# Altimmune, Inc. (ALT) Informational only - not investment advice. CIK: 0001326190 SIC: 2834 Pharmaceutical Preparations SIC breadcrumb: [Manufacturing](/division/D/) > [Chemicals And Allied Products](/major-group/28/) > [SIC 2834 Pharmaceutical Preparations](/industry/2834/) Latest 10-K filed: 2026-03-06 SEC page: https://www.sec.gov/edgar/browse/?CIK=1326190 Filing source: https://www.sec.gov/Archives/edgar/data/1326190/000132619026000018/alt-20251231x10k.htm ## At a glance FY2025 · period end 2025-12-31 · filed 2026-03-06 · accession 0001326190-26-000018 · source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001326190.json | Metric | Value | FY | Provenance | | --- | ---: | ---: | --- | | Revenue | 41,000 USD | 2025 | verified | | Net income | -88,093,000 USD | 2025 | verified | | Assets | 279,929,000 USD | 2025 | verified | | Free cash flow | -67,546,000 USD | 2025 | computed | | Revenue YoY | +105.00% | 2025 | computed | | ROE | -39.17% | 2025 | computed | Computed values are grepcent-computed from the verified facts above and may differ from ratios the company itself reports. Free cash flow = operating cash flow − capital expenditures. Revenue YoY = FY2025 revenue ÷ FY2024 revenue − 1 (consecutive fiscal years only). ROE = net income ÷ period-end stockholders' equity. No market price, no rating, no forecast on this site. Not investment advice. ### Peer percentile fingerprint | Ratio | ALT | Peer median | Percentile | N | | --- | ---: | ---: | ---: | ---: | | Revenue growth | 105.0% | 14.7% | 83 | 127 | | FCF margin | -164,746.3% | -14.0% | 0 | 127 | | ROE | -39.2% | -30.7% | 36 | 171 | | ROA | -31.5% | -21.8% | 35 | 187 | | Liabilities / equity | 0.24 | 0.38 | 37 | 173 | | Current ratio | 18.55 | 4.89 | 90 | 188 | Percentile = share of the N covered peers reporting that ratio whose value is lower (ties counted half); computed among grepcent-covered companies in SIC industry 2834 Pharmaceutical Preparations, not the whole market. A higher percentile means a higher value of the ratio, not a better company. Ratios with fewer than 8 reporting peers are omitted. Latest reported values per company; fiscal periods may differ. Descriptive arithmetic - not a score, rating, or ranking. ## Selected Fundamentals | Metric | Value | Unit | FY | Filed | | --- | ---: | --- | ---: | --- | | Revenue | 41000 | USD | 2025 | 2026-03-06 | | Net income | -88093000 | USD | 2025 | 2026-03-06 | | Assets | 279929000 | USD | 2025 | 2026-03-06 | ## Financials Annual standardized facts from SEC companyfacts as of latest extracted filing date 2026-03-06. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001326190.json. Derived margins, ratios, and free cash flow are computed from the extracted annual SEC facts. | Metric | 2010 | 2011 | 2012 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | | --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | | Revenue | 20,993,605 | 24,266,274 | | | | | | | | | 4,410,000 | | 426,000 | 20,000 | 41,000 | | Net income | | | | | | -11,086,812 | -46,425,390 | -39,171,152 | -20,520,131 | -49,044,477 | -97,090,000 | -84,713,000 | -88,447,000 | -95,059,000 | -88,093,000 | | Operating income | | | | | | -11,091,663 | -52,045,259 | -42,834,410 | -21,464,935 | -54,798,741 | -96,914,000 | -87,740,000 | -95,929,000 | -103,172,000 | -94,489,000 | | Diluted EPS | | | | -0.17 | -0.05 | 2.95 | | | | -1.91 | -2.35 | -1.81 | -1.66 | -1.34 | -1.00 | | Operating cash flow | | | -2,322,906 | | | | -20,214,079 | -9,388,908 | -9,601,997 | -34,305,815 | -78,238,000 | -62,586,000 | -75,810,000 | -79,848,000 | -67,535,000 | | Capital expenditures | | | | | 86,507 | 124,955 | 112,441 | 975,407 | 1,227 | 203,957 | 12,117,000 | 126,000 | 47,000 | | 11,000 | | Assets | | | | | | 38,400,335 | 63,030,200 | 54,750,542 | 54,058,020 | 245,115,213 | 218,865,000 | 206,928,000 | 210,640,000 | 139,306,000 | 279,929,000 | | Liabilities | | | | | | 6,193,012 | 14,352,610 | 6,437,976 | 8,537,874 | 19,238,890 | 19,730,000 | 21,635,000 | 16,541,000 | 15,798,000 | 55,037,000 | | Stockholders' equity | | | | | | 32,207,323 | 39,395,823 | 48,312,566 | 45,520,146 | 225,876,000 | 199,135,000 | 185,293,000 | 194,099,000 | 123,508,000 | 224,892,000 | | Cash and cash equivalents | | | | | | 2,876,113 | 8,769,465 | 33,718,713 | 8,962,686 | 115,917,807 | 190,301,000 | 111,097,000 | 135,117,000 | 36,926,000 | 43,760,000 | | Free cash flow | | | | | | | -20,326,520 | -10,364,315 | -9,603,224 | -34,509,772 | -90,355,000 | -62,712,000 | -75,857,000 | | -67,546,000 | ### Ratios ROE and ROA use period-end equity/assets. Liabilities / equity uses total liabilities divided by stockholders' equity. Current ratio uses current assets divided by current liabilities when both are reported. | Metric | 2010 | 2011 | 2012 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | | --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | | Return on equity | | | | | | -34.42% | -117.84% | -81.08% | -45.08% | -21.71% | -48.76% | -45.72% | -45.57% | -76.97% | -39.17% | | Return on assets | | | | | | -28.87% | -73.66% | -71.54% | -37.96% | -20.01% | -44.36% | -40.94% | -41.99% | -68.24% | -31.47% | | Liabilities / equity | | | | | | 0.19 | 0.36 | 0.13 | 0.19 | 0.09 | 0.10 | 0.12 | 0.09 | 0.13 | 0.24 | | Current ratio | | | | | | 0.82 | 6.11 | 8.70 | 10.04 | 19.16 | 11.17 | 11.31 | 17.26 | 13.11 | 18.55 | ## As-reported value updates 5 tracked differences above grepcent's stated thresholds were found between the earliest XBRL-filed value and the value currently on file for the same fiscal period. Ledger: /company/ALT/revisions/ ## Quarterly Quarterly standardized facts from SEC companyfacts as of latest extracted filing date 2026-08-12. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001326190.json. Flow metrics use discrete quarter-length periods from 10-Q/10-Q/A filings. Q4 revenue and net income are derived only when annual FY and nine-month YTD facts exist for the same fiscal year; derived Q4 values are labeled. EPS Q4 is not derived. | Quarter | End date | Revenue | Net income | Diluted EPS | Method | | --- | --- | ---: | ---: | ---: | --- | | 2022-Q3 | 2022-09-30 | | | -0.48 | reported discrete quarter | | 2023-Q1 | 2023-03-31 | 21,000 | | -0.39 | reported discrete quarter | | 2023-Q2 | 2023-06-30 | 6,000 | | -0.32 | reported discrete quarter | | 2023-Q3 | 2023-06-30 | | -16,061,000 | | reported discrete quarter | | 2023-Q3 | 2023-09-30 | 362,000 | | -0.39 | reported discrete quarter | | 2023-Q4 | 2023-12-31 | 37,000 | -31,641,000 | | derived Q4 = FY annual - nine-month YTD | | 2024-Q1 | 2024-03-31 | 5,000 | -24,394,000 | -0.34 | reported discrete quarter | | 2024-Q2 | 2024-03-31 | | -24,394,000 | | reported discrete quarter | | 2024-Q2 | 2024-06-30 | 5,000 | | -0.35 | reported discrete quarter | | 2024-Q3 | 2024-06-30 | | -24,640,000 | | reported discrete quarter | | 2024-Q3 | 2024-09-30 | 5,000 | | -0.32 | reported discrete quarter | | 2024-Q4 | 2024-12-31 | 5,000 | -23,180,000 | | derived Q4 = FY annual - nine-month YTD | | 2025-Q1 | 2025-03-31 | 5,000 | -19,575,000 | -0.26 | reported discrete quarter | | 2025-Q2 | 2025-03-31 | | -19,575,000 | | reported discrete quarter | | 2025-Q2 | 2025-06-30 | 5,000 | | -0.27 | reported discrete quarter | | 2025-Q3 | 2025-06-30 | | -22,146,000 | | reported discrete quarter | | 2025-Q3 | 2025-09-30 | 5,000 | | -0.21 | reported discrete quarter | | 2025-Q4 | 2025-12-31 | 26,000 | -27,358,000 | | derived Q4 = FY annual - nine-month YTD | | 2026-Q1 | 2026-03-31 | | -22,563,000 | -0.18 | reported discrete quarter | | 2026-Q2 | 2026-03-31 | | -22,563,000 | | reported discrete quarter | | 2026-Q2 | 2026-06-30 | | | -0.12 | reported discrete quarter | ## Filed narrative (10-K & 10-Q) ## Business Verbatim Item 1 Business section from ALT's latest 10-K: [/company/ALT/business/](/company/ALT/business/). ## Risk Factors Verbatim Item 1A Risk Factors from ALT's latest 10-K: [/company/ALT/risk-factors/](/company/ALT/risk-factors/). ## Latest quarter (10-Q) Latest 10-Q source: https://www.sec.gov/Archives/edgar/data/1326190/000132619026000052/alt-20260630x10q.htm Extracted structurally from real Item 2 body heading to real Item 3/4 boundary. Confidence: high Filing date: 2026-08-12 Report date: 2026-06-30 Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations The following discussion and analysis of our financial condition and results of operations should be read together with our consolidated financial statements and related notes appearing elsewhere in this Quarterly Report on Form 10-Q and our consolidated financial statements and related notes for the year ended December 31, 2025 included in our Annual Report on Form 10-K, which was filed with the SEC on March 6, 2026. This Quarterly Report on Form 10-Q contains forward-looking statements that involve substantial risks and uncertainties. The words “expect,” “anticipate,” “intend,” “plan,” “believe,” “estimate,” “may,” “will,” “should,” “could,” “target,” “strategy,” “project,” “guidance,” “likely,” “usually,” “potential,” or the negative of these words or variations of such words, similar expressions, or comparable terminology are intended to identify such forward-looking statements, although not all forward-looking statements contain these identifying words. There are a number of important risks and uncertainties that could cause our actual results to differ materially from those indicated by forward-looking statements. We may not actually achieve the plans, intentions or expectations disclosed in our forward-looking statements, and you should not place undue reliance on our forward-looking statements. Actual results or events could differ materially from the plans, intentions and expectations disclosed in the forward-looking statements we make. These forward-looking statements are based on current expectations, estimates, forecasts and projections about the industry and markets in which we operate, and management’s beliefs and assumptions. These statements are not guarantees of future performance and involve certain risks, uncertainties and assumptions that are difficult to predict and may cause our actual results, performance or achievements to be materially different from future results, performance or achievements expressed or implied by any forward-looking statements. A further list and description of risks, uncertainties and other factors that could cause actual results or events to differ materially from the forward-looking statements that we make is included in the cautionary statements herein and in our other filings with the SEC, including those set forth under Part I, Item 1A, Risk Factors in our Annual Report on Form 10-K for the year ended December 31, 2025. Our forward-looking statements do not reflect the potential impact of any future acquisitions, mergers, dispositions, joint ventures or investments that we may make. We have based the forward-looking statements included in this Quarterly Report on Form 10-Q on information available to us on the date of this quarterly report, and we assume no obligation to update any such forward-looking statements, other than as required by law. Although we undertake no obligation to revise or update any forward-looking statements, whether as a result of new information, future events or otherwise, you are advised to consult any additional disclosures that we may make directly to you or through reports that we, in the future, may file with the SEC, including Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. Overview Altimmune, Inc. is a late clinical-stage biopharmaceutical company developing novel therapies for serious liver diseases. Our lead product candidate, pemvidutide (formerly known as ALT-801), is a balanced 1:1 glucagon/GLP-1 dual receptor agonist in development for the treatment of MASH, AUD and ALD. We may also pursue additional indications for pemvidutide that leverage its differentiated clinical profile. Except where the context indicates otherwise, references to “we,” “us,” “our,” “Altimmune”, or the “Company” refer to the company and its subsidiaries. Recent Business Update Underwritten Public Offering On April 24, 2026, we completed an underwritten public offering pursuant to which we raised approximately $211.1 million in net proceeds from the issuance of a combination of common stock, common stock warrants and pre-funded warrants. The common stock and pre-funded warrants were sold in combination with an accompanying common stock warrant to purchase one share of common stock (or pre-funded warrant in lieu thereof) issued for each share of common stock or pre-funded warrant sold. The gross proceeds could increase by another $225 million if all the warrant holders exercise their common stock warrants. See Note 7. Stockholders’ Equity for additional information. 