Titan Pharmaceuticals, Inc. (TTNP): Business Model Canvas [Dec-2025 Updated]

You're looking at Titan Pharmaceuticals, Inc. (TTNP) right after a major pivot following its October 2025 reverse merger, which means the old playbook is definitely out the window. As an analyst who's seen these transitions before, the key question is whether their core asset-the ProNeura long-term drug delivery tech-can generate revenue, especially since they posted an operating loss of about -$1.19 million in the first half of 2025 while holding just $2.803 million in cash as of June 30, 2025. This Business Model Canvas cuts through the noise to show exactly how they plan to fund R&D for candidates like TP-2021, relying on milestone payments and investor capital rather than product sales right now. Dive into the nine blocks below to see the precise structure supporting this clinical-stage bet.

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

The post-merger structure of the combined entity, now under Black Titan Corporation, reflects several critical prior agreements that define its current asset and pipeline landscape as of late 2025.

The most significant recent partnership event was the business combination finalized on October 1, 2025, involving Titan Pharmaceuticals, Inc., Black Titan Corporation, and TalenTec Sdn. Bhd. Titan Pharmaceuticals became a direct wholly owned subsidiary of Black Titan Corporation, which began trading on Nasdaq under the symbol BTTC on October 2, 2025.

Partner Entity	Transaction Type/Role	Effective Date/Status	Key Financial/Statistical Term
Black Titan Corporation	New Parent Company Post-Merger	Effective October 1, 2025	Post-merger market capitalization reported at $32 million
TalenTec Sdn. Bhd.	Reverse Merger Combination	Closed October 1, 2025	Titan common stock converted to Black Titan Corporation ordinary shares on a one-for-one basis
ARC Group Ltd.	Financial Advisor	Transaction Support	Acted as exclusive financial advisor to Black Titan Corporation

Prior to the merger, key strategic divestitures and in-licensing agreements established the current asset base.

The agreement with Fedson, Inc. involved the sale of certain ProNeura assets, specifically the Probuphine and Nalmefene implant programs.

• Upfront purchase price: $2 million total
• Closing payment component: $1 million at closing
• Escrow component: $1 million held in escrow (paid by January 2024)
• Potential future milestone payments: Up to $50 million
• Royalty structure: Single digit royalties on future net sales

The partnership with JT Pharmaceuticals, Inc. centers on the acquisition and development of the TP-2021 kappa opioid agonist peptide for use with the ProNeura technology, primarily targeting chronic pruritus.

• Acquisition date for TP-2021: October 2020
• Potential future milestone payments: Based on achievement of regulatory milestones
• Earn-out payments: Single-digit percentage on net sales

The execution of clinical development for pipeline assets relies on external expertise, specifically Contract Research Organizations (CROs) for trial execution.

CRO Partnership Focus Area	Status/Stage (Late 2025 Context)	Financial Commitment/Spend (Estimated Annualized)
TP-2021 Non-clinical Studies	Initial non-clinical studies established proof of concept	Data not publicly specified for 2025
IND-Enabling Studies (Future)	Required if initial studies are successful	To be determined based on Black Titan Corporation budget allocation

Prior to the October 2025 corporate action, Titan Pharmaceuticals common stock exhibited market activity, with a 47% gain year-to-date and a 12% surge in the past week.

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

Research and development (R&D) of the ProNeura drug delivery platform.

• Operating expenses for the quarter ended September 30, 2024, were $754,000.
• This represented a decrease from $2,065,000 in the same quarter the previous year, primarily due to reduced research and development expenses.
• Cash used in operating activities for the nine months ended September 30, 2024, totaled $3,374,000.
• Cash on hand as of September 30, 2024, was approximately $3.4 million, believed sufficient to fund operations through the fourth quarter of 2025.

Advancing the TP-2021 implant for chronic pruritus through non-clinical studies.

• TP-2021 was acquired for use with the ProNeura technology for chronic pruritus treatment.
• A proof-of-concept milestone for the development program was achieved in January 2022, resulting in a payment of $100,000 and the issuance of 2,552 shares of common stock to JT Pharma.

Securing non-dilutive capital through licensing and milestone agreements.

Titan Pharmaceuticals has historically funded operations through corporate licensing and collaborative agreements. The August 14, 2025, 10-Q filing noted funding from such agreements as of June 30, 2025.

