Citius Pharmaceuticals Reports Q3 2023 Net Loss of $8.5 Million
Revenue Remains Flat as Operating Expenses Impact Bottom Line
Citius Pharmaceuticals, Inc.(CTXR), a leading biopharmaceutical company specializing in innovative healthcare solutions, has released its unaudited condensed consolidated financial statements for the third quarter of 2023. The company reported a net loss of $8.5 million for the quarter, while its revenue remained unchanged. This financial report highlights the company's performance during the three-month period ended June 30, 2023, shedding light on key financial indicators such as net income/loss and revenue.
Current Assets and Liabilities
As of June 30, 2023, Citius Pharmaceuticals' current assets totaled $41.1 million, a slight decrease from the previous year's $44.6 million. Notable components of current assets include cash and cash equivalents amounting to $33.3 million and prepaid expenses totaling $7.8 million.
The company's current liabilities stood at $5.8 million, reflecting an increase from $4.5 million in the same period last year. These liabilities include accounts payable, accrued expenses, and accrued compensation.
