Altimmune (ALT1) AI Stock Analysis

Company Guidance

Management reiterated specific guidance and timing: PERFORMA (MASH) is a global Phase III with ~290–300 sites (≈1/3 U.S., 2/3 ex‑U.S.), targeting enrollment in ~18–24 months and a 52‑week biopsy readout expected in 2029; RESTORE (ALD) enrolled ≈120 patients with top‑line data expected H2 2027 and will assess liver stiffness (LSM) hierarchically at week 48 then week 24 (study powered “north of 90%”); the company reported $519M cash on June 30, 2026 after raising ≈$310M YTD (including a $225M April follow‑on) and said that cash fully funds PERFORMA through the 52‑week readout but does not fund a potential AUD Phase III (management prefers non‑dilutive funding such as royalties, debt or partnerships). Management also described planned regulatory engagement (end‑of‑Phase‑II meeting with FDA), a likely single global pivotal for AUD in moderate–severe patients (expecting ~50% overlap with ALD, possible inclusion of BMI <25 and lower dose cohorts), and cited key RECLAIM Phase II metrics to support that path: pemvidutide 2.4 mg produced a 1.45 fewer heavy‑drinking days/week vs placebo at week 24, ~2/3 of patients achieved a 2‑level WHO RDL reduction vs ~1/3 on placebo, more than twice as many achieved 0 heavy drinking days, 9.1% weight reduction vs placebo, improved PEth, and 50% of patients with baseline FIB‑4 >1.3 fell below 1.3 at 24 weeks vs 17% on placebo.