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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 PEMB Shows Promise in NASH Treatment, But Financials Raise Concerns

Altimmune reported a net loss of $27.4 million, or $0.27 per share, for the year 2025, missing analyst estimates of -$0.25 per share. The company's research and development expenses were $18.4 million in Q4 2025, with $12.8 million related to PEMB development. General and administrative expenses were $10.5 million, driven by a one-time non-cash and cash stock compensation and payroll charge. Revenue growth is expected to be 1029.132% next year, according to analyst estimates.

Publication Date: Mar -08

📋 Highlights
  • Phase III Trial Design:: 990-patient primary cohort with 800 additional patients for F2/F3 NASH, targeting NASH resolution or fibrosis improvement at 52 weeks.
  • Clinical Efficacy:: 1.8 mg PEMB achieved 7.5% weight loss and antifibrotic effects in 48-week trials, with 43–51% F2/F3 patients projected for treatment.
  • Market Potential:: 70% of surveyed physicians likely to prescribe PEMB, citing dual mechanism, tolerability, and lean muscle preservation, with 80% viewing it as a first-line option.
  • Financial Position:: $274M cash at year-end 2025, $27.4M net loss, and $75M capital raise in January to fund Phase III, providing operating runway through 2028.
  • Competitive Edge:: PEMB’s one-to-one glucagon/GLP-1 ratio differentiates it in NASH, addressing SEMA discontinuation cases and offering reduced titration steps (1–2) for tolerability.

Financial Performance and Valuation

The company's financial results show a cash position of approximately $274 million at year-end 2025, which is expected to provide an operating cash runway into 2028. The company's valuation metrics raise concerns, with a P/E Ratio of -4.04, P/B Ratio of 1.58, and P/S Ratio of 7620.26. The EV/EBITDA ratio is -3.39, indicating that the company's enterprise value is not justified by its earnings. As Jerry Durso stated, "We completed a $75 million capital raise in January to prepare for the planned initiation of our Phase III trial this year."

PEMB's Potential in NASH Treatment

Altimmune's PEMB has shown strong evidence of antifibrotic effect in the IMPACT trials, with substantial improvements in ELF and liver stiffness. The 48-week data also provided evidence of the ability to address metabolic drivers of NASH, with patients receiving 1.8 mg PEMB achieving 7.5% weight loss at 48 weeks. The company's Phase III trial will assess PEMB in patients with moderate to advanced fibrosis, with a primary population of 990 patients.

Market Research and Competitive Landscape

Market research with 75 U.S. healthcare professionals who treat NASH patients identified emerging needs in patient subgroups, including options for NASH patients who have discontinued semaglutide for either tolerability or efficacy reasons. Physicians recognize the promise of PEMB in treating NASH, with over 70% reporting a high likelihood to prescribe it. The company's balanced ratio of GLP-1 to glucagon agonism is believed to be important for tolerability and efficacy.

Conclusion on Valuation Metrics

The company's valuation metrics, such as the P/S Ratio of 7620.26, indicate that investors have high expectations for the company's future revenue growth. However, the net loss and negative EPS raise concerns about the company's ability to meet these expectations. The company's cash position and expected operating cash runway into 2028 provide some comfort, but investors should closely monitor the company's progress in its Phase III trial and its ability to execute on its development plans.

3. NewsRoom

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Altimmune Q4 Earnings Call Highlights

Mar -07

Source: defenseworld.net

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Altimmune, Inc. (ALT) Q4 2025 Earnings Call Transcript

Mar -05

Source: seekingalpha.com

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Altimmune Announces Fourth Quarter and Full-year 2025 Financial Results and Business Updates

Mar -05

Source: globenewswire.com

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Altimmune to Participate in Upcoming Investor Conferences

Mar -02

Source: globenewswire.com

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Forget Altimmune: This Proven Obesity‑Drug Giant Is the Better Weight‑Loss Play

Feb -26

Source: fool.com

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Altimmune to Report Fourth Quarter and Full Year 2025 Financial Results and Provide Business Update on March 5, 2026

Feb -26

Source: globenewswire.com

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ALT5 Sigma Corporation Issues Stockholder Letter and Provides Corporate Update

Feb -23

Source: accessnewswire.com

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ALT5 Sigma Corporation Appoints Dr. Adel Elmessiry to Board of Directors

Feb -12

Source: accessnewswire.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: 3.7/10

Value: 2.8

Growth: 2.0

Quality: 6.9

Yield: 0.0

Momentum: 7.0

Volatility: 3.3

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Nutriband

A-Score: 3.7/10

Value: 6.2

Growth: 3.4

Quality: 3.8

Yield: 0.0

Momentum: 7.5

Volatility: 1.0

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CASI Pharmaceuticals

A-Score: 3.2/10

Value: 8.7

Growth: 5.1

Quality: 4.9

Yield: 0.0

Momentum: 0.0

Volatility: 0.7

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Nurix Therapeutics

A-Score: 2.8/10

Value: 6.4

Growth: 1.9

Quality: 3.6

Yield: 0.0

Momentum: 3.0

Volatility: 2.0

1-Year Total Return ->

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Stock-Card
Altimmune

A-Score: 2.7/10

Value: 7.1

Growth: 3.4

Quality: 3.7

Yield: 0.0

Momentum: 0.5

Volatility: 1.7

1-Year Total Return ->

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Capricor Therapeutics

A-Score: 2.5/10

Value: 6.0

Growth: 4.3

Quality: 4.9

Yield: 0.0

Momentum: 0.0

Volatility: 0.0

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

3.8$

Current Price

3.8$

Potential

-0.00%

Expected Cash-Flows