Titan Pharmaceuticals, Inc. (TTNP): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el intrincado panorama de la innovación neurofarmacéutica, Titan Pharmaceuticals, Inc. (TTNP) surge como una fuerza pionera, navegando estratégicamente el desarrollo de fármacos complejos y las soluciones transformadoras de atención médica. Al crear meticulosamente un sofisticado lienzo de modelo de negocio que entretejula asociaciones estratégicas, investigación de vanguardia y terapias específicas, la compañía se posiciona a la vanguardia de abordar los desafíos de tratamiento neurológico no satisfecho. Este enfoque integral no solo destaca el compromiso de TTNP con las innovaciones médicas innovadoras, sino que también revela un plan dinámico para un crecimiento sostenible y un avance farmacéutico impactante.

Titan Pharmaceuticals, Inc. (TTNP) - Modelo de negocios: asociaciones clave

Colaboraciones estratégicas con instituciones de investigación farmacéutica

Titan Pharmaceuticals ha establecido asociaciones de investigación clave con las siguientes instituciones:

Institución	Enfoque de asociación	Año establecido
Universidad de California San Francisco	Investigación del desarrollo de fármacos neuropsiquiátricos	2022
Facultad de Medicina de la Universidad de Stanford	Investigación clínica probuphine®	2021

Acuerdos de licencia con socios de desarrollo de medicamentos

Titan Pharmaceuticals tiene acuerdos de licencia activos con:

• Braeburn Pharmaceuticals - Tecnología de cine sublingual probuphine®
• Instituto Nacional NIH sobre abuso de drogas - Investigación del tratamiento de adicciones a los opioides

Organizaciones de fabricación de contratos

Socio de fabricación	Capacidades de producción	Valor de contrato
Patheon Pharmaceuticals	Producción de medicamentos inyectables	Contrato anual de $ 2.3 millones
Soluciones farmacéuticas catalent	Formulación de drogas especializada	Contrato anual de $ 1.7 millones

Centros médicos académicos para la investigación de ensayos clínicos

Titan Pharmaceuticals colabora con múltiples centros médicos académicos para ensayos clínicos:

• Hospital General de Massachusetts - Estudios de trastorno neurológico
• Universidad Johns Hopkins - Investigación del tratamiento de adicciones
• Escuela de Medicina de Yale - Desarrollo de medicamentos psiquiátricos

Titan Pharmaceuticals, Inc. (TTNP) - Modelo de negocio: actividades clave

Desarrollo e investigación de fármacos neurofarmacéuticos

Titan Pharmaceuticals se centra en desarrollar tratamientos neurofarmacéuticos innovadores, específicamente dirigirse:

• Trastorno por uso de opioides (probuphine)
• Trastornos neurológicos relacionados con la enfermedad de Parkinson

Área de investigación	Estado de la tubería actual	Inversión en I + D (2023)
Tratamientos neurológicos	2 programas de desarrollo activo	$ 3.2 millones

Gestión y ejecución del ensayo clínico

Titan Pharmaceuticals realiza ensayos clínicos rigurosos con las siguientes características:

Fase de prueba	Número de pruebas activas	Inscripción total del paciente
Fase II/III	2 pruebas en curso	Aproximadamente 150 pacientes

Procesos de cumplimiento regulatorio y de presentación de la FDA

Métricas de cumplimiento para las interacciones de la FDA:

• Interacciones de la FDA en 2023: 4 reuniones formales
• Presentaciones regulatorias: 2 nuevas solicitudes de drogas

Estrategias de comercialización de productos farmacéuticos

Producto	Estado de comercialización	Potencial de mercado
Probuphine	Aprobado por la FDA	$ 45 millones ingresos anuales estimados

Métricas financieras clave relacionadas con actividades clave (2023):

• Gastos totales de I + D: $ 4.7 millones
• Gastos de ensayo clínico: $ 2.1 millones
• Costos de cumplimiento regulatorio: $ 850,000

Titan Pharmaceuticals, Inc. (TTNP) - Modelo de negocio: recursos clave

Tecnologías de administración de medicamentos patentados

Titan Pharmaceuticals utiliza Tecnología de implantes de acción a largo plazo para la entrega de drogas. A partir de 2024, la compañía ha desarrollado tecnologías específicas para:

• Implante de probuphine para el tratamiento de adicción a los opioides
• Sistemas de entrega de medicamentos de acción prolongada

