Altimmune Announces Pricing of $75 Million Registered Direct Offering of Common Stock

Rhea-AI Summary

Altimmune (Nasdaq: ALT) priced a registered direct offering expected to raise approximately $75 million of gross proceeds through the sale of 17,045,454 common shares (or pre-funded warrants), with closing expected on or about January 29, 2026.

Altimmune said it intends to use net proceeds to fund preparation for its planned Phase 3 trial in metabolic dysfunction-associated steatohepatitis (MASH), plus working capital and general corporate purposes. The company cited Phase 2b 48-week topline data and a Breakthrough Therapy Designation from the U.S. FDA for pemvidutide.

Positive

• $75M gross proceeds expected to fund operations and development
• Net proceeds allocated to Phase 3 MASH preparation
• Breakthrough Therapy Designation from the U.S. FDA for pemvidutide
• Phase 2b 48-week topline data supports pemvidutide clinical progress

Negative

• Issuance of 17,045,454 shares (or pre-funded warrants) may dilute existing shareholders
• Placement agent fees and offering expenses will reduce net proceeds available for development

Key Figures

Registered direct gross proceeds: $75 million Shares offered: 17,045,454 shares Expected closing date: January 29, 2026 +3 more

6 metrics

Registered direct gross proceeds $75 million Expected gross proceeds from the offering before fees and expenses

Shares offered 17,045,454 shares Common stock (or pre-funded warrants in lieu) in registered direct offering

Expected closing date January 29, 2026 Target closing date for the registered direct offering

Phase 3 trial Phase 3 Upcoming MASH trial funded in part with offering proceeds

Phase 2b duration 48-week Topline pemvidutide data duration supporting Breakthrough Therapy Designation

Shelf effectiveness date December 5, 2025 Date SEC declared the referenced shelf registration statement effective

Market Reality Check

Price: $6.18 Vol: Volume 5,597,162 is sligh...

normal vol

$6.18 Last Close

Volume Volume 5,597,162 is slightly below the 20-day average of 6,081,813 ahead of the offering news. normal

Technical Shares traded above the 200-day MA of 4.54, with a pre-news price of 6.18.

Peers on Argus

ALT gained 9.19% pre-offering while closely ranked biotech peers were mixed: TEC...

ALT gained 9.19% pre-offering while closely ranked biotech peers were mixed: TECX +5.11%, ALDX +5.52%, DSGN +0.76%, LRMR +2.51%, and OCGN -0.62%, with no peers flagged in momentum scanners.

Historical Context

5 past events · Latest: 2026-01-05 (Positive)

Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
2026-01-05	Breakthrough designation	Positive	+16.5%	FDA granted Breakthrough Therapy Designation for pemvidutide in MASH.
2025-12-19	Phase 2b 48-week data	Positive	-22.8%	Positive 48-week IMPACT Phase 2b MASH data with significant fibrosis marker gains.
2025-12-01	CEO succession	Neutral	-6.3%	CEO transition and succession plan alongside pipeline readiness commentary.
2025-11-26	Conference participation	Neutral	+0.6%	Announcement of participation in a major healthcare investor conference.
2025-11-11	Phase 2b publication	Positive	+0.5%	Lancet publication and late-breaking AASLD presentation of 24-week IMPACT data.

Pattern Detected

ALT has generally reacted positively to strong clinical/regulatory news, with one notable selloff on positive Phase 2b data, indicating occasional divergence between fundamentals and price.

Recent Company History

Over the past months, Altimmune advanced pemvidutide in MASH with multiple positive updates. On Nov 11, 2025, publication and presentation of 24-week IMPACT Phase 2b data saw a modest 0.47% gain. Positive 48-week topline Phase 2b results on Dec 19, 2025 coincided with a larger -22.77% move. An FDA Breakthrough Therapy Designation on Jan 5, 2026 led to a 16.52% rise. Corporate events like the CEO transition and a conference appearance produced smaller reactions. Today’s financing follows this sequence of de-risking clinical and regulatory milestones.

