Breaking Down Altimmune, Inc. (ALT) Financial Health: Key Insights for Investors

You're looking at Altimmune, Inc. (ALT) right now and seeing a classic biotech setup: a massive market opportunity in the GLP-1 space but a tight clinical timeline that makes the stock a binary bet. The financial reality, as of Q3 2025, is that the company is burning cash, reporting a net loss of $19.0 million for the quarter and R&D expenses of $15.0 million, which is the cost of staying in the game. But here's the quick math: they finished Q3 with a strong cash position of $210.8 million, a 60% jump from the start of the year, which gives them a runway to navigate the next 12 to 18 months, defintely past the critical year-end milestones. The real action is in the near-term catalysts-specifically, the 48-week data from the IMPACT trial for pemvidutide in MASH (Metabolic Dysfunction-Associated Steatohepatitis) and the End-of-Phase 2 meeting with the FDA, both expected before the end of 2025. That data will either validate the company's strategy or force a major pivot, so you need to understand exactly what that $210.8 million is buying you.

Revenue Analysis

You need to understand that Altimmune, Inc. (ALT) is fundamentally a pre-commercial, clinical-stage biopharmaceutical company. This means its current revenue is negligible, but the future opportunity is massive. For the trailing twelve months (TTM) ending September 30, 2025, the company's revenue stood at a minimal $20,000. That's not a typo.

This tiny revenue figure is not a sign of failure; it's the reality for a firm focused on research and development (R&D) for its lead candidate, pemvidutide, a dual receptor agonist for metabolic dysfunction-associated steatohepatitis (MASH). The current revenue stream is entirely dependent on non-product sources, which is a key risk to map.

The Grant-Driven Revenue Stream

The minimal revenue Altimmune, Inc. reports comes almost exclusively from a single source: Grant revenue. Historically, this segment has contributed 100.00% of the company's total revenue. This is not a sustainable commercial model, but it is the lifeblood of a biotech in the clinical phase. The company does not yet have a commercial product to sell, so there are no product sales or service fees from patients or payers.

Here's the quick math on the near-term revenue breakdown, which highlights the non-commercial nature of the business:

• Primary Revenue Source: Grant revenue.
• Contribution to Total Revenue: 100.00% from non-product sources.
• Q3 2025 Revenue: $5,000.

What this estimate hides is that the company's true value is tied to its pipeline, not its current top line.

Historical Trends and Future Forecasts

Looking at the historical trend, the TTM revenue ending in Q3 2025 reflects a significant drop, showing a year-over-year decline of -61.54%. This volatility is common in clinical-stage companies as grant funding starts and stops based on specific project timelines and milestones. For instance, annual revenue for the 2024 fiscal year was just $20,000, a -95.31% decrease from 2023.

Still, you invest in Altimmune, Inc. for the future, not the past. Analysts are forecasting a dramatic turnaround once pemvidutide moves closer to commercialization, projecting an annual revenue growth rate of 77.1% per annum in the future. This growth is contingent on positive data from the IMPACT Phase 2b trial, with the 48-week data expected before year-end 2025.

To be fair, a 77.1% growth rate from a base of $20,000 is still a small number, but it signals the market's expectation of a successful transition from R&D to commercial operations. The risk is high, but the potential reward is tied to the drug's efficacy and market adoption in the lucrative MASH and cardiometabolic disease space. You can read more about this in Breaking Down Altimmune, Inc. (ALT) Financial Health: Key Insights for Investors.

Here is a comparison of the recent revenue figures:

Action: Track the Q4 2025 IMPACT trial data readout; that is the defintely most important revenue driver for the next five years.

Profitability Metrics

You need to understand that for a clinical-stage biopharmaceutical company like Altimmune, Inc. (ALT), profitability is not measured by positive margins today, but by the burn rate of capital invested in the pipeline. The near-term reality is a significant operating loss, which is by design, not a failure of management.

The company is pre-commercial, meaning its revenue is nominal, mostly from grants or non-core activities, so traditional profitability margins are massively negative and misleading. For instance, in the first quarter of 2025, Altimmune, Inc. reported a net loss of approximately $19.6 million, a slight improvement from the $24.4 million net loss in the same period a year earlier. This reduction in loss is a function of managing clinical trial timing, not product sales.

