Altamira Therapeutics, a biopharmaceutical company, reported its annual financial performance for the fiscal year ended December 31, 2023. The company's revenue for the year was recorded at $158,213, primarily generated from the sale of Bentrio®, a nasal spray for protection against airborne allergens. However, the company faced a gross loss of $67,676 after accounting for the cost of sales, which amounted to $225,889. The operating loss stood at $1,731,453, with research and development expenses contributing significantly at $1,425,373. Selling, general, and administrative expenses were reported at $372,479. The net loss attributable to owners of the company was $1,779,505, with a total comprehensive loss of $1,640,922 after considering foreign currency translation differences. The company's business development efforts included the completion of a clinical trial for Bentrio® in Australia and...Show More

Altamira Therapeutics, a biopharmaceutical company, reported its annual financial performance for the fiscal year ended December 31, 2023. The company's revenue for the year was recorded at $158,213, primarily generated from the sale of Bentrio®, a nasal spray for protection against airborne allergens. However, the company faced a gross loss of $67,676 after accounting for the cost of sales, which amounted to $225,889. The operating loss stood at $1,731,453, with research and development expenses contributing significantly at $1,425,373. Selling, general, and administrative expenses were reported at $372,479. The net loss attributable to owners of the company was $1,779,505, with a total comprehensive loss of $1,640,922 after considering foreign currency translation differences. The company's business development efforts included the completion of a clinical trial for Bentrio® in Australia and the launch of the product in certain markets, including Germany. Altamira Therapeutics also entered into an exclusive licensing and distribution agreement with Nuance Pharma for Bentrio® in Mainland China, Hong Kong, Macau, and South Korea, which included an upfront payment of $1 million. Looking ahead, Altamira Therapeutics plans to continue its efforts to grow product revenues, generate additional licensing revenues, and, if necessary, raise further funds to maintain adequate cash reserves. The company's future profitability is expected to depend on the product's market uptake, regulatory approvals, and the conclusion of additional distribution or licensing agreements.