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)