2024 Q3 Form 10-Q Financial Statement
#000121390024067732 Filed on August 12, 2024
Income Statement
Concept | 2024 Q3 | 2024 Q2 | 2023 Q2 |
---|---|---|---|
Revenue | |||
YoY Change | |||
Cost Of Revenue | |||
YoY Change | |||
Gross Profit | |||
YoY Change | |||
Gross Profit Margin | |||
Selling, General & Admin | $7.870M | $4.907M | |
YoY Change | 60.38% | 21.82% | |
% of Gross Profit | |||
Research & Development | $2.764M | $3.765M | |
YoY Change | -26.58% | -22.98% | |
% of Gross Profit | |||
Depreciation & Amortization | $270.00 | $630.00 | |
YoY Change | -57.14% | -13.7% | |
% of Gross Profit | |||
Operating Expenses | $10.63M | $8.672M | |
YoY Change | 22.63% | -2.74% | |
Operating Profit | -$10.63M | -$8.672M | |
YoY Change | 22.63% | -2.74% | |
Interest Expense | $204.8K | $336.8K | |
YoY Change | -39.18% | ||
% of Operating Profit | |||
Other Income/Expense, Net | $204.8K | $336.8K | |
YoY Change | -39.18% | ||
Pretax Income | -$10.43M | -$8.335M | |
YoY Change | 25.12% | -5.96% | |
Income Tax | $144.0K | $144.0K | |
% Of Pretax Income | |||
Net Earnings | -$10.57M | -$8.479M | |
YoY Change | 24.7% | -4.34% | |
Net Earnings / Revenue | |||
Basic Earnings Per Share | -$0.06 | ||
Diluted Earnings Per Share | -$0.06 | -$0.06 | |
COMMON SHARES | |||
Basic Shares Outstanding | 180.7M shares | 180.7M shares | 158.9M shares |
Diluted Shares Outstanding | 173.9M shares | 153.8M shares |
Balance Sheet
Concept | 2024 Q3 | 2024 Q2 | 2023 Q2 |
---|---|---|---|
SHORT-TERM ASSETS | |||
Cash & Short-Term Investments | $17.91M | $33.28M | |
YoY Change | -46.18% | -30.73% | |
Cash & Equivalents | $17.91M | $33.28M | |
Short-Term Investments | |||
Other Short-Term Assets | $10.09M | $7.832M | |
YoY Change | 28.88% | 180.7% | |
Inventory | |||
Prepaid Expenses | $10.09M | $7.832M | |
Receivables | |||
Other Receivables | |||
Total Short-Term Assets | $28.01M | $41.11M | |
YoY Change | -31.88% | -19.12% | |
LONG-TERM ASSETS | |||
Property, Plant & Equipment | $2.010K | ||
YoY Change | -58.39% | ||
Goodwill | $9.347M | $9.347M | |
YoY Change | 0.0% | 0.0% | |
Intangibles | |||
YoY Change | |||
Long-Term Investments | |||
YoY Change | |||
Other Assets | $38.06K | $38.06K | |
YoY Change | 0.0% | 0.0% | |
Total Long-Term Assets | $69.08M | $69.29M | |
YoY Change | -0.3% | -0.27% | |
TOTAL ASSETS | |||
Total Short-Term Assets | $28.01M | $41.11M | |
Total Long-Term Assets | $69.08M | $69.29M | |
Total Assets | $97.09M | $110.4M | |
YoY Change | -12.06% | -8.24% | |
SHORT-TERM LIABILITIES | |||
YoY Change | |||
Accounts Payable | $1.663M | $3.080M | |
YoY Change | -45.99% | 82.17% | |
Accrued Expenses | $550.5K | $892.9K | |
YoY Change | -38.35% | -31.38% | |
Deferred Revenue | |||
YoY Change | |||
Short-Term Debt | $0.00 | $0.00 | |
YoY Change | |||
Long-Term Debt Due | |||
YoY Change | |||
Total Short-Term Liabilities | $4.152M | $5.791M | |
YoY Change | -28.3% | 29.81% | |
LONG-TERM LIABILITIES | |||
Long-Term Debt | $0.00 | $0.00 | |
YoY Change | |||
Other Long-Term Liabilities | $84.43K | $320.0K | |
YoY Change | -73.62% | -39.95% | |
Total Long-Term Liabilities | $84.43K | $320.0K | |
YoY Change | -73.62% | -39.95% | |
TOTAL LIABILITIES | |||
Total Short-Term Liabilities | $4.152M | $5.791M | |
Total Long-Term Liabilities | $84.43K | $320.0K | |
Total Liabilities | $10.81M | $12.10M | |
YoY Change | -10.73% | 21.29% | |
SHAREHOLDERS EQUITY | |||
Retained Earnings | -$190.6M | -$152.3M | |
YoY Change | 25.14% | 25.14% | |
Common Stock | $180.7K | $158.9K | |
YoY Change | 13.77% | 8.71% | |
Preferred Stock | |||
YoY Change | |||
Treasury Stock (at cost) | |||
YoY Change | |||
Treasury Stock Shares | |||
Shareholders Equity | $85.68M | $97.70M | |
YoY Change | |||
Total Liabilities & Shareholders Equity | $97.09M | $110.4M | |
YoY Change | -12.06% | -8.24% |
Cashflow Statement
Concept | 2024 Q3 | 2024 Q2 | 2023 Q2 |
---|---|---|---|
OPERATING ACTIVITIES | |||
Net Income | -$10.57M | -$8.479M | |
YoY Change | 24.7% | -4.34% | |
Depreciation, Depletion And Amortization | $270.00 | $630.00 | |
YoY Change | -57.14% | -13.7% | |
Cash From Operating Activities | -$8.367M | -$9.583M | |
YoY Change | -12.68% | 24.25% | |
INVESTING ACTIVITIES | |||
Capital Expenditures | |||
YoY Change | |||
Acquisitions | |||
YoY Change | |||
Other Investing Activities | |||
YoY Change | |||
Cash From Investing Activities | |||
YoY Change | |||
FINANCING ACTIVITIES | |||
Cash Dividend Paid | |||
YoY Change | |||
Common Stock Issuance & Retirement, Net | |||
