Full Press Release Details
Altimmune Announces Second Quarter 2018 Financial Results and Provides Corporate Update
Conference call and webcast scheduled for tomorrow, August 15, 2018, at 8:30am ET
GAITHERSBURG, MD, August 14, 2018 Altimmune, Inc. (Nasdaq: ALT), a clinical-stage immunotherapeutics company, today announced
financial results for the three and six months ended June 30, 2018.
Recent Corporate Highlights
This quarter was highlighted by a focus on improving our capital structure and strengthening our internal operational team, which will allow us now to
focus on our pipeline and developing our novel approach to vaccines, said William J. Enright, Chief Executive Officer of Altimmune. We are confident the positive results from our NasoVAX trial earlier this year can lead to a new approach
to combatting the flu, and that NasoVAX has tremendous potential as an effective, easy-to-administer flu vaccine. We look forward to getting additional Phase 2 clinical
trials started next year.
Second Quarter 2018 Financial Highlights
Conference Call Details
| Date: | Wednesday, August 15 | |
| Time: | 8:30am Eastern Time | |
| Domestic: | 888-204-4368 | |
| International: | 323-994-2083 | |
| Conference ID: | 3879845 | |
| Webcast: | http://public.viavid.com/index.php?id=130362 |
Replays will be available through August 29:
| Domestic: | 844-512-2921 | |
| International: | 412-317-6671 | |
| Replay PIN: | 3879845 |
Altimmune is a clinical-stage immunotherapeutics company focused on the development of products to stimulate robust and durable immune responses for the
prevention and treatment of disease and on the development of two next-generation anthrax vaccines that are intended to improve protection and safety while having favorable dosage and storage requirements compared to other anthrax vaccines. The
company has two proprietary platform technologies, RespirVec and Densigen, each of which has been shown to activate the immune system in distinctly different ways than traditional vaccines.
Forward-Looking Statement
Any statements made in this press release relating to future financial or business performance, conditions, plans, prospects, trends, or strategies and other
financial and business matters, including without limitation, the prospects for commercializing or selling any product or drug candidates, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. In
addition, when or if used in this press release, the words may, could, should, anticipate, believe, estimate, expect, intend, plan,
predict and similar expressions and their variants, as they relate to Altimmune, Inc. (the Company ) may identify forward-looking statements. The Company cautions that these forward-looking statements are subject to
numerous assumptions, risks, and uncertainties, which change over time. Important factors that may cause actual results to differ materially from the results discussed in the forward looking statements or historical experience include risks and
uncertainties, including risks relating to: the terms of the Company s Series B preferred stock offering and related warrants; our lack of financial resources and access to capital; realizing the benefits of the merger between Altimmune,
Inc. and PharmAthene, Inc.; our ability to utilize the benefits of our tax assets and the results of a tax examination initiated by the IRS; clinical trials and the commercialization of proposed product candidates (such as marketing,
regulatory, product liability, supply, competition, dependence on third parties and other risks); the regulatory approval process; dependence on intellectual property; the Company s BARDA contract and other government programs, reimbursement
and regulation. Further information on the factors and risks that could affect the Company s business, financial conditions and results of operations are contained in the Company s filings with the U.S. Securities and Exchange
Commission, including under the heading Risk Factors in the Company s annual reports on Form 10-K and quarterly reports on Form 10-Q filed with the
SEC, which are available at www.sec.gov.
| Contacts | ||
| Bill Enright | Ashley R. Robinson | |
| President and CEO | Managing Director LifeSci Advisors | |
| Phone: 240-654-1450 | Phone: 617-535-7742 | |
| Email: enright@altimmune.com | Email: arr@lifesciadvisors.com |
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
AND COMPREHENSIVE LOSS
| Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
| 2018 | 2017 | 2018 | 2017 | |||||||||||||
| Revenue | ||||||||||||||||
| Research grants and contracts | $ | 2,412,193 | $ | 3,033,035 | $ | 5,098,235 | $ | 3,327,668 | ||||||||
| License revenue | 4,947 | 4,938 | 9,886 | 9,876 | ||||||||||||
