Q4 2024 Altamira Therapeutics Ltd Earnings Call
Operator: Good day and welcome to the Altamira Therapeutics full year 2024 financial results and business update call. Today's conference is being recorded.
Good day and welcome to the ATA Mirror Therapeutics full year 2024 financial results and business update call today's conference is being recorded.
Operator: I would now like to hand the conference over to your first speaker. Please go ahead.
Now I'd like to hand, the conference over to your first Speaker. Please go ahead.
Operator: Good morning and welcome to the Altamira Therapeutics Full Year 2024 Financial Results and Business Update Call.
Good morning, and welcome to the Altamira Therapeutics full year 2024 financial results and business update call on today's call are Thomas Mann, Ultra mirrors, founder Chairman and Chief Executive Officer.
Operator: On today's call are Thomas Meyer, Altamira's Founder, Chairman, and Chief Executive Officer, and Covadonga Paneda, Altamira's Chief Operating Officer.
Cover Up: And cover up on your EDA outsource Chief operating officer.
Operator: Earlier today, Altamira issued a news release with the full year 2024 financial results, as well as a business update. The release is available on the company's website at www.altamiratherapeutics.com and has been filed with the SEC.
Cover Up: Earlier today Ultimate issued a news release with the full year 2024 financial results as well as a business update.
Cover Up: Releases available on the company's website at Www Dot Altamira therapeutics Dot com.
Cover Up: It has been filed with the SEC during today's call. The company will be making forward looking statements within the meaning of the private Securities Litigation Reform Act of 1995.
Operator: During today's call, the company will be making forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These include statements that address future operating, financial or business performance, or strategies or expectations. Forward-looking statements are based on management's current expectations and beliefs and involve significant risks and uncertainties that could cause actual results, developments, and business decisions to differ materially from those contemplated by these statements. These risks and uncertainties include, but are not limited to, the timing and conduct of our clinical trials, the clinical utility of our product candidates, the timing or likelihood of regulatory filings and approvals, our intellectual property position, and our financial position, as well as those described in the Risk Factors section in our Annual Report on Form 20-F, and future filings with the Securities and Exchange Commission.
Cover Up: These include statements that address future operating financial or business performance or strategies or expectations. So looking statements are based on management's current expectations and beliefs and involve significant risks and uncertainties that could cause actual results developments and business decisions to differ much.
Cover Up: Nearly from dose contemplated by these statements.
Cover Up: These risks and uncertainties include but are not limited to the timing.
Cover Up: Conduct of clinical trials, the clinically utility of our product candidates the timing or likelihood.
Cover Up: So sorry filings and approvals.
Our intellectual property position and our financial position as well as those described in the risk factors section in our annual report on form 20-F, and future filings with the Securities and Exchange Commission.
Operator: In addition, any forward-looking statements represent the company's views only as of today and should not be relied upon as representing its views as of any subsequent date. While it may elect to update these forward-looking statements at some point in the future, it specifically disclaims any obligation to do so even if its views change.
Cover Up: In addition, any forward looking statements represent the company's views only as of today and should not be relied upon as representing its views as of any subsequent date.
Cover Up: It may elect to update these forward looking statements at some point in the future.
Cover Up: Specifically disclaims any obligation to do so even if it's for your exchange.
Thomas Meyer: With that, I will now hand the call over to Altamira Therapeutics CEO, Thomas Meyer. Thank you, operator. Hello, everyone, and thank you for joining our full year 2024 financial results and business update call.
Cover Up: With that I will now hand, the call over to ultimate therapeutic CEO Thomas Meek.
Thomas Meek: Thank you operator, Hello, everyone and thank you for joining our full year 2024 financial results and business update call.
Thomas Meyer: I will kick off the call by providing an overview of recent corporate developments and an update of our corporate strategy.
Thomas Meek: I will kick off the call by providing an overview of recent corporate developments and an update of our corporate strategy.
Covadonga Paneda: Our Chief Operating Officer, Covadonga Paneda, will then discuss the progress with our RNA delivery business.
Thomas Meek: Our chief operating officer.
Thomas Meek: I will then discuss the progress with our RNA delivery business.
