What caused CTXR's Q2 2024 earnings to miss forecasts?

Citius Pharmaceuticals' Q2 2024 earnings fell short of forecasts due to a combination of factors: 1. **Financial Performance**: The company reported a net loss of $8.54 million for the quarter, which is a significant indicator of financial strain. The absence of total revenue for the quarter further underscores the company's challenging financial situation. |code|Ticker|Name|Date|Estimate EPS|Estimate Revenue|EPS Surprise|market_code| |---|---|---|---|---|---|---|---| |CTXR|CTXR.O|Citius|2024 Q1|-2|2.129E7||186| |CTXR|CTXR.O|Citius|2024 Q2|-0.05|0|0|186| 2. **Analyst Expectations**: Analysts had anticipated a stronger performance, with an average price target of $9, reflecting optimism about the company's potential. The actual earnings per share (EPS) of -$0.05 met the analysts' estimate of -$0.05, but the company's inability to report any revenue for the quarter contributed to the miss. 3. **Business Developments**: While the company has been actively involved in research and development, as evidenced by ongoing projects like Mino-Lok data analysis and the LYMPHIR biologics license application, these efforts have not yet translated into tangible revenue. The acceptance of the LYMPHIR biologics license application with a PDUFA target action date set for August 13, 2024, suggests a potential upside, but it does not address the immediate revenue shortfall. In summary, CTXR's Q2 2024 earnings missed forecasts due to a combination of poor financial performance and the inability to generate revenue to meet analyst expectations.