Altimmune, Inc.
ALT · Pharmaceutical Preparations · 194.5M shares · +29%/yr ↑ dilution · EDGAR filings ↗
Reference price $3.41 · est. market cap ~$663M — last insider purchase, 2026-04-06 (estimated from the dated SEC Form 4 price × shares outstanding — not a live quote)
Grade
C58Well-capitalized clinical-stage MASH/ALD biotech whose lead pemvidutide just delivered a positive Phase 2b readout.
Strengths
- Strong balance sheet: 16.2-quarter runway (84th pct), current ratio 18.5 (94th pct)
- Lead pemvidutide hit statistically significant MASH-resolution and anti-fibrosis endpoints (24- and 48-week IMPACT) with a clear FDA Phase 3 path
- Broadening pipeline (AUD/ALD) with Fast Track designation
Risks
- Pre-revenue with extreme negative margins (net -2149%, operating -2305%, ~1st-2nd pct)
- Binary dependence on a single asset heading into expensive Phase 3; legacy programs (HepTcell, NasoVAX) failed
- Will require substantial additional financing before any approval
Notable findings
- High convictionHigh conviction — notable institutional holders, insider buying, and a strong balance sheet
- Net lossNet loss (net margin -214861.0%)
- Chronic dilutionShare count +29%/yr over 4y (dilution, book value/share -59%)
- Cash burnNegative free cash flow (-67.5M)
- Fund exitedNotable fund(s) exited this quarter: VANGUARD GROUP INC
- Insider buyingInsider buying — 7 open-market buy(s) by 5 insider(s) (cluster of 5 insiders, ~$220,966, last 6mo) Form 4 ↗
- Strong balance sheetStrong balance sheet — $273M cash & investments, ~16 quarters of runway
- Trial resultPositive trial readout — primary endpoint met (8-K) 8-K ↗
- Trial readout soonUpcoming trial readout ~2026-05 — PHASE2 · Alcohol Use Disorder (AUD)
- Notable holderHeld by 4 notable fund(s): STATE STREET CORP, GOLDMAN SACHS GROUP INC, CITADEL ADVISORS LLC +1 more (as of 2026-03-31)
Quarterly revenue
Last 4 quarters · from SEC filings.
Key metrics
Operating margin
-230461.0%
Net margin
-214861.0%
Return on equity
-39.2%
Return on assets
-31.5%
ROIC
-28.8%
Revenue growth (QoQ)
420.0%
Debt / equity
0.2×
Current ratio
18.5×
Free cash flow
-$68M
Tangible book value
$225M
Cash & investments
$273M
Cash runway
16q
Stock comp / revenue
39209.8%
Insider transactions · last 18 months
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| 2026-04-06 | GILL JOHN | Buy | 9.2K | $3.41 |
| 2026-04-01 | Durso Jerome Benedict | Buy | 15K | $3.14 |
| 2026-04-01 | WEAVER GREGORY L | Buy | 10K | $3.15 |
| 2026-03-06 | WEAVER GREGORY L | Buy | 5.0K | $3.54 |
| 2026-03-06 | Durso Jerome Benedict | Buy | 20K | $3.54 |
| 2026-02-02 | Roberts M Scot | Tax withheld | 2.3K | $5.55 |
| 2026-02-02 | Roberts M Scot | Option exercise | 7.8K | — |
| 2026-01-31 | Garg Vipin K | Grant | 6.9K | $3.07 |
| 2026-01-31 | Roberts M Scot | Grant | 5.6K | $3.07 |
| 2026-01-31 | Jordt Raymond M | Grant | 4.6K | $3.07 |
| 2026-01-30 | Roberts M Scot | Option exercise | 9.3K | — |
| 2026-01-30 | Garg Vipin K | Option exercise | 27K | — |
| 2026-01-30 | Garg Vipin K | Tax withheld | 12K | $5.60 |
| 2026-01-30 | Roberts M Scot | Tax withheld | 2.9K | $5.60 |
| 2026-01-27 | Roberts M Scot | Tax withheld | 4.7K | $6.18 |
| 2026-01-27 | Jordt Raymond M | Option exercise | 16K | — |
| 2026-01-27 | Jordt Raymond M | Tax withheld | 4.2K | $6.18 |
| 2026-01-27 | Roberts M Scot | Option exercise | 16K | — |