Thomas Meyer: Finally, I will discuss our 2024 financials and outlook for 2025. Overall, 2024 brought progress in many regards for Altamira. With our RNA delivery programs, we continued to gain momentum as we could win two new partners for our X4 platform, managed to further improve our manufacturing process. And we're able to demonstrate that the platform works also with circular RNA. The latter highlighted the platform's great versatility across different R&A modalities and could help to open interesting new business opportunities for Altamira.
Thomas Meek: Finally, I will discuss our 2020 for financials and outlook for 2025.
Thomas Meek: Overall, the 'twenty 'twenty four broad progress in many regards for Altamira.
Thomas Meek: With our RNA delivery programs, we continued to gain momentum as we could win two new partners for our X four platform.
Thomas Meek: Managed to further improve our manufacturing process.
Thomas Meek: And we're able to demonstrate that the platform works also with circle or RNA.
Thomas Meek: The latter highlighted the platform's great versatility across different RNA modalities.
Thomas Meek: And could help to open an interesting new business opportunities for Altamira.
Thomas Meyer: Unfortunately, there was also a major setback in 2024 as Nasdaq decided to delist our common shares due to an issue with their minimum bid price rule. Also, we appealed against their decision and proposed taking customary measures to regain compliance. Our arguments fell on deaf ears. and the NASDAQ Hearing Panel upheld the listing decision. Therefore, trading in our common shares was transferred to OTCQB and the ticker symbol changed from CYTO to CYTO-S. The transfer and the changes in valuation and trading volume related to this triggered our board to perform an intense review of the company's funding needs and options.
Thomas Meek: Unfortunately, there was also a major setback in 2024 as NASDAQ decided to delist our common shares.
Thomas Meek: To an issue with their minimum bid price rules.
Thomas Meek: Also we appealed against their decision and proposed taking customary measures to regain compliance.
Thomas Meek: Our arguments fell on deaf ears.
Thomas Meek: The NASDAQ hearing panel upheld the listing decision.
Thomas Meek: Therefore trading and our common shares was transferred to OTC QB and the ticker symbol change from cycle to cycle.
Thomas Meek: Yes.
Thomas Meek: The transfer and to changes in valuation and trading volume related to this trigger to our board to perform an intense review of the company's funding needs in the auctions.
Thomas Meyer: We concluded that raising funding for the expected growth of the RNA delivery business from public markets was not a viable option. Rather, the board decided to prepare the involvement of private equity investors at the level of the company's Swiss subsidiary Altamira Therapeutics AG, short ATAG, which operates Altamira's RNA delivery business. Altamira aims to spin off a majority of ATAG's share capital and has initiated a process for the legal and organizational carve-out of this entity. With the partial spinoff, we anticipate the publicly listed Altamira Serpeutics Limited becoming even more of a holding company, owning minority stakes in ATAG and Altamira Medica, the manufacturer of the bencho nasal spray, and participating in their expected growth and value appreciation.
Thomas Meek: We concluded that raising funding for the expected growth of the RNA delivery business from public markets.
Thomas Meek: Not a viable option.
Thomas Meek: Rather.
Thomas Meek: <unk> decided to prepare the involvement of private equity investors at the level of the company Swiss subsidiary Altamira Therapeutics AG short AKG.
Thomas Meek: Which operate Altamira RNA delivery business.
Thomas Meek: Altamira aims to spinoff a majority of Akg's share capital and have initiated the process for the legal and organizational carve out of this entity.
Thomas Meek: With the partial spin off we anticipate the publicly listed Altamira Therapeutics limited, becoming even more of a holding company.
Thomas Meek: Owning minority stakes in <unk>, and ultimately our medical the manufacturer of debenture nasal spray.
Thomas Meek: And participating in their expected growth and value appreciation.
Covadonga Paneda: In addition, the listed parent company stands to benefit from the partnering of the other legacy assets, such as AM-125, our nasal spray for vertigo treatment, or AM-111, a treatment for acute Following this introduction and update, I'm handing the call over to Covadonga Paneda, our Chief Operating Officer, who will provide you with a more detailed update on our R&A delivery business. Cova? Thanks Thomas and good morning everyone. RNA therapeutics continues to be an exciting space with more drugs and modalities reaching late-stage clinical programs and market approval. Research and development activities in Altamira Therapeutics peptide-based X4 nanoparticle platforms continues to progress.
