CITIUS ONCOLOGY, INC.

CTORdata completeness 63%5 fiscal years on file

Data notes: no data for concept 'revenue'; no data for concept 'capex'; no data for concept 'totalDebt'

The thesis, from the filings

CITIUS ONCOLOGY, INC. earns about -39% on invested capital, but has diluted owners by 5361% over 5 years — worth asking whether the growth reaches owners. The cash-flow models don't apply cleanly here — the ledger says why below.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own

Figure	FY 2022	FY 2023	FY 2023	FY 2024	FY 2025
Revenue	—	—	—	—	—
Net income	$380,811¹	−$12.7M²	$2.42M¹	−$21.1M³	−$24.8M³
Operating cash flow	−$47,968⁴	—	−$601,304⁴	$126,353⁵	−$5.49M⁵
Capital expenditure	—	—	—	—	—
Free cash flow (derived)	—	—	—	—	—
Total debt	—	—	—	—	—
Cash & equivalents	—	—	—	$112⁶	$3.92M⁶
Diluted shares	1.3M	67.5M	6.6M	68.1M	73.3M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal

If you owned

Net assets behind them

$6.12

your share of equity

Profit it earned you last year

−$3.38

Free cash flow it threw off

—

Debt you’d be carrying

—

10 shares is a claim on $6.12 of net worth that earned you −$3.38 last year.

iii. Is this a good business?

Moat signal · return on invested capital

-39% avg · 5y

FY22 —FY23 -37%FY23 —FY24 -35%FY25 -45%

It earned an average -39% on invested capital over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →

Management signal · capital allocation

+5361% shares · 5y

Share count is up 5361% over 5 years — owners have been diluted. Worth asking what they got for it.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0

DCF · Growth Exit 10Y

not applicable

only 0 years of FCF (need ≥3) — model not applicable

DCF · Growth Exit 5Y

not applicable

only 0 years of FCF (need ≥3) — model not applicable

Earnings Power Value

not applicable

normalized (5y-median) earnings non-positive — EPV undefined

Graham Number

not applicable

diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts

10-K · period ending 2022-12-31 · accession 0001493152-24-014850 (NetIncomeLoss)
10-K · period ending 2023-09-30 · accession 0001213900-24-113150 (NetIncomeLoss)
10-K · period ending 2024-09-30 · accession 0001213900-25-125331 (NetIncomeLoss)
10-K · period ending 2022-12-31 · accession 0001493152-24-014850 (NetCashProvidedByUsedInOperatingActivities)
10-K · period ending 2024-09-30 · accession 0001213900-25-125331 (NetCashProvidedByUsedInOperatingActivities)
10-K · period ending 2024-09-30 · accession 0001213900-25-125331 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)