Citius Pharmaceuticals, Inc. (CTXR): Business Model Canvas [Dec-2025 Updated]

You're looking at Citius Pharmaceuticals, Inc. (CTXR) right at the pivot point-the moment a clinical-stage company finally flips the switch to commercial revenue, which, based on their plans, should be happening in Q4 2025 with the launch of LYMPHIR. Honestly, this is where the rubber meets the road for biotechs, and understanding their Business Model Canvas now is crucial because the story shifts from R&D milestones to sales execution and cash management. We see they've secured key partnerships, like with McKesson Corporation for U.S. distribution, and they are funding this transition with recent capital raises, though their cash position was tight at $6.1 million as of June 30, 2025, while burning through about $4.4 million in G&A in Q3 2025 alone. Dig into the nine building blocks below to see exactly how Citius Pharmaceuticals plans to turn that FDA approval into sustainable sales and manage the near-term risk of funding that commercial push.

Citius Pharmaceuticals, Inc. (CTXR) - Canvas Business Model: Key Partnerships

You're looking at the critical external relationships Citius Pharmaceuticals, Inc. (CTXR), primarily through its majority-owned subsidiary Citius Oncology (which CTXR owns 79% of), has established to bring LYMPHIR (denileukin diftitox-cxdl) to market as of late 2025. These partnerships are the backbone of their commercial and development strategy.

McKesson Corporation for U.S. distribution of LYMPHIR

Citius Oncology finalized its core U.S. distribution network by entering a distribution services agreement with McKesson Corporation in October 2025. This deal makes McKesson an authorized distributor of record for LYMPHIR. Honestly, this was a major step because it means Citius Oncology now has agreements with all three of the largest pharmaceutical distributors in the country, which is essential for broad access. This network is in place ahead of the planned commercial launch of LYMPHIR in the fourth quarter of 2025. The company also secured distribution agreements with Cardinal Health in June 2025 and has established commercial-ready inventory with a 60-month shelf life to cover projected demand for 12-18 months post-launch. LYMPHIR, approved by the FDA in August 2024, has been assigned the permanent J-code J9161, effective April 1, 2025, to help with reimbursement.

Licensing agreement with Eisai for LYMPHIR (denileukin diftitox-cxdl)

The foundation of LYMPHIR's availability stems from the license agreement originally held with Eisai Co., Ltd. Citius Oncology assumed the obligations after its merger. The financial structure involves several key payments tied to development milestones and future sales. The company amended the agreement in March 2025 to manage these obligations leading up to the launch.

Here's a quick look at the financial commitments related to the Eisai license as of late 2025:

The initial U.S. market for LYMPHIR, targeting relapsed or refractory Stage I-III CTCL, is estimated by management to exceed $400 million. This therapy is the only systemic treatment for CTCL that targets the IL-2 receptor on malignant T-cells and T-regs, and it has a Category 2A recommendation in NCCN guidelines.

Contract Research Organizations (CROs) for clinical trial execution

While the Phase 3 pivotal trial for LYMPHIR is complete, Citius Oncology continues to partner with external research entities to explore the drug's potential in combination settings. These collaborations are key to expanding the drug's value proposition beyond its initial indication.

• Expansion of an investigator-initiated Phase I trial at the University of Minnesota.
• Evaluation of LYMPHIR administration prior to CAR-T therapies for B-cell lymphomas.
• Support for an ongoing investigator-initiated Phase I trial combining LYMPHIR with checkpoint inhibitor pembrolizumab in recurrent solid tumors.
• Data from the combination trial was presented at the SITC 2024 Annual Meeting.

Academic medical centers for ongoing research and clinical trials

The ongoing research efforts rely heavily on established relationships with leading medical institutions. For instance, the expansion of the University of Minnesota trial involved dosing the first patient at the City of Hope cancer center. These academic partnerships help validate the science and explore new treatment paradigms, such as using LYMPHIR as a sensitizer before other advanced therapies. Citius Oncology is focused on execution to ensure LYMPHIR reaches patients in the underserved CTCL community.

Finance: draft 13-week cash view by Friday.

Citius Pharmaceuticals, Inc. (CTXR) - Canvas Business Model: Key Activities

You're looking at the core engine driving Citius Pharmaceuticals, Inc. as it transitions from clinical trials to commercial reality. This is where the action is, focused heavily on getting LYMPHIR into the hands of patients and securing the cash to make it happen.

