Altimmune Announces Closing of $225 Million Oversubscribed Public Offering of Securities

Altimmune (Nasdaq: ALT) closed an oversubscribed underwritten public offering that generated approximately $225 million of gross proceeds at closing on April 27, 2026.

Rhea-AI Summary

Altimmune (Nasdaq: ALT) closed an oversubscribed underwritten public offering that generated approximately $225 million of gross proceeds at closing on April 27, 2026. The offering included 64,250,000 common shares and accompanying common stock warrants, plus up to 10,750,000 pre-funded warrants and accompanying warrants.

The combined offering price was $3.00 per share-and-warrant (pre-funded combos at $2.999). Proceeds are intended to fund the planned Phase 3 MASH trial and provide cash runway through the anticipated 52-week data readout; the company expects to initiate Phase 3 in H2 2026.

Positive

• Gross proceeds of $225 million at closing
• Financing intended to fund Phase 3 MASH trial through 52-week readout
• Led by Deep Track Capital with participation from several institutional investors
• Phase 3 initiation expected in second half of 2026

Negative

• Issuance of 64,250,000 new common shares increases share count
• Up to 10,750,000 pre-funded warrants issued could further dilute upon exercise
• Accompanying warrants are immediately exercisable and may create future share pressure
• Gross proceeds reported before underwriting discounts, commissions, and offering expenses

Argus Apr 27 session

-1.75% close to close Open Argus

Details

News Market Reaction – ALT

On Apr 27, the day this news came out, ALT closed 1.75% below the previous close.

Data tracked by StockTitan Argus for the Apr 27 session.

Market Context

This announcement closes an oversubscribed offering raising $225M in gross proceeds, plus an additio...

Analysis

This announcement closes an oversubscribed offering raising $225M in gross proceeds, plus an additional $225M warrant tranche, to fund pemvidutide’s Phase 3 MASH program through a 52‑week data readout. It follows multiple 2026 financings and recent SEC filings detailing increased authorized shares and shelf usage. Investors may focus on how this enlarged capital base supports late‑stage trials versus the dilution and warrant overhang documented in the deal structure and related prospectus supplements.

Key Figures

Gross proceeds at closing: $225 million Additional warrant tranche: $225 million Common shares offered: 64,250,000 shares +5 more

Gross proceeds at closing

$225 million

Underwritten public offering gross proceeds before expenses

Additional warrant tranche

$225 million

Potential additional funding from warrant tranche noted in release

Common shares offered

64,250,000 shares

Common stock in underwritten public offering

Common stock warrants

64,250,000 warrants

Accompanying common stock warrants issued with common shares

Pre-funded warrants

Up to 10,750,000

Pre-funded warrants offered in lieu of common stock

Pre-funded exercise price

$0.001 per warrant

Exercise price of pre-funded warrants

Common + warrant price

$3.00 per unit

Combined price per share and accompanying common stock warrant

Pre-funded + warrant price

$2.999 per unit

Combined price per pre-funded warrant and accompanying warrant

Previous Offering Reports

4 past events · Latest: Apr 22

Same Type 4 events

1. Apr 22

   Offering pricing

   24h Move

   -16.7%

   Priced oversubscribed $225M underwritten equity and warrant financing for MASH trial.

2. Apr 22

   Offering launch

   24h Move

   -16.7%

   Announced proposed underwritten equity and warrant offering to fund Phase 3 pemvidutide.

3. Jan 29

   Offering closing

   24h Move

   +9.8%

   Closed $75M registered direct offering to support planned Phase 3 pemvidutide trial.

4. Jan 27

   Offering pricing

   24h Move

   -17.1%

   Priced $75M registered direct equity deal tied to pemvidutide Phase 3 preparation.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Key Terms

underwritten public offering, pre-funded warrants, common stock warrants, exercise price, +4 more

8 terms

underwritten public offering financial

"today announced the closing of its previously announced underwritten public offering consisting of"

An underwritten public offering is when a company sells new shares of its stock to the public with the help of a financial firm, called an underwriter. The underwriter agrees to buy all the shares upfront, reducing the company's risk, and then sells them to investors. This process helps companies raise money quickly and confidently from a wide range of buyers.

pre-funded warrants financial

"pre-funded warrants to purchase an aggregate of up to 10,750,000 shares of its common stock"

Pre-funded warrants are financial instruments that give investors the right to purchase a company's stock at a set price, but with most or all of the purchase price paid upfront. They function like a coupon or gift card for stock, allowing investors to buy shares later at a fixed price, which can be beneficial if they want to avoid future price increases. This makes them important for investors seeking flexibility and certainty in their investment plans.

common stock warrants financial

"64,250,000 accompanying common stock warrants to purchase shares of common stock"

Common stock warrants are tradable certificates that give the holder the right, but not the obligation, to buy a company’s common shares at a fixed price before a specified expiration date. They work like long-term options issued by the company and can provide cheaper, leveraged exposure to a stock’s potential upside; however, if holders use the warrants to buy shares, the total number of shares increases, which can dilute the value of existing shares.

exercise price financial

"each at an exercise price of $0.001 per pre-funded warrant"

The exercise price is the fixed amount at which you can buy or sell an asset, like a stock, when using an options contract. It matters because it helps determine whether exercising the option will be profitable or not, depending on the current market price. Think of it as the set price you agree on today to buy or sell later.

