Altimmune's Q4 2024: Unpacking Contradictions in Trial Expectations, Partnership Strategies, and Treatment Effects

These are the key contradictions discussed in Altimmune's latest 2024 Q4 earnings call, specifically including: Strategy for new indications and partnerships, expectations for the IMPACT trial, partnership strategy, treatment effect expectations for the IMPACT trial, and adherence expectations:



Pemvidutide and NASH Progress:
- Altimmune's Phase 2b biopsy-based trial of pemvidutide in NASH, IMPACT, completed enrollment, with top-line data readout expected in Q2 2025.
- This trial aims to achieve fibrosis improvement at 24 weeks, which would be a first for an incretin-based agent.
- The progress is attributed to pemvidutide's dual action on the liver and its significant weight loss effects.

New Indications and Expansion:
- Altimmune submitted INDs for pemvidutide in two additional indications in Q4 2024, with trials expected to start mid-2025.
- The company plans to disclose these new indications at its upcoming R&D Day, aiming to leverage pemvidutide's potential in various metabolic conditions.
- Expansion into new indications is driven by the unique dual mechanism of action and the need for treatments in unmet medical needs.

Financial Performance and Cash Position:
- Altimmune reported year-end 2024 total cash and investments of $132 million.
- The current cash position is expected to fund operations into the second half of 2026, supporting key milestones and additional trials.
- This financial strength is supported by R&D and G&A expense management, with a focus on funding through major clinical milestones.

Leadership and Succession:
- Dr. Scott Harris, Chief Medical Officer, announced plans to retire in February 2026, following the IMPACT data readout and FDA meetings.
- The company aims to initiate a search for his successor, ensuring a smooth transition.
- This strategic change is part of Altimmune's ongoing growth and succession planning.