ALT Altimmune, Inc.
Price Chart
Executive Summary
Altimmune reported Q1 2026 results with a net loss of $0.18 per share, narrower than the $0.26 loss in Q1 2025, but the company remains a pre-revenue clinical-stage biotech. The key positive is a strengthened cash position of $535M as of April 30, 2026, following a $225M oversubscribed public offering, providing runway into the PERFORMA Phase 3 MASH trial. However, the net loss widened to $22.6M from $19.6M a year ago, and the company has no revenue, making this a neutral operational update with the stock's direction tied to upcoming Phase 2 AUD data and Phase 3 MASH trial initiation.
Actionable Insight
The stock will trade on upcoming catalysts: RECLAIM Phase 2 AUD topline data in Q3 2026 and PERFORMA Phase 3 MASH trial initiation in H2 2026. The $535M cash runway removes near-term financing risk but the dilutive overhang from the recent $225M offering may cap upside. Monitor EASL Congress presentation on May 28, 2026 for potential sentiment catalyst.
Key Facts
- Net loss of $22.6M ($0.18/share) for Q1 2026 vs $19.6M ($0.26/share) in Q1 2025
- Cash, cash equivalents and short-term investments of $332M as of March 31, 2026; $535M as of April 30, 2026
- Completed $225M oversubscribed public offering in April 2026, plus $75M registered direct offering in January 2026 and $8.9M ATM in Q1 2026
- PERFORMA Phase 3 MASH trial initiation planned for second half 2026 with 52-week data readout anticipated in 2029
- Topline data from RECLAIM Phase 2 AUD trial expected in Q3 2026
- R&D expenses of $16.2M vs $15.8M in Q1 2025; G&A expenses of $8.1M vs $6.0M in Q1 2025
- No revenue reported for Q1 2026 vs $5K in Q1 2025
Financial Impact
Net loss increased by $3.0M YoY to $22.6M; cash position strengthened by ~$203M from December 2025 to April 2026
Risk Factors
- No revenue and widening net loss; pre-revenue biotech with binary clinical trial risk
- Phase 3 MASH trial results not expected until 2029 — long wait for value inflection
- Significant dilution from recent offerings (shares outstanding increased from 110.9M to 130.2M in Q1 2026 alone)
- Clinical trial failure risk for pemvidutide in MASH, AUD, or ALD
Market Snapshot
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001326190-26-000037 |
| Document: alt-20260513x8k.htm | 0001326190-26-000037 |
| Document: 0001326190-26-000037-index-headers.html | 0001326190-26-000037 |
| Document: 0001326190-26-000037-index.html | 0001326190-26-000037 |
| Document: 0001326190-26-000037.txt | 0001326190-26-000037 |
| 8-K Data (Synthetic) | 0001326190-26-000037 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
|
May 28, 2026
12d ago
|
Press Release
| $3.07 $2.87 | ▼ −6.51% | ▼ −6.47% | $2.73 (−11.07%) |
|
May 27, 2026
13d ago
|
Press Release
| $2.98 $2.90 | ▼ −2.68% | ▼ −3.89% | $2.73 (−8.39%) |
|
May 13, 2026
27d ago
|
8-K
| $3.02 $2.74 | ▼ −9.27% | ▼ −8.11% | $2.73 (−9.60%) |
|
May 13, 2026
27d ago
|
Press Release
| $3.02 $2.74 | ▼ −9.27% | ▼ −8.11% | $2.73 (−9.60%) |
|
May 13, 2026
27d ago
|
Press Release
| $3.02 $2.74 | ▼ −9.27% | ▼ −8.11% | $2.73 (−9.60%) |
|
May 6, 2026
4w ago
|
Press Release
| $3.26 $3.08 | ▼ −5.52% | ▼ −6.65% | $2.73 (−16.26%) |
|
Apr 24, 2026
6w ago
|
8-K
| $2.80 $3.02 | ▲ +7.86% | ▲ +7.46% | $2.73 (−2.50%) |
|
Apr 24, 2026
6w ago
|
424B5
| $2.85 $2.60 | ▼ −8.77% | ▼ −9.68% | $2.73 (−4.21%) |
|
Apr 23, 2026
6w ago
|
Press Release
| $2.89 $2.63 | ▲ +9.00% | ▲ +10.47% | $2.73 (+5.54%) |
|
Apr 22, 2026
6w ago
|
424B5
| $2.89 $2.63 | ▼ −9.00% | ▼ −10.47% | $2.73 (−5.54%) |
US Market Status
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