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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 $Nxu CFO Sarah Wyant sells $8,219 in stockThursday, December 26, 2024 Uber continues to revolutionize global transportation by offering an array of unique ride options that extend far beyond traditional car rides. With services now available in over 10,000 cities across 70 countries on six continents, the ride-hailing giant is constantly innovating to cater to diverse travel needs and experiences. In 2024, Uber introduced several exciting transportation options, including the launch of Uber Shikara on Dal Lake in Srinagar, India. This service allows up to four passengers to enjoy an hour-long ride on the region’s traditional wooden boats, with all proceeds going directly to the boat operators. Meanwhile, in the U.S., Uber Shuttle debuted in New York City, providing airport shuttle services between Midtown Manhattan and LaGuardia Airport for $18. Uber Shuttle has also expanded globally, operating in cities across India, Brazil, Mexico, and Egypt. For water enthusiasts, Uber offers Uber Boat services in destinations like London, Greece, and Venice. The Uber Boat on the River Thames in London provides both point-to-point tickets and hop-on, hop-off passes. Seasonal luxury options included the Uber Yacht in Ibiza and the “Limo Boat” in Venice, catering to travelers seeking premium water transport. Uber’s aerial ambitions are set to take flight again in 2025. The company plans to launch electric vertical takeoff and landing (eVTOL) air taxis in New York City and Los Angeles in partnership with Joby Aviation. These eco-friendly and quieter aircraft will connect destinations within a 100-mile radius, marking a significant step forward in Uber’s Advanced Air Mobility initiatives. Uber previously experimented with helicopter services, including Uber Copter in New York City and UberCHOPPER in the UAE. The latter offered Formula 1 Grand Prix visitors helicopter rides between Dubai and Abu Dhabi for a one-day promotional event. Uber continues to delight with seasonal services. In 2024, the company reintroduced Uber Safari in Cape Town, South Africa, taking passengers on day trips through Aquila Private Game Reserve for $200. In 2022, Uber even offered Uber Sleigh rides in Lapland, Finland, complete with reindeer and snow. Beyond rides, the Uber app also allows users to book electric Lime bikes and scooters , as well as rental cars delivered to their doorstep, underscoring its commitment to multimodal transportation solutions. Uber is making strides in sustainability with plans to launch the UK’s first fully electric cross-river passenger ferry on London’s River Thames in 2025. The company also continues to explore autonomous driving technologies, aiming to revive its robotaxi initiatives as part of its long-term vision. As the company ventures further into new modes of transportation, it remains a dominant player in the mobility market. With plans to expand flight and boat services in 2025 and continued innovations in sustainable and autonomous travel, Uber is poised to redefine how people move around the world. With a range of options spanning cars, boats, air taxis, and even bikes, Uber is ensuring that no matter where you are, there’s a ride option tailored for your needs.
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Samsung to Slash Foldable Phone Production in 2025: Is the Foldable Hype Fading?S&P/TSX composite rises Wednesday while U.S. markets move lower TORONTO — Canada's main stock index rose Wednesday, helped by strength in telecommunication and utility stocks, while U.S. stock markets moved lower. The S&P/TSX composite index closed up 83.16 points at 25,488.30. Canadian Press Nov 27, 2024 1:24 PM Share by Email Share on Facebook Share on X Share on LinkedIn Print Share via Text Message The TMX Market Centre is shown in Toronto, Wednesday, Sept. 11, 2024. THE CANADIAN PRESS/Paige Taylor White Listen to this article 00:01:35 TORONTO — Canada's main stock index rose Wednesday, helped by strength in telecommunication and utility stocks, while U.S. stock markets moved lower. The S&P/TSX composite index closed up 83.16 points at 25,488.30. In New York, the Dow Jones industrial average was down 138.25 points at 44,722.06. The S&P 500 index was down 22.89 points at 5,998.74, while the Nasdaq composite was down 115.10 points at 19,060.48. The Canadian dollar traded for 71.25 cents US compared with 71.01 cents US on Tuesday. The January crude oil contract was down five cents at US$68.72 per barrel and the January natural gas contract was down 27 cents at US$3.20 per mmBTU. The February gold contract was up US$18.50 at US$2,664.80 an ounce and the March copper contract was up two cents at US$4.14 a pound. This report by The Canadian Press was first published Nov. 27, 2024. Companies in this story: (TSX:GSPTSE, TSX:CADUSD) The Canadian Press See a typo/mistake? Have a story/tip? This has been shared 0 times 0 Shares Share by Email Share on Facebook Share on X Share on LinkedIn Print Share via Text Message More National Business Trump's tariffs would devastate auto sector, raise consumer costs: industry leaders Nov 27, 2024 1:14 PM Stock market today: Losses for Big Tech pull US indexes lower Nov 27, 2024 1:06 PM Industry not consulted on Alberta's plan to challenge federal emissions cap Nov 27, 2024 12:19 PM Featured Flyer
