Altimmune (ALT) Q4 2025 earnings summary

Executive summary

• Pemvidutide, a dual glucagon/GLP-1 agonist, advanced for liver diseases with strong phase 2b efficacy and tolerability in MASH, and received FDA Breakthrough Therapy designation; phase 3 trial design finalized for global execution.

• Positive 48-week phase 2b data in MASH showed significant improvements in fibrosis, inflammation markers, and weight loss at higher doses, with high adherence and low discontinuation rates.

• Additional phase 2 trials in AUD and ALD progressing, with AUD trial enrollment completed ahead of schedule and top-line data expected in Q3 2026; ALD trial ongoing.

• Strengthened leadership team, including appointment of Jerry Durso as CEO, and enhanced financial position to support late-stage development.

Financial highlights

• Q4 2025 R&D expense was $18.4M, down from $19.8M in Q4 2024; G&A expense rose to $10.5M from $5.1M, mainly due to executive transition and compensation.

• Q4 2025 net loss was $27.4M ($0.27/share) vs. $23.2M ($0.33/share) in Q4 2024; full-year 2025 net loss was $88.1M ($1.00/share), improved from $95.1M ($1.34/share) in 2024.

• Year-end 2025 cash position was $274M, up 107% from $132M at year-end 2024, with $208M raised in 2025 and an additional $83M in early 2026, resulting in a pro forma cash position of ~$340M.

• R&D expenses for 2025 were $66.4M, down from $82.2M in 2024; G&A expenses rose to $28.1M from $21.0M.

• Interest income for 2025 was $7.5M, slightly down from $8.1M in 2024.

Outlook and guidance

• Phase 3 MASH trial to initiate in 2026, enrolling ~1,800 patients globally, with primary endpoints at 52 weeks for accelerated approval and regulatory alignment in US, EU, and UK.

• Top-line data from the AUD phase 2 trial expected in Q3 2026; ALD phase 2 enrollment to complete in 2026.

• Ongoing regulatory engagement and operational readiness; cash use expected to increase as phase 3 launches, with further financial updates to follow.