Altimmune (ALT) investor relations material

Executive summary

• Strong cash position of $535 million as of April 30, 2026, following an oversubscribed $225 million public offering and additional financings, providing runway through the 2029 phase III MASH data readout.

• Advancing lead asset pemvidutide for MASH, with FDA Breakthrough Therapy Designation, positive phase IIb data, and phase III PERFORMA trial protocol finalized and submitted to FDA and EMA; trial initiation expected in H2 2026.

• Multiple late-stage trials ongoing in MASH, AUD, and ALD, with topline data for AUD expected in Q3 2026 and ALD trial enrollment to complete in Q3 2026.

• Key clinical milestones ahead include 48-week phase II IMPACT results at EASL and additional presentations on fibrosis, weight loss, and cardiovascular risk factors.

Financial highlights

• Q1 2026 net loss was $22.6 million ($0.18/share), compared to $19.6 million ($0.26/share) in Q1 2025, with R&D expenses at $16.2 million and G&A at $8.1 million, both up year-over-year.

• Cash, cash equivalents, and short-term investments totaled $332 million as of March 31, 2026, increasing to $535 million by April 30, 2026 after the public offering.

• Operating expenses rose 11% year-over-year to $24.2 million, driven by R&D and G&A increases.

• Interest income increased to $2.9 million from $1.5 million year-over-year.

• Weighted-average shares outstanding increased to 124.5 million from 75.5 million year-over-year.

Outlook and guidance

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

• PERFORMA phase III MASH trial to initiate in H2 2026; phase II AUD topline data expected in Q3 2026; ALD RESTORE trial enrollment to complete in Q3 2026.

• Focused on execution and advancing pemvidutide in multiple liver disease indications.