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Titan Pharmaceuticals Inc. (TTNP-0.27%) has filed its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing details the company's sale of certain ProNeura assets, including its portfolio of drug addiction products, to Fedson, Inc. for $2.0 million. The sale included a mix of cash and promissory notes, with potential milestone payments and royalties on future sales.
Titan reported a net loss of approximately $4.7 million for the year, compared to a net loss of $5.6 million in the previous year. The decrease in loss is attributed to reduced operating expenses following the sale of assets.
The company's cash balance as of December 31, 2024, was approximately $2.8 million, with working capital of $2.4 million. Titan anticipates the need for additional funds to support future operations.
Titan is pursuing a merger with TalenTec Sdn. Bhd., which, if completed, would result in a reverse merger transaction. The merger is subject to shareholder approval and other customary conditions.
The company has faced challenges including a material weakness in internal controls over financial reporting, which management is working to remediate.
Titan's common stock is listed on the Nasdaq Capital Market under the symbol 'TTNP'. The company has not declared or paid any cash dividends and does not anticipate doing so in the foreseeable future.
Titan's board of directors saw several changes in 2024, including the resignation of its CEO and other board members, with new appointments made to fill the vacancies.
The company continues to explore strategic alternatives to enhance stockholder value, including potential mergers, acquisitions, 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. annual 10-K report dated March 20, 2025. To report an error, please email earnings@qz.com.