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Altimmune | 8-K: Altimmune Announces Third Quarter 2024 Financial Results and Provides a Business Update

SEC ·  Nov 12, 2024 17:35

Summary by Futu AI

Altimmune announced completion of enrollment in Phase 2b IMPACT trial for pemvidutide in MASH, with top-line efficacy data expected in Q2 2025. The company successfully concluded its End-of-Phase 2 FDA meeting for the obesity program, gaining agreement on four pivotal Phase 3 trials design. Additionally, Altimmune plans to submit IND applications for pemvidutide in up to three new indications starting Q4 2024.Financial results for Q3 2024 showed cash, equivalents and short-term investments of $139.4M. Research and development expenses increased to $19.8M from $18.4M year-over-year, while G&A expenses rose to $5.0M from $4.5M. The company reported a net loss of $22.8M ($0.32 per share) compared to $20.7M ($0.39 per share) in Q3 2023.Recent clinical data presented at EASD demonstrated pemvidutide's compelling body composition benefits, including a lean loss ratio of 21.9% and 28.3% reduction in visceral adipose tissue at 2.4mg dose after 48 weeks. The company appointed Greg Weaver as CFO on November 11, 2024.
Altimmune announced completion of enrollment in Phase 2b IMPACT trial for pemvidutide in MASH, with top-line efficacy data expected in Q2 2025. The company successfully concluded its End-of-Phase 2 FDA meeting for the obesity program, gaining agreement on four pivotal Phase 3 trials design. Additionally, Altimmune plans to submit IND applications for pemvidutide in up to three new indications starting Q4 2024.Financial results for Q3 2024 showed cash, equivalents and short-term investments of $139.4M. Research and development expenses increased to $19.8M from $18.4M year-over-year, while G&A expenses rose to $5.0M from $4.5M. The company reported a net loss of $22.8M ($0.32 per share) compared to $20.7M ($0.39 per share) in Q3 2023.Recent clinical data presented at EASD demonstrated pemvidutide's compelling body composition benefits, including a lean loss ratio of 21.9% and 28.3% reduction in visceral adipose tissue at 2.4mg dose after 48 weeks. The company appointed Greg Weaver as CFO on November 11, 2024.

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