Regulatory & Risk Context

Active S-3 Shelf · $400,000,000

Shelf Active

Active S-3 Shelf Registration 2025-11-13

$400,000,000 registered capacity

Altimmune has an active Form S-3/A shelf filed on Nov 13, 2025, registering up to $400,000,000 of mixed securities for general corporate purposes, including research, clinical development, working capital, and capital expenditures. The current registered direct offering of common stock and pre-funded warrants is being conducted under this effective shelf registration statement declared effective on Dec 5, 2025.

Market Pulse Summary

This announcement details a registered direct financing expected to raise approximately $75 million ...

Analysis

This announcement details a registered direct financing expected to raise approximately $75 million through 17,045,454 shares or pre-funded warrants, issued under a $400,000,000 shelf registration. Proceeds are directed to preparing a Phase 3 MASH trial and general corporate purposes, following recent Breakthrough Therapy Designation and positive Phase 2b data for pemvidutide. Investors may monitor execution of the offering, subsequent cash deployment into Phase 3, and any further use of the shelf or ATM programs when evaluating dilution and development progress.

Key Terms

registered direct offering, pre-funded warrants, metabolic dysfunction-associated steatohepatitis (MASH), Phase 3, +4 more

8 terms

registered direct offering financial

"pursuant to a registered direct offering."

A registered direct offering is a way for a company to sell new shares of its stock directly to select investors with regulatory approval. This method allows the company to raise funds quickly and efficiently without needing a public auction, similar to offering exclusive access to a limited number of buyers. For investors, it often provides an opportunity to purchase shares at a favorable price, while giving the company immediate access to capital.

pre-funded warrants financial

"common stock (or pre-funded warrants in lieu thereof) pursuant to a registered"

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.

metabolic dysfunction-associated steatohepatitis (MASH) medical

"Phase 3 trial in metabolic dysfunction-associated steatohepatitis (MASH) as well as"

Metabolic dysfunction-associated steatohepatitis (MASH) is a liver condition characterized by inflammation and fat buildup caused by metabolic issues like obesity and insulin resistance. It can lead to liver damage over time, similar to rust gradually weakening metal. Because it is linked to widespread health problems such as diabetes and heart disease, MASH is becoming an important factor in overall health risks and healthcare costs, which can impact economic and investment considerations.

Phase 3 medical

"fund preparation for its upcoming Phase 3 trial in metabolic dysfunction-associated"

Phase 3 is the late-stage clinical testing step for a new drug or medical treatment, where the product is given to large groups of patients to confirm effectiveness, monitor side effects, and compare it to standard care. Successful Phase 3 results are often the final scientific hurdle before regulators decide on approval and market launch—like passing a final exam before graduation—and can sharply change a company's valuation and future revenue prospects.

Phase 2b medical

"as demonstrated by the recently-announced Phase 2b 48-week topline data and the"

Phase 2b is a stage in the development of a new medicine or treatment where researchers test its effectiveness and safety in a larger group of people. This step helps determine whether the treatment works well enough to move forward and if it has manageable side effects, which is important for investors because successful results can lead to potential approval and market opportunity.

Breakthrough Therapy Designation regulatory

"and the Breakthrough Therapy Designation from the U.S. FDA."

A breakthrough therapy designation is a regulatory fast-track given to a drug or treatment that shows early signs of providing a major improvement over existing options for a serious condition. Think of it as a VIP lane that can speed up development and more intensive guidance from regulators, which matters to investors because it can shorten time to market, reduce development risk and potentially increase a company’s value — though it does not guarantee approval.

GLP-1 medical

"Pemvidutide is a balanced glucagon/GLP-1 dual agonist and has the potential"

GLP-1 (glucagon-like peptide-1) is a natural hormone in the body that helps regulate blood sugar levels and appetite. Its significance to investors lies in its role as the basis for a class of medications that address conditions like type 2 diabetes and obesity, which are large and growing markets. Advances or investments in GLP-1-based treatments can signal opportunities in healthcare innovation and potentially impact pharmaceutical companies’ growth.

shelf registration statement regulatory

"pursuant to an effective shelf registration statement that was previously filed"

A shelf registration statement is a document a company files with regulators that allows it to sell shares or bonds quickly when it’s a good time to raise money. It’s like having a pre-approved plan ready so the company can act fast without going through lengthy paperwork each time they want to sell, making fundraising more flexible.

