Titan Pharmaceuticals, Inc. (TTNP): History, Ownership, Mission, How It Works & Makes Money

How do you evaluate a biopharmaceutical company like Titan Pharmaceuticals, Inc. when its entire corporate structure just underwent a seismic shift? The company, which was recently valued near $6.13 million just before its October 2025 delisting from the Nasdaq, has always hinged its future on its ProNeura long-term drug delivery platform, a defintely high-risk, high-reward bet. Considering its Q2 2025 accumulated deficit of over $397 million against the backdrop of a major reverse merger, do you truly understand the core business model-licensing and milestones-that is now the engine of its new holding company? We need to break down the history, the technology, and the financial reality to give you a clear, actionable picture of this evolving entity.

Titan Pharmaceuticals, Inc. (TTNP) History

You're looking for the foundational story of Titan Pharmaceuticals, Inc., and honestly, it's a classic biotech narrative of high-stakes drug development culminating in a major strategic pivot. The direct takeaway is this: Titan Pharmaceuticals, Inc. was a pioneer in long-term drug delivery but its trajectory was fundamentally altered by the challenges of commercializing its key product, leading to a complete business combination in late 2025.

Given Company's Founding Timeline

Year established

The company was incorporated in Delaware in 1992, setting its roots during a period of intense innovation in the biopharmaceutical sector.

Original location

Titan Pharmaceuticals, Inc. began its journey in South San Francisco, California, a location known globally as the birthplace of biotechnology.

Founding team members

The specific individuals who comprised the initial founding team are not detailed in readily available public records from that early period, which is common for biotechs founded before the modern disclosure era.

Initial capital/funding

Details on the precise initial seed capital are not public, but funding likely came from venture capital or private investors focused on early-stage biotechnology, fueling the development of its proprietary drug delivery technologies. The company's first major public capital raise was its Initial Public Offering (IPO) on January 18, 1996.

Given Company's Evolution Milestones

Given Company's Transformative Moments

The company's most defintely transformative moment came in 2025, but the seeds were sown years earlier with the struggles of its flagship product, Probuphine. The initial FDA approval in 2016 was a huge win, but the market adoption was tough, so Titan Pharmaceuticals, Inc. had to discontinue its U.S. commercialization in late 2020.

By December 2021, the company officially announced it was looking for strategic alternatives-a clear signal to the market that a sale or merger was likely. This exploration led to the ultimate, company-redefining transaction in 2025.

Here's the quick math on the near-term shift:

• In June 2025, Titan Pharmaceuticals, Inc. secured a $600,000 private placement to keep operations funded while the merger was pending.
• Prior to the merger, the company reported a Q2 2025 Earnings Per Share (EPS) of -$0.65, showing the continued financial headwinds.
• As of June 30, 2025, the balance sheet showed Cash and Cash Equivalents of $2.803 million and Total Current Assets of $3.051 million.

The definitive change occurred on October 1, 2025, when Titan Pharmaceuticals, Inc. completed its merger with Black Titan Corporation. This action immediately converted all outstanding shares of Titan Pharmaceuticals, Inc. common stock into ordinary shares of Black Titan Corporation. As a result, Titan Pharmaceuticals, Inc. common stock ceased trading on the Nasdaq Capital Market on October 2, 2025. This move fundamentally changed the company's structure, leadership, and public market presence, shifting its focus entirely. To understand the new entity's direction, you should review its core principles: Mission Statement, Vision, & Core Values of Titan Pharmaceuticals, Inc. (TTNP).

Titan Pharmaceuticals, Inc. (TTNP) Ownership Structure

The ownership structure of Titan Pharmaceuticals, Inc. is now defined by its status as a wholly-owned subsidiary of the publicly traded Black Titan Corporation (NASDAQ: BTTC), a change that fundamentally shifted control and governance in October 2025.

Titan Pharmaceuticals, Inc.'s Current Status

As of November 2025, Titan Pharmaceuticals, Inc. is a private entity-a direct, wholly-owned subsidiary of Black Titan Corporation, a Cayman Islands company. This structure is the result of a reverse merger with TalenTec Sdn. Bhd. that closed on October 1, 2025. The shares of the original Titan Pharmaceuticals, Inc. (TTNP) ceased trading on the Nasdaq Capital Market, with Black Titan Corporation's ordinary shares commencing trade under the symbol BTTC on October 2, 2025. The company's market capitalization was approximately $5.13 million just prior to the merger in June 2025, reflecting its micro-cap status before the transaction.