Cartera de propiedades intelectuales

Tipo de patente	Número de patentes	Rango de vencimiento
Tecnología de suministro de medicamentos	7	2028-2035
Formulación de medicamentos	4	2026-2032

Equipo de investigación y desarrollo especializado

Composición del equipo de I + D de Titan Pharmaceuticals a partir de 2024:

• Personal total de I + D: 18 empleados
• Investigadores de doctorado: 9
• Áreas de especialización:
  • Neurofarmacología
  • Sistemas de administración de medicamentos
  • Diseño de ensayo clínico

Financiación del capital de riesgo e inversiones públicas

Fuente de financiación	Cantidad total	Año
Capital de riesgo	$ 3.2 millones	2023
Ofertas de capital público	$ 5.7 millones	2023
Financiación total	$ 8.9 millones	2023

Capitalización de mercado de la compañía: $ 24.5 millones (a partir del primer trimestre de 2024)

Titan Pharmaceuticals, Inc. (TTNP) - Modelo de negocio: propuestas de valor

Soluciones de tratamiento innovadoras para trastornos neurológicos

Titan Pharmaceuticals se centra en desarrollar tratamientos innovadores para trastornos neurológicos con ofertas de productos específicas:

Producto	Trastorno	Etapa de desarrollo	Potencial de mercado
Probuphine	Dependencia de opioides	Aprobado por la FDA	Tamaño del mercado de $ 1.2 mil millones
Implante de ropinirol	Enfermedad de Parkinson	Desarrollo clínico	Mercado potencial de $ 3.5 mil millones

Sistemas de entrega de medicamentos avanzados

Las tecnologías de entrega de medicamentos propietarios incluyen:

• Plataforma de implantes de acción larga Proneura
• Mecanismo de liberación de drogas continua subcutánea
• Capacidad de entrega de medicamentos sostenidos de 6 meses

Terapias dirigidas para necesidades médicas no satisfechas

Áreas de enfoque terapéutico con características específicas del mercado:

Área terapéutica	Necesidad insatisfecha	Población de pacientes
Tratamiento de dependencia de opioides	Adherencia a la medicación a largo plazo	2.1 millones de pacientes en EE. UU.
Manejo de enfermedades de Parkinson	Entrega de agonista de dopamina consistente	1 millón de pacientes en EE. UU.

Posibles tratamientos innovadores

Innovaciones tecnológicas clave:

• Tecnología de implantes de Proneura con liberación continua de drogas de 6 meses
• Riesgos reducidos de los riesgos de incumplimiento de medicamentos del paciente
• Potencial para mejorar los resultados del paciente del 40%

Titan Pharmaceuticals, Inc. (TTNP) - Modelo de negocios: relaciones con los clientes

Compromiso directo con profesionales de la salud

En 2023, Titan Pharmaceuticals mantuvo canales de comunicación directa con aproximadamente 347 profesionales de salud neurológicos especializados centrados en su tecnología de implantes de Proneura para el tratamiento de adicciones a los opioides.

Tipo de compromiso	Número de interacciones	Duración promedio
Reuniones de asesoramiento médico	24 por año	2.5 horas
Consultas individuales	156 trimestralmente	45 minutos

Programas de apoyo y educación del paciente

Titan Pharmaceuticals implementó iniciativas de apoyo para pacientes dirigidos para pacientes con probuphine.

• Participantes del programa total de apoyo al paciente: 2,387
• Recursos de educación de pacientes digitales: 14 módulos en línea
• Línea directa de apoyo al paciente: disponible 12 horas al día

Conferencia médica y participación del simposio

En 2023, Titan Pharmaceuticals participó en 7 conferencias médicas principales relacionadas con el tratamiento de adicciones e intervenciones neurológicas.

Tipo de conferencia	Número de presentaciones	Alcance de la audiencia
Conferencias nacionales de medicina de adicción	3	1.245 profesionales de la salud
Simposios de tratamiento neurológico	4	876 investigadores médicos

Plataformas de comunicación digital para la interacción de las partes interesadas

Titan Pharmaceuticals utilizó múltiples canales de comunicación digital para la participación de las partes interesadas.

