Altimmune Reports $95.1 Million Net Loss and Minimal Revenue for Fiscal Year 2024

Altimmune, Inc., a clinical-stage biopharmaceutical company focused on developing treatments for obesity and metabolic diseases, reported a net loss of $95.1 million for the fiscal year ending December 31, 2024, compared to a net loss of $88.4 million in the previous year. The company generated minimal revenue of $20,000, a significant decrease from $426,000 in 2023, primarily due to the closure of a government contract. Total operating expenses rose to $103.2 million, up from $96.4 million in 2023, driven by increased research and development costs associated with its lead product candidate, pemvidutide.

Research and development expenses increased by 25% to $82.2 million, largely due to the ramp-up of the IMPACT Phase 2b trial for pemvidutide, which is being evaluated for the treatment of metabolic associated steatohepatitis (MASH). The company also reported a $2.8 million increase in general and administrative expenses, totaling $21 million, attributed to higher stock compensation and labor-related costs. Notably, there was no impairment loss on intangible assets in 2024, contrasting with a $12.4 million impairment recorded in 2023 related to the HepTcell program, which has since been discontinued.

Operationally, Altimmune has made significant strides in its clinical development programs. The company successfully completed its End-of-Phase 2 meeting with the FDA regarding pemvidutide, agreeing on a Phase 3 registrational program that will include four trials with approximately 5,000 subjects. The company also completed patient enrollment for the IMPACT trial and presented promising results from the MOMENTUM Phase 2 trial, where subjects achieved significant weight loss and improvements in metabolic markers.

As of December 31, 2024, Altimmune had $131.9 million in cash, cash equivalents, and short-term investments, which management believes will be sufficient to fund operations for at least the next twelve months. However, the company has not generated any revenue from product sales and continues to rely on equity financing and government grants to support its operations. The company anticipates ongoing significant losses as it continues to invest heavily in research and development.

Looking ahead, Altimmune's future performance will depend on the successful completion of its clinical trials and the ability to secure regulatory approvals for its product candidates. The company faces substantial competition in the biopharmaceutical industry, particularly in the obesity treatment market, where established players have significant resources. Altimmune's ability to navigate these challenges and achieve market acceptance for pemvidutide will be critical to its long-term success and financial viability.