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Here are 1-3 brief analogies for Altimmune (ALT):

• A clinical-stage challenger aiming to be the next Eli Lilly or Novo Nordisk in the obesity and liver disease drug market.
• A specialized biotech, similar to an early-stage Amgen or Gilead Sciences, but focused on developing treatments for metabolic diseases like obesity and MASH.
• A biotech developing a potential competitor to Eli Lilly's Zepbound or Novo Nordisk's Wegovy for weight loss.

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• Pemvidutide: A GLP-1/glucagon dual receptor agonist in clinical development for obesity and metabolic dysfunction-associated steatohepatitis (MASH).

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Altimmune, Inc. (symbol: ALT) is a clinical-stage biotechnology company focused on developing novel peptide-based therapeutics for obesity and liver diseases. As a clinical-stage company, Altimmune does not currently have commercial products on the market and therefore does not have major commercial customers in the traditional sense of selling products or services.

Historically, Altimmune's most significant revenue was derived from government contracts related to vaccine development. Therefore, the primary "customer" in this context, representing a major source of contract revenue, would be:

• U.S. Government (specifically through agencies like the Biomedical Advanced Research and Development Authority, or BARDA, under the Department of Health and Human Services). As a government entity, it does not have a public company symbol.

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Vipin K. Garg, Ph.D. President And Chief Executive Officer

Dr. Vipin K. Garg has served as President and Chief Executive Officer of Altimmune since November 2018, bringing over three decades of experience in the biotechnology and pharmaceutical industries. He has a proven track record of building and leading both private and publicly traded companies. Prior to Altimmune, he served as President and CEO of Neos Therapeutics (Nasdaq: NEOS), where he built a commercial-stage biopharmaceutical company and launched three branded therapeutic products. Before Neos, he was President and CEO of Tranzyme Pharma, progressing it from a discovery-stage to a Nasdaq-listed clinical-stage drug development company. Dr. Garg also served as CEO of Apex Bioscience, Inc., which was acquired by Curacyte AG. He held senior management positions at DNX Bio-Therapeutics, Inc. and Bio-Response Inc., both of which were acquired by Baxter Healthcare Corporation.

Greg Weaver, MBA Chief Financial Officer

Mr. Greg Weaver joined Altimmune as Chief Financial Officer in November 2024, bringing over 25 years of finance experience across publicly-traded and privately-held life sciences companies. Most recently, he served as CFO of Cognito Therapeutics. Prior to Cognito, he was CFO at atai Life Sciences (Nasdaq: ATAI), where he led a $225 million Initial Public Offering in 2021. Throughout his career, Mr. Weaver has led numerous capital markets transactions, manufacturing and R&D investments, product launches, and M&A transactions. He also served as CFO of Sirna Therapeutics (Nasdaq: RNAI), a genetic medicines company acquired by Merck, and ILEX Oncology (Nasdaq: ILXO), a commercial-stage company acquired by Genzyme.

M. Scot Roberts, Ph.D. Chief Scientific Officer

Dr. M. Scot Roberts has been the Chief Scientific Officer for Altimmune since December 2012. He possesses two decades of experience managing scientific operations, leading small molecule and biologics research and drug development efforts with a focus on viral vectors and antiviral therapies. Before joining Altimmune, Dr. Roberts was the Chief Scientific Officer for ImQuest BioSciences, Inc., where he oversaw scientific operations and business development initiatives in cancer and antivirals. He also held various leadership positions at Wellstat Biologics Corporation from 1996 to 2010, including Director of Research and Development.

Christophe Arbet-Engels, M.D., Ph.D. Chief Medical Officer

Dr. Christophe Arbet-Engels serves as the Chief Medical Officer at Altimmune. He is a member of the company's executive team, bringing expertise across scientific and business operations and advancing product candidates through clinical development.

Raymond Jordt, MBA Chief Business Officer

Mr. Raymond Jordt holds the position of Chief Business Officer at Altimmune. He is part of the executive team, contributing to the company's business operations and strategy.