17 Table of Contents Headquarters Relocation On June 16, 2026, we announced plans to relocate our corporate headquarters from Gaithersburg, Maryland to Morristown, New Jersey later this year. The new headquarters is in a region with a strong presence of biopharmaceutical companies, which is expected to support our ability to attract top-tier talent in our hybrid business model, as we continue our growth as a late-stage development company. Accordingly, we have entered into a lease agreement for office space in Morristown, New Jersey, which will serve as our new headquarters upon facility occupancy and lease commencement. We will make monthly rental payments aggregating approximately $0.3 million annually for the 5-year lease term. The relocation of our headquarters is expected to help us achieve cost efficiencies over the long term. Ongoing Clinical Trials MASH In January 2026, we announced that the U.S. Food and Drug Administration (“FDA”) granted Breakthrough Therapy Designation to pemvidutide for the treatment of MASH based on the data from the IMPACT Phase 2b trial at 24 weeks in which we observed statistically significant MASH resolution and positive trends in fibrosis improvement. In December 2025, the Company announced positive 48-week data from the IMPACT trial, including statistically significant improvements observed in key non-invasive markers of fibrosis and inflammation, such as Enhanced Liver Fibrosis (“ELF”) and Liver Stiffness Measurement (“LSM”), which are strongly associated with MASH histologic changes, and noted continued reductions from 24-week timepoint. Additional weight loss was observed from 24 weeks to 48 weeks at the 1.8 mg dose with no evidence of plateauing. We also observed greater adherence to treatment in the pemvidutide arms, as shown by lower discontinuation rates than the placebo group which may be attributable to the favorable safety and tolerability profile of pemvidutide. With the positive 48-week data from the IMPACT trial, FDA designation and having secured the necessary financing, we began preparing for our PERFORMA Phase 3 trial in MASH. We have aligned with the FDA following an End of Phase 2 Meeting, and submitted the final study protocol to the FDA. Further, we received scientific advice from the European Medicines Agency and Medicines and Healthcare products Regulatory Agency (UK) and selected a global Contract Research Organization with deep experience running global MASH pivotal trials. The global pivotal PERFORMA Phase 3 trial will test two doses of pemvidutide over an estimated duration of approximately 60 months for liver-related events supporting final approval, including an interim analysis after 52 weeks with biopsy-based endpoints to support an accelerated approval. On August 3, 2026, we announced that we have begun enrolling patients in the PERFORMA Phase 3 trial, evaluating the efficacy and safety of pemvidutide in patients with MASH. The PERFORMA trial is a global, Phase 3, randomized, double-blind, placebo-controlled study evaluating the efficacy, safety and clinical outcomes of pemvidutide in MASH patients with moderate to advanced fibrosis. PERFORMA is our registrational study for pemvidutide in MASH and will assess the effects of treatment on fibrosis improvement and MASH resolution as well as clinical outcomes. The 52-week data readout from the PERFORMA trial to support the accelerated approval of pemvidutide is anticipated in 2029. AUD RECLAIM, a Phase 2 trial evaluating the efficacy and safety of pemvidutide in subjects with AUD, is a randomized, placebo-controlled trial conducted across approximately 15 sites in the United States, targeting enrollment of approximately 100 subjects. Subjects will be randomized 1:1 to receive either 2.4 mg pemvidutide or placebo weekly for 24 weeks. The trial’s primary endpoint is a change in alcohol consumption, measured by the change from baseline in the average number of heavy drinking days (“HDD”) per week measured at Week 24, with the key secondary endpoints including the proportion of subjects achieving a 2-level reduction in World Health Organization (“WHO”) risk drinking level and the absolute change from baseline in average levels of phosphatidylethanol (“PEth”), a serum biomarker of alcohol intake. In August 2025, the FDA granted Fast Track designation to pemvidutide for the treatment of AUD. Enrollment in the RECLAIM Phase 2 trial in AUD was completed in November 2025, several months ahead of schedule. 