Financial Performance and Liquidity
Altimmune reported a net loss of $27.4 million, or $0.27 per share, for the fourth quarter of 2025, compared to a net loss of $23.2 million, or $0.33 per share, in the same period of 2024. For the full year, the net loss narrowed to $88.1 million, or $1.00 per share, down from $95.1 million, or $1.34 per share, in the prior year. Fourth-quarter research and development expenses declined to $18.4 million from $19.8 million year-over-year, primarily due to the timing of clinical research organization costs. Conversely, general and administrative expenses for the quarter increased to $10.5 million from $5.1 million, driven by additional professional fees, compensation expenses, and a one-time stock and payroll-related expense of approximately $2.6 million. The company concluded the year with a strengthened balance sheet, reporting $274 million in cash, cash equivalents, and short-term investments as of December 31, 2025. Subsequent to year-end, liquidity was further bolstered to approximately $340 million by February 28, 2026, following a $75.0 million registered direct offering and an additional $8.0 million raised via an At-the-Market facility.
Operational Highlights and Clinical Progress
The company advanced its pipeline significantly, anchored by its lead candidate, pemvidutide. Following positive 48-week data from the IMPACT Phase 2b trial reported in December 2025, pemvidutide was granted Breakthrough Therapy Designation by the FDA for the treatment of metabolic dysfunction-associated steatohepatitis. The company reached an alignment with the FDA during an End-of-Phase 2 meeting and plans to initiate a global Phase 3 registrational trial for this indication in 2026. In its alcohol use disorder program, enrollment for the RECLAIM Phase 2 trial was completed ahead of schedule in November 2025, with topline data expected in the third quarter of 2026. Meanwhile, the RESTORE Phase 2 trial evaluating pemvidutide for alcohol-associated liver disease continues to enroll patients. On the corporate front, Jerry Durso, an executive with extensive experience in rare liver disease franchises, was appointed as the new Chief Executive Officer.