Altimmune Announces Third Quarter 2026 Financial Results and Business Update
Altimmune, Inc. (ALT) filed an SEC Form 8-K — Results of Operations and Financial Condition. Exhibit 99.1 Altimmune Announces Third Quarter 2026 Financial Results and Business Update Global PERFORMA Phase 3 trial in MASH progressing as planned Positive RECLAIM Phase 2 data in AUD highlighted in a late-breaking oral presentation at AASLD The Liver Meeting® 2026 End-of-P
How this was made
The 30-second read
Why it matters
The filing provides fresh material on clinical progress and financial health, likely influencing short‑term price action.
Market read
First‑report 8‑K with earnings and pivotal trial updates; material for biotech traders.
What to watch
High R&D burn rate and dilution risk from future financing needs.
Altimmune reports Q3 2026 net loss of $31,608 thousand ($0.15 per share) as R&D spend rises with the PERFORMA Phase 3 and RESTORE Phase 2 trials; cash, cash equivalents and investments total $480 million
Clinical and regulatory milestones were reported on schedule, and the company held $480 million in cash, cash equivalents and investments. Against that, the company reported no revenue, operating expenses rose sharply versus the prior-year quarter, and the net loss widened.
Key metrics
shortened, hover for the filing’s print| Metric | Value | q/q | y/y |
|---|---|---|---|
| Revenues, three months ended Sept 30, 2026 (in thousands)GAAP | nil (shown as a dash in filing) | – | – |
| Research and development expenses, three months ended Sept 30, 2026 (in thousands)GAAP | $27.02M | – | – |
| Direct costs related to pemvidutide development within R&D, three months ended Sept 30, 2026other | $20.3M | – | – |
| General and administrative expenses, three months ended Sept 30, 2026 (in thousands)GAAP | $8.69M | – | – |
| Total operating expenses, three months ended Sept 30, 2026 (in thousands)GAAP | $35.70M | – | – |
| Loss from operations, three months ended Sept 30, 2026 (in thousands)GAAP | −$35.70M | – | – |
| Interest expense, three months ended Sept 30, 2026 (in thousands)GAAP | −$1.12M | – | – |
| Interest income, three months ended Sept 30, 2026 (in thousands)GAAP | $4.82M | – | – |
| Other income (expense), net, three months ended Sept 30, 2026 (in thousands)GAAP | $399K | – | – |
| Total other income (expense), net, three months ended Sept 30, 2026 (in thousands)GAAP | $4.10M | – | – |
| Net loss before income taxes, three months ended Sept 30, 2026 (in thousands)GAAP | −$31.61M | – | – |
| Income tax expense (benefit), three months ended Sept 30, 2026GAAP | nil (shown as a dash in filing) | – | – |
| Net loss, three months ended Sept 30, 2026 (in thousands)GAAP | −$31.61M | – | – |
| Other comprehensive income (loss), unrealized gain (loss) on investments, three months ended Sept 30, 2026 (in thousands)GAAP | −$1.98M | – | – |
| Comprehensive loss, three months ended Sept 30, 2026 (in thousands)GAAP | −$33.59M | – | – |
| Net loss per share, basic and diluted, three months ended Sept 30, 2026GAAP | $(0.15) | – | – |
| Revenues, nine months ended Sept 30, 2026 (in thousands)GAAP | nil (shown as a dash in filing) | – | – |
| Research and development expenses, nine months ended Sept 30, 2026 (in thousands)GAAP | $61.86M | – | – |
| General and administrative expenses, nine months ended Sept 30, 2026 (in thousands)GAAP | $24.32M | – | – |
| Total operating expenses, nine months ended Sept 30, 2026 (in thousands)GAAP | $86.18M | – | – |
| Loss from operations, nine months ended Sept 30, 2026 (in thousands)GAAP | −$86.18M | – | – |
| Interest expense, nine months ended Sept 30, 2026 (in thousands)GAAP | −$3.29M | – | – |
| Interest income, nine months ended Sept 30, 2026 (in thousands)GAAP | $12.25M | – | – |
| Other income (expense), net, nine months ended Sept 30, 2026 (in thousands)GAAP | $222K | – | – |
| Total other income (expense), net, nine months ended Sept 30, 2026 (in thousands)GAAP | $9.18M | – | – |
| Net loss before income taxes, nine months ended Sept 30, 2026 (in thousands)GAAP | −$77.00M | – | – |
| Income tax expense (benefit), nine months ended Sept 30, 2026 (in thousands)GAAP | nil (shown as a dash in filing) | – | – |
| Net loss, nine months ended Sept 30, 2026 (in thousands)GAAP | −$77.00M | – | – |
| Other comprehensive income (loss), unrealized gain (loss) on investments, nine months ended Sept 30, 2026 (in thousands)GAAP | −$3.09M | – | – |
| Comprehensive loss, nine months ended Sept 30, 2026 (in thousands)GAAP | −$80.09M | – | – |
| Net loss per share, basic and diluted, nine months ended Sept 30, 2026GAAP | $(0.45) | – | – |
| Cash, cash equivalents and investments as of Sept 30, 2026other | $480M | – | – |
| Total assets as of Sept 30, 2026 (in thousands)GAAP | $495.6M | – | – |
| Total stockholders' equity as of Sept 30, 2026 (in thousands)GAAP | $443.6M | – | – |
| Term loan, noncurrent, as of Sept 30, 2026 (in thousands)GAAP | $34.99M | – | – |
Capital returns
- The filing reports no share repurchases and no dividends for the period.
