Altimmune, a clinical stage biopharmaceutical company, has reported its financial results for the third quarter ended September 30, 2024. The company recorded a net loss of $22.845 million, an 11% increase from the $20.671 million net loss in the same period the previous year. Revenues were negligible at $5,000, a significant decrease from the $362,000 reported in the third quarter of 2023. Research and development expenses rose by 8% to $19.803 million, driven by the ramp-up of the IMPACT Phase 2b trial in MASH and other nonclinical studies. General and administrative expenses also increased by 10% to $4.969 million due to higher professional fees. The company's total operating expenses were $24.772 million, an 8% increase from the previous year. Despite the increased losses, Altimmune has made progress in its business development, particularly with...Show More

Altimmune, a clinical stage biopharmaceutical company, has reported its financial results for the third quarter ended September 30, 2024. The company recorded a net loss of $22.845 million, an 11% increase from the $20.671 million net loss in the same period the previous year. Revenues were negligible at $5,000, a significant decrease from the $362,000 reported in the third quarter of 2023. Research and development expenses rose by 8% to $19.803 million, driven by the ramp-up of the IMPACT Phase 2b trial in MASH and other nonclinical studies. General and administrative expenses also increased by 10% to $4.969 million due to higher professional fees. The company's total operating expenses were $24.772 million, an 8% increase from the previous year. Despite the increased losses, Altimmune has made progress in its business development, particularly with its lead product candidate, pemvidutide. The company completed patient enrollment in its Phase 2b trial for MASH and expects top-line efficacy data in the second quarter of 2025. Additionally, Altimmune successfully completed an End-of-Phase 2 Meeting with the FDA and agreed on the design of a Phase 3 registrational program for pemvidutide in the treatment of obesity. However, the company has faced legal challenges, including a class action and shareholder derivative complaints alleging false and misleading statements, which Altimmune intends to defend vigorously. Looking ahead, Altimmune's cash reserves of $139.4 million are expected to fund operations for at least twelve months from the issuance date of the September 30, 2024, consolidated financial statements.