Altimmune

Refresh delta (since 2026-06-18)

1. The RECLAIM Phase 2 AUD trial read out positive on 2026-07-28 — the "next binary" in the position seed. Pemvidutide 2.4 mg against placebo at week 24 in moderate to severe alcohol use disorder, 100 patients (N=50 per arm in the safety table): change in heavy drinking days per week −4.20 against −2.75 (LS mean), a difference of −1.45, p=0.0014 (primary endpoint); two-level reduction in WHO risk drinking level 64.4% (29/45) against 34.8% (16/46), odds ratio 3.31, p=0.0049; zero heavy drinking days in weeks 21-24 42.2% (19/45) against 17.4% (8/46), odds ratio 3.84, p=0.0066; percent days abstinent change 38.9% against 20.5%, p=0.0075; serum PEth −153.4 against +22.0, p<0.0001; placebo-adjusted body-weight change 9.1% at week 24, p<0.0001 [8-KForm 8-KA filing for something that happened between reports and matters enough to tell shareholders now. RECLAIM, topline table]. The company calls the second and third endpoints registrational endpoints recognised by the FDA [8-K RECLAIM]. The prior dossier's seed describes this as a binary with "a miss a plausible halving"; the trial met its primary endpoint on the company's report, which is not an independent reading of the data.

2. Tolerability in RECLAIM [8-K RECLAIM, safety table]: serious adverse events 2 (4%) on pemvidutide against 1 (2%) on placebo; severe adverse events 6 (12%) against 3 (6%); nausea 22 (44%) against 12 (24%); vomiting 9 (18%) against 3 (6%). The company describes tolerability as "generally favorable."

3. Next steps stated for AUD: the company plans to request an End-of-Phase 2 meeting with the FDA and to engage European regulators on a path forward; the FDA granted Fast Track designation to pemvidutide for AUD [8-K Q2, corporate update]. No Phase 3 AUD design or start date is given in the documents read.

4. MASH Phase 3 started. The company announced initiation of the global PERFORMA Phase 3 trial in MASH in August 2026, with a 52-week data readout anticipated in 2029; pemvidutide holds FDA Breakthrough Therapy Designation for MASH based on 24-week IMPACT Phase 2b data [8-K Q2; 10-QForm 10-QThe quarterly version of the annual report. Lighter, and not audited.]. The prior seed listed "PERFORMA MASH Phase 3 initiation, 2H 2026" and a "~2029" biopsy interim.

5. ALD trial enrolment complete; protocol amended. The RESTORE Phase 2 trial in alcohol-associated liver disease completed enrolment in July 2026 (approximately 120 patients, 48 weeks). The protocol was amended so the primary endpoint, change from baseline in liver stiffness measurement, is assessed hierarchically at week 48 and then at week 24; secondary endpoints include ELF score, alcohol consumption and body weight. Topline data are expected in the second half of 2027 [8-K Q2, ALD section]. The prior dossier recorded "~2027 est." with a week-24 liver-stiffness endpoint.

6. Q2 2026 financials: net loss $22,825K (Q2 2025: $22,146K), $0.12 per share against $0.27; research and development $18.7M (Q2 2025: $17.2M), of which $11.6M direct pemvidutide costs; general and administrative $7.6M (Q2 2025: $5.7M); interest income $4.5M; interest expense $1,097K (Q2 2025: $264K). Six-month net loss $45,388K (2025: $41,721K) [8-K Q2; 10-Q]. Accumulated deficit $694.9M [10-Q].

7. Cash, financing and share count. Cash, cash equivalents and investments were $519M at 2026-06-30 [8-K Q2]; on the balance sheet, cash and equivalents $63.0M plus restricted cash, and short-term investments $263.3M, the rest being longer-dated investments [10-Q balance sheet]. Six-month operating cash use $45.2M (2025: $36.2M) [10-Q cash-flow statement]. The April 2026 oversubscribed public offering of common stock, pre-funded warrantsPre-funded warrantA right to buy shares that has already been paid for, bar a token penny. It behaves like a share the investor already owns, so leaving it out of a share count understates the company’s real size. and warrants raised $225.0M gross, of which 64,250,000 common shares added $180.8M net to equity and pre-funded warrants $30.3M [8-K Q2; 10-Q statement of stockholders' equity]. Shares issued and outstanding were 194,474,154 at 2026-06-30 against 110,882,735 at 2025-12-31, up 75% [10-Q balance sheet; estimate: 194,474,154 / 110,882,735 − 1]; authorized sharesAuthorised sharesThe ceiling on how many shares a company is permitted to issue. Raising it does not itself dilute anyone, but it is what makes future dilution possible. were raised to 400,000,000 from 200,000,000 [10-Q balance sheet]. Stockholders' equity was $474.2M [10-Q]. The prior dossier's pro forma cash of "~$535M (web)" and Q1 cash of $331.6M are in the previous dossier; $519M is the filed 2026-06-30 figure.

8. Runway wording in the filing. The 10-Q says cash on hand at 2026-06-30 is "sufficient to fund operations for at least a twelve-month period" from the issuance date [10-Q, Note 1]. It does not state a runwayRunwayHow long the cash lasts at the current rate of spending. It shortens the moment spending rises, which is why a figure taken from a quiet quarter flatters. into 2028; that figure in the prior dossier is its own estimate. At the first-half pace of operating cash use, $519M is about 5.7 years, arithmetic on the first-half pace with Phase 3 costs not yet in it.

9. Debt. The Hercules term loan principal is $35.0M, unchanged since 2025-12-31, carried at $34.7M; the facility was amended on 2025-11-05 to make up to $125.0M available in four tranches [10-Q, Note 5]. The prior dossier's debt line is the same ($125M facility, $35M drawn).

10. Management. On 2026-09-24 the board appointed Richard Menziuso, age 51, ex-Vice President and Corporate Controller of Centessa Pharmaceuticals, as Vice President, Global Controller and Principal Accounting Officer effective 2026-09-29; Gregory Weaver remains Chief Financial Officer [8-K 5.02]. The 8-K Q2 says the company plans to relocate its headquarters to Morristown, New Jersey later in 2026. The 10-Q's Item 1 Legal Proceedings gives only general language and names no proceeding [10-Q].

What held

• The prior dossier's funding conclusion (financing risk off the table through the 2026-27 catalysts) is consistent with the filed $519M against $45.2M of first-half operating cash use (facts 7 and 8), subject to the 10-Q's own twelve-month wording.
• The mechanism claim behind the seed's three "free shots" (AUD, ALD, obesity) has moved on the first two: AUD read out positive and ALD enrolment is complete (facts 1 and 5). Nothing read touches the obesity programme.
• DilutionDilutionIssuing new shares, so each existing share owns a smaller slice of the same company. continues: 75% more shares outstanding in six months and the April warrants (fact 7). The seed's key-risk line on dilution is carried unchanged below.
• The seed's biopsy-fibrosis risk is untouched: PERFORMA has started and its 52-week readout is anticipated in 2029 (fact 4).