The following is a summary of the Altimmune, Inc. (ALT) Q1 2024 Earnings Call Transcript:
Financial Performance:
Altimmune reported cash and cash equivalents of approximately $182.1 million at Q1 2024 end.
They suffered a net loss of $24.4 million or $0.34 loss per share in Q1 2024, mostly due to increased research and development expenses.
The company saw research and development expenses rise to $21.5 million in Q1 2024 from $17.2 million in Q1 2023.
Total revenue was negligible for Q1 2024.
Business Progress:
The company reports steady progress towards developing an oral version of pemvidutide.
Positive body composition data from Phase 2 MOMENTUM trial, with 74.5% of weight loss being body fat in patients on pemvidutide.
They are currently enrolling for the IMPACT study, a Phase 2b trial evaluating pemvidutide in approximately 190 subjects with top line results expected in Q1 2025.
Altimmune is working towards finding a prospective partner to fully exploit the potential of their programs in obesity and MASH, among other potential applications.
The firm announced progress in creating an oral version of pemvidutide.
Altimmune is exploring additional indications for pemvidutide beyond obesity and MASH.
The company is focusing on using glucagon for obesity treatment and expects to work with a safety database of around 5,000 subjects across 3 to 4 trials.
The company reported a 21% drop in LDL in subjects, suggesting possible market differentiation.
For NASH program, they reported a good enrolment rate and are expecting program readouts in Q1 next year.
They see potential for pemvidutide in the diabetes area and are considering changes to the drug's titration for Phase 3.
More details: Altimmune IR
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