Citius Pharma(CTXR) - 2025 Q2 - Quarterly Report

Financial Performance - For the three months ended March 31, 2025, the company reported total operating expenses of $11,260,678, an increase from $10,970,201 in the same period of 2024, resulting in an operating loss of $(11,260,678) compared to $(10,970,201) in 2024[126]. - The company did not generate any revenues for the three months ended March 31, 2025 or 2024, maintaining a net loss of $(11,511,505) for Q1 2025, compared to $(8,544,154) in Q1 2024[128]. - The net loss for the three months ended March 31, 2025, was $11,511,505, compared to a net loss of $8,544,154 for the same period in 2024, reflecting an increase of $2,967,351[138]. - The net loss for the six months ended March 31, 2025, was $21,792,751, an increase of $4,017,412 from a net loss of $17,775,339 for the same period in 2024[150]. - As of March 31, 2025, Citius Pharma had an accumulated deficit of $222,054,969 and negative working capital of approximately $31.5 million[152]. Research and Development Expenses - Research and development expenses for the three months ended March 31, 2025 were $3,766,525, up from $3,605,898 in the same period of 2024[126]. - Research and development expenses for the three months ended March 31, 2025, were $3,766,525, an increase of $160,627 compared to $3,605,898 for the same period in 2024[129]. - Research and development costs for LYMPHIR increased by $1,880,563 to $3,641,479 for the three months ended March 31, 2025, compared to $1,760,916 for the same period in 2024[132]. - For the six months ended March 31, 2025, research and development expenses totaled $5,893,563, a decrease of $334,245 from $6,227,808 for the same period in 2024[141]. General and Administrative Expenses - General and administrative expenses increased to $4,792,122 in Q1 2025 from $4,285,911 in Q1 2024[126]. - General and administrative expenses for the three months ended March 31, 2025, were $4,792,122, an increase of $506,211 from $4,285,911 in the prior year[134]. - General and administrative expenses for the six months ended March 31, 2025, were $10,179,874, an increase of $2,233,235 compared to $7,946,639 in the prior year[146]. Stock-Based Compensation - Stock-based compensation expense decreased to $2,702,031 in Q1 2025 from $3,078,392 in Q1 2024[126]. Revenue Generation and Future Plans - The company has not yet realized any revenues from its operations as of March 31, 2025[110]. - Citius Pharma plans to continue funding Citius Oncology until adequate capital is raised or revenue is generated from LYMPHIR sales[154]. Milestone Payments and Acquisitions - The company is required to pay Dr. Reddy's a $40 million upfront payment for the acquisition of E7777, with additional milestone payments up to $300 million based on commercial sales[118]. - The FDA approved the BLA for LYMPHIR on August 8, 2024, which triggers a $27.5 million milestone payment to Dr. Reddy's, with a remaining balance of $22.5 million due as of March 31, 2025[120]. Stock Split - A reverse stock split of 1-for-25 was executed on November 25, 2024, retroactively adjusting all share amounts[111]. Equity Issuance - The company received net proceeds of $6,039,858 from equity issuance during the six months ended March 31, 2025[153]. In-Process Research and Development - The company has significant in-process research and development valued at $73,400,000 for LYMPHIR, expected to be amortized over 12 years starting from revenue generation in 2025[109].