AI-generated analysis. Not financial advice.

GAITHERSBURG, Md., Jan. 27, 2026 (GLOBE NEWSWIRE) -- Altimmune, Inc. (Nasdaq: ALT), a late clinical-stage biopharmaceutical company developing pemvidutide to address serious liver diseases, announced today that it has entered into a securities purchase agreement with a new fundamental institutional investor for the purchase and sale of 17,045,454 shares of its common stock (or pre-funded warrants in lieu thereof) pursuant to a registered direct offering. The offering is expected to result in gross proceeds of approximately $75 million, before deducting placement agent fees and other offering expenses. All of the shares and pre-funded warrants in the offering are being offered by Altimmune. The offering is expected to close on or about January 29, 2026, subject to the satisfaction of customary closing conditions.

Altimmune intends to use the net proceeds to fund preparation for its upcoming Phase 3 trial in metabolic dysfunction-associated steatohepatitis (MASH) as well as for working capital and general corporate purposes. Pemvidutide is a balanced glucagon/GLP-1 dual agonist and has the potential to be a highly differentiated therapy for patients with MASH, as demonstrated by the recently-announced Phase 2b 48-week topline data and the Breakthrough Therapy Designation from the U.S. FDA. The Company continues to focus on delivering meaningful impact for patients and long-term value for shareholders.

Titan Partners, a division of American Capital Partners, is acting as the sole placement agent for the offering.

The securities are being offered by Altimmune pursuant to an effective shelf registration statement that was previously filed with the U.S. Securities and Exchange Commission (SEC), which was declared effective by the SEC on December 5, 2025. The offering is made only by means of a prospectus supplement, which will be filed with the SEC and will be available on the SEC’s website located at www.sec.gov. Electronic copies of the prospectus supplement may be obtained, when available, by contacting Titan Partners Group LLC, a division of American Capital Partners, LLC, 4 World Trade Center, 49th Floor, New York, NY 10007, by phone at (929) 833-1246 or by email at prospectus@titanpartnersgrp.com.

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 that address 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 for the treatment of metabolic dysfunction-associated steatohepatitis (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 closing of Altimmune’s anticipated public 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, including, without limitation, uncertainties related to market conditions and statements regarding the timing, size 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. 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:
Lee Roth
Burns McClellan
Phone: 646-382-3403
lroth@burnsmc.com

Media Contact:
Savannah Valade
Real Chemistry
Altimmune@realchemistry.com

FAQ

What is Altimmune (ALT) selling in the $75 million registered direct offering?

Altimmune is offering 17,045,454 shares of common stock (or pre-funded warrants) in the registered direct offering. According to the company, the offering is expected to generate approximately $75 million in gross proceeds before fees and expenses.

How will Altimmune (ALT) use the proceeds from the January 2026 offering?

Altimmune intends to use net proceeds to fund Phase 3 preparation for pemvidutide, plus working capital and general corporate purposes. According to the company, the funds specifically support upcoming MASH development activities.

When is the Altimmune (ALT) offering expected to close and who is the placement agent?

The offering is expected to close on or about January 29, 2026, subject to customary closing conditions. According to the company, Titan Partners, a division of American Capital Partners, is acting as sole placement agent.

Does the offering affect pemvidutide regulatory status for Altimmune (ALT)?

The offering does not change regulatory status; pemvidutide already has Breakthrough Therapy Designation from the U.S. FDA. According to the company, the designation and Phase 2b topline data support continued clinical development.

How much will offering expenses reduce Altimmune's (ALT) net proceeds from the $75 million deal?

Gross proceeds are approximately $75 million, but placement agent fees and other offering expenses will reduce net proceeds. According to the company, the $75 million figure is before deducting those fees and expenses.