Altimmune, Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Altimmune, Inc. has filed its 2023 10-K report detailing its financial performance and corporate structure.</b>

AI Summary

Altimmune, Inc. (ALT) filed a Annual Report (10-K) with the SEC on March 27, 2024. Altimmune, Inc. filed its 2023 Form 10-K on March 27, 2024. The company's fiscal year ends on December 31st. Altimmune, Inc. was formerly known as Pharmathene, Inc. and Healthcare Acquisition Corp. The company's business address is 910 Clopper Road, Suite 201S, Gaithersburg, MD 20878. The filing includes details on various stock incentive plans and grants.

Why It Matters

For investors and stakeholders tracking Altimmune, Inc., this filing contains several important signals. This filing provides a comprehensive overview of Altimmune's financial health and operational status for the fiscal year 2023, crucial for investors assessing the company's trajectory. The inclusion of details on stock incentive plans and grants offers insight into the company's compensation strategies and potential future equity dilution.

Risk Assessment

Risk Level: medium — Altimmune, Inc. shows moderate risk based on this filing. The company operates in the pharmaceutical sector, which is subject to significant regulatory hurdles, clinical trial risks, and market competition, as evidenced by the nature of a 10-K filing for a biotech firm.

Analyst Insight

Investors should review the detailed financial statements and risk factors in the 10-K to understand Altimmune's current financial position and future prospects.

Key Numbers

• 53,246,937 — Shares Outstanding (approximate) (From the filing header, likely representing basic shares outstanding.)
• 46,926,349 — Shares Outstanding (approximate) (From the filing header, likely representing diluted shares outstanding.)
• 2023-12-31 — Fiscal Year End (Reported period end date.)
• 2024-03-27 — Filing Date (Date the 10-K was filed.)

Key Players & Entities

• Altimmune, Inc. (company) — Filer name
• Pharmathene, Inc (company) — Former company name
• Healthcare Acquisition Corp (company) — Former company name
• 2024-03-27 (date) — Filing date
• 2023-12-31 (date) — Fiscal year end
• 910 CLOPPER ROAD SUITE 201S GAITHERSBURG MD 20878 (address) — Business address

FAQ

Risk Factors

• Regulatory Risks [high — regulatory]: The company is subject to extensive regulation by government authorities, which can impact product development, approval, manufacturing, and marketing.
• Need for Additional Financing [high — financial]: The company has a history of losses and may require substantial additional capital to fund its ongoing operations and development programs.
• Competition [medium — market]: The biotechnology and pharmaceutical markets are highly competitive, with many companies developing similar products.
• Reliance on Key Personnel [medium — operational]: The success of the company depends significantly on the continued service of its key scientific and management personnel.

Key Dates

• 2023-12-31: Fiscal Year End — Marks the end of the reporting period for the 10-K.
• 2024-03-27: 10-K Filing Date — Date Altimmune, Inc. submitted its annual report.

Key Financial Figures

• $0.0001 — ch registered Common stock, par value $0.0001 per share ALT The NASDAQ Global Mar
• $173.0 billion — cost of obesity in the U.S. was nearly $173.0 billion in 2019 dollars. Globally, the market s
• $2.4 billion — e market size for weight loss alone was $2.4 billion in 2022 and is estimated that it will r
• $54.0 billion — 022 and is estimated that it will reach $54.0 billion by 2030. Previous approaches to the tre

Filing Documents

• alt-20231231x10k.htm (10-K) — 2851KB
• alt-20231231xex4d2.htm (EX-4.2) — 55KB
• alt-20231231xex21.htm (EX-21) — 7KB
• alt-20231231xex23d1.htm (EX-23.1) — 10KB
• alt-20231231xex31d1.htm (EX-31.1) — 13KB
• alt-20231231xex31d2.htm (EX-31.2) — 13KB
• alt-20231231xex32d1.htm (EX-32.1) — 8KB
• alt-20231231xex32d2.htm (EX-32.2) — 8KB
• alt-20231231xex97.htm (EX-97) — 30KB
• alt-20231231x10k002.jpg (GRAPHIC) — 15KB
• alt-20231231x10k004.jpg (GRAPHIC) — 109KB
• alt-20231231x10k005.jpg (GRAPHIC) — 63KB
• alt-20231231x10k006.jpg (GRAPHIC) — 44KB
• alt-20231231x10k007.jpg (GRAPHIC) — 83KB
• alt-20231231x10k008.jpg (GRAPHIC) — 25KB
• 0001326190-24-000010.txt (&nbsp;) — 10178KB
• alt-20231231.xsd (EX-101.SCH) — 53KB
• alt-20231231_cal.xml (EX-101.CAL) — 62KB
• alt-20231231_def.xml (EX-101.DEF) — 188KB
• alt-20231231_lab.xml (EX-101.LAB) — 523KB
• alt-20231231_pre.xml (EX-101.PRE) — 380KB
• alt-20231231x10k_htm.xml (XML) — 1296KB

Business

Business 5 Item 1A.

