 under working capital loans[186]. - The Company issued promissory notes totaling $2,500,000 for working capital, with $1,539,134 drawn as of September 30, 2025[169]. Accounting and Regulatory Matters - The Company is evaluating the impact of adopting ASU No. 2024-03 on its financial statements, which requires expanded expense disclosures[195]. - Management does not believe that any recently issued accounting standards will have a material effect on the Company's financial statements[196]. - The Company is classified as a smaller reporting company and is not required to provide certain market risk disclosures[197]. - The Company has no off-balance sheet financing arrangements as of September 30, 2025[189].

Revenue Performance - Total revenue for Q4 FY 2025 was $3.9 million, unchanged from Q4 FY 2024, with subscription revenue of $3.1 million, a 4% increase from $3.0 million in the prior year[6][10]. - For FY 2025, total revenue was $15.4 million, consistent with FY 2024, with subscription revenue increasing to $12.4 million from $12.1 million, representing 80% of total revenue[17]. - Bridgeline's Core products, led by HawkSearch, grew by 16% to $8.9 million in FY 2025, accounting for 58% of total revenue, up from 50% in FY 2024[6][2]. - The company sold 18 new subscription contracts in Q4 FY 2025, totaling $1.25 million in contract value, contributing over $350,000 in Annual Recurring Revenue[6]. - Subscription revenue for the twelve months ended September 30, 2025, reached $12,355,000, compared to $12,134,000 in 2024, reflecting a growth of 1.8%[28]. Profitability and Loss - Operating loss for Q4 FY 2025 was $0.5 million, consistent with the loss reported in Q4 FY 2024[10][11]. - Gross margin for Q4 FY 2025 was 66%, down from 69% in Q4 FY 2024, with subscription gross margin at 69% compared to 72% in the prior year[10]. - Gross profit for the three months ended September 30, 2025, was $2,542,000, down from $2,652,000 in 2024, indicating a decrease of 4.2%[28]. - The net loss for the three months ended September 30, 2025, was $365,000, an improvement from a net loss of $432,000 in the same period of 2024[28]. - Adjusted EBITDA for the three months ended September 30, 2025, was $(169,000), compared to $5,000 in 2024, indicating a decline in operational performance[30]. Operational Efficiency - The average subscription ARR per sale increased by 35% from $18,500 in FY 2024 to $25,000 in FY 2025[6]. - Net Revenue Retention for Core products was 117% for FY 2025, indicating strong customer satisfaction and demand[2]. - Bridgeline's sales cycle reduced from over 160 days in FY 2024 to 92 days in FY 2025, indicating improved sales efficiency[6]. Financial Position - Cash and cash equivalents as of September 30, 2025, increased to $1,626,000 from $1,390,000 in 2024, representing a growth of 16.9%[25]. - Total assets decreased to $15,326,000 as of September 30, 2025, from $15,602,000 in 2024, a decline of 1.8%[25]. - Total liabilities increased to $5,758,000 as of September 30, 2025, compared to $5,596,000 in 2024, reflecting an increase of 2.9%[26]. - The number of weighted average shares outstanding for the three months ended September 30, 2025, was 11,227,586, up from 10,417,609 in 2024, indicating an increase of 7.8%[28]. Product Development - The company launched new products including the Agentic AI product and Enhanced Multilingual Search, expanding its capabilities in AI-driven analytics and search[6].

Product Launch and Market Potential - Citius Oncology launched LYMPHIR™, a novel immunotherapy, in the U.S. in December 2025 for treating adult patients with relapsed or refractory Stage I–III cutaneous T-cell lymphoma (CTCL) after at least one prior systemic therapy[3] - The initial market for LYMPHIR is estimated to exceed $400 million, indicating significant growth potential in an underserved market[5] - Citius Oncology secured access to LYMPHIR in 19 international markets through regional distribution partners via Named Patient Programs, marking a step in its global access strategy[6] - The company executed service agreements with three leading U.S. pharmaceutical wholesalers to distribute LYMPHIR to healthcare organizations across the U.S.[3] - Citius Oncology announced a collaboration with Verix to enhance commercial targeting and provider engagement for LYMPHIR's U.S. commercialization[6] Financial Performance - The net loss for the fiscal year ended September 30, 2025, was $24.8 million, or ($0.34) per share, compared to a net loss of $21.1 million, or ($0.31) per share, in 2024[6] - Net loss for 2025 was $(24,761,369), compared to $(21,148,747) in 2024, indicating a worsening financial position[16] - Cash and cash equivalents stood at $3.9 million as of September 30, 2025, compared to $112 in 2024[11] - Stock-based compensation expense increased to $8,320,419 in 2025 from $7,498,817 in 2024, reflecting higher employee compensation costs[16] - Inventory changes resulted in a significant increase of $(12,649,207) in 2025, compared to $(2,133,871) in 2024, indicating potential overstock issues[16] Cash Flow and Financing Activities - Net cash used in operating activities was $(5,492,046) in 2025, a decline from a positive cash flow of $126,353 in 2024[16] - Net cash provided by financing activities rose to $15,166,842 in 2025, up from $4,873,759 in 2024, showing increased capital raising efforts[16] - Cash and cash equivalents at the end of 2025 were $3,924,908, a significant increase from $112 at the beginning of the year[16] - License payments for 2025 amounted to $(5,750,000), consistent with $(5,000,000) in 2024, indicating ongoing investment in licenses[16] - Interest paid in 2025 was $187,389, while no interest was reported in 2024, suggesting new debt obligations[16] Expenses Overview - Research and development expenses increased to $6.4 million for the fiscal year ended September 30, 2025, up from $4.9 million in 2024[6] - General and administrative expenses rose to $8.8 million for the fiscal year ended September 30, 2025, compared to $8.1 million in 2024[6] - The company reported a capital contribution of due to related party by parent of $33,180,961 in 2024, which was not repeated in 2025[16] - Net prepaid manufacturing transferred to inventory was $1,368,720 in 2025, down from $6,134,895 in 2024, indicating a shift in production strategy[16]