What drove it
- The company attributes the R&D increase to the ongoing PERFORMA Phase 3 trial in MASH and the RESTORE Phase 2 trial in ALD, according to the filing.
- The company attributes the G&A increase to higher compensation expenses and professional services, according to the filing.
- The company reports the scientific presentations at AASLD The Liver Meeting 2026, including the late-breaking oral presentation of RECLAIM Phase 2 data in AUD.
- The company reports Breakthrough Therapy Designation for pemvidutide in MASH, based on 24-week IMPACT Phase 2b data, and Fast Track designation for AUD.
- The company reports that enrollment is complete in the RESTORE Phase 2 trial in ALD, with topline data expected in the second half of 2027.
Concerns
- The company reports no revenue for the three and nine months ended Sept 30, 2026, against nil (shown as a dash in filing) and $5 thousand for the same three-month period of 2025 and $15 thousand for the same nine-month period of 2025.
- Total operating expenses for the quarter were $35,705 thousand, against $20,864 thousand a year earlier.
- The net loss for the quarter was $31,608 thousand, against $19,014 thousand a year earlier, and the net loss per share was $(0.15), against $(0.21).
- Interest expense rose to $(1,121) thousand for the quarter, against $(495) thousand a year earlier.
- The PERFORMA Phase 3 52-week topline readout is anticipated in 2029, according to the filing.
What to watch
- The End-of-Phase 2 meeting with the FDA on the AUD program, scheduled for December 2026, and the planned discussion of a Phase 3 registrational program.
- Progress of the PERFORMA Phase 3 MASH trial, which the company describes as progressing as planned.
- Topline data from the RESTORE Phase 2 trial in ALD, expected in the second half of 2027.
- The trend in R&D and G&A expense in coming quarters, given the company's stated drivers.
- The trend in the cash, cash equivalents and investments balance of $480 million against the quarterly operating expense level.
Balance sheet and cash flow
- Cash and cash equivalents were $28,888 thousand as of Sept 30, 2026, against $43,760 thousand as of Dec 31, 2025.
- Short-term investments were $236,171 thousand as of Sept 30, 2026, against $229,696 thousand as of Dec 31, 2025.
- Long-term investments were $214,823 thousand as of Sept 30, 2026, against nil (shown as a dash in filing) as of Dec 31, 2025.
- Total cash, cash equivalents and restricted cash was $28,930 thousand as of Sept 30, 2026, against $43,802 thousand as of Dec 31, 2025.
- Total assets were $495,646 thousand as of Sept 30, 2026, against $279,929 thousand as of Dec 31, 2025.
- Total liabilities were $52,080 thousand as of Sept 30, 2026, against $55,037 thousand as of Dec 31, 2025.
- Additional paid-in capital was $1,178,044 thousand as of Sept 30, 2026, against $879,292 thousand as of Dec 31, 2025.
- Accumulated deficit was $(726,479) thousand as of Sept 30, 2026, against $(649,483) thousand as of Dec 31, 2025.
- Total stockholders' equity was $443,566 thousand as of Sept 30, 2026, against $224,892 thousand as of Dec 31, 2025.
- The filing does not include a cash flow statement, and no operating or free cash flow figure is printed.
Analysis
Altimmune reported no revenue for the third quarter of 2026, against $5 thousand in the third quarter of 2025, and nil for the first nine months of 2026, against $15 thousand a year earlier. The company is a clinical-stage developer of pemvidutide, so the results are an expense and cash picture. Total operating expenses rose to $35,705 thousand from $20,864 thousand. The filing attributes the R&D increase, to $27,016 thousand from $14,960 thousand, primarily to the PERFORMA Phase 3 MASH trial and the RESTORE Phase 2 ALD trial. Of the R&D total, the filing states $20.3 million was direct cost of pemvidutide development activities. G&A rose to $8,689 thousand from $5,904 thousand, which the company links to compensation and professional services.