Titan Pharmaceuticals, Inc.'s Ownership Breakdown

The effective control of the Titan Pharmaceuticals, Inc. operations is now held by the shareholders of the new parent company, Black Titan Corporation. The merger was structured to give the majority stake to the former owners of the acquired entity, TalenTec Sdn. Bhd. Here's the critical breakdown of the combined entity's ownership, based on the terms of the merger agreement:

You can dig deeper into the shareholder base and trading activity of the new entity by Exploring Titan Pharmaceuticals, Inc. (TTNP) Investor Profile: Who's Buying and Why?

Titan Pharmaceuticals, Inc.'s Leadership

The leadership of Titan Pharmaceuticals, Inc. is now directly tied to the executive team of its parent, Black Titan Corporation, which is a new board with an average tenure of only 0.1 years as of late 2025. Following the merger on October 1, 2025, the previous directors and officers of Titan Pharmaceuticals, Inc. resigned.

The current leadership steering the combined organization's strategy includes:

• Chay W. J.: Chief Executive Officer (CEO) of Black Titan Corporation, effective October 2025.
• Brynner Chiam: Co-Chief Executive Officer (Co-CEO), Acting Chief Financial Officer (CFO), and Director of Black Titan Corporation, appointed to this role on October 3, 2025.
• Czhang Lin: Co-Chief Executive Officer (Co-CEO) of Black Titan Corporation, appointed on November 13, 2025.

The immediate change in leadership and the appointment of multiple Co-CEOs signals a defintely aggressive push to integrate the new business model and execute the combined entity's strategic vision post-merger.

Titan Pharmaceuticals, Inc. (TTNP) Mission and Values

Titan Pharmaceuticals, Inc.'s core purpose centers on leveraging its proprietary drug delivery platform to create long-acting treatments for chronic diseases, particularly those affecting the central nervous system. This focus is now part of a broader, post-merger commitment to innovation and global expansion under its new parent company, Black Titan Corporation.

Given Company's Core Purpose

The company's DNA is rooted in solving the compliance and efficacy issues that come with daily medication for chronic conditions. They believe a steady, non-fluctuating level of medication in a patient's system is defintely better than the daily peaks and troughs of pills.

Official mission statement

While a single, formal mission statement isn't always public for a biopharmaceutical company in a strategic transition, Titan Pharmaceuticals, Inc.'s operational mission is clear: to develop and commercialize innovative therapies for central nervous system disorders and other chronic conditions using its long-acting drug delivery technology.

• Focus on developing therapeutic solutions for neurological disorders.
• Advance the proprietary ProNeura® drug delivery platform.
• Prioritize improving patient outcomes and quality of life through consistent medication levels.

This mission is critical, especially when you look at the financials. For instance, the company's accumulated deficit was approximately ($397.788 million) as of June 30, 2025, which shows the immense capital investment required to pursue this high-risk, high-reward mission in drug development. You can learn more about the capital structure in Exploring Titan Pharmaceuticals, Inc. (TTNP) Investor Profile: Who's Buying and Why?

Vision statement

The vision for Titan Pharmaceuticals, Inc. is now intrinsically linked to the strategic direction of Black Titan Corporation, following the October 1, 2025, merger. The combined entity aims to move beyond a single product focus and achieve global scale.

• Become a leader in developing and delivering long-acting therapeutic solutions.
• Execute a strategic vision that brings transformative value to all stakeholders.
• Drive a new chapter of innovation and global expansion through the combined business.

This vision shift is backed by fresh capital, including a 2025 private placement of $600,000 in Convertible Preferred Stock announced in June, which helps fund the strategic pivot and expansion. The ultimate goal is moving from a development-stage company with a trailing Earnings Per Share (EPS) of -$2.95 to a globally recognized commercial enterprise.

Given Company slogan/tagline

Titan Pharmaceuticals, Inc. doesn't rely on a catchy, consumer-facing slogan, but instead uses a precise description of its core technology as its functional tagline for investors and partners.

• ProNeura®: Proprietary, Long-Term, Continuous Drug Delivery Platform.

That's the whole business in six words. It's a very direct, technical statement that highlights the key differentiator: a subdermal implant designed to provide continuous drug release for six months or longer, which is a significant advantage for treating chronic conditions. The company's total current assets, which stood at about $3.051 million as of Q2 2025, are primarily focused on advancing this platform and its associated intellectual property.

Titan Pharmaceuticals, Inc. (TTNP) How It Works

Titan Pharmaceuticals, Inc. operates by developing and commercializing proprietary long-term drug delivery systems, primarily its ProNeura platform, to treat chronic diseases where maintaining stable medication levels is critical for patient outcomes. This business model shifted significantly in October 2025, when the company completed its reverse merger with TalenTec Sdn. Bhd., with Black Titan Corporation becoming the new public holding company.

