Altimmune, Inc. reported its financial results for the third quarter of 2025, revealing a net loss of $19.0 million, a decrease from a net loss of $22.8 million in the same period last year. The company’s revenues remained unchanged at $5,000 for both the third quarters of 2025 and 2024. For the nine months ending September 30, 2025, Altimmune's net loss was $60.7 million, compared to a loss of $71.9 million for the same period in 2024. The decrease in losses is attributed to a reduction in operating expenses, which fell by 16% to $65.6 million for the nine months ended September 30, 2025, down from $78.3 million in the prior year.
The company’s operating expenses for the third quarter of 2025 totaled $20.9 million, a decrease from $24.8 million in the same quarter of 2024. Research and development expenses decreased by 24% to $15.0 million, primarily due to reduced costs associated with the ongoing IMPACT Phase 2b trial for its lead product candidate, pemvidutide, and a decrease in manufacturing expenses. General and administrative expenses increased by 19% to $5.9 million, driven by higher stock compensation and professional service costs.
In terms of liquidity, Altimmune reported cash, cash equivalents, restricted cash, and short-term investments totaling $210.8 million as of September 30, 2025, a significant increase from $137.3 million at the end of 2024. The company raised approximately $112.1 million through at-the-market offerings during the nine months ended September 30, 2025. Additionally, Altimmune entered into a Loan and Security Agreement with Hercules Capital, securing a term loan of up to $100 million, of which $15 million has been drawn down.
Operationally, Altimmune is advancing its clinical programs, particularly for pemvidutide, which is being evaluated for multiple indications, including metabolic dysfunction-associated steatohepatitis (MASH), alcohol use disorder (AUD), and alcohol-associated liver disease (ALD). The company has reported positive topline results from the IMPACT trial and has initiated additional trials for AUD and ALD, with enrollment for these studies completed ahead of schedule. The company anticipates announcing topline results for these trials in 2026.
Looking ahead, Altimmune remains focused on its clinical development programs and is actively pursuing additional financing options to support its operations and planned trials. The company has not generated any revenue from product sales to date and continues to rely on equity and debt financing to fund its research and development activities.
About Altimmune, Inc.
Altimmune, Inc. is a clinical-stage biopharmaceutical company developing peptide-based therapeutics targeting obesity, metabolic, and liver diseases. Its lead product, pemvidutide, is a dual GLP-1/glucagon receptor agonist designed to promote weight loss, reduce liver fat, and improve metabolic health. Altimmune focuses on innovative treatments addressing comorbidities of obesity and metabolic-associated steatohepatitis (MASH), leveraging proprietary technology and clinical development to serve patients with unmet medical needs.
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