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Michael Saylor ‘s MicroStrategy Inc. MSTR fell in the last five sessions amid heightened volatility due to concerns over hurdles in its S&P 500 inclusion and falling Bitcoin BTC/USD prices . What Happened: While MicroStrategy meets the S&P 500’s market capitalization and trading volume benchmark requirements, it doesn’t fulfill the earnings criteria, said Benchmark, according to a report by Investing.com. In order to be listed on the S&P 500, a company is required to have positive earnings in the latest quarter. Additionally, the listing criterion states that it should have had positive earnings in the preceding four quarters, as well. The company also faces an issue wherein its Bitcoin holdings cannot be accounted for in its financial statements. Benchmark analyst Mark Palmer says that MicroStrategy is poised to adopt new Financial Accounting Standards Board guidelines for Bitcoin accounting in Q1 2025. This change is anticipated to immediately boost the company’s earnings, potentially aligning it with the S&P 500’s inclusion standards. By meeting these criteria, MicroStrategy could significantly broaden its investor base. This includes institutional investors and index funds tracking the S&P 500, which could increase demand for the company’s stock. See Also: Hawkish Powell Aside, This Analyst Expects 4 Fed Rate Cuts In 2025: Here’s Why Why It Matters: MicroStrategy stock closed 14.44% lower over the last five sessions at $364.20 on Friday, according to Benzinga Pro data. For context, Bitcoin has fallen by 9.95% to $93,912.90 over the last five days. Whereas, iShares Bitcoin Trust ETF IBIT dropped by 4.32% in the same period. MicroStrategy now controls nearly 2.1% of the total Bitcoin supply. Benchmark has assigned a “Buy” rating to the company with a $650 price target. This valuation is derived from a sum-of-the-parts analysis, factoring in the potential value of the company’s Bitcoin holdings in 2026. They anticipate a Bitcoin price of $225,000 by the end of that year. Despite the challenges with S&P 500 inclusion, the shares of the company will be listed on the Nasdaq 100 on Monday, Dec. 23. This is possible because companies eligible for inclusion are primarily chosen according to their market capitalization ranking on the last trading day of November. What Are Other Analysts Saying: About 12 analysts tracked by Benzinga have a consensus “Buy” rating on the stock with a price target of $449.5 per share. The three most-recent analyst ratings between Bernstein, TD Cowen, and Barclays imply a 76.82% upside for MSTR. Read Next: Nike’s New CEO Blames Promotions For Declining Profits, Says Turnaround Efforts May Hurt As Company Moves To Clear Excess Inventory: ‘We Lost Our Obsession With Sport’ Photo courtesy: Shutterstock © 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Is Jets owner Woody Johnson listening? Because former NFL players are doing everything but fly a plane over the facility in Florham Park tugging a banner that says, “Kiss Aaron Rodgers goodbye when the season ends. Don’t exercise an option. Don’t agree to a pay cut. Dump him.” OK, maybe that’s too much for a single $1,500 banner, but you get the idea. The latest NFL alumnus who has taken a shot (or more) at the aging-before-our-eyes Rodgers is former Pittsburgh Steelers star and Super Bowl champion Ryan Clark , who has been embroiled in a slow-burning feud with the diminshed Rodgers. The most recent episode began when Clark called Rodgers “a fraud” for criticizing players who leverage their popularity on social media and in the media. Clark pointed out that Rodgers has a standing paid gig to appear on The Pat McAfee Show , one of the most popular platforms for sports personalities, hosted by a former NFL punter. “To call out former players, while on a former player’s show? Yes, that made you a fraud to me,” Clark said. Rodgers responded (on McAfee’s show) by insisting that anyone who criticizes him must declare their vaccine status, because, in his mind, any criticism of him, as a celebrated anti-vaxxer, must come from being a pawn in the pharmaceutical industry’s push of Covid vaccines and others. Clark, who is vaccinated, has sickle cell trait, has had his spleen removed, and is immunodeficient, he says. So getting vaccinated against Covid is possibly life-saving for him, not political. Widespread criticism of Rodgers couldn’t have anything to do with his play during a 4-11 season — which has led to the head coach’s firing, the offensive coordinator’s demotion and just one 300-yard passing game, could it? By making any criticism about vaccines and political issues, Rodgers is trying to shield himself from legitimate raps from NFL analysts, who say that he isn’t the quarterback he once was, Clark said on The Stephen A. Smith Show . “I said a million times to you on your show, I think he’s the best quarterback I’ve ever played against,” Clark said. “But that doesn’t in any way negate what we’re seeing from him