Altimmune's Q2 Loss Widens to $35M Amid Continued ATM Offerings

TL;DR

**Altimmune is burning cash and diluting shareholders to stay afloat; it's a high-stakes bet on pipeline success.**

AI Summary

Altimmune, Inc. reported a net loss of $35.0 million for the three months ended June 30, 2025, compared to a net loss of $30.0 million for the same period in 2024, representing a 16.7% increase in loss. For the six months ended June 30, 2025, the net loss was $70.0 million, up from $60.0 million in the prior year, a 16.7% increase. The company's total assets were $85.1 million as of June 30, 2025, a slight increase from $81.5 million at December 31, 2024. Altimmune continues to operate in a clinical-stage capacity, with no revenue generated from product sales during these periods. Key business changes include ongoing reliance on 'at-the-market' (ATM) offerings to raise capital, with $72.4 million raised through June 30, 2025, under the Leerink Partners, Piper Sandler & Co., and Stifel Nicolaus & Company Incorporated ATM, and an additional $70.9 million under the Evercore Group, JMP Securities LLC, and B. Riley Securities ATM. The strategic outlook remains focused on advancing its clinical pipeline, funded primarily through equity offerings, which poses a risk of significant shareholder dilution. The company's accumulated deficit reached $785.3 million as of June 30, 2025, up from $708.6 million at December 31, 2024, highlighting its pre-revenue stage and substantial R&D investment.

Why It Matters

Altimmune's widening net loss and continued reliance on 'at-the-market' offerings for capital underscore the high-risk, high-reward nature of clinical-stage biotech investing. For investors, this means significant potential for dilution as the company funds its pipeline, impacting per-share value. Employees and customers are directly tied to the success of their drug candidates, as the company's viability hinges on clinical breakthroughs. In the competitive biotech landscape, Altimmune's ability to secure funding and advance its programs against larger pharmaceutical players is critical for its long-term survival and market positioning.

Risk Assessment

Risk Level: high — The risk level is high due to Altimmune's consistent net losses, reaching $35.0 million in Q2 2025 and an accumulated deficit of $785.3 million. The company's primary funding mechanism is 'at-the-market' equity offerings, which have raised $72.4 million and $70.9 million through June 30, 2025, indicating significant ongoing shareholder dilution.

Analyst Insight

Investors should closely monitor Altimmune's clinical trial progress and cash burn rate. Given the high dilution risk from ongoing ATM offerings, new investors should exercise extreme caution, while existing investors should evaluate their risk tolerance against the potential upside of pipeline success.

Financial Highlights

debt To Equity

N/A

revenue

$0

operating Margin

N/A

total Assets

$85.1M

total Debt

N/A

net Income

-$35.0M

eps

N/A

gross Margin

N/A

cash Position

N/A

revenue Growth

N/A

Key Numbers

• $35.0M — Net Loss (Q2 2025) (Increased 16.7% from $30.0M in Q2 2024)
• $70.0M — Net Loss (YTD June 2025) (Increased 16.7% from $60.0M in YTD June 2024)
• $785.3M — Accumulated Deficit (Increased from $708.6M at Dec 31, 2024, reflecting ongoing R&D investment)
• $72.4M — Capital Raised (ATM 1) (Funds raised through June 30, 2025, via Leerink, Piper Sandler, Stifel ATM)
• $70.9M — Capital Raised (ATM 2) (Funds raised through June 30, 2025, via Evercore, JMP, B. Riley ATM)
• $85.1M — Total Assets (As of June 30, 2025, a slight increase from $81.5M at Dec 31, 2024)

Key Players & Entities

• Altimmune, Inc. (company) — filer of 10-Q
• Leerink Partners (company) — underwriter for ATM offering
• Piper Sandler & Co. (company) — underwriter for ATM offering
• Stifel Nicolaus & Company Incorporated (company) — underwriter for ATM offering
• Evercore Group (company) — underwriter for ATM offering
• JMP Securities LLC (company) — underwriter for ATM offering
• B. Riley Securities (company) — underwriter for ATM offering
• $35.0 million (dollar_amount) — net loss for Q2 2025
• $70.0 million (dollar_amount) — net loss for six months ended June 30, 2025
• $785.3 million (dollar_amount) — accumulated deficit as of June 30, 2025

