Citius Pharma(CTXR) - 2025 Q1 - Quarterly Report

Financial Performance - For the three months ended December 31, 2024, the company reported no revenues, consistent with the same period in 2023[116]. - The company incurred a net loss of $10,281,246 for Q4 2024, compared to a net loss of $9,231,185 in Q4 2023, representing an increase of 11.4%[115]. - The net loss for the three months ended December 31, 2024, was $10,281,246, an increase of $1,050,061 compared to a net loss of $9,231,185 for the same period in 2023[125]. - Citius Pharma had an accumulated deficit of $211,138,464 as of December 31, 2024, with net cash used in operations amounting to $4,725,852 during the same period[127]. - The company reported a negative working capital of approximately $26.5 million at December 31, 2024, with cash and cash equivalents of $1,100,079 available for operations[128]. Operating Expenses - Total operating expenses for Q4 2024 were $10,039,614, an increase of 7.5% from $9,340,823 in Q4 2023[115]. - General and administrative expenses rose to $5,387,752 for the three months ended December 31, 2024, compared to $3,660,728 in the prior year, marking an increase of $1,727,024[121]. - Stock-based compensation expense decreased to $2,524,824 for the three months ended December 31, 2024, down by $533,361 from $3,058,185 in the same period of 2023[122]. Research and Development - Research and development expenses decreased by 18.9% to $2,127,038 in Q4 2024 from $2,621,910 in Q4 2023[117]. - Research and development costs for Mino-Lok decreased by 43.0% to $385,016 in Q4 2024 from $891,624 in Q4 2023[117]. - Research and development costs for Halo-Lido decreased by 56.7% to $10,696 in Q4 2024 from $246,572 in Q4 2023[118]. - Research and development costs for the three months ended December 31, 2024, were $1,727,540, an increase of $255,076 from $1,472,464 in the same period of 2023[119]. - The company has significant in-process research and development assets valued at $73,400,000 related to LYMPHIR, expected to be amortized over 12 years starting in H1 2025[99]. - The company is required to pay Dr. Reddy's up to $40 million in development milestone payments related to CTCL approvals in the U.S. and other markets[109]. Cash Flow and Capital Needs - The company expects to have sufficient funds to continue operations through March 2025 but will need to raise additional capital thereafter[129]. Other Financial Information - Interest income for the three months ended December 31, 2024, was $22,608, a significant decrease from $253,638 in the prior period[123]. - The company has not yet realized any revenues from its operations as of December 31, 2024[100]. - The company executed a reverse stock split at a ratio of 1-for-25 effective November 25, 2024[102]. - Inflation has not had a material effect on the company's results of operations according to management's assessment[130]. - The company does not have any off-balance sheet arrangements[131].