Altimmune, a clinical stage biopharmaceutical company, reported a net loss of $24.394 million for the first quarter ended March 31, 2024, a 22% increase from the $20.074 million loss in the same period last year. Revenue for the quarter was negligible at $5,000, down 76% from $21,000 in the previous year, attributed to the final indirect rate adjustments of closed contracts. Operating expenses rose by 23% to $26.799 million, driven by a 25% increase in research and development costs, which totaled $21.487 million. This increase was primarily due to the ramp-up of the IMPACT Phase 2b trial in MASH and manufacturing expenses for pemvidutide. General and administrative expenses also grew by 17% to $5.312 million, mainly due to higher stock compensation and professional fees. Interest income provided a positive impact, increasing by 45% to $2.413 million...Show More

Altimmune, a clinical stage biopharmaceutical company, reported a net loss of $24.394 million for the first quarter ended March 31, 2024, a 22% increase from the $20.074 million loss in the same period last year. Revenue for the quarter was negligible at $5,000, down 76% from $21,000 in the previous year, attributed to the final indirect rate adjustments of closed contracts. Operating expenses rose by 23% to $26.799 million, driven by a 25% increase in research and development costs, which totaled $21.487 million. This increase was primarily due to the ramp-up of the IMPACT Phase 2b trial in MASH and manufacturing expenses for pemvidutide. General and administrative expenses also grew by 17% to $5.312 million, mainly due to higher stock compensation and professional fees. Interest income provided a positive impact, increasing by 45% to $2.413 million. The company's cash position remains strong with $182.1 million in cash, cash equivalents, and short-term investments, which is expected to fund operations through 2024 and 2025. Altimmune's lead product candidate, pemvidutide, showed promising results in a Phase 2 obesity trial, with significant weight loss attributed to adipose tissue reduction. However, development of HepTcell has ceased due to insufficient response in its Phase 2 trial. Looking forward, Altimmune will continue to seek additional financing and partnership opportunities to support its clinical trials and research activities.