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Altimmune, Inc.

American biopharmaceutical company based in Gaithersburg, founded in 19971

In its 2026 annual report the company says: “Altimmune, Inc. is a late clinical-stage biopharmaceutical company developing novel therapies for serious liver diseases. Our lead product candidate, pemvidutide (formerly known as ALT-801), is a balanced 1:1 glucagon/GLP-1 dual receptor agonist in development for the treatment of metabolic dysfunction-associated steatohepatitis, alcohol use disorder and alcohol-associated liver disease.”7

$2.32 up 0.01 (0.53%)Price as of Oct 15, 2026 at 17:33 UTC

Last updated Oct 21, 2026.

Overview

1997Founded1

Compare with NEONC TECHNOLOGIES HOLDINGS, INC., AXIM BIOTECHNOLOGIES, INC. or ORAGENICS INC, or pick any stock.

  • TickerALT on Nasdaq1
  • IndustryPharmaceutical Preparations1
  • HeadquartersGaithersburg1
  • Websitealtimmune.com
  • Incorporated inDE5
  • Business address910 Clopper Road, Suite 201S, Gaithersburg, Md 208785
  • Filer categoryNon-accelerated filer, Smaller reporting company5
  • Legal formCorporation3
  • LEI549300EOYCQ8SW3NVE643
  • StatusActive3
  • LEI statusIssued and current3
  • Registered addressc/o National Registered Agents, Inc., 1209 ORANGE STREET, 19801 Wilmington, United States3
  • Registered withDivision of Corporations, Department of State, 39576043

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Altimmune, Inc. is a late clinical-stage biopharmaceutical company developing novel therapies for serious liver diseases. Our lead product candidate, pemvidutide (formerly known as ALT-801), is a balanced 1:1 glucagon/GLP-1 dual receptor agonist in development for the treatment of metabolic dysfunction-associated steatohepatitis (“MASH”), alcohol use disorder (“AUD”) and alcohol-associated liver disease (“ALD”). We may also pursue additional indications for pemvidutide that leverage its differentiated clinical profile. Except where the context indicates otherwise, references to “we,” “us,” “our,” “Altimmune”, or the “Company” refer to the company and its subsidiaries.7 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

-230461.0%Operating margin8
-214861.0%Net margin8
105.0%Revenue growth, 20258
-39.2%Return on equity8
0.15×Debt to equity8
-$67.5MFree cash flow8

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Research and development99¢$66.4M
  • Income tax1¢$681.0K

Out of $41.0K in revenue.8 The company lost money this year.

Financial statements

Revenue91011128$41.0K in 2025−99% since 2019
-$2.5M0$2.5M$5.0M$7.5M$10.0M2019: $5.8M$5.8M20192020: $8.2M$8.2M2020+41%2021: $4.4M$4.4M2021−46%2022: -$68.0K-$68.0K20222023: $426.0K$426.0K20232024: $20.0K$20.0K2024−95%2025: $41.0K$41.0K2025+105%
Operating income9101311128-$94.5M in 2025+340% since 2019
-$150.0M-$100.0M-$50.0M02019: -$21.5M-$21.5M20192020: -$54.8M-$54.8M2020+155%2021: -$96.9M-$96.9M2021+77%2022: -$87.7M-$87.7M2022−9%2023: -$95.9M-$95.9M2023+9%2024: -$103.2M-$103.2M2024+8%2025: -$94.5M-$94.5M2025−8%
Net income9101311128-$88.1M in 2025+329% since 2019
-$100.0M-$75.0M-$50.0M-$25.0M02019: -$20.5M-$20.5M20192020: -$49.0M-$49.0M2020+139%2021: -$97.1M-$97.1M2021+98%2022: -$84.7M-$84.7M2022−13%2023: -$88.4M-$88.4M2023+4%2024: -$95.1M-$95.1M2024+7%2025: -$88.1M-$88.1M2025−7%
Fiscal year2019202020212022202320242025
Revenue$5.8M9$8.2M10$4.4M10-$68.0K11$426.0K12$20.0K8$41.0K8
Research and development$17.8M9$49.8M10$74.5M13$70.5M11$65.8M12$82.2M8$66.4M8
Operating expenses$101.3M13$87.7M11$96.4M12$103.2M8$94.5M8
Operating income-$21.5M9-$54.8M10-$96.9M13-$87.7M11-$95.9M12-$103.2M8-$94.5M8
Interest$2.2K9$9.4K10$5.0K13$8.0K11$35.0K11
Income before tax-$97.1M13-$84.9M11-$88.4M12-$95.1M8-$88.8M8
Income tax-$58.5K9-$5.4M10-$197.0K11-$681.0K8
Net income-$20.5M9-$49.0M10-$97.1M13-$84.7M11-$88.4M12-$95.1M8-$88.1M8
Earnings per share-$1.9110-$2.3513-$1.8111-$1.6612-$1.348-$1.008
Earnings per share (diluted)-$1.9110-$2.3513-$1.8111-$1.6612-$1.348-$1.008
Shares (weighted, basic)41.3M shares1346.9M shares1153.2M shares1271.0M shares888.1M shares8
Shares (weighted, diluted)41.3M shares1346.9M shares1153.2M shares1271.0M shares888.1M shares8