Product Launch and Market Potential - Citius Oncology launched LYMPHIR™, a novel immunotherapy, in the U.S. in December 2025 for treating adult patients with relapsed or refractory Stage I–III cutaneous T-cell lymphoma (CTCL) after at least one prior systemic therapy [3] - The initial market for LYMPHIR is estimated to exceed $400 million, indicating significant growth potential in an underserved market [5] - Citius Oncology secured access to LYMPHIR in 19 international markets through regional distribution partners via Named Patient Programs, marking a step in its global access strategy [6] - The company announced a collaboration with Verix to enhance commercial targeting and provider engagement for LYMPHIR's U.S. commercialization [6] Financial Performance - The net loss for the fiscal year ended September 30, 2025, was $24.8 million, or ($0.34) per share, compared to a net loss of $21.1 million, or ($0.31) per share, in 2024 [6] - Net loss for 2025 was $(24,761,369), compared to $(21,148,747) in 2024, indicating a worsening financial position [16] - Cash and cash equivalents stood at $3.9 million as of September 30, 2025, compared to $112 in 2024 [11] - Cash and cash equivalents at the end of 2025 were $3,924,908, a significant increase from $112 at the beginning of the year, indicating improved liquidity [16] Expenses and Costs - Research and development expenses increased to $6.4 million for the fiscal year ended September 30, 2025, up from $4.9 million in 2024 [6] - General and administrative expenses rose to $8.8 million for the fiscal year ended September 30, 2025, compared to $8.1 million in 2024 [6] - Stock-based compensation expense increased to $8,320,419 in 2025 from $7,498,817 in 2024, reflecting higher employee compensation costs [16] - License payments for 2025 totaled $(5,750,000), consistent with $(5,000,000) in 2024, reflecting ongoing investment in intellectual property [16] Cash Flow and Financing - Net cash used in operating activities was $(5,492,046) in 2025, a decline from a positive cash flow of $126,353 in 2024, indicating operational challenges [16] - Net cash provided by financing activities rose to $15,166,842 in 2025, up from $4,873,759 in 2024, showing increased capital raising efforts [16] - Interest paid in 2025 was $187,389, while no interest was reported in 2024, indicating new financing arrangements [16] Inventory and Assets - Citius Oncology's total assets increased to $100.9 million as of September 30, 2025, compared to $84.4 million in 2024 [11] - Inventory changes resulted in a significant increase of $(12,649,207) in 2025, compared to $(2,133,871) in 2024, suggesting potential overstock issues [16] - Net prepaid manufacturing transferred to inventory was $1,368,720 in 2025, down from $6,134,895 in 2024, indicating a shift in production strategy [16] - The company reported a capital contribution of due to related party by parent of $33,180,961 in 2024, which was not repeated in 2025 [16]

Financial Performance - Citius Pharmaceuticals reported a net loss of $39.7 million, or $3.38 per share, for the fiscal year ended September 30, 2025, compared to a net loss of $40.2 million, or $5.97 per share, for the previous year[6]. - Net loss for 2025 was $(39,740,269), slightly higher than $(39,425,839) in 2024[15]. - Stock-based compensation decreased to $10,836,291 from $11,839,678 year-over-year[15]. - Net cash used in operating activities improved to $(26,552,738) from $(28,201,375) in the previous year[15]. - Net cash used in investing activities increased to $(5,750,000) from $(5,000,000) in 2024[15]. - Net proceeds from common stock offerings rose significantly to $32,303,148 compared to $13,803,684 in 2024[15]. - Cash and cash equivalents stood at $4.3 million as of September 30, 2025, compared to $3.3 million in the previous year[6]. - Cash and cash equivalents at the end of 2025 were $4,252,290, up from $3,251,880 in 2024[15]. - Inventory changes resulted in a significant increase in cash outflow of $(12,649,207) compared to $(2,133,871) in 2024[15]. - Accounts payable increased to $8,766,481 from $1,999,877 year-over-year, indicating improved supplier financing[15]. - Operating lease right-of-use asset and liability recorded was $786,697, reflecting new lease agreements[15]. - Interest paid in 2025 was $187,389, indicating ongoing financing costs[15]. Research and Development - Research and development expenses decreased to $9.2 million for the fiscal year 2025, down from $11.9 million in 2024, while general and administrative expenses slightly increased to $18.5 million from $18.2 million[6]. - Citius is actively engaging with the FDA to advance Mino-Lok and explore additional indications and markets for LYMPHIR[2]. Product Launch and Market Access - Citius Oncology launched LYMPHIR™, a novel immunotherapy for cutaneous T-cell lymphoma, in December 2025, with an estimated initial market exceeding $400 million[3][5]. - Citius secured access to LYMPHIR in 19 international markets through regional distribution partners, allowing access under named patient programs[3]. - The company executed service agreements with three leading U.S. pharmaceutical wholesalers to distribute LYMPHIR throughout the U.S.[3]. - Citius ensured production and sufficient supply of LYMPHIR for up to 18 months of estimated commercial demand[3]. Assets and Financial Position - The total assets of Citius Pharmaceuticals increased to $130.9 million as of September 30, 2025, compared to $116.7 million in 2024[11].