Altimmune Q3 2026: $480M Cash, Net Loss Widens to $31.6M

Altimmune, Inc. (Nasdaq: ALT) reported third quarter 2026 financial results on November 12, 2026, disclosing $480 million in cash, cash equivalents and investments as of September 30, 2026, alongside a net loss of $31.6 million, or $0.15 per share. Research and development expenses climbed to $27.0 million from $15.0 million a year earlier, while general and administrative costs rose to $8.7 million from $5.9 million. The company said its global PERFORMA Phase 3 trial in MASH is progressing as planned, with 52-week topline data now anticipated in 2029.

Context — Why This Quarter Matters for ALT Investors

Altimmune's cash position of $480 million marks a substantial strengthening of its balance sheet. The company closed 2025 with $279.9 million in total assets, and the September 30, 2026 balance sheet shows total assets of $495.6 million. The jump reflects a significant capital raise during 2026, with common shares outstanding rising to 194.5 million from 110.9 million at year-end 2025.

That share count increase explains the divergence between net loss and per-share loss. The net loss widened to $31.6 million from $19.0 million in the same quarter of 2025, yet net loss per share narrowed to $0.15 from $0.21 because the weighted-average share count nearly doubled to 205.3 million from 89.4 million.

The spending acceleration is deliberate. R&D expenses included $20.3 million in direct costs tied to pemvidutide development, reflecting the launch of the PERFORMA Phase 3 trial in MASH and the RESTORE Phase 2 trial in alcohol-associated liver disease. Both programs moved into execution mode during 2026, and the cost base now reflects late-stage clinical infrastructure.

Regulatory momentum provides the strategic backdrop. The FDA granted Breakthrough Therapy Designation to pemvidutide for MASH and Fast Track designation for alcohol use disorder. An End-of-Phase 2 meeting with the FDA for the AUD program is scheduled for December 2026.

The company also relocated its headquarters to Morristown, New Jersey, in November 2026 and appointed Peter Greenleaf and Alex Howarth to its board in October 2026, moves the company described as supporting its strategic evolution.

Data — What the Q3 2026 Numbers Show

The quarter's headline financial figures reveal a company spending heavily to fund late-stage trials while holding a cash runway that management did not quantify in the release.

Metric	Q3 2026	Q3 2025	Change
Cash, equivalents and investments	$480.0M	Not disclosed	—
R&D expenses	$27.0M	$15.0M	+80%
G&A expenses	$8.7M	$5.9M	+47%
Net loss	$31.6M	$19.0M	+66%
Net loss per share	$0.15	$0.21	-29%
Interest income	$4.8M	$2.4M	+99%

Interest income nearly doubled to $4.8 million, reflecting the larger investment portfolio. Long-term investments of $214.8 million appeared on the balance sheet for the first time, compared with zero at December 31, 2025, indicating the company extended the duration of its holdings.

The nine-month picture shows R&D at $61.9 million versus $48.0 million in the prior-year period, and G&A at $24.3 million versus $17.6 million. Total operating expenses for the first three quarters reached $86.2 million, up from $65.6 million.

Interest expense also rose, to $1.1 million in the quarter from $495,000 a year earlier, tied to the term loan that stood at $35.0 million as of September 30, 2026. Accumulated deficit reached $726.5 million.

Analysis — What It Means for Biotech and Liver Disease Peers

The cash position gives Altimmune a runway that extends beyond the 2029 PERFORMA readout, assuming spending stays near current levels. Quarterly R&D plus G&A ran roughly $35.7 million in Q3 2026, and interest income offsets part of that. The company did not state a cash runway estimate in the release.

The clinical calendar is the real driver. The December 2026 End-of-Phase 2 meeting with the FDA for the AUD program will shape whether pemvidutide advances into a Phase 3 registrational study in that indication. Positive RECLAIM Phase 2 data in AUD, presented as a late-breaking oral at AASLD The Liver Meeting 2026, is the evidence base the company said it will use in those discussions.

MASH remains the larger commercial opportunity but carries the longest timeline. The PERFORMA 52-week topline readout is anticipated in 2029, meaning investors will wait roughly three years for the primary efficacy signal. The Breakthrough Therapy Designation may compress review timelines if the data support a filing, but the company framed that as a potential benefit, not a certainty.

The RESTORE Phase 2 trial in alcohol-associated liver disease completed enrollment, with topline data expected in the second half of 2027. That gives the company an interim catalyst ahead of the MASH readout.

A counter-argument worth weighing: the widening net loss and rising share count dilute per-share economics even as the balance sheet strengthens. If the AUD End-of-Phase 2 meeting produces a large Phase 3 requirement, R&D spending could climb further, shortening the runway the cash position currently implies.

Positioning in small-cap biotech tends to track catalyst proximity. With the MASH readout years away and AUD data already reported, the near-term flow likely hinges on the December FDA meeting outcome and the 2027 ALD data.

Outlook — Catalysts to Watch for Altimmune

The December 2026 End-of-Phase 2 meeting with the FDA for the AUD program is the nearest scheduled catalyst. The company said it will use RECLAIM Phase 2 data to discuss a Phase 3 registrational program, and the meeting outcome will indicate whether the FDA agrees with the proposed design.

RESTORE Phase 2 topline data in alcohol-associated liver disease is expected in the second half of 2027. Enrollment is complete, so the trial is in the follow-up and analysis phase.

PERFORMA 52-week topline data in MASH is anticipated in 2029. No interim readout date was disclosed in the release.

Investors tracking the cash position should watch quarterly R&D spend against the $480 million balance. The company did not provide formal cash runway guidance, so the trajectory of direct pemvidutide development costs, which ran $20.3 million in Q3 2026, is the variable that determines how far the balance extends.

Frequently Asked Questions

What does Altimmune's Q3 2026 cash position mean for the company's runway?

Altimmune held $480 million in cash, equivalents and investments at September 30, 2026. Quarterly operating expenses ran about $35.7 million, partly offset by $4.8 million in interest income. The company did not disclose a formal runway estimate. The PERFORMA Phase 3 MASH readout is guided to 2029, so the balance sheet is sized to fund that trial and the RESTORE Phase 2 program through their next data points.

Why did Altimmune's net loss per share fall even as the net loss grew?

The net loss widened to $31.6 million from $19.0 million year over year, but the weighted-average share count nearly doubled to 205.3 million from 89.4 million. That dilution from 2026 capital raises spread the larger loss across more shares, producing a per-share loss of $0.15 versus $0.21 a year earlier. Common shares outstanding rose to 194.5 million from 110.9 million at December 31, 2025.

What happens next for pemvidutide in alcohol use disorder?

The FDA granted Fast Track designation to pemvidutide for AUD, and an End-of-Phase 2 meeting is scheduled for December 2026. Altimmune said it will use positive RECLAIM Phase 2 data, presented as a late-breaking oral at AASLD The Liver Meeting 2026, to discuss a Phase 3 registrational program. The meeting outcome will determine the design and timing of any Phase 3 study.

Bottom Line

Altimmune's $480 million cash position funds a 2029 MASH readout, but the December FDA meeting on AUD now carries the nearest catalyst risk.

Disclaimer: This article is for informational purposes only and does not constitute investment advice. CFD trading carries high risk of capital loss.