Related Party Transactions |
9 Months Ended |
|---|---|
Jun. 30, 2026 | |
| Related Party Transactions [Abstract] | |
| RELATED PARTY TRANSACTIONS | 11. RELATED PARTY TRANSACTIONS
Our officers and directors also serve as officers of Citius Pharma. As of June 30, 2026, the Company does not have any employees. The Company and Citius Pharma entered into the A&R Shared Services Agreement and under the terms of the agreement, Citius Pharma provides management and scientific services to us.
During the three months ended June 30, 2026, Citius Pharma charged us $999,319 for reimbursement of general and administrative payroll, $256,231 for reimbursement of research and development payroll, and $27,939 for the use of shared office space. During the three months ended June 30, 2025, Citius Pharma charged us $567,937 for reimbursement of general and administrative payroll, $480,000 for reimbursement of research and development payroll, and $27,939 for the use of shared office space.
During the nine months ended June 30, 2026, Citius Pharma charged us $2,065,193 for reimbursement of general and administrative payroll, $1,205,231 for reimbursement of research and development payroll, and $83,817 for the use of shared office space. During the nine months ended June 30, 2025, Citius Pharma charged us $1,703,811 for reimbursement of general and administrative payroll, $1,440,000 for reimbursement of research and development payroll, and $86,246 for the use of shared office space.
Through March 31, 2026, we had limited cash, therefore most of our expenditures were paid by Citius Pharma and reflected in the due to related party account.
Citius Pharma advanced cash to us for a non-interest bearing, unsecured promissory note, dated August 16, 2024, in the principal amount of $3,800,111, which was subsequently amended. As amended, the note was repayable in full upon a financing of at least $50 million by us. On May 4, 2026, the Company and Citius Pharma, entered into another amendment to the note in connection with the loan agreement (see Note 8), such that the note is payable 91 days after the debt under the loan agreement has been paid and the loan agreement has been terminated, prohibits prepayment of the note in cash, and adds a conversion feature allowing Citius Pharma, subject to the Company’s approval, to convert all or a portion of the outstanding principal into shares of common stock at a conversion price equal to $0.90 per share. |