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Corporate structure

Altimmune, Inc. sits at the top of its group. 4 entities, 3 countries on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of Altimmune, Inc.

  • Altimmune, Inc. Gaithersburg, Maryland, United States
    • Altimmune AU Pty, Limited Subsidiary · Australia
    • Altimmune UK, Limited Subsidiary · United Kingdom
    • Spitfire Pharma, LLC Subsidiary · Delaware, United States

Built from parent and subsidiary links from GLEIF, the Global Legal Entity Identifier Foundation (CC0); subsidiaries listed in Exhibit 21 of annual reports filed with the SEC; major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What Altimmune, Inc. reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Property and equipment

ItemLatestA year beforeChange
Property and equipment, before depreciation$2.6M8 Dec 31, 2025$2.6M8 Dec 31, 2024+0.4%
Accumulated depreciation$2.3M8 Dec 31, 2025$2.2M8 Dec 31, 2024+5.1%
Property and equipment, net$312.0K8 Dec 31, 2025$413.0K8 Dec 31, 2024−24.5%
Operating-lease assets (leased space)$1.4M8 Dec 31, 2025$1.6M8 Dec 31, 2024−13.1%

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$43.8M8 Dec 31, 2025$36.9M8 Dec 31, 2024+18.5%
Marketable securities, current$229.7M8 Dec 31, 2025$95.0M8 Dec 31, 2024+141.9%
Debt securities available for sale$229.7M8 Dec 31, 2025$95.0M8 Dec 31, 2024+141.9%

Intangibles and goodwill

ItemLatestA year beforeChange
Intangible assets, net (excluding goodwill)$012 Dec 31, 2024$012 Dec 31, 2023

Properties, in its own words

Our principal executive offices are located in Gaithersburg, Maryland, where we occupy approximately 19,699 square feet of laboratory and office space. For additional information, see Note 5. Leases to our consolidated financial statements. Management believes that these facilities are suitable and adequate to meet our anticipated needs.

Item 2 of the 10-K filed Mar 6, 2026.7

Leadership

Who has led Altimmune, Inc., and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. Derace L. Schaffer2007
  2. David P. Wright2007–2009
  3. Eric I. Richman2010–2014
  4. William Enright2017–2018
  5. Vipin K. Garg2018–2025
  6. Jerome Benedict Durso2025–now

Chair

  1. John Pappajohn2007

President

  1. Matthew P. Kinley2007
  2. David P. Wright2008–2009
  3. Kevin Price2008–2009
  4. Eric I. Richman2010–2014
  5. William Enright2017–2018
  6. Vipin K. Garg2018–2025
  7. Jerome Benedict Durso2026–now

Chief financial officer

  1. Christopher C. Camut2007–2009
  2. Charles A. Reinhart Iii.2009–2010
  3. Linda L. Chang2011–2015
  4. Philip Macneill2015–2016
  5. Elizabeth Czerepak2017
  6. Vipin K. Garg2020
  7. Richard I. Eisenstadt2022–2024
  8. Andrew Shutterly2024
200020052010201520202025
Board members and other officers (41)

Subsidiaries and ownership

Subsidiaries (Exhibit 21)

  • Altimmune AU Pty, Limited Australia6
  • Altimmune UK, Limited United Kingdom6
  • Altimmune, LLC Delaware6
  • Spitfire Pharma, LLC Delaware6

The subsidiaries the company lists in Exhibit 21 of its annual report, as filed.

