Altimmune (ALT) Q3 2026 earnings summary

Executive summary

• Pemvidutide development advanced across MASH, AUD and ALD: PERFORMA Phase 3 enrollment began, RECLAIM Phase 2 showed positive results, and RESTORE Phase 2 enrollment is complete.

• Cash, cash equivalents and investments totaled $479.9 million at September 30, 2026; Q3 net loss was $31.6 million.

Financial highlights

• Q3 R&D expense was $27.0 million vs. $15.0 million in Q3 2025, including $20.3 million in direct pemvidutide development costs.

• Q3 G&A expense was $8.7 million vs. $5.9 million a year earlier, driven primarily by compensation and professional services.

• Q3 revenue was $0 vs. $5,000 YoY; operating expenses rose 71% to $35.7 million and net loss widened to $31.6 million from $19.0 million.

• 9M revenue was $15,000 vs. $0; operating expenses increased to $86.2 million from $65.6 million and net loss rose to $77.0 million from $61.4 million.

• Q3 interest income was $4.8 million; 9M interest income was $12.2 million, partly offset by higher term-loan interest expense.

Outlook and guidance

• PERFORMA 52-week biopsy-based data are anticipated in 2029; the global trial is progressing as planned and is expected to run ~60 months.

• RESTORE ALD topline data are expected in H2 2027; the 121-patient, 48-week trial includes a 24-week interim evaluation.

• FDA End-of-Phase-2 meeting for the AUD registrational program was scheduled for December 2026; proposed Phase 3 design and timing depend on regulator input and funding.

• EMA dialogue on AUD is anticipated in Q1; Phase 3 timing also depends on trial scope and regulatory feedback.