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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 wooden slips were discovered during an excavation in the ancient capital city of Buyeo, located in present-day South Korea. Buyeo, also known as Sabi, was the capital of the Baekje Kingdom, one of the Three Kingdoms of Korea, which had close political and cultural ties with China during the 4th to 7th centuries.In life, challenges often present themselves in unexpected ways, pushing us to our limits and testing our resilience. For one extraordinary couple, their journey of self-reinvention began with an abundance of radishes and a dream to create something extraordinary. Over the course of 7 years and with 50,000 kilograms of radishes, they embarked on a remarkable culinary adventure that not only transformed their lives but also inspired others with their unwavering spirit of perseverance and innovation.

Saturday’s contest at Bon Secours Wellness Arena has the Furman Paladins (9-1) taking on the South Carolina State Bulldogs (5-6) at 12:00 PM ET. Our computer prediction is a lopsided 77-63 victory, as our model heavily favors Furman. According to our computer prediction, Furman projects to cover the 12.5-point spread in its matchup against South Carolina State. The over/under is listed at 141.5, and the two sides are projected to go under that total. Catch tons of live college basketball , plus original programming, with ESPN+ or the Disney Bundle. Place your bets on any men’s college basketball matchup at BetMGM. Sign up today using our link. Furman has a 7-1-0 record against the spread so far this season compared to South Carolina State, who is 5-4-0 ATS. The Paladins have a 2-6-0 record going over the point total, while games involving the Bulldogs have a record of 4-5-0 when it comes to hitting the over. The teams score an average of 156 points per game, 14.5 more points than this matchup’s total. Bet on this or any men’s college basketball matchup at BetMGM. Rep your favorite players with officially licensed gear. Head to Fanatics to find jerseys, shirts, hats, and much more. Not all offers available in all states, please visit BetMGM for the latest promotions for your area. Must be 21+ to gamble, please wager responsibly. If you or someone you know has a gambling problem, contact 1-800-GAMBLER .

Record numbers of basketball fans filled arenas to watch the rookie seasons of Caitlin Clark and Angel Reese unfold. Simone Biles captivated the world at the 2024 Paris Olympics. Coco Gauff made women’s tennis history. It was all part of a pivotal year for women in sports, financially and culturally, and after a steady rise in popularity and reach in recent years, the women’s game is more valuable than ever. “(Clark) just moved the needle of the global movement of women in sports,” said softball great and Olympic gold medalist Jennie Finch, “and what a thrill it’s been to be able to see her rise.” The consulting firm Deloitte estimated in November 2023 that women’s sports would generate more than $1 billion in global revenue this year for the first time ever, which the company said is up about 300% from its last estimate in 2021. Skyrocketing viewership and corporate sponsorships were major factors. The WNBA in July signed a historic 11-year media rights deal with Disney, Amazon Prime and NBC valued at about $200 million — a jump from about $60 million currently. Players hope higher salaries and a greater share of revenue could be on the horizon as parity, star power and competition in the WNBA continue to grow. The WNBA had its most-watched regular season in 24 years and best attendance in 22 seasons, and commissioner Cathy Engelbert said in a recent state-of-the-league address that players are getting a lot more marketing deals, turning them into household names. That includes Las Vegas star A’ja Wilson, who had one of the most dominant seasons in WNBA history, and Clark, who set numerous rookie records. The decisive Game 5 of the WNBA finals between the New York Liberty and the Minnesota Lynx drew an average of 2.2 million viewers, peaking at 3.3 million, which made it the most-watched WNBA game in 25 years. “We’ve been growing in popularity, endorsements, media rights, all of those things,” said Amira Rose Davis, a sports historian and assistant professor at the University of Texas at Austin. “This period is one of rapid acceleration,” Davis continued, “where all that growth seems to switch into overdrive, where the deals are getting bigger, where the visibility is stretching out.” Clark, the sharp-shooting Indiana guard became a phenomenon when she played at Iowa, capitalized on a foundation laid by hoops stars such as Diana Taurasi, Candace Parker and Wilson, and turbocharged the visibility of women’s basketball. Ticket sales to Indiana Fever games were up 182% in 2024 from the previous season. The Fever also shattered the attendance record of 13,398 set by the Liberty in 1998 with around 16,084 tickets sold per game. And games featuring Clark and her on-court rival Reese of the Chicago Sky prompted social media debates about basketball, race and culture. “Something that I always tried to do with me was rise and elevate the game,” said Finch, now an adviser for the Athletes Unlimited Softball League. “And that’s what (Clark)’s doing and her teammates. And just to be able to watch her do it and how humbly she does it, and the impact of not only domestic women’s basketball, but women’s athletics globally. It’s a dream.” While many point to the WNBA as a blueprint for success in women’s sports, accomplishments in 2024 went far beyond one league or athlete. Gauff, the 20-year-old tennis superstar, was the world’s highest-paid female athlete this year with $30.4 million in earnings, according to Sportico rankings. Gauff could not defend her 2023 U.S. Open title, but ended her 2024 season with a WTA finals title and a $4.8 million check — the biggest payout ever for a women’s tennis event, per Sportico. The Olympics neared complete gender parity for the first time among the more than 11,000 men and women who competed in Paris this summer. More than 34 million people across all NBC platforms in the U.S. watched Biles exorcise the demons of her surprising exit from the Tokyo games three years earlier. The 27-year-old shared a message of resilience and redemption as she added four gold medals to her resume. Nearly everything she did in Paris made headlines — a clap back at social media trolls, a revelation about her mental health, a moment of triumph. Her TikTok showing Team USA’s gold medals from team competition has more than 139 million views. “She became a symbol,” Davis said. “Whether you wanted to symbolize her as persevering, or talking about mental health or refusal, the politics of refusal. Or (whether) you wanted to symbolize her as being a quitter — being everything that you’re bemoaning about the country. Either way, both projections elevated her even more.” And as Gauff and Biles soared, other women’s leagues leveraged that visibility. The Pro Women’s Hockey League brought in 392,259 fans during its inaugural regular season, highlighted by a women’s hockey record crowd of 21,105 at the home arena of the NHL’s Canadiens for a Montreal-Toronto matchup. The league also reached sponsorship deals with Scotiabank, Air Canada and Hyundai. The PWHL’s strong first season showed its organizers and players that there’s an appetite for women’s sports, so much so that there are hopes to expand from six to eight teams in 2025. “For many of us that have been in the game for so long, it’s emotional to think about where the game’s come from, where we’ve come to,” said Jayna Hefford, the league’s senior vice president of hockey operations. “We spend a lot of time reading research and all these things that suggest the time is now and that the fandom is there. And to be able to live that and feel it in real time was pretty special.” Keith Stein and Justine Siegal want to capitalize on the women’s sports landscape too. Siegal, a former baseball player and coach, partnered with Stein, a lawyer and businessman, to create the Women’s Pro Baseball League, which last month announced plans to launch in 2026 as a six-team circuit for female players. It will be the first pro league for women since the All-American Girls Professional Baseball League dissolved in 1954. “Leagues like the WNBA and (National) Women’s Soccer League have done a lot of the heavy lifting,” Stein said, “and they’re part responsible for the moment we’re having right now where women’s sport is a phenomenon. “I think there’s, in some ways, a lot more momentum behind the development of professional women’s sports leagues than for men’s.” Get local news delivered to your inbox!