Altimmune, Inc., a clinical-stage biopharmaceutical company based in Gaithersburg, Maryland, reported significant financial changes in its 10-Q filing for the nine months ended September 30, 2024. The company focuses on developing treatments for obesity and liver diseases, with its lead product candidate, Pemvidutide, currently in advanced clinical trials.

For the three months ended September 30, 2024, Altimmune generated revenues of $5,000, a substantial decrease from $362,000 in the same period in 2023. For the nine-month period, revenues totaled $15,000, down from $389,000 in the prior year. The company has not yet generated any revenues from product sales, attributing the previous revenue to final indirect rate adjustments.

Total operating expenses for the third quarter increased to $24.8 million from $22.9 million year-over-year, while for the nine months, expenses rose to $78.3 million from $62.7 million. The net loss for the third quarter was $22.8 million, compared to $20.7 million in 2023, and for the nine months, the net loss increased to $71.9 million from $56.8 million. The increase in losses is primarily due to heightened research and development costs, particularly related to the Pemvidutide program, which saw expenses rise to $39.7 million for the nine months, up from $25.5 million in 2023.

As of September 30, 2024, Altimmune reported total current assets of $145.8 million, a decrease from $209.6 million at the end of 2023. Cash and cash equivalents fell sharply to $31.5 million from $135.2 million, while short-term investments increased to $107.9 million from $62.7 million. The company’s total stockholders’ equity also declined to $133.4 million from $194.1 million.

Strategically, Altimmune completed its End-of-Phase 2 meeting with the FDA on November 7, 2024, agreeing on the design for a registrational program for Pemvidutide, which includes four Phase 3 trials expected to enroll approximately 5,000 subjects. The company also renewed its operating lease for office and laboratory space, incurring an additional lease liability of $1.4 million.

In terms of legal matters, Altimmune is currently facing class action and derivative lawsuits alleging violations of the Securities Exchange Act and breaches of fiduciary duty, respectively. The company intends to vigorously defend against these claims.

Overall, Altimmune's financial performance reflects increased operational costs and ongoing investments in clinical trials, while its cash reserves have significantly diminished, prompting management to consider additional financing for future needs.