The stock will trade on upcoming catalysts: RECLAIM Phase 2 AUD topline data in Q3 2026 and PERFORMA Phase 3 MASH trial initiation in H2 2026. The $535M cash runway removes near-term financing risk but the dilutive overhang from the recent $225M offering may cap upside. Monitor EASL Congress presentation on May 28, 2026 for potential sentiment catalyst.
Price Chart
Executive Summary
Altimmune reported Q1 2026 results with a net loss of $0.18 per share, narrower than the $0.26 loss in Q1 2025, but the company remains a pre-revenue clinical-stage biotech. The key positive is a strengthened cash position of $535M as of April 30, 2026, following a $225M oversubscribed public offering, providing runway into the PERFORMA Phase 3 MASH trial. However, the net loss widened to $22.6M from $19.6M a year ago, and the company has no revenue, making this a neutral operational update with the stock's direction tied to upcoming Phase 2 AUD data and Phase 3 MASH trial initiation.
Key Financial Metrics
Key Facts
- Net loss of $22.6M ($0.18/share) for Q1 2026 vs $19.6M ($0.26/share) in Q1 2025
- Cash, cash equivalents and short-term investments of $332M as of March 31, 2026; $535M as of April 30, 2026
- Completed $225M oversubscribed public offering in April 2026, plus $75M registered direct offering in January 2026 and $8.9M ATM in Q1 2026
- PERFORMA Phase 3 MASH trial initiation planned for second half 2026 with 52-week data readout anticipated in 2029
- Topline data from RECLAIM Phase 2 AUD trial expected in Q3 2026
- R&D expenses of $16.2M vs $15.8M in Q1 2025; G&A expenses of $8.1M vs $6.0M in Q1 2025
- No revenue reported for Q1 2026 vs $5K in Q1 2025
Financial Impact
Net loss increased by $3.0M YoY to $22.6M; cash position strengthened by ~$203M from December 2025 to April 2026
Risk Factors
- No revenue and widening net loss; pre-revenue biotech with binary clinical trial risk
- Phase 3 MASH trial results not expected until 2029 — long wait for value inflection
- Significant dilution from recent offerings (shares outstanding increased from 110.9M to 130.2M in Q1 2026 alone)
- Clinical trial failure risk for pemvidutide in MASH, AUD, or ALD
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001326190-26-000037 |
| Document: alt-20260513x8k.htm | 0001326190-26-000037 |
| Document: 0001326190-26-000037-index-headers.html | 0001326190-26-000037 |
| Document: 0001326190-26-000037-index.html | 0001326190-26-000037 |
| Document: 0001326190-26-000037.txt | 0001326190-26-000037 |
| 8-K Data (Synthetic) | 0001326190-26-000037 |
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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