Altimmune (ALT) Q4 2024 earnings summary

Executive summary

• Completed enrollment in the Phase 2b IMPACT trial for pembedutide/pemvidutide in MASH, with top-line data expected in Q2 2025.

• FDA cleared INDs for two additional indications for pembedutide/pemvidutide, with Phase 2 trials set to begin mid-2025.

• Added two experienced pharmaceutical executives to the board, strengthening late-stage development and commercialization expertise.

• Cash, cash equivalents, and short-term investments totaled $132 million at year-end 2024, supporting operations into the second half of 2026.

• Chief Medical Officer Scott Harris announced plans to retire in early 2026, ensuring continuity through key milestones.

Financial highlights

• Q4 2024 net loss was $23.2 million ($0.33 per share), improved from $31.6 million ($0.54 per share) in Q4 2023, which included a $12.4 million non-cash impairment charge.

• Full year 2024 net loss was $95.1 million ($1.34 per share), compared to $88.4 million ($1.66 per share) in 2023.

• R&D expenses were $19.8 million in Q4 2024 (up from $16.9 million in Q4 2023) and $82.2 million for the year (up from $65.8 million in 2023), mainly due to pembedutide/pemvidutide development.

• G&A expenses for 2024 were $21 million, up from $18.1 million in 2023, mainly due to increased stock compensation and labor costs.

• Interest income was $1.6 million in Q4 2024 (down from $2.0 million in Q4 2023) and $8.1 million for the year (up from $7.4 million in 2023).

Outlook and guidance

• Top-line data from the IMPACT Phase 2b MASH trial expected in Q2 2025, with an end-of-Phase 2 FDA meeting anticipated before year-end.

• Phase 3 program in MASH planned to initiate in early 2026, pending regulatory alignment.

• Phase 2 trials in two new indications to start mid-2025, with proof-of-concept data for at least one indication expected in 2026.

• R&D Day scheduled for March 13, 2025, to disclose new indications and development plans.