Key Highlights

  • Net loss was USD 31.6 million, against USD 19.0 million a year earlier.
  • Research and development expenses rose 81% to USD 27.0 million.
  • Marketable securities were USD 451.0 million at September 30, 2026.
  • The IMPACT Phase 2b 48-week data were published in The Lancet.

Altimmune (NASDAQ:ALT) reported a third-quarter 2026 net loss of USD 31,608 thousand, against USD 19,014 thousand a year earlier, an increase of 66%. Loss per share was USD 0.15, against an estimate of USD 0.13. The company's lead product candidate is pemvidutide, formerly known as ALT-801, a balanced 1:1 glucagon and GLP-1 dual receptor agonist in development for metabolic dysfunction-associated steatohepatitis, alcohol use disorder and alcohol-associated liver disease.

Expenses by Program

Research and development expenses were USD 27.0 million, up USD 12.1 million, or 81%, from USD 15.0 million. Pemvidutide spending on MASH was USD 10.7 million, against USD 3.8 million, up 180%. Spending on alcohol-associated liver disease was USD 3.9 million, against USD 1.5 million, up 160%. Spending on alcohol use disorder was USD 0.4 million, against USD 1.9 million, down 77%.

General and administrative expenses were USD 8.7 million, up 47% from USD 5.9 million. Total operating expenses were USD 35.7 million, up 71% from USD 20.9 million. Interest income was USD 4.8 million, against USD 2.4 million, and interest expense was USD 1.1 million, against USD 0.5 million. Total other income, net, increased USD 2.3 million, or 122%, to USD 4.1 million.

For the nine months, total operating expenses were USD 86.2 million, against USD 65.6 million. General and administrative expenses increased USD 6.7 million, or 38%, to USD 24.3 million, with a USD 3.1 million increase in compensation, a USD 2.4 million increase in professional services and a USD 1.2 million increase in non-personnel expenses.

Clinical Updates

On the call, management said the company presented new non-invasive test data from the 48-week IMPACT study, which it said highlighted antifibrotic activity of pemvidutide. It noted the IMPACT Phase 2b 48-week efficacy and safety data were published in The Lancet in the week of the call. Management pointed to the balanced 1-to-1 glucagon to GLP-1 ratio, combined with its proprietary UPORT domain.

In alcohol use disorder, management said positive RECLAIM Phase 2 data were highlighted in a late-breaking oral presentation, and that its end-of-Phase 2 meeting with the FDA is scheduled for the month after the call. It also referenced data presented at The Liver Meeting estimating that 55% to 94% of patients with alcohol-associated liver disease also meet the criteria for alcohol use disorder. Management said that, in its view, the RECLAIM data highlight the potential to address both alcohol consumption and the liver damage that can result from it.

Funding and Cash Position

As of September 30, 2026, the company had USD 28.9 million of cash, cash equivalents and restricted cash and USD 451.0 million of investments in marketable securities, of which USD 236.2 million are short-term investments.

On January 27, 2026, the company entered into a securities purchase agreement with an institutional investor in a registered direct offering. It covered 12,397,920 shares of common stock and 4,647,534 pre-funded warrants, for net proceeds of approximately USD 70.3 million. The company's 2023 shelf registration expired on February 27, 2025.

Net cash provided by financing activities was USD 289.6 million for the nine months, against USD 125.7 million. Net cash used in investing activities was USD 221.6 million, against USD 53.3 million.

The reported items for the quarter are the net loss of USD 31.6 million, Research and Development expenses of USD 27.0 million, marketable securities of USD 451.0 million and the clinical updates for pemvidutide. The company is listed on the Nasdaq Global Market.