Phase 3 trial medical

"successful data readout of its Phase 3 trial of pemvidutide in metabolic dysfunction-associated"

A Phase 3 trial is a large, late-stage test of a new drug or medical treatment done on many people to make sure it really works and is safe. For investors, it matters because a successful Phase 3 usually means the company can ask regulators to sell the product and could earn lots of money, while failure can sharply reduce the company’s value.

metabolic dysfunction-associated steatohepatitis medical

"Phase 3 trial of pemvidutide in metabolic dysfunction-associated steatohepatitis (“MASH”)"

Metabolic dysfunction-associated steatohepatitis is a liver disease in which fat buildup tied to metabolic problems such as obesity and diabetes leads to inflammation and scarring, like rust forming inside a machine that gradually impairs function. It matters to investors because its growing prevalence creates large markets for drugs, diagnostics and care, and clinical trial results, approvals, or reimbursement decisions can sharply change the value of healthcare companies working in this area.

shelf registration statements regulatory

"pursuant to two effective shelf registration statements on Form S-3 that were previously filed"

A shelf registration statement is a pre-approved filing with a securities regulator that lets a company line up shares, bonds or other securities for sale ahead of time and issue them quickly when market conditions are favorable. For investors, it signals that a company can raise cash or expand its investor base on short notice, which can dilute existing holdings or change capital structure, much like placing goods on a store shelf ready to be sold when demand rises.

Rule 462(b) regulatory

"a related registration statement that was filed with the SEC on April 22, 2026 pursuant to Rule 462(b)"

Rule 462(b) is an SEC provision that lets an issuer add more securities of the same class to an already-effective registration statement by filing a short post-effective amendment that becomes effective on filing, so the additional securities are immediately registered without redoing the full approval process. For investors this matters because it lets companies and underwriters expand an offering quickly—like adding extra seats to a sold-out show—changing supply and potential dilution that can affect the stock price.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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$225 million funded at closing, with an additional $225 million warrant tranche

Financing funds operations through anticipated Phase 3 MASH 52-week data readout

Financing was led by Deep Track Capital, with participation from TCGX, Viking Global Investors, RA Capital Management, and other new and existing investors

GAITHERSBURG, Md., April 27, 2026 (GLOBE NEWSWIRE) -- Altimmune, Inc. (Nasdaq: ALT), a late clinical-stage biopharmaceutical company developing pemvidutide to address serious liver diseases, today announced the closing of its previously announced underwritten public offering consisting of (i) 64,250,000 shares of its common stock and 64,250,000 accompanying common stock warrants to purchase shares of common stock or pre-funded warrants in lieu thereof and (ii) in lieu of common stock, to certain investors that so choose, pre-funded warrants to purchase an aggregate of up to 10,750,000 shares of its common stock and 10,750,000 accompanying common stock warrants to purchase shares of common stock or pre-funded warrants in lieu thereof, each at an exercise price of $0.001 per pre-funded warrant. The common stock and pre-funded warrants are being sold in combination with an accompanying common stock warrant to purchase one share of common stock (or pre-funded warrant in lieu thereof) issued for each share of common stock or pre-funded warrant sold. The accompanying common stock warrant is immediately exercisable from the date of issuance and will expire upon the earlier of (i) the fifth anniversary of the original issuance date and (ii) forty-five days following the Company’s public announcement of a successful data readout of its Phase 3 trial of pemvidutide in metabolic dysfunction-associated steatohepatitis (“MASH”). The combined offering price of each share of common stock and accompanying common stock warrant is $3.00. The combined offering price of each pre-funded warrant and accompanying common stock warrant is $2.999.

All of the shares, pre-funded warrants and accompanying common stock warrants in the offering were sold by Altimmune. The gross proceeds from the offering before deducting underwriting discounts and commissions and other offering expenses, were approximately $225 million.

“This financing provides the resources to initiate and execute the pemvidutide Phase 3 trial in MASH and provides cash runway through our anticipated 52-week data readout of the trial,” said Jerry Durso, President and Chief Executive Officer of Altimmune. “Despite the availability of approved therapies, there remains significant unmet need for patients with MASH. We believe pemvidutide has the potential to offer a differentiated profile with meaningful benefits for patients. We are grateful for the conviction and confidence shown by these top-tier investors, as we execute on our goal to bring pemvidutide to patients with serious liver diseases and create long-term value for our shareholders.”

Altimmune intends to use the net proceeds to fund its upcoming Phase 3 trial in MASH, as well as for working capital and general corporate purposes. Altimmune expects to initiate its Phase 3 trial in MASH in the second half of 2026.