YoY Change | |||
Debt Paid & Issued, Net | |||
YoY Change | |||
Cash From Financing Activities | 13.72M | 13.80M | |
YoY Change | -0.58% | ||
NET CHANGE | |||
Cash From Operating Activities | -8.367M | -9.583M | |
Cash From Investing Activities | |||
Cash From Financing Activities | 13.72M | 13.80M | |
Net Change In Cash | 5.352M | 4.216M | |
YoY Change | 26.93% | -154.67% | |
FREE CASH FLOW | |||
Cash From Operating Activities | -$8.367M | -$9.583M | |
Capital Expenditures | |||
Free Cash Flow | |||
YoY Change |
Facts In Submission
Frame | Concept Type | Concept / XBRL Key | Value | Unit |
---|---|---|---|---|
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Preferred Stock Shares Outstanding
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Commitments And Contingencies
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|
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Revenues
Revenues
|
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Weighted Average Number Of Diluted Shares Outstanding
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|
148746002 | shares | |
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Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
|
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Weighted Average Number Of Diluted Shares Outstanding
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|
163947311 | shares | |
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Weighted Average Number Of Diluted Shares Outstanding
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Document Type
DocumentType
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10-Q | ||
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true | ||
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Document Period End Date
DocumentPeriodEndDate
|
2024-06-30 | ||
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Document Fiscal Year Focus
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|
2024 | ||
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Document Transition Report
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|
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dei |
Entity File Number
EntityFileNumber
|
001-38174 | ||
dei |
Entity Registrant Name
EntityRegistrantName
|
Citius Pharmaceuticals, Inc. | ||
dei |
Entity Incorporation State Country Code
EntityIncorporationStateCountryCode
|
NV | ||
dei |
Entity Tax Identification Number
EntityTaxIdentificationNumber
|
27-3425913 | ||
dei |
Entity Address Address Line1
EntityAddressAddressLine1
|
11 Commerce Drive | ||
dei |
Entity Address Address Line2
EntityAddressAddressLine2
|
First Floor | ||
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Entity Address City Or Town
EntityAddressCityOrTown
|
Cranford | ||
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Entity Address State Or Province
EntityAddressStateOrProvince
|
NJ | ||
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Entity Address Postal Zip Code
EntityAddressPostalZipCode
|
07016 | ||
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City Area Code
CityAreaCode
|
(908) | ||
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Local Phone Number
LocalPhoneNumber
|
967-6677 | ||
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Security12b Title
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|
Common stock, $0.001 par value | ||
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Trading Symbol
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CTXR | ||
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Security Exchange Name
SecurityExchangeName
|
NASDAQ | ||
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Entity Current Reporting Status
EntityCurrentReportingStatus
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Yes | ||
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Entity Interactive Data Current
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-0.06 | |
us-gaap |
Income Loss From Continuing Operations Per Basic Share
IncomeLossFromContinuingOperationsPerBasicShare
|
-0.17 | ||
us-gaap |
Income Loss From Continuing Operations Per Basic Share
IncomeLossFromContinuingOperationsPerBasicShare
|
-0.15 | ||
CY2024Q2 | us-gaap |
Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
|
173856960 | shares |
CY2023Q2 | us-gaap |
Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
|
153775380 | shares |
us-gaap |
Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
