Summary by Moomoo AI
Titan Pharmaceuticals reported a net loss of $4.7 million for fiscal year 2024, compared to a $5.6 million loss in 2023. Revenue was nil in 2024 versus $0.2 million in 2023, while operating expenses decreased to $4.6 million from $7.5 million, primarily due to reduced R&D costs and general administrative expenses. The company ended 2024 with cash of $2.8 million.In August 2024, Titan entered into a merger agreement with TalenTec Sdn. Bhd. for a reverse merger transaction. Upon completion, existing TalenTec and Titan security holders are expected to own approximately 86.7% and 13.3% respectively of the combined company. The merger is subject to stockholder approval and Nasdaq listing requirements.The company underwent significant management changes in 2024, with multiple executive departures including CEO David Lazar and COO Kate Beebe DeVarney in April. Chay Weei Jye was appointed as the new CEO in December 2024. The company identified a material weakness in internal controls but implemented remediation measures and concluded the weakness was remediated by year-end.
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