Altamira says ‘substantially’ lowered spending levels in 2023

In 2023, the Company realigned its cost structure with the strategic shift towards the RNA delivery business. Following the conclusion of its clinical trials within the legacy business, which were the key spending drivers over the past 3 years, Altamira has substantially lowered spending levels and is operating with a significantly reduced ‘burn rate’. The streamlining included a reduction in headcount by approximately 25%, a reduction in office space and lower expenditures on legacy assets. Altamira expects to realize the full impact of these reductions in 2024. Further, Altamira strengthened its balance sheet in 2023 despite challenging capital market conditions in the biotech sector. In July 2023, the Company raised $5 million in equity through a public offering with the last pre-funded warrants from the transaction getting exercised in mid-November 2023. In addition, shareholders’ equity was reinforced through the financial gain of about $5.2 million related to the partial spin-off of the Bentrio business. Additionally, the Company repaid the convertible loan of about $2.7 million from FiveT Investment Management ahead of schedule through a combination of conversion into shares and cash amortizations. Thanks to the early repayment, Altamira today is free of financial debt.