Titan Pharmaceuticals(US:TTNP)2024-05-15 20:15Revenue and Financial Performance - Total revenues for Q1 2024 were $0, a decrease of $98,000 compared to Q1 2023, primarily due to the completion of development grant activities[74] - Net loss for Q1 2024 was $1.1 million ($1.36 per share), compared to a net loss of $1.7 million ($2.23 per share) in Q1 2023[78] Operating Expenses and Cost Management - Operating expenses decreased by $732,000 in Q1 2024, with R&D expenses dropping by $561,000 and SG&A expenses decreasing by $171,000[75][76] Cash and Liquidity - The company had $6.2 million in cash and cash equivalents as of March 31, 2024, which is expected to fund operations through Q2 2025[83] - Working capital decreased from $6.6 million at December 31, 2023, to $6.0 million at March 31, 2024[79] - Net cash used in operating activities was $613,000 in Q1 2024, a significant improvement from $1.9 million in Q1 2023[84] Asset Sales and Fundraising - In September 2023, the company sold ProNeura assets for $2.0 million, with potential milestone payments of up to $50 million and royalties on future net sales[71][81] - The company raised $9.5 million in September 2023 through the issuance of Series AA Convertible Preferred Stock[80] - The company discontinued commercialization of Probuphine in the U.S. in Q4 2020 and sold the product in September 2023[69] Equity Transactions - The company converted a $500,000 promissory note into 54,132 shares of common stock in March 2024[82]