Altimmune (ALT) AI Stock Analysis

• Market Cap: $455.24M
• Dividend Yield: N/A
• Average Volume (3M): 3.29M
• Price to Earnings (P/E): ―
• Beta (1Y): 1.62
• Revenue Growth: -61.54%
• EPS Growth: 31.25%
• Country: US
• Employees: 59
• Sector: Healthcare
• Sector Strength: 45
• Industry: Biotechnology
• EPS (TTM): -0.27
• Shares Outstanding: 130,069,980
• 10 Day Avg. Volume: 3,844,101
• 30 Day Avg. Volume: 3,289,007
• PEG Ratio: 0.14
• Price to Book (P/B): 1.41
• Price to Sales (P/S): 7757.46
• P/FCF Ratio: -4.71
• Enterprise Value/Market Cap: 0.66
• Enterprise Value/Revenue: 7.34K
• Enterprise Value/Gross Profit: -20.16
• Enterprise Value/Ebitda: -3.36
• 1Y Price Target: $11.20
• Price Target Upside: 220.00% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 6
• EPS Forecast (FY): -1.13
• Revenue Forecast (FY): $5.13K

• Rating: 49 Neutral
• Price Target: $3.50 ▲(0.00% Upside)
• Action: Reiterated Date: 03/07/26
• Date: Action: Reiterated 03/07/26

The score is held back primarily by weak financial performance (persistent losses and ongoing cash burn) and bearish technicals (price below key moving averages with negative MACD). Offsetting these are a constructive earnings-call outlook—strong Phase II results, FDA progress, and cash runway into 2028—while valuation signals are limited by a negative P/E and no dividend support in the provided data.

Positive Factors

Robust Phase II efficacy signals

Durable clinical efficacy across histologic and noninvasive measures (NASH resolution, antifibrotic signals at 48 weeks) materially strengthens pemvidutide’s probability of achieving meaningful clinical endpoints in Phase III, underpinning long-term program value and partner/commercial interest.

Regulatory de‑risking via FDA alignment

Breakthrough designation and documented FDA alignment on population, endpoints, and powering reduce regulatory uncertainty for pivotal design. This structural regulatory progress increases the chance that Phase III data will be accepted for accelerated pathways, shortening commercialization timelines if replicated.

Strengthened cash runway and modest leverage

A pro forma cash position near $340M and low historical debt provide multi-year funding visibility to execute global Phase III activities and related hires. This balance sheet buffer materially reduces short-term refinancing risk and supports program continuity through key clinical inflection points.

Negative Factors

Persistent negative cash flow

Consistent negative operating and free cash flow is a durable structural weakness for a pre-commercial biotech: ongoing burn requires periodic capital raises, increases dilution risk, and forces prioritization of programs. Sustained negative cash generation constrains strategic optionality absent successful partnering or approvals.

No commercial products; financing dependence

With no approved products or steady commercial revenue, the company’s business model depends on capital markets and partner deals. That structural financing reliance amplifies execution risk, creates potential dilution over time, and ties program continuity to investor sentiment and access to financing.

Biopsy-driven endpoints and enrollment execution risk

A biopsy-driven registrational strategy increases trial complexity, cost, and enrollment difficulty globally. Dependence on invasive endpoints extends timelines and operational burdens (pathology, AI validation, site logistics), elevating execution risk and the probability of delays even if the molecule is clinically active.

Altimmune Business Overview & Revenue Model

Company Description

Altimmune, Inc., a clinical stage biopharmaceutical company, focuses on developing treatments for obesity and liver diseases. The company's lead product candidate, pemvidutide (proposed INN, formerly known as ALT-801), is a GLP-1/glucagon dual receptor agonist that is in Phase 1b trial for the treatment of obesity and non-alcoholic steatohepatitis. It is also developing HepTcell, an immunotherapeutic product candidate, which is in Phase 2 clinical trial for patients chronically infected with the hepatitis B virus. The company was formerly known as Vaxin Inc. and changed its name to Altimmune, Inc. in September 2015. Altimmune, Inc. was founded in 1997 is headquartered in Gaithersburg, Maryland.

How the Company Makes Money

Altimmune generates revenue primarily through funding from partnerships, collaborations, and grants, particularly in the biopharmaceutical sector. The company may receive milestone payments and royalties from licensing agreements with larger pharmaceutical companies that involve its product candidates. Additionally, Altimmune may engage in equity financing and other fundraising activities to support its research and development efforts. Revenue can also be influenced by the success of its clinical trials and the advancement of its products towards commercialization, leading to potential sales revenue in the future.

Altimmune Financial Statement Overview

Summary

Overall fundamentals reflect a development-stage biotech: very small/volatile revenue, persistent large operating losses, and consistently negative operating/free cash flow. The main offset is a comparatively solid balance sheet with modest leverage, but ongoing cash burn and negative returns on equity remain key risks.

Income Statement

Revenue is very small and volatile across years (including a negative revenue year in 2022), which limits visibility and indicates a business still heavily reliant on non-recurring sources. Losses are persistent and sizable: EBIT and net income remain deeply negative every year, with extremely negative profit margins in the most recent periods despite a strong revenue growth rate in 2025 (annual report). The main positive is that losses have been relatively stable in the ~$85–$103M range, but there is no clear trend toward profitability in the data provided.

Balance Sheet

The balance sheet is a relative strength: leverage is modest with low-to-moderate debt versus equity (debt-to-equity ~0.15 in 2025 annual report, and far lower in prior years). Total assets exceed total debt by a wide margin, suggesting decent financial flexibility for a pre-commercial biotech. The key weakness is ongoing negative returns on equity driven by recurring net losses, and equity levels have fluctuated meaningfully over time, which can signal funding needs if cash burn continues.

