Citius Pharmaceuticals Secures $3.8M Via Net Operating Loss Program

On Feb 24, 2026

Cranford-based Citius Pharmaceuticals, Inc., a biopharmaceutical company that develops and commercializes first-in-class critical care products, has received $3.8 million in non-dilutive capital through New Jersey’s Technology Business Tax Certificate Transfer Program, more commonly known as the Net Operating Loss (NOL) Program, funded through the New Jersey Economic Development Authority (NJEDA).

“We are pleased to once again participate in New Jersey’s NOL Program, which enables us to convert net operating losses into meaningful non-dilutive capital. As expected, this funding strengthened our balance sheet and enhances our financial flexibility as we continue executing on our strategy, including supporting the commercial launch of LYMPHIR and advancing our late-stage pipeline programs. We appreciate the continued support of the New Jersey Economic Development Authority and remain committed to disciplined capital allocation that drives long-term shareholder value while advancing important therapies for patients,” stated Jaime Bartushak, Chief Financial Officer of Citius.

NJBIA Chief Government Affairs Officer Christopher Emigholz said he is happy to see innovative companies in New Jersey utilize this important NJEDA program.

“NJBIA has long supported the NJEDA’s tech transfer program as an important tool in our innovation eco-system for small companies with initial losses to acquire capital to support their growth and research and development efforts.”

The Technology Business Tax Certificate Transfer Program enables approved technology and biotechnology businesses with net operating losses to sell their unused net operating loss carryover (NOL) and unused research and development tax credits (R&D Tax Credits) for at least 80% of the value of the tax benefits to a profitable corporate taxpayer in the State of New Jersey that is not an affiliated business.  This allows technology and biotechnology businesses with net operating losses to turn their tax losses and credits into cash to buy equipment or facilities, or for other allowable expenditures.  The NJEDA determines eligibility, and the New Jersey Division of Taxation determines the value of the tax benefits.

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