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STUART, Fla. , Dec. 24, 2024 /PRNewswire/ -- Health In Tech, an Insurtech platform company backed by third-party AI technology, today announced the closing of its initial public offering of 2,300,000 shares of its Class A common stock at a public offering price of $4.00 per share, for gross proceeds of $9,200,000 , before deducting underwriting discounts, commissions, and estimated offering expenses. The Company has granted the underwriter an option, exercisable within 30 days from the date of the final prospectus, to purchase an additional 345,000 shares of Class A common stock from Health In Tech at the initial public offering price, less underwriting discounts and commissions. Assuming such option is fully exercised, the Company may raise a total of approximately US$10,580,000 in gross proceeds from the Offering Health In Tech intends to use the net proceeds from the offering for system enhancements, expansion of service offerings, sales and distribution channels, talent development and retention, working capital, and other general corporate purposes. American Trust Investment Services, Inc. acted as the sole book-running manager for the offering. A registration statement on Form S-1 (File No. 333-281853) relating to the shares was filed with the Securities and Exchange Commission and became effective on December 19, 2024 . This offering was made only by means of a prospectus, forming part of the effective registration statement. A copy of the prospectus relating to the offering can be obtained when available, by contacting American Trust Investment Services, Inc., 230 W. Monroe Street , Suite 300, Chicago, IL 60606, or via E-Mail at ECM@amtruinvest.com. This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of any securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. About Health In Tech Health in Tech ("HIT") is an Insurtech platform company backed by third-party AI technology. We offer a dynamic marketplace designed to create customized healthcare plan solutions while streamlining processes through vertical integration, process simplification, and automation. By eliminating friction and complexities, HIT enhances value propositions for employers and optimizes underwriting, sales, and service workflows for Managing General Underwriters (MGUs), insurance carriers, licensed brokers, and Third-Party Administrators (TPAs). Learn more at healthintech.com . Forward-Looking Statements Regarding Health In Tech Certain statements in this press release are forward-looking statements for purposes of the safe harbor provisions under the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements may include estimates or expectations about Health In Tech's possible or assumed operational results, financial condition, business strategies and plans, market opportunities, competitive position, industry environment, and potential growth opportunities. In some cases, forward-looking statements can be identified by terms such as "may," "will," "should," "design," "target," "aim," "hope," "expect," "could," "intend," "plan," "anticipate," "estimate," "believe," "continue," "predict," "project," "potential," "goal," or other words that convey the uncertainty of future events or outcomes. These statements relate to future events or to Health In Tech's future financial performance, and involve known and unknown risks, uncertainties and other factors that may cause Health In Tech's actual results, levels of activity, performance, or achievements to be different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements. You should not place undue reliance on forward-looking statements because they involve known and unknown risks, uncertainties and other factors which are, in some cases, beyond Health In Tech's control and which could, and likely will, affect actual results, levels of activity, performance or achievements. Any forward-looking statement reflects Health In Tech's current views with respect to future events and is subject to these and other risks, uncertainties and assumptions relating to Health In Tech's operations, results of operations, growth strategy and liquidity. Investor Contact Investor Relations: ir@healthintech.com View original content to download multimedia: https://www.prnewswire.com/news-releases/health-in-tech-announces-closing-of-initial-public-offering-302338923.html SOURCE Health In TechNoneEAST RUTHERFORD, N.J. — Diehard Giants fan Joe Becker of Endicott, N.Y., brought a sign to Sunday’s Giants home finale that pleaded for the tank to continue: “Dear Giants, Please Don’t Score for Shedeur,” Becker demanded, with his eyes on the No. 1 overall pick in April’s NFL Draft and Colorado quarterback Shedeur Sanders. But Brian Daboll’s team refused to heed the advice. Drew Lock threw for 309 yards and four touchdowns and rushed for a fifth score. Malik Nabers racked up 171 receiving yards and two TDs. The Giants beat the shockingly uninspired Indianapolis Colts, 45-33, to snap a franchise-record 10-game losing streak and record their first home victory (1-8) in their final game at MetLife Stadium. And in the process, the Giants (3-13) threw their draft position into jeopardy, potentially costing themselves the chance to select their QB of the future in the spring, where Sanders