Titan Pharmaceuticals, Inc. reported a net loss of approximately $4.7 million for the fiscal year ending December 31, 2024, a decrease from a net loss of $5.6 million in the previous year. The company's total revenue for 2024 was $0, down from $184,000 in 2023, primarily due to the completion of development grants. Operating expenses also decreased significantly, totaling $4.6 million compared to $7.5 million in 2023, largely due to reduced research and development costs and lower general and administrative expenses.
The company underwent significant strategic changes during the fiscal year, including the sale of its ProNeura assets to Fedson, Inc. for $2 million, which included potential milestone payments of up to $50 million based on future net sales. This sale allowed Titan to refocus its resources on product development after discontinuing the commercialization of its Probuphine product in the U.S. in 2020. Additionally, Titan entered into a Securities Purchase Agreement with The Sire Group Ltd., issuing 950,000 shares of Series AA Preferred Stock for $9.5 million, which provided immediate cash flow to support operations.
Operationally, Titan has seen a reduction in its workforce and currently employs no full-time staff, relying instead on contract workers. The company has also experienced changes in its leadership, with several executive resignations and the appointment of new directors throughout 2024. Notably, Seow Gim Shen was appointed as CEO and Principal Financial Officer in December 2024, following a series of leadership transitions.
Looking ahead, Titan is exploring various financing and strategic alternatives to support its operations, as it anticipates continued net losses and negative cash flows. The company has indicated that it expects to require additional funds to finance its operations into the fourth quarter of 2025. Furthermore, Titan is in the process of completing a merger with TalenTec Sdn. Bhd., which, if approved, could significantly alter its operational landscape and financial outlook. However, there are no guarantees regarding the successful completion of this merger or the anticipated benefits.
About TITAN PHARMACEUTICALS INC
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