as other risks described in our Securities and Exchange Commission ("SEC") filings. These risks have been and may be further impacted by any future public health risks. Accordingly, these forward-looking statements do not constitute guarantees of future performance, and you are cautioned not to place undue reliance on these forward-looking statements. Risks regarding our business are described in detail in our SEC filings which are available on the SEC's website at www.sec.gov, including in Citius Oncology's Annual Report on Form 10-K for the year ended September 30, 2024, filed with the SEC on December 27, 2024, as amended on January 27, 2025 and as updated by our subsequent filings with the SEC. These forward-looking statements speak only as of the date hereof, and we expressly disclaim any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in our expectations or any changes in events, conditions or circumstances on which any such statement is based, except as required by law.
Investor Contact:
Ilanit Allen
ir@citiuspharma.com
908-967-6677 x113
Media Contact:
STiR-communications
Greg Salsburg
Greg@STiR-communications.com
-- Financial Tables Follow --
CITIUS ONCOLOGY, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
December 31, September 30,
2024 2024
------------- -------------
Current Assets:
Cash and cash equivalents $ 112 $ 112
Inventory 14,381,369 8,268,766
Prepaid expenses 2,700,000 2,700,000
------------ ------------
Total Current Assets 17,081,481 10,968,878
------------ ------------
Other Assets:
In-process research and development 73,400,000 73,400,000
------------ ------------
Total Other Assets 73,400,000 73,400,000
------------ ------------
Total Assets $ 90,481,481 $ 84,368,878
============ ============
LIABILITIES AND STOCKHOLDERS'
EQUITY
Current Liabilities:
Accounts payable $ 5,874,577 $ 3,711,622
License payable 28,400,000 28,400,000
Accrued expenses 6,228,612 --
Due to related party 2,896,329 588,806
------------ ------------
Total Current Liabilities 43,399,518 32,700,428
Deferred tax liability 1,992,240 1,728,000
Note payable to related party 3,800,111 3,800,111
------------ ------------
Total Liabilities 49,191,869 38,228,539
------------ ------------
Stockholders' Equity:
Preferred stock - $0.0001 par
value; 10,000,000 shares
authorized: no shares issued and
outstanding -- --
Common stock - $0.0001 par value;
100,000,000; 71,552,402 shares
issued and outstanding at December
31, 2024 and September 30, 2024 7,155 7,155
Additional paid-in capital 87,220,249 85,411,771
Accumulated deficit (45,937,792) (39,278,587)
------------ ------------
Total Stockholders' Equity 41,289,612 46,140,339
------------ ------------
Total Liabilities and Stockholders'
Equity $ 90,481,481 $ 84,368,878
CITIUS ONCOLOGY, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
FOR THE THREE MONTHS ENDED DECEMBER 31, 2024 AND 2023
(Unaudited)
2024 2023
------------ ------------
Revenues $ -- $ --
----------- -----------
Operating Expenses:
Research and development 1,264,508 1,148,495
General and administrative 3,321,979 1,517,908
Stock-based compensation -- general
and administrative 1,808,478 1,917,000
----------- -----------
Total Operating Expenses 6,394,965 4,583,403
----------- -----------
Loss before Income Taxes (6,394,965) (4,583,403)
Income tax expense 264,240 144,000
----------- -----------
Net Loss $(6,659,205) $(4,727,403)
=========== ===========
Net Loss Per Share -- Basic and
Diluted $ (0.09) $ (0.07)
=========== ===========
Weighted Average Common Shares
Outstanding -- Basic and Diluted 71,552,402 67,500,000
=========== ===========
CITIUS ONCOLOGY, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE THREE MONTHS ENDED DECEMBER 31, 2024 AND 2023
(Unaudited)
2024 2023
------------ ------------
Cash Flows From Operating Activities:
Net loss $(6,659,205) $(4,727,403)
Adjustments to reconcile net loss to
net cash provided by operating
activities:
Stock-based compensation expense 1,808,478 1,917,000
Deferred income tax expense 264,240 144,000
Changes in operating assets and
liabilities:
Inventory (6,112,603) -
Prepaid expenses - -
Accounts payable 2,162,955 (1,084,027)
Accrued expenses 6,228,612 (199,155)
Due to related party 2,307,523 3,949,585
----------- -----------
Net Cash Provided By Operating
Activities - -
----------- -----------
Net Change in Cash and Cash
Equivalents - -
Cash and Cash Equivalents -- Beginning
of Period 112 -
----------- -----------
Cash and Cash Equivalents -- End of
Period $ 112 $ -
=========== ===========
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SOURCE Citius Oncology, Inc.
(END) Dow Jones Newswires
February 14, 2025 16:30 ET (21:30 GMT)
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