Altimmune (ALT) deepens Q2 2026 loss while pemvidutide liver trials reach key milestones
Rhea-AI Filing Summary
Altimmune, Inc. reported second quarter 2026 results and a business update centered on its lead candidate pemvidutide for serious liver diseases. The company highlighted initiation of the global PERFORMA Phase 3 trial in metabolic dysfunction-associated steatohepatitis (MASH), positive topline Phase 2 data in alcohol use disorder (AUD), and completion of enrollment in the RESTORE Phase 2 trial in alcohol-associated liver disease (ALD). Pemvidutide holds FDA Fast Track designations for MASH and AUD and Breakthrough Therapy Designation for MASH.
As of June 30, 2026, Altimmune held $519 million in cash, cash equivalents and investments, providing substantial funding for ongoing trials. Total assets were about $527.2 million and stockholders’ equity about $474.2 million. For the quarter, Altimmune generated no revenue and recorded a net loss of $22.8 million, with research and development expense of $18.7 million and general and administrative expense of $7.6 million$45.4 million. Weighted-average basic and diluted shares outstanding for the quarter were 185.4 million, reflecting a significant increase in the share count compared with the prior year.
Positive
- $519 million in cash, cash equivalents and investments as of June 30, 2026, provides substantial funding capacity for ongoing Phase 2 and Phase 3 pemvidutide trials.
- Initiation of the PERFORMA Phase 3 global trial in MASH, plus positive topline Phase 2 AUD data and full enrollment of the RESTORE Phase 2 ALD trial, advance the pemvidutide pipeline.
- Pemvidutide has FDA Fast Track designations for MASH and AUD and a Breakthrough Therapy Designation for MASH, potentially supporting an expedited regulatory path.
Negative
- Altimmune reported a quarterly net loss of $22.8 million and a six‑month net loss of $45.4 million, with no revenue in the first half of 2026.
- Weighted-average diluted shares outstanding rose to 185.4 million for Q2 2026 versus 81.5 million a year earlier, indicating substantial equity issuance and potential dilution.
- Accumulated deficit increased to $694.9 million as of June 30, 2026, underscoring the company’s long history of operating losses.
- Altimmune recorded unrealized investment losses of $0.8 million in Q2 2026 and $1.1 million for the first half, contributing to comprehensive loss.
8-K Event Classification
Key Figures
Key Terms
Metabolic dysfunction-associated steatohepatitis (MASH) medical
Alcohol use disorder (AUD) medical
Alcohol-associated liver disease (ALD) medical
Fast Track designations regulatory
Breakthrough Therapy Designation regulatory
glucagon/GLP-1 dual receptor agonist medical
Earnings Snapshot
FAQ
What did Altimmune (ALT) report for its Q2 2026 net loss?
How much cash and investments did Altimmune (ALT) have as of June 30, 2026?
What key clinical milestones did Altimmune (ALT) highlight in this update?
What regulatory designations has pemvidutide received according to Altimmune (ALT)?
How did Altimmune’s (ALT) operating expenses change in Q2 2026?
AI-generated analysis. How Rhea-AI works. Not financial advice.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):
(Exact name of registrant as specified in its charter)
|
| |||
(State or other jurisdiction of incorporation) |
| (Commission File Number) |
| (IRS Employer Identification No.) |
(Address of principal executive offices) | (Zip Code) |
Registrant’s telephone number including area code: (
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Act:
Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02 Results of Operations and Financial Condition
On August 12, 2026, Altimmune, Inc. (the “Company”) issued a press release announcing the Company’s financial results for its second quarter ended June 30, 2026. A copy of this press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K.
The information included in this Current Report on Form 8-K (including Exhibit 99.1 hereto) that is furnished pursuant to this Item 2.02 shall not be deemed to be “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that Section or Sections 11 and 12(a)(2) of the Securities Act of 1933, as amended. In addition, the information included in this Current Report on Form 8-K (including Exhibit 99.1 hereto) that is furnished pursuant to this Item 2.02 shall not be incorporated by reference into any filing of the Registrant, whether made before or after the date hereof, regardless of any general incorporation language in such filing, unless expressly incorporated by specific reference into such filing.
