ALTAltimmune, Inc.
Altimmune, Inc. (ALT) develops and commercializes novel therapeutics for metabolic and immune-related diseases, with a focus on its lead candidate, pemvidutide, for non-alcoholic steatohepatitis (MASH). The next catalyst is Nov 12, 2026 — Q4 2022 Earnings Release, which will test the company’s ability to manage cash burn amid costly Phase 3 trials and in-line revenue guidance.
- Altimmune operates in a high-risk, high-reward biotech space with limited near-term revenue.
- Its financials are heavily leveraged, with a debt-to-equity ratio of 0.16x and a net margin of -43,482.5% over the last 12 months.
- Free cash flow has been negative for the past 12 months, with a TTM of -$150.48M, reflecting heavy R&D investment.
The Read
Altimmune's stock rallied about 24% after securing $225 million in oversubscribed financing that resolved cash concerns through Phase 3 data, but then declined around 11% as in-line earnings and plans for costly solo Phase 3 trials raised cash burn worries.
The schedule
- Thu12Nov
This earnings report will test the company's ability to deliver on its clinical and financial guidance, particularly in light of recent FDA updates and competitive pressures in the biologics space.
- Thu17Dec
The announcement of Pemvidutide's progress will test the company's ability to maintain investor confidence in its pipeline, especially given the recent bearish sentiment from Q1 2026.
- Fri12Feb
- Thu25Feb
This update will test the company's ability to secure strategic partnerships, which are critical for scaling the Pemvidutide pipeline and improving cash flow.
- Sat15May
- Sun15Aug
Past
- Tue15Sep
Actual outcome: Bull · $3.25 at outcome
ALT's stock rose following the GLP-1 competitor data readout as positive clinical results from key competitors raised investor confidence in the GLP-1 space. The market interpreted the data as supportive of ALT's market share position, driving the price above the bull target.
Anticipated clinical data readouts from major GLP-1 competitors influencing relative valuation.
- Thu13Aug
Actual outcome: Bull · $3.01 at outcome
Altimmune reported narrower-than-expected Q2 losses and provided positive updates on its pemvidutide trials, including the initiation of the global Phase 3 PERFORMA trial in MASH and progress in AUD studies. The stock rallied on strong guidance and strategic development momentum, despite the EPS beat, as investors focused on the company's cash runway and advancing clinical programs.
Quarterly earnings report focused on R&D spend trajectory following the Phase 3 trial launch.
- Thu28May
Actual outcome: Bear · $2.58 at outcome
The stock fell 15.4% from the event date to the outcome date, missing the bull target and falling below the bear floor. The Phase 2b trial data showed significant improvement in metabolic health for patients with MASH, which was positive, but the stock reacted negatively, likely due to market skepticism about the long-term implications or potential regulatory hurdles.
Pemvidutide Phase 2 Topline
- Wed27May
Actual outcome: Bear · $2.61 at outcome
Altimmune's stock fell 12.7% following the announcement of positive Phase 2b trial data for pemvidutide, which showed significant improvements in metabolic health for patients with MASH. The market likely reacted to the potential of the drug, but the stock declined, possibly due to broader market conditions or investor sentiment toward the biopharmaceutical sector at the time.
Altimmune rises as GLP-1 cuts drinking in mid-stage trial
- Wed27May
Actual outcome: Bear · $2.61 at outcome
Altimmune's stock fell 12.7% following the announcement of positive Phase 2b trial data for pemvidutide, which showed significant improvements in metabolic health for patients with MASH. The market likely reacted to the potential of the drug, but the stock declined, possibly due to broader market conditions or investor sentiment toward the biopharmaceutical sector at the time.
This event will test the company's ability to maintain its position in the biologics space and attract investor interest through continued clinical trial participation.
- Wed27May
Actual outcome: Bear · $2.61 at outcome
Altimmune's stock fell 12.7% following the announcement of positive Phase 2b trial data for pemvidutide, which showed significant improvements in metabolic health for patients with MASH. The market likely reacted to the potential of the drug, but the stock declined, possibly due to broader market conditions or investor sentiment toward the biopharmaceutical sector at the time.
Participation in a clinical trial will test the company's ability to maintain its position in the biologics space and attract investor interest.
- Wed13May
Actual outcome: Bear · $2.92 at outcome
Altimmune reported in-line Q1 2026 earnings with an EPS of -$0.27 and no revenues, while highlighting a strengthened balance sheet with $535 million in cash extending its runway into 2029. The company also confirmed plans to initiate its Phase 3 MASH trial for pemvidutide in the second half of 2026. The stock saw a muted reaction, falling slightly by 3.3% as the anticipated pipeline updates and expected financial results offered no major surprises to drive a definitive breakout in either direction.
Altimmune's Q1 report will likely face intense scrutiny over its cash burn trajectory as the company attempts to independently fund its pemvidutide Phase 3 MASH trials without a confirmed strategic partner.
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