Summary by Futu AI
Altimmune reported Q2 2024 financial results with $164.9M cash position as of June 30, 2024. The company recorded a net loss of $24.6M ($0.35 per share) compared to $16.1M in Q2 2023. Research and development expenses increased to $21.2M from $13.3M year-over-year, primarily due to pemvidutide development costs.Recent clinical data presentations highlighted pemvidutide's therapeutic potential, showing up to 15.6% weight loss at 48 weeks in obesity trials and superior lean mass preservation with 78.1% of weight loss from fat. The drug demonstrated significant reductions in triglycerides (55.8%), total cholesterol (20%), and liver fat content in MASH studies.The company continues enrollment in Phase 2b IMPACT trial for MASH with topline data expected in Q1 2025. An End-of-Phase 2 FDA meeting is scheduled for late Q3 2024 to discuss Phase 3 obesity trial design. Management indicated ongoing progress in discussions with potential strategic partners while planning expansion into three additional therapeutic indications.
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