Altimmune (ALT) investor relations material

Executive summary

• Significant progress in 2026 as a late-stage developer focused on serious liver diseases, with pemvidutide as the lead asset in advanced trials for MASH, AUD, and ALD.

• Initiated global PERFORMA Phase III trial in MASH and reported positive topline data from RECLAIM Phase II trial in AUD, meeting primary and key secondary endpoints.

• Completed patient enrollment in RESTORE ALD trial, with protocol amended for hierarchical liver stiffness analysis and topline data expected in H2 2027.

• Headquarters relocation to Morristown, NJ, announced to support talent acquisition and long-term cost efficiencies.

• Strong capital raised through public offerings and ATM programs, supporting ongoing and future clinical trials.

Financial highlights

• Q2 2026 R&D expense was $18.7M, up from $17.2M year-over-year, driven by ALD trial investment and MASH phase III start-up costs.

• Q2 2026 G&A expense was $7.6M, up from $5.7M year-over-year, due to higher professional fees and compensation.

• Net loss for Q2 2026 was $22.8M ($0.12/share), compared to $22.1M ($0.27/share) in Q2 2025.

• Interest income rose to $4.5M in Q2 2026, offsetting increased interest expense from term loans.

• Cash, cash equivalents, and investments totaled $519M as of June 30, 2026.

Outlook and guidance

• Cash runway expected to fund operations through the PERFORMA phase III MASH 52-week data readout in 2029.

• Phase III AUD trial not yet funded; preference for non-dilutive funding options such as royalty, debt, or partnerships.

• Awaiting regulatory feedback to finalize phase III AUD trial design and investment; plans to engage with FDA and European regulators for AUD advancement.

• 52-week data from PERFORMA Phase III MASH trial anticipated in 2029.

• Topline data from RESTORE Phase II ALD trial expected in H2 2027.