Titan Pharmaceuticals(TTNP) - 2023 Q1 - Quarterly Report
Titan PharmaceuticalsTitan Pharmaceuticals(US:TTNP)2023-05-15 20:10

Financial Performance - Total revenues for the three months ended March 31, 2023, were $98,000, a decrease of 48.9% from $192,000 in the same period in 2022, primarily due to decreased activities related to the NIDA grant[90]. - Operating expenses for the three months ended March 31, 2023, were $1.795 million, down 34.3% from $2.731 million in the same period in 2022, reflecting reduced research and development activities[91]. - The net loss from operations for the three-month period ended March 31, 2023, was approximately $1.7 million, or $0.11 per share, compared to a net loss of approximately $2.5 million, or $0.24 per share, for the same period in 2022[95]. - Cash and cash equivalents as of March 31, 2023, were approximately $1.1 million, which is expected to fund planned operations into the second quarter of 2023[99]. - The company had a working capital deficit of approximately $0.7 million as of March 31, 2023, compared to a working capital of approximately $1.0 million at December 31, 2022[96]. - The company reported an increase in interest income to $22,000 for the three months ended March 31, 2023, compared to a net expense of $1,000 in the same period in 2022[94]. Strategic Initiatives - The company is exploring strategic alternatives to enhance stockholder value, including potential acquisitions and mergers, following a significant ownership interest acquisition by Activist Investing LLC[84]. - The company received approximately $8.7 million in federal funding from NIDA for the nalmefene implant program, with potential additional funding of approximately $6.3 million contingent on progress reviews[91]. - Research and development expenses are anticipated to increase as the company continues its ProNeura development programs, depending on grant support and partnerships[92]. Product Development - The ProNeura platform has been demonstrated to provide continuous drug delivery for up to 12 months, with FDA and EMA approvals affirming its development and regulatory process[86].