Managing the integration and reporting requirements as a subsidiary.

The business combination with Black Titan Corporation was completed on October 1, 2025, making Titan Pharmaceuticals a direct wholly owned subsidiary of Black Titan. Following this, on October 2, 2025, Titan's Common Stock was delisted by Nasdaq Stock Market LLC and subsequently deregistered under Section 12(b) of the Exchange Act. A Form 15 was filed on October 14, 2025, relating solely to Titan's reporting obligations under the Exchange Act.

Balance Sheet Item (in thousands)	June 30, 2025	December 31, 2024
Cash	$2,803	$2,831
Total Current Assets	$3,051	$2,923
Total Assets	$3,051	$2,923
Total Current Liabilities	$263	$483
Total Liabilities	$263	$483
Preferred Stock Issued and Outstanding (Shares)	890,345	950,000
Common Stock Issued and Outstanding (Shares)	1,330,234	914,234
Total Stockholders' Equity	$2,788	$2,440

Raising capital through private placements of preferred stock.

The company executed multiple private placements of convertible preferred stock in 2025.

Financing Event Date	Aggregate Purchase Price	Shares of Preferred Stock Purchased	Conversion Price Per Share
June 27, 2025	$600,000	60,000 Series C Shares	$3.40
April 11, 2025	$1 Million	Data Not Specified	Data Not Specified

As of June 30, 2025, there were 890,345 shares of Preferred Stock issued and outstanding.

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

You're looking at the core assets that Titan Pharmaceuticals, Inc. (TTNP) relies on to execute its strategy, especially as it navigates the post-merger landscape following the October 1, 2025, combination with TalenTec Sdn. Bhd. These aren't just abstract concepts; they are tangible and intangible assets that drive potential value.

The most immediate, hard number resource is the company's liquidity position. As of the close of the second quarter, specifically June 30, 2025, Titan Pharmaceuticals, Inc. reported cash and cash equivalents of $2,803 thousand.

The foundation of the business remains its proprietary drug delivery platform. This is the ProNeura long-term, continuous drug delivery technology. It's designed to administer medication via a small, solid subdermal implant, which is made from a mixture of ethylene-vinyl acetate ("EVA") and the active drug substance. This matrix is engineered to provide continuous drug release, aiming for non-fluctuating medication levels over a period of six months or longer, depending on the specific drug characteristics.

This technology is supported by a significant Intellectual Property (IP) portfolio. This portfolio is broad, covering the core ProNeura platform itself, including specific formulations, manufacturing processes, and methods for treating certain chronic diseases. The focus areas for this IP protection include implantable products for the prevention of opioid relapse and for the treatment of moderate-to-severe chronic pruritus.

The company's human capital is centered around Scientific and clinical development expertise in chronic disease treatments. This expertise is necessary to advance the therapeutics utilizing the ProNeura platform for conditions where steady-state drug delivery offers a potential benefit in efficacy or safety over traditional dosing routes.

Here's a quick look at some structural and recent financial metrics that define the resource base as of mid-2025:

Resource Metric	Value as of June 30, 2025	Unit/Context
Cash and Cash Equivalents	$2,803	Thousands of USD
Total Current Assets	$3,051	Thousands of USD
Total Assets	$3,051	Thousands of USD
Total Current Liabilities	$263	Thousands of USD
Authorized Preferred Stock Shares	5,000,000	Shares
Issued and Outstanding Common Stock Shares	1,330,234	Shares

The ProNeura platform's key attributes, which are critical resources, include:

• Continuous drug release over six months or longer.
• Subdermal implant administration in a brief, outpatient procedure.
• Potential to bypass first-pass hepatic metabolism.
• Elimination of peaks and troughs typical with oral dosing.
• Application in development for opioid relapse prevention.
• Application in development for chronic pruritus treatment (e.g., TP-2021).

To be fair, the company's prior commercial asset, Probuphine (buprenorphine implant), was sold in September 2023, meaning the current resource base is heavily weighted toward the platform technology and its pipeline, rather than existing product revenue streams from that specific asset. What this estimate hides is the valuation of the underlying IP assets post-merger.

Finance: draft 13-week cash view by Friday.

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.