Altimmune (ALT) Q3 2024 earnings summary

Executive summary

• Achieved full enrollment in the Phase 2b IMPACT trial for MASH, with top-line efficacy data expected in Q2 2025 and FDA alignment on a comprehensive Phase 3 obesity program targeting 5,000 subjects across four trials.

• Strategic focus on advancing pemvidutide in MASH, obesity, and up to three additional indications leveraging its glucagon activity, with IND submissions planned starting Q4 2024.

• Ongoing efforts to secure a partnership centered around obesity while independently progressing other indications.

• Discontinued HepTcell program after insufficient Phase 2 results.

• Appointment of Greg Weaver as new CFO in November 2024.

Financial highlights

• Ended Q3 2024 with $139.4 million in cash, cash equivalents, and short-term investments, down from $198 million at 2023 year-end.

• Research and development expenses were $19.8 million in Q3 2024, up from $18.4 million year-over-year.

• General and administrative expenses rose to $5 million from $4.5 million year-over-year, mainly due to higher professional services costs.

• Net loss for Q3 2024 was $22.8 million ($0.32 per share), compared to $20.7 million ($0.39 per share) in Q3 2023.

• Revenue for Q3 2024 was $5,000, down from $362,000 in Q3 2023.

Outlook and guidance

• Top-line efficacy data from the Phase 2b IMPACT trial in MASH expected in Q2 2025, with a Phase 3 program anticipated to start by year-end 2025.

• IND submissions for up to three new pemvidutide indications planned between Q4 2024 and H1 2025, with the first Phase 2 trial initiation in H1 2025.

• Cash runway projected to fund operations into the first half of 2026, covering planned trials and initial studies for new indications.

• Additional capital may be required for long-term needs, including clinical trials; company will pursue equity/debt financing and partnerships.