TITAN PHARMACEUTICALS INC: auditor change — Titan Pharma restates Q3 2023 financials; $406K misclassified as operating expense

TITAN PHARMACEUTICALS INC

Board concluded Q3 2023 financials should no longer be relied upon due to material error.
$406,000 incorrectly classified as issuance cost for Series AA Preferred Stock; should be operating expense.
Restated financials for three and nine months ended Sep 30, 2023 will be included in 2023 10-K.
Company expects to report at least one material weakness in internal controls due to the error.
Error does not change cash position; discussions with auditor WithumSmith+Brown completed.

item 4.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Auditor Changes SEC 8-K Item 4.01/4.02 confidence 0.9

TITAN PHARMACEUTICALS INC reported that prior financial statements should not be relied upon.

Action: non reliance

Exact text from the filing

On April 1, 2024, the Board of Directors (the “Board”) of Titan Pharmaceuticals, Inc. (the “Company”), upon the recommendation of the Audit Committee of the Board and after considering the recommendations of management, concluded that our previously released financial statements for the quarterly period ended September 30, 2023 (the “Non-Reliance Period”) should no longer be relied upon.

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Source: SEC EDGAR

accession 0001829126-24-002106

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