Cash Flow

Cash generation is weak: operating cash flow and free cash flow are negative every year, reflecting sustained cash burn consistent with an R&D-heavy biotech model. Burn improved in 2025 versus 2024 (less negative operating/free cash flow), but free cash flow growth has been inconsistent over the period. A mitigating factor is that free cash flow broadly tracks net loss (free cash flow to net income near ~1x), implying losses are largely cash-backed rather than being masked by aggressive non-cash adjustments.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	41.00K	20.00K	426.00K	-68.00K	4.41M
Gross Profit	-71.00K	20.00K	426.00K	-68.00K	4.41M
EBITDA	-94.49M	-94.81M	-87.94M	-84.41M	-96.53M
Net Income	-88.09M	-95.06M	-88.45M	-84.71M	-97.09M
Balance Sheet
Total Assets	279.93M	139.31M	210.64M	206.93M	218.87M
Cash, Cash Equivalents and Short-Term Investments	273.46M	131.89M	197.81M	184.88M	190.30M
Total Debt	35.69M	1.68M	671.00K	1.12M	1.53M
Total Liabilities	55.04M	15.80M	16.54M	21.64M	19.73M
Stockholders Equity	224.89M	123.51M	194.10M	185.29M	199.13M
Cash Flow
Free Cash Flow	-67.55M	-79.85M	-75.86M	-62.71M	-90.55M
Operating Cash Flow	-67.53M	-79.85M	-75.81M	-62.59M	-78.24M
Investing Cash Flow	-132.47M	-28.39M	13.73M	-73.40M	87.52M
Financing Cash Flow	206.84M	10.04M	86.11M	56.78M	65.10M

Altimmune Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 3.50
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For ALT, the sentiment is Negative. The current price of 3.5 is below the 20-day moving average (MA) of 4.15, below the 50-day MA of 4.46, and below the 200-day MA of 4.42, indicating a bearish trend. The MACD of -0.29 indicates Positive momentum. The RSI at 32.54 is Neutral, neither overbought nor oversold. The STOCH value of 21.79 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for ALT.

Altimmune Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
ALT	49 Neutral	$455.24M	―	-49.35%	―	-61.54%	31.25%
DMAC	49 Neutral	$379.12M	-9.89	-83.21%	―	―	-29.73%
DRTS	49 Neutral	$611.34M	-9.36	-57.29%	―	―	-22.82%
TVRD	46 Neutral	$36.77M	-16.53	-135.79%	―	-53.67%	86.75%
ENGN	46 Neutral	$479.64M	5.39	-5.15%	―	―	-52.86%
LXEO	46 Neutral	$486.10M	-4.99	-90.49%	―	―	4.97%

Altimmune Corporate Events

Altimmune Sets 2026 Annual Stockholder Meeting Timeline

Altimmune has scheduled its 2026 Annual Meeting of Stockholders for April 16, 2026, shifting the event to the second quarter to align with the standard annual meeting calendar for companies with a December 31 fiscal year-end, and set March 13, 2026 as the record date for determining shareholders entitled to receive notice and vote, with the meeting expected to be held virtually as in prior years. Because this meeting date differs by more than 30 days from the prior year’s September 25, 2025 annual meeting, the company has established new governance timelines, including a February 13, 2026 deadline for shareholder proposals and director nominations under both SEC Rule 14a-8 and its bylaws, and a February 15, 2026 deadline for stockholders intending to solicit proxies for alternative director nominees under universal proxy rules, clarifying the framework for shareholder participation and potential proxy contests.

The most recent analyst rating on (ALT) stock is a Hold with a $6.50 price target. To see the full list of analyst forecasts on Altimmune stock, see the ALT Stock Forecast page.

Altimmune Announces $75 Million Registered Direct Equity Offering

On January 27, 2026, Altimmune, Inc. entered into a Securities Purchase Agreement with a new fundamental institutional investor for a registered direct offering of 12,397,920 shares of common stock and pre-funded warrants to purchase up to 4,647,534 additional shares, with closing expected on or about January 29, 2026, subject to customary conditions. The deal, arranged with Titan Partners Group as sole placement agent, is expected to raise approximately $75 million in gross proceeds, includes 30-day lock-up agreements for directors and executives, and features non-expiring pre-funded warrants with ownership caps, underscoring the company’s continued reliance on equity financing while imposing short-term trading restrictions on insiders.

The most recent analyst rating on (ALT) stock is a Buy with a $20.00 price target. To see the full list of analyst forecasts on Altimmune stock, see the ALT Stock Forecast page.

Altimmune reports positive Phase 2b pemvidutide MASH results

On December 19, 2025, Altimmune reported positive 48-week topline results from its IMPACT Phase 2b trial of pemvidutide in patients with biopsy-confirmed MASH and fibrosis stages F2 or F3, showing statistically significant improvements versus placebo in key non‑invasive markers of fibrosis and liver health, including Enhanced Liver Fibrosis scores, Liver Stiffness Measurement, liver fat content, ALT and cT1, alongside meaningful weight loss of up to 7.5% with the 1.8 mg dose and a favorable tolerability profile with very low treatment-related discontinuations and no serious treatment-related adverse events. Earlier in December 2025 the company also held an End-of-Phase 2 meeting with the FDA that produced alignment on parameters for a registrational Phase 3 trial in MASH patients with moderate to advanced fibrosis and potential integration of the FDA-qualified AIM-MASH AI Assist pathology tool, while Altimmune continued to tap its at-the-market equity program, raising approximately $54.6 million since September 30, 2025 to support ongoing development and positioning pemvidutide as a differentiated contender in the increasingly competitive MASH treatment landscape.

The most recent analyst rating on (ALT) stock is a Hold with a $5.00 price target. To see the full list of analyst forecasts on Altimmune stock, see the ALT Stock Forecast page.