and Miami’s Cam Ward will await as the top two prospects on the board. They might have also gotten the Colts (8-8) staff fired. Indianapolis GM Chris Ballard, coach Shane Steichen and defensive coordinator Gus Bradley have a lot of explaining to do after they lost to the worst team in the NFL with a playoff berth on the line, getting eliminated in the process. The Giants, who finished 1-8 at home this season, have one game remaining in Philadelphia in Week 18 against the Eagles and old friend Saquon Barkley, who crossed the 2,000-yard rushing mark in Sunday’s blowout win over the Dallas Cowboys. Barkley might sit out the regular season finale with the NFC East wrapped up depending on other results the rest of the weekend. For now, the Giants finally got a win on Sunday by scoring a season-high 45 points. It was the first time they scored 30 or more this season and the first time they scored 40 points since 2019. It also marked more points (45) than they had scored in their previous three games combined (32). There was some discord late in the second half on the sideline with corner Adoree Jackson throwing his helmet and yelling at teammate Jason Pinnock after Joe Flacco’s second touchdown pass cut the Giants’ lead to 35-33 with 6:38 remaining in the fourth quarter. But Lock drove the Giants downfield with Wan’Dale Robinson’s help and finished it off with a 5-yard rushing TD to seal it, along with help from a Dru Phillips interception. Ihmir Smith-Marsette’s 100-yard kick return touchdown at the start of the third quarter carried the Giants’ first half momentum into the second. Colts running back Jonathan Taylor answered with his second touchdown of the game immediately and Alec Pierce caught a Flacco TD to draw within 28-26 in the early fourth quarter. But Nabers broke the game back open with a 59-yard catch and run TD as the Colts’ Kenny Moore and Samuel Womack showed little interest in tackling. The Giants avoided becoming the first winless Giants team at home since 1974. They led at halftime on Sunday, 21-13, for the first time since their Week 3 win in Cleveland on Sept. 22. Lock completed 7-of-8 passes for 153 yards and three touchdown passes in the first half alone: one score each to Nabers (31 yards), Darius Slayton (32 yards) and Robinson (five yards). Nabers racked up 103 receiving yards and a TD on four catches in the first half against a Bradley-helmed Colts defense that looked uninterested in tackling or covering. With Sunday’s production, Nabers and fifth-round back Tyrone Tracy Jr. became the third rookie duo in NFL history to each have 1,000-plus yards from scrimmage in a season. Tracy crossed the threshold with the help of a 40-yard run to set up Nabers’ first quarter score. The only other rookie duos to cross 1,000 yards each in NFL history are the 2006 Saints’ Reggie Bush and Marques Colston and the 1960 Dallas Texans’ Abner Haynes and Johnny Robinson. Safety Dane Belton’s interception of Flacco at the Giants’ 6-yard line set a competitive tone on the game’s opening drive despite the Colts marching straight down the field prior. And Robinson’s touchdown catch with 5:55 to play in the half put the Giants up a commanding 21-6. Steichen went for a 4th and 5 at the Giants’ 8 yard line and converted on a Kylen Granson 6-yard catch with 1:07 remaining, though, to set up a Taylor 3-yard TD run with 23 seconds left. That cut the Giants’ lead to 21-13, their first halftime lead since their 21-7 advantage over the Browns in Week 3. It marked only their third lead at half all season, including their 12-9 advantage in a Week 2 loss at Washington.
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 Achieved U.S. Food and Drug Administration (FDA) approval of LYMPHIRTM (denileukin diftitox-cxdl), an immunotherapy for the treatment of adults with relapsed or refractory cutaneous T-cell lymphoma (CTCL); Began trading on the Nasdaq exchange under the ticker symbol CTOR on August 13, 2024 , following completion of the merger of Citius Pharma's oncology subsidiary with TenX Keane to form Citius Oncology, Inc., a standalone publicly traded company; Advanced manufacturing, marketing and sales activities in preparation for commercial launch of LYMPHIR in the first half of 2025; key activities included: Manufactured initial inventory for launch and finalized supply chain agreements, Initiated recruitment of targeted field force with contract sales organization, Launched a marketing awareness campaign and engaged with all leading CTCL prescribers, Applied for a unique J-code within the Healthcare Common Procedure Coding System (HCPCS) to facilitate accurate reimbursement, Secured inclusion of LYMPHIR in the National Comprehensive Cancer Network (NCCN) guidelines, critical to clinical decision-making in oncology and hematology, influencing treatment practices and payor reimbursement in the U.S., and Initiated development of the patient support center to help patients access LYMPHIR expeditiously; Supported two investigator-initiated trials to explore LYMPHIR's potential as an immuno-oncology combination therapy being conducted at the University of Pittsburgh Medical Center and the University of Minnesota ; and, Shared interim trial results with the clinical community at the Society for Immunotherapy of Cancer Conference (SITC) of University of Pittsburgh