|
163947311 | shares | |
us-gaap |
Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
|
148746002 | shares | |
CY2023Q3 | us-gaap |
Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
|
91431488 | usd |
CY2023Q4 | us-gaap |
Stock Issued During Period Value Issued For Services
StockIssuedDuringPeriodValueIssuedForServices
|
76146 | usd |
CY2023Q4 | us-gaap |
Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
|
3058185 | usd |
CY2023Q4 | us-gaap |
Profit Loss
ProfitLoss
|
-9231185 | usd |
CY2023Q4 | us-gaap |
Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
|
85334634 | usd |
CY2024Q1 | us-gaap |
Stock Issued During Period Value Issued For Services
StockIssuedDuringPeriodValueIssuedForServices
|
98079 | usd |
us-gaap |
Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
|
3078392 | usd | |
us-gaap |
Profit Loss
ProfitLoss
|
-8544154 | usd | |
CY2024Q1 | us-gaap |
Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
|
79966951 | usd |
CY2024Q2 | us-gaap |
Stock Issued During Period Value Issued For Services
StockIssuedDuringPeriodValueIssuedForServices
|
109950 | usd |
CY2024Q2 | ctxr |
Direct Offering Net Of Costs
DirectOfferingNetOfCosts
|
1281051 | usd |
CY2024Q2 | us-gaap |
Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
|
13718951 | usd |
CY2024Q2 | us-gaap |
Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
|
3061763 | usd |
CY2024Q2 | us-gaap |
Profit Loss
ProfitLoss
|
-10573336 | usd |
CY2024Q2 | us-gaap |
Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
|
86284279 | usd |
CY2022Q3 | us-gaap |
Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
|
103426245 | usd |
CY2022Q4 | us-gaap |
Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
|
1201081 | usd |
CY2022Q4 | us-gaap |
Profit Loss
ProfitLoss
|
-3593645 | usd |
CY2022Q4 | us-gaap |
Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
|
101033681 | usd |
CY2023Q1 | us-gaap |
Stock Issued During Period Value Issued For Services
StockIssuedDuringPeriodValueIssuedForServices
|
102000 | usd |
CY2023Q1 | us-gaap |
Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
|
31267 | usd |
CY2023Q1 | us-gaap |
Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
|
1165595 | usd |
CY2023Q1 | us-gaap |
Profit Loss
ProfitLoss
|
-10526025 | usd |
CY2023Q1 | us-gaap |
Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
|
91806518 | usd |
CY2023Q2 | ctxr |
Direct Offering Net Of Costs
DirectOfferingNetOfCosts
|
1201131 | usd |
CY2023Q2 | us-gaap |
Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
|
13798870 | usd |
CY2023Q2 | us-gaap |
Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
|
1174111 | usd |
CY2023Q2 | us-gaap |
Profit Loss
ProfitLoss
|
-8479332 | usd |
CY2023Q2 | us-gaap |
Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
|
98300.167 | usd |
us-gaap |
Net Income Loss
NetIncomeLoss
|
-28348675 | usd | |
us-gaap |
Net Income Loss
NetIncomeLoss
|
-22599002 | usd | |
us-gaap |
Share Based Compensation
ShareBasedCompensation
|
9198340 | usd | |
us-gaap |
Share Based Compensation
ShareBasedCompensation
|
3540787 | usd | |
us-gaap |
Issuance Of Stock And Warrants For Services Or Claims
IssuanceOfStockAndWarrantsForServicesOrClaims
|
284175 | usd | |
us-gaap |
Issuance Of Stock And Warrants For Services Or Claims
IssuanceOfStockAndWarrantsForServicesOrClaims
|
102000 | usd | |
us-gaap |
Operating Lease Right Of Use Asset Amortization Expense
OperatingLeaseRightOfUseAssetAmortizationExpense
|
154494 | usd | |
us-gaap |
Operating Lease Right Of Use Asset Amortization Expense
OperatingLeaseRightOfUseAssetAmortizationExpense
|
142257 | usd | |
us-gaap |
Depreciation
Depreciation
|
1432 | usd | |
us-gaap |
Depreciation
Depreciation
|
2090 | usd | |
us-gaap |
Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
|
432000 | usd | |
us-gaap |
Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
|
432000 | usd | |
us-gaap |
Increase Decrease In Prepaid Expense
IncreaseDecreaseInPrepaidExpense
|
2205091 | usd | |
us-gaap |
Increase Decrease In Prepaid Expense
IncreaseDecreaseInPrepaidExpense
|
4979740 | usd | |
us-gaap |
Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
|
-1263998 | usd | |
us-gaap |
Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
|
1914289 | usd | |
us-gaap |
Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
|
74185 | usd | |
us-gaap |
Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
|
-512520 | usd | |
ctxr |
Increase Decrease In Accrued Compensation
IncreaseDecreaseInAccruedCompensation