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The most significant risk is the **outcome of clinical trials and regulatory approval for its product candidates**. Altimmune is heavily dependent on the success of its lead product candidate, pemvidutide, and currently has no approved products for commercial distribution. There is a high inherent risk of failure in developing marketable products, and positive results from early-stage clinical trials may not be replicated in later, larger trials. For instance, mixed results from a Phase 2b trial for pemvidutide, where the primary endpoint of MASH resolution was met but the fibrosis improvement endpoint was missed, led to a substantial drop in stock price and ongoing investor uncertainty. Delays or unfavorable outcomes in these pivotal trials, or challenges in navigating regulatory landscapes, could severely impact the company's financial health and stock performance.

Another major risk is the **securities fraud litigation and potential damage to reputation**. Altimmune is currently facing a class-action lawsuit (Collier v. Altimmune, Inc.) alleging that the company misled shareholders by overstating the results of its Phase 2b MASH trial for pemvidutide. The lawsuit claims critical data regarding the placebo group's high response rates were omitted, and the statistical significance of the results was misrepresented. The emergence of the full details in June 2025 reportedly caused Altimmune's stock price to collapse by over 53%. This litigation not only poses a risk of significant financial strain but can also damage investor trust, delay potential partnerships, and harm the company's standing in the competitive biotech sector.

Finally, **intense competition in the weight-loss and metabolic disease markets** poses a key risk to Altimmune's business. While pemvidutide aims to address significant unmet medical needs, a short report in early 2024 questioned its ability to compete effectively against established incumbents and other GLP-1 agonists already in clinical trials. This report contributed to a stock price drop at the time. The weight-loss drug market is highly lucrative, making it a very competitive landscape where Altimmune must differentiate its product to gain market share.

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The accelerated pace of innovation and market dominance by pharmaceutical giants, such as Novo Nordisk and Eli Lilly, in the GLP-1 and multi-agonist space for obesity and metabolic diseases represents a clear emerging threat. These companies possess vastly superior resources and established market presence, and they are continuously developing and bringing to market increasingly effective and potentially more convenient next-generation therapies, including dual and triple agonists as well as oral formulations. Altimmune's lead candidates, which are still in clinical trials, face the challenge of entering a market that is rapidly advancing and becoming further saturated with established, highly efficacious products from these dominant players. This ongoing and aggressive competitive landscape could significantly diminish the market opportunity and competitive positioning for Altimmune's products by the time they are ready for commercialization.

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Altimmune's main product candidate, pemvidutide, addresses the markets for obesity and metabolic dysfunction-associated steatohepatitis (MASH), formerly known as nonalcoholic steatohepatitis (NASH).

Obesity Market

• The global GLP-1 (Glucagon-like peptide-1) market, which includes treatments for obesity, is projected to grow from USD 8,169 million in 2025 to approximately USD 65,364 million by 2035.
• The GLP-1 global obesity market is predicted to reach $111 billion by 2033 across seven major markets, including the U.S., France, Spain, Germany, Italy, Japan, and the U.K.
• The global obesity treatment market was valued at USD 15.92 billion in 2024 and is projected to reach USD 60.53 billion by 2030. North America held a significant share, accounting for 73.39% of the revenue in this market in 2024.
• Another estimate for the global anti-obesity medication (AOM) market projects it to reach approximately US$130 billion between 2024 and 2034.

Metabolic Dysfunction-Associated Steatohepatitis (MASH) Market

• The global MASH (formerly NASH) treatment market reached US$ 7.87 billion in 2024 and is expected to grow to US$ 31.76 billion by 2033.
• The global nonalcoholic steatohepatitis (NASH) market is estimated to reach $57.5 billion by 2033.
• For North America, the MASH treatment market size was US$ 3.70 billion in 2024 and is anticipated to reach US$ 17.15 billion by 2033. North America currently holds the largest revenue share in the global MASH market, at 43.5% in 2024.
• The global Liver Fibrosis & MASH/NASH Drugs Market is estimated at US$18.3 billion in 2025 and is projected to grow at a CAGR of 10.0% during the forecast period 2025-2035.