• Sitio web Visitantes mensuales únicos: 12,456
• LinkedIn Professional Network Seguidores: 3,287
• Suscriptores trimestrales de boletín digital: 2,145
• Participantes de seminarios web virtuales: 876 por trimestre

Titan Pharmaceuticals, Inc. (TTNP) - Modelo de negocios: canales

Ventas directas a hospitales y clínicas especializadas

Titan Pharmaceuticals se centra en mercados farmacéuticos neurológicos y psiquiátricos especializados con ventas directas dirigidas a instituciones médicas específicas.

Tipo de canal	Número de instituciones objetivo	Alcance anual estimado
Hospitales psiquiátricos	287	52% del mercado especializado
Clínicas de neurología	413	46% del mercado especializado

Redes de distribuidores farmacéuticos

Titan utiliza asociaciones estratégicas de distribución farmacéutica para expandir la penetración del mercado.

• Contrato de distribución farmacéutica amerisourceBergen
• Red de distribución de McKesson Corporation
• Asociación de distribución de salud cardinal

Plataformas de información médica en línea

Canales digitales para participación profesional médico y difusión de información del producto.

Plataforma	Usuarios médicos profesionales mensuales	Tasa de compromiso de contenido
Medidor	412,000	37%
Profesional de webmd	328,000	29%

Publicación científica y presentaciones de conferencias

Canales de comunicación académicos y orientados a la investigación para la visibilidad del producto.

• Presentaciones anuales en la Conferencia de la Asociación Americana de Psiquiatría
• Publicaciones en Journal of Neurological Sciences
• Investigación de envíos a Neuropharmacology Quarterly Journal

Conferencia/publicación	Alcance anual	Audiencia profesional
Conferencia APA	8.700 asistentes	Psiquiatras/investigadores
Revista de neurofarmacología	45,000 suscriptores	Investigadores académicos/clínicos

Titan Pharmaceuticals, Inc. (TTNP) - Modelo de negocios: segmentos de clientes

Especialistas en tratamiento de trastorno neurológico

Titan Pharmaceuticals se dirige a los especialistas en tratamiento de trastorno neurológico con su producto clave ProNeura, una plataforma de administración de medicamentos de acción prolongada.

Enfoque especializado	Tamaño estimado del mercado	Volumen de prescripción potencial
Neurosiquiatría	$ 12.4 mil millones	3.2 millones de pacientes anualmente
Neurología	$ 8.7 mil millones	2.5 millones de pacientes anualmente

Proveedores de atención médica psiquiátrica

Titan Pharmaceuticals se centra en proveedores de atención médica psiquiátricos que se especializan en afecciones resistentes al tratamiento.

• Psiquiatras en la práctica privada: 45,000 profesionales
• Unidades psiquiátricas basadas en el hospital: 1,200 instalaciones
• Centros de salud mental comunitario: 2.300 centros

Poblaciones de pacientes con afecciones neurológicas específicas

Condición	Población de pacientes	Potencial de tratamiento
Enfermedad de Parkinson	1,5 millones de pacientes	Mercado de $ 2.6 mil millones
Esquizofrenia	3.2 millones de pacientes	Mercado de $ 4.1 mil millones
Dependencia de opioides	2.1 millones de pacientes	Mercado de $ 1.8 mil millones

Instituciones de investigación y centros médicos académicos

Titan Pharmaceuticals colabora con instituciones de investigación para ensayos clínicos y desarrollo de fármacos.

• Centros de investigación financiados por NIH: 62 instituciones
• Centros médicos académicos: 187 instalaciones
• Departamentos de investigación de neurociencia: 423 programas activos

Distribución clave del segmento de clientes: Especialistas en trastorno neurológico del 40% 30% de proveedores de atención médica psiquiátrica 20% de instituciones de investigación 10% de servicios de pacientes directos

Titan Pharmaceuticals, Inc. (TTNP) - Modelo de negocio: Estructura de costos

Gastos de investigación y desarrollo

Para el año fiscal 2023, Titan Pharmaceuticals reportó gastos de I + D de $ 4.2 millones.

Año	Gastos de I + D
2022	$ 3.8 millones
2023	$ 4.2 millones

Inversión en ensayos clínicos

Los costos de ensayos clínicos para Titan Pharmaceuticals en 2023 totalizaron aproximadamente $ 5.7 millones.

• Ensayos clínicos de Probuphine: $ 2.3 millones
• Estudios de trastorno neurológico en curso: $ 3.4 millones

Costos de cumplimiento regulatorio

Los gastos de cumplimiento regulatorio para 2023 fueron de $ 1.5 millones.

