Full Press Release Details
Altimmune Announces Second Quarter 2021 Financial Results
and Provides a Corporate Update
12-week Data Readout from ALT-801 Phase 1 Clinical Trial Expected in September
Approximately $218 Million in Cash and Short-Term Investments to Advance Obesity and Liver Disease Pipeline
GAITHERSBURG, MD, -- August 10, 2021 -- Altimmune, Inc. (Nasdaq: ALT), a clinical-stage biopharmaceutical company, today announced financial results for the three- and six-months ending June 30, 2021 and provided a corporate update.
"Following data readouts in Q2, Altimmune has focused its efforts on our NASH and emerging obesity pipeline with the encouraging interim data from the ALT-801 Phase 1 trial reinforcing the potential of these programs," remarked Vipin K. Garg, Ph.D., President and Chief Executive Officer at Altimmune. "Our strong financial position enables us to proceed with a robust ALT-801 development program in the second half of 2021 with the goal of initiating Phase 2 trials in early 2022 for both obesity and NASH indications."
Financial Results for the Three and Six Months Ended June 30, 2021
Conference Call Information
| Date: | Wednesday, August 11, 2021 |
| Time: | 8:30 am Eastern Time |
| Domestic Dial-in: | (844) 615-6509 |
| International Dial-in: | (918) 922-3148 |
| Conference ID: | 9484516 |
| Webcast: | https://edge.media-server.com/mmc/p/ne5cqqtf |
Following the conclusion of the call, the webcast will be available for replay on the Investor Relations page of the Company's website at www.altimmune.com. The Company has used, and intends to continue to use, the IR portion of its website as a means of disclosing material non-public information and for complying with disclosure obligations under Regulation FD.
Altimmune is a clinical stage biopharmaceutical company focused on developing treatments for obesity and liver diseases. Our pipeline includes next generation peptide therapeutics for obesity, NASH (ALT-801), and chronic hepatitis B (HepTcell ). For more information on Altimmune, please visit www.altimmune.com.
Follow @Altimmune, Inc. on LinkedIn
Follow @AltimmuneInc on Twitter
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 timing of key milestones for our clinical assets, the timing of the data readout from the ALT-801 Phase 1 clinical trial in September 2021, the potential start of the ALT-801 12-week NAFLD trial in September 2021, the potential start of the ALT-801 drug/drug interaction trial and Type 2 diabetes trial by year end 2021, the potential filing of a NASH IND in Q3 2021, the potential filing of an obesity IND in Q4 2021, the commencement of a 52-week, Phase 2, biopsy-trial based on NASH endpoints in Q1 2022, the commencement of a 24-week, Phase 2, obesity trial in Q1 2022, the prospects for regulatory approval of our product candidates and 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: potential impacts due to the COVID-19 pandemic such as delays in regulatory review, manufacturing and supply chain interruptions, access to clinical sites, enrollment, adverse effects on healthcare systems and disruption of the global economy; the reliability of the results of studies relating to human safety and possible adverse effects resulting from the administration of the Company's product candidates; the Company's ability to manufacture clinical trial materials and commercial supply on the timelines anticipated; and the success of future product advancements, including the success of future clinical trials. 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 report on Form 10-K for the fiscal year ended December 31, 2020 filed with the SEC, which is available at www.sec.gov.