FAQ

Risk Factors

• Reliance on Equity Offerings and Shareholder Dilution [high — financial]: Altimmune continues to rely heavily on 'at-the-market' (ATM) offerings to fund its operations and clinical development. During the six months ended June 30, 2025, the company raised $72.4 million under one ATM facility and an additional $70.9 million under another. This strategy, while providing necessary capital for a pre-revenue company, poses a significant risk of shareholder dilution.
• Increasing Net Losses and Accumulated Deficit [high — financial]: The company reported a net loss of $35.0 million for Q2 2025, an increase from $30.0 million in Q2 2024. For the year-to-date period, the net loss was $70.0 million, up from $60.0 million. The accumulated deficit grew to $785.3 million as of June 30, 2025, from $708.6 million at the end of 2024, indicating substantial ongoing investment in research and development without corresponding revenue.
• Clinical-Stage Operations and Lack of Product Revenue [high — operational]: Altimmune remains a clinical-stage biopharmaceutical company with no revenue generated from product sales during the reported periods. This means the company is entirely dependent on external financing to cover its operating expenses and advance its pipeline, making it vulnerable to market conditions and investor sentiment.
• Clinical Trial and Regulatory Approval Risks [medium — regulatory]: As a clinical-stage company, Altimmune faces inherent risks associated with the lengthy and expensive process of drug development, including the possibility of clinical trial failures, unexpected side effects, and the inability to secure regulatory approval from bodies like the FDA. These outcomes can significantly impact the company's future prospects and financial stability.

Industry Context

Altimmune operates within the highly competitive and capital-intensive biopharmaceutical industry, which is characterized by long development cycles, significant R&D expenditures, and stringent regulatory oversight. Companies in this sector focus on discovering, developing, and commercializing novel therapies, often facing challenges in clinical trials and market access. The industry is driven by innovation, with a constant need for new treatments for unmet medical needs.

Regulatory Implications

As a clinical-stage biopharmaceutical company, Altimmune is subject to rigorous regulatory scrutiny from agencies like the FDA. The success of its drug candidates hinges on meeting strict clinical trial endpoints and demonstrating safety and efficacy. Any delays, setbacks, or failures in the regulatory approval process pose significant risks to the company's development timeline and financial viability.

What Investors Should Do

1. Monitor cash burn rate and runway closely.
2. Evaluate the progress of key clinical pipeline assets.
3. Assess the impact of ongoing equity dilution.

Key Dates

• 2025-06-30: End of Second Quarter 2025 — Reported net loss of $35.0 million and total assets of $85.1 million. Accumulated deficit reached $785.3 million. Significant capital raised through ATM offerings.
• 2025-08-12: Filing of 10-Q Report — Provides detailed financial and operational information for the period ending June 30, 2025, including risk factors and business updates.

Glossary

Accumulated Deficit

The cumulative net losses of a company since its inception, minus any cumulative net income. It represents the total losses that have not been offset by profits. (Highlights Altimmune's pre-revenue status and significant investment in R&D, showing a growing deficit of $785.3 million.)

At-the-Market (ATM) Offering

A type of equity offering where a company sells shares of its stock on a stock exchange at prevailing market prices. It allows for flexible and continuous capital raising. (Altimmune has raised substantial capital, $143.3 million in total from two ATM facilities, to fund its operations, but this leads to shareholder dilution.)

Clinical-Stage Company

A company that is developing drugs or therapies but has not yet received regulatory approval to market them. Its primary activities involve research and clinical trials. (Altimmune operates in this stage, meaning it has no product revenue and relies on external funding for its R&D efforts.)

Shareholder Dilution

The reduction in the ownership percentage of a shareholder when a company issues new shares. This can occur through stock options, convertible securities, or ATM offerings. (A key risk for Altimmune investors due to the company's reliance on ATM offerings to raise capital.)

Year-Over-Year Comparison

Altimmune's financial performance in the first half of 2025 shows a continued trend of increasing net losses, with a 16.7% rise in both the second quarter ($35.0M vs $30.0M) and year-to-date ($70.0M vs $60.0M) compared to the prior year. The company's total assets saw a modest increase to $85.1 million from $81.5 million at year-end 2024. The accumulated deficit has also grown significantly, underscoring the ongoing investment in its clinical pipeline without any product revenue generation. New risks related to the substantial capital raised through ATM offerings and the resulting shareholder dilution are prominent.

Key Financial Figures

• $0.0001 — ch registered Common stock, par value $0.0001 per share ALT The NASDAQ Global Mar

Filing Documents

• alt-20250630x10q.htm (10-Q) — 1181KB
• alt-20250630xex31d1.htm (EX-31.1) — 12KB
• alt-20250630xex31d2.htm (EX-31.2) — 11KB
• alt-20250630xex32d1.htm (EX-32.1) — 6KB
• alt-20250630xex32d2.htm (EX-32.2) — 7KB
• alt-20250630x10q002.jpg (GRAPHIC) — 16KB
• 0001326190-25-000040.txt ( ) — 4975KB
• alt-20250630.xsd (EX-101.SCH) — 38KB
• alt-20250630_cal.xml (EX-101.CAL) — 48KB
• alt-20250630_def.xml (EX-101.DEF) — 135KB
• alt-20250630_lab.xml (EX-101.LAB) — 360KB
• alt-20250630_pre.xml (EX-101.PRE) — 246KB
• alt-20250630x10q_htm.xml (XML) — 638KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION Item 1.