Item 9.01 Financial Statements and Exhibits
(d) Exhibits
No. | | Description |
99.1 | Press Release of Altimmune, Inc. dated August 12, 2026 | |
104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
ALTIMMUNE, INC. | |||
By: |
| /s/ Gregory Weaver | |
| Name: Gregory Weaver | ||
| Title: Chief Financial Officer | ||
Dated: August 12, 2026
Exhibit 99.1
Altimmune Announces Second Quarter 2026 Financial Results and Business Update
Initiated global PERFORMA Phase 3 trial in MASH
Reported positive topline data from RECLAIM Phase 2 trial in AUD
Completed patient enrollment in RESTORE Phase 2 trial in ALD
$519 million in cash, cash equivalents and investments as of June 30, 2026
Webcast to be held today at 8:30 a.m. ET
GAITHERSBURG, MD – August 12, 2026 – Altimmune, Inc. (Nasdaq: ALT), a late clinical-stage biopharmaceutical company developing pemvidutide to address serious liver diseases, today announced financial results for the second quarter ended June 30, 2026, and provided a corporate update.
“We have achieved several important milestones as we continue to successfully execute our strategy, including the initiation of the PERFORMA Phase 3 MASH trial and positive topline data from the RECLAIM Phase 2 AUD trial. The team remains focused on advancing our differentiated pemvidutide franchise in both MASH and AUD, each an area of unmet need with substantial future sales potential,” said Jerry Durso, Chief Executive Officer and Chairman of the Board of Altimmune. “We are also pleased to announce completion of enrollment in the RESTORE Phase 2 ALD trial. Our momentum positions Altimmune to deliver on our goals of bringing pemvidutide to patients with serious liver diseases and creating value for shareholders.”
Key Highlights and Anticipated Milestones
Metabolic Dysfunction-Associated Steatohepatitis (MASH)
| ● | Pemvidutide was granted Breakthrough Therapy Designation by the U.S. Food and Drug Administration (FDA) based on 24-week data from the IMPACT Phase 2b trial |
| ● | In August 2026, the Company announced the initiation of the global PERFORMA Phase 3 MASH trial, with 52-week data readout anticipated in 2029 |
| o | The PERFORMA trial is a Phase 3, Global, Randomized, Double-blind, Placebo-controlled, Parallel-group Study to Evaluate the Efficacy, Safety, and Clinical Outcomes of Pemvidutide in Subjects with MASH |
Alcohol Use Disorder (AUD)
| ● | In July 2026, the Company reported positive topline results from the RECLAIM Phase 2 trial of pemvidutide in AUD |
| o | The RECLAIM trial evaluated the safety and efficacy of pemvidutide versus placebo in 100 patients with AUD over a 24-week treatment period |
| o | Pemvidutide achieved a statistically significant and clinically meaningful reduction in heavy drinking days, the primary endpoint of the trial |
| o | Important secondary endpoints were also met, including a 2-level reduction in WHO-risk drinking levels and zero heavy drinking days, both recognized by the FDA as registrational endpoints |
| o | A generally favorable safety and tolerability profile was observed in the trial |
| o | The Company plans to request an End-of-Phase 2 meeting with the FDA and engage with the European regulatory agencies to discuss a path forward in AUD |
| o | The FDA granted Fast Track designation to pemvidutide for the treatment of AUD |
Alcohol-associated Liver Disease (ALD)
| ● | In July 2026, the Company completed patient enrollment in the RESTORE Phase 2 trial of pemvidutide in ALD |
| o | The RESTORE trial is a 48-week study evaluating the safety and efficacy of pemvidutide versus placebo in approximately 120 patients with liver disease due to excessive alcohol consumption |
| o | The trial enrolled patients with ALD and a history of chronic and heavy drinking at baseline |
| o | To support future regulatory discussions, the Company has amended the trial protocol to more fully evaluate the liver benefits pemvidutide may provide after one year of treatment in the ALD population |
| o | The primary endpoint, change from baseline in Liver Stiffness Measurement (LSM), will now be assessed hierarchically at Week 48 and then at Week 24 |
| o | The secondary endpoints include changes in Enhanced Liver Fibrosis (ELF) score, alcohol consumption and body weight |
| o | The Company expects to report topline data in the second half of 2027 |
Corporate Updates
| ● | In April 2026, the Company completed an oversubscribed public offering of common stock, pre-funded warrants, and stock warrants, resulting in gross proceeds of $225.0 million |
| ● | In June 2026, the Company announced plans to relocate its corporate headquarters to Morristown, New Jersey later in 2026 |
Financial Results for the Three Months Ended June 30, 2026
| ● | Altimmune reported cash, cash equivalents and investments totaling $519 million as of June 30, 2026 |
| ● | Research and development (R&D) expenses were $18.7 million for the three months ended June 30, 2026, compared to $17.2 million in the same period in 2025, with the increase driven primarily by the ongoing ALD trial as well as the startup costs for the PERFORMA Phase 3 trial in MASH, partially offset by the decrease in expenses related to completion of the IMPACT Phase 2b trial in MASH, which was ongoing in 2025. R&D expenses for the quarter ended June 30, 2026, included $11.6 million in direct costs related to pemvidutide development activities |
| ● | General and administrative (G&A) expenses were $7.6 million for the three months ended June 30, 2026, compared to $5.7 million in the same period in 2025. The increase was driven primarily by an increase in professional services and compensation expenses in the second quarter of 2026 |
| ● | Interest income was $4.5 million for the three months ended June 30, 2026 |
| ● | Net loss for the three months ended June 30, 2026, was $22.8 million, or $0.12 net loss per share, compared to a net loss of $22.1 million, or $0.27 net loss per share, in the same period in 2025 |
Conference Call Information:
Date: | August 12, 2026 |
Time: | 8:30 a.m. Eastern Time |
Webcast: | To listen, the conference call will be webcast live on Altimmune’s Investor Relations (IR) website at https://ir.altimmune.com/investors. |
Dial-in: | To participate or dial-in, register here to receive the dial-in numbers and unique PIN to access the call. |
Following the conclusion of the call, the webcast will be available for replay on the IR page of the Company’s website at www.altimmune.com. The Company has used, and intends to continue to use, the IR portion of its website as a means of disclosing material non-public information and for complying with disclosure obligations under Regulation FD.