Medical Center's Phase I trial of LYMPHIR with checkpoint inhibitor pembrolizumab. The combination of these two immunomodulatory agents showed clinical benefit in relapsed or refractory gynecological neoplasms, resulting in: 27% objective response rate and 33% clinical benefit rate with median progression free survival of 57 weeks (range: 30-96 weeks), and A manageable safety profile whereby the regimen was well-tolerated with reversible treatment emergent adverse events and no definitive immune-related adverse events greater than or equal to grade 3 documented. Financial Highlights 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 ; 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 ; Stock-based compensation expense was $7.5 million for the full year ended September 30, 2024 , compared to $2.0 million for the full year ended September 30, 2023 ; and, Net loss was $21.1 million , or ($0.31) per share for the full year ended September 30, 2024 compared to a net loss of $12.7 million , or ($0.19) per share for the full year ended September 30, 2023 . "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 $
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2024 28th Sanya Tianya Haijiao Wedding Celebration Festival and Sanya Romantic Grand Ceremony was kicked off to present a romantic journey 12-16-2024 09:38 PM CET | Business, Economy, Finances, Banking & Insurance Press release from: Getnews / PR Agency: SHENZHEN HMEDIUM INFORMATION TECHNOLOGY CO.,LTD When a couple comes to the Tianya Haijiao Scenic Spot, their love will become forever and they will be surrounded by happiness and niceness. On the evening of December 14, 2024, the 28th Sanya Tianya Haijiao Wedding Celebration Festival and Sanya Romantic Grand Ceremony (hereinafter referred to as "the Festival") was gradually kicked off at Tianya Haijiao Scenic Spot, Sanya City. Themed by "Romantic Sanya, Borderless Love", the Festival attracted a number of guests and tourists, all of whom witnessed the eternality of love together. Image: https://www.globalnewslines.com/uploads/2024/12/70e09b8f72bbce7266d88c2e6d13ad70.jpg The whole activity was full of romance since the guests' sign-in and arrival on site. Guests were granted a gift (bell) after sign-in, which embodies full sense of ceremony. The Festival was kicked off formally while the fireworks were shot off. Image: https://www.globalnewslines.com/uploads/2024/12/94a60dccf7c5deaad861020ab1c9c9ac.jpg Xie Yifa, the Deputy Secretary General of the People's Government of Sanya delivered a speech. Xie said, "Great achievements have been made to Sanya's wedding industry over the past one year. According to the statistics, the whole Sanya City received 200,000 couples who came here for shooting their wedding photographs, held over 10,000 wedding ceremonies, and received over 200,000 couples coming here for their honeymoon in 2023. Our total revenues of tourism broke through RMB 10 billion in 2023. With the acceleration of Sanya's internationalization and our constant exploration and practice, Tianya Haijiao Festival will become a bridge connecting the whole world and transmitting love and hope." Image: https://www.globalnewslines.com/uploads/2024/12/e905a629f2b339de7b28cb9d62b7f96a.jpg Wang Feng, the General Manager of Sanya Tourism Culture Development Co., Ltd. said, "We used the theme of "Romantic Sanya, Borderless Love" for the Festival and positioned and upgraded our activity IP differently. We made transformation from the original concept of wedding ceremony to today's romance banquet and expanded the activity scope to more groups such as couples that just married, lovers and tourists from the original wedding ceremonies. We've also planned a series of colorful and attractive activities. We cooperated with hotels, commercial complexes and scenic spots this time and set tick-off points in Sanya Dongtian Park Tourist Attraction, Luhuitou Scenic Spot, Dadonghai Tourist Attraction and Sanya Joy City Shopping Center to intensify the deep integration with cultural tourism industry. To enable our tourists to experience more and different sites, we've opened the bus route for the round trip of Tianya Haijiao and Joy City on December 13-15. The buses will depart from Tianya Haijiao Bus Stop at 10:00, 14:30 and 17:00 every day." Image: https://www.globalnewslines.com/uploads/2024/12/30c1e8d78dc74adc3106ba7a23fc8473.jpg As one of the highlights for the ceremony, the show of Chinese and western wedding dresses were displayed on the stage. Both the marvelous and beautiful western wedding dresses and the amazing and magnificent Chinese wedding dresses impressed the audiences and won applauses from them. Ms. Zhou, a tourist from Taiyuan City, Shanxi Province fully praised these dresses, "they're really amazing and touching; they are just what I imagine about wedding ceremony." She also said she would choose her own wedding dress from these brands. It was learnt that the Western wedding dresses shown this time are from ENZOANI, a premium western wedding dress brand while the Chinese dresses from Tianxi China, an advanced customization brand under Jusere Group. The designers said they hoped to allow more couples to know about the diversity of wedding dresses and formal dresses through this Festival to help them create the image they dreamt of. The