By Dr Upul Wijayawardhana Biden seems to be synonymous with blundering when it comes to politicos, though he is not in isolation. There does not seem to be a dearth of blundering politicos around the world! The latest to join that lot is the president of South Korea Yoon Suk Yeol. His declaration of martial law on 03 December took not only the South Koreans but also the entire world by surprise. Though South Korea has a troubled past, being ruled by dictators for nearly four decades under martial law on countless occasions, transitioning to a democracy only in 1988, the world has come to regard it as a prosperous democracy. Giants of consumer electronics like Samsung and LG as well as car manufacturers like Hyundai and KIA raised the profile of South Korea which was recently enhanced by the worldwide popularity of K-Pop. In this scenario, President Yoon’s sudden declaration of martial law, on the false premise that the opposition is Communist, has tarnished the reputation of the country. Though the members of parliament circumvented many difficulties to assemble and unanimously oppose his declaration, when it came to his impeachment, members of his party walked out. Politicians are the same, wherever in the world, putting self-interest over that of the country! Europe seems to be in turmoil. The highest court in Romania has annulled the presidential election result. Germany was plunged into a political crisis in November, after the Chancellor Olaf Scholtz fired his finance minister, who was from a different party of his coalition, accusing him of putting party before the country. Scholtz has caused the government to face a vote of confidence on 16 December, which he is predicted to lose resulting in a fresh election in February. The other driving force in EU, France is in no better shape. President Emanuel Macron’s gamble of a snap election, shortly before the Paris Olympics, did not pay off and his party is now running a minority government. Michel Barnier, whom he appointed as PM in September, attempted to push through his radical budget utilising a legal loophole, resulting in a no-confidence vote. For the first time in over 60 years the French parliament voted down a government! Barnier lasted a little longer than UK’s Liz Truss and will remain as caretaker PM till Macron finds a replacement; no one knows when! Considering all this turmoil, one would have expected the UK to be stable as the Labour party swept the boards in the July election. However, the reality is just the opposite. A disastrous budget has thrown into question economic prosperity, private sector shying away from investment not only due to adverse budgetary proposals but also because of strengthening of trade union rights with no reciprocations from the unions. On 29 November, Louise Haigh, the Secretary of State for Transport, resigned when it was reported in the press that she had pleaded guilty to fraud by false representation relating to misleading the police in 2014. In 2013, she had reported to the police that on a night out, she was mugged and lost the mobile phone provided by her then employer, insurance giant Aviva. Aviva provided her with a better phone. She found the old phone and started using it without informing the police. It is alleged that the mugging incident was a ruse to get a better mobile! When police interviewed her, she opted for “no comment” on legal advice and when she was charged, she pleaded guilty, also on legal advice! She resigned from Aviva and entered parliament in 2015 and held many shadow ministerial posts before taking the transport portfolio of the Labour government. Though she maintains that the PM was aware of her spent conviction, at the time she was appointed to the Cabinet, PM’s office has stated that she had not made a full disclosure. There are rumours that she was ‘eased-off’ as she belongs to the Left of the party, having previously been a staunch supporter of Jeremy Corbyn! Probably, sensing the lack of success of his government, on 05 December, Keir Starmer had a relaunch in Pinewood studios, famous for filming Carry-On films and some Bond movies, where he presented seven pillars, six milestones, five missions and three foundations on which he wanted the voters to judge him at the end of term. His joke that he may be a James Bond fell flat and some journalists have branded this as a ‘parade of buzzwords’! Returning to Biden, his dementia seems to be getting worse as he seems to have forgotten what he said just two months ago, that he would not barter his principles even if it means that his son would end up in jail! His reversal is all the more surprising because his pardon extends much further than granting clemency to Hunter Biden’s federal tax and gun convictions, being a blanket grant of immunity for any federal offences he may have committed between 01 January 2014 to 01 December 2024. It is interesting that this period covers the period when Biden Hunter was a director of the Ukrainian gas company Burisma and had deals with China, which Trump wanted probed. The new dawn in Sri Lanka also seems to be getting further away as the new government seems to be increasingly realising that it is easier to be in opposition! It is interesting that there is no uproar though the price of a coconut is now based on half a coconut! Like previous governments, accusations are made of rice mafias but, in spite of the massive mandate, no action seems to be taken except an NPP MP alleging that one of them is in the national list of an opposition party! The government is just following the predecessors by deciding to import rice. President, it is reported, has fixed the price of various varieties of rice and it would be interesting to see what happens. The vociferous former election chief has challenged the Speaker of the Parliament to produce proof of his doctorate. Do hope he will do so, in the spirit of the promised transparency! PTA, which was much maligned by the NPP whilst in opposition, is being used to control social media posts! judges declare the police is shooting the messengers instead of prosecuting those who glorify terrorists. I do not have to go to details as the editorial, ‘From ‘traitors’ to ‘racists’ ( The Island , 7 December) bares it all and do hope the new government takes the editor’s warning seriously!Trump asks Supreme Court to delay TikTok ban so he can weigh in after he takes office