Thomas Meek: In addition.
Thomas Meek: A list of parent company stands to benefit from the partnering.
Thomas Meek: The other legacy assets such as the am 125, our nasal spray for vertical treatment for am 111, a treatment for acute hearing loss.
Speaker Change: Following this introduction update I'm handing the call over to cover the <unk>, Our Chief operating officer, who will provide you with a more detailed update on our RNA delivery business.
Thomas Meek: Yeah.
Speaker Change: Thank you Tamara and good morning, everyone.
Thomas Meek: <unk>.
Thomas Meek: It continues to be an exciting space with more drugs and modalities, which in late stage clinical programs and market approval.
Thomas Meek: Research and development activities now coming out therapeutic peptides.
Thomas Meek: Explorer nanoparticle platform continues to progress.
Covadonga Paneda: The key focus during the first half of the year was on nanoparticle formulation and progress development around our Oligophore for siRNA, Semaphore for mRNA, and Cyclophore, the newest addition to our technology for circular RNA. In addition, significant effort has been allocated into evaluation and development of nanoparticles for delivery of specific RNA payloads per part. Important progress has been achieved with the development and refinement of analytical methods, reproducibility of manufacturing, and stability of the nanoparticles. Our efforts have led to nanoparticles with greater stability that can be shipped and stored while maintaining their physicochemical properties. In addition, tolerability studies have shown that these particles have an excellent tolerability profile after single or repeated intravenous administration.
Thomas Meek: The key focus during the first half of the year weapon nanoparticle formulation.
Thomas Meek: Development around that platform.
Speaker Change: Well I think it's more for R&D.
Thomas Meek: And therefore for mrna.
Thomas Meek: For the newest addition to our technology.
Thomas Meek: Barney.
Thomas Meek: In addition, significant asset has been allocated into evaluation and development nanoparticle deliberate specific army pillar partners.
Thomas Meek: Important progress has been achieved with the development and refinement.
Thomas Meek: We have good visibility manufacturing stability.
Thomas Meek: Our FX had lets nanoparticle with greater stability that can be shipped in store, while maintaining their physical chemical properties.
Thomas Meek: In addition.
Thomas Meek: Tolerability studies have shown that this political so an excellent tolerability profile. After a single course repeated intravenous administration.
Covadonga Paneda: Circling back to the newest member of the X4 family, we are excited over the confirmation that our technology is amenable for use with circular RNA. in vitro experiments demonstrated successful cell transfection leading to higher protein expression compared with linear mRNA. Based on these results, the company filed a provisional patent application with the United States Patent Office for FICO IV. Circular RNA has recently attracted substantial interest in drug development thanks to enhanced protein expression and greater stability compared to linear mRNA. FACL4 could open up new collaboration opportunities with companies focused on this particular RNA modality or seeking to treat chronic disease.
Speaker Change: Circling back to the newest member of the explorer family. We are excited over the confirmation that our technology is available.
Thomas Meek: The circular arnie.
Thomas Meek: In vitro experiments demonstrated successful cell transfection, leading to higher protein expression compared with linear and Marty.
Thomas Meek: Based on these results the company filed a provisional patent application with the United States Patent office.
Thomas Meek: Sure.
Speaker Change: Sure. So our R&D has recently attracted substantial interest and dropped the bachman, thanks to enhance protein expression and greater stability compared to linear and Marty.
Speaker Change: That's the floor could open up new collaboration opportunities with companies focused on this particular RNA modality.
Speaker Change: Treating chronic diseases.
Covadonga Paneda: is pursuing a picks and shovels strategy with the RNA delivery business. This strategy is based on the licensing of our platform technology to partners in the biotech and pharma industry for use with their own R&E payloads. To the already established collaborations with Hecate Therapeutics for regeneration of damaged heart tissue following myocardial infarction and Universal's group for mRNA vaccines, we have added a new collaboration agreement, this time with a company in the radiopharmaceutical sector to evaluate the use of Altamira's pre-HRNA delivery platform for radiopharmaceutical targets. Radiopharmaceutical therapy uses very small amounts of radioactive compounds, called radiopharmaceuticals or radioligands, to diagnose and treat various diseases, in particular cancer.