designer Su Ying interpreted and shared the stage design on the opening ceremony. Stage design concept: "Encountering you, offering you, joining hands with you and spending the rest time of life with you"; the stage model was designed creatively through decomposing and re-assembling the coastal elements such as coconut forest, beach and sea wave. The center of the stage was designed in the form of a flying wing and the edges of the whole stage were decorated to foster the glistening light of waves on the sea. The whole stage seems like an island, which is decorated with gauze curtain, to bring the effect of tide and wedding dress dancing with wind. Image: https://www.globalnewslines.com/uploads/2024/12/1ad4d9f84e96a518fe34102b5b68965e.jpg As a highlight of the opening ceremony,15 couples wearing the Western and Chinese wedding dresses arrived at the site of Tianya Haijiao wedding ceremony by Sanle tourism railway, adding the romantic atmosphere to the whole Sanya City. On the amazing stage, these couples made their debut via different ways, such as helicopter, yacht, sports car, etc., representing the traditions and custom of "Three Letters and Six Etiquettes" and "marriage". The link of oath in modern western marriage ceremony was also designed to make a difference through the interaction of the Chinese and western culture. The Festival was held successfully, which not only brings couples unforgettable and special wedding ceremony but also builds a bridge for the exchange and cooperation of wedding ceremony industry and promotes the inheritance and development of wedding ceremony culture. The Festival has become a wedding ceremony tourism brand with worldwide influence in Sanya City after successful holding for 28 sessions. The iconic brand has not only improved Sanya City's charm as a destination for romantic wedding ceremony but also served as a key point for attracting tourists home and abroad. In the future, the Festival will create more romantic moments for couples by virtue of its special charms. The Festival was guided by the People's Government of Sanya City, sponsored by Sanya Tourism Culture Development Co., Ltd., co-sponsored by Sanya Tianyahaijiao Tourism Development Co., Ltd., executed by Sanya Tianya Haijiao Wedding Ceremony Services Development Co., Ltd. and Sanya Tianya Haijiao International Exhibition Co., Ltd., and co-organized by Sanya Joy City, CNSC (Sanya Store), Guiyang Performing Arts Industry Association, Marriott, Hyatt Hotel Tianli Bay, Sanya, Sanya Daxiaodongtian Development Co., Ltd., Sanya Luhuitou Tourism Development Co., Ltd. and Sanya Tourism Investment & Scenic Spot Operation Management Co., Ltd. Media Contact Company Name: Sanya Tianya Haijiao Tourism Development Co., Ltd. Contact Person: Fu Jun Email: Send Email [ http://www.universalpressrelease.com/?pr=2024-28th-sanya-tianya-haijiao-wedding-celebration-festival-and-sanya-romantic-grand-ceremony-was-kicked-off-to-present-a-romantic-journey ] City: Sanya Country: China Website: http://www.aitianya.cn/ This release was published on openPR.AP News Summary at 6:13 p.m. ESTBroncos can wipe away back-to-back heartbreakers and make playoffs by beating Kansas City
Man arraigned on murder charges in NYC subway death fanned flames with a shirt, prosecutors sayCRANFORD, 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 Achieved U.S. Food and Drug Administration (FDA) approval of LYMPHIRTM (denileukin diftitox-cxdl), an immunotherapy for the treatment of adults with relapsed or refractory cutaneous T-cell lymphoma (CTCL); Began trading on the Nasdaq exchange under the ticker symbol CTOR on August 13, 2024 , following completion of the merger of Citius Pharma's oncology subsidiary with TenX Keane to form Citius Oncology, Inc., a standalone publicly traded company; Advanced manufacturing, marketing and sales activities in preparation for commercial launch of LYMPHIR in the first half of 2025; key activities included: Manufactured initial inventory for launch and finalized supply chain agreements, Initiated recruitment of targeted field force with contract sales organization, Launched a marketing awareness campaign and engaged with all leading CTCL prescribers, Applied for a unique J-code within the Healthcare Common Procedure Coding System (HCPCS) to facilitate accurate reimbursement, Secured inclusion of LYMPHIR in the National Comprehensive Cancer Network (NCCN) guidelines, critical to clinical decision-making in oncology and hematology, influencing treatment practices and payor reimbursement in the U.S., and Initiated development of the patient support center to help patients access LYMPHIR expeditiously; Supported two investigator-initiated trials to explore LYMPHIR's potential as an immuno-oncology combination therapy being conducted at the University of Pittsburgh Medical Center and the University of Minnesota ; and, Shared interim trial results with the clinical community at the Society for Immunotherapy of Cancer Conference (SITC) of University of Pittsburgh Medical Center's Phase I trial of LYMPHIR with checkpoint inhibitor pembrolizumab. The combination of these two immunomodulatory agents showed clinical benefit in relapsed or refractory gynecological neoplasms, resulting in: 27% objective response rate and 33% clinical benefit rate with median progression