About Pemvidutide
Pemvidutide is an investigational novel peptide with balanced 1:1 glucagon/GLP-1 dual receptor agonist activity that has an effect on reducing liver fat, inflammation, and fibrosis, in development for the treatment of metabolic dysfunction-associated steatohepatitis (MASH), alcohol use disorder (AUD), and alcohol-associated liver disease (ALD). The activation of glucagon receptors results in direct effects on the liver, while GLP-1 receptors mediate metabolic effects such as appetite suppression and weight loss and are involved in pathways related to craving and reward.
The FDA granted Fast Track designations to pemvidutide for the treatment of MASH and AUD, as well as Breakthrough Therapy Designation for MASH. In December 2025, the Company announced topline 48-week data from the IMPACT Phase 2b trial in MASH. In July 2026, the PERFORMA Phase 3 trial, a global, randomized, double-blind, placebo-controlled, parallel-group study of pemvidutide in patients with MASH was initiated. In July 2026, the Company announced positive topline results from the RECLAIM Phase 2 trial in AUD. In July 2026, the Company completed enrollment of the RESTORE Phase 2 trial in ALD.
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 metabolic dysfunction-associated steatohepatitis (MASH), alcohol use disorder (AUD) and alcohol-associated liver disease (ALD). For more information, please visit www.altimmune.com.
Follow @Altimmune, Inc. on LinkedIn
Follow @AltimmuneInc on X
Forward-Looking Statements
Any statements made in this press release related to the development or commercialization of pemvidutide, an investigational product candidate, and other business, regulatory and financial matters including without limitation, clinical trial study design, status, correspondence, results and data, including the ongoing PERFORMA and RESTORE trials, the timing of key milestones for the Company’s clinical programs, future plans or expectations for pemvidutide for the treatment of MASH, AUD and ALD, the potential benefits of Fast Track and Breakthrough Therapy Designations, including potential regulatory timeline and approval benefits, the Company’s financial position, and the prospects for receiving regulatory approval or commercializing or selling any product or drug candidates, financial results, and the impact of the changes to our leadership and governance structure, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. In addition, when or if used in this press release, the words "may," "could," "should," "anticipate," "believe," "estimate," "expect," "intend," "plan," "predict" and similar expressions and their variants, as they relate to Altimmune, Inc. may identify forward-looking statements. The Company cautions that these forward-looking statements are subject to numerous assumptions, risks, and uncertainties, which change over time. Important factors that may cause actual results to differ materially from the results discussed in the forward-looking statements or historical experience include risks and uncertainties, including risks relating to: delays in regulatory review, manufacturing and supply chain interruptions, access to clinical sites, enrollment, adverse effects on healthcare systems and disruption of the global economy; the reliability of the results of studies relating to human safety and possible adverse effects resulting from the administration of the Company's product candidates; the Company's ability to manufacture clinical trial materials on the timelines anticipated; and the success of future product advancements, including the success of future clinical trials. Further information on the factors and risks that could affect the Company's business, financial conditions and results of operations are contained in the Company's filings with the U.S. Securities and Exchange Commission, including under the heading "Risk Factors" in the Company's most recent annual report on Form 10-K, quarterly report on Form 10-Q and the Company’s other filings with the SEC, which are available at www.sec.gov.