The core value creation process involves the research, development, and partnering of its subdermal implant technology, which is designed to provide continuous, non-fluctuating drug release over extended periods, typically six months or more.

Given Company's Product/Service Portfolio

Given Company's Operational Framework

The operational focus is on a lean, product development model, especially since the company discontinued U.S. commercialization of Probuphine in late 2020 to conserve capital and focus resources on its pipeline.

The company's financial results for the first half of 2025 reflect this development-stage operation, with $0 in revenue reported for both Q1 and Q2 2025, and a Q2 2025 net loss of -$689 K.

• R&D Centricity: Resources are channeled into advancing the ProNeura platform for new indications like migraine prophylaxis and schizophrenia, which is where the future value lies.
• Manufacturing Outsourcing: Titan Pharmaceuticals relies on third-party suppliers and contract manufacturers for the production of its ProNeura implants, which keeps its fixed costs lower but adds supply chain risk.
• Strategic Partnering: Value is realized through licensing or collaboration agreements for commercialization, as seen with Probuphine being commercialized in Canada and the EU (as Sixmo™) by partners.
• Post-Merger Integration: Following the October 2025 merger, the operational framework is integrating with the new holding company, Black Titan Corporation, which will defintely influence future strategic direction and capital allocation.

Here's the quick math: with only $3,051 K in total current assets as of June 30, 2025, the company's ability to fund operations is highly dependent on new financing or the successful execution of its merger and subsequent business plan.

Given Company's Strategic Advantages

The primary edge for Titan Pharmaceuticals is its proprietary drug delivery technology, which addresses a major pain point in chronic disease management: patient compliance. You can learn more about the company's direction here: Mission Statement, Vision, & Core Values of Titan Pharmaceuticals, Inc. (TTNP).

• Proprietary ProNeura Platform: This long-term, continuous drug delivery system is the core intellectual property, offering a unique method to sustain therapeutic drug levels for months without daily dosing.
• Reduced Compliance Risk: A single, six-month implant for conditions like Opioid Use Disorder drastically improves medication adherence compared to daily oral regimens, a clear clinical and commercial advantage.
• Established Regulatory Approval: Probuphine's 2016 FDA approval validates the ProNeura technology's safety and efficacy profile, which helps de-risk the platform for new drug candidates.
• Strategic Restructuring: The reverse merger with TalenTec Sdn. Bhd. via Black Titan Corporation, completed in October 2025, provides a new corporate structure and potentially access to new capital and business opportunities.

What this estimate hides is the significant risk and uncertainty of a development-stage biopharma company, which is compounded by a major corporate restructuring. The market capitalization was only around $3.88M in mid-2025, indicating a small, speculative valuation prior to the merger.

Titan Pharmaceuticals, Inc. (TTNP) How It Makes Money

Titan Pharmaceuticals, Inc. historically generated revenue through licensing agreements and grant funding related to its proprietary ProNeura long-term, continuous drug delivery platform, primarily for its lead product, Probuphine, an implant for opioid dependence. However, as of November 2025, the company's financial engine is essentially dormant, as it was delisted from NASDAQ on October 2, 2025, following a merger with Black Titan Corporation (BTTC) and a business combination with TalenTec Sdn. Bhd., signifying a pivot away from significant operations to a new corporate structure.

Given Company's Revenue Breakdown

To be clear, Titan Pharmaceuticals, Inc.'s financial profile as of the 2025 fiscal year is defined by a near-complete lack of operating revenue, which is a critical risk factor. The company's business model, which relied on product licensing and grant funding, has effectively stalled, with the last available filings showing this trend.

For instance, the quarterly filing for the period ended September 30, 2024, reported $0 in revenue from license or grant activities, down from $4,000 in grant revenue for the same period the previous year. This means the revenue breakdown below reflects the structure of near-zero revenue, not a healthy top line.

Business Economics

The economics of a clinical-stage biopharmaceutical company like the former Titan Pharmaceuticals are fundamentally driven by research and development (R&D) expenditure, not sales volume. The core value resided in the ProNeura technology, a long-acting implant platform designed to deliver medication consistently over extended periods, which aims to improve patient compliance for chronic conditions like opioid use disorder.