Here's the quick math on their 2025 operational profile, using Q1 2025 data (in thousands of US dollars) to show where the money is going:

The company's primary operational focus is Research and Development (R&D), which totaled $15.8 million in Q1 2025 and $15.0 million in Q3 2025. This represents the lion's share of operating expenses, which is exactly what you want to see in a biotech focused on a major catalyst like the Phase 2b MASH trial data expected before year-end 2025.

To be fair, the full-year 2025 consensus forecast for Altimmune, Inc. is an estimated Net Loss per Share (EPS) of ($1.13) on consensus revenue of about $3.33 million. This translates into a highly negative Net Profit Margin-a clear sign of a company in the heavy investment stage.

When you compare this to the broader pharmaceutical industry, which has an average Return on Equity (ROE) of approximately 10.49%, Altimmune, Inc. is an outlier, but so is every clinical-stage biotech. Their operational efficiency is not about cost management in the traditional sense; it's about managing the R&D spend to hit clinical milestones on time and within budget. This is what matters:

• Q1 2025 R&D spend was $15.8 million.
• Q3 2025 R&D spend was $15.0 million.
• The R&D expense is a defintely controlled burn, decreasing from $21.5 million in Q1 2024.
• The goal is to generate future Gross Profit from a successful drug, not current profit from minimal revenue.

The investment thesis here hinges entirely on the success of their pipeline, especially Pemvidutide. The shift from a massive operating loss to profitability will happen overnight with a successful Phase 3 trial and a partnership, not through incremental cost-cutting. You can track their financial health and milestones in more detail here: Breaking Down Altimmune, Inc. (ALT) Financial Health: Key Insights for Investors. Your action now is to monitor the R&D spend relative to the clinical trial timelines, not the negative margins.

Debt vs. Equity Structure

You need to know how Altimmune, Inc. (ALT) funds its operations, especially as a clinical-stage biotech company with high Research and Development (R&D) burn. The quick takeaway is that Altimmune, Inc. is overwhelmingly financed by equity, not debt. This is a common, and often preferred, structure for companies with a long path to commercial revenue.

As of November 2025, Altimmune, Inc.'s capital structure is very clean. The company's total drawn debt stands at only $35.0 million, which comes from its term loan facility with Hercules Capital. This is a small number compared to its equity base, which was already $185.6 million in shareholder equity as of September 29, 2025. Plus, they just completed a follow-on equity offering in November 2025, raising another massive $150 million to fuel the pemvidutide trials. That's a huge injection of non-dilutive capital.

Low Leverage and Strategic Debt Use

When you map the current debt against the new, beefed-up equity, Altimmune, Inc.'s financial leverage is minimal. Here's the quick math: using the $35.0 million in drawn debt and a pro forma equity base of roughly $335.6 million (the September equity plus the new November raise), the debt-to-equity (D/E) ratio is approximately 0.104, or 10.4%. This low ratio is defintely a strength.

For comparison, the average D/E ratio for the Biotechnology industry is around 0.17 (17%). Altimmune, Inc. is operating with significantly less leverage than its peers, which gives it a large cushion. A low D/E ratio means the company is not beholden to debt covenants or high interest payments, preserving cash for R&D.

• Total Drawn Debt (Nov 2025): $35.0 million
• Pro Forma Equity (Nov 2025): $\approx$ $335.6 million
• Pro Forma Debt-to-Equity Ratio: $\approx$ 10.4%

Recent Financing: Debt Extension and Equity Raise

The company's recent financing activity shows a clear preference for equity funding while using debt strategically for flexibility. In November 2025, Altimmune, Inc. amended its loan agreement with Hercules Capital, increasing the total term loan availability from $100.0 million to $125.0 million. This is smart. They extended their financial runway and flexibility without immediately drawing the full amount.

The $35.0 million in drawn debt is structured as long-term debt, with the interest-only period extended to 30 months from May 13, 2025. This delays principal amortization, which is a key move for a pre-commercial company. It keeps cash in the bank for clinical milestones, not debt service. The remaining tranches of the $125.0 million facility are contingent on achieving specified clinical milestones, which ties their access to capital directly to their operational progress.

