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Titan Pharmaceuticals(TTNP) - 2020 Q1 - Quarterly Report
2020-05-15 12:46
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2020. OR ¨ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 (650) 244-4990 (Registrant's telephone number, including area code) Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securiti ...
Titan Pharmaceuticals(TTNP) - 2019 Q4 - Earnings Call Transcript
2020-03-30 23:43
Titan Pharmaceuticals, Inc. (NASDAQ:TTNP) Q4 2019 Results Conference Call March 30, 2020 4:30 PM ET Company Participants Sunil Bhonsle - President and CEO Marc Rubin - Executive Chairman Kate DeVarney - EVP and Chief Scientific Officer Dane Hallberg - EVP and Chief Commercial Officer Brian Crowley - VP, Finance and Administration Jennifer Kiernan - Executive Assistant to CEO and Investor Communications Coordinator Conference Call Participants Anita Dushyanth - Zacks Investment Research Operator Thank you fo ...
Titan Pharmaceuticals(TTNP) - 2019 Q4 - Annual Report
2020-03-30 20:07
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) x ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2019 or ¨ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to . Commission file number 001-13341 TITAN PHARMACEUTICALS, INC. (Exact name of registrant as specified in its charter) Delaware 94-3171940 (State or other jurisd ...
Titan Pharmaceuticals(TTNP) - 2019 Q3 - Earnings Call Transcript
2019-11-15 03:16
Titan Pharmaceuticals, Inc. (NASDAQ:TTNP) Q3 2019 Earnings Conference Call November 14, 2019 4:30 PM ET Company Participants Sunil Bhonsle - President and Chief Executive Officer Jennifer Kiernan - Executive Assistant to Chief Executive Officer and Investor Communications Coordinator Marc Rubin - Executive Chairman Dane Hallberg - Executive Vice President and Chief Commercial Officer Katherine DeVarney - Executive Vice President and Chief Scientific Officer Brian Crowley - Vice President of Finance and Admi ...
Titan Pharmaceuticals(TTNP) - 2019 Q3 - Quarterly Report
2019-11-14 21:06
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q Titan Pharmaceuticals, Inc. (Exact name of registrant as specified in its charter) Delaware 94-3171940 (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification No.) 400 Oyster Point Blvd., Suite 505, South San Francisco, California 94080 (Address of principal executive offices) (Zip Code) x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quar ...
Titan Pharmaceuticals(TTNP) - 2019 Q2 - Earnings Call Transcript
2019-08-15 02:19
Titan Pharmaceuticals, Inc. (NASDAQ:TTNP) Q2 2019 Earnings Conference Call August 14, 2019 4:30 PM ET Company Participants Sunil Bhonsle - President & Chief Executive Officer Jennifer Kiernan - Executive Assistant to CEO & Investor Communications Coordinator Marc Rubin - Executive Chairman Dane Hallberg - Executive Vice President & Chief Commercial Officer Brian Crowley - Vice President-Finance Conference Call Participants Jason McCarthy - Maxim Group Ben Haynor - Alliance Global Partners John Vandermosten ...
Titan Pharmaceuticals(TTNP) - 2019 Q2 - Quarterly Report
2019-08-14 20:06
[Part I. Financial Information](index=4&type=section&id=Part%20I.%20Financial%20Information) [Item 1. Financial Statements](index=4&type=section&id=Item%201.%20Financial%20Statements) The unaudited statements show a significant decrease in cash, a wider net loss, and substantial doubt about the company's ability to continue as a going concern [Condensed Balance Sheets](index=4&type=section&id=Condensed%20Balance%20Sheets) Total assets decreased to $6.8 million from $14.1 million, while stockholders' equity shifted from a positive $6.8 million to a deficit of $0.6 million Condensed Balance Sheet Highlights (in thousands) | Account | June 30, 2019 | Dec 31, 2018 | | :--- | :--- | :--- | | Cash and cash equivalents | $2,292 | $9,295 | | Total current assets | $5,493 | $13,301 | | Total assets | $6,761 | $14,095 | | Total current liabilities | $4,342 | $3,452 | | Total liabilities | $7,332 | $7,264 | | Total stockholders' (deficit) equity | $(571) | $6,831 | [Condensed Statements of Operations and Comprehensive Loss](index=5&type=section&id=Condensed%20Statements%20of%20Operations%20and%20Comprehensive%20Loss) Revenues fell to $1.4 million while operating expenses increased to $10.6 million, resulting in a substantially wider net loss of $9.7 million for the period Financial Performance for the Six