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Dec 31, 2025
Altimmune Q4 2025 Earnings Report
Altimmune Q4 2025 Earnings Report
Key Takeaways
Altimmune reported a net loss of $27.4 million for the fourth quarter of 2025, while significantly strengthening its balance sheet to $274 million in cash and short-term investments. The company is transitioning into a late-stage clinical phase with plans to initiate a Phase 3 MASH trial in 2026 following positive FDA alignment and Breakthrough Therapy Designation.
Granted FDA Breakthrough Therapy Designation for pemvidutide in MASH based on IMPACT trial data.
Ended Q4 with $274 million in cash, further bolstered by an $83 million capital raise in early 2026.
Successful End-of-Phase 2 meeting with the FDA confirms the design for the upcoming global Phase 3 MASH trial.
Topline data from the RECLAIM Phase 2 trial in Alcohol Use Disorder (AUD) is expected in Q3 2026.
Forward Guidance
Altimmune is focused on initiating its Phase 3 MASH trial and delivering Phase 2 data for AUD in 2026.
Positive Outlook
- Initiation of Phase 3 MASH trial planned for 2026
- Topline data from RECLAIM Phase 2 trial in AUD expected in Q3 2026
- Pro forma cash balance of approximately $340 million as of February 2026
- Alignment with FDA on Phase 3 registrational trial design
- Request for scientific advice submitted to European regulators
Challenges Ahead
- Ongoing substantial net losses as a clinical-stage company
- Increased G&A expenses due to professional fees and compensation
- Dependence on clinical trial outcomes for lead candidate pemvidutide
- Potential for clinical trial delays or manufacturing interruptions
Historical Earnings Impact
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Avg. Return Before/After Earnings
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