Titan Pharmaceuticals(US:TTNP)2020-08-14 12:45Financial Performance - Total revenues for the three months ended June 30, 2020, were $1.325 million, a decrease of 75.5% compared to $5.502 million in the same period of 2019[89] - Grant revenue increased significantly to $1.204 million for the three months ended June 30, 2020, compared to $198,000 in the same period of 2019, marking a 607.1% increase[89] - Product revenue declined to $115,000 for the three months ended June 30, 2020, down 62.2% from $304,000 in the same period of 2019[89] - Net loss for Q2 2020 was approximately $4.6 million, or $0.05 per share, compared to a net loss of $5.2 million, or $0.38 per share in Q2 2019[96] - For the six months ended June 30, 2020, net loss was approximately $10.2 million, or $0.12 per share, compared to a net loss of $9.7 million, or $0.73 per share in the same period of 2019[96] Operating Expenses - Operating expenses for the three months ended June 30, 2020, totaled $5.709 million, an increase of 6.0% from $5.384 million in the same period of 2019[91] - Research and development expenses rose to $2.007 million for the three months ended June 30, 2020, up 5.2% from $1.907 million in the same period of 2019[93] - Selling, general, and administrative expenses increased to $3.474 million for the three months ended June 30, 2020, compared to $3.231 million in the same period of 2019, reflecting a 7.5% increase[94] Cash Flow and Capital - Working capital decreased to approximately $3.8 million as of June 30, 2020, down from approximately $4.7 million at December 31, 2019[97] - Cash and cash equivalents were $5.5 million as of June 30, 2020, which is expected to fund operations through Q3 2020[102] - Net cash used in operating activities for the six months ended June 30, 2020 was $9.2 million, compared to $8.5 million in the same period of 2019[103] - Net cash provided by financing activities for the six months ended June 30, 2020 was $9.6 million, significantly higher than $1.2 million in the same period of 2019[105] - The company received approximately $7.0 million in cash proceeds from the exercises of warrants to purchase 31,144,386 shares of common stock during the six months ended June 30, 2020[99] - The company received approximately $0.7 million PPP Loan under the Paycheck Protection Program, with potential for forgiveness[100] - The company is exploring several financing alternatives to secure additional funds for operations beyond Q3 2020[102] Strategic Initiatives - The company received an approximately $8.7 million grant from NIDA for the nalmefene implant development program, aimed at preventing opioid relapse[85] - A co-promotion partnership with Indegene, Inc. was established to enhance digital marketing efforts and expand the network of certified healthcare providers for Probuphine[81] - The COVID-19 pandemic has delayed the manufacturing and shipment of Probuphine to the EU, with product availability now expected by the end of Q3 2020[84] - The company plans to transition to a commercial-stage entity and is seeking a successor for the CEO position, contingent on raising additional capital[86] - A co-promotion partnership with Indegene was established, requiring approximately $0.8 million contribution in the first year[101]