18 Table of Contents On July 28, 2026, we announced the positive topline results from the RECLAIM Phase 2 trial evaluating the 2.4 mg dose of pemvidutide, in patients with moderate to severe AUD. The trial met its primary endpoint with a highly statistically significant reduction in HDD per week versus placebo, with positive results across important secondary endpoints, including a two-level reduction in the WHO risk drinking level and zero HDDs, both of which are FDA registrational endpoints, as well as a reduction in PEth levels. A generally favorable safety and tolerability profile was observed in the trial. We plan to request an End-of-Phase 2 meeting with the FDA based on the results of the trial. ALD RESTORE, a Phase 2 trial evaluating the efficacy and safety of pemvidutide in subjects with ALD, is a randomized, placebo-controlled trial enrolling approximately 100 patients across 34 sites in the United States. Subjects will be randomized 1:1 to receive either 2.4 mg pemvidutide or placebo weekly for 48 weeks. The trial’s primary endpoint is the change from baseline in LSM by vibration-controlled transient elastography and will be assessed in a hierarchical manner at Week 48 and then at Week 24. Main secondary endpoints include changes in ELF score at Weeks 24 and 48, and changes in alcohol consumption and body weight at the same time points. In July 2026, we completed enrollment in the RESTORE Phase 2 trial in ALD. Recent Global Events Tariffs and Inflation The United States recently imposed reciprocal and additional tariffs on many countries around the world. Such tariffs and counter-tariffs by other countries against the U.S. have been causing uncertainties in the global markets. If the tariffs and counter-tariffs continue or escalate, they could have a significant negative effect on the global economy or on our operations, including continued inflationary pressures on raw materials, supply chain and logistics disruptions, and volatility in the capital markets, foreign exchange rates and interest rates. Inflation generally affects us by increasing our employee-related costs and clinical trial expenses, as well as other operating expenses. Our financial condition and results of operations may also be impacted by other factors we may not be able to control, such as public health crises, global supply chain disruptions, uncertain global economic conditions, global trade disputes or political instability as further discussed in the section “Risk Factors” in our 2025 Annual Report on Form 10-K. Conflict in Middle East We are closely monitoring the impact of the ongoing military conflict in the Middle East, including the recent conflict involving the U.S., Israel and Iran, on our business as the conflict has caused increased economic uncertainty and operational complexity glob [Excerpt truncated for page length; source filing is linked above.] ## Latest 10-K MD&A (excerpt) Latest 10-K Item 7 source: https://www.sec.gov/Archives/edgar/data/1326190/000132619026000018/alt-20251231x10k.htm Complete FY 2025 MD&A: /company/ALT/mda/fy2025/ Extracted structurally from real Item 7 body heading to real Item 7A/8 boundary. Confidence: high Filing date: 2026-03-06 Report date: 2025-12-31 Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations The following discussion and analysis of our financial condition and results of operations should be read together with our consolidated financial statements and related notes appearing elsewhere in this Annual Report. Some of the information contained in this discussion and analysis contains forward-looking statements that involve substantial risks and uncertainties. See “Forward-looking statements” in Part I of this Annual Report and the section entitled “Risk Factors” in Part I, Item 1A of this Annual Report for a discussion of certain factors that could cause actual results or events to differ materially from the forward-looking statements that we make. Overview Altimmune, Inc. is a late clinical-stage biopharmaceutical company developing novel therapies for serious liver diseases. Our lead product candidate, pemvidutide (formerly known as ALT-801), is a balanced 1:1 glucagon/GLP-1 dual receptor agonist in development for the treatment of MASH, AUD and ALD. We may also pursue additional indications for pemvidutide that leverage its differentiated clinical profile. Except where the context indicates otherwise, references to “we,” “us,” “our,” “Altimmune”, or the “Company” refer to the company and its subsidiaries. Fiscal Year 2025 Business Update MASH On June 26, 2025, we released 24-week topline efficacy results from IMPACT, a Phase 2b trial of pemvidutide in patients with MASH. The Phase 2b trial enrolled 212 subjects with biopsy-confirmed MASH and fibrosis stages F2/F3 with and without diabetes randomized 