No fewer than 6,500 undergraduate and postgraduate students will be graduating at the 34th and 35th combined convocation ceremonies of the Federal University of Technology Akure (FUTA) for the 2022/2023 and 2023/2024 academic sessions. At the main event scheduled for Friday November 29th and Saturday November 30th and which will be presided over by the Chancellor, the Emir of Katagum, Alhaji Umar Farouk II, five hundred and nineteen (519) students will graduate with first class honours degrees. Briefing Journalists on Friday, the Vice Chancellor, Professor Adenike Oladiji, said: “This year’s convocation is a combination of the 2022/2023 and 2023/2024 academic sessions and will have three valedictorians emerging as overall best students. The trio are Faromika, Ifeoluwa Faith of the Department of Electrical and Electronics Engineering and Vitowanu, Johnbull Anuoluwapo of the Department of Industrial and Production Engineering as best Graduating Students for the 2022/2023 Academic Session with a CGP of 4.96 each, while AJAKAYE, Oluwasegun Joshua of the Department of Metallurgical and Materials Engineering is best Graduating Student for the 2023/2024 Academic Session with a CGP of 4.95.” Professor Oladiji said that the week-long ceremony which began on Friday, would climax with the Award of first Degrees, Post graduate diplomas, Masters Degrees and Doctorate Degrees on the 29th and 30th of November 2024. Giving a breakdown of the class of degrees, she said 519 finished in the First-Class Division, 3,408 with Second Class Upper, 2,139 with Second Class Lower, and 339 in the Third-Class Division. According to her, the University will be conferring Postgraduate Diploma, Masters, and Doctoral degrees on 1,280 graduands: PGD, 344, Masters, 756, and PhD 180. Oladiji disclosed that the Convocation lecture titled: “Technological Innovations: A Panacea for Food Insecurity” would be delivered by the Minister of Interior, Dr Olubunmi Tunji-Ojo on Friday, November 29th. The Vice-Chancellor stated that the institution would also bestow honorary doctorates degrees on three Nigerians for their outstanding contributions to the society and FUTA. They are, the General Overseer of Mountain of Fire and Miracles Ministries, Professor Daniel Kolawole Olukoya, Doctor of Management Science (Honoris Causa), an International IT Expert and alumnus of FUTA, Mr. Joel Ogunsola, Doctor of Information and Communication Technology (Honoris Causa) and foremost University administrator and former Registrar of Obafemi Awolowo University, Mr. Ayorinde Olurinde Ogunruku, Doctor of Management Science (Honoris Causa). Also, Professor Oladiji disclosed that in appreciation of numerous selfless and dedicated contributions to the University and academia, as well as to continue to tap from their wealth of knowledge, three professors will be conferred with Professor Emeriti, namely Professor Adebisi Balogun, Emeritus Professor of Fish Nutrition and Agricultural Biochemistry, Professor (Venerable) Akin Laseinde, Emeritus Professor of Animal Production and Health and Professor Labunmi Lajide, Emeritus Professor of Organic and Medicinal Chemistry. Highlighting some of the achievements of the academic session. She said, “A team of students of the Federal University Technology, Akure (FUTA) emerged one of the best in a global international space competition organized by the American Astronautical Society based in Virginia, United States of America. The Can Size Satellite, CanSat FUTA team successfully emerged among the top five in the world and the first and only African University to partake in such competition. The project was executed at the University Sports Centre on Monday, October 7, 2024. “In addition, the position of the Federal University of Technology Akure as a leading research-intensive institution with global relevance and recognition was confirmed, as a number of its faculty members and alumni earned pride of place in the ranking of the Top 2% scientists in the world.” “Further, she said that the National Universities Commission (NUC), has given full accreditation status to eighteen programmes it assessed at the FUTA. “The result is hinged on the accreditation exercise conducted by the Commission between October and November 2023. The accreditation is valid for five years commencing from the 2023/2024 academic session in accordance with the Core Curriculum Minimum Academic Standard (CCMAS). “In all the university has fifty-nine (59) programs and none has been denied accreditation.” The Vice Chancellor said that the University under her watch has continued to make giant strides in teaching, research and community service saying FUTA has retained her position as the country’s Best University of Technology. She said: ” I am very optimistic that with a very stable and convivial industrial ambience we shall take FUTA to higher heights.” The Chairman, Ceremonials Committee, Professor Eunice Adeparusi, said the university has put adequate measures in place to ensure that the ceremony is successful. She added that security and transport personnel would be on ground for effective traffic control, commuter movement and safety of lives and property. She expressed optimism that the convocation ceremony will run without any hitch.
