Altimmune reported its fourth‑quarter and full‑year 2025 financial results, posting a net loss of $88.1 million for the year and a quarterly loss of $23.2 million, translating to earnings per share of $-0.27 versus the consensus estimate of $-0.25. The miss was driven by higher research and development expenses associated with the pemvidutide program and a one‑time charge related to regulatory compliance.
Revenue for the quarter was $30,000, a modest increase from the $0.717 million reported in the prior quarter but still below analyst expectations. The small top‑line growth reflects the company’s pre‑commercial status and the limited sales of its investigational product, while the higher R&D spend offset any incremental revenue.
Cash and liquidity remain robust, with a balance of $274 million on December 31, 2025, up from $210.8 million at the end of September. The company also completed a $75 million registered direct offering in January 2026, providing additional runway to fund its late‑stage clinical programs through 2028.
Strategic milestones highlighted in the release include the initiation of a Phase 3 trial of pemvidutide for metabolic dysfunction‑associated steatohepatitis (MASH), the expected topline data from the RECLAIM Phase 2 study in alcohol use disorder (AUD) in the third quarter of 2026, and the company’s receipt of FDA Breakthrough Therapy Designation for its MASH program on January 5, 2026. These developments position Altimmune to accelerate its clinical pipeline and potentially shorten the path to regulatory approval.
Management emphasized the company’s focus on maintaining a strong cash position to support ongoing clinical development. President and CEO Jerry Durso noted that the robust liquidity “allows us to continue our clinical development efforts into 2028,” underscoring confidence in the long‑term trajectory of the pemvidutide program.
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