|
-454315 | usd | |
ctxr |
Increase Decrease In Accrued Compensation
IncreaseDecreaseInAccruedCompensation
|
-156806 | usd | |
us-gaap |
Increase Decrease In Operating Lease Liability
IncreaseDecreaseInOperatingLeaseLiability
|
-161234 | usd | |
us-gaap |
Increase Decrease In Operating Lease Liability
IncreaseDecreaseInOperatingLeaseLiability
|
-145352 | usd | |
us-gaap |
Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
|
-22288687 | usd | |
us-gaap |
Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
|
-22259997 | usd | |
us-gaap |
Proceeds From Issuance Initial Public Offering
ProceedsFromIssuanceInitialPublicOffering
|
13718951 | usd | |
us-gaap |
Proceeds From Issuance Initial Public Offering
ProceedsFromIssuanceInitialPublicOffering
|
13798870 | usd | |
us-gaap |
Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
|
31267 | usd | |
us-gaap |
Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
|
13718951 | usd | |
us-gaap |
Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
|
13830137 | usd | |
us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
|
-8569736 | usd | |
us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
|
-8429860 | usd | |
CY2023Q3 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
|
26480928 | usd |
CY2022Q3 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
|
41711690 | usd |
CY2024Q2 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
|
17911192 | usd |
CY2023Q2 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
|
33281830 | usd |
us-gaap |
Nature Of Operations
NatureOfOperations
|
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>1. NATURE OF OPERATIONS, BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Business</i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Citius Pharmaceuticals, Inc. (“Citius Pharma,” and together with its subsidiaries, the “Company,” “we” or “us”) is a late-stage biopharmaceutical company dedicated to the development and commercialization of first-in-class critical care products with a focus on oncology, anti-infectives in adjunct cancer care, unique prescription products and stem cell therapies.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On March 30, 2016, Citius Pharma acquired Leonard-Meron Biosciences, Inc. (“LMB”) as a wholly-owned subsidiary by issuing shares of its common stock.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On September 11, 2020, we formed NoveCite, Inc. (“NoveCite”), a Delaware corporation, of which we own 75% (7,500,000 shares) of the issued and outstanding capital stock (see Note 3).</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On August 23, 2021, we formed Citius Oncology, Inc. (formerly named Citius Acquisition Corp.) (“Citius Oncology”), as a wholly-owned subsidiary in conjunction with the acquisition of LYMPHIR, which began operations in April 2022. On October 23, 2023, Citius Pharma and Citius Oncology entered into an agreement and plan of merger and reorganization with TenX Keane Acquisition, and its wholly owned subsidiary, TenX Merger Sub Inc., whereby TenX Merger Sub Inc. will merge with and into Citius Oncology, with Citius Oncology surviving as a wholly owned subsidiary of TenX Keane Acquisition. The newly combined publicly traded company is to be named “Citius Oncology, Inc.” (see Note 9). </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">An inactive subsidiary, Citius Pharmaceuticals, LLC, was dissolved on December 29, 2023.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In-process research and development (“IPR&D”) consists of (i) the $19,400,000 acquisition value of LMB’s drug candidate Mino-Lok®, which is an antibiotic solution used to treat catheter-related bloodstream infections and is expected to be amortized on a straight-line basis over a period of eight years commencing upon revenue generation, and (ii) the $40,000,000 acquisition value of the exclusive license for LYMPHIR (denileukin diftitox), which is a late-stage oncology immunotherapy for the treatment of cutaneous T-cell lymphoma (CTCL), a rare form of non-Hodgkin lymphoma, and is expected to be amortized on a straight-line basis over a period of twelve years commencing upon revenue generation.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Goodwill of $9,346,796 represents the value of LMB’s industry relationships and its assembled workforce. Goodwill will not be amortized but will be tested at least annually for impairment.