Below the operating line, interest income was $4,819 thousand, against $2,426 thousand a year earlier, and interest expense was $(1,121) thousand, against $(495) thousand. Total other income, net, was $4,097 thousand, so the net loss narrowed relative to the operating loss but still widened year over year. The net loss was $(31,608) thousand, or $(0.15) per share, against $(19,014) thousand, or $(0.21) per share. For the nine months, the net loss was $(76,996) thousand, or $(0.45) per share, against $(60,735) thousand, or $(0.74) per share. The nine-month prior-year net loss per share reflects a smaller share count, since weighted-average shares rose from 82,198,581 to 172,016,738 for the nine-month period. The filing does not state a reason for the change in the share count beyond the balance sheet movements shown.
The balance sheet shows total assets of $495,646 thousand at Sept 30, 2026, against $279,929 thousand at Dec 31, 2025. Total stockholders' equity rose to $443,566 thousand from $224,892 thousand, and additional paid-in capital rose to $1,178,044 thousand from $879,292 thousand. Accumulated deficit increased to $(726,479) thousand from $(649,483) thousand. The company reports cash, cash equivalents and investments of $480 million at Sept 30, 2026. The noncurrent term loan stood at $34,989 thousand. The filing does not include a cash flow statement, so operating cash burn and free cash flow are not reported in these documents.
On the development side, the company reports Breakthrough Therapy Designation for MASH, a 48-week IMPACT Phase 2b publication in The Lancet Gastroenterology & Hepatology, and positive RECLAIM Phase 2 AUD data presented as a late-breaking oral at AASLD. The PERFORMA Phase 3 MASH trial is described as progressing as planned, with 52-week topline data anticipated in 2029. RESTORE Phase 2 enrollment is complete, with topline data expected in the second half of 2027. The company has no revenue, so the outlook depends on these trial milestones and the FDA End-of-Phase 2 meeting for AUD scheduled for December 2026. The filing contains no financial guidance, so no forward figures are available to compare against.
The key figures for a reader are the rise in operating expenses, the wider net loss, the absence of revenue, and the size of the cash and investments balance relative to the stated spending trend. The filing also notes board appointments in October 2026 and a headquarters relocation to Morristown, New Jersey in November 2026, but it does not quantify any financial effect of those changes.
Management, verbatim
We continue to make significant progress across all our clinical development programs, as we execute our strategy of building a liver franchise around pemvidutide
Jerry Durso, Chief Executive Officer and Chairman of the Board
Following the recent AASLD meeting, our conviction in pemvidutide’s potential is stronger than ever, as we focus on delivering meaningful benefit to patients with serious liver diseases.
Jerry Durso, Chief Executive Officer and Chairman of the Board
Not in the filing
stated, not guessed- Financial guidance for revenue, operating expenses or net loss: the filing gives no forward figures.
- Previous-period outlook for vs_prior_guidance: not provided.
- Year-over-year and quarter-over-quarter percentage changes: not printed in the filing.
- Prior-quarter (June 30, 2026) figures for the income statement: not printed.
- Cash flow statement, operating cash flow and free cash flow: not included in the filing.
- Balance sheet comparisons for Sept 30, 2025: not applicable to the period, and the filing prints only Dec 31, 2025 balances.
- Segment or product-level revenue and expense breakdown: not printed, as the company reports no revenue.
- Share repurchases and dividend data: none printed.
- Prior-period cash, cash equivalents and investments total of $480 million comparison: the filing prints the current total only.
- Financial effect of the October 2026 board appointments and the November 2026 headquarters relocation: not quantified.
Written by an AI language model from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure is checked against the filing text, and a metric the filing does not print, or whose value, prior period and change do not add up, is dropped from the metrics. The model can still misread a table, in the metrics or in the text, so check a number in the filing before you rely on it. Consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.
Background
Altimmune announced Q3 financials, cash balance of $480 M, and updates on its pemvidutide program across MASH, AUD, and ALD.
Ticker impact
Altimmune filed its Q3 2026 results and disclosed new clinical milestones, including Breakthrough Therapy and Fast Track designations and ongoing Phase 3 trials.
potential upside as investors price in breakthrough designations and cash runway
First disclosure of FDA designations and trial progress typically drives buying interest in biotech microcaps.
Market effects
Strengthens the liver‑disease biotech sub‑sector and may boost peer valuations.
US biotech market sees modest uplift.
Limited to investors focused on specialty pharma and clinical‑trial driven stocks.
Counterpoint
If trial data later underperform or FDA delays, the stock could face steep downside despite cash.
Key entities
- companyAltimmune, Inc.
Biopharma developing pemvidutide for liver diseases.
- executiveJerry Durso
CEO and Chairman of Altimmune.