Commercial launch and marketing of FDA-approved LYMPHIR

The key activity here is the execution of the U.S. commercial launch for LYMPHIR, which received FDA approval in August 2024. Citius Oncology, the majority-owned subsidiary at 79%, announced the actual commercial launch on December 1, 2025. The company estimates the U.S. market opportunity for LYMPHIR, a systemic therapy for relapsed or refractory Stage I-III cutaneous T-cell lymphoma (CTCL), is valued at over $400 million. The launch strategy leverages distribution service agreements, including one with McKesson Corporation. The drug is now available nationwide through specialty distributors. The J-code, J9161, became effective on April 1, 2025, which is critical for reimbursement. Data supporting the approval showed an Objective Response Rate of 36.2% in Pivotal Study 302, with 84% of evaluable patients seeing a reduction in skin tumor burden. Median time to response was just 1.4 months. That's the kind of number that drives physician adoption.

Regulatory engagement with FDA for Mino-Lok New Drug Application (NDA)

Engagement for Mino-Lok, an antibiotic lock solution, is proceeding on a defined path following a successful Phase 3 trial completed in 2023. Citius Pharmaceuticals held a constructive in-person Type C meeting with the U.S. Food and Drug Administration (FDA) regarding the New Drug Application (NDA) pathway in the week of November 25, 2024. The FDA provided clear, constructive, and actionable guidance to support a future NDA submission. This activity is currently secondary to the LYMPHIR commercialization efforts. The Mino-Lok program remains a commitment, but the focus has clearly shifted to the immediate revenue driver.

Manufacturing and supply chain management for critical care products

Operational readiness for LYMPHIR involved completing commercial-scale manufacturing, packaging, and labeling activities. The company secured a 60-month shelf life for the product. Current supply levels are set to meet 12 to 18 months of projected demand. To support this, Citius Pharmaceuticals has material manufacturing minimum purchase commitments totaling approximately $18.3 million for drug substance and approximately $4.5 million for packaging across the 2025-2026 period. This commitment locks in supply for the initial commercial window.

Strategic capital raising to fund commercialization efforts

Funding the transition to a commercial organization required several significant capital raises throughout 2025. As of June 30, 2025, Citius Pharma reported $6.1 million in cash, with earlier estimates suggesting runway only through September 2025, making these subsequent financings vital. The company received net proceeds of $16.5 million from equity issuances in the nine months ended June 30, 2025. Here's a breakdown of the key financing events in 2025:

The June offering carried the potential for an additional $9.8 million from full warrant exercise, and the October offering included immediately exercisable warrants with a $1.40 exercise price. These activities were intended to fund the LYMPHIR commercial launch and general corporate purposes. You need to watch the cash burn rate against these inflows closely. Finance: draft 13-week cash view by Friday.

Citius Pharmaceuticals, Inc. (CTXR) - Canvas Business Model: Key Resources

You're looking at the core assets Citius Pharmaceuticals, Inc. (CTXR) is relying on as it transitions from a development-stage company to a revenue-generating entity following the launch of its first product. These resources are what underpin the entire operation right now.

FDA-approved LYMPHIR (targeted immunotherapy)

The most significant resource is the U.S. Food and Drug Administration (FDA) approval and subsequent commercial launch of LYMPHIR (denileukin diftitox-cxdl) in December 2025. This product, commercialized through the subsidiary Citius Oncology, Inc., is the only FDA-approved IL-2 receptor-targeted systemic therapy for relapsed or refractory cutaneous T-cell lymphoma (CTCL). The approval was based on a pivotal Phase 3 study showing an Objective Response Rate (ORR) of 36.2%. Furthermore, 84% of evaluable patients experienced a reduction in skin tumor burden, with a median time to response of 1.4 months. To help with revenue capture, the product was assigned a permanent J-code (J9161), effective April 1, 2025. Management estimates the initial market for LYMPHIR currently exceeds $400 million.

Here's a quick look at the key performance indicators from the pivotal trial:

Positive Phase 3 data for Mino-Lok (catheter lock solution)

Another critical asset is the data package for Mino-Lok, the antibiotic lock solution intended to salvage catheters in patients with catheter-related bloodstream infections (CRBSIs). The pivotal Phase 3 trial was completed in 2023, where Mino-Lok met its primary and secondary endpoints. This data package represents significant value, even as Citius Pharmaceuticals remains actively engaged with the FDA to outline the next steps for this program. The potential advantage here is substantial, as there were no other FDA-approved or investigational products for this indication at the time of the trial completion.