Months Ended June 30 (in thousands, except per share data) | Metric | 2019 | 2018 | | :--- | :--- | :--- | | Total revenues | $1,447 | $3,732 | | Total operating expenses | $10,614 | $6,778 | | Loss from operations | $(9,167) | $(3,046) | | Net loss | $(9,714) | $(3,474) | | Basic and diluted net loss per common share | $(0.73) | $(0.98) | [Condensed Statements of Stockholders' Equity (Deficit)](index=6&type=section&id=Condensed%20Statements%20of%20Stockholders'%20Equity%20(Deficit)) Stockholders' equity turned into a $0.6 million deficit, driven primarily by a $9.7 million net loss for the six-month period - Stockholders' equity decreased from **$6,831 thousand** at Dec 31, 2018 to a deficit of **$(571) thousand** at June 30, 2019[12](index=12&type=chunk) - The primary driver for the decrease in equity was the **net loss of $9,714 thousand** for the six months ended June 30, 2019[10](index=10&type=chunk)[12](index=12&type=chunk) [Condensed Statements of Cash Flows](index=7&type=section&id=Condensed%20Statements%20of%20Cash%20Flows) Net cash used in operations increased significantly to $8.5 million, contributing to a $7.4 million net decrease in cash and cash equivalents Cash Flow Summary for the Six Months Ended June 30 (in thousands) | Activity | 2019 | 2018 | | :--- | :--- | :--- | | Net cash used in operating activities | $(8,457) | $(2,855) | | Net cash used in investing activities | $(83) | $(53) | | Net cash provided by (used in) financing activities | $1,176 | $(3,000) | | **Net decrease in cash, cash equivalents and restricted cash** | **$(7,364)** | **$(5,908)** | [Notes to Condensed Financial Statements](index=8&type=section&id=Notes%20to%20Condensed%20Financial%20Statements) Key notes highlight substantial doubt about the company's ability to continue as a going concern, with cash sufficient only through October 2019 - The company concluded there is **substantial doubt about its ability to continue as a going concern**, as available cash is only sufficient to fund operations through October 2019[21](index=21&type=chunk)[24](index=24&type=chunk) - In August 2019, the company raised net proceeds of approximately **$1.8 million** through a registered direct offering and private placement of common stock and warrants[77](index=77&type=chunk)[78](index=78&type=chunk) - In June 2019, the Molteni Convertible Loan was converted into **448,287 shares** of common stock upon EMA approval of Sixmo, resulting in a loss on debt extinguishment of approximately **$0.1 million**[75](index=75&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=20&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses decreased revenue due to non-recurring license payments, increased SG&A expenses from commercialization efforts, and critical liquidity issues [Overview](index=20&type=section&id=Overview) The company is transitioning to a commercial-stage enterprise focused on its ProNeura drug delivery platform and the U.S. relaunch of Probuphine® - The company's core technology is the **ProNeura long-term drug delivery platform**, which involves a small, solid rod implanted subdermally for continuous drug release[83](index=83&type=chunk) - Primary focus is on the commercialization of **Probuphine®** for opioid use disorder in the U.S., Canada, and the European Union following its reacquisition in May 2018[82](index=82&type=chunk) [Results of Operations](index=20&type=section&id=Results%20of%20Operations) A $2.3 million revenue decrease and a $3.8 million operating expense increase widened the net loss for the six-month period to $9.7 million from $3.5 million Revenues for the Six Months Ended June 30 (in thousands) | Revenue Type | 2019 | 2018 | Change | | :--- | :--- | :--- | :--- | | License revenue | $313 | $3,657 | $(3,344) | | Product revenue | $621 | $75 | $546 | | Grant revenue | $513 | $— | $513 | | **Total revenues** | **$1,447** | **$3,732** | **$(2,285)** | Operating Expenses for the Six Months Ended June 30 (in thousands) | Expense Type | 2019 | 2018 | Change | | :--- | :--- | :--- | :--- | | Cost of goods sold | $550 | $70 | $480 | | Research and development | $3,751 | $3,713 | $38 | | Selling, general and administrative | $6,313 | $2,995 | $3,318 | | **Total operating expenses** | **$10,614** | **$6,778** | **$3,836** | - The substantial increase in SG&A expenses was primarily due to costs associated with the **commercialization of Probuphine**, including higher employee-related expenses, consulting