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Since our inception, we have devoted substantially all our efforts to business planning, research and development, recruiting management and technical staff, and raising capital. We are subject to a number of risks common to companies in the pharmaceutical industry including, but not limited to, risks related to the development by Citius Pharma or its competitors of research and development stage products, regulatory approval and market acceptance of its products, competition from larger companies, dependence on key personnel, dependence on key suppliers and strategic partners, the Company’s ability to obtain additional financing and the Company’s compliance with governmental and other regulations.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Basis of Presentation and Summary of Significant Accounting Policies</i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Basis of Preparation </i>— The accompanying unaudited condensed consolidated financial statements include the operations of Citius Pharmaceuticals, Inc., and its wholly-owned subsidiaries, LMB and Citius Oncology, and its majority-owned subsidiary NoveCite. NoveCite began operations in October 2020 and Citius Oncology began operations in April 2022. All significant inter-company balances and transactions have been eliminated in consolidation.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The accompanying unaudited condensed consolidated financial statements of the Company have been prepared on the same basis as the annual consolidated financial statements and, in the opinion of management, reflect all adjustments, which include only normal recurring adjustments, necessary to fairly state the condensed consolidated financial position of the Company as of June 30, 2024, and the results of its operations and cash flows for the three- and nine-month periods ended June 30, 2024 and 2023. The operating results for the three- and nine-month periods ended June 30, 2024 are not necessarily indicative of the results that may be expected for the year ending September 30, 2024. These unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended September 30, 2023 filed with the Securities and Exchange Commission (“SEC”) on December 29, 2023.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Use of Estimates </i>— Our accounting principles require our management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of assets and liabilities at the date of the financial statements, and reported amounts of revenues and expenses during the reporting period. Estimates having relatively higher significance include the accounting for in-process research and development and goodwill impairment, stock-based compensation, valuation of warrants, and income taxes. Actual results could differ from those estimates and changes in estimates may occur.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Basic and Diluted Net Loss per Common Share</i> — Basic and diluted net loss per common share applicable to common stockholders is computed by dividing net loss applicable to common stockholders in each period by the weighted average number of shares of common stock outstanding during such period. For the periods presented, common stock equivalents, consisting of stock options and warrants, were not included in the calculation of the diluted loss per share because they were anti-dilutive.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Recently Issued Accounting Standards </i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Other than as disclosed in our Form 10-K, we are not aware of any other recently issued accounting standards not yet adopted that may have a material impact on our financial statements.</p> | ||
CY2020Q3 | ctxr |
Capital Stock Issued
CapitalStockIssued
|
7500000 | shares |
CY2020Q3 | ctxr |
Capital Stock Outstanding
CapitalStockOutstanding
|
7500000 | shares |
CY2024Q2 | us-gaap |
Goodwill
Goodwill
|
9346796 | usd |
us-gaap |
Use Of Estimates
UseOfEstimates
|
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Use of Estimates </i>— Our accounting principles require our management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of assets and liabilities at the date of the financial statements, and reported amounts of revenues and expenses during the reporting period. Estimates having relatively higher significance include the accounting for in-process research and development and goodwill impairment, stock-based compensation, valuation of warrants, and income taxes. Actual results could differ from those estimates and changes in estimates may occur.</p> | ||