now — and the arrogance, the smugness, the entitlement he displays as a person when it comes to people who object or people who see things differently than him ... I mean, I’m just tired of it. “And I’m tired of people allowing him to say whatever the hell he wants to say, whenever the hell he wants to say it, without in any way pushing back.” (That final line was Clark firing at McAfee, an ESPN colleague who chuckled at Rogers’ comments.) Clark insists he doesn’t have the luxury of getting personal or using “vaccination, partisanship, or whatever to try to ignore the facts,” as Rodgers has. Clark added that he felt compelled to respond again because Rodgers used ESPN — which produces McAfee’s show — to attack an ESPN employee. “I am an NFL analyst, so in responding to Aaron Rodgers, I need to be able to respond with facts,” Clark said. “I can’t just come out and insult his fashion, I can’t just come out and say things that make zero sense like, ‘State your vaccination status.’ I don’t get to do that. I have to be factual. “Instead of saying ‘Ryan Clark is wrong about me being hypocritical because of X, Y and Z,’ [or] ‘Ryan Clark is wrong to call me arrogant because of X, Y and Z’ ... that is what athletes will do now. They don’t have to combat you with facts, because ... [they are] more popular than I am,” Clark said. Clark’s criticism followed an attack by former Jets star Bart Scott, who called Rodgers record-chasing “despicable.” Rodgers admitted he tried to get his buddy Davante Adams (who caught Rodgers’ 200th and 400th career touchdown passes) to catch Rodgers’ 500th TD pass in the second quarter of Sunday’s 19-9 loss to the L.A. Rams . “Wish he would have caught it,” Rodgers said. Rodgers was 28-for-42 for 256 yards and a TD pass, but couldn’t muster points in the fourth quarter as the Rams rallied to win. Said Scott: “To have a 10-minute drive and end up with nothing. And it’s because you’re going for records, right? Sentimental records. And you’re deciding who gets your record. And I think that’s — that’s despicable.” Thank you for relying on us to provide the journalism you can trust. Please consider supporting us with a subscription.
In Sweden, companies are cleaning up steel production – one of the world’s biggest carbon problemsInvestors can contact the law firm at no cost to learn more about recovering their losses LOS ANGELES, Nov. 22, 2024 (GLOBE NEWSWIRE) -- The Portnoy Law Firm advises TMC the metals company Inc . ("TMC" or the "Company") TMC investors of a class action representing investors that bought securities between May 12, 2023 and March 25, 2024 , inclusive (the "Class Period"). TMC investors have until January 7, 2025 to file a lead plaintiff motion. Investors are encouraged to contact attorney Lesley F. Portnoy , by phone 310-692-8883 or email : lesley@portnoylaw.com , to discuss their legal rights, or click here to join the case. The Portnoy Law Firm can provide a complimentary case evaluation and discuss investors' options for pursuing claims to recover their losses. On March 25, 2024, TMC announced that its financial statements for the first three quarters of 2023 were no longer reliable and would need to be restated. The revision was due to issues regarding the Company's partnership with Low Carbon Royalties Inc. ("LCR"), specifically concerning whether the offsetting entry for the proceeds received from LCR should be categorized as debt or deferred income. TMC further clarified that, since the transaction with LCR was regarded as an equity investment rather than a sale, the future revenue sale would be reclassified as a royalty liability in accordance with the relevant accounting standards. As a result of this announcement, TMC's stock price dropped by $0.205, or 13.2%, closing at $1.345 per share on March 26, 2024, causing losses for investors. Please visit our website to review more information and submit your transaction information. The Portnoy Law Firm represents investors in pursuing claims against caused by corporate wrongdoing. The Firm's founding partner has recovered over $5.5 billion for aggrieved investors. Attorney advertising. Prior results do not guarantee similar outcomes. Lesley F. Portnoy, Esq. Admitted CA and NY Bar lesley@portnoylaw.com 310-692-8883 www.portnoylaw.com Attorney Advertising © 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