CRANFORD, N.J. , Dec. 27, 2024 /PRNewswire/ -- Citius Oncology, Inc. ("Citius Oncology" or the "Company") (Nasdaq: CTOR), a specialty biopharmaceutical company focused on the development and commercialization of novel targeted oncology therapies, 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 "Reflecting on 2024, Citius Oncology has achieved pivotal milestones that underscore our commitment to advancing cancer therapeutics," stated Leonard Mazur , Chairman and CEO of Citius Oncology. "The FDA's approval of LYMPHIR for the treatment of cutaneous T-cell lymphoma marks a significant advancement in providing new options for patients battling this challenging disease. It is the only targeted systemic therapy approved for CTCL patients since 2018 and the only therapy with a mechanism of action that targets the IL-2 receptor. Additionally, the successful merger forming Citius Oncology, now trading on Nasdaq under the ticker CTOR, strengthens our position in the oncology sector. We expect it to facilitate greater access to capital to fund LYMPHIR's launch and the Company's future growth. With a Phase I investigator-initiated clinical trial combining LYMPHIR with pembrolizumab demonstrating promising preliminary results, indicating potential for enhanced treatment efficacy in recurrent solid tumors, and preliminary results expected from a second investigator trial with CAR-T therapies in 2025, we remain excited about the potential of LYMPHIR as a combination immunotherapy." "These accomplishments reflect the dedication of our team and the trust of our investors. As we look ahead, we remain steadfast in our mission to develop innovative therapies that improve the lives of cancer patients worldwide," added Mazur. FULL YEAR 2024 FINANCIAL RESULTS: Research and Development (R&D) Expenses R&D expenses were $4.9 million for the full year ended September 30, 2024 , compared to $4.2 million for the full year ended September 30, 2023 . The increase reflects development activities completed for the resubmission of the Biologics License Application of LYMPHIR in January 2024 , which were associated with the complete response letter remediation. General and Administrative (G&A) Expenses G&A expenses were $8.1 million for the full year ended September 30, 2024 , compared to $5.9 million for the full year ended September 30, 2023 . The increase was primarily due to costs associated with pre-commercial and commercial launch activities of LYMPHIR including market research, marketing, distribution and drug product reimbursement from health plans and payers. Stock-based Compensation Expense For the full year ended September 30, 2024 , stock-based compensation expense was $7.5 million as compared to $2.0 million for the prior year. The primary reason for the $5.5 million increase was due to the amounts being realized over 12 months in the year ended September 30, 2024 , as compared to three months post-plan adoption in the year ended September 30, 2023 . Net loss Net loss was $21.1 million , or ($0.31) per share for the year ended September 30, 2024 , compared to a net loss of $12.7 million , or ($0.19) per share for the year ended September 30, 2023 . The $8.5 million increase in net loss was primarily due to the increase in our operating expenses. About Citius Oncology, Inc. Citius Oncology specialty is a biopharmaceutical company focused on developing and commercializing novel targeted oncology therapies. In August 2024 , its primary asset, LYMPHIR, was approved by the FDA for the treatment of adults with relapsed or refractory CTCL who had had at least one prior systemic therapy. Management estimates the initial market for LYMPHIR currently exceeds $400 million , is growing, and is underserved by existing therapies. Robust intellectual property protections that span orphan drug designation, complex technology, trade secrets and pending patents for immuno-oncology use as a combination therapy with checkpoint inhibitors would further support Citius Oncology's competitive positioning. Citius Oncology is a publicly traded subsidiary of Citius Pharmaceuticals. For more information, please visit www.citiusonc.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 Oncology. 