us-gaap |
Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
|
-22288687 | usd | |
CY2024Q2 | ctxr |
Working Capital
WorkingCapital
|
23850000 | usd |
CY2024Q2 | us-gaap |
Prepaid Insurance
PrepaidInsurance
|
87782 | usd |
CY2023Q3 | us-gaap |
Prepaid Insurance
PrepaidInsurance
|
154611 | usd |
us-gaap |
Payments For Advance To Affiliate
PaymentsForAdvanceToAffiliate
|
10006815 | usd | |
CY2023Q3 | us-gaap |
Payments For Advance To Affiliate
PaymentsForAdvanceToAffiliate
|
7734895 | usd |
CY2023Q2 | ctxr |
Direct Offering Common Shares
DirectOfferingCommonShares
|
12500001 | shares |
CY2023Q2 | ctxr |
Purchase Price
PurchasePrice
|
1.2 | |
CY2023Q2 | us-gaap |
Proceeds From Issuance Of Warrants
ProceedsFromIssuanceOfWarrants
|
15000001 | usd |
CY2024Q2 | us-gaap |
Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1
|
0.75 | |
us-gaap |
Deferred Compensation Arrangement With Individual Maximum Contractual Term1
DeferredCompensationArrangementWithIndividualMaximumContractualTerm1
|
P10Y | ||
CY2023Q3 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
|
13305171 | shares |
CY2023Q3 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
|
1.79 | |
CY2023Q3 | us-gaap |
Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
|
P7Y4M28D | |
CY2023Q3 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
|
56203 | usd |
us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
|
4160000 | shares | |
us-gaap |
Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
|
0.7 | ||
us-gaap |
Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
|
53114 | shares | |
us-gaap |
Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
|
0.02 | ||
us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod
|
493283 | shares | |
us-gaap |
Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
|
1.59 | ||
CY2024Q2 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
|
16918774 | shares |
CY2024Q2 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
|
1.54 | |
us-gaap |
Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
|
P7Y3M25D | ||
CY2024Q2 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
|
750 | usd |
CY2024Q2 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
|
9192107 | shares |
CY2024Q2 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
|
1.91 | |
us-gaap |
Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
|
P6Y2M15D | ||
CY2024Q2 | us-gaap |
Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
|
750 | usd |
CY2024Q1 | us-gaap |
Share Based Compensation Arrangements By Share Based Payment Award Options Other Share Increase Decrease In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsOtherShareIncreaseDecreaseInPeriodWeightedAverageExercisePrice
|
0.69 | |
us-gaap |
Share Based Compensation Arrangements By Share Based Payment Award Options Other Share Increase Decrease In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsOtherShareIncreaseDecreaseInPeriodWeightedAverageExercisePrice
|
0.53 | ||
CY2022Q4 | us-gaap |
Shares Issued Price Per Share
SharesIssuedPricePerShare
|
1.25 | |
CY2024Q2 | us-gaap |
Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
|
1174111 | usd |
us-gaap |
Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
|
9198340 | usd | |
us-gaap |
Proceeds From Stock Plans
ProceedsFromStockPlans
|
3651795 | usd | |
CY2024Q2 | us-gaap |
Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
|
73633421 | shares |
us-gaap |
Dividends
Dividends
|
321559 | usd | |
CY2024Q2 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
|
16918774 | shares |
CY2024Q2 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Available For Grant
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant
|
7575000 | shares |
CY2024Q2 | us-gaap |
Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
|
73633421 | shares |
CY2024Q2 | us-gaap |
Common Stock Capital Shares Reserved For Future Issuance
CommonStockCapitalSharesReservedForFutureIssuance
|
98127195 | shares |
us-gaap |
Operating Lease Cost
OperatingLeaseCost
|
179117 | usd | |
us-gaap |
Operating Lease Cost
OperatingLeaseCost
|
179118 | usd | |
us-gaap |
Variable Lease Cost
VariableLeaseCost
|
3732 | usd | |
us-gaap |
Variable Lease Cost
VariableLeaseCost
|
3567 | usd | |
us-gaap |
Lease Cost
LeaseCost
|
182849 | usd | |
us-gaap |
Lease Cost
LeaseCost
|
182685 | usd | |