The fact they followed up the debt amendment with a $150 million equity raise shows their primary funding mechanism is stock issuance. This dilutes existing shareholders, but it's the cost of doing business in biotech; it ensures the company has the cash runway to complete its pivotal trials for pemvidutide. To understand who is taking on this new equity, you should be Exploring Altimmune, Inc. (ALT) Investor Profile: Who's Buying and Why?

Liquidity and Solvency

You need to know if Altimmune, Inc. (ALT) has the cash to fund its critical Phase 3 trials, and the good news is their near-term liquidity position is exceptionally strong. The company's financial health is typical for a clinical-stage biotech: high cash burn, but a massive cash buffer from recent financing activities.

As of the third quarter of 2025 (Q3 2025), Altimmune, Inc.'s liquidity ratios are stellar, reflecting a balance sheet designed for a multi-year research and development (R&D) runway. Their Current Ratio and Quick Ratio both stand at 20.44. This means the company has over $20 in liquid assets for every dollar of current liabilities. Honestly, ratios this high are not about efficiency; they are about capital preservation and funding the pipeline.

• Current Ratio: 20.44-Indicates ample capacity to cover short-term obligations.
• Quick Ratio: 20.44-Confirms minimal reliance on inventory (which is typical for a biotech) for liquidity.

Working Capital and Cash Buffer

The strength of the balance sheet is anchored in a substantial cash reserve. Altimmune, Inc. reported cash, cash equivalents, and short-term investments of $210.8 million as of September 30, 2025. This is a 60% increase from the end of 2024. Given the high quick ratio, their working capital-the money left over after covering all short-term debts-is estimated to be around $200.49 million.

This massive working capital is the company's lifeline, funding the development of pemvidutide for MASH (metabolic dysfunction-associated steatohepatitis) and other indications. What this estimate hides is the burn rate. The capital is there, but it is shrinking monthly to fund operations.

Cash Flow Statement Overview and Trends

The cash flow statement clearly maps the company's operational reality: it is a high-cost R&D machine that relies on financing to survive. Over the trailing twelve months (TTM) ending September 30, 2025, the company's cash flow trends show a significant outflow from operations and investing activities, which was fully offset by capital raises:

The negative operating cash flow of -$66.35 million is the company's annual cash burn rate, funded almost entirely by positive financing cash flow. This is the core risk: their future depends on their ability to raise more capital or successfully commercialize their drug candidate, pemvidutide. You should keep a close eye on Exploring Altimmune, Inc. (ALT) Investor Profile: Who's Buying and Why? to see where that financing is coming from.

Near-Term Liquidity Strengths and Concerns

The major strength is the $210.8 million cash balance, which provides a runway of over three years based on the current TTM operating burn rate. This runway gives Altimmune, Inc. the financial flexibility to complete the 48-week IMPACT data readout expected before year-end 2025 and prepare for a Phase 3 trial.

The primary liquidity concern is the company's dependence on external financing. They have no significant revenue, reporting only $0.01 million in revenue for Q3 2025. The net loss for Q3 2025 was $19.0 million. Any significant delay or negative outcome in the clinical trials could immediately jeopardize their ability to raise future capital, potentially forcing a highly dilutive equity offering. The cash is a strength, but it's defintely a finite resource funding an open-ended R&D program.

Next step: Track the Q4 2025 IMPACT trial data release to assess the primary catalyst for future financing rounds.

Valuation Analysis

You're looking at Altimmune, Inc. (ALT) and wondering if the market is missing something, especially after a tough year for the stock. The direct takeaway is this: traditional valuation metrics suggest the company is currently undervalued relative to its future growth potential, but this is a high-risk, high-reward bet, typical for a clinical-stage biopharma company.

The core of the matter is that Altimmune is not yet profitable, so we can't rely on earnings-based multiples for a simple answer. You must look at the analyst consensus and the Price-to-Book (P/B) ratio to get a clearer picture. The Street is overwhelmingly bullish, but the stock price trend shows the market is still skeptical, or simply waiting for the next major clinical milestone for their lead asset, pemvidutide.

Is Altimmune, Inc. (ALT) Overvalued or Undervalued?