1:2:2 to receive weekly subcutaneous doses of pemvidutide at 1.2 mg, 1.8 mg or placebo. The topline 24-week data showed that treatment with pemvidutide achieved statistically significant improvements in MASH resolution without worsening of fibrosis, improvements in fibrosis without worsening of MASH, and statistically significant changes in well-established NITs of fibrosis, including ELF score and LSM compared with placebo at both doses. On December 11, 2025, we held an End-of-Phase 2 meeting with the FDA to discuss and align on the parameters for a registrational Phase 3 trial of pemvidutide for MASH patients with moderate to advanced fibrosis with biopsy driven endpoints. The FDA agreed to the use of AIM-MASH AI Assist, the first FDA-qualified AI pathology tool for MASH clinical trials, in our Phase 3 trial. We received final minutes from the End-of-Phase 2 meeting in January 2026, which we believe describe a clear regulatory path for a Phase 3 trial in MASH. We also intend to seek scientific advice from European regulators to further inform the final Phase 3 protocol. See Item 1. Business for additional information. On December 19, 2025, we announced positive 48-week topline results from the IMPACT Phase 2b trial of pemvidutide in patients with MASH. The topline 48-week data from the IMPACT trial showed that treatment with pemvidutide achieved statistically significant improvements across treatment arms versus placebo in the key anti-fibrosis NITs of ELF and LSM. Additional Indications for Pemvidutide On March 13, 2025, we announced that we are pursuing two additional indications for our lead product candidate, pemvidutide. The new indications are AUD and ALD. AUD On May 19, 2025, we announced the enrollment of the first subject in the RECLAIM Phase 2 trial evaluating the efficacy and safety of pemvidutide in subjects with AUD. RECLAIM is a randomized, placebo-controlled trial conducted across approximately 15 sites in the United States, targeting enrollment of approximately 100 subjects. On August 19, 2025, we announced that the U.S. Food and Drug Administration has granted Fast Track designation to pemvidutide for the treatment of AUD. Fast Track designation is intended to accelerate the development and review of new drugs that target serious conditions and address unmet medical needs. 80 Table of Contents On November 3, 2025, we announced the completion of enrollment in the RECLAIM Phase 2 trial. Enrollment completed ahead of schedule, underscoring strong interest from the patient community in a new therapeutic option for AUD. We are on track to complete the 24-week treatment period and announce topline results in 2026. ALD On July 9, 2025, we announced the enrollment of the first patient in the RESTORE Phase 2 trial evaluating the efficacy and safety of pemvidutide in subjects with ALD. RESTORE is a randomized, placebo-controlled trial enrolling approximately 100 patients across 34 sites in the United States. See Item 1. Business for additional information. Recent Global Events Tariffs and Inflation The United States recently imposed reciprocal and additional tariffs on many countries around the world. Such tariffs and counter tariffs by other countries against the U.S. have been causing uncertainties in the global markets and supply chain. If the tariffs and counter tariffs continue or escalate, they could have a significant negative effect on the global economy or on our operations, including continued inflationary pressures on raw materials, supply chain and logistics disruptions, and volatility in the capital markets, foreign exchange rates and interest rates. Inflation generally affects us by increasing our employee-related costs and clinical trial expenses, as well as other operating expenses. Our financial condition and results of operations may also be impacted by other factors we may not be able to control, such as public health crises, global supply chain disruptions, uncertain global economic conditions, global trade disputes or political instability as further discussed in the section "Risk Factors" in this Annual Report on Form 10-K. Financial Operations Overview The consolidated financial information presented below includes the accounts of Altimmune, Inc., Altimmune UK, Ltd, Spitfire Pharma, LLC. and Altimmune AU Pty, Ltd. All intercompany accounts and transactions have been eliminated in consolidation. Revenue We have not