Investor & Media Contacts:
| Will Brown |
| Chief Financial Officer |
| Phone: 240-654-1450 |
| wbrown@altimmune.com |
CONSOLIDATED BALANCE SHEETS
| June 30, | December 31, | |||||
| 2021 | 2020 | |||||
| (unaudited) | ||||||
| ASSETS | ||||||
| Current assets: | ||||||
| Cash and cash equivalents | $ | 174,102,382 | $ | 115,917,807 | ||
| Restricted cash | 34,174 | 34,174 | ||||
| Total cash, cash equivalents and restricted cash | 174,136,556 | 115,951,981 | ||||
| Short-term investments | 43,723,840 | 100,005,558 | ||||
| Accounts receivable | 4,463,442 | 4,610,202 | ||||
| Tax refund receivable | 6,887,981 | 7,762,793 | ||||
| Prepaid expenses and other current assets | 9,413,070 | 1,926,675 | ||||
| Total current assets | 238,624,889 | 230,257,209 | ||||
| Property and equipment, net | 4,751,010 | 1,056,920 | ||||
| Intangible assets, net | 12,956,112 | 12,823,846 | ||||
| Other assets | 928,839 | 977,238 | ||||
| Total assets | $ | 257,260,850 | $ | 245,115,213 | ||
| LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||
| Current liabilities: | ||||||
| Accounts payable | $ | 1,421,192 | $ | 612,293 | ||
| Accrued expenses and other current liabilities | 7,674,536 | 11,408,154 | ||||
| Total current liabilities | 9,095,728 | 12,020,447 | ||||
| Contingent consideration | 5,270,000 | 5,390,000 | ||||
| Other long-term liabilities | 1,617,150 | 1,828,443 | ||||
| Total liabilities | 15,982,878 | 19,238,890 | ||||
| Commitments and contingencies (Note 16) | ||||||
| Stockholders' equity: | ||||||
| Common stock, $0.0001 par value; 200,000,000 shares authorized; 39,693,524 and 37,142,946 shares issued and outstanding at June 30, 2021 and December 31, 2020, respectively | 3,956 | 3,697 | ||||
| Additional paid-in capital | 482,083,670 | 417,337,742 | ||||
| Accumulated deficit | (235,771,414) | (186,420,599) | ||||
| Accumulated other comprehensive loss, net | (5,038,240) | (5,044,517) | ||||
| Total stockholders' equity | 241,277,972 | 225,876,323 | ||||
| Total liabilities and stockholders' equity | $ | 257,260,850 | $ | 245,115,213 |
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
| For the Three Months Ended | For the Six Months Ended | |||||||||||
| June 30, | June 30, | |||||||||||
| 2021 | 2020 | 2021 | 2020 | |||||||||
| Revenues | $ | 137,623 | $ | 721,636 | $ | 975,139 | $ | 2,934,330 | ||||
| Operating expenses: | ||||||||||||
| Research and development | 13,272,412 | 16,594,250 | 25,150,312 | 23,781,781 | ||||||||
| General and administrative | 3,658,653 | 2,545,356 | 7,480,073 | 4,877,273 | ||||||||
| Impairment loss on construction-in-progress | 8,070,000 | - | 8,070,000 | - | ||||||||
| Total operating expenses | 25,001,065 | 19,139,606 | 40,700,385 | 28,659,054 | ||||||||
| Loss from operations | (24,863,442) | (18,417,970) | (39,725,246) | (25,724,724) | ||||||||
| Other income (expense): | ||||||||||||
| Interest expense | (22,226) | (3,308) | (33,897) | (5,193) | ||||||||
| Interest income | 32,863 | 81,458 | 75,362 | 233,027 | ||||||||
| Other income (expense), net | 26,098 | (5,878) | (7,034) | 19,664 | ||||||||
| Total other income, net | 36,735 | 72,272 | 34,431 | 247,498 | ||||||||
| Net loss before income tax benefit | (24,826,707) | (18,345,698) | (39,690,815) | (25,477,226) | ||||||||
| Income tax benefit | - | 1,578,782 | - | 4,824,661 | ||||||||
| Net loss | (24,826,707) | (16,766,916) | (39,690,815) | (20,652,565) | ||||||||
| Other comprehensive income (loss) - unrealized gain (loss) on short-term investments | 1,141 | 20,888 | 6,277 | (11,547) | ||||||||
| Comprehensive loss | $ | (24,825,566) | $ | (16,746,028) | $ | (39,684,538) | $ | (20,664,112) | ||||
| Net loss per share, basic and diluted | $ | (0.60) | $ | (0.94) | $ | (0.99) | $ | (1.25) | ||||
| Weighted-average common shares outstanding, basic and diluted | 41,356,643 | 17,886,853 | 40,142,561 | 16,498,719 |