Altimmune (ALT) AI Stock Analysis

• Market Cap: $437.19M
• Dividend Yield: N/A
• Average Volume (3M): 4.97M
• Price to Earnings (P/E): ―
• Beta (1Y): 1.65
• Revenue Growth: -61.54%
• EPS Growth: 31.25%
• Country: US
• Employees: 59
• Sector: Healthcare
• Sector Strength: 45
• Industry: Biotechnology
• EPS (TTM): -0.21
• Shares Outstanding: 104,342,384
• 10 Day Avg. Volume: 5,841,665
• 30 Day Avg. Volume: 4,969,376
• PEG Ratio: 0.28
• Price to Book (P/B): 4.14
• Price to Sales (P/S): 25596.73
• P/FCF Ratio: -6.41
• Enterprise Value/Market Cap: 0.33
• Enterprise Value/Revenue: 7.11K
• Enterprise Value/Gross Profit: -9.52
• Enterprise Value/Ebitda: -1.70
• 1Y Price Target: $13.00
• Price Target Upside: 218.63% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 4
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 51 Neutral
• Price Target: $4.00 ▼(-1.96% Downside)

Score is held down primarily by weak financial performance (severe losses and negative cash flows) and a bearish-to-neutral technical backdrop (below key moving averages, negative MACD). This is partially offset by constructive earnings-call updates around improved liquidity and positive clinical/regulatory momentum for pemvidutide.

Positive Factors

Regulatory Acceleration (BTD)

Breakthrough Therapy Designation is a durable regulatory milestone that can accelerate development, increase FDA engagement, and potentially shorten review timelines. This materially de-risks pemvidutide's path to approval and enhances long-term commercial prospects in MASH.

Robust Phase 2b Efficacy and FDA Alignment

Statistically significant 48-week efficacy, antifibrotic signals and weight loss, combined with FDA alignment on registrational trial design, provide structural clarity. This strengthens the scientific and regulatory basis for Phase 3, lowering execution and approval risk over the coming development cycle.

Improved Liquidity and Capital Access

A strengthened cash position and recent fundraises materially extend runway, supporting late-stage development and regulatory milestones. Reliable liquidity and amended debt facilities reduce near-term financing pressure and improve capacity to execute multi-trial programs over months.

Negative Factors

Severe Profitability and Cash Burn

Extremely negative margins and persistent negative operating cash flow reflect continuing cash burn typical of clinical-stage biotechs. Over the medium term this increases reliance on external financing, elevates dilution risk, and constrains strategic optionality if clinical timelines slip.

Regulatory Endpoint Dependency

Reliance on novel or evolving endpoints (NIT, AI-assisted pathology) creates structural uncertainty for Phase 3 acceptance. Changes in endpoint standards or FDA expectations could require redesigns or additional validation, increasing trial duration, cost, and regulatory risk.

Ongoing Financing Reliance and Potential Dilution

Continued use of at-the-market equity programs and recent amendments to debt facilities indicate structural dependence on capital markets. This reliance can lead to dilution and governance pressures over time, and may limit shareholder value capture if frequent financings are required.

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

Altimmune's financial performance is severely challenged, with negative net profit margins and EBIT margins, stagnant revenue growth, and negative operating and free cash flows. The balance sheet shows low leverage but is undermined by negative returns on equity.

Income Statement

Altimmune's income statement reveals significant challenges, with consistently negative net profit margins and EBIT margins over the years. The TTM data shows a net profit margin of -4195.75%, indicating severe profitability issues. Revenue growth is stagnant, and gross profit margins have been negative or minimal, reflecting operational inefficiencies.

Balance Sheet

The balance sheet shows a relatively low debt-to-equity ratio, suggesting limited leverage, which is a positive aspect. However, the return on equity is negative, indicating that the company is not generating returns for its shareholders. The equity ratio is stable, but the overall financial health is weakened by persistent losses.