An impeachment complaint was filed against Philippines Vice President Sara Duterte by civil society groups, deepening a political crisis over her feud with President Ferdinand Marcos Jr. Duterte engaged in “culpable violations of the Constitution, graft and corruption, bribery, betrayal of public trust, and other high crimes,” according to a statement from Akbayan, a progressive political alliance. A spokesperson for Duterte said the matter has been relayed to her. “The Vice President has reduced public office to a platform for violent rhetoric, personal enrichment, elitist entitlement and a shield for impunity,” Teresita Quintos Deles, one of the complainants, said in the statement. “Her actions desecrate our institutions, and her continued grip on power insults every Filipino who stands for good governance and the rule of law.” The complaint was filed at the House of Representatives just three days after Marcos said he would oppose any impeachment effort as a potential distraction that could slow reforms, calling his dispute with his deputy a “storm in a teacup.” The filing is expected to undergo hearings by a house committee, a majority of which must vote for it to be taken up by the entire chamber. The complaint will then need backing from at least one-third of all house members for a Senate trial to proceed. Marcos’s allies control the House of Representatives but a conviction at the Senate may prove challenging, as an impeachment proceeding could alienate Duterte’s supporters ahead of the midterm elections in May. Just two years after they won election on a joint ticket, Duterte’s relationship with Marcos has completely fractured, and she claimed late last month that — in the event of her death — she had arranged for the killing of the president, his wife and his cousin, the house speaker. She subsequently said her livestreamed remarks had been taken out of context, but her father, ex-President Rodrigo Duterte, has previously publicly bragged of directing a “death squad” to kill criminals. Indeed, Rodrigo Duterte last week asked for the military to correct what he saw was “fractured governance,” remarks that some interpreted as a call for the army to intervene, even as he said he wasn’t calling for a coup. The police last week also filed a complaint against Sara Duterte and her security detail over allegations of assault and coercion following an incident involving the transfer of her chief of staff to a government hospital from the House of Representatives, where the staffer was detained. Monday’s complaint, by a group that included civil society leaders and former government officials, and which was endorsed by Congressman Perci Cendaña from Akbayan, said Duterte violated her constitutional oath and engaged in gross misconduct. That included her alleged misuse of confidential funds provided to the office of the vice president, along with sundry alleged misdeeds at other times in her career, including when she was mayor of Davao City and head of the education department. The complaint also cited Sara Duterte’s alleged “meltdown” when she apparently contracted an assassin to kill Marcos and house Speaker Martin Romualdez, according to the statement. Her claims showed “the depths and/or extent of her mental incapacity, her depravity, and lack of mental fitness to continue holding the office.” News of the impeachment effort came late in the trading day in the Philippines, where the benchmark stock index rose 2 percent.NCAA Field Hockey: Saint Joseph’s stuns UNC, will take on Northwestern for title
After closing the books on a banner year for U.S. stocks, investors expect to ride seasonal momentum into mid-January when a slew of economic data and a transition of power in Washington could send markets moving. The S&P 500 SPX rose almost 27% in 2024 through Dec. 26, while the technology-heavy Nasdaq Composite index , which surpassed 20,000 for the first time in December, is up 33.4%. November through January is traditionally a strong period in the market, said Michael Rosen, chief investment officer at Angeles Investments. Additionally, stocks tend to do well in the last five trading days of December and into the first two days of January, a phenomenon dubbed the Santa Claus rally, which has driven S&P gains of an average of 1.3% since 1969, according to the Stock Trader’s Almanac. For the last four trading sessions, the S&P rose 2.91%, while the Nasdaq is up 3.3%, lifting hopes for a repeat. “The underlying data suggests that that’s likely to continue,” Rosen said. Just how long that momentum lasts will depend on several forces that could help drive markets in 2025. Monthly U.S. employment data on Jan. 10 should give investors a fresh view into the health and strength of the U.S. economy. Job growth rebounded in November following hurricane- and strike-related setbacks earlier in the year. The market’s strength will be tested again shortly after, when U.S. companies start reporting fourth-quarter earnings. Investors anticipate a 10.6% earnings per share growth in 2025, versus a 12.16% expected rise in 2024, according to LSEG data, although excitement over President-elect Donald Trump’s policies is expected to boost the outlook for some sectors, like banks, energy and crypto. “There’s the hope that taxes and regulations will be lowered or reduced next year, that will help support corporate profits, which are what drive the market in the first place,” said Rosen. Trump’s inauguration on Jan. 20 could also throw the markets some curve balls. He is expected to release at