Altimmune Q4 2023 Earnings Report
Key Takeaways
Altimmune reported positive lean mass preservation data for pemvidutide and announced financial results for the fourth quarter and full year 2023. The company's cash, cash equivalents, and short-term investments totaled $198.0 million as of December 31, 2023.
Body composition study showed lean mass preservation, with only 25.5% of weight loss derived from lean mass.
Enrollment is ongoing in the IMPACT Phase 2b trial of pemvidutide in Metabolic Dysfunction-Associated Steatohepatitis (MASH), with topline 24-week data expected in Q1 2025.
Preclinical study results showed a direct anti-fibrotic effect of pemvidutide in a non-steatotic model of liver fibrosis.
Cash, cash equivalents and short-term investments of $198.0 million at December 31, 2023.
Altimmune
Altimmune
Forward Guidance
Altimmune is focused on the development of pemvidutide for obesity and MASH. Top-line results from the IMPACT Phase 2b MASH trial are expected in Q1 2025.
Positive Outlook
- Positive lean mass preservation data from MOMENTUM trial
- Mean weight loss of 15.6% achieved on 2.4 mg dose of pemvidutide at week 48 in MOMENTUM trial
- Robust reductions of triglycerides, total cholesterol and LDL cholesterol on 2.4 mg dose in patients with elevated baseline lipids in MOMENTUM trial
- Up to 78.6% of subjects with excess liver fat normalized their liver fat content in MOMENTUM trial
- Improvements in blood pressure without imbalances in cardiac events, arrhythmias or clinically meaningful increases in heart rate in MOMENTUM trial
Challenges Ahead
- HepTcell development has been stopped due to insufficient efficacy in Phase 2 trial
- Impairment loss on intangible asset of $12.4 million recognized during the three months ended December 31, 2023 related to HepTcell
- Net loss for the three months ended December 31, 2023 was $31.6 million, or $0.54 net loss per share
- The company cautions that these forward-looking statements are subject to numerous assumptions, risks, and uncertainties, which change over time.
- Important factors that may cause actual results to differ materially from the results discussed in the forward looking statements or historical experience include risks and uncertainties, including risks relating to: delays in regulatory review, manufacturing and supply chain interruptions, access to clinical sites, enrollment, adverse effects on healthcare systems and disruption of the global economy