Intellectual Property and Orphan Drug Designations

The commercial viability of LYMPHIR is buttressed by strong intellectual property. This protection spans orphan drug designation, complex technology, trade secrets, and pending patents for immuno-oncology use as a combination therapy with checkpoint inhibitors. Specifically, LYMPHIR received Orphan Drug Designation by the FDA for the treatment of CTCL and PTCL. These IP rights are designed to support Citius Oncology's competitive positioning in the market.

The key components of the IP/Regulatory moat include:

• Orphan Drug Designation for CTCL and PTCL.
• Exclusive license rights for LYMPHIR in all markets except India, Japan, and parts of Asia.
• Trade secrets and pending patents related to combination therapy use.

Cash and equivalents of $6.1 million as of June 30, 2025

Financially, the company's liquidity position as of the end of the third fiscal quarter was tight. Citius Pharmaceuticals reported cash and cash equivalents totaling $6.1 million as of June 30, 2025. This cash position was supplemented by recent capital raises, including $9 million in gross proceeds from a public offering in July 2025. The company reported a net loss of $9.2 million for the quarter ended June 30, 2025. The management team is definitely focused on securing additional capital to support ongoing operations and the LYMPHIR launch.

Finance: draft 13-week cash view by Friday.

Citius Pharmaceuticals, Inc. (CTXR) - Canvas Business Model: Value Propositions

Salvaging infected central venous catheters with Mino-Lok, avoiding removal

The value proposition for Mino-Lok centers on mitigating the risks and costs associated with infected central venous catheters (CVCs), which are life-threatening conditions, especially for cancer patients receiving therapy through CVCs. There are currently no FDA-approved products to salvage infected CVCs.

Formulation patent protection extends through 2036.

Targeted, non-chemotherapy immunotherapy for relapsed/refractory CTCL (LYMPHIR)

LYMPHIR, approved by the FDA in August 2024, is the first systemic therapy for relapsed or refractory Stage I-III cutaneous T-cell lymphoma (CTCL) in over seven years. Citius Pharma owns 79% of Citius Oncology, which commercializes the product.

• Objective Response Rate (ORR) in Pivotal Study 302: 36.2%.
• Reduction in skin tumor burden: 84% of evaluable patients.
• Median time to response: 1.4 months.

Addressing significant unmet needs in critical care and oncology

The unmet need in CTCL is quantified by the estimated U.S. market size, which Citius estimates exceeds $400 million. Delveinsight estimated the broader CTCL market size at $1.04 billion in 2025, with a projected CAGR of 5% to reach $1.62 billion by 2034. CTCL reports approximately 3,000 new cases annually in the U.S. Financially, Citius Pharmaceuticals reported total sales of $1.92 million for the fiscal third quarter ended June 30, 2025, alongside a net loss of $9.2 million, or ($0.80) per share, for that quarter. The company's cash and cash equivalents as of June 30, 2025, stood at $6.1 million.

Potential first-in-class product advantage for Mino-Lok

Mino-Lok is the first and only therapy under investigation to salvage infected CVCs. The Phase 3 pivotal superiority trial met its primary endpoint with a statistically significant improvement in time to failure event versus the Control arm. The control arm received SOC site-specific anti-infective lock solution plus SOC systemic antibiotics.

• Mino-Lok demonstrated overall treatment success in 57.1% of patients at six weeks versus 37.7% in the Control arm (p=0.0025).
• Mino-Lok was granted Qualified Infectious Disease Product (QIDP) and Fast Track designation by the FDA.

Citius Pharmaceuticals, Inc. (CTXR) - Canvas Business Model: Customer Relationships

You're preparing to analyze Citius Pharmaceuticals, Inc.'s commercial relationships as they transition to a revenue-generating entity post-LYMPHIR approval. The relationships here are critical, focusing on specialized healthcare providers, payers, and the investment community.

High-touch, specialized sales force for oncology specialists

Citius Pharmaceuticals, through its subsidiary Citius Oncology, focused on building an experienced specialized field sales team to partner directly with Cutaneous T-cell Lymphoma (CTCL) providers and office staff ahead of the commercial launch, which was targeted for the fourth quarter of 2025. This high-touch approach is necessary given the niche nature of the indication.

