Altimmune posted a Q1 net loss of $14.8 million or $0.18 per share, improving from last year’s $20.3 million loss and surpassing analysts’ forecast of a $0.22 per share loss.

Shares climbed 7.5% in after-hours trading as investors reacted positively to the narrower-than-expected loss, reversing earlier intraday declines.

The reduced loss is expected to extend Altimmune’s cash runway, lessening the immediate need for additional financing and supporting ongoing clinical programs.