Titan Pharmaceuticals(TTNP) - 2024 Q2 - Quarterly Report

Revenue and Expenses - Total revenues for the three months ended June 30, 2024 were $0, compared to $83,000 in the same period in 2023, primarily due to the completion of development grant activities[67] - Total revenues for the six months ended June 30, 2024 were $0, compared to $181,000 in the same period in 2023, primarily due to the completion of development grant activities[67] - Research and development expenses for the three months ended June 30, 2024 were $0, compared to $442,000 in the same period in 2023, primarily due to the completion of development grant activities and decreases in personnel-related costs[68] - Research and development expenses for the six months ended June 30, 2024 were $0, compared to $1,003,000 in the same period in 2023, primarily due to the completion of development grant activities and decreases in personnel-related costs[68] - General and administrative expenses for the three months ended June 30, 2024 were $2,074,000, compared to $1,229,000 in the same period in 2023, primarily due to increases in severance expenses and board payments[68] - General and administrative expenses for the six months ended June 30, 2024 were $3,137,000, compared to $2,463,000 in the same period in 2023, primarily due to increases in severance expenses and board payments[68] Net Loss - Net loss for the three months ended June 30, 2024 was approximately $2.1 million, or $2.29 per share, compared to a net loss of approximately $1.6 million, or $2.11 per share, in the same period in 2023[71] - Net loss for the six months ended June 30, 2024 was approximately $3.2 million, or $3.57 per share, compared to a net loss of approximately $3.3 million, or $4.34 per share, in the same period in 2023[71] Working Capital and Financing - Working capital as of June 30, 2024 was approximately $4.0 million, compared to $6.6 million as of December 31, 2023[72] - In September 2023, the company entered into a purchase agreement with Sire Group, issuing 950,000 shares of Series AA Convertible Preferred Stock for an aggregate purchase price of $9.5 million, with net cash proceeds of approximately $9.5 million[72] - $500,000 funding received in exchange for a convertible promissory note with 10% annual interest[74] - Hau Promissory Note converted into 54,132 shares of common stock at $9.32 per share[74] Asset Sales and Milestones - ProNeura Assets sold for $2.0 million, with $500,000 paid upfront, $500,000 as Cash Note, and $1,000,000 as Escrow Note[73] - Potential milestone payments of up to $50 million and royalties on future net sales of products[73] Cash Flow and Liquidity - Cash and cash equivalents of $4.1 million as of June 30, 2024, sufficient to fund operations through Q3 2025[75] - Net cash used in operating activities for six months ended June 30, 2024: $2.68 million[75] - Net loss of $3.2 million for six months ended June 30, 2024, offset by $0.5 million from net changes in operating assets and liabilities[75] - Net loss of $3.3 million for six months ended June 30, 2023, partially offset by $0.6 million of non-cash charges[75] Market Risk Disclosures - Market risk disclosures unchanged from Annual Report on Form 10-K for the year ended December 31, 2023[76]