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 Oncology 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 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; our dependence on third-party suppliers; our ability to procure cGMP commercial-scale supply; risks related to research using our assets but conducted by third parties; our ability to obtain, perform under and maintain financing and strategic agreements and relationships; uncertainties relating to preclinical and clinical testing; 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 Oncology'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 ONCOLOGY, INC. CONSOLIDATED BALANCE SHEETS SEPTEMBER 30, 2024 AND 2023 2024 2023 Current Assets: Cash and cash equivalents $ 112 $ — Inventory 8,268,766 — Prepaid expenses 2,700,000 7,734,895 Total Current Assets 10,968,878 7,734,895 Other Assets: In-process research and development 73,400,000 40,000,000 Total Other Assets 73,400,000 40,000,000 Total Assets $ 84,368,878 $ 47,734,895 LIABILITIES AND STOCKHOLDERS' EQUITY Current Liabilities: Accounts payable $ 3,711,622 $ 1,289,045 License payable 28,400,000 — Accrued expenses — 259,071 Due to related party 588,806 19,499,119 Total Current Liabilities 32,700,429 21,047,235 Deferred tax liability 1,728,000 1,152,000 Note payable to related party 3,800,111 — Total Liabilities 38,228,540 22,199,235 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 and 67,500,000 shares issued and outstanding at September 30, 2024 and 2023, respectively 7,155 6,750 Additional paid-in capital 85,411,771 43,658,750 Accumulated deficit (39,278,587) (18,129,840) Total Stockholders' Equity 46,140,339 25,535,660 Total Liabilities and Stockholders' Equity $ 84,368,878 $ 47,734,895 CITIUS ONCOLOGY, INC. CONSOLIDATED STATEMENTS OF OPERATIONS FOR THE YEARS ENDED SEPTEMBER 30, 2024 AND 2023 2024 2023 Revenues $ — $ — Operating Expenses: Research and development 4,925,001 4,240,451 General and administrative 8,148,929 5,915,290 Stock-based compensation – general and administrative 7,498,817 1,965,500 Total Operating Expenses 20,572,747 12,121,241 Loss before Income Taxes (20,572,747) (12,121,241) Income tax expense 576,000 576,000 Net Loss $ (21,148,747) $ (12,697,241) Net Loss Per Share – Basic and Diluted $ (0.31) $ (0.19) Weighted Average Common Shares Outstanding – Basic and Diluted 68,053,607 67,500,000 CITIUS ONCOLOGY, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS FOR THE YEARS ENDED SEPTEMBER 30, 2024 AND 2023 2024 2023 Cash Flows From Operating Activities: Net loss $ (21,148,747) $ (12,697,241) Adjustments to reconcile net loss to net cash provided by operating activities: Stock-based compensation expense 7,498,817 1,965,500 Deferred income tax expense 576,000 576,000 Changes in operating assets and liabilities: Inventory (2,133,871) - Prepaid expenses (1,100,000) (5,044,713) Accounts payable 2,422,577 1,196,734 Accrued expenses (259,071) (801,754) Due to related party 14,270,648 14,805,474 Net Cash Provided By Operating Activities 126,353 - Cash Flows From Investing Activities: License payment (5,000,000) - Net Cash Used In Investing Activities (5,000,000) - Cash Flows From Financing Activities: Cash contributed by parent 3,827,944 - Merger, net (2,754,296) - Proceeds from issuance of note payable to related party 3,800,111 - Net Cash Provided By Financing Activities 4,873,759 - Net Change in Cash and Cash Equivalents 112 - Cash and Cash Equivalents – Beginning of Year - - Cash and Cash Equivalents – End of Year $ 112 $ - Supplemental Disclosures of Cash Flow Information and Non-cash Activities: IPR&D Milestones included in License Payable $ 28,400,000 $LOS ANGELES -- Two-time Cy Young Award winner Blake Snell says it was a really easy decision to sign with the World Series champion Los Angeles Dodgers and the presence of three-time MVP Shohei Ohtani played a part, too. Snell was introduced Tuesday at Dodger Stadium accompanied by his agent Scott Boras. The left-hander finalized a $182 million, five-year contract last Saturday. “It was really easy just cause me and Haeley wanted to live here, it’s something we’ve been talking about for a while,” Snell said, referring to his girlfriend. “Then you look at the team. You look at what they’ve built, what they’re doing. It’s just something you want to be a part of.” Last month, Snell opted out of his deal with San Francisco to become a free agent for the second consecutive offseason after he was slowed by injuries during his lone year with the San Francisco Giants. Snell gets a $52 million signing bonus, payable on Jan. 25, and annual salaries of $26 million, of which $13.2 million each year will be deferred . Because Snell is a Washington state resident, the signing bonus will not be subject to California income tax. “It just played out the way that people around me felt comfortable with, I felt comfortable with, they felt comfortable with,” Snell said. “We talked and found something that could work for both of us. You want your worth, you want your respect, and you want enough time to where you can really make a name for yourself. I've made a name for myself outside of LA, but I'm going to be invested.” Two-way star Ohtani, who signed a record $700 million, 10-year deal a year ago, had a historic first season with the Dodgers. He helped them win the franchise's eighth World Series while playing only as designated hitter and became MVP in the National League for the first time after twice winning the award while in the American League. “It helps with him in the lineup for sure. That’s big motivation,” Snell said. “You want to be around