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Altimmune | 8-K: Altimmune Announces Positive Lean Mass Preservation Data for Pemvidutide and Reports Fourth Quarter and Full Year 2023 Financial Results

SEC announcement ·  Mar 27 19:08
Summary by Futu AI
On March 27, 2024, Altimmune, Inc., a clinical-stage biopharmaceutical company, reported its financial results for the full year and fiscal quarter ending December 31, 2023. The announcement included a press release detailing the financial outcomes and was furnished as Exhibit 99.1 to the Current Report on Form 8-K. Altimmune highlighted the positive results from its 48-week MOMENTUM Phase 2 obesity trial of pemvidutide, showing significant weight loss with 74.5% derived from adipose tissue. The trial enrolled 391 subjects and demonstrated preservation of lean mass during weight loss. Additionally, the company announced ongoing enrollment in the IMPACT Phase 2b trial of pemvidutide for Metabolic Dysfunction-Associated Steatohepatitis (MASH), with top-line data expected in Q1 2025. Altimmune also reported a cash position of $198.0 million as of December 31, 2023. Research and development expenses...Show More
On March 27, 2024, Altimmune, Inc., a clinical-stage biopharmaceutical company, reported its financial results for the full year and fiscal quarter ending December 31, 2023. The announcement included a press release detailing the financial outcomes and was furnished as Exhibit 99.1 to the Current Report on Form 8-K. Altimmune highlighted the positive results from its 48-week MOMENTUM Phase 2 obesity trial of pemvidutide, showing significant weight loss with 74.5% derived from adipose tissue. The trial enrolled 391 subjects and demonstrated preservation of lean mass during weight loss. Additionally, the company announced ongoing enrollment in the IMPACT Phase 2b trial of pemvidutide for Metabolic Dysfunction-Associated Steatohepatitis (MASH), with top-line data expected in Q1 2025. Altimmune also reported a cash position of $198.0 million as of December 31, 2023. Research and development expenses for the quarter were $16.9 million, with general and administrative expenses at $4.3 million. The company recognized an impairment loss of $12.4 million related to the HepTcell asset, as further development has been halted due to insufficient trial results. The net loss for the quarter was $31.6 million, or $0.54 per share. The press release also included updates on pemvidutide's clinical progress, including its potential anti-fibrotic effects and improved cholesterol elimination observed in preclinical models.

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