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Altimmune (ALT) is a clinical-stage biopharmaceutical company primarily focused on developing novel peptide-based therapeutics for liver and cardiometabolic diseases. Over the next 2-3 years, its future revenue growth is expected to be driven by the advancement and potential commercialization of its lead product candidate, pemvidutide, across multiple indications.

1. Advancement and Potential Commercialization of Pemvidutide for MASH: Pemvidutide is being developed for Metabolic Dysfunction-Associated Steatohepatitis (MASH), a significant unmet medical need. Positive 24-week topline results from the IMPACT Phase 2b trial, announced in June 2025, demonstrated significant MASH resolution and weight loss. The company anticipates releasing 48-week IMPACT data before the end of 2025 and has an End-of-Phase 2 meeting with the FDA scheduled for Q4 2025 to discuss the Phase 3 trial design. Pemvidutide has received Fast Track Designation from the FDA for MASH, potentially accelerating its development and review process. Analysts project significant revenue growth for Altimmune, largely contingent on the successful clinical development and eventual commercial launch of pemvidutide in this indication.
2. Development of Pemvidutide for Alcohol Use Disorder (AUD): Altimmune is also advancing pemvidutide for Alcohol Use Disorder (AUD), a condition with a major unmet medical need and limited treatment options. The Phase 2 RECLAIM trial for AUD completed enrollment ahead of schedule in Q2 2025, with topline results expected in 2026. Pemvidutide was granted Fast Track Designation by the FDA for AUD in August 2025, highlighting its potential to address this critical area.
3. Initiation and Progress in Alcohol-Associated Liver Disease (ALD): The RESTORE Phase 2 trial for Alcohol-Associated Liver Disease (ALD) was initiated in Q3 2025, and enrollment is currently ongoing. There are currently no approved therapies for ALD patients, positioning pemvidutide as a potentially transformative treatment if successful. Preclinical data suggests pemvidutide's dual mechanism of action may improve liver health in ALD.
4. Potential for Pemvidutide in Obesity: Beyond MASH, pemvidutide has shown compelling weight loss with class-leading lean mass preservation in clinical trials, including the completed MOMENTUM Phase 2 obesity trial in 2024. While MASH is a primary focus, the strong weight loss profile of pemvidutide could lead to a broader obesity indication or enhance its market position among MASH patients who also suffer from obesity.
5. Strategic Commercial Infrastructure and Potential Partnerships: Altimmune has strengthened its executive team with key appointments, including a Chief Commercial Officer, to build its commercial infrastructure in anticipation of regulatory milestones and potential product launches. The company has engaged in explicit discussions about commercial strategy and payer feedback, with early research in Europe indicating high physician interest and a positive reimbursement outlook, partly due to pemvidutide's lean muscle preservation. The potential for a strategic partnership for its Phase 3 development and commercialization could also be a significant driver of future revenue, offering upfront and milestone payments.

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Share Issuance

• In July 2020, Altimmune completed a public offering, generating approximately $132.2 million in gross proceeds from the sale of common stock and pre-funded warrants.
• Around Q2 2025, the company completed an equity capital raise of $88 million.
• As of November 6, 2025, Altimmune established a new "at-the-market" equity offering program, authorizing the sale of up to $200.0 million of common stock, which replaced a prior $150.0 million ATM facility.

Inbound Investments

• On May 13, 2025, Altimmune entered into a Loan and Security Agreement with Hercules Capital, providing access to up to $100.0 million in term loans, with an initial funding of $15.0 million, later amended and increased to $125.0 million.
• In June 2020, Altimmune received a grant of $4.7 million.

Capital Expenditures

• Capital expenditures were approximately $0.047 million in 2024, $0.126 million in 2023, and $12.1 million in 2022.
• These expenditures are generally focused on supporting ongoing research and development activities, including potential manufacturing scale-up and advanced clinical trials.