2024 Q4 Form 10-K Financial Statement

#000121390024113149 Filed on December 27, 2024

View on sec.gov

Income Statement

Concept 2024 Q4 2024 Q3 2024
Revenue
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin
YoY Change
% of Gross Profit
Research & Development $2.127M $11.91M
YoY Change -18.87% -19.66%
% of Gross Profit
Depreciation & Amortization $0.00 $1.432K
YoY Change -100.0% -46.33%
% of Gross Profit
Operating Expenses $10.04M $42.00M
YoY Change 7.48% 14.33%
Operating Profit -$10.04M -$42.00M
YoY Change 7.48% 14.33%
Interest Expense
YoY Change
% of Operating Profit
Other Income/Expense, Net $22.61K $3.146M
YoY Change -91.09% -33.98%
Pretax Income -$10.02M -$38.85M
YoY Change 10.23% 21.53%
Income Tax $264.2K $576.0K
% Of Pretax Income
Net Earnings -$10.28M -$39.43M
YoY Change 11.38% 21.15%
Net Earnings / Revenue
Basic Earnings Per Share -$1.30 -$5.97
Diluted Earnings Per Share -$1.30 -$5.97
COMMON SHARES
Basic Shares Outstanding 7.727M shares 180.7M shares 6.727M shares
Diluted Shares Outstanding 7.492M shares 6.727M shares

Balance Sheet

Concept 2024 Q4 2024 Q3 2024
SHORT-TERM ASSETS
Cash & Short-Term Investments
YoY Change
Cash & Equivalents $1.100M $3.252M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory $14.38M $8.269M
Prepaid Expenses $2.846M $2.700M
Receivables
Other Receivables
Total Short-Term Assets $18.33M $14.22M
YoY Change -35.03% -58.63%
LONG-TERM ASSETS
Property, Plant & Equipment
YoY Change
Goodwill $9.347M $9.347M
YoY Change 0.0% 0.0%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $102.2M $102.2M
YoY Change 268383.6% 268383.6%
Total Long-Term Assets $102.4M $102.4M
YoY Change 47.96% 47.93%
TOTAL ASSETS
Total Short-Term Assets $18.33M $14.22M
Total Long-Term Assets $102.4M $102.4M
Total Assets $120.7M $116.7M
YoY Change 23.93% 12.59%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $7.364M $4.927M
YoY Change 178.18% 68.32%
Accrued Expenses $6.242M $17.03K
YoY Change 2154.33% -96.43%
Deferred Revenue
YoY Change
Short-Term Debt
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $44.81M $35.81M
YoY Change 703.14% 519.74%
LONG-TERM LIABILITIES
Long-Term Debt
YoY Change
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $44.81M $35.81M
Total Long-Term Liabilities
Total Liabilities $51.78M $42.55M
YoY Change 329.2% 249.35%
SHAREHOLDERS EQUITY
Retained Earnings -$211.1M -$201.4M
YoY Change 23.14% 24.13%
Common Stock $7.727K $7.247K
YoY Change -95.14% -95.44%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $65.41M $70.08M
YoY Change
Total Liabilities & Shareholders Equity $120.7M $116.7M
YoY Change 23.93% 12.59%

Cashflow Statement

Concept 2024 Q4 2024 Q3 2024
OPERATING ACTIVITIES
Net Income -$10.28M -$39.43M
YoY Change 11.38% 21.15%
Depreciation, Depletion And Amortization $0.00 $1.432K
YoY Change -100.0% -46.33%
Cash From Operating Activities -$4.726M -$28.20M
YoY Change -22.97% -2.96%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$5.000M
YoY Change
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $252.1K
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities $2.574M $9.972M
YoY Change -27.89%
NET CHANGE
Cash From Operating Activities -$4.726M -$28.20M
Cash From Investing Activities -$5.000M
Cash From Financing Activities $2.574M $9.972M
Net Change In Cash -$2.152M -$23.23M
YoY Change -64.93% 52.51%
FREE CASH FLOW
Cash From Operating Activities -$4.726M -$28.20M
Capital Expenditures
Free Cash Flow
YoY Change

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>1. NATURE OF OPERATIONS AND BASIS OF PRESENTATION</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Business</i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Citius Pharmaceuticals, Inc. (“Citius Pharma,” the “Company” or “we”) is a late-stage biopharmaceutical company dedicated to the development and commercialization of 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, we acquired Leonard-Meron Biosciences, Inc. (“LMB”) as a wholly-owned subsidiary. We acquired all the outstanding stock of LMB by issuing shares of our common stock. The net assets acquired included identifiable intangible assets of $19,400,000 related to in-process research and development. We recorded goodwill of $9,346,796 for the excess of the purchase price over the net assets acquired.</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% of the issued and outstanding capital 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 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 August 12, 2024, Citius Pharma and Citius Oncology entered into a merger agreement with TenX Keane Acquisition, and its wholly owned subsidiary, TenX Merger Sub Inc (“Merger Sub”), whereby Merger Sub merged with and into Citius Oncology. After the merger and recapitalization (the “Merger”), the newly combined publicly traded company is owned 92.3% by Citius Pharma, and is 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">Since its 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 the Company 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</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">The accompanying consolidated financial statements include the operations of Citius Pharmaceuticals, Inc., and its wholly-owned subsidiaries, Citius Pharmaceuticals, LLC and LMB and its majority-owned subsidiaries NoveCite and Citius Oncology. NoveCite, was inactive until October 2020. On August 12, 2024, Citius Oncology, previously a wholly-owned subsidiary, became a 92.3% majority-owned subsidiary.</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 operations of NoveCite and Citius Oncology are included in the consolidated results. The portion of equity that is not attributable to the Company, is presented as a non-controlling interest within stockholder’s equity. Unless excluded by shareholder agreements, the portion of net loss attributable to non-controlling interests is included in the statement of operations.</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">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">All share amounts and per share data reflect a 1-for-25 reverse stock split which went effective on November 25, 2024, subsequent to year-end which is more fully descripted in Note 13.</p>
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