Speaker Change: Ultimately that is putting a picks and shovels strategy with the army deliberate.
Speaker Change: This strategy is based on the licensing of our platform technology partners in the biotech and pharma industry.
With their own R&D payload.
Speaker Change: So they already established collaborations with Hackett therapeutics, the regeneration of damaged.
Speaker Change: Tissue following myocardial infarction and universality mrna vaccine we have added a new collaboration agreement. This time with a company in the radiopharmaceutical sector to evaluate the use of alchemy is preet Terry RNA delivery platform for radiopharmaceutical targeted.
Speaker Change: Radiopharmaceutical therapy gives us very small amounts of radioactive companion called radiopharmaceuticals or ligand to diagnose and treat bed.
Speaker Change: In particular cancer.
Covadonga Paneda: Once injected into the patient, the radiopharmaceutical finds its way to the tumor through the bloodstream and binds to a tumor-specific cell. The global radiopharmaceutical market reached $8.4 billion in size in 2024 and is expected to grow to $17.1 billion in 2033. Under the terms of the agreement, Altamira and its project collaboration partner intend to test in vitro and in vivo the use of nanoparticles with a nondisclosed RNA payload in conjunction with one of the partner's proprietary radiopharmaceuticals. Upon successful conclusion of the experiment, the partner will, under certain conditions, have the option to negotiate with Altamira a license and supply agreement to develop commercialized the RNA particles for use in cancer treatment.
Speaker Change: Once injected into the patient the radiopharmaceutical, thanks, its way to the tumor to the bloodstream combined to achieve a specific receptor.
Speaker Change: The global Radiopharmaceutical market reach.
Speaker Change: $8 4 billion U S. Dollar in 2024 and is expected to grow to $17 1 million U S. Dollar in 'twenty three.
Speaker Change: Under the terms of the agreement Altamira and its project collaboration partner intend to test the use of nanoparticle with an undisclosed RNA payload conjecture conjunction with one of the partners preparatory Radiopharmaceuticals.
Speaker Change: Okay successful conclusion of the experiments and the partner will under certain conditions has the option to negotiate without a license and supply agreement to develop and commercialize.
Speaker Change: The army particles for use in cancer treatment.
Speaker Change: Okay.
Covadonga Paneda: Focusing on our proprietary developmental programs, AM401 and AM411, Altamira filed, during the first half of 2024, several patent applications with the U.S. Patent and Trademark Office to protect candidates for both programs. For AM401, we have now shown that their candidate based on Oligofor platform is well tolerated after intravenous administration, even at high dose. The company aims to advance at least one of the flagship programs to an investigational new drug IND filing with the Food and Drug Administration in 2026 and to out-license them either following the IND or after Phase 1 clinical trial at the latest.
Speaker Change: Focusing on our proprietary developmental programs and four one and 411 all coming at five during the first half of 2024.
Speaker Change: Little patent applications with the U S patent and trademark office to protect candidates the bed program.
Speaker Change: For <unk> hundred one we have now shown that their candidate based on <unk> platform is well tolerated after intervene and administer.
Speaker Change: Even if I did.
Speaker Change: The company aims to advance at least one of our flagship programs.
Speaker Change: An investigational new drug IND filing with the food and drug administration in 2026 and to out license them either following the IMD go after phase one clinical trial at the latest.
Covadonga Paneda: In August 2024, part of the company's expanding research and developmental team moved to the Switzerland Innovation Park in Auschwitz near Basel. At the new location, the company has access to modern and well-equipped lab facilities to support its growing economy.
Speaker Change: In August 2024, part of the company funded research and developmental team moved to Switzerland Innovation Park Nashville, Boston.
Speaker Change: New locations. The company has access to modern we will equip that lapses in discipline, it's government activity.
Thomas Meyer: I will now turn the call back to Thomas. Thanks, Kova.
Tom: I will now turn the call back to Tom.
Tom: Thanks Colby.
