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10-Q: Q3 2024 Earnings Report

SEC ·  Jan 3 21:08

Summary by Moomoo AI

Titan Pharmaceuticals reported Q3 2024 financial results with zero revenues compared to $4,000 in Q3 2023. Net loss widened to $763,000 ($0.83 per share) from $338,000 ($0.45 per share) in Q3 2023. Operating expenses decreased to $754,000 from $2.1 million, primarily due to reduced R&D and administrative costs.The company ended Q3 2024 with $3.4 million in cash, which management believes will fund operations through Q4 2025. In September 2023, Titan sold its ProNeura assets to Fedson for $2.0 million plus potential milestone payments up to $50 million and future royalties. The Cash Note and Escrow Note from this sale were paid in December 2023 and January 2024 respectively.In August 2024, Titan entered into a merger agreement with TalenTec, where existing TalenTec and Titan security holders would own approximately 86.7% and 13.3% respectively of the combined company post-merger. The merger completion is subject to stockholder approval and Nasdaq listing requirements. Recent management changes include the resignation of CEO Dato Seow Gim Shen in October 2024.
Titan Pharmaceuticals reported Q3 2024 financial results with zero revenues compared to $4,000 in Q3 2023. Net loss widened to $763,000 ($0.83 per share) from $338,000 ($0.45 per share) in Q3 2023. Operating expenses decreased to $754,000 from $2.1 million, primarily due to reduced R&D and administrative costs.The company ended Q3 2024 with $3.4 million in cash, which management believes will fund operations through Q4 2025. In September 2023, Titan sold its ProNeura assets to Fedson for $2.0 million plus potential milestone payments up to $50 million and future royalties. The Cash Note and Escrow Note from this sale were paid in December 2023 and January 2024 respectively.In August 2024, Titan entered into a merger agreement with TalenTec, where existing TalenTec and Titan security holders would own approximately 86.7% and 13.3% respectively of the combined company post-merger. The merger completion is subject to stockholder approval and Nasdaq listing requirements. Recent management changes include the resignation of CEO Dato Seow Gim Shen in October 2024.
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