Altimmune Q2 2026: $519M Cash and Phase 3 MASH Trial Launch

summarizeSummary

Altimmune's Q2 2026 update featured $519 million in cash and the launch of the Phase 3 PERFORMA trial for pemvidutide in MASH. Enrollment also finished in the Phase 2 RESTORE trial for alcohol-associated liver disease, and the company reaffirmed positive Phase 2 data in alcohol use disorder.

check_boxKey Events · Earnings and Guidance · ALT

• Strong Cash Position

  Cash, cash equivalents, and investments reached $519 million as of June 30, 2026, securing a multi-year runway.

• Phase 3 MASH Trial Initiated

  The global PERFORMA Phase 3 trial of pemvidutide in MASH kicked off in August 2026, with 52-week data anticipated in 2029.

• Phase 2 ALD Trial Fully Enrolled

  Enrollment is complete in the RESTORE Phase 2 trial for alcohol-associated liver disease; topline results are expected in the second half of 2027.

• Positive Phase 2 AUD Data

  Previously announced positive topline results from the RECLAIM trial in alcohol use disorder were reiterated, and plans are in place for an end-of-Phase 2 meeting with the FDA.

auto_awesomeAnalysis · ALT · Life Sciences

A cash balance of $519 million gives Altimmune a runway that extends well into the future, a critical advantage for a late-stage biotech. The pivotal PERFORMA Phase 3 trial in MASH is now underway, and enrollment has wrapped up in the RESTORE Phase 2 ALD study—both milestones that underscore the pipeline's momentum. The quarterly net loss of $22.8 million aligns with expectations for a company at this stage. With the stock at $3.01 and 194.5 million shares outstanding, the market cap sits near $583 million, meaning the cash alone covers almost 90% of that valuation and provides a substantial cushion.