Altimmune (ALT) Q2 2024 earnings summary

Executive summary

• Advanced pemvidutide as a differentiated therapeutic for obesity and MASH, with key data presented at ADA and EASL meetings and ongoing strategic partnership discussions.

• Enrollment progressing in Phase 2b IMPACT trial for MASH, with topline data expected Q1 2025.

• Preparing for end of Phase II FDA meeting to define registrational path in obesity and highlight pemvidutide's unique profile.

• Development of HepTcell discontinued after insufficient response in Phase 2 trials.

Financial highlights

• Ended Q2 2024 with $164.9M in cash, cash equivalents, and short-term investments.

• Net loss for Q2 2024 was $24.6M ($0.35/share), compared to $16.1M ($0.32/share) in Q2 2023, mainly due to increased R&D expenses.

• R&D expenses rose to $21.2M in Q2 2024 from $13.3M in Q2 2023, driven by clinical program costs, especially for pemvidutide.

• General and administrative expenses were $5.6M in Q2 2024, up from $4.8M in Q2 2023, mainly due to higher stock compensation.

• Cash runway projected into first half of 2026, fully funding the IMPACT trial and expected Q1 2025 MASH data readout.

Outlook and guidance

• Topline biopsy data from the IMPACT MASH trial expected in Q1 2025.

• Preparing for end of Phase II FDA meeting to finalize Phase III design for obesity, focusing on differentiated endpoints.

• Exploring up to three additional indications for pemvidutide, with more details anticipated later in 2024.

• Oral pemvidutide candidate nomination targeted by year-end, with ongoing formulation work.

• Management believes current cash resources are sufficient to fund operations for at least twelve months from the financial statement issuance date.