Titan Pharmaceuticals, Inc. Reports Earnings Results for the Second Quarter and Six Months Ended June 30, 2023
August 14, 2023 at 05:09 pm EDT
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Titan Pharmaceuticals, Inc. reported earnings results for the second quarter and six months ended June 30, 2023. For the second quarter, the company reported revenue was USD 0.083 million compared to USD 0.15 million a year ago. Net loss was USD 1.59 million compared to USD 2.46 million a year ago. Basic loss per share from continuing operations was USD 2.2 compared to USD 3.6 a year ago. Diluted loss per share from continuing operations was USD 2.2 compared to USD 3.6 a year ago.
For the six months, revenue was USD 0.181 million compared to USD 0.341 million a year ago. Net loss was USD 3.26 million compared to USD 5 million a year ago. Basic loss per share from continuing operations was USD 4.4 compared to USD 8.2 a year ago. Diluted loss per share from continuing operations was USD 4.4 compared to USD 8.2 a year ago.
Titan Pharmaceuticals, Inc. is a pharmaceutical company. The Company is focused on developing therapeutics utilizing the proprietary long-term drug delivery platform, ProNeura, for the treatment of select chronic diseases. ProNeura offers continuous drug delivery and consists of a small, semi-rigid, flexible implant made from a mixture of ethylene-vinyl acetate (EVA) and a drug substance. The resulting product is a solid matrix implant that is placed subdermally, normally in the inside part of the upper arm, in a brief procedure using a local anesthetic and is removed in a similar manner at the end of the treatment period. Its product pipeline includes Kappa Opioid Receptor Agonist (TP-2021) Implant, which is used for the treatment of moderate-to-severe chronic pruritus. Its product development programs are in non-clinical stages of development.