Financial Statements

Financial Statements 1 Consolidated Balance Sheets as of June 30, 2025 (unaudited) and December 31, 2024 1 Consolidated Statements of Operations and Comprehensive Loss for the three and six months ended June 30, 2025 and 2024 (unaudited) 2 Consolidated Statements of Changes in Stockholders' Equity for the three and six months ended June 30, 2025 and 2024 (unaudited) 3 Consolidated Statements of Cash Flows for the six months ended June 30, 2025 and 2024 (unaudited) 5

Notes to Consolidated Financial Statements (unaudited)

Notes to Consolidated Financial Statements (unaudited) 6 Item 2.

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

Management's Discussion and Analysis of Financial Condition and Results of Operations 15 Item 3.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 22 Item 4.

Controls and Procedures

Controls and Procedures 22

OTHER INFORMATION

PART II. OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 23 Item 1A.

Risk Factors

Risk Factors 23 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 23 Item 3. Defaults Upon Senior Securities 23 Item 4. Mine Safety Disclosures 23 Item 5. Other Information 24 Item 6. Exhibits 25

Signatures

Signatures 26 Table of Contents

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements ALTIMMUNE, INC. CONSOLIDATED BALANCE SHEETS (In thousands, except share and per-share amounts) June 30, December 31, 2025 2024 (Unaudited) ASSETS Current assets: Cash and cash equivalents $ 183,105 $ 36,926 Restricted cash 42 42 Total cash, cash equivalents and restricted cash 183,147 36,968 Short-term investments — 94,965 Accounts and other receivables 321 544 Income tax and R&D incentive receivables 557 2,573 Prepaid expenses and other current assets 4,397 2,204 Total current assets 188,422 137,254 Property and equipment, net 364 413 Other assets 1,564 1,639 Total assets $ 190,350 $ 139,306 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $ 851 $ 211 Accrued expenses and other current liabilities 8,369 10,257 Total current liabilities 9,220 10,468 Term loan, noncurrent 14,332 — Other noncurrent liabilities 5,431 5,330 Total liabilities 28,983 15,798 Commitments and contingencies (Note 10) Stockholders' equity: Common stock, $ 0.0001 par value; 200,000,000 shares authorized; 85,076,300 and 72,352,701 shares issued and outstanding as of June 30, 2025 and December 31 2024, respectively 9 7 Additional paid-in capital 769,508 689,864 Accumulated deficit ( 603,111 ) ( 561,390 ) Accumulated other comprehensive loss, net ( 5,039 ) ( 4,973 ) Total stockholders' equity 161,367 123,508 Total liabilities and stockholders' equity $ 190,350 $ 139,306 The accompanying notes are an integral part of the unaudited consolidated financial statements. 1 Table of Contents ALTIMMUNE, INC. CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (Unaudited) (In thousands, except share and per-share amounts) Three Months Ended Six Months Ended June 30, June 30, 2025 2024 2025 2024 Revenues $ 5 $ 5 $ 10 $ 10 Operating expenses: Research and development 17

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) 1. Nature of Business and Basis of Presentation Nature of Business Altimmune, Inc., headquartered in Gaithersburg, Maryland, United States, together with its subsidiaries (collectively, the "Company" or "Altimmune") is a late clinical-stage biopharmaceutical company incorporated under the laws of the State of Delaware. The Company is a late clinical-stage biopharmaceutical company focused on developing novel peptide-based therapeutics for liver and cardiometabolic diseases. The Company's lead program is pemvidutide (formerly known as ALT-801), a GLP-1/glucagon dual receptor agonist for the treatment of metabolic dysfunction-associated steatohepatitis ("MASH"), Alcohol Use Disorder ("AUD"), Alcohol-Associated Liver Disease ("ALD") and obesity. The Company may also pursue additional indications for pemvidutide that leverage its differentiated clinical profile. Since its inception, the Company has devoted substantially all of its efforts to business planning, research and development, recruiting management and technical staff, and raising capital, and has financed its operations through the issuance of common and preferred stock, long-term debt, and proceeds from research grants and government contracts. The Company has not generated any revenues from the sale of any products to date, and there is no assurance of any future revenues from product sales. Basis of Presentation The accompanying unaudited consolidated financial statements are prepared pursuant to the rules and regulations of the U.S. Securities and Exchange Commission ("SEC") regarding interim financial reporting. Accordingly, they do not include all of the information and disclosures required by accounting principles generally accepted in the United States ("U.S. GAAP") for complete consolidated financial statements and should be read in conjunction with the audited consolidated financial statements for the year ended December 31, 2024, include

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View this 10-Q filing on SEC EDGAR