| 2026-01-27 | Garg Vipin K | Option exercise | 41K | — |
| 2026-01-27 | Garg Vipin K | Tax withheld | 18K | $6.18 |
| 2026-01-25 | Jordt Raymond M | Option exercise | 15K | — |
| 2026-01-25 | Garg Vipin K | Tax withheld | 18K | $5.50 |
| 2026-01-25 | Jordt Raymond M | Tax withheld | 3.9K | $5.50 |
| 2026-01-25 | Roberts M Scot | Option exercise | 15K | — |
| 2026-01-25 | Roberts M Scot | Tax withheld | 4.4K | $5.50 |
| 2026-01-25 | Garg Vipin K | Option exercise | 42K | — |
| 2026-01-08 | Pisano Wayne | Buy | 5.0K | $4.08 |
| 2026-01-05 | Sohn Catherine A. | Buy | 500 | $4.24 |
| 2026-01-01 | Jordt Raymond M | Option exercise | 9.4K | — |
| 2026-01-01 | Jordt Raymond M | Tax withheld | 2.5K | $3.61 |
| 2025-12-29 | Jorkasky Diane | Buy | 527 | $3.80 |
| 2025-12-23 | GILL JOHN | Buy | 12K | $4.10 |
| 2025-12-22 | Durso Jerome Benedict | Buy | 12K | $4.13 |
| 2025-11-11 | WEAVER GREGORY L | Option exercise | 19K | — |
| 2025-11-11 | WEAVER GREGORY L | Tax withheld | 5.7K | $4.28 |
| 2025-07-31 | Harris Matthew Scott | Grant | 2.0K | $3.14 |
| 2025-07-31 | Jordt Raymond M | Grant | 1.4K | $3.14 |
| 2025-07-31 | Roberts M Scot | Grant | 846 | $3.14 |
| 2025-03-17 | Sohn Catherine A. | Buy | 1.0K | $5.78 |
| 2025-03-13 | WEAVER GREGORY L | Buy | 10K | $5.20 |
| 2025-03-07 | Harris Matthew Scott | Gift | 68K | — |
| 2025-02-02 | Harris Matthew Scott | Option exercise | 7.8K | — |
| 2025-02-02 | Harris Matthew Scott | Tax withheld | 2.7K | $6.64 |
| 2025-02-02 | Garg Vipin K | Tax withheld | 8.3K | $6.64 |
| 2025-02-02 | Garg Vipin K | Option exercise | 19K | — |
| 2025-02-02 | Roberts M Scot | Tax withheld | 2.3K | $6.64 |
| 2025-02-02 | Roberts M Scot | Option exercise | 7.8K | — |
| 2025-02-01 | Harris Matthew Scott | Tax withheld | 2.1K | $6.64 |
| 2025-02-01 | Garg Vipin K | Option exercise | 17K | — |
| 2025-02-01 | Garg Vipin K | Tax withheld | 7.2K | $6.64 |
| 2025-02-01 | Roberts M Scot | Tax withheld | 1.8K | $6.64 |
| 2025-02-01 | Roberts M Scot | Option exercise | 6.2K | — |
| 2025-02-01 | Harris Matthew Scott | Option exercise | 6.2K | — |
| 2025-01-31 | Jordt Raymond M | Grant | 2.6K | $5.18 |
| 2025-01-31 | Garg Vipin K | Grant | 4.1K | $5.18 |
| 2025-01-31 | Harris Matthew Scott | Grant | 1.9K | $5.18 |
| 2025-01-31 | Roberts M Scot | Grant | 3.2K | $5.18 |
| 2025-01-30 | Roberts M Scot | Tax withheld | 2.7K | $7.00 |
| 2025-01-30 | Harris Matthew Scott | Tax withheld | 3.2K | $7.00 |
| 2025-01-30 | Harris Matthew Scott | Option exercise | 9.3K | — |
| 2025-01-30 | Garg Vipin K | Tax withheld | 12K | $7.00 |
| 2025-01-30 | Garg Vipin K | Option exercise | 27K | — |
| 2025-01-30 | Roberts M Scot | Option exercise | 9.3K | — |
| 2025-01-25 | Garg Vipin K | Tax withheld | 18K | $6.98 |
| 2025-01-25 | Roberts M Scot | Option exercise | 15K | — |
| 2025-01-25 | Jordt Raymond M | Option exercise | 15K | — |
| 2025-01-25 | Jordt Raymond M | Tax withheld | 3.9K | $6.98 |
| 2025-01-25 | Harris Matthew Scott | Option exercise | 15K | — |
| 2025-01-25 | Roberts M Scot | Tax withheld | 4.3K | $6.98 |
| 2025-01-25 | Harris Matthew Scott | Tax withheld | 5.0K | $6.98 |
| 2025-01-25 | Garg Vipin K | Option exercise | 42K | — |
| 2025-01-01 | Jordt Raymond M | Option exercise | 9.4K | — |
| 2025-01-01 | Jordt Raymond M | Tax withheld | 2.5K | $7.21 |
All non-derivative Form 4 activity (SEC), newest first.
