Why did TTNP's Q3 2023 EPS drop sharply?

The significant drop in Titan Pharmaceuticals' (TTNP) Q3 2023 EPS can be attributed to Insider Transactions and Corporate Restructuring.

1. Insider Transactions: The sale of 3,747,968 shares by CEO and 10% owner David Lazar on June 21, 2023, could signal a lack of confidence in the company's short-term prospects. Such insider sales might contribute to a negative perception among investors, potentially leading to a decline in EPS.
2. Corporate Restructuring: Titan Pharmaceuticals has undergone a strategic restructuring, including discontinuing U.S. Probuphine implant sales and winding down Probuphine commercialization activities. These changes likely had an adverse effect on the company's financial performance, resulting in a decrease in EPS.

In summary, the combination of insider transactions and corporate restructuring likely contributed to the substantial drop in TTNP's Q3 2023 EPS.