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1. Company Snapshot

1.a. Company Description

Altimmune, Inc., a clinical stage biopharmaceutical company, focuses on developing treatments for obesity and liver diseases.The company's lead product candidate, pemvidutide (proposed INN, formerly known as ALT-801), is a GLP-1/glucagon dual receptor agonist that is in Phase 1b trial for the treatment of obesity and non-alcoholic steatohepatitis.It is also developing HepTcell, an immunotherapeutic product candidate, which is in Phase 2 clinical trial for patients chronically infected with the hepatitis B virus.


The company was formerly known as Vaxin Inc.and changed its name to Altimmune, Inc.in September 2015.


Altimmune, Inc.was founded in 1997 is headquartered in Gaithersburg, Maryland.

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1.b. Last Insights on ALT

Negative drivers behind Altimmune's recent performance include the need for a partner or acquisition to fund its phase 3 program for pemvidutide, as its current cash reserves of $139M are insufficient. The company's reliance on finding a partner or securing a buyout to avoid a hefty fund raise, which could negatively impact the stock, is a significant concern. Additionally, the upcoming fourth quarter and full-year 2024 financial results may bring uncertainty and volatility to the stock.

1.c. Company Highlights

2. Altimmune's Pemvidutide Shows Promise in MASH and AUD Trials

Altimmune reported a total cash position of $211 million as of September 30, representing a 60% increase from the start of the year. The company's cash position has been bolstered by $127 million raised through the first nine months of the year. For the third quarter, the actual EPS came out at '-0.21', beating estimates at '-0.29'. The company's financial footing is solid, with a significant cash reserve to support key development milestones.

Publication Date: Nov -24

📋 Highlights
  • Cash Position Growth: Total cash increased 60% YoY to $211M, driven by $127M raised in first 9 months of 2025.
  • IMPACT Trial Milestone: 48-week MASH data expected by Q4 2025 ahead of FDA Phase III design meeting in December 2025.
  • Phase III Trial Flexibility: Program designed to incorporate NITs/AI-based histology, leveraging EMA-approved AI biopsy reads in Europe.
  • RECLAIM Trial Success: AUD trial completed enrollment ahead of schedule, demonstrating 24-week efficacy in reducing heavy drinking days per week.
  • Dual Mechanism Advantage: 1:1 glucagon/GLP-1 agonist ratio enables rapid MASH resolution (24-week data) and lean muscle preservation vs. competitors.

Operational Highlights

The company is on the brink of a major inflection point with its clinical programs, particularly pemvidutide, which has shown rapid efficacy in treating MASH, with potential best-in-class MASH resolution and compelling antifibrotic activity. The 24-week data from the IMPACT trial demonstrated significant improvements in MASH resolution, and the company is preparing for a Phase III trial, with an in-person end of Phase II meeting with the FDA scheduled before year-end. As noted by Chief Medical Officer Christophe Arbet-Engels, "We are preparing for a scheduled face-to-face end of Phase II meeting with the FDA before year-end to review our proposed Phase III MASH program."

Valuation and Growth Prospects

Altimmune's valuation metrics indicate a high-growth expectation, with a P/S Ratio of 21225.88, suggesting significant revenue growth is priced in. However, analysts estimate next year's revenue growth at -50.0%, indicating a potential correction in expectations. The company's ROE (%) is -54.79, and ROIC (%) is -43.59, highlighting the negative returns on investment. With an EV/EBITDA of -4.22, the market is pricing in significant future growth, but the current financial performance does not support this valuation.

Future Developments

The company is advancing its clinical programs, with the 48-week IMPACT data readout expected before the end of the year. The RECLAIM trial for AUD has completed enrollment ahead of schedule, demonstrating significant interest in pemvidutide. With a strong cash position and upcoming milestones, Altimmune is poised for significant developments in the coming quarters.

