Altimmune, Inc.

Altimmune did not report revenue. Q2 2026 R&D expense was $18.7 million versus $17.2 million a year ago, driven by ALD trial investment and MASH phase III startup costs; Q2 2026 G&A was $7.6 million versus $5.7 million a year ago. Net loss was $22.8 million, or $0.12 per share, compared with a net loss of $22.1 million, or $0.27 per share in Q2 2025. For AUD, Christophe Arbet-Engels said pemvidutide 2.4 mg cut heavy drinking days versus placebo by 1.45 per week at week 24, about 2/3 of patients achieved a 2-level WHO RDL reduction versus 1/3 on placebo, more than twice as many achieved 0 heavy drinking days, and weight fell 9.1% versus placebo. June 30, 2026 cash was $519 million, and year-to-date the company raised approximately $310 million, including a $225 million follow-on offering in April. Forward-looking guidance: PERFORMA 52-week MASH readout is expected in 2029; RESTORE top-line ALD data are expected in the second half of 2027; management said a potential AUD phase III is not yet fully funded and would likely be financed with non-dilutive sources such as royalty, debt, or strategic partnerships after FDA/EU feedback on design and scope.

Jerry Durso said 2026 is a year of significant progress as Altimmune becomes a late-stage company focused on serious liver diseases. His tone was confident and upbeat, emphasizing speed of execution, the start of PERFORMA enrollment just three months after securing funding, and the strengthening evidence base for pemvidutide across MASH, AUD, and ALD. He framed the RECLAIM data as expanding the opportunity into a broader liver franchise and repeatedly stressed differentiation through the drug’s dual mechanism and focus on higher-risk patients.

Gregory Weaver said Q2 financials were in line with expectations. He gave specific figures: R&D was $18.7 million, G&A was $7.6 million, and net loss was $22.8 million, or $0.12 per share; June 30 cash was $519 million after about $310 million raised year-to-date, including the $225 million follow-on. He said that cash funds the company through the PERFORMA 52-week MASH readout in 2029, while a potential AUD phase III would need non-dilutive financing options such as royalty, debt, or partnerships once the regulatory path and study scope are clearer.

Analysts focused on MASH trial competition, ALD protocol changes, AUD phase III design, funding, and durability of the AUD effect. Management said PERFORMA’s 300-site global setup, site relationships, and design should help enrollment, and they expect the pace to be toward the lower end of a typical 18-to-24-month window. On AUD, they said one pivotal phase III may be sufficient under recent FDA guidance, they expect to align the primary endpoint with regulators, will broaden the population to include BMI below 25 and possibly ALD overlap patients, and are still working through the detailed timing and funding plan after the end-of-phase-II meeting.