Avecho Biotechnology Limited (AU:AVE) has released an update.
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Avecho Biotechnology Limited reports a 30.1% drop in revenue to $312,187 and a 2.2% increase in losses to $2,175,251 for the half-year ended June 30, 2024, compared to the previous year. The decline in sales is mainly due to reduced Vital ET® sales to Ashland, while R&D expenses rose by 9% as the company advanced into Phase-III trials for its CBD soft-gel capsule for insomnia treatment. Despite higher R&D tax incentives, the company saw its net assets and working capital decrease, with no dividends declared during the period.
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