generated any revenue from the sale of any products to date. Our revenues in previous years consisted primarily of government and foundation grants and contracts that supported our efforts on specific research projects. Research and development expenses Research and development expenses consist primarily of costs incurred for the development of our product candidates, which include: [[GREPCENT_TABLE]] [["","\u25cf","expenses incurred under agreements with contract research organizations (\u201cCROs\u201d) and investigative sites that conduct our clinical trials;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","employee-related expenses, including salaries, benefits, travel and stock-based compensation expense;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","costs associated with preclinical and clinical activities and regulatory operations, including the cost of acquiring, developing and manufacturing clinical trial materials; and"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","depreciation and other expenses, which include direct and allocated expenses for insurance, consultants, legal fees and other supplies."]] [[/GREPCENT_TABLE]] Research and development costs are expensed as incurred. Costs for certain development activities are recognized based on an evaluation of the progress to completion of specific tasks using information and data provided to us by our vendors, CROs and clinical sites. 81 Table of Contents We cannot determine with certainty the duration and completion costs of the current or future clinical trials of our product candidates or if, when or to what extent we will generate sales from the commercialization of any of our product candidates if they receive regulatory approval. The successful development of our product candidates is highly uncertain and may never result in approved products. The duration, costs and timing of clinical trials and development of our product candidates will depend on a variety of factors, including: [[GREPCENT_TABLE]] [["","\u25cf","scope, rate of enrollment and expense of our ongoing, as well as any additional, clinical trials, and other research and development activities;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","significant and potentially changing government regulation; and"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","the timing and receipt of regulatory approvals, if any."]] [[/GREPCENT_TABLE]] A change in the outcome of any of these variables with respect to the development of a product candidate could mean a significant change in the costs and timing associated with the development of that product candidate. For example, if the FDA, or another regulatory authority were to require us to conduct clinical trials beyond those that we currently anticipate will be required for the completion of clinical development of a product candidate, we could be required to expend significant additional financial resources and time on the completion of clinical development. Additionally, we may conduct additional trials in support of sales and marketing of our product candidates. We plan to increase our research and development expenses for the foreseeable future as we continue the development of clinical and preclinical candidates. Our current active and planned research and development activities include the following: [[GREPCENT_TABLE]] [["","\u25cf","conduct of Phase 3 clinical trial for pemvidutide in MASH;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","conduct of clinical trials for AUD and ALD;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","conduct of clinical trials and nonclinical safety studies for pemvidutide;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","conduct of additional research and discovery projects; and"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","manufacture of clinical trial materials in support of our clinical trials."]] [[/GREPCENT_TABLE]] A significant portion of our research and development efforts have been related to the development of pemvidutide. We do not allocate personnel-related costs, costs associated with our general research platform improvements, depreciation or other indirect costs to specific programs. General and Administrative Expenses General and administrative expenses consist primarily of salaries and related costs for personnel, including stock-based compensation and travel expenses