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Altimmune
Altimmune (ALT) investor relations material
Altimmune Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary5 Mar, 2026
Executive summary
Pemvidutide, a dual glucagon/GLP-1 agonist, advanced for liver diseases with strong phase 2b efficacy and tolerability in MASH, and received FDA Breakthrough Therapy designation; phase 3 trial design finalized for global execution.
Positive 48-week phase 2b data in MASH showed significant improvements in fibrosis, inflammation markers, and weight loss at higher doses, with high adherence and low discontinuation rates.
Additional phase 2 trials in AUD and ALD progressing, with AUD trial enrollment completed ahead of schedule and top-line data expected in Q3 2026; ALD trial ongoing.
Strengthened leadership team, including appointment of Jerry Durso as CEO, and enhanced financial position to support late-stage development.
Financial highlights
Q4 2025 R&D expense was $18.4M, down from $19.8M in Q4 2024; G&A expense rose to $10.5M from $5.1M, mainly due to executive transition and compensation.
Q4 2025 net loss was $27.4M ($0.27/share) vs. $23.2M ($0.33/share) in Q4 2024; full-year 2025 net loss was $88.1M ($1.00/share), improved from $95.1M ($1.34/share) in 2024.
Year-end 2025 cash position was $274M, up 107% from $132M at year-end 2024, with $208M raised in 2025 and an additional $83M in early 2026, resulting in a pro forma cash position of ~$340M.
R&D expenses for 2025 were $66.4M, down from $82.2M in 2024; G&A expenses rose to $28.1M from $21.0M.
Interest income for 2025 was $7.5M, slightly down from $8.1M in 2024.
Outlook and guidance
Phase 3 MASH trial to initiate in 2026, enrolling ~1,800 patients globally, with primary endpoints at 52 weeks for accelerated approval and regulatory alignment in US, EU, and UK.
Top-line data from the AUD phase 2 trial expected in Q3 2026; ALD phase 2 enrollment to complete in 2026.
Ongoing regulatory engagement and operational readiness; cash use expected to increase as phase 3 launches, with further financial updates to follow.
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Next Altimmune earnings date
The Citizens Life Sciences Conference 202610 Mar, 2026
Altimmune
Next Altimmune earnings date
The Citizens Life Sciences Conference 202610 Mar, 2026
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Frequently asked questions
Altimmune, Inc. engages in the development of immunotherapeutics for infectious and chronic diseases. The company focuses on the development of vaccines and therapeutics for influenza, anthrax and COVID-19. It offers HepTcell, a vaccine candidate to treat Chronic Hepatitis B; AdCOVID, which is an intranasal antigen vaccine to fight COVID-19; NasoVAX, a single dose flu vaccine; T-COVID, an intranasal immune modulating therapeutic candidate; and NasoShield, an anthrax vaccine product candidate. The company was founded by Vipin K. Garg on April 15, 2005 and is headquartered in Gaithersburg, MD.
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