Altamira Therapeutics (CYTO) H1 2024 earnings summary

Executive summary

• Strategic repositioning to focus on RNA delivery platforms OligoPhore and SemaPhore, with significant R&D progress and expanded collaborations in cardiac regeneration and mRNA vaccines.

• Divestiture of legacy assets, including partial sale of Bentrio nasal spray business and ongoing partnering for AM-125, with group structure simplification.

• Publication of in vivo data in Nature Immunology showing efficacy of SemaPhore-delivered mRNA in cancer models.

• Move to Switzerland Innovation Park for expanded R&D capabilities and advanced lab facilities.

• Raised $4 million in a public offering, with potential for an additional $8 million upon achieving milestones.

Financial highlights

• Total operating loss from continuing operations was $3.9 million, up from $3.6 million in H1 2023, mainly due to a 32.6% increase in R&D expenses.

• Net loss from continuing operations was $4.3 million, 4% lower year-over-year; overall net loss was $4.3 million, down 27% from $5.9 million in H1 2023.

• Cash used in operations decreased to $3.2 million from $8.4 million year-over-year; cash and equivalents at June 30, 2024, were $65,000.

• Shareholders' equity at $6.3 million as of June 30, 2024, with no financial debt.

• Financial results presented in US dollars for the first time.

Outlook and guidance

• Cash needs for 2024 expected in the range of $5.8–$7 million, slightly lower than budgeted.

• Current cash, expected project revenues, and proceeds from asset partnering considered sufficient for the next 12 months.

• Raised $0.7 million from share issuances and $4 million from a public offering in Q3 2024.

• Plans to advance AM-401 and AM-411 to IND filing with the FDA in 2026 and seek out-licensing post-IND or after Phase 1.

• Anticipated significant revenue growth in 2025 from Bentrio launches in China, Southeast Asia, Sweden, and Denmark.