fees, and marketing services[90](index=90&type=chunk) [Liquidity and Capital Resources](index=22&type=section&id=Liquidity%20and%20Capital%20Resources) The company's financial position is precarious, with existing funds projected to sustain operations only through October 2019, necessitating immediate funding - Working capital decreased from approximately **$9.8 million** at December 31, 2018, to approximately **$1.0 million** at June 30, 2019[94](index=94&type=chunk) - The company raised approximately **$0.5 million** through an At-the-Market (ATM) offering during Q2 2019 and an additional **$1.8 million** in net proceeds from a financing in August 2019[95](index=95&type=chunk)[97](index=97&type=chunk) - Management states that existing cash, including the August 2019 financing proceeds, is only sufficient to fund planned operations **through October 2019**, and additional funds are required to continue operations[98](index=98&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=23&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) There have been no material changes to the market risk disclosures from the company's 2018 Annual Report on Form 10-K/A - Market risk disclosures have not materially changed from the company's **2018 Annual Report on Form 10-K/A**[103](index=103&type=chunk) [Item 4. Controls and Procedures](index=23&type=section&id=Item%204.%20Controls%20and%20Procedures) Disclosure controls and procedures were deemed effective as of June 30, 2019, with no material changes in internal control over financial reporting - The CEO concluded that **disclosure controls and procedures were effective** as of the end of the reporting period[104](index=104&type=chunk) - **No changes in internal control over financial reporting** occurred during the six months ended June 30, 2019, that materially affected, or were reasonably likely to materially affect, internal controls[105](index=105&type=chunk) [Part II. Other Information](index=24&type=section&id=Part%20II.%20Other%20Information) [Item 1A. Risk Factors](index=24&type=section&id=Item%201A.%20Risk%20Factors) This section directs investors to the risk factors discussed in the company's Annual Report on Form 10-K/A for the year ended December 31, 2018 - The company refers to the risk factors detailed in its **Annual Report on Form 10-K/A for the year ended December 31, 2018**, for a comprehensive understanding of potential risks[107](index=107&type=chunk) [Item 6. Exhibits](index=24&type=section&id=Item%206.%20Exhibits) This section lists all exhibits filed with the Form 10-Q, including agreements, corporate documents, and officer certifications - A comprehensive list of exhibits is provided, including various agreements, corporate documents, and certifications required by the SEC[108](index=108&type=chunk)[110](index=110&type=chunk)
Titan Pharmaceuticals(TTNP) - 2019 Q1 - Earnings Call Transcript
2019-05-16 01:56
Titan Pharmaceuticals, Inc. (NASDAQ:TTNP) Q1 2019 Results Earnings Conference Call May 15, 2019 4:30 PM ET Company Participants Sunil Bhonsle - President and CEO Marc Rubin - Executive Chairman Kate DeVarney - EVP and Chief Scientific Officer Dane Hallberg - EVP and Chief Commercial Officer Brian Crowley - VP, Finance Jennifer Kiernan - IR Conference Call Participants Ben Haynor - Alliance Global Partners Anita Dushyanth - Zacks Small-Cap Research Deepankar Roy - Brookline Capital Markets. Operator Thank yo ...
Titan Pharmaceuticals(TTNP) - 2019 Q1 - Quarterly Report
2019-05-15 20:06
x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2019. OR ¨ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ____ to ____ UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q Commission File Number 001-13341 Titan Pharmaceuticals, Inc. (Exact name of registrant as specified in its charter) Delaware 94-3171940 (State or other jur ...
Titan Pharmaceuticals(TTNP) - 2018 Q4 - Earnings Call Transcript
2019-04-02 16:50
Start Time: 08:30 January 1, 0000 9:13 AM ET Titan Pharmaceuticals, Inc. (NASDAQ:TTNP) Q4 2018 Earnings Conference Call April 02, 2019, 08:30 AM ET Company Participants Sunil Bhonsle - President and CEO Marc Rubin - Executive Chairman Kate DeVarney - EVP and Chief Scientific Officer Dane Hallberg - EVP and Chief Commercial Officer Brian Crowley - VP, Finance Jennifer Kiernan - IR Conference Call Participants Ben Haynor - Alliance Global Partners John Vandermosten - Zacks SCR Jason McCarthy - Maxim Group Ope ...