Clinical trials
| Trial | Title | Phase | Status | Primary completion |
|---|---|---|---|---|
| NCT07009860 ↗ | RESTORE TRIAL: A Phase 2 Study Evaluating the Efficacy and Safety of Pemvidutide in the Treatment of Alcohol-Associated Liver Disease (ALD) Alcohol Liver Disease | PHASE2 | Recruiting | 2027-03-31 |
| NCT06987513 ↗ | RECLAIM STUDY: A Phase 2 Evaluating the Efficacy and Safety of Pemvidutide in the Treatment of Alcohol Use Disorder (AUD) in Subjects With Obesity or Overweight Alcohol Use Disorder (AUD) | PHASE2 | Active Not Recruiting | 2026-05-01 |
| NCT05989711 ↗ | IMPACT TRIAL: Efficacy and Safety of Pemvidutide in Subjects With Nonalcoholic Steatohepatitis (NASH) Non-Alcoholic Steatohepatitis (NASH) | PHASE2 | Completed | 2025-11-25 |
| NCT04684914 ↗ | HepTcell Immunotherapy in Patients With Inactive Chronic Hepatitis B (CHB) Hepatitis B, Chronic | PHASE2 | Terminated | 2024-03-27 |
| NCT05295875 ↗ | Efficacy and Safety of ALT-801 in the Treatment of Obesity Obesity/Overweight | PHASE2 | Completed | 2023-09-28 |
| NCT05134662 ↗ | ALT-801 in Overweight and Obese Subjects With Type 2 Diabetes Mellitus (T2DM) Type 2 Diabetes | PHASE1 | Completed | 2023-02-03 |
| NCT05292911 ↗ | Extension of ALT-801 in Diabetic and Non-Diabetic Overweight and Obese Subjects With (NAFLD) Non-Alcoholic Fatty Liver Disease | PHASE1 | Completed | 2022-10-31 |
| NCT05006885 ↗ | ALT-801 in Diabetic and Non-Diabetic Overweight and Obese Subjects With Non-alcoholic Fatty Liver Disease (NAFLD) Non-Alcoholic Fatty Liver Disease | PHASE1 | Completed | 2022-08-17 |
| NCT04972396 ↗ | Pemvidutide (ALT-801) DDI Study in Healthy Volunteers NASH - Nonalcoholic Steatohepatitis | PHASE1 | Completed | 2022-05-15 |
| NCT04679909 ↗ | Safety and Immunogenicity of AdCOVID in Healthy Adults (COVID-19 Vaccine Study) Healthy Volunteers | PHASE1 | Completed | 2021-12-01 |
| NCT04561245 ↗ | ALT-801 (Pemvidutide) in Healthy Overweight and Obese Volunteers to Study Safety and Tolerability Obesity, Nonalcoholic Steatohepatitis | PHASE1 | Completed | 2021-10-29 |
| NCT04415749 ↗ | NasoShield in Healthy Adults to Study Safety and Immunogenicity Healthy Volunteers | PHASE1 | Completed | 2021-03-15 |
| NCT04442230 ↗ | NasoVAX in Patients With Early Coronavirus Infectious Disease 2019 (COVID-19) Coronavirus Infection | PHASE2 | Terminated | 2021-02-15 |
| NCT03352466 ↗ | NasoShield Study of Safety and Immunogenicity Healthy Volunteers | PHASE1 | Completed | 2019-05-13 |
| NCT03760549 ↗ | Study of the Safety and Immunogenicity of NasoVAX Extension Influenza | — | Completed | 2019-02-18 |
| NCT03232567 ↗ | Single-ascending-dose Study of the Safety and Immunogenicity of NasoVAX Influenza | PHASE2 | Completed | 2018-03-07 |
| NCT03163342 ↗ | Immune Response Following Seasonal Influenza Vaccination Influenza | PHASE4 | Completed | 2017-11-21 |
| NCT02496897 ↗ | Phase I Safety and Immunogenicity of FP-02.2 in Chronic Hepatitis B Hepatitis B | PHASE1 | Completed | 2017-10-13 |
| NCT00755703 ↗ | Safety and Immunogenicity Study of Adenovirus-vectored, Intranasal Pandemic Influenza Vaccine. Influenza A Subtype H5N1 Infection | PHASE1 | Completed | 2009-09-01 |
Source: ClinicalTrials.gov (U.S. NIH) · active studies first.
Notable events (8-K)
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 8-K | 2026-06-16 | 2026-06-16 | 0001104659-26-074575 ↗ |
| 8-K | 2026-05-13 | 2026-05-13 | 0001326190-26-000037 ↗ |
| 10-Q | 2026-05-13 | 2026-03-31 | 0001326190-26-000040 ↗ |
| 8-K | 2026-04-24 | 2026-04-22 | 0001104659-26-048552 ↗ |
| 8-K | 2026-04-16 | 2026-04-16 | 0001326190-26-000027 ↗ |
| 10-K | 2026-03-06 | 2025-12-31 | 0001326190-26-000018 ↗ |
| 8-K | 2026-03-05 | 2026-03-05 | 0001326190-26-000013 ↗ |
| 8-K | 2026-02-03 | 2026-02-02 | 0001326190-26-000008 ↗ |
| 8-K | 2026-01-28 | 2026-01-27 | 0001326190-26-000006 ↗ |
| 8-K | 2025-12-19 | 2025-12-19 | 0001104659-25-122724 ↗ |
| 8-K | 2025-12-01 | 2025-11-30 | 0001104659-25-117144 ↗ |
| 8-K | 2025-11-06 | 2025-11-06 | 0001326190-25-000067 ↗ |