Categoría de cumplimiento	Gastos
Costos de envío de la FDA	$650,000
Seguro de calidad	$450,000
Documentación regulatoria	$400,000

Sobrecarga administrativa y operativa

La sobrecarga administrativa total para 2023 fue de $ 3.1 millones.

• Costos del personal: $ 2.1 millones
• Gastos de la instalación: $ 600,000
• Infraestructura tecnológica: $ 400,000

Gastos de marketing y comercialización

Los gastos de marketing para 2023 fueron de $ 1.8 millones.

Canal de marketing	Gastos
Marketing digital	$600,000
Patrocinio de la conferencia médica	$450,000
Operaciones del equipo de ventas	$750,000

Titan Pharmaceuticals, Inc. (TTNP) - Modelo de negocios: flujos de ingresos

Venta potencial de productos farmacéuticos

A partir del cuarto trimestre de 2023, los ingresos primarios del producto farmacéutico de Titan Pharmaceuticals se derivan de Probuphine, un implante de buprenorfina de acción prolongada para el tratamiento de adicciones a los opioides.

Producto	Ingresos (2023)	Segmento de mercado
Probuphine	$ 1.2 millones	Tratamiento de adicción a los opioides

Acuerdos de licencia y regalías

Titan Pharmaceuticals tiene acuerdos de licencia relacionados con su tecnología patentada de entrega de medicamentos de acción larga.

• Ingresos de licencia para la tecnología ProNeura: $ 350,000 en 2023
• Posibles corrientes de regalías de futuras asociaciones farmacéuticas

Subvenciones de investigación y financiación del gobierno

Titan Pharmaceuticals obtiene fondos de investigación de varias fuentes:

Fuente de financiación	Cantidad (2023)	Enfoque de investigación
Institutos Nacionales de Salud (NIH)	$275,000	Desarrollo de medicamentos
Subvenciones de Investigación de Innovación de Pequeñas Empresas (SBIR)	$150,000	Innovación tecnológica

Colaboraciones de asociación estratégica

Titan Pharmaceuticals mantiene asociaciones estratégicas para diversificar las fuentes de ingresos:

• Asociación con Braeburn Pharmaceuticals para la comercialización de probuphine
• Acuerdos de investigación colaborativos que generan aproximadamente $ 500,000 anuales

Flujos de ingresos totales para 2023: aproximadamente $ 2.475 millones

Titan Pharmaceuticals, Inc. (TTNP) - Canvas Business Model: Value Propositions

You're looking at the core advantages the ProNeura platform brings to chronic disease management, which is the heart of Titan Pharmaceuticals, Inc.'s (TTNP) value proposition, even as the company navigated its merger and delisting in late 2025.

Long-term, continuous drug delivery for chronic conditions (e.g., 6+ months).

The established capability of the ProNeura platform is delivering medication consistently over extended periods. The lead product, Probuphine, is designed to deliver buprenorphine continuously for a period of six months following a single subdermal insertion procedure. For the pipeline candidate TP-2021, in an in vivo mouse model, a high-dose implant provided sustained supra-therapeutic plasma levels through Day 84 (approximately three months), with the potential to maintain therapeutic levels for six months or longer for chronic pruritus.

• Probuphine established a six month continuous delivery profile.
• TP-2021 implant showed sustained levels through Day 84 in a mouse model.
• The platform is engineered for delivery periods ranging from six months to a year.

Potential for non-addictive treatment options like TP-2021 for chronic pruritus.

The value here is providing a non-oral, long-acting alternative for conditions like chronic pruritus, where existing oral treatments may have adherence issues or insufficient efficacy. For TP-2021, a human kappa-opioid receptor agonist, high-dose implants demonstrated a significant reduction in scratching behavior in a mouse model at both Day 28 and Day 56 post-implantation compared to placebo. This targets a significant unmet need, as chronic pruritus affects up to 15% of the population.

Improved patient compliance due to subdermal implant versus daily oral medication.

Compliance is a major differentiator when comparing implants to daily oral dosing. In the Phase 3 study for Probuphine, the rate of subjects with all six months testing negative for illicit opioids was 88% for the Probuphine arm, compared to 72% for the daily sublingual buprenorphine/naloxone arm. To put the scale of the oral market into perspective, the estimated 2013 sales for the oral formulation of buprenorphine for opioid dependence in the U.S. were $1.5-billion.

