Titan Pharmaceuticals reported a net loss of $2.1 million, or $2.29 per share, for Q2 2024, compared to a net loss of $1.6 million, or $2.11 per share, in Q2 2023. Total revenues dropped to zero from $83,000 in the same period last year due to completion of development grant activities. General and administrative expenses increased to $2.1 million from $1.2 million, primarily due to higher severance expenses and board payments.The company's cash position stood at $4.1 million as of June 30, 2024, which management believes is sufficient to fund planned operations through Q3 2025. In September 2023, Titan completed the sale of its ProNeura assets to Fedson for $2.0 million, with potential future milestone payments of up to $50 million plus royalties. The company also raised $9.5 million through the issuance of Series AA Convertible Preferred Stock...Show More

Titan Pharmaceuticals reported a net loss of $2.1 million, or $2.29 per share, for Q2 2024, compared to a net loss of $1.6 million, or $2.11 per share, in Q2 2023. Total revenues dropped to zero from $83,000 in the same period last year due to completion of development grant activities. General and administrative expenses increased to $2.1 million from $1.2 million, primarily due to higher severance expenses and board payments.The company's cash position stood at $4.1 million as of June 30, 2024, which management believes is sufficient to fund planned operations through Q3 2025. In September 2023, Titan completed the sale of its ProNeura assets to Fedson for $2.0 million, with potential future milestone payments of up to $50 million plus royalties. The company also raised $9.5 million through the issuance of Series AA Convertible Preferred Stock to Sire Group.Significant management changes occurred in Q2, with David Lazar resigning as CEO and Seow Gim Shen assuming the role while continuing as Chairman. The company identified a material weakness in internal controls due to limited finance staffing and is implementing remediation plans, including hiring a new CFO and utilizing Sarbanes-Oxley compliance assistance.