Investor Contact:
Luis Sanay, CFA Vice President, Investor Relations |
ir@altimmune.com |
Media Contact:
Real Chemistry |
altimmune@realchemistry.com |
ALTIMMUNE, INC.
CONSOLIDATED BALANCE SHEETS
(In thousands, except share and per-share amounts)
| | June 30, | | December 31, | ||
| | 2026 | | 2025 | ||
| | (Unaudited) | | | | |
ASSETS |
| | |
| | |
Current assets: |
| | |
| | |
Cash and cash equivalents | | $ | 63,008 | | $ | 43,760 |
Restricted cash | |
| 42 | |
| 42 |
Total cash, cash equivalents and restricted cash | |
| 63,050 | |
| 43,802 |
Short-term investments | |
| 263,273 | |
| 229,696 |
Accounts and other receivables | |
| 3,341 | |
| 1,219 |
Income tax and R&D incentive receivables | |
| — | |
| 518 |
Prepaid expenses and other current assets | |
| 5,151 | |
| 2,957 |
Total current assets | |
| 334,815 | |
| 278,192 |
Long-term investments | | | 192,247 | | | — |
Property and equipment, net | |
| 60 | |
| 312 |
Other assets | |
| 90 | |
| 1,425 |
Total assets | | $ | 527,212 | | $ | 279,929 |
LIABILITIES AND STOCKHOLDERS’ EQUITY | |
| | |
| |
Current liabilities: | |
| | |
| |
Accounts payable | | $ | 1,272 | | $ | 2,717 |
Accrued expenses and other current liabilities | |
| 11,229 | |
| 12,280 |
Total current liabilities | |
| 12,501 | |
| 14,997 |
Term loan, noncurrent | | | 34,742 | | | 34,287 |
Other noncurrent liabilities | |
| 5,761 | |
| 5,753 |
Total liabilities | |
| 53,004 | |
| 55,037 |
Commitments and contingencies | |
| | |
| |
Stockholders’ equity: | |
| | |
| |
Common stock, $0.0001 par value; 400,000,000 and 200,000,000 shares authorized; 194,474,154 and 110,882,735 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively | | | 19 | | | 11 |
Additional paid-in capital | |
| 1,175,098 | |
| 879,292 |
Accumulated deficit | |
| (694,871) | |
| (649,483) |
Accumulated other comprehensive loss, net | |
| (6,038) | |
| (4,928) |
Total stockholders’ equity | |
| 474,208 | |
| 224,892 |
Total liabilities and stockholders’ equity | | $ | 527,212 | | $ | 279,929 |
ALTIMMUNE, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
(Unaudited)
(In thousands, except share and per-share amounts)
| | Three Months Ended | | Six Months Ended | ||||||||
| | June 30, | | June 30, | ||||||||
| | 2026 | | 2025 | | 2026 | | 2025 | ||||
Revenues | | $ | — | | $ | 5 | | $ | — | | $ | 10 |
Operating expenses: | |
| | |
| | |
| | |
| |
Research and development | |
| 18,655 | | | 17,236 | | | 34,847 | | | 33,063 |
General and administrative | |
| 7,574 | | | 5,691 | | | 15,626 | | | 11,684 |
Total operating expenses | |
| 26,229 | | | 22,927 | | | 50,473 | | | 44,747 |
Loss from operations | |
| (26,229) | | | (22,922) | | | (50,473) | | | (44,737) |
Other income (expense): | |
| | | | | | | | | | |
Interest expense | |
| (1,097) | | | (264) | | | (2,165) | | | (265) |
Interest income | |
| 4,526 | | | 1,132 | | | 7,427 | | | 2,677 |
Other income (expense), net | |
| (25) | | | (92) | | | (177) | | | (77) |
Total other income (expense), net | |
| 3,404 | | | 776 | | | 5,085 | | | 2,335 |
Net loss before income taxes | |
| (22,825) | | | (22,146) | | | (45,388) | | | (42,402) |
Income tax expense (benefit) | |
| — | | | — | | | — | | | (681) |
Net loss | |
| (22,825) | | | (22,146) | | | (45,388) | | | (41,721) |
Other comprehensive income — unrealized loss on investments | |
| (814) | | | (36) | | | (1,110) | | | (66) |
Comprehensive loss | | $ | (23,639) | | $ | (22,182) | | $ | (46,498) | | $ | (41,787) |
Net loss per share, basic and diluted | | $ | (0.12) | | $ | (0.27) | | $ | (0.29) | | $ | (0.53) |
Weighted-average common shares outstanding, basic and diluted | |
| 185,443,736 | | | 81,477,548 | | | 155,121,235 | | | 78,529,028 |