The initial U.S. addressable market for LYMPHIR is estimated to be in the range of $300-$400+ million, with management noting it is growing and underserved by existing therapies. The company also secured distribution agreements with major players to ensure product availability:

Direct engagement with Key Opinion Leaders (KOLs) in oncology

Direct engagement with KOLs is vital for establishing the treatment paradigm for LYMPHIR, which is the only FDA-approved systemic therapy for CTCL in over seven years. While specific KOL engagement metrics aren't public, the company actively engaged with the medical community through participation in industry events.

• Management participated in investor conferences in October 2025, including the LD Micro Main Event XIX and The Think Equity Conference.
• Interested parties could schedule 1-on-1 meetings with Citius management by contacting the Investor Relations team during these events.
• LYMPHIR has been included in the National Comprehensive Cancer Network Guidelines for CTCL with a Category 2A recommendation.

For pharma organizations of any size, modern tools can help model significant annual value from strategic KOL engagement, though Citius Pharmaceuticals has not publicly quantified this for its operations.

Patient support programs for access and reimbursement of LYMPHIR

Facilitating patient access is a key relationship component, especially for a novel, high-cost specialty therapy. Citius Pharmaceuticals established a dedicated program to address these hurdles.

The company established a patient assistance program called Citius Advantage to provide reimbursement support and help reduce out-of-pocket costs for eligible patients. Furthermore, the product's path to payer coverage was supported by the assignment of a permanent J-code, J9161, which became effective on April 1, 2025, to facilitate reimbursement processes.

Investor relations and public company reporting (defintely a key relationship)

The relationship with the investment community is paramount, particularly as Citius Pharmaceuticals was actively raising capital to fund the LYMPHIR launch, flagging a going-concern uncertainty that cash was expected to fund operations only through September 2025 without additional financing as of June 30, 2025.

Financial stewardship and transparency define this relationship. Key figures as of mid-2025 reflect this focus:

Citius Pharmaceuticals maintains a significant relationship with its majority-owned subsidiary, Citius Oncology. Citius Pharma holds approximately ~65.6M shares of Citius Oncology, representing about ~92% equity control. The company also reported that insiders invested $26.5 million at some point to support the platform.

For the nine months ended June 30, 2025, Citius Oncology raised $16.5 million from equity issuance and $1 million from a note payable, demonstrating active engagement with capital markets to support commercialization.

Citius Pharmaceuticals, Inc. (CTXR) - Canvas Business Model: Channels

You're looking at how Citius Pharmaceuticals, Inc. moves its products, especially the newly launched LYMPHIR, from the manufacturing line to the patient's bedside as of late 2025. The channel strategy is heavily focused on establishing a robust, top-tier distribution backbone for its flagship oncology product.

Specialty pharmaceutical distributors (e.g., McKesson) for LYMPHIR

Citius Oncology, the majority-owned subsidiary of Citius Pharmaceuticals, finalized its core U.S. distribution network for LYMPHIR (denileukin diftitox-cxdl) by securing an agreement with McKesson Corp.. This agreement means the network now includes all three of the largest pharmaceutical distributors in the country. This setup is designed to ensure broad and reliable access for the therapy, which is indicated for adult patients with relapsed or refractory Stage I-III cutaneous T-cell lymphoma (CTCL) after at least one prior systemic therapy.

The commercial launch of LYMPHIR was planned for the fourth quarter of 2025. To support this, the company has established key commercial infrastructure elements:

• Permanent J-code assignment: J9161, effective April 1, 2025.
• NCCN guideline inclusion: A Category 2A recommendation.
• Inventory readiness: Inventory increased to $17.21 million as of Q3 2025, up from $8.27 million at FY24.

Here's a quick look at the key distribution network finalization:

Direct sales and marketing team targeting oncology centers

Citius Pharmaceuticals, through its subsidiary Citius Oncology (in which Citius Pharma owns 79%), is executing a launch strategy that leverages targeted marketing. Pre-launch activities required capital investment, as evidenced by General and Administrative (G&A) expenses increasing in Q1 FY2025 due to higher costs for pre-launch sales and marketing activities associated with LYMPHIR. The strategy is aimed at reaching the cutaneous T-cell lymphoma (CTCL) community and providers who can benefit most from the therapy.

Hospitals and infusion centers for product administration

The distribution network, completed with McKesson, is designed to support access across thousands of hospitals, clinics, and pharmacies across the United States. LYMPHIR is an immunotherapy that requires administration, meaning the final point of delivery is within these clinical settings, including academic centers and community oncology practices. Separately, Citius Pharmaceuticals markets Aqclarity, a water purification and disinfection system specifically for use in healthcare settings like dialysis centers and surgical suites.

