Altimmune is a Gaithersburg-based late clinical-stage biopharma with one drug - pemvidutide, a balanced 1:1 glucagon/GLP-1 dual receptor agonist - and three liver and brain indications sitting on the same molecule: metabolic dysfunction-associated steatohepatitis (MASH), alcohol use disorder (AUD), and alcohol-associated liver disease (ALD). The quarter arrived with the company already running two Phase 2 readouts and a Phase 3 startup in parallel, and management chose earnings day to remind the market what that looks like in cash. Cash, cash equivalents and investments totaled $519 million at June 30, 2026, against a June-quarter GAAP net loss of $22.8 million ($0.12 a share) - a smaller loss than a year ago on a much larger share base, with revenue still essentially zero. The R&D line tells the operational story more directly: $18.7 million in the quarter, up 8% year over year, the increase driven by the start of the PERFORMA Phase 3 in MASH and the running of the ALD trial, partially offset by the wind-down of the prior-year MASH Phase 2b and AUD Phase 2.
The milestones that arrived in the four weeks around the quarter matter more than the quarter itself. On July 28, 2026, the company reported positive topline from the RECLAIM Phase 2 in AUD - a 100-patient study that hit its primary endpoint of reduction in heavy drinking days and met two registrational secondary endpoints, on a generally favorable safety profile, against a backdrop of zero FDA-approved pharmacotherapy for AUD of meaningful scale. On August 3, 2026, the global PERFORMA Phase 3 in MASH opened for enrollment, with a 52-week biopsy-based interim readout targeted for 2029 in support of an accelerated approval. And in the same window, the RESTORE Phase 2 in ALD finished enrolling roughly 120 patients, with topline expected in the second half of 2027. Three shots on goal from a single molecule, the first reading positive.
The capital structure tells the other half of the story. The April 2026 underwritten public offering raised $211.1 million of net proceeds by selling 64.25 million shares bundled with one-for-one common stock warrants struck at $3.00; if those 75 million warrants are all exercised in cash at the strike, the company would collect another $225 million. Stockholders' equity roughly doubled from year-end 2025, to $474.2 million, and operating cash burn of $45.2 million in the first half of 2026 looks comfortably absorbed by a treasury that management says is sufficient for at least twelve months. The shares trade at $2.93, below the $3.00 warrant strike, and roughly flat to a year ago's print at the time of the previous positive data - a $570 million market capitalization against a $519 million treasury is the entire bear case on a single line.