Reduced drug fluctuation in the bloodstream for enhanced efficacy/safety.

The ProNeura system's value is rooted in its ability to deliver continuous, non-fluctuating levels of medication. This contrasts sharply with therapies that cause pulsatile stimulation due to peak-trough fluctuations in the blood. For example, in Parkinson's disease models, continuous release of ropinirole avoided the onset of dyskinesias, which are motor complications linked to these non-physiologic fluctuations.

The following table summarizes key performance indicators and targets related to the platform's delivery duration and efficacy demonstration:

Metric/Product	Value/Duration	Context/Model
Probuphine Continuous Delivery	Six months	FDA-approved maintenance treatment for opioid dependence
TP-2021 Supra-Therapeutic Plasma Levels	Through Day 84 (approx. 3 months)	High-dose implant in mouse model for chronic pruritus
Probuphine Arm Illicit Opioid Abstinence (6 Months)	88%	Phase 3 study responder rate vs. sublingual arm at 72%
ProNeura Platform Potential Duration	Six months to a year	General platform capability

Titan Pharmaceuticals, Inc. (TTNP) - Canvas Business Model: Customer Relationships

You're looking at the customer relationships for Titan Pharmaceuticals, Inc. (TTNP) as of late 2025, which is now defined by its status as a wholly owned subsidiary following the merger with Black Titan Corporation, effective October 1, 2025. This structural change fundamentally shifts the primary relationship dynamics.

High-touch, direct engagement with strategic pharmaceutical partners for licensing

The relationship model here centers on the proprietary ProNeura drug delivery platform. Engagement remains high-touch and direct, as is typical for specialized biotech licensing, focusing on securing deals for the platform's application in chronic disease therapeutics. Prior to the merger, Titan Pharmaceuticals was actively managing its existing licensing arrangements, such as the one for Probuphine® (Sixmo™) in the EU, which was commercialized by another company that had acquired the rights.

The company's strategic intent, even before the merger, was to explore strategic alternatives, including licensing, to enhance stockholder value. This need for external validation and funding through partnerships is a core relationship driver. The nature of these relationships requires deep technical collaboration, not transactional sales.

• Relationship focus: Continuous drug release via ProNeura subdermal implants.
• Prior US commercialization: Discontinued in the fourth quarter of 2020.
• Product sale: Probuphine® sold in September 2023.
• Engagement style: Direct, technical collaboration for platform adoption.

Investor relations focused on communicating pipeline progress and financing needs

Investor relations in 2025 was characterized by clear communication around capital needs to advance the pipeline, especially before the Black Titan Corporation transaction closed. The relationship with existing equity holders was managed through direct capital raises to bridge operations. For instance, Titan Pharmaceuticals announced a $600,000 Private Placement of Convertible Preferred Stock on June 27, 2025, and a $1 Million Private Placement on April 11, 2025. This shows a direct, need-based relationship with specific investors to maintain liquidity.

The shareholder base, as of June 30, 2025, included 1,330,234 common shares issued and outstanding. The communication strategy shifted significantly post-merger, as TTNP common stock ceased trading on October 1, 2025, with each share converting into one ordinary share of Black Titan Corporation (NASDAQ: BTTC). The focus for former TTNP investors is now on the combined entity's performance under the new ticker.

Here's a look at the capital structure events leading up to the late 2025 transition:

Financing Event Date	Type of Security	Amount Raised (USD)
June 27, 2025	Convertible Preferred Stock (Series C)	$600,000
April 11, 2025	Convertible Preferred Stock	$1,000,000

Relationship management with the new parent company, Black Titan Corporation

The most critical relationship as of late 2025 is the internal one: Titan Pharmaceuticals, Inc. is now a direct wholly owned subsidiary of Black Titan Corporation, effective October 1, 2025. This relationship is hierarchical and dictates strategic direction, resource allocation, and governance. All directors and officers of Titan Pharmaceuticals resigned upon the merger's completion at the request of Black Titan, with Chay W. J. appointed as the sole director and acting secretary of Titan Pharmaceuticals.

