Summary by Futu AI
Altamira Medica AG reported financial results for its Bentrio nasal spray business for the fiscal year 2023. The company generated revenue of CHF 158,213 from product sales, primarily to distributors, while incurring a net loss of CHF 1.78 million. Cost of sales amounted to CHF 225,889, including inventory write-downs of CHF 54,393.Research and development expenses totaled CHF 1.43 million, mainly for completing the clinical trial of Bentrio in seasonal allergic rhinitis in Australia. The company received CHF 134,075 in R&D tax incentives from the Australian government. Selling, general and administrative expenses were CHF 372,479, including costs charged by related party Auris Medical AG.As of December 31, 2023, Altamira had cash and cash equivalents of CHF 490,388 and inventories of CHF 331,061. The company recognized deferred income of CHF 932,200 from an upfront payment related to its licensing agreement with Nuance Pharma for Bentrio distribution rights in China and other Asian markets. Management noted uncertainty about the company's ability to continue as a going concern without additional funding or revenue growth.
