CTXR

CTXR is a pre-revenue clinical-stage biopharma whose own auditors flag "substantial doubt about our ability to continue as a going concern." The company states it had roughly $4.3M cash at September 30, 2025 and only enough capital to operate through March 2026 — even after counting the $6.0M raised in October 2025 and $18.0M raised by Citius Oncology in December 2025. That runway has now passed, which means the entire thesis hinges on capital the company explicitly says it can provide "no assurances" of obtaining "on acceptable terms, or at all." The FY2025 balance sheet confirms the stress: $4.25M cash against $44.9M current liabilities versus only $27.9M current assets (negative working capital) and a -$239M accumulated deficit.

The income statement offers no offset. Revenue is effectively zero — the last reported figure was $90.0K back in FY2022, and FY2023–FY2025 show none — while net losses have widened every year to -$39.7M in FY2025 with -$26.6M of operating cash burn. Operating and net margins are nonsensical (-42,806% / -44,156%) precisely because there is no revenue to speak of, which also makes the headline 132.6x P/S meaningless rather than a valuation. The only levers are binary and still unfunded: launching LYMPHIR through majority-owned Citius Oncology and winning approval for Mino-Lok.