Citius Pharmaceuticals Reports $10.3 Million Net Loss, No Revenue in Latest Quarter

Citius Pharmaceuticals, Inc. reported its financial results for the three months ended December 31, 2024, revealing a net loss of $10.3 million, compared to a net loss of $9.2 million for the same period in 2023. The company did not generate any revenue during this quarter, maintaining its status as a pre-revenue biopharmaceutical firm. Operating expenses increased to $10.0 million from $9.3 million year-over-year, primarily driven by a rise in general and administrative costs, which surged to $5.4 million from $3.7 million. This increase was attributed to heightened pre-launch sales and marketing activities related to its oncology product, LYMPHIR.

In terms of operational metrics, Citius Pharmaceuticals reported a decrease in research and development expenses, which fell to $2.1 million from $2.6 million. The reduction was largely due to decreased costs associated with the completion of the Phase 3 trial for Mino-Lok, which saw expenses drop significantly. However, costs related to LYMPHIR increased, reflecting ongoing clinical trials and additional headcount. The company’s total assets rose to $120.7 million, up from $116.7 million at the end of the previous fiscal quarter, while total liabilities also increased to $51.8 million from $42.5 million.

Citius Pharmaceuticals underwent a significant organizational change with the completion of a reverse merger in August 2024, which resulted in Citius Oncology becoming a publicly traded entity. Following this merger, Citius Pharma retained a 92.3% ownership stake in Citius Oncology, which is now focused on commercializing LYMPHIR, an oncology immunotherapy that received FDA approval in August 2024. The company is also engaged in capital-raising initiatives to extend its cash runway, as it reported a negative working capital of approximately $26.5 million as of December 31, 2024.

The company’s cash and cash equivalents decreased to $1.1 million from $3.3 million at the end of the previous quarter, reflecting ongoing operational expenditures. Citius Pharma has indicated that it expects its available cash resources will be sufficient to fund operations through March 2025, but it will need to secure additional capital to continue beyond that point. The company has been actively pursuing various financing options, including equity and debt financing, to support its development plans for Mino-Lok and other product candidates.

Looking ahead, Citius Pharmaceuticals anticipates that its research and development expenses will continue to decline as it shifts focus towards the commercialization of LYMPHIR. However, the company faces significant challenges, including the need for substantial additional funding and the successful commercialization of its products. The management has expressed caution regarding the ability to raise the necessary capital and achieve regulatory approvals, which are critical for the company’s future operations and growth.