RALEIGH, N.C. (AP) — North Carolina's current governor and his successor tacked on another lawsuit Monday disputing a key provision within a GOP law that erodes the powers of several incoming Democratic state leaders — the latest in a longstanding power struggle between North Carolina's executive and legislative branches over who controls the state's elections. The lawsuit challenges one of the law's core power shifts that move the ability to appoint members of the North Carolina State Board of Elections from the governor's authority to the state auditor's office — which will be run by Republican Dave Boliek next year. Democratic Gov. Roy Cooper and Gov.-elect Josh Stein, who currently serves as the state attorney general, filed the suit in Wake County Superior Court on Monday, saying in the complaint that the provision is unconstitutional and violates the separation of powers. The change to state election board appointments will take place next spring if it isn't blocked in court. The state elections board would likely remain under GOP control for the next few years and would trickle down to county boards as well. “We have had the same structure for our state board of elections for nearly a century and it has served North Carolina well, with fair and secure elections across our state through every cycle,” Cooper said in a news release Monday. “These blatantly partisan efforts to give control over elections boards to a newly elected Republican will create distrust in our elections process and serve no legitimate purpose.” The suit from Cooper and Stein is the second challenge the pair has levied against the GOP-controlled state legislature concerning the law. Cooper and Stein are also contesting another provision that prevents the governor from choosing his State Highway Patrol commander. Those alterations to the governor's powers were part of a larger swath of changes to several statewide offices that Democrats won in November and will preside over next year — such as attorney general, state schools superintendent and lieutenant governor. If the law withstands the court challenges, it would further underscore the GOP-led legislature's tightened grip over the other two branches of government since Republicans took control of the General Assembly more than a decade ago. Last year, GOP supermajorities in both the House and Senate firmed up power even more. Pending legal disputes in a few outstanding races , Republicans could lose their supermajority if Democratic challenger Bryan Cohn's attempt to oust incumbent Republican Rep. Frank Sossamon proves successful. That would give Stein a slightly more effective veto stamp on future Republican legislation if Democratic lawmakers stay unified. Republican legislators passed the law in both chambers earlier this month — not without scathing disapproval from crowds of protesters in the building. The bill drew the ire of House and Senate Democrats, as well as some community organizers, who denounced it as a “power grab.” They also criticized Republican lawmakers for tying the power shifts to disaster relief funding for western North Carolina in Hurricane Helene's aftermath. Most of the $252 million in recovery funds included in the law can't be spent until the next time the General Assembly acts. But GOP legislators defended the bill, with incoming House Speaker Destin Hall saying during the House vote that the changes are within the legislature's constitutional right. Republicans also point to previous Democratic actions , such as weakening the state’s first GOP governor in 1972, as reasons necessitating the legislation. Spokespeople for Senate leader Phil Berger and House Speaker Tim Moore — who are both defendants listed in the lawsuit — did not immediately respond to requests for comment Monday evening. A state elections board spokesperson also did not immediately respond. Changes to the state elections board aren't a first for GOP lawmakers. Previous attempts have been blocked by courts , including a suit last year that would move board appointment authority from the governor to the General Assembly . Berger and Moore's attorneys moved to dismiss that case last week, and the new lawsuit from Cooper and Stein seeks to replace it. Makiya Seminera, The Associated PressWalker's 20 help IU Indianapolis knock off Trinity Christian 106-49
'ABC7 Presents: Countdown Chicago 2025' longest-running New Year's Eve show in Chicago airs Dec. 31
Jack Daugherty scores 16 as Illinois State fends off Cornell 80-77The Chinese firm acquiring Holcim’s stake in Lafarge Africa has valued the 100% stake of the firm at $1.6 billion The company will reportedly pay %838.8 million to acquire Holcim’s share in the company If finalised, Lafarge Africa will emerge as one of the most valuable companies on the Nigerian Exchange Limited, with a market cap of N1.87 trillion CHECK OUT: Don't let unemployment hold you back. Start your digital marketing journey today. Legit.ng’s Pascal Oparada has reported on tech, energy, stocks, investment and the economy for over a decade. Huaxin Cement Company, the Chinese firm and prospective buyer of Holcim’s 83% stake in Lafarge Africa , has reportedly valued 100% of the company’s shareholding at $1.6 billion. The group is set to spend $838.8 million to acquire Holcim’s stake in Lafarge Africa. It also estimated the enterprise value of Lafarge Africa to be between $1.06 billion and $1.59 billion. The valuation places new cement price in Nigeria The valuation was disclosed in the firm’s filing on the Hong Kong Exchange. Read also FG’s debt to China, India, IMF, others rises by N30tn, full list shows top creditors and amount