Detailed financial statements for Citius Pharmaceuticals, Inc. (CTXR): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year with up to 20 years of history.
Citius Pharmaceuticals, Inc. operates as a specialized pharmaceutical firm concentrating on the development and market introduction of critical care products. Its efforts are particularly directed towards anti-infective treatments supporting cancer care, various prescription medications, and pioneering mesenchymal stem cell therapies.
Analysis Summary
Trailing-twelve-month margins: gross margin 20.0%, operating margin -8.6%, net margin -6.5%.
At the current price of $0.56, CTXR has negative trailing earnings (P/E not meaningful) and an ROE of -67.15%. Market capitalisation stands at $6M.
Balance sheet quality for CTXR: current ratio of 0.6, net cash position of $2.4M. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Revenue | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cost of Revenue | $1343 | $2632 | $1753 | $893 | $152364 | $164868 | 0 | 0 | $209611 | $214250 |
| Gross Profit | -$1343 | -$2632 | -$1753 | -$893 | -$152364 | -$164868 | 0 | 0 | -$209611 | -$214250 |
| Research & Development | $2.9M | $2.9M | $6.6M | $8.6M | $8.8M | $12.2M | $17.7M | $14.8M | $11.9M | $9.2M |
| Selling, General & Admin | $4.5M | $7.1M | $7.2M | $7.0M | $8.7M | $11.1M | $15.7M | $21.9M | $18.2M | $18.5M |
| Operating Expenses | $7.4M | $10.0M | $13.8M | $15.6M | $17.6M | $23.4M | $33.3M | $36.7M | $42.0M | $38.3M |
| Operating Income | -$7.4M | -$10.0M | -$13.8M | -$15.6M | -$17.7M | -$23.5M | -$33.3M | -$36.7M | -$42.0M | -$38.5M |
| EBITDA | -$7.4M | -$10.0M | -$13.8M | -$15.5M | -$17.6M | -$23.4M | -$33.1M | -$36.5M | -$38.6M | -$38.2M |
| Interest Expense | $8994 | $850789 | $15838 | $16443 | $15673 | $10839 | 0 | 0 | 0 | $267782 |
| Pre-tax Income | -$8.3M | -$10.4M | -$12.5M | -$15.6M | -$17.5M | -$23.1M | -$33.1M | -$32.0M | -$38.8M | -$38.7M |
| Income Tax | $8994 | 0 | 0 | $16443 | 0 | 0 | $576000 | $576000 | $576000 | $1.1M |
| Net Income | -$8.3M | -$10.4M | -$12.5M | -$15.6M | -$17.5M | -$23.1M | -$33.6M | -$32.5M | -$39.1M | -$37.4M |
| EPS | $-2.29 | $-1.89 | $-1.17 | $-0.77 | $-11.20 | $-5.64 | $-5.75 | $-5.57 | $-5.97 | $-3.38 |
| EPS (Diluted) | $-2.29 | $-1.89 | $-1.17 | $-0.77 | $-11.20 | $-5.64 | $-5.75 | $-5.57 | $-5.97 | $-3.38 |
| Shares Outstanding (Diluted) | $241547 | $365500 | $715458 | $1.3M | $1.6M | $4.3M | $5.8M | $6.1M | $11.6M | $11.1M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Revenue | 0 | $3.9M | $1.7M | $1.5M |
| Gross Profit | -$62038 | $2.6M | -$381892 | -$718367 |
| Operating Income | -$8.4M | -$9.0M | -$32.2M | -$11.7M |
| EBITDA | -$8.3M | -$8.4M | -$30.4M | -$10.0M |
| Net Income | -$8.0M | -$8.2M | -$21.2M | -$8.9M |
| EPS | $-0.44 | $-0.38 | $-0.95 | $-0.34 |
| EPS (Diluted) | $-0.44 | $-0.38 | $-0.95 | $-0.34 |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Cash & Equivalents | $294351 | $3.2M | $9.2M | $7.9M | $13.9M | $70.1M | $41.7M | $26.5M | $3.3M | $4.3M |
| Short-term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Receivables | 0 | 0 | $818343 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | $8.3M | $22.3M |
| Total Current Assets | $892835 | $3.4M | $10.1M | $7.9M | $14.0M | $72.8M | $44.6M | $34.4M | $14.2M | $27.9M |
| Property, Plant & Equipment | $3742 | $3236 | $1483 | $590 | $987781 | $829851 | $650174 | $455858 | $246247 | $818694 |
| Goodwill | $1.6M | $1.6M | $1.6M | $1.6M | $9.3M | $9.3M | $9.3M | $9.3M | $9.3M | $9.3M |
| Intangible Assets | $19.4M | $19.4M | $19.4M | $19.4M | $19.4M | $59.4M | $59.4M | $59.4M | $92.8M | $92.8M |
| Total Assets | $22.0M | $24.4M | $31.1M | $29.0M | $43.8M | $142.4M | $114.0M | $103.6M | $116.7M | $130.9M |
| Accounts Payable | $909156 | $602431 | $1.6M | $2.7M | $1.9M | $1.3M | $1.2M | $2.9M | $4.9M | $13.7M |
| Short-term Debt | $672970 | $172970 | $172970 | $172970 | $172970 | $177237 | 0 | 0 | 0 | $1.0M |
| Total Current Liabilities | $5.2M | $2.5M | $3.2M | $4.6M | $4.1M | $4.0M | $4.5M | $5.8M | $35.8M | $44.9M |
| Long-term Debt | 0 | 0 | 0 | 0 | $164583 | 0 | 0 | 0 | 0 | 0 |
| Total Liabilities | $5.2M | $2.5M | $3.2M | $4.6M | $10.1M | $9.6M | $10.6M | $12.2M | $42.5M | $53.4M |
| Retained Earnings | -$17.3M | -$27.7M | -$40.3M | -$55.8M | -$70.6M | -$96.0M | -$129.7M | -$162.2M | -$201.4M | -$238.8M |