free survival of 57 weeks (range: 30-96 weeks), and A manageable safety profile whereby the regimen was well-tolerated with reversible treatment emergent adverse events and no definitive immune-related adverse events greater than or equal to grade 3 documented. Financial Highlights 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 ; 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 ; Stock-based compensation expense was $7.5 million for the full year ended September 30, 2024 , compared to $2.0 million for the full year ended September 30, 2023 ; and, Net loss was $21.1 million , or ($0.31) per share for the full year ended September 30, 2024 compared to a net loss of $12.7 million , or ($0.19) per share for the full year ended September 30, 2023 . "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 $
3 Ultra-High Yield Dividend Stocks Retirees Should Consider for 2025
According to the 2024 UK Government Cybersecurity Breaches Survey, 50 percent of businesses experienced a cyberattack or security breach in the past year. Last year, 32 percent of UK businesses reported experiencing a cyber-attack at least once a week, with cyberattacks projected to increase by 15 percent globally. In light of recent cyber threats, the e-commerce hosting provider Hypernode has explained to Digital Journal about the significance of cyber hygiene for businesses and share essential practices to ensure online safety. What is cyber hygiene? Cyber hygiene can be explained as a set of practices to maintain system health and security in relation to a business’s online activities. Like physical hygiene, maintaining cyber hygiene entails a set of regular preventative measures. Cyber hygiene is a necessity in today’s digital landscape, where cyber threats represent significant dangers. Organisations can seek to reduce vulnerabilities , prevent common cyber threats, raise security awareness, mitigate the impact of assaults, and increase their overall cybersecurity defences by following cyber hygiene practices. How can this defenition be translated into practical solutions? Five key practices Milan Bosman, Commercial Director of Hypernode , adds further context in relation to the above advice: “Warnings from experts, who have predicted the rise in cybercrime in the UK, have certainly been proven valid. Globally, cybercrime is expected to surge 15 percent throughout 2024, and 2023 government statistics already state that 32 percent of UK businesses experienced cyber-attacks at least once a week. With this, the importance of maintaining cyber hygiene continues to grow.” Bosman adds: “It’s a good time for businesses whose regulations are not up to date to review them and to ensure all staff are adequately educated around threats to avoid breaches in security.” Dr. Tim Sandle is Digital Journal's Editor-at-Large for science news.Tim specializes in science, technology, environmental, business, and health journalism. He is additionally a practising microbiologist; and an author. He is also interested in history, politics and current affairs.TTEC Digital wins Cisco Reimagine Customer Experiences Partner of the Year - AmericasGiven India’s strong position in the equities market compared to other global markets, experts believe that the IPO market is expected to stay bullish overall with the total worth of public offerings surpassing $20 Bn as against $16 Bn in 2024 In Q3 2024 alone, India saw 27 IPOs, marking a 29% surge from the corresponding quarter of the previous year Within the tech startup ecosystem, at least 23 companies are gearing up for public listings next year, which would further add to the new-age tech stocks baskets for potential investors India’s new-age tech IPO market saw a massive upswing in 2024, driven by increased investor confidence and a favourable macroeconomic environment. What does 2025 have in store for startups looking to join the IPO spree and enter the big leagues? As many as 13 new-age tech startups made it to the public markets in 2024, cumulatively raising over INR 29K Cr ($3.4 Bn). And in 2025, this number is expected to double with at least 23 new-age tech startups eyeing a public listing, and looking to raise more than INR 55K Cr ($6.4 Bn) cumulatively. As predicted in the beginning of the year, the general elections in 2024 played a pivotal role in the IPO numbers. In fact, in the startup ecosystem, only five startups got listed before the elections while the rest hit the market once there was more stability post the election results. In 2025, while no such major events are due, ongoing macroeconomic uncertainties like GDP downfall might make the public market volatile from time to time. However, given India’s strong position in the equities market compared to other global markets, experts believe that the IPO market is expected to stay bullish overall with the total worth of public offerings surpassing $20 Bn as against $16 Bn in 2024 . In Q3 2024 alone, India saw 27 IPOs, marking a 29% surge from the corresponding quarter of the previous year. These companies cumulatively raised $4.27 Bn or close to INR 35,000 Cr, registering a 142% increase year-on-year (YoY). With that, the domestic market commanded a 36% share of total listings in Q3 2024, surpassing the US, which held a 13% share. To be noted, some of the top IPOs of this season