Overview

Altimmune, Inc. is a clinical stage biopharmaceutical company focused on developing treatments for obesity and liver diseases. The company’s lead product candidate is pemvidutide, a peptide-based dual GLP-1/glucagon receptor agonist for obesity and non-alcoholic steatohepatitis (“NASH”).

In the first quarter of 2024, Altimmune announced positive body composition analysis from the Phase 2 MOMENTUM obesity trial of pemvidutide. The 48-week trial in 391 overweight/obese subjects without diabetes showed that 74.5% of weight loss was from fat mass and 25.5% from lean mass, comparable to diet and exercise.

Altimmune also announced it is stopping development of HepTcell for hepatitis B, as the Phase 2 trial response was insufficient to warrant further trials.

Revenue

Revenue was negligible in both periods, relating only to final contract adjustments. Altimmune has not yet generated product revenue.

Expenses

R&D expenses rose 25% to $21.5 million, driven by a $4.6 million increase for pemvidutide as the Phase 2b MASH trial ramped up, offset partly by lower expenses for the completed MOMENTUM and HepTcell trials.

G&A expenses rose 17% to $5.3 million due to higher staff and professional fees.

Profitability

The $4.3 million wider net loss reflects increased operating expenses, offset partly by $0.7 million higher interest income.

Cash Position

Altimmune held $182.1 million in cash, equivalents and short-term investments as of March 31, 2024, providing funding for at least twelve months. Cash use included $16.4 million for operations and $39.5 million for investments, offset by $2.4 million interest/dividends.

2022 Shelf Registration

A new shelf registration effective February 2023 allows Altimmune to access capital markets over the next three years.

Outlook

Pemvidutide development remains the key focus and use of cash. Continued funding needs for long-term growth plans depend on successful ongoing access to equity/debt markets and/or monetization of assets.