owed PAY ATTENTION: Follow us on Instagram - get the most important news directly in your favourite app! According to reports, the valuation assumes cement prices in Nigeria to range from between $100 and $150 per tonne, based on Lafarge’s annual production capacity of 10.6 million tonnes. Also, the firm estimated the replacement value of Lafarge Africa’s assets to be $1.2 billion to $1.4 billion, with an enterprise value of $1.057 billion. The Chinese firm used an alternative valuation approach by multiplying Lafarge Africa’s 2023 EBITDA of $151 million by a factor of seven, resulting in an enterprise value of $1.057 billion. Lafarge Africa stated that the acquisition aligns with Huaxin’s overseas expansion plan, focusing on leveraging its expertise in industrial technology and production chain integration to drive growth. Chinese firm to introduce new technology The plan also allows the company to counter the effects of China’s domestic market shutdown. The Chinese firm’s entry into Nigeria’s cement industry will mark a significant shift. Indian cement firms have primarily dominated the sector before the arrival of Dangote Cement, Africa’s largest manufacturer. Read also Dangote, 3 other Nigerian billionaires’ wealth drops to $23.8 billion in 2024 Lafarge Africa’s share price rises Huaxin’s entry into the Nigerian cement industry will mark the beginning of the introduction of new technologies, production methods, and pricing models. If finalised in August next year, with the exchange rate at N1,700 per dollar, Lafarge Africa’s market cap would be about N1.87 trillion. Since the deal was announced on December 1, 2024, the cement company’s share price has skyrocketed by 21%, hitting a high of N70.15 as of December 3, 2024. Dangote, BUA, and Lafarge cement firms earn N3.6trn in sales Legit.ng earlier reported that three of Nigeria's biggest Cement manufacturers, Dangote, BUA and Lafarge Africa, earned a combined revenue of N3.632 trillion in the third quarter of 2024. The revenue represents a 6.3% increase from N2.140 trillion earned by the firms in the same period last year. The firms' new sales volume comes amid economic challenges that disrupted Nigeria's business environment, including the forex crisis and rising energy costs. PAY ATTENTION : Legit.ng Needs Your Opinion! That's your chance to change your favourite news media. Fill in a short questionnaire Source: Legit.ng
With the year-end holiday season upon us, many investors are taking a break from their screens to travel and catch up with family and friends. For other investors, particularly professional ones like fund managers, the year-end holidays are an important period of portfolio management that may be characterized by disposing of certain stocks to minimize capital gains taxes or make last-minute additions. Related: Do capital losses offset income? Tax-loss harvesting for beginners Historical stock market performance: Thanksgiving through New Year’s Here’s a look at how the stock market, as measured by the Standard & Poor’s 500 Index , has performed during the holiday period — from market close the Wednesday before Thanksgiving to the last trading day of the year for the last 20 years (2004 – 2023). Google Finance via Google Sheets How does the stock market usually perform between Thanksgiving Day and New Year’s? During the last 20 years, the market typically eked out small gains or losses in the holiday period from Thanksgiving to the New Year. There have been more holiday-season gains (15) than there have been losses (5) for the S&P 500 over the 20-year period. The biggest increase during the holiday period was 8.3% in 2011. The largest decrease was 5.4% in 2018. More on stocks: There have also been a few instances when the market performed better during the holiday period than it did during the entire year. In 2007, the S&P's gain during the Thanksgiving and New Year holiday period was just slightly better than its annual increase. In 2008, just at the tail end of the 2007–2008 financial crisis , the S&P rose 1.8% during the holidays, compared to a 38.5% overall decline for the year. In 2018 and 2022, the loss was smaller than for either year. In 2011, the market gained 8.3% during the holiday period, versus being unchanged for the entire year. On the flip side, for the holiday periods in 2005, 2014, and 2015, the market underperformed the entire year. For the most part, however, the market’s overall annual performance has been better than its performance between Thanksgiving and New Year’s. Related: Try these easy (and free) ways to give to charity Does tax-loss harvesting drive stock prices down at year-end? Many investors engage in tax-loss harvesting toward the end of the year. This is the practice of selling some losing stocks to increase one’s capital losses for the year so that they can help offset any capital gains when measured for tax purposes. Judging by the market's year-end performance during the last 20 years, however, the impact of tax-loss harvesting doesn't seem enough to drive the market down as a whole. Related: The 10 best investing books (according to stock market pros)Best Altcoins to Buy and Hold for Long Term: Qubetics Achieves Milestones as Cardano and Avalanche Continue to Innovate