included Swiggy, Bajaj Housing Finance, Ola Electric, FirstCry and India’s largest-ever IPO, Hyundai Motor India. The new year is expected to be more eventful as the highly anticipated public offerings of companies such as Flipkart, PhysicsWallah, Ather Energy, Zepto, HDFC Credila, and even the Indian arm of consumer electronics giant LG are expected to go to the public markets. Lightspeed India managing director Anuj Bhargava believes that the public markets trends of 2024 will continue well into 2025 and the momentum is expected to be strong. “Though we have seen some recent softening, which was expected, fundamentally, nothing has changed. Domestic capital inflows remain strong and are getting stronger. While foreign investment inflows have been sporadic, I think that was also expected. And the market today is held together, in large parts, by domestic institutions, which was not the case a couple of years ago,” said GFC’s Bhargava. In 2025, Lightspeed is looking to book profits from some of its high-profile portfolio startups such as PhysicsWallah, OYO, Zepto, and Zetwerk. Besides Lightspeed, a number of other VCs would be hoping for similar outcomes in 2025. Peak XV Partners managing partner Ishaan Mittal, for example, said that the VC major continues to be excited about the opportunity in the public markets given the trends are extremely positive both on the supply side of securities and the demand side. “On the supply side of securities, which includes the companies going public, we have just seen the tip of the iceberg as we speak. Many market-leading, exciting companies are yet to go public in every sector – whether consumer brands or consumer internet companies like Meesho, fintech companies like Groww, or payments companies like Pine Labs and Razorpay. In the next 12-18 months, many of these companies will go public,” he added. Mittal believes that domestic capital and foreign capital investors are showing great interest in IPOs and their keenness to participate in the Indian public markets is evident from the reception for some stocks. Within the tech startup ecosystem, at least 23 companies are gearing up for public listings next year, which would further add to the new-age tech stocks baskets for potential investors. The list includes Ather Energy, BlueStone, CarDekho, CaptainFresh, Ecom Express, Fractal, Infra Market, IndiQube, ArisInfra, Innoviti, OfBusiness, Ola Cabs, Pure EV, Physics Wallah, Ullu, Smartworks, among several others. These startups are set to raise more than $6 Bn cumulatively in the process of fundraising via IPOs, as things stand. Depending on the market conditions, some of these companies might decide to trim the size of their IPOs. Of this, already nine startups have filed their respective DRHPs with the Securities and Boards of India (SEBI). Coworking space provider Smartworks and logistics startup Ecom Express have already received the market regulator’s approval to file an IPO. Unlike the past three years, when startups that made the public market debut were largely tech companies, in 2025, there is a big wave of tech-enabled startups eyeing public listings. For instance, BlueStone is a D2C jewellery brand with an online presence as a part of its business model. PhysicsWallah, looking to become the first Indian edtech platform to public, is also offline-heavy at the moment. Even though the startup has a major student base online, a significant 40% of its total revenue is from offline coaching centres. Similarly, the coworking space providers Smartworks, IndiQube, ArisInfra, DevX as well as WeWork and Table Space (also preparing for listing within a year or two), are platforms that use technology to enable their business processes, but in terms of the business model, they are largely similar to their traditional counterparts. Pointing to this trend, Aakash Agrawal, associate director, digital and new-age business at brokerage firm Anand Rathi, said that it will be important for the public market investors to be able to differentiate between pure-play tech companies and tech-enabled companies as that would be essential in deciding the valuation premium they can claim and growth opportunities they have. “Take the example of OfBusiness. While it’s a solid company with good profitability, we must also appreciate that it is essentially a trading company with a tech aspect to it. So, what kind of multiples does it find for itself? How does it price its IPO given it’s a technology company as well? These factors are going to be very interesting to see next year,” said Agrawal. Meanwhile, it is also interesting that there is a sudden surge in coworking space IPOs after Awfis made its successful public market debut in 2024. The market is attributing this trend to an increasing demand for flexible workspaces. A CEO at one of the leading coworking space provider companies told Inc42 earlier this year that India’s growth narrative, coupled with a commercial real estate boom, is creating a conducive environment for flexible workspace startups. However, as the market gets cluttered, it would be interesting to see if all the impending coworking space IPOs emerge victorious in their IPOs in the coming months. Speaking on the matter, Amit Ramani, CMD at Awfis, said that as coworking spaces prepare to enter a potentially