Here's the quick math on their cost structure: The company reported a net loss of $763,000 for the quarter ended September 30, 2024, and its operating expenses for that quarter were managed down to $754,000 (from over $2 million in the prior year), primarily due to reduced R&D spending. This reduction in R&D, while cutting costs, also signals a halt in pipeline development, which is the lifeblood of a biopharma firm. The company's economic reality is that it was in a capital-intensive phase without the necessary commercial revenue to sustain it.

• Pricing Power: Probuphine, the lead product, offered a unique value proposition-a six-month continuous buprenorphine therapy via a subdermal implant, potentially justifying a premium price over daily oral dosages.
• High Fixed Costs: Significant R&D and regulatory compliance costs are fixed, meaning the company needed substantial licensing revenue or product sales to reach cash flow breakeven (covering operating expenses).
• Strategic Pivot: The merger and subsequent delisting in October 2025 is the ultimate economic action, essentially liquidating the old business model and pivoting to a new entity, Black Titan Corporation, which is the defintely the most important factor to consider now.

Given Company's Financial Performance

The financial performance of Titan Pharmaceuticals, Inc. as of November 2025 is a snapshot of a company in transition and under financial duress, with metrics reflecting a pre-commercial or post-operational state. The trailing twelve months (TTM) earnings per share (EPS) was a loss of $-2.95 as of August 2025.

• Market Valuation: The company's Market Capitalization was approximately $6.1 million as of November 22, 2025, which is a very small valuation, reflecting the lack of significant operations and the recent merger.
• EBITDA: The TTM Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) was a loss of $-2,607,500, confirming that core operations are burning cash.
• Cash Position: As of September 30, 2024, the company had approximately $3.4 million in cash, which management believed would fund operations only through the fourth quarter of 2025, highlighting an immediate need for capital or the completion of the merger.
• Revenue Trend: The TTM Total Revenue is reported as N/A, and the revenue growth for 2024 was -100%, underscoring the cessation of revenue-generating activities.

What this estimate hides is the true financial health post-merger; the financial future now rests entirely on the success and capitalization of the new combined entity. For a deeper dive into the risks and opportunities of this transition, you should read Breaking Down Titan Pharmaceuticals, Inc. (TTNP) Financial Health: Key Insights for Investors.

Titan Pharmaceuticals, Inc. (TTNP) Market Position & Future Outlook

Titan Pharmaceuticals is currently a development-stage entity in the midst of a radical corporate transformation, pivoting away from its legacy product, Probuphine, toward a potential reverse merger that will fundamentally redefine the business. The company's near-term outlook is entirely dependent on successfully closing the proposed business combination with TalenTec Sdn. Bhd. and advancing its proprietary ProNeura drug delivery platform pipeline, especially since its TTM revenue is near $0 million as of late 2025.

This is a high-risk, high-reward bet on a new strategic direction and the inherent value of the ProNeura technology itself. Exploring Titan Pharmaceuticals, Inc. (TTNP) Investor Profile: Who's Buying and Why?

Competitive Landscape

Titan's core competitive advantage lies in its ProNeura technology, a subdermal implant designed for long-term, continuous drug delivery. While its first product, Probuphine, was sold in September 2023, the technology competes against other long-acting treatments in the Opioid Use Disorder (OUD) space, which is the market for its most advanced pipeline candidate, nalmefene. The global OUD treatment market is valued at approximately $856.9 million in 2025.

Since Titan Pharmaceuticals is no longer actively commercializing a product in the U.S., its market share is negligible, but the competitive landscape is defined by the leaders in the long-acting segment it once pioneered.

Opportunities & Challenges

The company's future hinges on two major pillars: the corporate transaction and the advancement of its limited pipeline. The proposed reverse merger with TalenTec Sdn. Bhd. was expected to close in the third quarter of 2025, which would transform Titan into a holding company (Black Titan Corporation) with a completely new business focus.

Industry Position

Titan Pharmaceuticals is best characterized as a micro-cap biotech whose industry standing is currently defined by its proprietary ProNeura drug delivery technology rather than commercial sales. The company's focus has shifted from a commercial-stage OUD player to a pure-play development platform seeking a strategic exit or transformation.

• Technology Niche: Titan holds a unique position with ProNeura, one of the few subdermal, non-biodegradable implant technologies for continuous, long-term drug delivery, which offers a clear advantage in patient adherence and reduced diversion risk compared to daily oral medications.
• Financial Footing: With a market cap of approximately $6.1 million and minimal revenue, Titan is not a market participant in the OUD treatment space, but rather a technology licensor/developer.
• Strategic Pivot: The pending reverse merger represents a complete departure from its legacy, positioning the company's future industry standing in whatever sector the new combined entity, Black Titan Corporation, will operate.