for our employees in executive, operational, finance and human resource functions. Other general and administrative expenses include insurance expenses, facility-related costs and professional fees for directors, accounting and legal services, and expenses associated with obtaining and maintaining our intellectual property. We anticipate that our general and administrative expenses will increase in the future as we increase our headcount to support our continued research and development activities. We also anticipate increased expenses related to audit, legal, regulatory and tax-related services associated with maintaining compliance with exchange listing and the SEC requirements, director and officer insurance, investor relations costs and other costs associated with being a public company. Additionally, if and when we believe a regulatory approval of the first product candidate appears likely, we anticipate an increase in staffing and related expenses as a result of our preparation for commercial operations, especially as it relates to the sales and marketing of our product candidates. 82 Table of Contents Results of Operations Comparison of years ended December 31, 2025 and December 31, 2024 (in thousands): [Excerpt truncated for page length; the complete text is on the linked full-MD&A page.] Read the full FY 2025 MD&A: /company/ALT/mda/fy2025/ All MD&A years: /company/ALT/mda/ ## MD&A history Prior-year 10-K MD&A spans are extracted from SEC filings with the same bounded parser used for the latest filing. Each year's full verbatim text is on its own sub-page. - [FY 2024 MD&A](/company/ALT/mda/fy2024/): filed 2025-02-27; accession 0001326190-25-000015 (https://www.sec.gov/Archives/edgar/data/1326190/000132619025000015/alt-20241231x10k.htm) - [FY 2023 MD&A](/company/ALT/mda/fy2023/): filed 2024-03-27; accession 0001326190-24-000010 (https://www.sec.gov/Archives/edgar/data/1326190/000132619024000010/alt-20231231x10k.htm) - [FY 2022 MD&A](/company/ALT/mda/fy2022/): filed 2023-02-28; accession 0001326190-23-000008 (https://www.sec.gov/Archives/edgar/data/1326190/000132619023000008/alt-20221231x10k.htm) - [FY 2021 MD&A](/company/ALT/mda/fy2021/): filed 2022-03-15; accession 0001558370-22-003659 (https://www.sec.gov/Archives/edgar/data/1326190/000155837022003659/alt-20211231x10k.htm) ## FDA-approved drug applications Applications listed under this company's exact-matched sponsor name. Approved applications only. No resolved FDA applications were found for this company under the exact-unique, approved-only publish rule. Sponsor as listed in Drugs@FDA at retrieval (2026-08-07); FDA sponsor listings can lag ownership transfers. This list covers FDA applications whose listed sponsor name maps to this company by an exact-unique match; applications listed under sponsor names not mapped to this company (subsidiaries, name variants, joint ventures) are absent. ## Macro cross-references Indicators mapped to this company's SIC classification (industry 2834 Pharmaceutical Preparations) by grepcent's deterministic macro-sector crosswalk. A navigational mapping, not a statistical or causal claim. - [INDPRO](/indicator/INDPRO/): Industrial Production: Total Index - [TCU](/indicator/TCU/): Capacity Utilization: Total Index - [PPIACO](/indicator/PPIACO/): Producer Price Index by Commodity: All Commodities - [GDPC1](/indicator/GDPC1/): Real Gross Domestic Product - [DGS10](/indicator/DGS10/): Market Yield on U.S. Treasury Securities at 10-Year Constant Maturity - [FEDFUNDS](/indicator/FEDFUNDS/): Federal Funds Effective Rate - [CES0500000003](/indicator/CES0500000003/): Average Hourly Earnings of All Employees, Total Private - [PAYEMS](/indicator/PAYEMS/): All Employees, Total Nonfarm Macro-to-micro threads including this sector: [Inflation (CPI / PCE / PPI)](/thread/inflation-cpi-pce-ppi/), [US labor market](/thread/us-labor-market/), [Growth & output](/thread/growth-output/), [Money & trade](/thread/money-trade/), [Government finances](/thread/government-finances/), [Sector employment](/thread/sector-employment/), [Industrial orders & inventories](/thread/industrial-orders/), [Trade & external](/thread/trade-external/). All macro indicators: /indicators/ ## For LLMs & downloads Markdown twin: /company/ALT.md · JSON record: /company/ALT.json · verified financials: /company/ALT/financials.json / /company/ALT/financials.csv · machine TOC for the whole site: /llms.txt