Risk Factors

Risk Factors 43 Item 1B. Unresolved Staff Comments 84 Item 1C. Cybersecurity 84 Item 2.

Properties

Properties 85 Item 3.

Legal Proceedings

Legal Proceedings 85 Item 4. Mine Safety Disclosures 85 PART II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 86 Item 6. [ Reserved ] 86 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 87 Item 7A.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 95 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 96 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 121 Item 9A.

Controls and Procedures

Controls and Procedures 121 Item 9B. Other Information 121 PART III Item 10. Directors, Executive Officers and Corporate Governance 123 Item 11.

Executive Compensation

Executive Compensation 129 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 137 Item 13. Certain Relationships and Related Transactions, and Director Independence 139 Item 14. Principal Accountant Fees and Services 141 PART IV Item 15. Exhibits and Financial Statement Schedules 142 Item 16. Form 10-K Summary 144

Signatures

Signatures 145 Table of Contents

Forward-looking statements

Forward-looking statements This Annual Report on Form 10-K for the year ended December 31, 2023 (this "Annual Report") contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), and the Private Securities Litigation Reform Act of 1995. Written or oral statements that constitute forward-looking statements may be made by us or on our behalf. Words such as "expect," "anticipate," "intend," "plan," "believe," "estimate," "may," "will," "should," "could," "target," "strategy," "intend," "project," "guidance," "likely," "usually," "potential," or the negative of these words or variations of such words, similar expressions, or comparable terminology are intended to identify such forward-looking statements, although not all forward-looking statements contain these identifying words. There are a number of important risks and uncertainties that could cause our actual results to differ materially from those indicated by forward-looking statements. We may not actually achieve the plans, intentions or expectations disclosed in our forward-looking statements, and you should not place undue reliance on our forward-looking statements. Actual results or events could differ materially from the plans, intentions and expectations disclosed in the forward-looking statements we make. These forward-looking statements are based on current expectations, estimates, forecasts and projections about the industry and markets in which we operate, and management's beliefs and assumptions. These statements are not guarantees of future performance and involve certain risks, uncertainties and assumptions that are difficult to predict and may cause our actual results, performance or achievements to be materially different from future results, performance or achievements expressed or implied by any forward-looking statements. These risks, unc

Business

Item 1. Business Overview Altimmune, Inc. is a clinical stage biopharmaceutical company focused on developing treatments for obesity and liver diseases. Our lead product candidate, pemvidutide (formerly known as ALT-801), is a GLP-1/glucagon dual receptor agonist that is being developed for the treatment of obesity and metabolic dysfunction-associated steatohepatitis ("MASH"), previously termed non-alcoholic steatohepatitis ("NASH"). Except where the context indicates otherwise, references to "we," "us," "our," "Altimmune" or the "Company" refer to the company and its subsidiaries. Pemvidutide We completed an acquisition in July 2019 of all of the equity interests of Spitfire Pharma, Inc. ("Spitfire"). Spitfire was a privately held, preclinical pharmaceutical company with the primary asset being pemvidutide, a novel peptide-based GLP-1/glucagon dual receptor agonist product candidate designed to treat obesity and the metabolic dysfunction that causes MASH. Obesity is a significant burden to the global healthcare systems and is implicated in two-thirds of the leading causes of death from non-communicable diseases worldwide. Some of the leading risk factors or co-morbidities of obesity include high low density lipoprotein cholesterol ("LDL-C") and other serum lipids, high liver fat content, high total cholesterol, hypertension, type 2 diabetes, ischemic heart disease, cerebrovascular events, gallbladder disease, osteoarthritis, sleep apnea and breathing problems, certain cancers and MASH. According to the Center for Disease Control and Prevention, the estimated annual medical cost of obesity in the U.S. was nearly $173.0 billion in 2019 dollars. Globally, the market size for weight loss alone was $2.4 billion in 2022 and is estimated that it will reach $54.0 billion by 2030. Previous approaches to the treatment of obesity were associated with safety concerns, limiting the success of those approaches; however, the new class of incretin-based therapeutics has dem

View Full Filing

View this 10-K filing on SEC EDGAR