| Total revenue | 2,417,140 | 3,037,973 | 5,108,121 | 3,337,544 | ||||||||||||
| Operating expenses | ||||||||||||||||
| Research and development | 4,918,961 | 5,254,729 | 10,665,890 | 8,040,851 | ||||||||||||
| General and administrative | 2,933,982 | 1,794,509 | 5,381,917 | 3,825,026 | ||||||||||||
| Goodwill impairment charges | 490,676 | |||||||||||||||
| Total operating expenses | 7,852,943 | 7,049,238 | 16,538,483 | 11,865,877 | ||||||||||||
| Loss from operations | (5,435,803 | ) | (4,011,265 | ) | (11,430,362 | ) | (8,528,333 | ) | ||||||||
| Other income (expense): | ||||||||||||||||
| Changes in fair value of warrant liability, including loss on exchange | (5,228,691 | ) | (3,680,709 | ) | ||||||||||||
| Changes in fair value of embedded derivatives | 4,912 | (2,130 | ) | |||||||||||||
| Interest expense | (1,921 | ) | (97,156 | ) | (2,791 | ) | (157,759 | ) | ||||||||
| Interest income | 25,617 | 4,166 | 57,206 | 4,166 | ||||||||||||
| Other income (expense) | (49 | ) | 164 | 257,675 | (947 | ) | ||||||||||
| Total other income (expense) | (5,200,132 | ) | (92,826 | ) | (3,370,749 | ) | (154,540 | ) | ||||||||
| Net loss before income tax benefit | (10,635,935 | ) | (4,104,091 | ) | (14,801,111 | ) | (8,682,873 | ) | ||||||||
| Income tax benefit | 1,497,093 | 993,709 | 2,488,731 | 993,709 | ||||||||||||
| Net loss | (9,138,842 | ) | (3,110,382 | ) | (12,312,380 | ) | (7,689,164 | ) | ||||||||
| Other comprehensive income (loss) foreign currency translation adjustments | (1,078,648 | ) | 1,256,970 | (463,177 | ) | 1,836,806 | ||||||||||
| Comprehensive loss | $ | (10,217,490 | ) | $ | (1,853,412 | ) | $ | (12,775,557 | ) | $ | (5,852,358 | ) | ||||
| Net loss | $ | (9,138,842 | ) | $ | (3,110,382 | ) | $ | (12,312,380 | ) | $ | (7,689,164 | ) | ||||
| Preferred stock accretion, and dividends | (700,093 | ) | (44,713 | ) | (2,591,414 | ) | (163,069 | ) | ||||||||
| Net loss attributed to common stockholders | $ | (9,838,935 | ) | $ | (3,155,095 | ) | $ | (14,903,794 | ) | $ | (7,852,233 | ) | ||||
| Weighted-average common shares outstanding, basic and diluted | 28,530,423 | 12,245,701 | 24,361,010 | 9,596,423 | ||||||||||||
| Net loss per share attributed to common stockholders, basic and diluted | $ | (0.34 | ) | $ | (0.26 | ) | $ | (0.61 | ) | $ | (0.82 | ) |
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
| June 30, 2018 | December 31, 2017 | |||||||
| ASSETS | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 4,170,770 | $ | 8,769,465 | ||||
| Restricted cash | 591,649 | 3,534,174 | ||||||
| Total cash, cash equivalents and restricted cash | 4,762,419 | 12,303,639 | ||||||
| Accounts receivable | 2,854,512 | 3,806,239 | ||||||
| Tax refund receivable | 3,571,547 | 6,361,657 | ||||||
| Prepaid expenses and other current assets | 677,478 | 994,332 | ||||||
| Total current assets | 11,865,956 | 23,465,867 | ||||||
| Property and equipment, net | 1,475,935 | 603,146 | ||||||
| Intangible assets, net | 38,349,189 | 38,722,270 | ||||||
| Other assets | 411,250 | 238,917 | ||||||
| Total assets | $ | 52,102,330 | $ | 63,030,200 | ||||
| LIABILITIES, REDEEMABLE CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS EQUITY | ||||||||
| Current liabilities: | ||||||||
| Notes payable | $ | 1,310,919 | $ | 49,702 | ||||
| Accounts payable | 245,250 | 129,075 | ||||||
| Accrued expenses and other current liabilities | 5,305,868 | 3,625,257 | ||||||
| Current portion of deferred revenue | 32,253 | 19,753 | ||||||
| Current portion of deferred rent | 172,414 | 15,914 | ||||||
| Total current liabilities | 7,066,704 | 3,839,701 | ||||||
| Deferred income taxes | 4,431,044 | 5,938,402 | ||||||
| Other long-term liabilities | 4,284,510 | 4,574,507 | ||||||
| Total liabilities | 15,782,258 | 14,352,610 | ||||||
| Contingencies (Note 15) | ||||||||
| Series B redeemable convertible preferred stock; $0.0001 par value; 16,000 shares designated; 558 and 12,177 shares issued and outstanding at June 30, 2018 and December 31, 2017, respectively; aggregate liquidation and redemption value of $510,083 at June 30, 2018 | 510,083 | 9,281,767 | ||||||
| Stockholders equity: | ||||||||
| Common stock, $0.0001 par value; 100,000,000 shares authorized; 37,383,133 and 18,127,119 shares issued; 37,363,965 and 18,103,691 shares outstanding at June 30, 2018 and December 31, 2017, respectively | 3,737 | 1,810 | ||||||
| Additional paid-in capital | 130,843,634 | 121,655,838 | ||||||
| Accumulated deficit | (89,997,219 | ) | (77,684,839 | ) | ||||
| Accumulated other comprehensive loss foreign currency translation adjustments | (5,040,163 | ) | (4,576,986 | ) | ||||
| Total stockholders equity | 35,809,989 | 39,395,823 | ||||||
| Total liabilities and stockholders equity | $ | 52,102,330 | $ | 63,030,200 |