p strong Altimmune Inc Reports Second Quarter 2024 Financial Results strongpp Altimmune Inc NASDAQA
Intellectia.AI1970-01-01
Altimmune, Inc. Reports Second Quarter 2024 Financial Results
Altimmune, Inc. (NASDAQ:ALT), a clinical-stage biopharmaceutical company, announced its financial results for the second quarter ended June 30, 2024.
Key Financial Metrics:
| Financial Metric | Q2 2024 | Q1 2024 | YOY Change | QOQ Change | Consensus Estimate | Actual Performance |
|---|---|---|---|---|---|---|
| Earnings Per Share | ($0.35) | N/A | -9.37% | N/A | ($0.34) | Below Estimate |
| Cash, Equivalents and Short-Term Investments | $164.9M | N/A | N/A | N/A | N/A | N/A |
Interpretation: Altimmune reported a net loss per share of $0.35 for Q2 2024, which missed the consensus estimate of $0.34. The company's cash position remains strong at $164.9 million, which should support ongoing clinical trials and operational activities.
Segment Revenue Performance:
| Segment | Revenue Q2 2024 | Guidance | Performance |
|---|---|---|---|
| Pemvidutide (Obesity & MASH) | Not provided | Not provided | In Progress |
Interpretation: Altimmune’s revenue segmentation details were not provided in the report. The emphasis remains on the progress and potential of pemvidutide in its clinical trials for obesity and MASH.
Operational Data:
| Operational Metric | Q2 2024 | Q2 2023 | YOY Change |
|---|---|---|---|
| Research and Development Expenses | $21.2M | $13.3M | +59% |
| General and Administrative Expenses | $5.6M | $4.8M | +16.7% |
| Interest Income | $2.2M | $1.8M | +22.2% |
| Net Loss | $24.6M | $16.1M | +52.8% |
Comments from Company Officers: Dr. Vipin K. Garg, President and CEO of Altimmune, highlighted the robust therapeutic potential of pemvidutide, emphasizing its differentiation in the obesity marketplace and MASH. He also indicated progress in expanding pemvidutide's development to additional indications and strategic partnership discussions.
Dividends or Share Repurchase Program: No information on announced dividends or share repurchase programs was provided in the earnings release.
Forward Guidance: Altimmune has not provided specific forward financial guidance but continues to focus on achieving key milestones, with topline data from the Phase 2b IMPACT trial for MASH expected in Q1 2025.
Stock Price Movement: The stock saw a post-report increase of approximately 0.82%, reflecting cautious investor optimism.
In conclusion, Altimmune continues to make notable strides in the development of pemvidutide, bolstered by its strong cash reserves, despite the near-term widening of its net loss. The ongoing clinical trials and future potential of strategic partnerships appear to be pivotal for the company’s prospects in 2025.
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