Clinical trial sites for pipeline product development

While the immediate channel focus is on LYMPHIR commercialization, the company maintains engagement for its pipeline assets. The pivotal Phase 3 Trial for Mino-Lok and the Phase 2b trial for Halo-Lido were both completed in 2023. Citius is actively engaged with the FDA to outline the next steps for both programs.

The company has also supported investigator-initiated trials exploring LYMPHIR's potential as a combination therapy at sites including the University of Pittsburgh Medical Center and the University of Minnesota.

Finance: draft 13-week cash view by Friday.

Citius Pharmaceuticals, Inc. (CTXR) - Canvas Business Model: Customer Segments

You're hiring before product-market fit for the next phase, so focusing on the specific physician and patient pools Citius Pharmaceuticals, Inc. targets with its pipeline assets is key. Here's the quick math on the segments we see, grounded in the latest data available as of late 2025.

The customer base is segmented by the specific unmet need addressed by each late-stage product candidate, which dictates the specialty physician and the institutional setting.

Oncologists and Hematologists treating Cutaneous T-cell Lymphoma (CTCL)

This segment targets the prescribers for LYMPHIR™, which received FDA approval in August 2024 and planned U.S. launch in the fourth quarter of 2025. This is an orphan indication, meaning the patient pool is small but the potential per-patient revenue is high, with management previously estimating $500,000 per treatment for LYMPHIR.

• Estimated U.S. population living with CTCL: 25,000-35,000 people.
• Estimated addressable U.S. market for LYMPHIR: $300-$400+M annually.
• LYMPHIR is the only Interleukin-2 receptor (IL-2R) targeted therapy for CTCL, offering a market advantage due to no curative therapeutics on the market.

Critical care and infectious disease physicians managing CRBSI

These are the users and advocates for MINO-LOK®, the novel antibiotic lock solution designed to salvage infected Central Venous Catheters (CVCs) for patients with Catheter-Related Bloodstream Infections (CRBSIs). This product targets a large, high-cost problem in acute care settings.

Hospitals and health systems focused on infection control

This segment represents the institutional buyers and formulary decision-makers for MINO-LOK®. The potential impact is substantial, given the overall market size for CRBSI and CLABSI management.

Patients with symptomatic hemorrhoids (target for Halo-Lido)

HALO-LIDO is positioned as a prescription-strength topical cream, targeting patients whose symptoms are severe enough to warrant physician consultation, which is estimated to be one-third of the symptomatic population. This asset is currently in discussions with the FDA regarding the Phase 3 trial path, and Citius Pharmaceuticals, Inc. anticipates monetizing its value with a strategic or financial partner.

• The patient pool is large, with over 10 Million individuals reporting symptoms.
• It aims to be the first FDA-approved prescription product for hemorrhoid relief.

To fund the commercialization efforts for LYMPHIR™, which is critical for transitioning the company, Citius Pharmaceuticals, Inc. reported a cash position of $6.1 million as of June 30, 2025, following a Q3 2025 net loss of $9.2 million (or ($0.80) per share) on revenue of $1.92 million. The capital structure is being actively managed, with Citius Oncology raising an additional $9 million in July 2025 to support pre-launch initiatives. Finance: review Q4 cash burn projections against the $6.1 million cash on hand at June 30, 2025, by Monday.

Citius Pharmaceuticals, Inc. (CTXR) - Canvas Business Model: Cost Structure

You're looking at the costs Citius Pharmaceuticals, Inc. (CTXR) is incurring as it pivots hard toward commercialization for LYMPHIR. This is where the cash burn is happening before product sales kick in, which management targeted for Q4 2025. Honestly, managing these operating expenses is defintely key to their near-term survival, given the stated cash runway concern.

Let's break down the core operating expenses from the third quarter of fiscal 2025, which ended June 30, 2025. You saw General and Administrative (G&A) expenses land at $4.4 million for the quarter. Research and Development (R&D) expenses were lower, coming in at $1.6 million, reflecting the shift away from late-stage clinical work for Mino-Lok and toward launch activities.

Here's a closer look at those key operating costs for the quarter ended June 30, 2025:

Commercialization and pre-launch marketing costs for LYMPHIR are embedded within the G&A line, but the physical readiness is visible in the balance sheet. You see a significant investment in inventory, which is necessary to support the planned Q4 2025 launch. This inventory build represents costs already spent on manufacturing and getting the product ready to ship.