As a seasoned analyst, I'd say Altimmune, Inc. is currently trading at a significant discount to its consensus fair value. The stock is trading around $4.17 as of November 14, 2025. Wall Street analysts have an average 12-month price target of $18.81, which implies an upside of over 350% from the current price. That's a massive gap, and it's why the company carries a 'Strong Buy' consensus rating.

Here's the quick math on the stock's recent performance: over the last 12 months, the share price has decreased by 51.98%. That's a tough stretch. The 52-week trading range of $2.90 to $11.16 shows the volatility you should expect in this sector. You're buying into a story here, not a mature cash-flow business, so defintely expect swings.

The key valuation multiples for Altimmune, Inc. (ALT) as of the 2025 fiscal year are:

• Price-to-Earnings (P/E) Ratio: -3.1x
• Price-to-Book (P/B) Ratio: 2.16x
• Enterprise Value-to-EBITDA (EV/EBITDA) Ratio: -2.06x

Since the company is a clinical-stage biotech, the negative P/E and EV/EBITDA ratios are expected-they are not generating significant positive earnings or earnings before interest, taxes, depreciation, and amortization (EBITDA) yet. They are burning cash on research and development. The P/B ratio of 2.16x is the most useful comparative metric, suggesting the market values the company at slightly more than twice its book value (assets minus liabilities). This is generally in line with or slightly below the industry average of 2.4x for US Biotechs, which suggests it's reasonably valued on an asset basis, but the huge analyst price target suggests the market is not fully pricing in the success of their lead drug candidate, pemvidutide.

Analyst Sentiment and Dividend Status

The analyst community is very bullish, which is a strong signal for a growth stock like this. The consensus is a Strong Buy, with a high price target of $28.00 and a low of $1.00, showing the binary nature of the stock-it either works or it doesn't.

What this estimate hides is the execution risk. If the clinical trials for pemvidutide hit a snag, that $18.81 average target evaporates quickly. That's the reality of investing in this space.

Regarding income, Altimmune, Inc. does not pay a dividend. The dividend yield is 0%, and the payout ratio is not applicable. Your return here will come entirely from capital appreciation, not income.

For a deeper dive into who is driving the current stock movement, check out Exploring Altimmune, Inc. (ALT) Investor Profile: Who's Buying and Why?

Next Step: Review the latest Phase 2b trial data on pemvidutide to assess the probability of hitting the high-end of the analyst price targets.

Risk Factors

You need to look past the positive clinical headlines and focus on the fundamental risks, because for a clinical-stage biotech like Altimmune, Inc. (ALT), success is binary. The company's financial health, despite a strong cash position of $210.8 million as of September 30, 2025, is entirely dependent on the clinical and regulatory success of its lead candidate, pemvidutide.

The biggest near-term risk is an operational one: the upcoming 48-week data readout from the IMPACT Phase 2b trial for MASH (Metabolic dysfunction-associated steatohepatitis), expected before year-end 2025. If that data isn't stellar, the stock will suffer a severe correction.

Clinical and Regulatory Hurdles Define Valuation

The primary financial risk for Altimmune, Inc. is the high burn rate combined with the single point of failure in a Phase 3 trial. The Q3 2025 net loss was $19.0 million, driven largely by $15.0 million in Research and Development (R&D) expenses for the quarter. This cash burn will only accelerate as they move into a costly Phase 3 MASH program. That's a lot of money to spend before a single dollar of revenue.

Also, the regulatory landscape for MASH is still evolving. There is uncertainty about whether the FDA will fully adopt non-invasive tests (NITs) as primary endpoints, potentially replacing the current standard of liver biopsy readings. Altimmune, Inc. is mitigating this by designing a flexible Phase 3 trial, which they plan to discuss with the FDA in an End-of-Phase 2 meeting scheduled for Q4 2025.

• Clinical trial failure is the ultimate risk.
• R&D costs of $15.0M (Q3 2025) drive the net loss.
• Regulatory endpoints could shift, impacting trial design.

Intense Competition in the Cardiometabolic Space

Externally, the competition is brutal. Pemvidutide, a dual glucagon/GLP-1 receptor agonist, is entering a market dominated by pharmaceutical giants. Companies like Novo Nordisk and Roche are already heavily invested in the broader cardiometabolic and MASH space, often with deep-pocketed, multi-asset pipelines. While pemvidutide's dual mechanism and initial 24-week data showing MASH resolution (e.g., 58% at the 1.2 mg dose vs. 20% for placebo) offer a potential differentiator, this is a race against established players.

