The EPS beat is a non-event for traders—it's purely a share-count artifact. The key catalysts are the Phase 3 MASH data (2029) and Phase 2 ALD data (H2 2027), both years away. With $519M cash but no revenue, the stock trades on pipeline milestones, not quarterly earnings. Monitor for FDA meeting outcomes in AUD and any partnership/licensing announcements.
Price Chart
Executive Summary
Altimmune reported Q2 2026 net loss of $0.12 per share, beating consensus of -$0.13 by 7.7%, but this is a mechanical artifact of share-count dilution from the $225M April offering, not operational improvement. The pre-revenue biotech initiated its Phase 3 PERFORMA MASH trial, reported positive Phase 2 AUD data, and completed enrollment in Phase 2 ALD, with $519M cash runway through 2029. The stock has historically underperformed following similar reports, and the EPS beat does not change the fundamental story.
Key Financial Metrics
Key Facts
- Q2 2026 net loss of $22.8M ($0.12/share) vs $22.1M ($0.27/share) in Q2 2025; beat consensus -$0.13 by 7.7%
- Cash, equivalents, and investments of $519M as of June 30, 2026, up from $280M at Dec 2025
- Initiated global Phase 3 PERFORMA trial in MASH; 52-week data readout anticipated in 2029
- Positive topline data from Phase 2 RECLAIM trial in AUD: statistically significant reduction in heavy drinking days
- Completed enrollment in Phase 2 RESTORE trial in ALD; topline data expected H2 2027
- Completed oversubscribed public offering in April 2026, raising $225M gross proceeds
- R&D expenses $18.7M (up from $17.2M), G&A expenses $7.6M (up from $5.7M)
- Weighted-average shares outstanding 185.4M vs 81.5M a year ago, more than doubling due to dilutive offerings
Financial Impact
EPS beat of 7.7% is mechanical from share dilution; cash position $519M provides runway through 2029
Risk Factors
- No revenue and no near-term catalysts—next major data readout is H2 2027
- Dilution risk: shares outstanding more than doubled YoY from April 2026 offering
- Clinical trial risk: Phase 3 MASH trial has 3+ year timeline with binary outcome
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 1 press release from GlobeNewswire.
| Document | Accession Number |
|---|---|
| PRESS-RELEASE Data (Synthetic) | press-3343554 |
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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