Persistent cash burn remains a critical concern, with free cash flow deficits reaching $13.0M in 2026Q1 and volatile working capital shifts complicating the firm's ability to maintain a stable liquidity profile.
Citius Pharmaceuticals, Inc. (CTXR) cash flow statement — 15-year operating, investing & financing cash flows
| Metric | TTM | Sep'25 | Sep'24 | Sep'23 | Sep'22 | Sep'21 | Sep'20 | Sep'19 | Sep'18 | Sep'17 | Sep'16 | Sep'15 | Sep'14 | Sep'13 | Sep'12 | Sep'11 |
|---|
| Cash from Operations | -34.87M | -26.55M | -28.2M | -29.06M | -28.36M | -24.25M | -16.93M | -12.44M | -11.32M | -7.97M | -5.9M | -2.39M | -705.05K | -20.6K | -20.32K | -20.78K |
| Operating CF Margin % | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Operating CF Growth % | -265.34% | 5.85% | 2.96% | -2.46% | -16.95% | -43.23% | -36.12% | -9.89% | -41.99% | -35.1% | -147.35% | -238.33% | -3321.89% | -1.38% | 2.2% | - |
| Net Income | -46.27M | -39.74M | -39.43M | -32.54M | -33.64M | -23.05M | -17.55M | -15.56M | -12.54M | -10.38M | -8.3M | -2.9M | -1.27M | -31.37K | -22.01K | -26.34K |
| Depreciation & Amortization | 1.85M | 214.25K | 209.61K | 194.32K | 179.68K | 164.87K | 152.36K | 893 | 1.75K | 2.63K | 1.34K | 0 | 0 | 0 | 0 | 0 |
| Stock-Based Compensation | 10.96M | 10.84M | 11.84M | 6.62M | 3.91M | 1.45M | 803.26K | 715.98K | 779.7K | 986.62K | 732.15K | 486.27K | 470.19K | 0 | 0 | 0 |
| Deferred Taxes | 189.92K | 1.06M | 576K | 576K | 576K | -166.56K | 0 | 0 | -450K | 0 | 843.62K | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 3.43M | 26.6K | 284.18K | 102K | 378.2K | 68K | 528.77K | 211.6K | 377.2K | 1.31M | 150K | -332.1K | -67.66K | 103.1K | 132 | -26.34K |
| Working Capital Changes | 3.82M | 1.05M | -1.69M | -4.01M | 239.56K | -2.72M | -866.97K | 2.2M | 509.85K | 115.52K | 668.16K | 362.68K | 164.57K | 10.77K | 1.68K | 5.56K |
| Change in Receivables | -686.24K | 0 | 0 | 0 | 0 | 0 | 0 | 818.34K | -818.34K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | -4.05M | -12.65M | -2.13M | 0 | 0 | 0 | 0 | -818.34K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | -2.06M | 8.77M | 2M | 1.76M | -111.72K | -579.14K | -857.31K | 1.14M | 971.01K | -306.73K | 105.23K | 452.98K | 0 | 11.47K | -906 | 906 |
| Cash from Investing | -12.75M | -5.75M | -5M | 0 | 0 | -40.01M | -1.83K | 0 | 0 | -2.13K | 255.75K | 0 | 0 | 0 | -2 | 0 |
| Capital Expenditures | -8.35M | -5.75M | 0 | 0 | 0 | -40.01M | -1.83K | 0 | 0 | -2.13K | 0 | 0 | 0 | 0 | 0 | 0 |
| CapEx % of Revenue | 117.52% | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 255.75K | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -4.4M | 0 | -5M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 255.75K | 0 | 0 | 0 | -2 | 0 |
| Cash from Financing | 58.54M | 33.3M | 9.97M | 13.83M | 0 | 120.47M | 22.9M | 11.15M | 17.3M | 10.88M | 5.26M | 1.51M | 2.26M | 20.47K | 20.25K | 18.49K |
| Debt Issued (Net) | 7.63M | 1M | 0 | 0 | 0 | -172.97K | 164.58K | 0 | 0 | 4.21M | -100K | 0 | 0 | 20.47K | 20.25K | -8.75K |
| Equity Issued (Net) | 49.9M | 32.3M | 13.8M | 13.8M | 0 | 89.43M | 15.58M | 11.12M | 16.17M | 0 | 5.43M | 1.51M | 0 | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 1M | 0 | -3.83M | 31.27K | 0 | 31.21M | 7.16M | 23.22K | 1.13M | 6.67M | -64.8K | 0 | 2.26M | 0 | 0 | 27.24K |
| Net Change in Cash | 10.92M | 1M | -23.23M | -15.23M | -28.36M | 56.21M | 5.97M | -1.29M | 5.98M | 2.91M | -381.79K | -875.92K | 1.55M | 54.26K | -77 | -2.29K |
| Free Cash Flow | -34.87M | -26.55M | -28.2M | -29.06M | -28.36M | -64.26M | -16.93M | -12.44M | -11.32M | -7.97M | -5.9M | -2.39M | -705.05K | -20.6K | -20.32K | -20.78K |
| FCF Margin % | -490.73% | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| FCF Growth % | -69.38% | 5.85% | 2.96% | -2.46% | 55.86% | -279.49% | -36.14% | -9.89% | -41.95% | -35.13% | -147.35% | -238.33% | -3321.89% | -1.38% | 2.2% | - |
