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Titan Pharmaceuticals Inc. (TTNP-3.05%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing no revenue from license or grant activities, compared to $4,000 in grant revenue for the same quarter the previous year.
Operating expenses for the quarter were $754,000, down from $2,065,000 in the same quarter the previous year. This decrease was primarily due to reduced research and development expenses.
The company reported a net loss of $763,000 for the quarter, compared to a net loss of $338,000 in the previous year. The increased loss is attributed to the absence of a gain on asset sales recorded in the previous year.
Cash used in operating activities for the nine months ended September 30, 2024, was $3,374,000, compared to $4,846,000 for the same period in 2023.
As of September 30, 2024, Titan had cash of approximately $3.4 million, which it believes is sufficient to fund operations through the fourth quarter of 2025.
The filing details a pending merger with TalenTec Sdn. Bhd., which, if completed, would result in a reverse merger transaction with Titan becoming a wholly owned subsidiary of BSKE Ltd.
The completion of the merger is subject to stockholder approval and other customary conditions. If successful, existing security holders of TalenTec and Titan are expected to own approximately 86.7% and 13.3% of the combined company, respectively.
The filing also notes a material weakness in internal controls over financial reporting, related to limited finance and accounting staffing levels.
Titan continues to explore strategic alternatives to enhance stockholder value, including potential acquisitions, mergers, or other business combinations.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Titan Pharmaceuticals Inc. quarterly 10-Q report dated January 3, 2025. To report an error, please email earnings@qz.com.