Summary by Moomoo AI
Titan Pharmaceuticals reported Q2 2024 financial results, with revenue dropping to zero from $83,000 in Q2 2023. Net loss widened to $2.1 million or $2.29 per share, compared to $1.6 million or $2.11 per share in the prior-year quarter. The increased loss was primarily due to higher general and administrative expenses, which rose to $2.1 million from $1.2 million.Research and development expenses decreased to zero from $442,000 in Q2 2023, reflecting the completion of development grant activities. The company ended the quarter with $4.1 million in cash and cash equivalents, which it believes is sufficient to fund planned operations through Q3 2025.Titan recently closed the sale of its ProNeura assets to Fedson for $2 million upfront plus potential future milestones and royalties. The company is exploring financing and strategic alternatives to enhance shareholder value, though success is not guaranteed. Management identified a material weakness in internal controls related to limited finance staffing, which it is working to remediate.
