Altimmune Bolsters Cash to $535M, Eyed Phase 3 MASH Trial Launch in H2 2026
ALT•Altimmune reported $535M cash as of April 30, 2026, after $225M April offering, $75M January direct placement and $8.9M ATM raise. It plans to start its PERFORMA Phase 3 MASH trial in H2 2026 under FDA Breakthrough Therapy Designation, targeting a 52-week readout in 2029.
1. First Quarter 2026 Financial Highlights
Altimmune reported a net loss of $22.6 million, or $0.18 per share, for the quarter ended March 31, 2026, compared with a $19.6 million loss, or $0.26 per share, a year earlier. R&D expenses rose to $16.2 million from $15.8 million due to AUD and ALD trials and PERFORMA Phase 3 startup costs, while G&A expenses increased to $8.1 million from $6.0 million.
2. Strengthened Balance Sheet and Financing
Cash, cash equivalents and short-term investments totaled $332 million as of March 31, 2026, rising to $535 million by April 30, 2026. Financing included a $75 million January registered direct offering, $8.9 million raised via ATM facility in Q1 and a $225 million oversubscribed public offering in April.
3. PERFORMA Phase 3 MASH Trial Initiation
Pemvidutide received FDA Breakthrough Therapy Designation for MASH, and Altimmune plans to launch its global PERFORMA Phase 3 registrational trial in H2 2026 with a 52-week data readout expected in 2029. The trial protocol has been finalized and aligned with FDA and EMA feedback, and late-breaking data will be presented at the EASL Congress 2026.
4. Progress in AUD and ALD Programs
Enrollment in the RECLAIM Phase 2 AUD trial finished ahead of schedule, with topline efficacy and safety data due in Q3 2026. The RESTORE Phase 2 ALD trial is ongoing and aims to complete enrollment in Q3 2026, evaluating pemvidutide versus placebo in approximately 100 patients over 48 weeks.
