A clinical-stage biopharmaceutical company developing pemvidutide, a balanced GLP-1 and glucagon dual receptor agonist in late-stage trials for fatty-liver disease (MASH), alcohol use disorder, and alcohol-associated liver disease. It began in 1997 as vaccine maker Vaxin Inc. before renaming to Altimmune in 2015, and its early work included NasoVAX, a needle-free intranasal flu vaccine.
Pemvidutide Phase 2 AUD trial hits primary endpoint, while Altimmune begins enrolling a pivotal Phase 3 MASH trial.
Pemvidutide cleared its first efficacy test in alcohol use disorder, a new indication that now sits alongside MASH as the company's lead program. The net loss widened 3% to $22.8 million as a ramp in Phase 3 MASH and Phase 2 ALD trial costs was largely offset by a $3.4 million rise in interest income, while cash and investments stood at $326.3 million after a $211.1 million April equity raise. The company is now a late-stage MASH and mid-stage AUD/ALD play, fully funded to read out pivotal data.
Key takeaways
The RECLAIM Phase 2 trial of pemvidutide in alcohol use disorder met its primary endpoint, showing a statistically significant reduction in heavy drinking days versus placebo, with topline results announced in July 2026.
Research and development expense rose 8% to $18.7 million, driven by startup costs for the PERFORMA Phase 3 MASH trial and the ongoing Phase 2 ALD trial, partially offset by the wind-down of the IMPACT and RECLAIM trials.
The net loss widened 3% to $22.8 million, as a $3.3 million increase in total operating expenses was nearly fully offset by a $3.4 million rise in interest income earned on higher cash and investment balances.
Section summaries
Management's Discussion and Analysis
Altimmune advanced pemvidutide into Phase 3 for MASH and reported positive Phase 2 data in AUD, while net loss widened to $22.8M in Q2 2026.
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R&D expenses rose 8% to $18.7M in Q2 2026, driven by the ongoing ALD trial and startup costs for the PERFORMA Phase 3 MASH trial, partially offset by the wind-down of the IMPACT and RECLAIM trials.
General and administrative expense rose 33% to $7.6 million, primarily on higher compensation and professional services costs.
Cash, cash equivalents, restricted cash, and short-term investments totaled $326.3 million at June 30, 2026, after the company raised $211.1 million in net proceeds from an April 2026 public offering.
Enrollment in the global PERFORMA Phase 3 MASH trial began in August 2026, with a 52-week data readout to support anticipated in 2029.
What changed
The RECLAIM Phase 2 AUD trial, flagged in the FY 2025 10-K and Q1 2026 10-Q as a key catalyst expected in 2026, delivered positive topline data in July 2026, establishing pemvidutide's efficacy in a second major indication beyond MASH.
The PERFORMA Phase 3 MASH trial, which was in startup during Q1 2026, began enrolling patients in August 2026, converting the MASH program from a completed Phase 2b into an active pivotal study.
Cash and investments rose to $326.3 million from $331.6 million at the end of Q1 2026, reflecting the $211.1 million April 2026 public offering net proceeds partially offset by the quarter's $24.2 million .
The securities class action and derivative suits disclosed in Q3 2025 were voluntarily dismissed without prejudice, as reported in the FY 2025 10-K, and no new litigation was disclosed in this filing.
What to watch
Enrollment progress and any interim updates on the PERFORMA Phase 3 MASH trial, now that the 52-week data readout for is anticipated in 2029.
The quarterly operating cash burn rate against the $326.3 million cash and investments balance, now that the company is funding a global Phase 3 MASH trial and two Phase 2 programs concurrently.
Any partnership or licensing activity following the positive RECLAIM Phase 2 AUD data, since the company has no and will need substantial additional capital to fund Phase 3 development across multiple indications.
Topline data from the ongoing Phase 2 ALD trial of pemvidutide, which would further expand the asset's addressable indications beyond MASH and AUD.
G&A expenses increased 33% to $7.6M in Q2 2026, primarily due to higher compensation and professional services costs.
Net loss grew 3% to $22.8M in Q2 2026, as a $3.4M increase in interest income from higher cash and investment balances was offset by a $3.3M rise in total operating expenses.
Cash, cash equivalents, restricted cash, and short-term investments totaled $326.3M as of June 30, 2026, bolstered by $211.1M in net proceeds from an April 2026 public offering.
The company began enrolling patients in the global PERFORMA Phase 3 trial for MASH in August 2026, with a 52-week data readout to support anticipated in 2029.
Positive topline results from the RECLAIM Phase 2 trial in AUD were announced in July 2026, showing a statistically significant reduction in heavy drinking days versus placebo.
From time to time, we may be involved in various legal proceedings or investigations, which could be costly and impose a significant burden on management and employees. The results of any current or future litigation cannot be predicted with certainty, and regardless of the outc…
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From time to time, we may be involved in various legal proceedings or investigations, which could be costly and impose a significant burden on management and employees. The results of any current or future litigation cannot be predicted with certainty, and regardless of the outcome, litigation can have an adverse impact on us because of defense and settlement costs, diversion of management resources and other factors.