M&A - Citius Pharmaceuticals, Inc.

Form Type: 10-Q

Filing Date: 2025-02-14

Corporate Action: Merger

Type: Update

Accession Number: 000121390025014321

Filing Summary: Citius Pharmaceuticals, Inc. reported its quarterly results for the period ended December 31, 2024. The company faced considerable losses totaling $10,281,246 for the quarter, contributing to an accumulated deficit of $211,138,464. Key highlights include a significant reduction in cash reserves, down to $1,100,079 from $3,251,880. The company also underwent a 1-for-25 reverse stock split effective November 25, 2024, which impacts share distribution. Furthermore, Citius announced the achievement of a reverse merger with TenX Keane Acquisition, which was completed on August 12, 2024, whereby Citius Oncology became a publicly traded entity, with Citius Pharma retaining a 92.3% stake. The report emphasizes ongoing challenges, including a negative working capital of approximately $26.5 million and the urgent need for additional capital to sustain operations beyond March 2025. The subsidiary Citius Oncology is highlighted as pivotal for the commercialization of LYMPHIR, with discussions around potential regulatory approval for additional products.

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Form Type: 10-K

Filing Date: 2024-12-27

Corporate Action: Merger

Type: Update

Accession Number: 000121390024113149

Filing Summary: Citius Pharmaceuticals, Inc. completed a significant merger with Citius Oncology, Inc. on August 12, 2024, which involved a reverse merger where Citius Oncology became a publicly traded entity and a majority-owned subsidiary of Citius Pharma. This strategic move aimed to leverage Citius Oncology's FDA-approved product, LYMPHIR, an engineered IL-2 diphtheria toxin fusion protein for treating persistent or recurrent cutaneous T-cell lymphoma. The merger is viewed as a means to enhance the financial positioning and operational capabilities of Citius Pharma. Additionally, this annual filing outlines the details of the company's business operations, risk factors including the need for ongoing financing and potential regulatory challenges, and various proprietary products in development. The report further emphasizes the company's focus on addressing unmet medical needs using innovative applications, including their late-stage candidates Mino-Lok and Halo-Lido. Key financial metrics such as a market valuation of approximately $131.67 million and 7,727,243 shares outstanding as of December 18, 2024, are noted.

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