Financial Performance - For the three months ended March 31, 2025, Citius Oncology reported a net loss of $7,735,552, an increase of $2,900,006 compared to a net loss of $4,835,546 for the same period in 2024[85]. - For the six months ended March 31, 2025, Citius Oncology incurred a net loss of $14,394,757, compared to a net loss of $9,562,949 for the same period in 2024, an increase of $4,831,808[92]. - Citius Oncology did not generate any revenues for the three and six months ended March 31, 2025, and 2024[80][87]. Expenses - Research and development expenses for the three months ended March 31, 2025, were $3,139,413, up from $1,348,966 in the same period in 2024, reflecting an increase of $1,790,447[81]. - General and administrative expenses increased to $2,243,327 for the three months ended March 31, 2025, compared to $1,385,580 for the same period in 2024, an increase of $857,747[82]. - Research and development expenses for the six months ended March 31, 2025, were $4,403,921, an increase of $1,906,460 from $2,497,461 in the same period in 2024[88]. - General and administrative expenses for the six months ended March 31, 2025, rose to $5,565,306 from $2,903,488 in the same period in 2024, an increase of $2,661,818[89]. - Stock-based compensation expense for the three months ended March 31, 2025, was $2,088,572, an increase of $131,572 from $1,957,000 in the same period in 2024[83]. - The company incurred a deferred income tax expense of $264,240 for the three months ended March 31, 2025, compared to $144,000 for the same period in 2024[84]. Financial Position - As of March 31, 2025, Citius Oncology had an accumulated deficit of $53,673,344 and reported cash of only $112, with a negative working capital of approximately $31.7 million[93]. - As of March 31, 2025, the company has outstanding milestone payments and purchase commitments totaling approximately $2.5 million due to Eisai and $27.5 million milestone payment to Dr. Reddy's, with a remaining balance of $22.5 million[99]. - The company has a minimum purchase commitment of approximately $17.3 million under a manufacturing agreement, with $11.9 million and $5.4 million due for calendar years 2025 and 2026, respectively[99]. - The total minimum purchase commitments under commercial supply agreements with two vendors amount to approximately $4.5 million for 2025 and 2026[99]. - The company is obligated to make a final payment of $2,197,892 to Eisai on or before December 15, 2025, with interest at a rate of 2% per annum[99]. Capital and Funding - Citius Pharma closed a registered direct offering on April 2, 2025, generating net proceeds of approximately $1.735 million after expenses[95]. - The company expects to have sufficient funds to continue operations through May 2025 but will need to raise additional capital thereafter[96]. - There is no assurance that the company will be successful in raising the needed capital or that it will be available on favorable terms[94]. Strategic Initiatives - The company has retained Jefferies LLC as its exclusive financial advisor to evaluate strategic alternatives aimed at maximizing shareholder value[94]. Economic Factors - Inflation has not had a material effect on the company's results of operations according to management[97]. - The company has no off-balance sheet arrangements[98].
TenX Keane Acquisition(TENK) - 2025 Q1 - Quarterly Report