Copy link Copied Copy link Copied Subscribe to gift this article Gift 5 articles to anyone you choose each month when you subscribe. Already a subscriber? Login Wealthy property developer Arnold Vitocco has been charged along with his waste recovery company with more than 100 alleged offences related to asbestos contamination that closed parks and schools across Sydney earlier this year. The contamination was first discovered in January in garden mulch near the $3.9 billion Rozelle interchange road project in Sydney’s inner west and was quickly revealed to have extended to dozens of other sites across the city. Copy link Copied Copy link Copied Subscribe to gift this article Gift 5 articles to anyone you choose each month when you subscribe. Already a subscriber? Login Introducing your Newsfeed Follow the topics, people and companies that matter to you. Latest In Federal Fetching latest articles Most Viewed In Politics
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Clinical and regulatory success in 2024 expected to drive value in 2025 CRANFORD, N.J. , Dec. 27, 2024 /PRNewswire/ -- Citius Pharmaceuticals, Inc. ("Citius Pharma" or the "Company") (Nasdaq: CTXR), a biopharmaceutical company dedicated to the development and commercialization of first-in-class critical care products today reported business and financial results for the fiscal full year ended September 30, 2024 . Fiscal Full Year 2024 Business Highlights and Subsequent Developments Financial Highlights "In fiscal year 2024 we drove tremendous progress in our pipeline. It was a transformative year, marked by our first FDA approval and significant clinical milestones. The approval of LYMPHIRTM and the positive Phase 3 results for Mino-Lok® underscore our commitment to developing innovative therapies. Our team successfully responded to FDA comments related to the biologics license application for LYMPHIR and ultimately gained FDA approval. Productive engagement with the FDA regarding the positive results of our Phase 3 Mino-Lok® trial and Phase 2 Halo-Lido trial clarified our next steps for both programs. We anticipate continued engagement with the agency in the coming year and look forward to their guidance. Additionally, we are exploring strategic partnerships and licensing opportunities to maximize the potential of our portfolio and bring these important therapies to market efficiently," stated Leonard Mazur , Chairman and CEO of Citius Pharma. "Looking ahead, our priorities for fiscal year 2025 include launching LYMPHIRTM through our majority-owned subsidiary, Citius Oncology, driving the clinical and regulatory strategies for Mino-Lok® and Halo-Lido, fortifying our financial position, and applying a disciplined approach to resource allocation. We expect to launch LYMPHIR in the first half of 2025 and distribute CTOR shares to Citius Pharma shareholders by the end of the year, pending favorable market conditions. Our goal remains to deliver value for patients, healthcare providers, and shareholders. With a clear vision and a strong team, we are well-positioned to execute on our mission of bringing innovative therapies to market," added Mazur. FULL YEAR 2024 FINANCIAL RESULTS: Liquidity As of September 30, 2024 , the Company had $3.3 million in cash and cash equivalents. As of September 30, 2024 , the Company had 7,247,243 common shares outstanding, as adjusted for the 1-for-25 reverse stock split of the Company's common stock, effected on November 25, 2024 . During the year ended September 30, 2024 , the Company received net proceeds of $13.8 million from the issuance of equity. The Company expects to raise additional capital to support operations. Research and Development (R&D) Expenses R&D expenses were $11.9 million for the full year ended September 30, 2024 , compared to $14.8 million for the full year ended September 30, 2023 . The decrease in R&D expenses primarily reflects the completion of the Halo-Lido trial and completion of activities related to the regulatory resubmission for LYMPHIR, offset by shutdown costs associated with the end of the Phase 3 trial for Mino-Lok. We expect research and development expenses to decrease in fiscal year 2025 as we continue to focus on the commercialization of LYMPHIR through our majority-owned subsidiary, Citius Oncology and because we have completed the Phase 3 trial for Mino-Lok. General and Administrative (G&A) Expenses G&A expenses were $18.2 million for the full year ended September 30, 2024 , compared to $15.3 million for the full year ended September 30, 2023 . The increase was primarily due to costs associated with pre-launch and market research activities associated with LYMPHIR. General and administrative expenses consist primarily of compensation costs, professional fees