3. NewsRoom

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ALT5 Sigma Receives Expected Nasdaq Notification Regarding Late Filing of Form 10-Q

Dec -02

Source: businesswire.com

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Altimmune Announces CEO Transition and Succession Plan

Dec -01

Source: globenewswire.com

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Altimmune to Participate in the Piper Sandler 37th Annual Healthcare Conference

Nov -26

Source: globenewswire.com

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Wall Street Analysts Predict a 250.59% Upside in Altimmune (ALT): Here's What You Should Know

Nov -25

Source: zacks.com

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Investors Purchase High Volume of Altimmune Call Options (NASDAQ:ALT)

Nov -25

Source: defenseworld.net

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Altimmune, Inc. (ALT) Presents at Jefferies London Healthcare Conference 2025 Transcript

Nov -20

Source: seekingalpha.com

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Altimmune: Probing Pemvi's MASH Data

Nov -14

Source: seekingalpha.com

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Altimmune Announces Publication of IMPACT Phase 2b Trial Data in The Lancet and Concurrent Late-Breaking Oral Presentation at AASLD The Liver Meeting® 2025

Nov -11

Source: globenewswire.com

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (0.00%)

6. Segments

Treatments for Various Diseases and Disorders, and Vaccines

Expected Growth: 10.3%

Growing demand for vaccines and treatments, increasing prevalence of infectious diseases, and advancements in biotechnology drive Altimmune's growth. The COVID-19 pandemic has accelerated the need for effective vaccines and treatments, positioning Altimmune for significant growth.

7. Detailed Products

NasoVAX

NasoVAX is a single-dose, intranasal anthrax vaccine candidate that provides long-term protection against anthrax infection.

SparVax-L

SparVax-L is a lyophilized, single-dose, intranasal vaccine candidate that provides long-term protection against anthrax infection.

ALT-702

ALT-702 is an intranasal, single-dose vaccine candidate that provides protection against COVID-19 and its variants.

ALT-801

ALT-801 is an oral, single-dose vaccine candidate that provides protection against COVID-19 and its variants.

HepTcell

HepTcell is a therapeutic vaccine candidate that targets hepatitis B virus (HBV) infection.

8. Altimmune, Inc.'s Porter Forces

Forces Ranking

Threat Of Substitutes

Altimmune, Inc. has a moderate threat of substitutes due to the availability of alternative treatments and vaccines for infectious diseases.

Bargaining Power Of Customers

Altimmune, Inc. has a low bargaining power of customers due to the lack of negotiating power of individual customers in the pharmaceutical industry.

Bargaining Power Of Suppliers

Altimmune, Inc. has a moderate bargaining power of suppliers due to the presence of multiple suppliers of raw materials and services.

Threat Of New Entrants

Altimmune, Inc. has a high threat of new entrants due to the attractiveness of the pharmaceutical industry and the ease of entry for new companies.

Intensity Of Rivalry

Altimmune, Inc. operates in a highly competitive industry with many established players, leading to a high intensity of rivalry.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 0.34%
Debt Cost 4.97%
Equity Weight 99.66%
Equity Cost 4.97%
WACC 4.97%
Leverage 0.35%

11. Quality Control: Altimmune, Inc. passed 5 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Stock-Card
Xoma

A-Score: 4.3/10

Value: 6.4

Growth: 2.0

Quality: 4.6

Yield: 0.0

Momentum: 9.0

Volatility: 3.7

1-Year Total Return ->

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CASI Pharmaceuticals

A-Score: 3.5/10

Value: 9.6

Growth: 5.3

Quality: 5.2

Yield: 0.0

Momentum: 0.0

Volatility: 0.7

1-Year Total Return ->

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Stock-Card
Altimmune

A-Score: 3.3/10

Value: 6.8

Growth: 3.4

Quality: 3.2

Yield: 0.0

Momentum: 5.5

Volatility: 1.0

1-Year Total Return ->

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Nutriband

A-Score: 3.0/10

Value: 6.2

Growth: 3.6

Quality: 3.8

Yield: 0.0

Momentum: 3.5

Volatility: 0.7

1-Year Total Return ->

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Capricor Therapeutics

A-Score: 2.7/10

Value: 6.6

Growth: 4.3

Quality: 4.9

Yield: 0.0

Momentum: 0.0

Volatility: 0.3

1-Year Total Return ->

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Nurix Therapeutics

A-Score: 2.6/10

Value: 6.6

Growth: 1.9

Quality: 4.8

Yield: 0.0

Momentum: 0.5

Volatility: 2.0

1-Year Total Return ->

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

5.24$

Current Price

5.24$

Potential

-0.00%

Expected Cash-Flows