The EPS beat and strong cash runway are positive, but zero revenue and increasing operating losses keep the stock dependent on pipeline catalysts. Watch for RECLAIM AUD topline in Q3 2026 and PERFORMA MASH trial initiation in H2 2026 as key value drivers. The $535M cash position provides a multi-year runway, reducing near-term dilution risk.
Price Chart
Executive Summary
Altimmune reported Q1 2026 EPS of -$0.18, beating the -$0.25 consensus estimate by 28%, though revenue was $0 (vs $1K consensus). The company highlighted a strengthened cash position of $535M post-April offering and plans to initiate the PERFORMA Phase 3 MASH trial in H2 2026. The EPS beat is notable but the zero revenue and ongoing net loss keep the focus on pipeline execution rather than financial performance.
Key Financial Metrics
Key Facts
- EPS of -$0.18 beat consensus of -$0.25 by 28%
- Revenue was $0 for Q1 2026 vs $5K in Q1 2025
- Cash, cash equivalents and short-term investments: $332M as of March 31, 2026; $535M as of April 30, 2026
- Net loss of $22.6M vs $19.6M in Q1 2025
- PERFORMA Phase 3 MASH trial initiation expected in H2 2026 with 52-week data readout in 2029
- Topline data from RECLAIM Phase 2 AUD trial expected in Q3 2026
- R&D expenses $16.2M vs $15.8M in Q1 2025
- G&A expenses $8.1M vs $6.0M in Q1 2025
- Completed $225M oversubscribed public offering in April 2026
Financial Impact
EPS beat of $0.07 vs consensus; cash position strengthened by $300M+ from offerings; net loss increased $3M YoY
Risk Factors
- Zero revenue and no near-term commercialization timeline
- Increasing R&D and G&A expenses driving wider net losses
- Phase 3 MASH trial results not expected until 2029, long wait for catalyst
- Dilution from recent offerings (225M public offering in April 2026)
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 1 press release from GlobeNewswire.
| Document | Accession Number |
|---|---|
| PRESS-RELEASE Data (Synthetic) | press-3293891 |
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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