crowded public market over the next 12–18 months, their success in securing favourable investor responses will hinge on several key factors, including financial health and profitability with investors focusing on companies that demonstrate sustainable revenue streams, robust growth trajectories, and resilience to market fluctuations. “Differentiation will play a critical role, with coworking spaces standing out by offering unique value propositions such as advanced technology integration, premium amenities, sustainable features, and services tailored to specific industries... Scalability and market penetration will be vital; companies with a diversified geographical presence and the capacity to scale seamlessly are likely to be viewed as more viable. Lastly, adaptability to evolving work trends – such as hybrid and remote work – through flexible offerings and innovative solutions will be crucial,” Awfis’ Ramani told Inc42. With the tech startup IPO boom, profitable exits are becoming super critical for VC funds and PEs. After the 2021 IPO boom, 2024 brought a deja-vu moment for the PEs and VCs in India as the total gross exit value was $1.8 Bn in 2024, close to $2.3 Bn in 2021. Amid a global IPO market slump that had also adversely affected India’s stock market, the total gross exit value dipped to $700 Mn in 2022 and $1 Bn in 2023. Next year, top private investors including the likes of Lightspeed, PeakXV, Accel, and SoftBank are eyeing far more gains by offloading stakes in both pre-IPO rounds and during the IPOs. Even though some VCs and PEs might sell some stakes at a loss, it will be compensated by high returns from other portfolios. “Our focus is to continue to invest with a strong belief that we, in the venture capital industry, now have a very viable path to exit, not just a very strong IPO market about that, but also a strong pre-IPO market,” added Lightspeed’s Bhargava. The concept of pre-round IPO is also undergoing a shift. As Bhargava pointed out, traditionally this term was narrowly defined and it was a financing round just ahead of a company’s IPO to set a benchmark for the eventual IPO. “Now anything up to two years before an IPO is also a pre-IPO round. In addition to traditional crossover funds, lots of new pre-IPO funds have come up. We’ve seen family offices and HNIs being exceptionally active in this market. We expect this trend to continue,” he said, adding that the firm will certainly use pre-IPO rounds as an opportunity to exit some of its portfolio startups. Meanwhile, the Lightspeed MD also noted that several technical and fundamental dynamics decide the VC firms’ decision around partial and complete liquidation. “I think investors largely use IPOs as a partial liquidity sort of event, and then gradually exit over time. Similarly, on the pre-IPO side, people look to monetise also because we don’t want to go into an IPO with a very large shareholding from one shareholder. It places a bit of an overhang on the stock,” he added. Besides, it’s important to note that in most cases, these VCs are also reaching the end of their fund cycles and they have to realise profits to give return to their investors. With the successful IPOs of Hyundai and Swiggy in 2024, which were two of the largest IPOs in the history of the Indian equity market, the trend of large-sized IPOs are set to persist in the new year. Anand Rathi’s Agrawal said that while the small and mid-sized IPOs will be more frequent, there will also be 10-20% of the companies, which are eyeing large IPOs such as PhysicsWallah, Infra.Market and OfBusiness. “We think the IPO market will have secular growth next year. And these companies that will have large IPOs are private equity backed, raised a lot of private capital, and scaled up significantly, which warrants a large IPO,” he added. Even though it was evident this year that many new-age tech startups, including ixigo, FirstCry, Ola Electric, MobiKwik reduced their respective IPO sizes from earlier planned, Peak XV’s Mittal believes that the scale of offering have no bearing on the success or failure of IPOs if the fundamentals are strong. The verdict of the market is clear when it comes to profitability – become profitable ahead of the IPOs or show a clear path to profitability in the near term. This sentiment is not going to change in 2025. However, the recent IPOs of MobiKwik, Ola Electric and Swiggy (to some extent) have proven contrary to these expectations. Some investors believe that sometimes household names, clear growth opportunities, and exposure to niche market segments might cause such exceptions but largely, profitability and strong unit economics are a must for the public market. Peak XV’s Mittal said that profitability must be and will continue to be key for companies going IPO, however, this factor also needs to be contextualised. “This is a good time where founders and investors alike are focusing on profits. They are able to generate those profits without hurting the core of the business or without taking away from the future of the business. While profitability is important, we don’t want to compromise on the future potential of the company to optimise for short-term profits, we would rather optimise for long-term profits.” Taking a slightly different perspective, Lightspeed’s Bhargava argued that