Citius Pharmaceuticals (CTXR) Q2 2024 Earnings Report

Citius Pharmaceuticals reported a revenue-zero quarter in QQ2 2024 (calendar quarter ended 2024-03-31), with an operating loss of $10.97 million and a net loss of $8.54 million. Gross profit was negative $52,070 due to the absence of revenue and a modest cost of revenue of $52,070. Total operating expenses amounted to $10.92 million for the quarter, driven by elevated research and development and selling/general/administrative expenditures. EBITDA stood at negative $10.97 million. Cash burn from operations was $7.79 million, aided by a non-cash stock-based compensation charge of $3.08 million and other non-cash items, while cash and cash equivalents declined to approximately $12.56 million from $20.35 million at the start of the period. The company reported a net debt position of negative $12.18 million, reflecting a net cash position after accounting for debt. On the balance sheet, CTXR carried substantial intangible assets (~$59.4 million) and goodwill (~$9.35 million), with total assets of about $90.71 million and total stockholders’ equity of $79.37 million, alongside minimal current liabilities and a modest short/long-term debt burden. Given the absence of revenue and ongoing pipeline-focused spend, CTXR’s near-term cash runway appears constrained absent financing or collaboration milestones. Management commentary on the QQ2 call was not included in the provided data, so direct quotes are unavailable; typical management focus likely centered on advancing core indications (e.g., MinoLok, HaloLido, NoveCite, IONTAK) and exploring strategic partnerships or licensing opportunities to monetize the pipeline. The current period underscores CTXR’s status as a development-stage biotech with a substantial intangible asset base, substantial operating burn, and a need for external value catalysts to translate pipeline potential into revenue.”,