Altimmune Announces Pricing of $225 Million Oversubscribed Public Offering of Securities
Rhea-AI Summary
Altimmune (Nasdaq: ALT) priced an oversubscribed underwritten offering expected to raise approximately $225 million in gross proceeds. The deal comprises 64,250,000 common shares and accompanying warrants, plus up to 10,750,000 pre-funded warrants and accompanying warrants.
Combined offering prices are $3.00 per share-plus-warrant and $2.999 per pre-funded-warrant-plus-warrant; warrants exercise at $3.00, expire on the fifth anniversary or 45 days after a Phase 3 pemvidutide MASH successful readout. Proceeds are intended to fund the Phase 3 MASH trial, working capital and general corporate purposes.
Positive
- Gross proceeds of approximately $225 million to fund development
- 64,250,000 common shares sold with accompanying warrants
- Warrants exercisable at $3.00 with up to five-year term and accelerated 45-day trigger
- Proceeds earmarked to fund upcoming Phase 3 pemvidutide MASH trial
Negative
- Issuance of up to 150,000,000 instruments (shares, pre-funded warrants, and accompanying warrants) may dilute existing shareholders
- Exercise price of $3.00 on warrants could pressure share price if market trades below that level
- Offering subject to market and customary closing conditions; no assurance the offering will close as expected
News Market Reaction – ALT
In the Apr 23 session, ALT declined 16.71%, reflecting a significant negative market reaction. Argus tracked a trough of -13.7% from its starting point during tracking. Our momentum scanner triggered 19 alerts that day, indicating notable trading interest and price volatility. Trading volume was exceptionally heavy at 8.5x the daily average, suggesting significant selling pressure.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Previous Offering Reports
| Date | Event | Sentiment | 24h Move | Catalyst |
|---|---|---|---|---|
| Jan 29 | Offering closing | Negative | +9.8% | Closed $75M registered direct offering to fund pemvidutide Phase 3 and operations. |
| Jan 27 | Offering pricing | Negative | -17.1% | Priced $75M registered direct equity financing ahead of MASH Phase 3 work. |
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Recent offering announcements have produced mixed reactions, with one sharp decline and one strong gain, yielding a small average loss.
Over recent months, Altimmune has repeatedly tapped equity markets to fund Phase 3 development of pemvidutide in MASH. Two prior offering announcements in January 2026 raised about $75M and showed opposite one-day moves of 9.8% and -17.15%. Those financings also followed positive clinical momentum, including Phase 2b data and FDA Breakthrough Therapy Designation. Today’s larger underwritten public offering continues that financing trajectory.
Key Terms
pre-funded warrants financial
common stock warrants financial
Phase 3 trial medical
shelf registration statements regulatory
Form S-3 regulatory
Rule 462(b) regulatory
AI-generated analysis. How Rhea-AI works. Not financial advice.
GAITHERSBURG, Md., April 22, 2026 (GLOBE NEWSWIRE) -- Altimmune, Inc. (Nasdaq: ALT), a late clinical-stage biopharmaceutical company developing pemvidutide to address serious liver diseases, today announced the pricing of its previously announced underwritten public offering consisting of (i) 64,250,000 shares of its common stock and accompanying common stock warrants to purchase an aggregate of 64,250,000 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 accompanying common stock warrants to purchase an aggregate of 10,750,000 shares of common stock (or pre-funded warrants in lieu thereof), at an exercise price of
All of the shares, pre-funded warrants and accompanying common stock warrants in the offering are being sold by Altimmune. The gross proceeds from the offering before deducting underwriting discounts and commissions and other offering expenses, are expected to be approximately
Altimmune intends to use the net proceeds from this offering to fund its upcoming Phase 3 trial in MASH, as well as for working capital and general corporate purposes.
Leerink Partners and Barclays are acting as joint bookrunning managers for the offering. Titan Partners is acting 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 are being 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. Before you invest, you should read the preliminary prospectus supplement and accompanying prospectuses and other documents Altimmune has filed with the SEC that are incorporated by reference into the preliminary prospectus supplement and accompanying prospectuses for more complete information about Altimmune and the offering.
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).
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 timing and expected gross proceeds of the offering, the satisfaction of customary closing conditions related to the offering and sale of securities, and Altimmune’s ability to complete the offering. 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. 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