for legal, regulatory, accounting and corporate development services, and investor relations expenses. Stock-based Compensation Expense For the full year ended September 30, 2024 , stock-based compensation expense was $11.8 million as compared to $6.6 million for the prior year. The increase of $5.2 million is largely due to the grant of options under the Citius Oncology stock plan. Stock-based compensation expense under the Citius Oncology stock plan was $7.5 million during the year ended September 30, 2024 , compared to $2.0 million for the year ended September 30, 2023 , as the plan was initiated in July 2023 . For the years ended September 30, 2024 and 2023, stock-based compensation expense also includes $47,547 and $130,382 , respectively, for the NoveCite stock option plan. In fiscal years 2023 and 2024, we granted options to our new employees and additional options to other employees, our directors, and consultants. Net loss Net loss was $39.4 million , or ($5.97) per share for the year ended September 30, 2024 , compared to a net loss of $32.5 million , or ($5.57) per share for the year ended September 30, 2023 , as adjusted for the reverse stock split. The increase in net loss reflects an increase in operating expense of $5.3 million offset by a decrease of $1.6 million in other income. Operating expense increased due to increases in stock-based compensation and general and administrative expenses, which were offset by decreased research and development expense. About Citius Pharmaceuticals, Inc. Citius Pharma is a biopharmaceutical company dedicated to the development and commercialization of first-in-class critical care products. In August 2024 , the FDA approved LYMPHIRTM, a targeted immunotherapy for an initial indication in the treatment of cutaneous T-cell lymphoma. Citius Pharma's late-stage pipeline also includes Mino-Lok®, an antibiotic lock solution to salvage catheters in patients with catheter-related bloodstream infections, and CITI-002 (Halo-Lido), a topical formulation for the relief of hemorrhoids. A Pivotal Phase 3 Trial for Mino-Lok and a Phase 2b trial for Halo-Lido were completed in 2023. Mino-Lok met primary and secondary endpoints of its Phase 3 Trial. Citius Pharma is actively engaged with the FDA to outline next steps for both programs. For more information, please visit www.citiuspharma.com . Forward-Looking Statements This press release may contain "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such statements are made based on our expectations and beliefs concerning future events impacting Citius Pharma. You can identify these statements by the fact that they use words such as "will," "anticipate," "estimate," "expect," "plan," "should," and "may" and other words and terms of similar meaning or use of future dates. Forward-looking statements are based on management's current expectations and are subject to risks and uncertainties that could negatively affect our business, operating results, financial condition and stock price. Factors that could cause actual results to differ materially from those currently anticipated, and, unless noted otherwise, that apply to Citius Pharma are: our ability to raise additional money to fund our operations for at least the next 12 months as a going concern; our ability to commercialize LYMPHIR through our majority-owned subisity and any of our other product candidates that may be approved by the FDA; the estimated markets for our product candidates and the acceptance thereof by any market; the ability of our product candidates to impact the quality of life of our target patient populations; risks related to research using our assets but conducted by third parties; risks relating to the results of research and development activities, including those from our existing and any new pipeline assets; our ability to maintain compliance with Nasdaq's continued listing standards; our dependence on third-party suppliers; our ability to procure cGMP commercial-scale supply; our ability to obtain, perform under and maintain financing and strategic agreements and relationships; uncertainties relating to preclinical and clinical testing; the early stage of products under development; market and other conditions; risks related to our growth strategy; patent and intellectual property matters; our ability to identify, acquire, close and integrate product candidates and companies successfully and on a timely basis; government regulation; competition; as well 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 Pharma's Annual Report on Form 10-K for the year ended September 30, 2024 , filed with the SEC on December 27, 2024 , 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 PHARMACEUTICALS, INC. CONSOLIDATED BALANCE SHEETS SEPTEMBER 30, 2024 AND 2023 2024 2023 ASSETS Current Assets: Cash and cash equivalents $ 3,251,880 $ 26,480,928 Inventory 8,268,766 — Prepaid expenses 2,700,000 7,889,506 Total Current Assets 14,220,646 34,370,434 Property and equipment, net — 1,432 