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Altimmune | 10-K: Annual report

SEC announcement ·  Mar 27 16:05
Summary by Moomoo AI
Altimmune, a clinical stage biopharmaceutical company, has not generated revenue from product sales but has historically relied on government and foundation grants. In 2023, the company reported a slight increase in net loss to $88.4 million, up from $84.7 million in 2022. Research and development expenses decreased by 7% to $65.8 million, primarily due to reduced costs in pemvidutide development for obesity and metabolic dysfunction-associated steatohepatitis (MASH). General and administrative expenses rose by 6% to $18.1 million. The company also recorded a non-cash impairment charge of $12.4 million for the discontinued HepTcell program. Altimmune's cash position remains strong with $197.9 million in cash, cash equivalents, and short-term investments as of December 31, 2023, which is expected to fund operations for at least twelve months. The company's lead...Show More
Altimmune, a clinical stage biopharmaceutical company, has not generated revenue from product sales but has historically relied on government and foundation grants. In 2023, the company reported a slight increase in net loss to $88.4 million, up from $84.7 million in 2022. Research and development expenses decreased by 7% to $65.8 million, primarily due to reduced costs in pemvidutide development for obesity and metabolic dysfunction-associated steatohepatitis (MASH). General and administrative expenses rose by 6% to $18.1 million. The company also recorded a non-cash impairment charge of $12.4 million for the discontinued HepTcell program. Altimmune's cash position remains strong with $197.9 million in cash, cash equivalents, and short-term investments as of December 31, 2023, which is expected to fund operations for at least twelve months. The company's lead product candidate, pemvidutide, received FDA fast track designation for MASH treatment and is undergoing a Phase 2b trial. Top-line results from the trial are expected in Q1 2025. However, development of HepTcell for chronic hepatitis B was halted due to insufficient trial results. Altimmune plans to continue investing in research and development, focusing on pemvidutide and other clinical and preclinical candidates.

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