Altimmune's Q1 2025: Contradictions Uncovered in Pemvidutide Partnerships and Development Plans

Partnership opportunities for pemvidutide, development of pemvidutide in additional indications beyond MASH, timeline for Phase 3 trial, endpoints and dose response in MASH trial, partnership strategy for Phase 3 development are the key contradictions discussed in Altimmune's latest 2025Q1 earnings call.



Clinical Trial and Biopsy Analysis:
- Altimmune's IMPACT Phase 2b trial enrolled 212 participants with biopsy-confirmed F2/F3 MASH, exceeding the original target and increasing study power.
- The trial's primary endpoints are MASH resolution or fibrosis improvement, with a focus on liver fat reduction as the key driver for these improvements.
- To enhance trial integrity, biopsies are being reread independently using a modal approach, aimed at reducing placebo response rates.

Pemvidutide's Liver Fat Reduction:
- The Phase Ib MASLD study showed a dose-dependent liver fat reduction of up to 76.4%, which is class-leading in MASH therapeutics.
- This reduction is considered the principal driver of MASH resolution and fibrosis improvement.
- The confidence in the upcoming data is based on this significant liver fat reduction and the historical success of liver fat reduction in driving MASH improvements.

Financial Strength and Credit Facility:
- Altimmune's cash position increased to $150 million at the end of Q1 2025.
- The company entered into a credit facility with Hercules Capital for up to $100 million, providing flexibility to support the development of pemvidutide.
- This facility includes an initial funding of $15 million and potential additional funding subject to milestones.

Expansion into Alcohol Use Disorder and Alcohol Liver Disease:
- Altimmune plans to initiate Phase 2 trials in alcohol use disorder (AUD) and alcohol liver disease (ALD) in Q2 and Q3, respectively.
- These trials aim to evaluate pemvidutide's potential to reduce alcohol consumption and ameliorate liver inflammation and fibrosis.
- The expansion into these indications is driven by the significant unmet medical needs and potential to establish pemvidutide as a foundational treatment across multiple fibrotic liver diseases.