Altimmune(US:ALT)2025-02-27 21:30Financial Performance - Altimmune reported a revenue of $20,000 for the year ended December 31, 2024, a decrease of 95% compared to $426,000 in 2023[492]. - The net loss for the year ended December 31, 2024, was $95,059,000, an increase of 7% from a net loss of $88,447,000 in 2023[492]. - Revenues for the year ended December 31, 2024, decreased to $20, down 95.3% from $426 in 2023[541]. - Net loss for 2024 was $95.1 million, compared to a net loss of $88.4 million in 2023, representing an increase of 7.5%[541]. - The net loss before income tax benefit for the year ended December 31, 2024 was $95.059 million, compared to $88.447 million for 2023[628]. Research and Development - Research and development expenses increased by 25% to $82,226,000 in 2024 from $65,799,000 in 2023, primarily driven by the ramp-up of the IMPACT Phase 2b trial[494]. - The development of the product candidate pemvidutide saw a 49% increase in expenses, totaling $53,274,000 in 2024 compared to $35,768,000 in 2023[494]. - The Phase 3 registrational program for pemvidutide is expected to enroll approximately 5,000 subjects across four trials, evaluating doses of 1.2 mg, 1.8 mg, and 2.4 mg[474]. - Pemvidutide demonstrated a reduction in liver fat content by up to 68.5% and decreased total cholesterol and triglycerides by up to 12.2% and 44.6%, respectively, in a Phase 1b trial[475]. - The Phase 2b trial for pemvidutide in MASH is expected to provide top-line data in the second quarter of 2025[476]. - The company discontinued the development of HepTcell after the Phase 2 trial was deemed insufficient for further advancement[482]. Cash Flow and Liquidity - As of December 31, 2024, the company had $131.9 million in cash, cash equivalents, restricted cash, and short-term investments, which is deemed sufficient to fund operations for at least the next twelve months[501]. - Cash and cash equivalents decreased to $36.9 million as of December 31, 2024, from $135.2 million at the end of 2023, a decline of 72.7%[539]. - Net cash used in operating activities was $79.8 million in 2024, an increase of $4.0 million from $75.8 million in 2023, primarily due to a $16.8 million increase in net loss[506]. - Net cash used in investing activities was $28.4 million in 2024, compared to a net cash provided of $13.7 million in 2023, largely due to $115.7 million in purchases of short-term investments[507]. - Net cash provided by financing activities was $10.0 million in 2024, a significant decrease from $86.1 million in 2023, primarily from the issuance of common stock[508]. Equity and Financing - The company raised approximately $96.6 million in net proceeds from at-the-market offerings since inception through December 31, 2024[504]. - The company plans to continue pursuing additional equity or debt financing to address long-term capital needs, including planned clinical trials[511]. - Proceeds from issuance of common stock in at-the-market offerings, net, were $10.0 million in 2024, down from $86.6 million in 2023[543]. - The Company has financed its operations through the issuance of common and preferred stock, long-term debt, and proceeds from research grants and government contracts[545]. - The Company has U.S. federal net operating loss carryforwards of approximately $186.6 million as of December 31, 2024[631]. Assets and Liabilities - Total assets decreased to $139.3 million in 2024, down 33.8% from $210.6 million in 2023[539]. - Total liabilities decreased slightly to $15.8 million in 2024, compared to $16.5 million in 2023[539]. - Stockholders' equity decreased to $123.5 million in 2024, down 36.4% from $194.1 million in 2023[539]. - Total accrued research and development expenses were $6.4 million as of December 31, 2024, with prepaid expenses and other current assets at $2.2 million[534]. - Noncurrent liabilities rose to $5.330 million in 2024 from $4.398 million in 2023, primarily due to an increase in long-term lease obligations[599]. Stock-Based Compensation - Total stock-based compensation expense for the year ended December 31, 2024 was $14.393 million, compared to $10.640 million for 2023[626]. - The total intrinsic value of stock options exercised in 2024 was $1.1 million, compared to $0.2 million in 2023[616]. - As of December 31, 2024, there was $17.5 million of unrecognized compensation cost related to stock options, expected to be recognized over a weighted-average period of 2.5 years[618]. - The Company granted 559,600 shares of Restricted Stock Units (RSUs) with a weighted-average grant date fair value of $9.05 per share during the year ended December 31, 2023[619]. - As of December 31, 2024, total unrecognized compensation expense related to RSUs was $5.4 million, expected to be recognized over approximately 2.5 years[620]. Legal and Regulatory Matters - A class action complaint was filed against the Company on May 6, 2024, alleging violations of the Securities Exchange Act of 1934[645]. - There are ongoing shareholder derivative complaints against the Company's executive officers and board members, alleging breaches of fiduciary duty and other claims[646]. - The derivative actions were consolidated and later dismissed without prejudice on February 3, 2025[646]. - The Company is involved in various contracts and disputes, but none are currently expected to result in material loss[647]. Company Overview - Altimmune, Inc. is a clinical stage biopharmaceutical company focused on developing treatments for obesity and metabolic diseases, with its lead product candidate pemvidutide currently in clinical development[545]. - The Company is developing pemvidutide, a GLP-1/glucagon dual receptor agonist for the treatment of obesity and MASH[648]. - The Company has not generated any revenue from the sale of any products to date[648]. - The Chief Executive Officer is the chief operating decision maker, assessing performance based on net (loss) income[649].