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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.
Altimmune
Altimmune
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”).
- The Company’s ability to satisfy certain technical milestones under the Company’s contracts with BARDA and NIAID that would entitle the Company to receive additional funding over the period of the agreement.
- The Company’s ability to obtain potential regulatory approvals on the timelines anticipated, or at all.