CITIUS ONCOLOGY, INC. (CTOR): M&A transaction — SpinCo reports $14.3M net loss for nine months; going concern uncertainty raised

CITIUS ONCOLOGY, INC.

Net loss of $14.3M for nine months ended June 30, 2024 (vs $7.5M prior year); no revenue.
Working capital deficit of $21.4M; cash balance $0 at June 30, 2024.
Due to related party (Citius Pharma) $30.9M, up from $19.5M at Sept 30, 2023.
Company expresses substantial doubt about ability to continue as going concern within one year.
Stock-based compensation expense $5.8M for the nine months; $40M in-process R&D asset for LYMPHIR.

Key facts

Extracted from this filing and checked against the source text.

M&A Transactions SEC 8-K Item 2.01/5.01 confidence 0.95

CITIUS ONCOLOGY, INC. underwent a change of control involving Citius Pharmaceuticals, Inc., TenX Keane Acquisition (closed 2024-08-12).

Action: change of control
Counterparty: Citius Pharmaceuticals, Inc., TenX Keane Acquisition
Closing: 2024-08-12

Exact text from the filing

on August 12, 2024 (the "Closing Date"), the Company completed the previously announced business combination (the "Closing") pursuant to that certain Agreement and Plan of Merger and Reorganization, dated as of October 23, 2023, by and among Citius Pharmaceuticals, Inc., a Nevada corporation, Citius Oncology Sub, Inc., a Delaware corporation ("SpinCo"), TenX Keane Acquisition, a Cayman Islands exempted company ("TenX", now Citius Oncology, Inc., a Delaware corporation) and TenX Merger Sub, Inc., a Delaware corporation and wholly-owned subsidiary of TenX, and the related transaction documents described therein (the "Business Combination").

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4 m&a transactions filed in the last 30 days. Browse all m&a transactions →

CITIUS ONCOLOGY, INC. filing history →

Source: SEC EDGAR

accession 0001213900-24-072598

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