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Common Stock, Stock Options and Warrants (Tables) | 12 Months Ended
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Sep. 30, 2024
Common Stock, Stock Options and Warrants [Abstract] |
Schedule of Common Shares | The Company completed the following sales of its common shares through the Manager in September.
|  |  |  |  |  |  |  | Gross |  |  | Net |
Date |  | Shares |  |  | Price |  |  | Proceeds |  |  | Proceeds 1 |
9/23/2024 |  |  | 14,295 |  |  | $ | 14.22 |  |  | $ | 203,240 |  |  | $ | 195,815 |
9/27/2024 |  |  | 3,254 |  |  | $ | 12.65 |  |  |  | 41,148 |  |  |  | 41,358 |
9/30/2024 |  |  | 619 |  |  | $ | 12.52 |  |  |  | 7,752 |  |  |  | 7,223 |
Total |  |  | 18,168 |  |  |  |  |  |  | $ | 252,140 |  |  | $ | 247,396 |
1) | Net proceeds after deducting the broker fee and trading expenses but before offering expenses.
Schedule of Determining the fair Value of Stock Option Grants | The following assumptions were used in determining the fair value of stock option grants for the years ended September 30, 2024 and 2023:
|  | 2024 |  | 2023
Risk-free interest rate |  | 4.62 – 4.66% |  | 1.05 – 2.94%
Expected dividend yield |  | 0.00% |  | 0.00%
Expected term |  | 5.50 – 10 years |  | 6.50 – 10 years
Expected volatility |  | 85 – 86% |  | 94 – 110%
The following assumptions were used in determining the fair value of the Citius Oncology stock option grants for the year ended September 30, 2024 and 2023:
|  | 2024 |  | 2023
Risk-free interest rate |  | 4.66% |  | 4.11%
Expected dividend yield |  | 0.00% |  | 0.00%
Expected term |  | 6.50 years |  | 5.96 years
Expected volatility |  | 87% |  | 91%
Schedule of Option Activity Under Our Stock Option Plans | A summary of option activity under the Citius Pharma plans (excluding the NoveCite and Citius Oncology Stock Plans) is presented below:
|  | Option Shares |  |  | Weighted- Average Exercise Price |  |  | Weighted- Average Remaining Contractual Term |  |  | Aggregate Intrinsic Value |
Outstanding at September 30, 2023 |  |  | 532,207 |  |  | $ | 44.75 |  |  |  | 7.41 years |  |  | $ | 56,203 |
Granted |  |  | 166,400 |  |  | $ | 17.50 |  |  |  | 9.04 years |  |  | $ | 0.00 |
Exercised |  |  | (2,125 | ) |  | $ | 0.38 |  |  |  |  |  |  | $ | 39,068 |
Forfeited or expired |  |  | (40,398 | ) |  | $ | 68.50 |  |  |  |  |  |  |  |  |
Outstanding at September 30, 2024 |  |  | 656,084 |  |  | $ | 36.41 |  |  |  | 7.26 years |  |  | $ | 0.00 |
Exercisable at September 30, 2024 |  |  | 347,618 |  |  | $ | 44.40 |  |  |  | 6.27 years |  |  | $ | 0.00 |
A summary of option activity under the Citius Oncology plan is presented below:
|  | Shares |  |  | Weighted- Average Exercise Price |  |  | Weighted- Average Remaining Contractual Term |  |  | Aggregate Intrinsic Value |
Outstanding at September 30, 2023 |  |  | 12,600,000 |  |  | $ | 2.15 |  |  |  | 9.77 years |  |  | $ | — |
Granted |  |  | 150,000 |  |  |  | 2.15 |  |  |  |  |  |  |  |  |
Forfeited |  |  | — |  |  |  |  |  |  |  |  |  |  |  |  |
Outstanding at September 30, 2024 |  |  | 12,750,000 |  |  | $ | 2.15 |  |  |  | 8.78 years |  |  | $ | — |
Exercisable at September 30, 2024 |  |  | 3,937,500 |  |  | $ | 2.15 |  |  |  | 8.77 years |  |  | $ | — |
Schedule of Exercise of Outstanding Warrants | The following table summarizes the warrants outstanding at September 30, 2024:
|  | Exercise price |  |  | Number |  |  | Expiration Dates
August 2018 Offering Investors |  |  | 28.75 |  |  |  | 156,863 |  |  | August 14, 2024
August 2018 Offering Agent |  |  | 39.84 |  |  |  | 7,576 |  |  | August 8, 2024
April 2019 Registered Direct/Private Placement Investors |  |  | 35.50 |  |  |  | 51,780 |  |  | April 5, 2024
April 2019 Registered Direct/Private Placement Agent |  |  | 48.28 |  |  |  | 9,605 |  |  | April 5, 2024
September 2019 Offering Investors |  |  | 19.25 |  |  |  | 111,732 |  |  | September 27, 2024
September 2019 Offering Underwriter |  |  | 27.97 |  |  |  | 7,774 |  |  | September 27, 2024
February 2020 Exercise Agreement Placement Agent |  |  | 31.88 |  |  |  | 5,555 |  |  | August 19, 2025
May 2020 Registered Direct Offering Investors |  |  | 25.00 |  |  |  | 66,824 |  |  | November 18, 2025
May 2020 Registered Direct Offering Placement Agent |  |  | 33.20 |  |  |  | 6,226 |  |  | May 14, 2025
August 2020 Underwriter |  |  | 32.81 |  |  |  | 8,079 |  |  | August 10, 2025
January 2021 Registered Direct Offering Investors |  |  | 30.78 |  |  |  | 123,648 |  |  | July 27, 2026
January 2021 Registered Direct Offering Agent |  |  | 40.44 |  |  |  | 14,065 |  |  | July 27, 2026
February 2021 Offering Investors |  |  | 42.50 |  |  |  | 823,211 |  |  | February 19, 2026
February 2021 Offering Agent |  |  | 47.03 |  |  |  | 100,256 |  |  | February 19, 2026
May 2023 Registered Direct Offering Investors |  |  | 37.50 |  |  |  | 500,000 |  |  | May 8, 2028
May 2023 Registered Direct Offering Agent |  |  | 37.50 |  |  |  | 35,000 |  |  | May 3, 2028
April 2024 Registered Direct Offering Investors |  |  | 18.75 |  |  |  | 857,143 |  |  | October 30, 2029
April 2024 Registered Direct Offering Agent |  |  | 21.875 |  |  |  | 60,000 |  |  | April 25, 2029
|  |  |  |  |  |  | 2,945,337 |  |  |
Schedule of Common Stock Reserved for Future Issuances | A summary of common stock reserved for future issuances by the Company excluding all subsidiaries as of September 30, 2024 is as follows:
Stock plan options outstanding |  |  | 656,084 |
Stock plan shares available for future grants |  |  | 303,000 |
Warrants outstanding |  |  | 2,945,337 |
Total |  |  | 3,904,421 |

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