Operating lease right-of-use asset, net 246,247 454,426 Other Assets: Deposits 38,062 38,062 In-process research and development 92,800,000 59,400,000 Goodwill 9,346,796 9,346,796 Total Other Assets 102,184,858 68,784,858 Total Assets $ 116,651,751 $ 103,611,150 LIABILITIES AND STOCKHOLDERS' EQUITY Current Liabilities: Accounts payable $ 4,927,211 $ 2,927,334 License payable 28,400,000 — Accrued expenses 17,027 476,300 Accrued compensation 2,229,018 2,156,983 Operating lease liability 241,547 218,380 Total Current Liabilities 35,814,803 5,778,997 Deferred tax liability 6,713,800 6,137,800 Operating lease liability – non current 21,318 262,865 Total Liabilities 42,549,921 12,179,662 Commitments and Contingencies Stockholders' Equity: Preferred stock - $0.001 par value; 10,000,000 shares authorized; no shares issued and outstanding — — Common stock - $0.001 par value; 16,000,000 shares authorized; 7,247,243 and 6,354,371 shares issued and outstanding at September 30, 2024 and 2023, respectively 7,247 6,354 Additional paid-in capital 271,440,421 253,056,133 Accumulated deficit (201,370,218) (162,231,379) Total Citius Pharmaceuticals, Inc. Stockholders' Equity 70,077,450 90,831,108 Non-controlling interest 4,024,380 600,380 Total Equity 74,101,830 91,431,488 Total Liabilities and Equity $ 116,651,751 $ 103,611,150 Reflects a 1-for-25 reverse stock split effective November 25, 2024. CITIUS PHARMACEUTICALS, INC. CONSOLIDATED STATEMENTS OF OPERATIONS FOR THE YEARS ENDED SEPTEMBER 30, 2024 AND 2023 2024 2023 Revenues $ — $ — Operating Expenses: Research and development 11,906,601 14,819,729 General and administrative 18,249,402 15,295,584 Stock-based compensation – general and administrative 11,839,678 6,616,705 Total Operating Expenses 41,995,681 36,732,018 Operating Loss (41,995,681) (36,732,018) Other Income: Interest income, net 758,000 1,179,417 Gain on sale of New Jersey net operating losses 2,387,842 3,585,689 Total Other Income Net 3,145,842 4,765,106 Loss before Income Taxes (38,849,839) (31,966,912) Income tax expense 576,000 576,000 Net Loss (39,425,839) (32,542,912) Net loss attributable to non-controlling interest 287,000 - Deemed dividend on warrant extension (1,047,312) (1,151,208) Net Loss Applicable to Common Stockholders $ (40,186,151) (33,694,120) Net Loss Per Share Applicable to Common Stockholders - Basic and Diluted $ (5.97) (5.57) Weighted Average Common Shares OutstandingThe emergence of generative artificial intelligence tools that allow people to efficiently produce novel and detailed online reviews with almost no work has put merchants, service providers and consumers in uncharted territory, watchdog groups and researchers say. Phony reviews have long plagued many popular consumer websites, such as Amazon and Yelp. They are typically traded on private social media groups between fake review brokers and businesses willing to pay. Sometimes, such reviews are initiated by businesses that offer customers incentives such as gift cards for positive feedback. But AI-infused text generation tools, popularized by OpenAI’s ChatGPT, enable fraudsters to produce reviews faster and in greater volume, according to tech industry experts. The deceptive practice, which is illegal in the U.S., is carried out year-round but becomes a bigger problem for consumers during the holiday shopping season, when many people rely on reviews to help them purchase gifts. Fake reviews are found across a wide range of industries, from e-commerce, lodging and restaurants, to services such as home repairs, medical care and piano lessons. The Transparency Company, a tech company and watchdog group that uses software to detect fake reviews, said it started to see AI-generated reviews show up in large numbers in mid-2023 and they have multiplied ever since. For a report released this month, The Transparency Company analyzed 73 million reviews in three sectors: home, legal and medical services. Nearly 14% of the reviews were likely fake, and the company expressed a “high degree of confidence” that 2.3 million reviews were partly or entirely AI-generated. “It’s just a really, really good tool for these review scammers,” said Maury Blackman, an investor and advisor to tech startups, who reviewed The Transparency Company's work and is set to lead the organization starting Jan. 1. In August, software company DoubleVerify said it was observing a “significant increase” in mobile phone and smart TV apps with reviews crafted by generative AI. The reviews often were used to deceive customers into installing apps that could hijack devices or run ads constantly, the company said. The following month, the Federal Trade Commission sued the company behind an AI writing tool and content generator called Rytr, accusing it of offering a service that could pollute the marketplace with fraudulent reviews. The FTC, which this year banned the sale or purchase of fake reviews, said some of Rytr’s subscribers used the tool to produce hundreds and perhaps thousands of reviews for