Altamira Therapeutics Ltd.

For first half 2024, total operating loss from continuing operations was $3.9 million versus $3.6 million in the first half of 2023. R&D increased 32.6% to $2 million, while G&A decreased 11.7% to $2 million. Net loss from continuing operations was $4.3 million, 4% lower than the prior-year period, and net loss for the first half of 2024 was $4.3 million versus $5.9 million in the first half of 2023. Finance expense fell from $0.9 million to $0.2 million. Cash used in operations declined to $3.2 million from $8.4 million year over year, and cash and cash equivalents were $65,000 at June 30, 2024. Shareholders’ equity was $6.3 million, compared with $7.7 million at year-end 2023, and there was no financial debt. For 2024, Altamira expects total cash needs of $5.8 million to $7 million and said current cash plus expected project revenues, partnering proceeds, and other sources should cover the next 12 months. The company also raised $0.7 million in the third quarter under its Lincoln Park agreement and $4 million gross ($3.3 million net upfront) in a public offering, with warrants that could add up to $8 million if milestone conditions are met.

Thomas Meyer framed the quarter as evidence that the strategic pivot toward RNA delivery is gaining traction, though he acknowledged it has taken longer than expected. He emphasized growing scientific validation, including Nature Immunology and AAA-related data, and said Altamira is pursuing a “picks and shovels” model built on platform licensing rather than capital-intensive drug development. His tone was optimistic but measured, repeatedly pointing to progress, partnerships, and the company’s intent to continue simplifying the business.

Meyer, covering the financials, said the company was “pretty much on track with expenses” in the first half. He cited a $3.9 million operating loss from continuing operations, $2 million of R&D, $2 million of G&A, and a $4.3 million net loss from continuing operations, while noting finance expense dropped to $0.2 million. He also highlighted lower cash burn, with cash used in operations falling to $3.2 million, and said the company has no debt. On capital allocation, he pointed to the $4 million gross public offering, the $0.7 million raised under Lincoln Park, and the potential for up to $8 million more from warrants tied to AM-401 and AM-411 milestones.

The main analyst question focused on whether Bentrio’s Norway launch playbook could be replicated in Sweden and Denmark. Management said Pharma Nordic is using a mix of physician outreach, pharmacy sales, and social media, and noted that the same general approach can be adapted across Scandinavian markets, while acknowledging market ramp-up typically takes several years. A second question asked whether cuts in R&D spending by large mRNA companies like Moderna could affect Altamira; Meyer said he could not comment on Moderna specifically, but argued that mRNA still has strong long-term potential and that broader program adjustments do not change the trend.