Thomas Meyer: I will now discuss briefly our two main legacy assets, the Benchio Drug-Free Nasal Spray for Allergy and our AM-125 Betahistine Nasal Spray for Vertigo and other disorders of the central nervous system. Our associate, Altamira Medica, or short Medica, agreed last year with two of its international distributors on the expansion of the Exclusive Distribution Territory. with Nuance Pharma for Southeast Asia and with Pharma Nordic for Sweden and Denmark. Two territory extensions are a strong mutual vote of confidence by the partners. This year, Medica expects marketing approval for venture in mainland China, providing for a major commercial opportunity in cooperation with Nios Pharma.
Speaker Change: I will now discuss briefly our two main legacy assets debenture drug free nasal spray for allergy.
Speaker Change: And our am 125, better <unk> nasal spray for Vertigo and other disorders of the central nervous system.
Speaker Change: Our associate Altamira, Medicare or short medico.
Speaker Change: Late last year with two of its international distributors on the expansion of the exclusive distribution territories.
Speaker Change: With me all pharma for Southeast Asia, and with pharma Nordic for Sweden, and Denmark.
Speaker Change: The two territory extensions are strong mutual vote of confidence by the partners.
Speaker Change: This year Medicare expect marketing approval for <unk> in mainland China.
Speaker Change: Riding for a major commercial opportunity in cooperation with Nielsen pharma.
Thomas Meyer: For the U.S., the world's largest market for over-the-counter products for allergic rhinitis relief and treatment. Medica recently received good news from the U.S. Patent and Trademark Office. The USPTO finally allowed a patent covering ventures composition, providing for market protection up to 2040. This has been the last important missing piece in discussions with potential U.S. licensees or distributors, as Ventura has already been cleared by the FDA. Discussions with potential partners are ongoing.
Speaker Change: For the U S. The world's largest market for over the counter products for allergic rhinitis relief in treatment.
Speaker Change: <unk> recently received good news from the U S patent and trademark office.
Speaker Change: The U S. PTO finally allowed patents covering ventures composition.
Speaker Change: Providing for market protection up to 2014.
Speaker Change: This has been the last important missing piece in discussions with potential U S. Licensees are distributors as venture has already been cleared by the FDA.
Speaker Change: Discussions with potential partners are ongoing.
Thomas Meyer: Meanwhile in Europe, MEDIC has been working hard on setting up an alternate production site with a contract manufacturer in Germany and on transitioning BENTRIO from a Class 1 to a Class 2a medical device under the new EU Medical Device Regulation MDR. The completion of these two projects will open up significant commercial opportunities in Europe and allow for ramping up supplies to partners worldwide. As for our AM125 nasal spray, we have partnering discussions ongoing with several parties.
Speaker Change: Meanwhile, in Europe, <unk> has been working hard on setting up an alternate production site with a contract manufacturer in Germany and on transitioning <unk> from a class one to a class III medical device under the new EU medic.
Speaker Change: Medical device regulation MTR.
Speaker Change: The completion of these two projects will open up significant commercial opportunities in Europe and allow for ramping up supplies to partners worldwide.
Speaker Change: As for our am 125 nasal spray.
Speaker Change: We have partnering discussions ongoing with several parties.
Thomas Meyer: The same goes for M111, a cell-penetrating peptide for the treatment of acute hearing loss, which has orphan drug designation and is in Phase III clinical development.
Speaker Change: The same goes for am 111, a cell penetrating peptide for the treatment of acute hearing loss, which has orphan drug designation and is in phase III clinical development.
Thomas Meyer: Now turning to our financials. Before reviewing our financial results for 2024, I would like to note that the full year financial statements are presented for the first time in U.S. dollars rather than in Swiss francs.
Speaker Change: Now turning to our financials.
Speaker Change: Before reviewing our financial results for 2024, I would like to note that the full year financial statements are presented for the first time in U S dollars rather than in Swiss francs.
Thomas Meyer: Further, I need to remind everyone that due to the partial divestiture of Medica, The venture activities are reported as discontinued operations. Continuing operations thus comprise the RNA delivery development programs as well as those related to AM125. Overall, financial results for 2024 came in pretty much within expectation. Total operating loss from continuing operations increased from $6.6 million in 2023 to $6.9 million in 2024. Research and development expenses were $3.7 million in 2024 versus $3.4 million in 2023.