unlike in the US where companies with less than $10 Bn or $15 Bn in valuation do not receive much attention in the IPO market, Indian investors are open to much smaller valuations. “Promoters, founders, and early-stage investors are also conscious that you cannot price an IPO where you bring nothing to the table near term for incoming investments. At the same time, the IPOs cannot be very small because the companies need institutional investors following, index inclusion, liquidity in the market. But the point is, you also do not need to be a billion-dollar company to list in India,” Bhargava said. On the other hand, it goes without saying that profitable companies can command a premium in terms of the valuation. “Ultimately it boils down to growth, free cash flow, and profitability. Wherever there is an opportunity to grow, we will see promising valuations. Sometimes valuations might be slightly steep given that they are accounting for a future market opportunity and scalability. Zomato has been an example of it earlier. Swiggy too cashed on that,” said Anand Rathi’s Agrawal. As per various publicly available data, Foreign Institutional Investors (FIIs) sold a net of INR 1.14 Lakh Cr in October 2024, the highest selling in a month so far, surpassing the numbers of Covid-19 pandemic period in March 2020. Amid many currently seeing the Indian market as overvalued, rising inflation, and a few other global macroeconomic factors, in 2024, FIIs have been the biggest sellers. Even though this has caused volatility in the market, the Domestic Institutional Investors (DIIs) kept buying. In October alone they made the highest purchase of more than INR 1 Lakh Cr. The market experts believe that FIIs selling will not impact the upcoming IPOs of 2025 as DIIs will remain strong and mutual funds are booming. Even retail investors are expected to show continued support even to the new-age tech startup IPOs given these investors now have an improved understanding of the peculiarities of these businesses. “If FIIs stop deploying capital, then it causes a larger problem. But currently, there’s no sign of that. And in fact, India is looked at as a sweet spot in the developing world,” Agrawal said. Sector-focussed policies play an important role in driving stock performances and even the companies going public. Devang Kabra, fund manager at Wallfort PMS, said that the policies the government tabled in the winter session of the Parliament will be one of the areas to watch out for. “For example, there is an Insurance Amendment Bill proposing 100% FDI, allowing relaxations for net worth requirements for companies to become insurance companies is tabled. Once it passes, we will see many big insurance brokers turning themselves into insurance companies and coming out with IPOs,” Kabra said. He said that once a policy decision happens, it impacts several other industries down the line. This Insurance Amendment Bill might lead to IPOs of more hospitals. To quote global brokerage Bernstein, “Trump’s return through high-profile US elections added new layers of complexity to inflation dynamics and geopolitical assessments... How will global inflation pan out with Trump at the helm, and will export be a more critical area to focus on than domestic cycles?” It is important to note that Trump’s win strengthens US’ “China+1” strategy, which is expected to give India a boost in its manufacturing sector. JM Financial said in a research report that China, Mexico and Canada will likely attract higher tariffs, which could provide India with the benefits in a number of manufacturing segments — chemicals, auto components, electrical components, solar panels and solar cells, tiles and other categories. Wallfort PMS’ Kabra also believes that the manufacturing sector will now pick pace further and there will be stronger ground built for their IPOs. However, domestic IT companies now might have to deal with stronger immigration rules in the US. Plus, there is higher inflationary pressure and increasing pressure on the Indian rupee. These volatile situations are less likely to impact the IPO sentiment in the long run in 2025, however, some short-term cautiousness is likely to linger in the early months. As the domestic market braces for a record year in the history of public markets, as predicted by market experts, it will also be key for the companies, especially new-age tech startups, to ensure transparent governance and clear strategic vision. After all, public markets are sensitive to these core factors. The recent incident of hoards of complaints against Ola Electric’s products and services and the negative impact of it on its stock is a case in point. While many believe that startups are riding the IPO boom without being ready enough to function in a public market, Gautham Srinivas, Partner, capital markets at Khaitan & Co., said that all the companies preparing to go public have the utmost checks in place to meet the regulatory requirements. “Public issues are not a one-month process. To file DRHP, a company needs two to three months. So, an absolutely thorough check gets done. All the upcoming new-age companies are equipped to handle a public issue from a regulatory point of view given the standards of governance they already maintain,” Srinivas added. Edited By Nikhil Subramaniam