12-week Data Readout from ALT-801 Phase 1 Clinical Trial Expected in September

       Approximately $218 Million in Cash and Short-Term Investments to Advance Obesity and Liver Disease Pipeline

GAITHERSBURG, Md., Aug. 10, 2021 (GLOBE NEWSWIRE) -- Altimmune, Inc. (Nasdaq: ALT), a clinical-stage biopharmaceutical company, today announced financial results for the three- and six-months ending June 30, 2021 and provided a corporate update.

“Following data readouts in Q2, Altimmune has focused its efforts on our NASH and emerging obesity pipeline with the encouraging interim data from the ALT-801 Phase 1 trial reinforcing the potential of these programs,” remarked Vipin K. Garg, Ph.D., President and Chief Executive Officer at Altimmune. “Our strong financial position enables us to proceed with a robust ALT-801 development program in the second half of 2021 with the goal of initiating Phase 2 trials in early 2022 for both obesity and NASH indications.”

Recent Highlights:

Financial Results for the Three and Six Months Ended June 30, 2021

Conference Call Information

Date:Wednesday, August 11, 2021
Time:8:30 am Eastern Time
Domestic Dial-in(844) 615-6509
International Dial-in:(918) 922-3148
Conference ID:9484516
Webcast:https://edge.media-server.com/mmc/p/ne5cqqtf

Following the conclusion of the call, the webcast will be available for replay on the Investor Relations page of the Company’s website at www.altimmune.com. The Company has used, and intends to continue to use, the IR portion of its website as a means of disclosing material non-public information and for complying with disclosure obligations under Regulation FD.

About Altimmune

Altimmune is a clinical stage biopharmaceutical company focused on developing treatments for obesity and liver diseases. Our pipeline includes next generation peptide therapeutics for obesity, NASH (ALT-801), and chronic hepatitis B (HepTcell™). For more information on Altimmune, please visit www.altimmune.com.

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Forward-Looking Statement

Any statements made in this press release relating to future financial or business performance, conditions, plans, prospects, trends, or strategies and other financial and business matters, including without limitation, the timing of key milestones for our clinical assets, the timing of the data readout from the ALT-801 Phase 1 clinical trial in September 2021, the potential start of the ALT-801 12-week NAFLD trial in September 2021, the potential start of the ALT-801 drug/drug interaction trial and Type 2 diabetes trial by year end 2021, the potential filing of a NASH IND in Q3 2021, the potential filing of an obesity IND in Q4 2021, the commencement of a 52-week, Phase 2, biopsy-trial based on NASH endpoints in Q1 2022, the commencement of a 24-week, Phase 2, obesity trial in Q1 2022, the prospects for regulatory approval of our product candidates and commercializing or selling any product or drug candidates, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. In addition, when or if used in this press release, the words “may,” “could,” “should,” “anticipate,” “believe,” “estimate,” “expect,” “intend,” “plan,” “predict” and similar expressions and their variants, as they relate to Altimmune, Inc. (the “Company”) may identify forward-looking statements. The Company cautions that these forward-looking statements are subject to numerous assumptions, risks, and uncertainties, which change over time. Important factors that may cause actual results to differ materially from the results discussed in the forward looking statements or historical experience include risks and uncertainties, including risks relating to: potential impacts due to the COVID-19 pandemic such as delays in regulatory review, manufacturing and supply chain interruptions, access to clinical sites, enrollment, adverse effects on healthcare systems and disruption of the global economy; the reliability of the results of studies relating to human safety and possible adverse effects resulting from the administration of the Company’s product candidates; the Company’s ability to manufacture clinical trial materials and commercial supply on the timelines anticipated; and the success of future product advancements, including the success of future clinical trials. Further information on the factors and risks that could affect the Company's business, financial conditions and results of operations are contained in the Company’s filings with the U.S. Securities and Exchange Commission, including under the heading “Risk Factors” in the Company’s annual report on Form 10-K for the fiscal year ended December 31, 2020 filed with the SEC, which is available at www.sec.gov.

Investor & Media Contacts:

Will Brown                                                        
Chief Financial Officer                                                 
Phone: 240-654-1450                                                        
wbrown@altimmune.com                                        



 
ALTIMMUNE, INC.
CONSOLIDATED BALANCE SHEETS
      
 June 30,  December 31, 
 2021 2020
 (unaudited)   
ASSETS     
Current assets:     
Cash and cash equivalents$174,102,382  $115,917,807 
Restricted cash 34,174   34,174 
Total cash, cash equivalents and restricted cash 174,136,556   115,951,981 
Short-term investments 43,723,840   100,005,558 
Accounts receivable 4,463,442   4,610,202 
Tax refund receivable 6,887,981   7,762,793 
Prepaid expenses and other current assets 9,413,070   1,926,675 
Total current assets 238,624,889   230,257,209 
Property and equipment, net 4,751,010   1,056,920 
Intangible assets, net 12,956,112   12,823,846 
Other assets 928,839   977,238 
Total assets$257,260,850  $245,115,213 
LIABILITIES AND STOCKHOLDERS’ EQUITY     
Current liabilities:     
Accounts payable$1,421,192  $612,293 
Accrued expenses and other current liabilities 7,674,536   11,408,154 
Total current liabilities 9,095,728   12,020,447 
Contingent consideration 5,270,000   5,390,000 
Other long-term liabilities 1,617,150   1,828,443 
Total liabilities 15,982,878   19,238,890 
Commitments and contingencies (Note 16)     
Stockholders’ equity:     
Common stock, $0.0001 par value; 200,000,000 shares authorized; 39,693,524
and 37,142,946 shares issued and outstanding at June 30, 2021 and December 31, 2020, respectively		 3,956   3,697 
Additional paid-in capital 482,083,670   417,337,742 
Accumulated deficit (235,771,414)  (186,420,599)
Accumulated other comprehensive loss, net (5,038,240)  (5,044,517)
Total stockholders’ equity 241,277,972   225,876,323 
Total liabilities and stockholders’ equity$257,260,850  $245,115,213 


 
ALTIMMUNE, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
(unaudited)
 
 For the Three Months Ended     For the Six Months Ended
 June 30,  June 30, 
 2021    2020 2021    2020
Revenues$137,623  $721,636  $975,139  $2,934,330 
Operating expenses:           
Research and development 13,272,412   16,594,250   25,150,312   23,781,781 
General and administrative 3,658,653   2,545,356   7,480,073   4,877,273 
Impairment loss on construction-in-progress 8,070,000   —   8,070,000   — 
Total operating expenses 25,001,065   19,139,606   40,700,385   28,659,054 
Loss from operations (24,863,442)  (18,417,970)  (39,725,246)  (25,724,724)
Other income (expense):           
Interest expense (22,226)  (3,308)  (33,897)  (5,193)
Interest income 32,863   81,458   75,362   233,027 
Other income (expense), net 26,098   (5,878)  (7,034)  19,664 
Total other income, net 36,735   72,272   34,431   247,498 
Net loss before income tax benefit (24,826,707)  (18,345,698)  (39,690,815)  (25,477,226)
Income tax benefit —   1,578,782   —   4,824,661 
Net loss (24,826,707)  (16,766,916)  (39,690,815)  (20,652,565)
Other comprehensive income (loss) — unrealized gain (loss) on short-term investments 1,141   20,888   6,277   (11,547)
Comprehensive loss$(24,825,566) $(16,746,028) $(39,684,538) $(20,664,112)
Net loss per share, basic and diluted$(0.60) $(0.94) $(0.99) $(1.25)
Weighted-average common shares outstanding, basic and diluted 41,356,643   17,886,853   40,142,561   16,498,719