CY2024Q1 | us-gaap |
Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
|
P1Y3M18D | |
CY2023Q1 | us-gaap |
Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
|
P2Y3M18D | |
CY2024Q1 | us-gaap |
Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
|
0.08 | pure |
CY2023Q1 | us-gaap |
Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
|
0.08 | pure |
CY2024Q2 | us-gaap |
Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
|
63167 | usd |
CY2024Q2 | us-gaap |
Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
|
253883 | usd |
CY2024Q2 | us-gaap |
Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
|
21460 | usd |
CY2024Q2 | us-gaap |
Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
|
338510 | usd |
CY2024Q2 | us-gaap |
Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
|
18499 | usd |
CY2024Q2 | us-gaap |
Operating Lease Liability
OperatingLeaseLiability
|
320011 | usd |
CY2024Q2 | us-gaap |
Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
|
299932 | usd |
CY2023Q3 | us-gaap |
Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
|
454426 | usd |
CY2024Q2 | ctxr |
Operating Lease Assets
OperatingLeaseAssets
|
299932 | usd |
CY2023Q3 | ctxr |
Operating Lease Assets
OperatingLeaseAssets
|
454426 | usd |
CY2024Q2 | us-gaap |
Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
|
235581 | usd |
CY2023Q3 | us-gaap |
Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
|
218380 | usd |
CY2024Q2 | us-gaap |
Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
|
84430 | usd |
CY2023Q3 | us-gaap |
Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
|
262865 | usd |
CY2024Q2 | us-gaap |
Operating Lease Liability
OperatingLeaseLiability
|
320011 | usd |
CY2023Q3 | us-gaap |
Operating Lease Liability
OperatingLeaseLiability
|
481245 | usd |
us-gaap |
Operating Lease Expense
OperatingLeaseExpense
|
24623 | usd | |
us-gaap |
Operating Lease Expense
OperatingLeaseExpense
|
36861 | usd | |
us-gaap |
Discontinued Operation Amount Of Adjustment To Prior Period Gain Loss On Disposal Before Income Tax
DiscontinuedOperationAmountOfAdjustmentToPriorPeriodGainLossOnDisposalBeforeIncomeTax
|
2387842 | usd | |
us-gaap |
Discontinued Operation Amount Of Adjustment To Prior Period Gain Loss On Disposal Before Income Tax
DiscontinuedOperationAmountOfAdjustmentToPriorPeriodGainLossOnDisposalBeforeIncomeTax
|
3585689 | usd | |
CY2023Q3 | us-gaap |
Auction Market Preferred Securities Stock Series Par Value Per Share
AuctionMarketPreferredSecuritiesStockSeriesParValuePerShare
|
1 | |
CY2024Q1 | us-gaap |
Auction Market Preferred Securities Stock Series Par Value Per Share
AuctionMarketPreferredSecuritiesStockSeriesParValuePerShare
|
1 | |
CY2024Q2 | us-gaap |
Equity Issued In Business Combination Fair Value Disclosure
EquityIssuedInBusinessCombinationFairValueDisclosure
|
67500000 | usd |
CY2024Q2 | ecd |
Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
|
false | |
CY2024Q2 | ecd |
Rule10b51 Arr Adopted Flag
Rule10b51ArrAdoptedFlag
|
false | |
CY2024Q2 | ecd |
Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
|
false | |
CY2024Q2 | ecd |
Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
|
false | |
CY2024Q2 | us-gaap |
Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
|
usd | |
CY2023Q3 | us-gaap |
Commitments And Contingencies
CommitmentsAndContingencies
|
usd | |
CY2023Q2 | ctxr |
Deemed Dividend On Warrant Extension
DeemedDividendOnWarrantExtension
|
usd | |
ctxr |
Deemed Dividend On Warrant Extension
DeemedDividendOnWarrantExtension
|
usd | ||
CY2024Q2 | us-gaap |
Income Loss From Continuing Operations Per Diluted Share
IncomeLossFromContinuingOperationsPerDilutedShare
|
-0.06 | |
CY2023Q2 | us-gaap |
Income Loss From Continuing Operations Per Diluted Share
IncomeLossFromContinuingOperationsPerDilutedShare
|
-0.06 | |
us-gaap |
Income Loss From Continuing Operations Per Diluted Share
IncomeLossFromContinuingOperationsPerDilutedShare
|
-0.15 | ||
us-gaap |
Income Loss From Continuing Operations Per Diluted Share
IncomeLossFromContinuingOperationsPerDilutedShare
|
-0.17 | ||
CY2024Q2 | us-gaap |
Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
|
usd | |
us-gaap |
Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
|
usd | ||
dei |
Amendment Flag
AmendmentFlag
|
false | ||
dei |
Current Fiscal Year End Date
CurrentFiscalYearEndDate
|
--09-30 | ||
dei |
Document Fiscal Period Focus
DocumentFiscalPeriodFocus
|
Q3 | ||
dei |
Entity Central Index Key
EntityCentralIndexKey
|
0001506251 |