Summary of Altimmune Q2 2026 Earnings Call

1Key Financial Results and Metrics

Net Loss:: $22.8 million, or $0.12 per share, compared to a net loss of $22.1 million, or $0.27 per share in Q2 2025.

R&D Expenses:: $18.7 million, up from $17.2 million year-over-year, driven by investments in the ALD trial and the Phase III MASH trial.

G&A Expenses:: $7.6 million, an increase from $5.7 million, attributed to higher professional fees and compensation.

Cash Position:: $519 million as of June 30, 2026, providing a runway through the 52-week data readout for the PERFORMA Phase III trial expected in 2029.

2Strategic Updates and Business Highlights

Pemvidutide Development:: Altimmune is focusing on pemvidutide for serious liver diseases, with significant progress in the MASH and AUD indications.

MASH:: Initiated the PERFORMA Phase III trial, enrolling patients across approximately 300 sites globally.

AUD:: Positive top-line data from the RECLAIM Phase II trial, showing significant reductions in heavy drinking days and improvements in secondary endpoints.

Market Opportunity:: The AUD market is seen as under-addressed, with potential for pemvidutide to disrupt the category, especially among moderate to severe patients.

Clinical Engagement:: Increased engagement with the scientific community has built momentum for pemvidutide's potential in MASH and AUD.

3Forward Guidance and Outlook

Phase III Trials:: Planning to conduct a single pivotal Phase III trial for AUD, incorporating both FDA and EU requirements.

Regulatory Discussions:: Engaging with the FDA and EMA to refine the design and funding strategy for the Phase III AUD trial.

Long-Term Vision:: Altimmune aims to leverage its strong cash position and positive clinical data to establish a robust liver franchise.

4Bad News, Challenges, or Points of Concern

R&D Spending Increase:: While investments are necessary for growth, the rising R&D expenses could raise concerns about cash burn.

Funding for AUD Trial:: The AUD Phase III trial is not yet fully funded, and while the company prefers non-dilutive funding options, there is uncertainty regarding the timing and amount needed.

Competitive Landscape:: The presence of multiple competing Phase III programs in MASH may pose challenges in patient enrollment and market positioning.

5Notable Q&A Insights

Enrollment Strategy:: Management expressed confidence in the speed of patient enrollment for the PERFORMA trial, leveraging site relationships and competitive trial design.

Regulatory Feedback:: The company anticipates that one pivotal trial will suffice for AUD based on recent FDA guidance.

Durability of Treatment Effects:: Questions regarding the durability of treatment effects in AUD were acknowledged, with plans to explore this further in Phase III.

Subgroup Analyses:: Management confirmed that subgroup analyses from the RECLAIM trial will be shared at future conferences, highlighting the need for a deeper understanding of treatment effects across different patient segments. Overall, Altimmune is positioned for growth with promising clinical data and a strong cash position, but must navigate funding challenges and competitive pressures in the liver disease treatment landscape.