Cash Flow

Cash flow analysis indicates negative operating cash flows and free cash flows, with a slight improvement in free cash flow growth in recent years. The operating cash flow to net income ratio is negative, highlighting cash flow challenges. The free cash flow to net income ratio is close to 1, suggesting cash flow is closely tied to net income, albeit negative.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	20.00K	20.00K	426.00K	-68.00K	4.41M	8.19M
Gross Profit	-14.94M	20.00K	426.00K	-68.00K	4.41M	-25.32M
EBITDA	-83.72M	-94.81M	-87.94M	-84.41M	-96.53M	-38.10M
Net Income	-83.92M	-95.06M	-88.45M	-84.71M	-97.09M	-49.04M
Balance Sheet
Total Assets	218.45M	139.31M	210.64M	206.93M	218.87M	245.12M
Cash, Cash Equivalents and Short-Term Investments	210.78M	131.89M	197.81M	184.88M	190.30M	215.92M
Total Debt	15.90M	1.68M	671.00K	1.12M	1.53M	1.82M
Total Liabilities	32.85M	15.80M	16.54M	21.64M	19.73M	19.24M
Stockholders Equity	185.60M	123.51M	194.10M	185.29M	199.13M	225.88M
Cash Flow
Free Cash Flow	-66.66M	-79.85M	-75.86M	-62.71M	-90.55M	-34.65M
Operating Cash Flow	-66.65M	-79.85M	-75.81M	-62.59M	-78.24M	-34.31M
Investing Cash Flow	-39.68M	-28.39M	13.73M	-73.40M	87.52M	-72.23M
Financing Cash Flow	136.09M	10.04M	86.11M	56.78M	65.10M	213.49M

Altimmune Technical Analysis

• Technical Analysis Sentiment: Neutral
• Last Price: 4.08
• 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 Neutral. The current price of 4.08 is below the 20-day moving average (MA) of 4.36, below the 50-day MA of 4.47, and below the 200-day MA of 4.54, indicating a bearish trend. The MACD of -0.22 indicates Positive momentum. The RSI at 45.40 is Neutral, neither overbought nor oversold. The STOCH value of 56.83 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for ALT.

Altimmune Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
ENGN	55 Neutral	$569.37M	-3.70	-53.28%	―	―	-52.86%
LXEO	53 Neutral	$731.33M	-3.51	-80.69%	―	―	4.97%
DRTS	52 Neutral	$503.06M	-12.29	-54.38%	―	―	-22.82%
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
ALT	51 Neutral	$437.19M	-3.82	-52.61%	―	-61.54%	31.25%
DMAC	49 Neutral	$442.14M	-11.64	-64.12%	―	―	-29.73%
TVRD	38 Underperform	$36.49M	-0.43	-97.61%	―	-53.67%	86.75%

Altimmune Corporate Events

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.

Altimmune Announces CEO Transition Plan

On December 1, 2025, Altimmune announced a CEO transition plan where Vipin K. Garg, Ph.D., will step down as President and CEO effective January 1, 2026, with Jerome Durso taking over the role. Dr. Garg will remain as an advisor until June 30, 2026, to ensure a smooth transition. Under Dr. Garg’s leadership since 2018, Altimmune advanced its lead candidate, pemvidutide, to a Phase 3 ready program for MASH. The transition is expected to continue the company’s growth and focus on pemvidutide’s potential benefits for liver disease patients.

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.

Altimmune Enters New Equity Distribution Agreement

On November 6, 2025, Altimmune, Inc. entered into a new Equity Distribution Agreement with Leerink Partners LLC for an at-the-market offering program, allowing the company to sell up to $200 million in common stock. This agreement follows the termination of a previous agreement from February 2025, which had a $150 million cap, and highlights Altimmune’s strategic move to potentially increase its capital through a more flexible sales arrangement, impacting its financial operations and stakeholder interests.

The most recent analyst rating on (ALT) stock is a Buy with a $12.00 price target. To see the full list of analyst forecasts on Altimmune stock, see the ALT Stock Forecast page.

Altimmune Amends Loan Agreement with Hercules Capital

On November 5, 2025, Altimmune, Inc. amended its Loan and Security Agreement with Hercules Capital, increasing the available term loan from $100 million to $125 million, with an extended interest-only period. The company also announced financial results for Q3 2025, highlighting a cash position of $211 million and a net loss of $19 million. Altimmune is advancing its pemvidutide program for MASH, AUD, and ALD, with significant milestones expected by year-end, including an End-of-Phase 2 meeting with the FDA and the release of 48-week data from the IMPACT trial. The company has strengthened its executive team with key appointments and completed patient enrollment in the RECLAIM trial ahead of schedule.

The most recent analyst rating on (ALT) stock is a Buy with a $12.00 price target. To see the full list of analyst forecasts on Altimmune stock, see the ALT Stock Forecast page.