Speaker Change: Further I need to remind everyone that due to the partial divestiture of <unk>.
Speaker Change: Debenture activities are reported as discontinued operations.
Speaker Change: <unk> operations does comprise the RNA delivery development programs as well as those related to am 125.
Speaker Change: Overall financial results for 2024 came in pretty much within expectations.
Total operating loss from continuing operations increased from $6 $6 million in 2023 to $6 9 million U S dollars in 2024.
Speaker Change: Research and development expenses were.
Speaker Change: $3.7 million in 2024.
Speaker Change: Versus $3 $4 million in 2023.
Thomas Meyer: General and administrative expenses. decreased from $3.5 million in 2023 to $3.2 million in 2024. Net finance expense decreased from 1.5 million in 2023 to 0.8 million U.S. dollars in 2024, primarily as the company incurred no more interest expense. worked in 2023, $1.1 million. The company's share of the loss of its 49% associate Altamira Medica amounted to $0.8 million in 2024 versus $44,000 in 2023. However, the latter related only to the period from the sale of 51% of medical share capital in November 2023 to year-end. The company's net loss for 2024 was $8.5 million compared with $4.3 million in the previous year.
Speaker Change: General and administrative expenses.
Speaker Change: Decreased from $3 $5 million in 2023 to $3 2 million.
Speaker Change: In 2024.
Speaker Change: Net finance expense decreased from $1 5 million in 2000 $23.8 million in 2024.
Speaker Change: Similarly, as the company and cured.
Speaker Change: More interest expenses.
Speaker Change: They work in 2023, $1 1 million.
Speaker Change: The company's share of the loss of its 49% associate Altamira <unk> co.
Speaker Change: The amount of two point to $8 million in 2024 versus <unk> $44000 in 2023.
Speaker Change: However, the lateral related only to the period from the sale of 51% of medical share capital in November 2023 to year end.
Speaker Change: The company's net loss for 2024 was $8 $5 million compared with $4 3 million in the previous year.
Thomas Meyer: However, it must be noted that in 2023, discontinued operations contributed a profit of $3.8 million, reflecting an accounting gain of $5.8 million on the partial sale of Medicare. Overall, the balance sheet as of December 31st, 2024, does not show major changes compared to December 31, 2023. Shareholders' equity amounted to $6.6 million compared with $7.7 million at year-end 2026. There was no financial debt outstanding at either time. Cash used in operations decreased from $12.8 million in 2023 to $6.1 million in 2024. Investing activities consumed 0.1 million dollars in cash. 24. whereas they had provided $1.6 million in 2023 reflecting mainly the Medica transaction.
Speaker Change: However, it must be noted that in 2023 discontinued operations contributed a profit of $3 8 million.
Speaker Change: Reflecting an accounting gain of $5 8 million and the partial sale of medical.
Speaker Change: Overall, the balance sheet as of December 31, 2024 does not show major changes compared to December 31 2023.
Speaker Change: Shareholders' equity amounted to $6 $6 million compared with $7 7 million at year end 2023.
Speaker Change: No financial debt outstanding at either time point.
Speaker Change: Cash used in operations decreased from $12 8 million in 2023 to $6 1 million in 2024.
Speaker Change: Investing activities consumed one $1 million in cash in 2024.
Speaker Change: <unk> had provided $1 6 million in 2023, reflecting mainly the medical transaction.
Thomas Meyer: Financing activities provided $6.5 million of cash inflow in 2024 compared against $11.8 million in 2026. Cash and cash equivalents at year-end 2024 rose to 1 million dollars from 0.7 million dollars at December 31st, 2020.
Speaker Change: Financing activities provided $6 $5 million of cash inflow in 2024 compared against $11 8 million in 2023.
Cash and cash equivalents at year end 2024 rose to $1 million from $7 million.
Speaker Change: At December 31st 2023.
Thomas Meyer: Upon completion of the planned partial spin-off of ATAG, our subsidiary for RNA delivery, we expect operating expenses to decrease significantly. parent company will become, as mentioned earlier, more of a classic holding company, managing and monetizing its participations and assets. We expect to fund our operations from our cash position, proceeds from the sale of ATAG shares to private equity investors. partnering or divestiture of legacy assets, as well as from the provision of services for affiliates. Resonance from meetings with potential private equity investors. being very encouraging.
