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Jun 30, 2020
Altimmune Q2 2020 Earnings Report
Altimmune's financial results for Q2 2020 were announced, along with a business update, highlighting progress in product development and strategic alliances.
Key Takeaways
Altimmune reported a net loss of $16.8 million for the second quarter of 2020, compared to a net loss of $3.4 million for the same period in 2019. The company's revenue was $0.7 million, a decrease from $1.6 million in the prior year period. However, they had $80.3 million in cash, cash equivalents and short-term investments at the end of the quarter, and subsequently received approximately $136.2 million in net proceeds.
Received $199.4 million in gross proceeds from a public offering, warrant exercises, and ATM sales since Q1 2020.
Announced positive preclinical results for AdCOVID.
Initiated T-COVID program and received a $4.7 million award from the DoD to fund a Phase 1/2 clinical trial.
Advanced IND-enabling activities for ALT-801 GLP-1/glucagon dual receptor agonist for NASH.
Forward Guidance
Altimmune is focused on advancing its pipeline, including AdCOVID and ALT-801, and plans to initiate clinical trials in Q4 2020, while also assessing the impact of COVID-19 on study conduct.
Positive Outlook
- Initiating a Phase 1 clinical study for AdCOVID in Q4 2020.
- Initiating a Phase 1 clinical study for ALT-801 in Q4 2020 and expecting data from this clinical study in 2021.
- Initiating a Phase 2 clinical trial for HepTcell in Q4 2020.
- Advancing the development of AdCOVID vaccine product candidate.
- Aiming to obtain potential regulatory approvals on the timelines anticipated.
Challenges Ahead
- Potential impacts due to the COVID-19 pandemic such as delays in regulatory review, manufacturing and supply chain interruptions.
- Possible adverse effects resulting from the administration of the Company’s product candidates.
- Funding delays, reductions in or elimination of U.S. government funding and/or non-renewal of expiring funding under the Company’s agreement with Biomedical Advanced Research and Development Authority (“BARDA”).
Historical Earnings Impact
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Avg. Return Before/After Earnings
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