least 25 executive orders in his first day on a range of issues from immigration to energy and crypto policy. Trump has also threatened tariffs on goods from China and levies on products from both Mexico and Canada, as well as to crack down on immigration, creating costs that companies could ultimately pass on to consumers. Helen Given, associate director of trading at Monex USA, said a new administration always brings with it a large degree of uncertainty. There is also a good chance the impact of the Trump administration’s expected trade policies is far from fully priced into global currency markets, she added. “We’re looking ahead to see which of those proposed policies actually are enacted, which might be further down the pipeline,” Given said, adding she expected a big impact on the euro, Mexican peso, the Canadian dollar, and the Chinese yuan. The conclusion of the Federal Reserve’s first monetary policy meeting of the year in late January could also present a challenge to the U.S. stocks rally. Stocks tumbled on Dec. 18 when the Fed implemented its third interest-rate cut for the year and signaled fewer cuts in 2025 because of an uncertain inflation outlook, disappointing investors who had expected lower rates to boost corporate profits and valuations. Still, that could be good for alternative assets like cryptocurrencies. The incoming crypto-friendly Trump administration is adding to a number of catalysts that are boosting crypto investors’ confidence, said Damon Polistina, head of research at investment platform Eaglebrook Advisors. Bitcoin surged above $107,000 this month on hopes of friendlier Trump policies. “Crypto is viewed broadly as a kind of risk on assets. So, any Fed cutting rates is a positive... Any positive economic data in early January will help maintain the momentum that we’re seeing,” Polistina added. Source: ReutersAnimation Guild Reaches Tentative Deal With Studios After Bargaining Over AI Guardrails and More
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KNOXVILLE, Tenn. (AP) — Chaz Lanier scored 18 and No. 7 Tennessee extended its season-opening winning streak to seven games with a 78-35 victory over UT Martin on Wednesday. Felix Okpara had 10 points and 11 rebounds for the Volunteers (7-0). Zakai Zeigler added 11 points and nine assists, and Igor Milicic had 13 rebounds and nine points. The Skyhawks (2-5) were led by Josu Grullon's 15 points. Lanier scored 11 points in the first half as Tennessee built a 35-20 lead at the half. Grullon had 10 for UT Martin. UT Martin: Dropped its fifth straight after two opening wins under first-year coach Jeremy Shulman. After 21 wins last year, the Skyhawks brought in 16 newcomers this season. They are picked to finish 10th in the Ohio Valley Conference. Tennessee: After receiving the news that 6-foot-9 sophomore J.P. Estrella will miss the entire season with a foot injury, the Vols have had to go back to the drawing board to determine their rotation on the front court. Estrella had been coming off the bench with Cade Phillips to spell Igor Milicic and Felix Okpara. What that big man rotation looks like will be interesting. From late in the first half to early in the second half, Tennessee scored 14 straight points and turned a 10-point lead into a 44-20 advantage. Zakai Zeigler had five of those points. UT Martin committed 18 turnovers. Five of those were shot-clock violations. Tennessee scored 24 points off the turnovers. UT Martin will be at Charleston Southern next Tuesday. Tennessee will host Syracuse next Tuesday in the SEC/ACC Challenge. Get poll alerts and updates on the AP Top 25 throughout the season. Sign up here . AP college basketball: https://apnews.com/hub/ap-top-25-college-basketball-poll and https://apnews.com/hub/college-basketballBRUNSWICK, Georgia (AP) — A car similar to one driven by a wealthy New York couple missing for more than four decades has been found in a south Georgia pond near the hotel where they were last seen, police in Georgia said. Retired oil executive Charles Romer, 73, and his wife Catherine, 75, vanished with their 1978 Lincoln in the spring of 1980. The Scarsdale, New York, couple were returning home from Miami Beach, Florida, and checked into a Holiday Inn in Brunswick, Georgia. Hotel employees were concerned that their bed had not been slept in and reported them missing. On Friday, a team from Florida that uses sonar to find missing objects discovered a vehicle submerged in a pond near Interstate 95 that matched the description of the Romers' vehicle, Glynn County police said. A human bone was also found inside the vehicle, they said. The pond is being drained, and the Georgia Bureau of Investigation is assisting in the investigation. “At this time there is no conclusion about the identity of the remains that were found,” police said in a statement. The statement did not speculate on what might have happened to the Romers, but at the time of their disappearance, law officers expressed concerns about foul play. Catherine Romer was wearing about $81,000 worth of jewelry at the time, and police said one theory was that thieves burglarized their motel room, The Associated Press reported previously. “We all felt with our experience that these people had been kidnapped and killed for her jewelry, and the vehicle and the bodies were hidden in the water,” rescue diver George Baker, who searched for the car over the years, told the AP in 1998.
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