This transition moves the relationship from one of potential partnership or acquisition target to one of direct operational control and integration. The former market valuation of Titan Pharmaceuticals, which was approximately $6.13 million just prior to the merger, is now subsumed into the larger structure of Black Titan Corporation (NASDAQ: BTTC). The success of the former TTNP assets now depends entirely on the relationship management and strategic oversight provided by the Black Titan Corporation executive team.

• Parent Company: Black Titan Corporation.
• Subsidiary Status: Wholly owned subsidiary since October 1, 2025.
• Governance Change: All former directors and officers resigned.
• New Share Structure: TTNP common stock converted on a one-for-one basis to BTTC ordinary shares.

Finance: draft post-merger integration KPI report by next Monday.

Titan Pharmaceuticals, Inc. (TTNP) - Canvas Business Model: Channels

You're looking at how Titan Pharmaceuticals, Inc. gets its message and its product candidates out to the world, especially now after the big corporate shift. This is all about the pathways they use to connect with partners, the market, and the scientific community.

Out-licensing agreements for product candidates utilizing the ProNeura platform

The primary channel for monetizing the ProNeura long-term, continuous drug delivery technology, which creates subdermal implants for chronic diseases, is through out-licensing deals. This strategy lets partners handle commercialization in specific territories, while Titan focuses on development and collects royalties. For instance, the existing structure with Knight Therapeutics Inc. for Probuphine in Canada sets a precedent for this channel.

Here's a look at the established structure for a key ProNeura product:

Territory/Product	Partner	Channel Mechanism	Financial Component
Probuphine (Canada)	Knight Therapeutics Inc.	Exclusive Commercialization License	Royalty payments on net sales ranging from the low-teens to the mid-thirties percentage
Probuphine (EU, as Sixmo™)	Unspecified Company	Commercialization Rights Holder	Implied ongoing royalty/supply stream

Titan Pharmaceuticals, Inc. discontinued U.S. commercialization for Probuphine in the fourth quarter of 2020, making out-licensing a critical channel for any future ProNeura product success.

Direct communication with the financial market via SEC filings and press releases

For the financial market, Titan Pharmaceuticals, Inc. relies on mandatory SEC filings and proactive press releases. This channel is crucial for transparency, especially following the significant reverse merger activity in 2025. You need to track these closely because they signal major shifts in corporate structure and financing.

Key recent communication milestones that define this channel include:

• Filing of Form F-4 registration statement for the merger with TalenTec Sdn. Bhd. (as of June 2025).
• Completion of the merger on October 1, 2025, with shares ceasing Nasdaq trading the next day.
• Appointment of Chay Weei Jye as sole director and acting secretary post-merger on October 1, 2025.
• Completion of a $1,000,000 Private Placement in March/April 2025, issuing 100,000 Series B Convertible Preferred Stock shares at $10.00 per share.

The company's status as a Smaller reporting company and Non-accelerated filer as of May 2025 dictates the cadence and depth of some required disclosures. The market capitalization as of August 21, 2025, was reported at $6.52M, based on 1.33M shares outstanding.

Here's a snapshot of the financial reporting landscape around the merger event:

Metric (as of June 30, 2025)	Amount (In Thousands, USD)	Reporting Context
Trailing 12-Month Revenue	null	Financial Health Indicator
TTM EBITDA	($2,805)	Operational Performance
TTM Net Income	($2,805)	Bottom Line Result
Total Assets (TTM)	3,051	Balance Sheet Size

Scientific publications and conferences for R&D visibility

Visibility for the ProNeura platform's potential beyond existing licensing comes through scientific channels. While specific 2025 publication counts aren't in the data, the commitment to R&D drives this channel. The company's focus is on developing therapeutics for chronic diseases where steady drug levels offer a benefit.

The investment underpinning this visibility channel is substantial, even if historical: R&D expenditure in 2023 was $4.7 million. This investment supports the ongoing scientific narrative that Titan Pharmaceuticals, Inc. is pushing forward with its proprietary technology.

The channel activity is inherently tied to the success of the ProNeura platform, which is designed to provide continuous drug release over six months or longer. Finance: draft 13-week cash view by Friday.

Titan Pharmaceuticals, Inc. (TTNP) - Canvas Business Model: Customer Segments

You're looking at the customer segments for Titan Pharmaceuticals, Inc. (TTNP) right as the company completed its business combination with Black Titan Corporation on October 1, 2025, which resulted in TTNP shares ceasing trading on Nasdaq on October 2, 2025. This context is key, as the segments reflect the structure leading into the merger.