You have to assume that if Altimmune, Inc. makes it to market, they will face aggressive pricing and market access battles. The company is attempting to mitigate this by expanding pemvidutide into two other high-unmet-need areas: Alcohol Use Disorder (AUD) and Alcohol-Associated Liver Disease (ALD). This pipeline diversification is smart, but it also increases the total R&D spend and execution risk across multiple Phase 2 programs (RECLAIM for AUD and RESTORE for ALD).

The core mitigation strategy is financial flexibility. The company's cash balance of $210.8 million, combined with the amended $125 million credit facility from Hercules Capital, gives them a solid runway to fund the Phase 3 planning and the ongoing Phase 2 trials in AUD and ALD. Still, every investor should know that in biotech, the clinical data is the only thing that defintely matters for long-term value. For a deeper dive into the company's full financial picture, you can read the full post here: Breaking Down Altimmune, Inc. (ALT) Financial Health: Key Insights for Investors.

Growth Opportunities

The future growth of Altimmune, Inc. (ALT) is almost entirely tied to its lead product candidate, pemvidutide, a novel GLP-1/glucagon dual receptor agonist. This is a classic biotech story: high risk, high reward, but the recent Phase 2b data in metabolic dysfunction-associated steatohepatitis (MASH) provides a compelling inflection point. Your near-term focus should be on the clinical catalysts expected in late 2025, as they will defintely drive the stock.

The primary growth driver is product innovation, specifically the drug's dual-action mechanism. The GLP-1 component handles appetite suppression and weight loss, but the glucagon component is the key differentiator, as it directly addresses hepatic (liver) fat metabolism. This unique profile positions Altimmune, Inc. to target a multi-billion dollar market, with analysts projecting peak annual revenues exceeding $1 billion in the MASH indication alone. That's a huge opportunity for a company of this size.

Mapping the near-term financial reality to this potential is crucial. For the 2025 fiscal year, Wall Street analysts forecast an average net loss of approximately -$116,983,608, which is typical for a clinical-stage biotech. However, the projected annual revenue growth rate is a staggering 1,046.43%, though this is off a very small base, with average 2025 revenue estimates at just $592,789. This massive growth percentage shows the market's expectation of initial revenue streams, likely from milestone payments or early-stage commercial activities, but it's still a pre-commercial story.

The company's strategic initiatives are all about de-risking the pipeline and expanding the addressable market. They are not just focused on MASH; they are expanding into other cardiometabolic diseases.

• MASH Advancement: An End-of-Phase 2 Meeting with the FDA is scheduled for the fourth quarter of 2025 to finalize the Phase 3 trial design. The 48-week data readout from the IMPACT Phase 2b trial is also expected in Q4 2025, which will provide critical long-term efficacy and durability insights.
• Pipeline Expansion: Phase 2 trials were initiated in May 2025 for Alcohol Use Disorder (AUD) (the RECLAIM trial) and in July 2025 for Alcohol-Associated Liver Disease (ALD) (the RESTORE trial).
• Regulatory Tailwinds: Pemvidutide has received FDA Fast Track designations for both MASH and AUD, which can expedite the development and review process.

The competitive advantage lies in the clinical data and tolerability. In the IMPACT Phase 2b trial, pemvidutide demonstrated MASH resolution without worsening of fibrosis in up to 58% of patients at the 1.2 mg dose, compared to only 20% for placebo. Plus, the drug showed potentially best-in-class tolerability, with very low rates of patient discontinuation due to side effects, which is a big deal in the GLP-1 space where gastrointestinal issues are common. This combination of strong efficacy and favorable tolerability is what positions Altimmune, Inc. to capture significant market share.

Here's the quick math on the MASH resolution rates at 24 weeks:

What this estimate hides is the binary risk of a biotech. If the 48-week data disappoints, the stock will suffer severely, regardless of the 2025 revenue forecast. Your next step should be to monitor the Q4 2025 data readouts closely, as they are the true drivers of future value. To understand the investor landscape, you should check out Exploring Altimmune, Inc. (ALT) Investor Profile: Who's Buying and Why?