Speaker Change: Upon completion of the planned partial spinoff of Atg, our subsidiary for RNA delivery.
Speaker Change: We expect operating expenses to decrease significantly.
Speaker Change: The parent company will become as mentioned earlier more of a classic holding company, managing and monetizing its participations and assets.
Speaker Change: We expect to fund our operations from our cash position.
Speaker Change: Proceeds from the sale of <unk> shares to private equity investors.
Speaker Change: Partnering or divestiture of legacy assets as well as from the provision of services for our affiliates.
Speaker Change: Residents from meetings with potential private equity investors.
Speaker Change: Been very encouraging.
Thomas Meyer: Altamira intends to update its financial guidance as and when material new information will become available, notably on the planned partial spin-off of ATHE.
Speaker Change: Altamira intends to update its financial guidance as and when material new information will become available.
Speaker Change: To play on the plant partial spin off of <unk>.
Thomas Meyer: With this, let me conclude with some comments and perspectives. At the beginning of today's presentation, I mentioned the growing momentum in our RNA delivery business. It is great to see the significant progress that we have been making since the beginning of 2024. both with our development projects as well as with our business development activity. For this momentum to continue or even accelerate further, it will be essential to have the business funded. The delisting from NASDAQ was undoubtedly a painful experience for all of us and threw a wrench into the works, especially regarding our ability to raise meaningful capital on the public market.
Speaker Change: With this let me conclude with some comments and perspectives.
Speaker Change: At the beginning of today's presentation I mentioned, the growing momentum in our RNA delivery business.
Speaker Change: That's great to see the significant progress that we have been making since the beginning of 2024.
Speaker Change: Both with our development projects as well as with our business development activities.
Speaker Change: For this momentum to continue or even accelerate further it will be essential to have the business funded appropriately.
Speaker Change: The delisting from NASDAQ was undoubtedly a painful experience for all of us and throw a wrench into the works.
Speaker Change: Firstly regarding our ability to raise meaningful capital on the public markets.
Thomas Meyer: with the planned partial spinoff of our RNA delivery activities and the involvement of private equity investors. We believe to have found a reasonable and beneficial alternative approach. It will help to position Altamira well for building the business on the strengths of X4 and addressing the strong potential for RNA-separation. Also, shareholders of the listed parent company will control less of the R&A delivery business. As a result of the spinoff, that business itself will be better capitalized and in a stronger position. We certainly still have some work to do to implement this relatively far-reaching restructuring of the company.
Speaker Change: With the plant partial spin off of our RNA delivery activities and.
Speaker Change: The involvement of private equity investors, we believe to have found a reasonable on beneficial alternative approach.
Speaker Change: It will help to position Altamira well for building the business on the strength of X four and addressing the strong potential for RNA therapeutics.
Speaker Change: Also shareholders of the list the parent company will control control less of the RNA delivery business as a result of the spinoff that business itself will be better capitalized and in a stronger position to grow.
Speaker Change: We certainly still have some work to do to implement this relatively far reaching restructuring of the company.
Thomas Meyer: We look forward to advancing this important project, as well as our other projects towards the next milestones, and to updating you with further reports about our program.
Speaker Change: We look forward to advancing this important project as well as our other projects towards the next milestones.
Speaker Change: Updating you with further reports about our progress.
Thomas Meyer: I thank everyone for attending this morning's call. and wish you a terrific day ahead.
Speaker Change: I, thank everyone for attending this morning's call.
Speaker Change: And wish you a terrific that you had.
Operator: Now I'd like to turn the call back to the operator. Thank you for your participation in today's conference. This does conclude the program, and you may now disconnect. Thank you.
Speaker Change: I would now like to turn the call back to the operator.
Speaker Change: Thank you for your participation in today's conference. This does conclude the program and you may now disconnect. Thank you.
Speaker Change: Okay.
Speaker Change: Okay.
Speaker Change: [music].
Speaker Change: Okay.
Speaker Change: [music].