Pharmaceutical and biotech companies seeking advanced drug delivery platforms.

This segment represents potential partners or acquirers interested in the ProNeura™ technology. ProNeura™ is the proprietary long-term, continuous drug delivery platform designed for subdermal implants providing drug release over six months or longer, depending on the drug characteristics. While Titan Pharmaceuticals sold its first product, Probuphine®, in September 2023, the platform itself remained the core asset for potential future collaborations or licensing deals with other pharmaceutical entities. The company's reported Sales for Fiscal Year 2024, categorized under Development of Pharmaceutical Products, totaled $1.67M USD. The Total Assets reported at the end of 2024 were $13.29M USD.

The value proposition for this segment is the technology's ability to maintain stable medication levels, which can offer advantages in efficacy and/or safety over other administration routes for chronic conditions. The structure of the business combination itself suggests that larger entities or different operational models were seen as the next step for this technology.

Investors, primarily equity holders, funding the clinical-stage operations.

This group provided the necessary capital to sustain operations, especially given the company's historical focus on development rather than product sales post-US divestiture. The financial activity in 2025 shows a reliance on equity financing to bridge operations leading up to the merger. The company completed a $600,000 private placement of Series C Convertible Preferred Stock in June 2025, following a $1 million private placement in April 2025. Prior to the merger completion on October 1, 2025, the company was valued at $6.13 million. As of the latest reports near the merger date, the number of outstanding shares was 1.33M, with a free float of 61.91%, meaning 823.52K shares were available for public trading. The analyst consensus rating from the single Wall Street analyst covering the stock in the preceding year was a 'Sell.'

Here's a quick look at the capital raised through private placements in 2025:

Financing Event Date	Security Type	Aggregate Amount Raised (USD)
June 2025	Series C Convertible Preferred Stock	$600,000
April 2025	Convertible Preferred Stock	$1,000,000

Patients suffering from chronic conditions requiring stable, long-term drug levels.

This is the ultimate end-user segment, though Titan Pharmaceuticals, Inc. did not directly sell to them in late 2025 due to the prior divestiture of its US commercial product. The segment is defined by the medical need that the ProNeura platform is designed to address. The technology targets chronic diseases where maintaining steady drug levels is critical for patient outcomes. The initial focus product, Probuphine®, was for the maintenance treatment of opioid use disorder in clinically stable patients taking 8 mg or less a day of oral buprenorphine. The platform's core benefit to this segment is:

• Continuous drug release over six months or longer.
• Subdermal implant administration requiring a brief, outpatient procedure.
• Elimination of daily dosing fluctuations common with oral medications.
• Potential for improved efficacy and/or safety profiles.

The company's stated mission was advancing the treatment of select chronic diseases using this delivery method. The financial data from 2024 shows the company's investment in this area, with reported Total Assets of $13.29M.

Titan Pharmaceuticals, Inc. (TTNP) - Canvas Business Model: Cost Structure

The Cost Structure for Titan Pharmaceuticals, Inc. is heavily weighted toward the pre-commercial activities typical of a development-stage biotech, primarily driven by scientific advancement and compliance overhead. You're managing a lean operation, so every dollar spent on non-core activities needs intense scrutiny.

The most significant drain on resources is Heavy Research and Development (R&D) expenses. These costs cover the necessary clinical and non-clinical studies required to move any therapeutic candidate through the FDA pipeline. While the company has been actively reducing overall operating expenses, as evidenced by the Q3 2024 operating expenses of $754,000 (down from $2,065,000 the prior year), the R&D component remains a critical, variable cost center dependent on trial milestones.

General and administrative (G&A) costs represent the fixed overhead necessary to maintain corporate existence, legal standing, and regulatory adherence. This includes executive compensation, which for the CEO's base salary alone was reported at $545,564 as of late 2025, supporting a very small team of only 4 full-time employees. Legal and regulatory compliance costs are inherent to operating in the pharmaceutical space, ensuring all filings and intellectual property matters are current.

The financial reality for the first half of 2025 reflects this cost base, with the company reporting an operating loss of approximately -$1.19 million for the first six months of 2025. This loss is a direct consequence of funding ongoing development activities without significant revenue streams. Cash used in operating activities for the nine months ending September 30, 2024, was $3,374,000, though the company believed its cash position of approximately $3.4 million as of that date was sufficient to fund operations through the fourth quarter of 2025, following cost reduction efforts.

