Altimmune, a clinical stage biopharmaceutical company, reported its financial results for the quarter ended June 30, 2024. The company experienced a net loss of $24.64 million, a 53% increase from the $16.06 million loss reported in the same quarter of the previous year. Operating expenses rose by 49% to $26.75 million, driven by a 60% increase in research and development costs, particularly due to the ramp-up of the IMPACT Phase 2b trial for pemvidutide, their lead product candidate for obesity and metabolic dysfunction-associated steatohepatitis (MASH). General and administrative expenses also saw an 18% rise. Despite these increases, the company reported a slight 8% growth in other income, netting $2.105 million, primarily from interest income on cash equivalents and short-term investments. Altimmune's current cash, cash equivalents, restricted cash, and...Show More

Altimmune, a clinical stage biopharmaceutical company, reported its financial results for the quarter ended June 30, 2024. The company experienced a net loss of $24.64 million, a 53% increase from the $16.06 million loss reported in the same quarter of the previous year. Operating expenses rose by 49% to $26.75 million, driven by a 60% increase in research and development costs, particularly due to the ramp-up of the IMPACT Phase 2b trial for pemvidutide, their lead product candidate for obesity and metabolic dysfunction-associated steatohepatitis (MASH). General and administrative expenses also saw an 18% rise. Despite these increases, the company reported a slight 8% growth in other income, netting $2.105 million, primarily from interest income on cash equivalents and short-term investments. Altimmune's current cash, cash equivalents, restricted cash, and short-term investments total $164.9 million, which they believe is sufficient to fund operations through 2025. On the business development front, Altimmune presented full results from their 48-week MOMENTUM Phase 2 obesity trial of pemvidutide, showing promising body composition changes. However, they announced the discontinuation of HepTcell development due to insufficient trial results. The company is also involved in ongoing litigation, including a class action and shareholder derivative complaints, which they intend to defend vigorously. Looking ahead, Altimmune is focused on advancing pemvidutide through clinical trials and has ceased further development of HepTcell.