garage door repair companies, sellers of “replica” designer handbags and other businesses. Max Spero, CEO of AI detection company Pangram Labs, said the software his company uses has detected with almost certainty that some AI-generated appraisals posted on Amazon bubbled up to the top of review search results because they were so detailed and appeared to be well thought-out. But determining what is fake or not can be challenging. External parties can fall short because they don’t have “access to data signals that indicate patterns of abuse,” Amazon has said. Pangram Labs has done detection for some prominent online sites, which Spero declined to name due to non-disclosure agreements. He said he evaluated Amazon and Yelp independently. Many of the AI-generated comments on Yelp appeared to be posted by individuals who were trying to publish enough reviews to earn an “Elite” badge, which is intended to let users know they should trust the content, Spero said. The badge provides access to exclusive events with local business owners. Fraudsters also want it so their Yelp profiles can look more realistic, said Kay Dean, a former federal criminal investigator who runs a watchdog group called Fake Review Watch. To be sure, just because a review is AI-generated doesn’t necessarily mean its fake. Some consumers might experiment with AI tools to generate content that reflects their genuine sentiments. Some non-native English speakers say they turn to AI to make sure they use accurate language in the reviews they write. “It can help with reviews (and) make it more informative if it comes out of good intentions,” said Michigan State University marketing professor Sherry He, who has researched fake reviews. She says tech platforms should focus on the behavioral patters of bad actors, which prominent platforms already do, instead of discouraging legitimate users from turning to AI tools. Prominent companies are developing policies for how AI-generated content fits into their systems for removing phony or abusive reviews. Some already employ algorithms and investigative teams to detect and take down fake reviews but are giving users some flexibility to use AI. Spokespeople for Amazon and Trustpilot, for example, said they would allow customers to post AI-assisted reviews as long as they reflect their genuine experience. Yelp has taken a more cautious approach, saying its guidelines require reviewers to write their own copy. “With the recent rise in consumer adoption of AI tools, Yelp has significantly invested in methods to better detect and mitigate such content on our platform,” the company said in a statement. The Coalition for Trusted Reviews, which Amazon, Trustpilot, employment review site Glassdoor, and travel sites Tripadvisor, Expedia and Booking.com launched last year, said that even though deceivers may put AI to illicit use, the technology also presents “an opportunity to push back against those who seek to use reviews to mislead others.” “By sharing best practice and raising standards, including developing advanced AI detection systems, we can protect consumers and maintain the integrity of online reviews,” the group said. The FTC’s rule banning fake reviews, which took effect in October, allows the agency to fine businesses and individuals who engage in the practice. Tech companies hosting such reviews are shielded from the penalty because they are not legally liable under U.S. law for the content that outsiders post on their platforms. Tech companies, including Amazon, Yelp and Google, have sued fake review brokers they accuse of peddling counterfeit reviews on their sites. The companies say their technology has blocked or removed a huge swath of suspect reviews and suspicious accounts. However, some experts say they could be doing more. “Their efforts thus far are not nearly enough,” said Dean of Fake Review Watch. “If these tech companies are so committed to eliminating review fraud on their platforms, why is it that I, one individual who works with no automation, can find hundreds or even thousands of fake reviews on any given day?” Consumers can try to spot fake reviews by watching out for a few possible warning signs, according to researchers. Overly enthusiastic or negative reviews are red flags. Jargon that repeats a product's full name or model number is another potential giveaway. When it comes to AI, research conducted by Balázs Kovács, a Yale professor of organization behavior, has shown that people can't tell the difference between AI-generated and human-written reviews. Some AI detectors may also be fooled by shorter texts, which are common in online reviews, the study said. However, there are some “AI tells” that online shoppers and service seekers should keep it mind. Panagram Labs says reviews written with AI are typically longer, highly structured and include “empty descriptors,” such as generic phrases and attributes. The writing also tends to include cliches like “the first thing that struck me” and “game-changer.”