The inventory figure as of June 30, 2025, shows the capital already deployed for supply chain readiness:

• Total Inventory: $17,208,967
• Finished Goods Inventory: $8,962,493
• Work in Process (WIP) Inventory: $8,246,474

Manufacturing and supply chain costs for drug production are also reflected in those inventory figures, plus contractual obligations. Citius Pharmaceuticals, Inc. has material minimum purchase commitments that stretch into 2026, showing future fixed costs related to supply. These are costs you have to account for regardless of immediate sales volume.

• Material Manufacturing Minimum Purchase Commitments (Across 2025-2026): Approximately $18.3 million for drug substance
• Material Manufacturing Minimum Purchase Commitments (Across 2025-2026): Approximately $4.5 million for packaging

Regarding regulatory submission and compliance fees, specific dollar amounts for Q3 2025 were not itemized separately in the public filings reviewed. However, the company noted that net proceeds from recent financing activities, such as the October 2025 registered direct offering, are intended to support the commercial launch of LYMPHIR, including milestone, regulatory and other payments. These future or contingent payments represent a potential cost structure element tied to regulatory success and commercial milestones.

Citius Pharmaceuticals, Inc. (CTXR) - Canvas Business Model: Revenue Streams

You're looking at the revenue side of Citius Pharmaceuticals, Inc. (CTXR) right as they pivot from clinical development to commercial reality. This is where the rubber meets the road, financed by past investor confidence and banking on near-term product sales.

Product sales of LYMPHIR (commercial launch Q4 2025)

For the fiscal third quarter ended June 30, 2025, Citius Pharmaceuticals recognized $0 in revenue, which aligns with the planned U.S. commercial launch of LYMPHIR™ in the fourth quarter of 2025. This means Q3 was purely a pre-revenue period, though the company reported a quarterly revenue of $1.92 million, which beat the consensus estimate by $1.00 thousand. Inventory build-up is significant, with finished goods inventory valued at $8,962,493 as of June 30, 2025, reflecting readiness for the launch. Management estimates the initial addressable market for LYMPHIR, a targeted immunotherapy for relapsed or refractory cutaneous T-cell lymphoma (CTCL), currently exceeds $400 million. The company has secured sufficient inventory to meet projected demand for 12 to 18 months post-launch.

Future product sales of Mino-Lok and Halo-Lido, if approved

Revenue streams from Mino-Lok and Halo-Lido are contingent on future regulatory success, so they represent potential, not realized, income as of late 2025. Mino-Lok, an antibiotic lock solution for catheter-related bloodstream infections, met the primary and secondary endpoints of its Phase 3 Trial. Citius Pharmaceuticals is actively engaged with the U.S. Food and Drug Administration (FDA) to outline the next steps for a New Drug Application (NDA) submission for Mino-Lok. Halo-Lido, a topical formulation for hemorrhoids, has completed its Phase 2b trial, and planning is underway for next-stage regulatory discussions to support a potential NDA.

Financing and Capital Inflows

The transition to a commercial entity has been heavily supported by capital raises throughout fiscal year 2025. You need to know the capital structure that funded the LYMPHIR launch preparations.

• Net proceeds from equity issuance during the nine months ended June 30, 2025, totaled $16.5 million.
• The company also received $1 million from the issuance of a note payable during the same nine-month period.
• Citius Oncology raised approximately $9 million in gross proceeds from a public offering in July 2025.
• A registered direct offering in June 2025 generated gross proceeds of approximately $6 million.
• As of June 30, 2025, cash and cash equivalents stood at $6.1 million.

Here's a quick look at the recent financing activity that bolstered the balance sheet ahead of the launch:

Honestly, the company flagged a going-concern uncertainty, noting that available cash was expected to fund operations only through September 2025 without additional financing. So, these financing activities were defintely critical.

Potential milestone payments from licensing agreements

Milestone payments represent another layer of potential, non-product revenue. Dr. Reddy's Laboratories, Ltd., which holds certain global licensing rights to LYMPHIR, is entitled to development and commercial milestone payments on the product going forward. Separately, Citius Pharmaceuticals disclosed plans to defer a significant FDA milestone payment related to LYMPHIR, though the specific details of that deferral remain undisclosed. The company intends to use net proceeds from recent offerings to support LYMPHIR commercial launch, including milestone, regulatory and other payments.