Leerink Partners and Barclays acted as joint bookrunning managers for the offering. Titan Partners acted as co-bookrunning manager for the offering.

The shares of common stock, pre-funded warrants, common stock warrants and shares of common stock issuable upon the exercise of the pre-funded warrants and common stock warrants were offered by Altimmune pursuant to two effective shelf registration statements on Form S-3 that were previously filed with the U.S. Securities and Exchange Commission (SEC) and declared effective by the SEC on December 5, 2025 and March 13, 2025, respectively, and a related registration statement that was filed with the SEC on April 22, 2026 pursuant to Rule 462(b) under the Securities Act of 1933, as amended (and became automatically effective upon filing). The preliminary prospectus supplement and accompanying prospectuses relating to and describing the terms of the offering were filed with the SEC on April 22, 2026 and are available on the SEC’s website located at www.sec.gov. Electronic copies of the final prospectus supplement may be obtained, when available, by contacting Leerink Partners LLC, Syndicate Department, 53 State Street, 40th Floor, Boston, MA 02109, or by telephone at (800) 808-7525 ext. 6105, or by email at syndicate@leerink.com; Barclays Capital Inc., c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, by telephone at (888) 603-5847, or by email at barclaysprospectus@broadridge.com; or by accessing the SEC’s website at www.sec.gov.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About Altimmune
Altimmune is a late clinical-stage biopharmaceutical company developing therapies for patients with serious liver diseases. The Company’s lead candidate, pemvidutide, is a unique dual-action therapy targeting both glucagon and GLP-1 receptors in a balanced 1:1 ratio in development for the treatment of MASH, alcohol use disorder (AUD) and alcohol-associated liver disease (ALD). For more information, please visit www.altimmune.com.

Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended, including, without limitation, statements regarding the intended use of net proceeds from the offering, the expected timing of initiation of Altimmune’s Phase 3 trial of pemvidutide in MASH, anticipated cash runway and the expected timing of a 52-week data readout, and the potential therapeutic profile and benefits of pemvidutide. The words “may,” “will,” “could,” “would,” “should,” “expect,” “plan,” “anticipate,” “intend,” “believe,” “estimate,” “predict,” “project,” “potential,” “continue,” “target” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words.

Any forward-looking statements in this press release are based on management’s current expectations and beliefs and are subject to a number of risks, uncertainties and important factors that may cause actual events or results to differ materially from those expressed or implied by any forward-looking statements contained in this press release, including, without limitation, risks related to Altimmune's ability to initiate and execute its Phase 3 clinical trial of pemvidutide in MASH on the anticipated timeline, the sufficiency of net proceeds and cash runway to fund planned operations, the ability to achieve favorable clinical trial results, the potential for pemvidutide to demonstrate a differentiated therapeutic profile, and risks related to regulatory requirements and approvals. These and other risks and uncertainties are described in greater detail in the section entitled “Risk Factors” in Altimmune’s most recent annual report on Form 10-K and quarterly report on Form 10-Q filed with the SEC, as well as discussions of potential risks, uncertainties, and other important factors in Altimmune’s other filings with the SEC. Any forward-looking statements contained in this press release represent Altimmune’s views only as of the date hereof and should not be relied upon as representing its views as of any subsequent date. Altimmune explicitly disclaims any obligation to update any forward-looking statements, except as required by law

Investor Contact:
Luis Sanay, CFA
Vice President, Investor Relations
ir@altimmune.com

Media Contact:
Real Chemistry
altimmune@realchemistry.com 

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

How much did Altimmune (ALT) raise in the April 27, 2026 offering?

Altimmune raised approximately $225 million in gross proceeds at closing. According to the company, the offering sold 64,250,000 common shares and accompanying warrants, with up to 10,750,000 pre-funded warrants available to certain investors.

What securities did Altimmune (ALT) sell in the public offering on April 27, 2026?

Altimmune sold common shares, pre-funded warrants, and accompanying common stock warrants. According to the company, each share or pre-funded warrant was issued with an immediately exercisable accompanying common stock warrant.

How will the April 2026 financing affect Altimmune's (ALT) development timeline for pemvidutide?

The financing is intended to fund the Phase 3 MASH trial and provide runway through the 52-week data readout. According to the company, it expects to initiate the Phase 3 trial in the second half of 2026.

What are the exercise terms and expiration triggers for the accompanying warrants in Altimmune's offering?

The accompanying common stock warrants are immediately exercisable and expire on the earlier of five years post-issuance or 45 days after a successful Phase 3 readout announcement. According to the company, those expiry conditions were disclosed in the offering terms.

Who led and underwrote Altimmune's (ALT) $225 million offering completed April 27, 2026?

The offering was led by Deep Track Capital with participation from TCGX, Viking Global Investors, and RA Capital Management. According to the company, Leerink Partners and Barclays were joint bookrunners; Titan Partners acted as co-bookrunner.