| FCF per Share | -1.33 | -2.40 | -2.43 | -2.88 | -2.91 | -8.88 | -6.49 | -9.25 | -15.82 | -21.81 | -24.43 | -16.86 | -7.89 | -0.41 | -0.41 | -0.42 |
| FCF Conversion (FCF/Net Income) | 0.75x | 0.71x | 0.72x | 0.89x | 0.84x | 1.05x | 0.96x | 0.80x | 0.90x | 0.77x | 0.71x | 0.82x | 0.55x | 0.66x | 0.92x | 0.79x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Quick answers to the most common questions about buying CTXR stock.
Citius Pharmaceuticals, Inc. (CTXR) generated $-26.6M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Citius Pharmaceuticals, Inc. (CTXR) reported negative free cash flow of $26.6M in 2025, indicating capital requirements exceeded cash from operations.
Citius Pharmaceuticals, Inc. (CTXR) spent $5.8M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
Key Metrics
Top Statement Risk
Liquidity and regulatory insolvency
Metrics are mathematically derived from official filings.
Earnings Quality Obscured by Accruals
As reported in financial statements, the relationship between net income and operating cash flow remains highly volatile, with OCF/NI ratios fluctuating significantly from 0.06 in 2026Q2 to 1.58 in 2026Q1, suggesting that non-cash accruals and working capital shifts are currently driving the firm's reported cash position.
The wide variance in cash conversion suggests that investors should monitor the underlying quality of earnings, as the company is not yet generating cash from core operations. The disconnect between net losses and cash outflows implies that accounting adjustments, rather than operational efficiency, are the primary determinants of the reported cash flow metrics.
Persistent Negative Free Cash Flow
Based on the provided quarterly data, Citius Pharmaceuticals continues to experience a persistent free cash flow deficit, with outflows reaching $13.0M in 2026Q1, indicating that the firm remains in a capital-intensive developmental phase without a self-sustaining revenue stream to offset its ongoing research and development expenditures.
The consistent negative FCF trajectory underscores the firm's reliance on external financing to fund its clinical pipeline. Without a clear path to commercialization, this trend suggests that the company may continue to face significant liquidity pressure until its lead assets achieve regulatory approval and market adoption.
Volatile Working Capital Management Trends
According to recent SEC filings, working capital changes have been highly erratic, swinging from a $21.5M inflow in 2026Q2 to a $6.2M outflow in 2026Q1, which suggests that the company's cash management is heavily influenced by timing differences in clinical trial payments and regulatory-related vendor obligations.
These fluctuations in working capital appear to mask the underlying cash burn rate of the business. Investors should investigate whether these inflows represent sustainable operational improvements or merely temporary deferrals of liabilities that will eventually require settlement, potentially exacerbating future liquidity constraints.
SBC Dilution Masks Cash Reality
As indicated by the company's historical financial statements, stock-based compensation remains a significant component of the firm's cost structure, peaking at $4.3M in 2026Q1, which effectively preserves cash at the expense of shareholder dilution and complicates the assessment of the company's true economic burn rate.
The reliance on equity-based compensation suggests that management is attempting to conserve limited cash reserves while incentivizing personnel during a critical development phase. However, this practice warrants further investigation, as it may obscure the true cost of operations and the long-term impact on shareholder value if the company fails to reach commercial viability.