Altimmune Inc Announces Second Quarter 2024 Financial Results

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Altimmune, Inc. Announces Second Quarter 2024 Financial Results

Key Financial Metrics

Metric	Q2 2024	Q2 2023	YoY Change	Consensus Estimates
Earnings Per Share	$(0.35)	$(0.32)	$(0.03)	$(0.34)
Net Loss	$(24.6M)	$(16.1M)	$(8.5M)	N/A
R&D Expenses	$21.2M	$13.3M	$7.9M	N/A
G&A Expenses	$5.6M	$4.8M	$0.8M	N/A
Interest Income	$2.2M	$1.8M	$0.4M	N/A

Interpretation: Altimmune reported an increased net loss for Q2 2024 compared to the same period in 2023, driven mainly by higher research and development expenses and general and administrative costs. The net loss per share exceeded the Wall Street consensus estimate by a small margin.

Financial and Operational Breakdown by Segment

Segment	Q2 2024 Revenue	YoY Change
Research and Development (R&D)	$21.2M	59.4%
General and Administrative (G&A)	$5.6M	16.7%
Interest Income	$2.2M	22.2%

Interpretation: The significant increase in R&D expenses indicates Altimmune's continued investment in its clinical programs, particularly in the development of pemvidutide. The rise in general and administrative expenses is attributed to increased stock compensation expenses.

Comments from Company’s Officers

Altimmune’s President and CEO, Vipin K. Garg, Ph.D., highlighted the robust therapeutic potential of pemvidutide in metabolic diseases and obesity. He emphasized the positive data presented at various scientific conferences, which supports the differentiation and utility of pemvidutide in the evolving obesity marketplace. Dr. Garg also mentioned ongoing discussions with potential strategic partners and the company’s progress towards achieving key clinical milestones.

Forward Guidance

Altimmune has not provided specific revenue or earnings guidance for the upcoming quarters. However, they have indicated that topline data from the Phase 2b IMPACT trial of pemvidutide in MASH is expected in Q1 2025.

Stock Price Movement

Post-earnings release, Altimmune's stock experienced a slight decline of approximately -0.27%.

Summary

Altimmune's Q2 2024 financial results showed increased expenses and net losses, reflecting the company's continued investment in its pipeline, especially pemvidutide. While EPS missed consensus estimates slightly, the ongoing advancements and promising clinical trial data for pemvidutide are pivotal points for future growth. Forward guidance remains focused on clinical milestones rather than specific financial metrics. The market reaction post-release was marginally negative, indicating cautious investor sentiment.