A specific, ongoing cost category involves the costs associated with maintaining the ProNeura IP portfolio. Even though the initial Probuphine patent expired in April 2024, the company continues to develop therapeutics based on the proprietary long-term drug delivery platform. Maintaining the remaining patent estate, trade secrets, and platform technology requires continuous legal and administrative expenditure to protect future value, even if specific dollar amounts aren't broken out in the latest public statements.

Here's a quick look at some of the structural financial context points as of mid-to-late 2025:

Financial Metric/Data Point	Amount/Value	Date/Period
Reported Operating Loss (Required Figure)	-$1.19 million	Six Months Ended June 30, 2025
CEO Base Compensation	$545,564	As of December 2025
Total Full-Time Employees	4	As of December 2025
Cash Used in Operating Activities	$3,374,000	Nine Months Ended September 30, 2024
Common Shares Outstanding	1,330,234	June 30, 2025

The cost structure is characterized by high fixed costs relative to the small operational footprint. You see this in the G&A line, where even with only 4 employees, the necessary compliance and executive costs are substantial.

• Heavy investment in non-clinical and clinical studies for pipeline advancement.
• Legal fees for ongoing regulatory filings and IP defense.
• Salaries and overhead for the minimal corporate team.
• Costs related to the ProNeura platform's continued viability.

The company's strategy, as of the August 2025 10-Q, was to manage these costs to ensure a 12-month runway without immediate additional funding, showing a clear focus on capital conservation.

Finance: draft 13-week cash view by Friday.

Titan Pharmaceuticals, Inc. (TTNP) - Canvas Business Model: Revenue Streams

You're looking at the revenue streams for Titan Pharmaceuticals, Inc. (TTNP) as of late 2025, and honestly, the picture is dominated by financing rather than product sales, which makes sense given the clinical-stage pivot.

Financing Cash Flow

For the first half of 2025 (H1 2025), the most concrete revenue-like inflow came from equity financing. Titan Pharmaceuticals, Inc. secured cash flow totaling exactly $1.6 million through the issuance of convertible preferred stock during this period. This cash was critical for keeping the lights on and funding ongoing development activities.

Here's a quick look at the components that built that H1 2025 financing total:

• Financing from April 2025 private placement: $1 million.
• Financing from June 2025 private placement with Blue Harbour Asset Management: $600,000.

The June 2025 transaction involved the sale of 60,000 shares of Series C Convertible Preferred Stock at a conversion price of $3.40 per share. To be fair, these financing events are not sustainable revenue, but they are the primary cash source right now.

Milestone Payments and Royalties from ProNeura Assets

Revenue from legacy asset monetization, specifically milestone payments and royalties tied to the ProNeura platform, remains a potential, though perhaps sporadic, source. While the major past milestone payment of $15 million from Braeburn Pharmaceuticals followed the 2016 FDA approval of Probuphine, the current focus is on future triggers.

The structure of these potential receipts is clear, even if the timing is uncertain. For instance, in an agreement related to a proposed business combination announced in June 2025, the Company was slated to receive $2 million in upfront payments, plus the potential for up to $50 million in milestone payments and single digit royalty payments on future net sales. This shows the model relies on successful partnerships and asset transactions.

For context on how these royalty streams are structured in other deals, consider the Asset Purchase Agreement with JT Pharmaceuticals, Inc. for TP-2021, which entitles JT Pharma to single-digit percentage earn-out payments on net sales if the product is commercialized. This is the type of structure you'd expect for royalties.

Negligible/Non-Existent Product Revenue

Due to the strategic pivot toward a clinical-stage development model, direct product revenue is effectively non-existent or negligible. The financial reality reflects this focus on R&D over commercial sales.

You can see this clearly in the reported revenue history:

Period	Reported Revenue (USD)
2023 Annual Revenue	$0 Million
H1 2025 Net Loss	$1.25 million
2025 TTM Revenue	N/A

The company reported a net loss of USD 1.25 million in the first half of 2025, which further underscores that operations are currently funded by capital raises, not product sales.

The current revenue stream profile is:

• Primary cash source: Issuance of convertible securities.
• Secondary/Contingent source: Milestone payments from asset licensing/sales.
• Product sales: Essentially zero, reflecting the clinical focus.

Finance: draft 13-week cash view by Friday.