Altamira Therapeutics (CYTO) H2 2024 earnings summary

Executive summary

• Advanced RNA delivery business with new collaborations, successful circRNA testing, and expanded platform applications, securing two new partners and demonstrating compatibility with circular RNA.

• Initiated process to partially spin off RNA delivery subsidiary ATAG to attract private equity investment, with the parent company shifting to a holding structure.

• Progressed legacy assets, including Bentrio nasal spray and AM-125, with expanded distribution, regulatory milestones, and ongoing partnering/licensing efforts.

• Faced a major setback with Nasdaq delisting, resulting in transfer to OTCQB and a strategic review of funding options.

Financial highlights

• Net loss for 2024 was $8.5 million, up from $4.3 million in 2023, with prior year benefiting from discontinued operations and Medica sale gains.

• Operating loss from continuing operations increased to $6.9 million in 2024 from $6.6 million in 2023.

• R&D expenses rose to $3.7 million, while G&A expenses decreased to $3.2 million.

• Cash used in operations fell to $6.1 million from $12.8 million, and cash and equivalents at year-end were $1 million.

• No financial debt outstanding at year-end 2024; shareholders' equity was $6.6 million, down from $7.7 million.

Outlook and guidance

• Expects significant reduction in operating expenses after the ATAG spinoff.

• Plans to fund operations through cash, proceeds from ATAG share sales, asset partnerships/divestitures, and affiliate services.

• Will update financial guidance as material information on the spinoff becomes available.