What explains ALT's fluctuating operating profits quarterly?

The fluctuating operating profits of Altimmune Inc. (stock code ALT) can be attributed to several factors:

1. **Research and Development Expenses**: Altimmune has been actively developing its lead candidate, pemvidutide, for multiple indications, including metabolic dysfunction-associated steatohepatitis (MASH), obesity, Alcohol Use Disorder (AUD), and Alcohol Liver Disease (ALD). The company's R&D expenses, including those for pemvidutide, have been significant, with quarterly expenses amounting to $19.8 million. These expenses can fluctuate based on the phase and progress of clinical trials.
2. **G&A (General and Administrative) Expenses**: The G&A expenses for Altimmune were $5.1 million in Q4 2024. While these expenses are essential for managing the company's operations, they can vary based on the company's strategic direction and the need for additional administrative resources.
3. **Net Loss**: Altimmune reported a net loss of $23.2 million for Q4 2024, resulting in a net loss per share of $0.33. This loss is a result of the company's investment in R&D and G&A expenses, which exceeded its revenue during the quarter.

4. **Cash Position**: Altimmune has maintained a strong cash position, with $131.9 million in cash and short-term investments as of December 31, 2024. This financial stability allows the company to fund its operations and continue investing in its R&D pipeline without immediate pressure from financial constraints.
5. **Clinical Trial Progress**: The company's clinical trial progress, particularly in the MASH indication, has been a key factor influencing its operating profits. The completion of enrollment in the IMPACT Phase 2b trial and the anticipation of top-line data in Q2 2025 have created periods of heightened expectation and potential volatility in the company's financial performance.
6. **Strategic Moves**: Altimmune has recently strengthened its Board of Directors with the addition of two pharmaceutical industry veterans. Such strategic moves can impact the company's direction and potentially affect operating profits as the company adapts to new leadership and priorities.

In conclusion, the fluctuating operating profits of Altimmune Inc. can be attributed to a combination of factors, including research and development expenses, general and administrative expenses, net losses, cash position, clinical trial progress, and strategic moves. These factors can lead to significant variations in the company's financial performance from quarter to quarter.