Altimmune (ALT) 8 Aug 24 2024 Q2 Earnings call transcript

Daily EarningsThursday, Aug 8, 2024 10:48 pm ET

1min read

Altimmune, a biopharmaceutical company focused on developing innovative therapies for metabolic diseases, recently held its Q2 2024 financial results conference call, highlighting its strategic progress and future outlook. The call, led by CEO Dr. Vipin Garg, provided insights into the company's ongoing clinical trials, regulatory interactions, and financial status.

Strategic Clinical and Operational Priorities

The second quarter of 2024 was marked by significant strides in Altimmune's key strategic priorities. The company presented data at prominent medical meetings like the American Diabetes Association (ADA) and the European Association for the Study of the Liver (EASL), showcasing the potential of its lead candidate, pemvidutide, in obesity and metabolic-associated steatohepatitis (MASH). The data presented at these events underscored pemvidutide's class-leading preservation of lean mass and its disease-modifying potential in MASH.

Regulatory Interactions and Financial Status

Altimmune is actively engaging in discussions for a global strategic transaction involving pemvidutide, aiming to secure a partner with the right vision, resources, and commitment to maximize its potential. The company is also preparing for an end-of-Phase 2 meeting with the FDA to discuss the registrational program for obesity, which will provide clarity on the patient population that could benefit most from pemvidutide's differentiated profile.

Financially, Altimmune ended Q2 2024 with approximately $164.9 million of cash, cash equivalents, and short-term investments, projected to fund operations into the first half of 2026. This funding will support the ongoing IMPACT trial in MASH, including the expected Q1 2025 readout of top-line biopsy data.

Market Opportunities and Future Outlook

Altimmune is well-positioned for an exciting second half of 2024 and early 2025, with multiple upcoming milestones. The company's focus on obesity, MASH, and additional indications positions it for potential transformative advancements in the metabolic disease space. With the differentiated profile of pemvidutide and a robust pipeline, Altimmune is poised to make significant strides in addressing the unmet medical needs in this area.

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