players like that when you’re trying to be one of the best in the game. Yeah, it played a big part.” Snell joins Ohtani and fellow Japanese right-hander Yoshinobu Yamamoto atop Los Angeles’ rotation. All-Star Tyler Glasnow will be back after having his first season in LA derailed by a sprained elbow. Ohtani didn’t pitch this year while recovering from right elbow surgery but is expected back on the mound in 2025. The rest of the rotation includes Tony Gonsolin, Landon Knack, Dustin May, Bobby Miller and Emmet Sheehan. “I pitched on six-man, five-man, four-man rotations,” Snell said. “I'm good with it all as long as we have a plan, we'll execute it.” Snell, who turns 32 on Wednesday, went 5-3 with a 3.12 ERA in 20 starts this year, throwing a no-hitter at Cincinnati on Aug. 2 for one of only 16 individual shutouts in the major leagues this season. He struck out 145 and walked 44 in 104 innings. He was sidelined between April 19 and May 22 by a strained left adductor and between June 2 and July 9 by a strained left groin. Snell won Cy Young Awards in 2018 with Tampa Bay and 2023 with San Diego. He is 76-58 with a 3.19 ERA in nine seasons with the Rays (2016-20), Padres (2021-23) and Giants. He has known Andrew Friedman, Dodgers president of baseball operations, since he was 18. In the aftermath of winning the World Series and discussing how the Dodgers could repeat next year, Friedman said, “All conversations kept coming back to Blake.” “Usually in major league free agency, you're buying the backside of a guy's career, the accomplishments that they have had,” he said. “With Blake, one thing that's really exciting for us is, as much success as he's had, we feel like there's more in there." Snell was 2-2 against the Dodgers in his career. “We couldn’t beat him, so we’re going to have him join us,” Friedman said. .___ AP MLB: https://apnews.com/hub/MLB
In today’s newsletter, James Somers on how robots learn. And then: Why is gratitude so difficult? The Democratic Party’s failure on the opioid epidemic Rachel Syme’s holiday gift guide A Revolution in How Robots Learn A future generation of robots will not be programmed to complete specific tasks. Instead, they will use A.I. to teach themselves. Every time a video would go viral showing a humanoid robot jumping, dancing, or doing some other remarkable physical activity, there was a feeling among the general public that our wildest science-fiction dreams were just moments from coming to life. But inside the field of robotics itself, developments were happening far more slowly than in other similar technological fields, and straightforward practical applications, such as making a cup of coffee, remained out of reach. “A hopelessness hung over the whole enterprise,” James Somers writes, in this week’s issue . But that is changing—fast. “The last two years have been a dramatically steeper progress curve,” Carolina Parada, the leader of the robotics team at Google DeepMind, tells Somers. “This is the year that people really realized that you can build general-purpose robots.” The key development is that robots will no longer need to be programmed; instead they will learn through artificial intelligence, and then share that knowledge widely. “Once one robot has learned how to tie shoes, all of them can do it,” Somers writes. “Imagine copying and pasting not just a recipe for an omelette but the very act of making it.” Read or listen to the story » The Lede Did the Opioid Epidemic Fuel Donald Trump’s Return to the White House? New research suggests that the Democrats’ struggles in communities battling fentanyl addiction had little to do with economic theory or messaging, Benjamin Wallace-Wells reports. It was, more simply, a failure of political attention. Read the story » Why Is Gratitude So Difficult? Little Treats Galore: A Holiday Gift Guide The Operatic Drama of “Maria” Misses Its Cue “The Seed of the Sacred Fig” Is a Shattering Epic of Reproach A Ninety-Nine-Year-Old Lawyer’s Final Case in “Frank” Daily Cartoon Link copied Play today’s moderately challenging puzzle. A clue: Hip-hop journalist who hosted the Fox series “Pump It Up!” Nine letters. P.S. After his brief moment of consideration for Attorney General, Matt Gaetz swiftly moved on to a new venture: selling personalized videos (birthday wishes, pep talks, congratulations) on Cameo. Naomi Fry has written about how the video service took off during the pandemic , and why it offers a new way to think about our interactions with celebrities. “The transactional nature is out in the open,” she writes, “and videos swerve between overt, unapologetic shilling and surprisingly earnest sentiment.”Jimmy Carter, the 39th US president, has died at 100
A hairstylist’s assist, ‘divine intervention’ and $2.2 million for Inola High SchoolPSX continues with bullish trend, gains 469 more points
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 Outstanding