Financial Data and Key Metrics Changes - Total operating expenses decreased from $3.9 million in 2024 to $2.6 million in 2025, a decline of 32.9% driven by lower general and administrative expenses, which fell by 37.4% to $1.2 million, and reduced research and development expenditure, down by 25.3% to $1.5 million [16] - Net loss decreased by 64.6% to $1.5 million in 2025 compared to $4.3 million in 2024, primarily due to finance income of $1.7 million from the appreciation of intercompany loans and lower finance expenses [16] - Cash used in operations decreased by 56.8% from $3.2 million in the first half of 2024 to $1.4 million in 2025 [16] - Shareholders' equity amounted to $4.1 million as of June 30, 2025, compared to $6.6 million at year-end 2024 [16] Business Line Data and Key Metrics Changes - The company is transitioning to a platform model focused on RNA delivery, which has led to a decrease in spending levels [15] - Significant progress in the RNA delivery business, with a focus on particle formulation and process development for various RNA platforms [7][10] - The company has established collaborations with multiple partners in the biotech and pharma industry, expanding its licensing strategy [11] Market Data and Key Metrics Changes - The circular RNA market is projected to grow at a rate of 15.2% from 2026 to 2033, potentially reaching $5.2 billion by 2033 [12] Company Strategy and Development Direction - The company plans to spin off a majority of its Swiss subsidiary, Altamira Therapeutics AG, to attract private equity investment, transitioning to a holding company model [5][6] - The focus will be on monetizing legacy assets while enhancing the RNA delivery business through partnerships and collaborations [5][19] Management Comments on Operating Environment and Future Outlook - Management expressed optimism about the RNA delivery business's progress and the potential for growth, emphasizing the need for appropriate funding [18] - The decision to pursue a partial spin-off is seen as a beneficial alternative to accessing capital through public markets [18][19] Other Important Information - The company has made progress in transitioning its medical device, Ventrion, to comply with new EU regulations, with expected completion in late 2025 or early 2026 [14] - A patent for AM-125 nasal spray has been obtained in Japan, expanding intellectual property protection [14] Q&A Session Summary - No specific questions or answers were provided in the content regarding the Q&A session.