Citius Pharmaceuticals, Inc. Reports Fiscal Full Year 2024 Financial Results and Provides Business Update

Financial Performance - Net loss for the full year ended September 30, 2024 was $39.4 million, or ($5.97) per share, compared to a net loss of $32.5 million, or ($5.57) per share for the full year ended September 30, 2023 [19][27] - R&D expenses decreased to $11.9 million in 2024 from$14.8 million in 2023, primarily due to the completion of the Halo-Lido trial and regulatory resubmission activities for LYMPHIR [13][19] - G&A expenses increased to $18.2 million in 2024 from$15.3 million in 2023, driven by pre-launch and market research activities for LYMPHIR [19][30] - Stock-based compensation expense rose to $11.8 million in 2024 from$6.6 million in 2023, largely due to the grant of options under the Citius Oncology stock plan [15][19] Cash Position and Liquidity - Cash and cash equivalents stood at $3.3 million as of September 30, 2024 [11][19] - The company raised$13.8 million in net proceeds from equity issuance during the year ended September 30, 2024 [12] - Net cash used in operating activities was $28.2 million in 2024, compared to$29.1 million in 2023 [23] Business Highlights and Pipeline Progress - Achieved FDA approval for LYMPHIR™, an immunotherapy for relapsed or refractory cutaneous T-cell lymphoma [10] - Completed the Phase 3 Pivotal Trial for Mino-Lok®, meeting primary and secondary endpoints [10] - Formed Citius Oncology, Inc through a merger with TenX Keane, which began trading on Nasdaq under the ticker symbol CTOR on August 13, 2024 [10] - Advanced manufacturing, marketing, and sales activities in preparation for the commercial launch of LYMPHIR in the first half of 2025 [10][20] Strategic Priorities for 2025 - Launch LYMPHIR through the majority-owned subsidiary, Citius Oncology [20] - Drive clinical and regulatory strategies for Mino-Lok® and Halo-Lido [20] - Fortify the financial position and apply a disciplined approach to resource allocation [20] - Distribute CTOR shares to Citius Pharma shareholders by the end of 2025, pending favorable market conditions [20] Balance Sheet and Capital Structure - Total assets increased to $116.7 million as of September 30, 2024, from$103.6 million as of September 30, 2023 [3] - Total liabilities rose to $42.5 million as of September 30, 2024, from$12.2 million as of September 30, 2023, primarily due to the inclusion of a $28.4 million license payable [25][34] - The company had 7,247,243 common shares outstanding as of September 30, 2024, adjusted for a 1-for-25 reverse stock split effective November 25, 2024 [21][24]