Altimmune, Inc. (ALT)

Altimmune is a biopharmaceutical company focused on advancing treatments for serious hepatic and metabolic diseases. Founded in 1997 and headquartered in Gaithersburg, Maryland, the company has spent nearly three decades building expertise in liver disease therapeutics, with its most ambitious clinical work occurring in recent years. The company trades publicly under the ticker ALT and maintains a lean structure of approximately 57 employees, guided by CEO Jerome Durso.

The centerpiece of Altimmune’s pipeline is pemvidutide, a dual GLP-1/glucagon receptor agonist currently in Phase 3 clinical development. This drug candidate targets three distinct liver-related conditions: metabolic dysfunction-associated steatohepatitis (MASH, formerly known as NASH), alcohol use disorder (AUD), and alcohol-associated liver disease (ALD). The dual-agonist approach is designed to address metabolic pathways more comprehensively than single-target therapies, potentially offering therapeutic advantages across multiple disease states. Beyond pemvidutide, Altimmune is advancing HepTcell, an immunotherapeutic platform aimed at achieving functional cure status in patients with chronic hepatitis B.

Pemvidutide represents a potential treatment paradigm shift for liver disease—addressing both the metabolic and inflammatory dimensions of disease progression across alcohol-related and non-alcoholic liver conditions.

Financially, Altimmune strengthened its position through a public offering in April 2026, raising capital that brought its cash reserves to approximately $535 million, a substantial war chest for a company its size. This capital raise reflected investor confidence in the company’s clinical pipeline and timelines. The near-term clinical strategy includes launching the PERFORMA Phase 3 trial for MASH, delivering topline results from the RECLAIM Phase 2 trial in AUD, and completing enrollment in the RESTORE Phase 2 study for ALD. These milestones carry potential to validate the dual-agonist approach and de-risk the program ahead of potential regulatory submissions. Altimmune operates in the competitive biotechnology sector, where late-stage clinical assets in metabolic and liver diseases attract significant pharmaceutical industry interest, given the large patient populations affected by these conditions and the limited existing therapeutic options in many indications.

Related: 10-K