Thu, Aug 15, 1:31 PM (152 days ago)
For the quarter ending June 30, 2024, Titan Pharmaceuticals reported a significant decline in revenues, totaling $0 compared to $83,000 in the same period last year, primarily due to the completion of development grants. Operating expenses increased to $2.1 million from $1.7 million, driven by higher general and administrative costs, including severance expenses. The company incurred a net loss of approximately $2.1 million, or $2.29 per share, compared to a loss of $1.6 million, or $2.11 per share, in Q2 2023. Cash and cash equivalents decreased to $4.1 million from $6.8 million at the end of 2023, reflecting ongoing operational cash burn. Titan's working capital fell to $4 million, indicating tighter liquidity. The company is exploring strategic alternatives to enhance shareholder value, including potential asset sales and financing options. However, uncertainties remain regarding future cash flows and operational sustainability, given the lack of revenues and ongoing losses. The management is focused on implementing remedial measures for identified internal control weaknesses and continues to assess its going concern status.