Altimmune, Inc.

What they do

Altimmune is developing pemvidutide, its lead product candidate, for metabolic dysfunction-associated steatohepatitis (MASH), alcohol use disorder (AUD), and alcohol-associated liver disease (ALD). The company has completed Phase 2 trials and is planning or initiating Phase 3 development. It has not generated product revenues and relies on funding from offerings and grants. Pemvidutide has received Breakthrough Therapy Designation for MASH and Fast Track designation for AUD.

Revenue drivers

• No product sales — Altimmune has not generated any product revenues; revenue has been minimal, derived from grants and contracts with governmental agencies, totaling $41,000 in 2025.
• Pemvidutide (MASH) — The most advanced program, with Phase 2b IMPACT trial completed and PERFORMA Phase 3 trial initiated in August 2026; 52-week data readout anticipated in 2029.
• Pemvidutide (AUD) — Phase 2 RECLAIM trial reported positive topline results in July 2026; company plans to request End-of-Phase 2 meeting with FDA to discuss path forward.
• Pemvidutide (ALD) — Phase 2 RESTORE trial completed enrollment in July 2026; topline data expected in the second half of 2027.

Recent performance

For the second quarter ended June 30, 2026, R&D expenses were $18.7 million, up from $17.2 million in the same period in 2025, driven by the ongoing ALD trial and startup costs for PERFORMA. As of June 30, 2026, the company had $519 million in cash, cash equivalents, and investments. Annual net losses have been consistent: $-88.1 million in 2025 and $-95.1 million in 2024. The company raised $211.1 million in net proceeds from an April 2026 underwritten public offering.

Strategy

Altimmune is advancing pemvidutide across multiple indications, with a focus on MASH, AUD, and ALD. The company initiated the global PERFORMA Phase 3 trial in MASH and plans to seek regulatory input for AUD. It completed enrollment in the RESTORE Phase 2 ALD trial and amended the protocol to better evaluate liver benefits. The company is also relocating its headquarters to Morristown, New Jersey, to achieve cost efficiencies and attract talent.

Risks

• No product revenues — The company has not received regulatory approval for any product and does not expect to generate product revenues in the foreseeable future, relying on external funding.
• Clinical trial risks — Phase 3 trials in MASH and potential AUD registrational trials may not demonstrate sufficient efficacy or safety, and could face delays or failure.
• Financing needs — The company has significant accumulated deficit ($649.5 million as of Dec 31, 2025) and will require substantial additional capital to fund ongoing and future trials.
• Market and supply chain — Global tariffs, inflation, and supply chain disruptions could increase costs and negatively impact operations.

Outlook

Management expects to report topline data from PERFORMA Phase 3 MASH trial in 2029, and from RESTORE Phase 2 ALD trial in the second half of 2027. The company plans to request an End-of-Phase 2 meeting with the FDA for AUD and engage with European regulators. Cash position of $519 million is expected to support these activities.