| Total Equity | $16.8M | $21.9M | $27.9M | $24.4M | $33.7M | $132.2M | $102.8M | $90.8M | $70.1M | $67.6M |
| Total Debt | $672970 | $172970 | $172970 | $172970 | $1.4M | $855471 | $678234 | $481245 | $262865 | $1.8M |
| Net Debt | $378619 | -$3.0M | -$9.0M | -$7.7M | -$12.5M | -$69.2M | -$41.0M | -$26.0M | -$3.0M | -$2.4M |
| Working Capital | -$4.3M | $955189 | $6.9M | $3.3M | $9.9M | $68.8M | $40.0M | $28.6M | -$21.6M | -$17.0M |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Cash & Equivalents | $4.3M | $7.7M | $4.6M | $17.0M |
| Total Assets | $130.9M | $140.4M | $132.5M | $142.3M |
| Total Liabilities | $53.4M | $46.9M | $63.5M | $66.3M |
| Total Equity | $67.6M | $80.0M | $61.5M | $66.6M |
| Total Debt | $1.8M | $1.8M | $808162 | $7.2M |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Net Income | -$8.3M | -$10.4M | -$12.5M | -$15.6M | -$17.5M | -$23.1M | -$33.6M | -$32.5M | -$39.4M | -$39.7M |
| Depreciation & Amortization | $1343 | $2632 | $1753 | $893 | $152364 | $164868 | $179677 | $194316 | $209611 | $214250 |
| Stock-based Compensation | $732151 | $986620 | $779701 | $715983 | $803261 | $1.5M | $3.9M | $6.6M | $11.8M | $10.8M |
| Change in Working Capital | $668163 | $115518 | $509846 | $2.2M | -$866968 | -$2.7M | $239555 | -$4.0M | -$1.7M | $1.1M |
| Operating Cash Flow | -$5.9M | -$8.0M | -$11.3M | -$12.4M | -$16.9M | -$24.3M | -$28.4M | -$29.1M | -$28.2M | -$26.6M |
| Capital Expenditure | 0 | -$2126 | 0 | 0 | -$1831 | -$40.0M | 0 | 0 | 0 | 0 |
| Acquisitions | $255748 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Stock Repurchased | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | -$5.9M | -$8.0M | -$11.3M | -$12.4M | -$16.9M | -$64.3M | -$28.4M | -$29.1M | -$28.2M | -$26.6M |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Operating Cash Flow | -$11.9M | -$13.0M | -$1.3M | -$8.7M |
| Capital Expenditure | $4 | 0 | 0 | 0 |
| Free Cash Flow | -$11.9M | -$13.0M | -$1.3M | -$8.7M |
| Dividends Paid | 0 | 0 | 0 | 0 |
| Stock-based Compensation | $2.9M | $4.3M | $3.8M | 0 |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Net Income Growth (YoY) | | -25.2% | -20.7% | -24.3% | -12.6% | -31.4% | -45.9% | +3.3% | -20.3% | +4.4% |
| EPS Growth (YoY) | | +17.5% | +38.1% | +34.2% | -1354.5% | +49.6% | -2.0% | +3.1% | -7.2% | +43.4% |
| Shares Change (YoY) | | +51.3% | +95.7% | +87.9% | +16.6% | +177.3% | +34.5% | +3.6% | +91.5% | -4.5% |
| FCF Growth (YoY) | | -35.1% | -41.9% | -9.9% | -36.1% | -279.5% | +55.9% | -2.5% | +3.0% | +5.8% |
| Effective Tax Rate | -0.1% | -0.0% | -0.0% | -0.1% | -0.0% | -0.0% | -1.7% | -1.8% | -1.5% | -2.7% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| FCF Per Share | $-24.43 | $-21.81 | $-15.82 | $-9.25 | $-10.81 | $-14.79 | $-4.85 | $-4.80 | $-2.43 | $-2.40 |
| Dividends Per Share | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Shares Outstanding (Basic) | $241547 | $365500 | $715458 | $1.3M | $1.6M | $4.3M | $5.8M | $6.1M | $11.6M | $11.1M |
What to look at in Biotech
Most small biotechs lose money. Analysing them with P/E makes no sense — look at cash and pipeline.
- Cash Runway — Months of cash at current burn rate. <18 months = urgent dilution risk
- Annual cash burn — Rate at which they burn operating cash. Compare with cash position to project runway
- Total Debt — Biotech with no revenue + debt = recipe for bankruptcy
- R&D / Market cap — How much they invest in pipeline vs the company value — research-intensity indicator
- Market cap / Cash — If it trades near its cash, the market assigns ~0 value to the pipeline — opportunity or trap
Profitability
| Return on Equity | -67.15% |
| Return on Invested Capital | -67.62% |
| Return on Assets | -32.53% |
| Gross Margin | 19.97% |
| Operating Margin | -863.92% |
| Net Margin | -651.27% |
Financial Health
| Debt / Equity | 0.11 |
| Current Ratio | 0.84 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| P/E | -103.11 | -41.70 | -35.68 | -24.60 | -2.32 | -9.00 | -5.26 | -3.07 | -2.10 | -0.37 |
| P/B | 3.40 | 1.31 | 1.07 | 1.04 | 1.21 | 1.67 | 1.72 | 1.14 | 2.07 | 0.20 |
| P/S | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Gross Margin | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Operating Margin | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Net Margin | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |