Altimmune, Inc., a late clinical-stage biopharmaceutical company focused on developing therapies for serious liver diseases, reported a net loss of $88.1 million for the fiscal year ending December 31, 2025, a decrease from a net loss of $95.1 million in 2024. The company generated $41,000 in revenue, primarily from government grants, compared to $20,000 in the previous year. Total operating expenses decreased by 8% to $94.5 million, driven by a 19% reduction in research and development expenses, which fell to $66.4 million from $82.2 million. This decline was attributed to the completion of the IMPACT Phase 2b trial for the lead product candidate, pemvidutide, and a decrease in manufacturing costs.
Significant operational developments included the completion of the IMPACT Phase 2b trial, which demonstrated statistically significant improvements in metabolic dysfunction-associated steatohepatitis (MASH) resolution. The company also announced plans for a Phase 3 trial, following positive feedback from the FDA regarding the trial design and endpoints. Additionally, Altimmune is pursuing two new indications for pemvidutide: alcohol use disorder (AUD) and alcohol-associated liver disease (ALD). The FDA granted Fast Track designation for pemvidutide in both indications, indicating the potential for expedited development and review.
As of December 31, 2025, Altimmune had $273.5 million in cash, cash equivalents, and short-term investments, which the company believes will be sufficient to fund operations for at least the next twelve months. The company has not generated any revenue from product sales to date and has relied on equity offerings and debt financing to support its operations. In May 2025, Altimmune entered into a Loan Agreement with Hercules Capital, increasing its borrowing capacity to $125 million, with the first two tranches already drawn down.
The company’s workforce consisted of 57 full-time employees, with a majority engaged in research and development. Altimmune's strategic focus remains on advancing pemvidutide through clinical trials and exploring additional indications. The company anticipates continued increases in research and development expenses as it prepares for the upcoming Phase 3 trial and further clinical studies for AUD and ALD. However, the company also faces significant risks, including the potential for delays in clinical trials, regulatory approvals, and the need for additional financing to support its ongoing operations and development efforts.
Looking ahead, Altimmune's management remains optimistic about the potential of pemvidutide to address unmet medical needs in liver diseases, but acknowledges the inherent uncertainties in drug development and the competitive landscape in the biopharmaceutical industry. The company is actively pursuing partnerships and collaborations to enhance its development capabilities and market reach, while also navigating the complexities of regulatory compliance and market acceptance for its product candidates.
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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