The EPS beat is a mechanical artifact of a 128% increase in weighted-average shares, not operational improvement. The key catalysts are the PERFORMA Phase 3 MASH trial (data 2029), RECLAIM AUD Phase 2 data (positive, but End-of-Phase 2 meeting not yet scheduled), and RESTORE ALD Phase 2 data (H2 2027). Monitor for FDA meeting outcomes in AUD and any partnership/BD activity given the strong cash position. The stock has historically sold off following similar milestone-heavy updates.
Price Chart
Executive Summary
Altimmune reported Q2 2026 results with a net loss of $0.12 per share, beating consensus estimates of -$0.13 by 7.7%. The pre-revenue biotech initiated its Phase 3 PERFORMA MASH trial, reported positive Phase 2 AUD data, and completed enrollment in its Phase 2 ALD trial, with $519M in cash providing runway through 2029. The EPS beat is a mechanical artifact of share-count changes from dilutive offerings, not operational improvement, and the stock has historically underperformed following similar reports.
Key Financial Metrics
Key Facts
- Initiated global PERFORMA Phase 3 MASH trial with 52-week data readout anticipated in 2029
- Reported positive topline data from RECLAIM Phase 2 AUD trial — statistically significant reduction in heavy drinking days
- Completed patient enrollment in RESTORE Phase 2 ALD trial; topline data expected H2 2027
- Cash, cash equivalents and investments of $519M as of June 30, 2026
- Net loss of $22.8M ($0.12/share) vs $22.1M ($0.27/share) in Q2 2025; beat consensus EPS of -$0.13
- Shares outstanding increased from 110.9M (Dec 2025) to 194.5M (Jun 2026) due to $225M offering
- R&D expenses $18.7M vs $17.2M YoY; G&A expenses $7.6M vs $5.7M YoY
Financial Impact
EPS beat of $0.01 vs consensus on a -$0.13 estimate; net loss widened to $22.8M from $22.1M YoY; cash position $519M provides ~5+ years of runway
Risk Factors
- Phase 3 MASH trial failure or delay (data not expected until 2029)
- Dilution risk from additional equity offerings despite $519M cash
- Regulatory setbacks in AUD or ALD programs
- Competition from Madrigal's Rezdiffra and other GLP-1/glucagon agonists in MASH
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001326190-26-000049 |
| Document: alt-20260812x8k.htm | 0001326190-26-000049 |
| Document: 0001326190-26-000049-index-headers.html | 0001326190-26-000049 |
| Document: 0001326190-26-000049-index.html | 0001326190-26-000049 |
| Document: 0001326190-26-000049.txt | 0001326190-26-000049 |
| 8-K Data (Synthetic) | 0001326190-26-000049 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Sep 29, 2026 27d ago | 8-K | $2.97 $2.67 | ▼ −10.10% | ▼ −12.05% | $2.09 (−29.63%) |
Aug 12, 2026 10w ago | 8-K | $2.93 $3.12 | ▲ +6.48% | ▲ +6.93% | $2.09 (−28.67%) |
Aug 12, 2026 10w ago | Press Release | $2.93 $3.12 | ▲ +6.48% | ▲ +6.93% | $2.09 (−28.67%) |
Aug 6, 2026 11w ago | Institutional Cluster | $3.01 $2.88 | ▼ −4.32% | ▼ −5.53% | $2.09 (−30.56%) |
Aug 5, 2026 11w ago | Press Release | $3.03 $2.93 | ▼ −3.30% | ▼ −3.65% | $2.09 (−31.02%) |
Aug 3, 2026 12w ago | Press Release | $3.00 $3.05 | ▲ +1.67% | ▼ −0.36% | $2.09 (−30.33%) |
Jul 28, 2026 12w ago | 8-K | $2.99 $3.00 | ▲ +0.33% | ▼ −1.93% | $2.09 (−30.10%) |
May 28, 2026 21w ago | Press Release | $3.07 $2.87 | ▼ −6.51% | ▼ −6.47% | $2.09 (−31.92%) |
May 27, 2026 21w ago | Press Release | $2.98 $2.90 | ▼ −2.68% | ▼ −3.89% | $2.09 (−29.87%) |
May 13, 2026 23w ago | 8-K | $3.02 $2.74 | ▼ −9.27% | ▼ −8.11% | $2.09 (−30.79%) |
US Market Status
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