Altimmune — Third Quarter 2026 Earnings Summary

Financial Performance:

• Reported cash, cash equivalents, and investments totaling $480 million as of September 30, 2026.
• Research and development (R&D) expenses were $27.0 million for the three months ended September 30, 2026, compared to $15.0 million in the same period in 2025; $20.3 million of the Q3 2026 R&D expense was directly related to pemvidutide development.
• General and administrative (G&A) expenses were $8.7 million for the three months ended September 30, 2026, compared to $5.9 million in the same period in 2025.
• Interest income was $4.8 million for the three months ended September 30, 2026.
• Net loss for the three months ended September 30, 2026, was $31.6 million ($0.15 per share), compared to a net loss of $19.0 million ($0.21 per share) in the same period in 2025.
• For the nine months ended September 30, 2026, net loss was $77.0 million ($0.45 per share) compared to $60.7 million ($0.74 per share) in the prior year period.
• Total assets were $495.6 million as of September 30, 2026, compared to $279.9 million as of December 31, 2025.
• Total liabilities were $52.1 million as of September 30, 2026, compared to $55.0 million as of December 31, 2025.
• Term loan (noncurrent) was $35.0 million as of September 30, 2026, compared to $34.3 million as of December 31, 2025.
• Revenue was $0 for the three months ended September 30, 2026, compared to $5,000 in the same period in 2025.

Guidance and Future Outlook:

• The global PERFORMA Phase 3 trial in MASH is progressing as planned with topline data anticipated in 2029.
• An End-of-Phase 2 meeting with the FDA for the AUD program is scheduled for December 2026 to discuss the Phase 3 registrational program.
• Topline data for the RESTORE Phase 2 trial in ALD is expected in the second half of 2027.

Business Segments and Product Lines:

• Pemvidutide received Breakthrough Therapy Designation from the FDA for MASH based on 24-week data from the IMPACT Phase 2b trial.
• IMPACT Phase 2b 48-week data was published in The Lancet Gastroenterology & Hepatology.
• Pemvidutide received Fast Track designation from the FDA for the treatment of AUD.
• Positive RECLAIM Phase 2 data in AUD was highlighted in a late-breaking oral presentation at AASLD The Liver Meeting® 2026.
• Enrollment is complete in the RESTORE Phase 2 trial in ALD.
• Scientific data presented at AASLD 2026 included efficacy and safety results from RECLAIM, concurrent reductions in non-invasive tests for hepatic inflammation and fibrosis from IMPACT, gastrointestinal tolerability data from IMPACT, and preclinical data on alcohol intake reduction in a hamster model.

Market and Competitive Landscape:

• Management expressed strong conviction in pemvidutide's potential and noted enthusiasm from the MASH community.
• The company is executing a strategy to build a liver franchise around pemvidutide.

Risks and Challenges:

• Forward-looking statements note risks including delays in regulatory review, manufacturing and supply chain interruptions, access to clinical sites, enrollment challenges, adverse effects, and the success of future clinical trials.
• Actual results may differ materially from forward-looking statements due to numerous assumptions, risks, and uncertainties.

Management Commentary and Tone:

• CEO Jerry Durso stated the company continues to make significant progress across all clinical development programs and is encouraged by the progress to date.
• Management indicated that conviction in pemvidutide's potential is stronger than ever following the AASLD meeting.
• The company aims to deliver meaningful benefit to patients with serious liver diseases.

Other Key Points:

• Peter Greenleaf and Alex Howarth were appointed to the Board of Directors in October 2026.
• The company relocated its corporate headquarters to Morristown, New Jersey in November 2026.
• Weighted-average common shares outstanding increased to 205.3 million for the three months ended September 30, 2026, from 89.4 million in the same period in 2025.
• Accumulated deficit increased to $(726.5) million as of September 30, 2026, from $(649.5) million as of December 31, 2025.