Titan Pharmaceuticals(US:TTNP)2025-01-03 21:05Revenue and Expenses - Total revenues for the three months ended September 30, 2024, decreased to $0 from $4 thousand in 2023, primarily due to the completion of development grant activities in February 2024[93] - Total revenues for the nine months ended September 30, 2024, decreased to $0 from $184 thousand in 2023, driven by the completion of development grant activities[93] - Research and development expenses for the three months ended September 30, 2024, decreased to $0 from $424 thousand in 2023, primarily due to the completion of development grant activities and reduced personnel-related costs[94] - Research and development expenses for the nine months ended September 30, 2024, decreased to $0 from $1.426 million in 2023, reflecting the completion of development grant activities and reduced personnel-related costs[94] - General and administrative expenses for the three months ended September 30, 2024, decreased to $754 thousand from $1.641 million in 2023, primarily due to reduced personnel-related expenses and non-cash stock-based compensation[95] - General and administrative expenses for the nine months ended September 30, 2024, decreased to $3.891 million from $4.104 million in 2023, driven by reduced non-cash stock-based compensation, offset by higher severance-related expenses[95] Net Loss and Financial Position - Net loss for the three months ended September 30, 2024, was $0.8 million ($0.83 per share), compared to $0.3 million ($0.45 per share) in the same period in 2023[97] - Net loss for the nine months ended September 30, 2024, was $3.9 million ($4.38 per share), compared to $3.6 million ($4.79 per share) in the same period in 2023[97] - Working capital decreased to $3.3 million as of September 30, 2024, from $6.6 million at December 31, 2023[98] - Cash balance as of September 30, 2024, was $3.4 million, expected to fund operations through Q4 2025[102] - Net cash used in operating activities for the nine months ended September 30, 2024, was $3.4 million, primarily due to a net loss of $3.9 million[104] - Net cash provided by financing activities for the nine months ended September 30, 2023, was $9.6 million[104] Asset Sales and Strategic Transactions - The company sold its ProNeura assets, including the Probuphine and Nalmefene implant programs, to Fedson, Inc. for $2.0 million, with potential milestone payments of up to $50 million and royalties on future net sales[85] - The sale of ProNeura Assets to Fedson in September 2023 generated $2.0 million, with potential milestone payments of up to $50 million and royalties on future net sales[100] - The company entered into a Merger Agreement with TalenTec Sdn. Bhd., with existing security holders of TalenTec and Titan expected to own approximately 86.7% and 13.3% of the combined company, respectively, post-merger[87] Capital and Funding Activities - In September 2023, the company issued 950,000 shares of Series AA Convertible Preferred Stock for $9.5 million, with $5.0 million in cash and $4.5 million in a promissory note[99] - In August 2023, the company received $500,000 in funding through a convertible promissory note, which was later converted into 54,132 shares of common stock in March 2024[101] Cost Reduction and Strategic Focus - The company implemented cost reduction measures, including workforce reductions and salary cuts, to conserve capital while exploring strategic alternatives[83] - The company discontinued commercialization of Probuphine in the United States in Q4 2020 and sold the product in September 2023, shifting focus to product development[82] Other Income and Expenses - The decrease in other income (expense) for the three and nine months ended September 30, 2024, was primarily due to the gain from the sale of ProNeura Assets in the prior period[96]