Former names

  • PHARMATHENE, INCOct 29, 2007 to May 3, 20175
  • HEALTHCARE ACQUISITION CORPMay 6, 2005 to Oct 15, 20075

Timeline

  1. Sep 29, 20268-K Executive or director change69
  2. Aug 12, 20268-K Results of operations70
  3. Jul 28, 20268-K Regulation FD disclosure; Other events71
  4. Jun 16, 20268-K Other events72
  5. May 13, 20268-K Results of operations73
  6. Apr 24, 20268-K Entered a material agreement74
  7. Apr 16, 20268-K Bylaws or fiscal year changed; Shareholder vote75
  8. Mar 5, 20268-K Results of operations76
  9. Feb 3, 20268-K Other events77
  10. Jan 28, 20268-K Entered a material agreement78
  11. Dec 19, 20258-K Regulation FD disclosure; Other events79
  12. Dec 1, 2025New chief executive Jerome Benedict Durso becomes CEO16
  13. Dec 1, 20258-K Executive or director change; Regulation FD disclosure80
  14. Dec 4, 2018New chief executive Vipin K. Garg becomes CEO17
  15. Aug 18, 2017New chief executive William Enright becomes CEO18
  16. May 20, 2010New chief executive Eric I. Richman becomes CEO19
  17. Aug 17, 2007New chief executive David P. Wright becomes CEO21
  18. May 7, 2007New chief executive Derace L. Schaffer becomes CEO20
  19. 1997Founded Founded1

Calendar

Coming up

  1. Nov 5, 2026Reports results for the quarter ending Sep/2026 A year earlier it reported ($0.21) a share, on Nov 6, 2025.81

When it reported results

  1. Aug 12, 2026Reported quarterly or annual results70
  2. May 13, 2026Reported quarterly or annual results73
  3. Mar 5, 2026Reported quarterly or annual results76
  4. Nov 6, 2025Reported quarterly or annual results82
  5. Aug 12, 2025Reported quarterly or annual results83
  6. May 13, 2025Reported quarterly or annual results84
  7. Feb 27, 2025Reported quarterly or annual results85
  8. Nov 12, 2024Reported quarterly or annual results86

Drug trials and FDA: coming up

  1. Sep 30, 2027Phase 2 trial readout expected Phase 2 trial of Pemvidutide in Alcohol-associated Liver Disease: primary completion expected Sep 30, 2027 (ClinicalTrials.gov NCT07009860).87

Drug trials and FDA: recently

  1. Jul 30, 2026Phase 2 trial completed Phase 2 trial of Pemvidutide in Alcohol Use Disorder (AUD): primary completion Jul 30, 2026, no results posted yet (ClinicalTrials.gov NCT06987513).88
  2. Nov 25, 2025Phase 2 trial completed Phase 2 trial of Pemvidutide in Non-Alcoholic Steatohepatitis (NASH): primary completion Nov 25, 2025, no results posted yet (ClinicalTrials.gov NCT05989711).89

Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). Trials from ClinicalTrials.gov, as the sponsor registered them (expected dates are the sponsor's own and often move); approvals and advisory committee meetings from the FDA. The FDA does not publish its decision (PDUFA) dates. The full markets calendar

Filings

337 filings to the SEC since October 2021: 5 annual reports, 15 quarterly reports, 49 major events, 185 insider forms, 49 large holders, 34 other. The latest 20:

  1. Oct 5, 20264 EDGAR
  2. Oct 5, 20264 EDGAR
  3. Oct 2, 20264 EDGAR
  4. Oct 2, 20263 EDGAR
  5. Sep 29, 20268-K EDGAR
  6. Sep 17, 20264 EDGAR
  7. Aug 13, 20264 EDGAR
  8. Aug 12, 202610-Q EDGAR
  9. Aug 12, 20268-K EDGAR
  10. Aug 3, 20264 EDGAR
  11. Aug 3, 20264 EDGAR
  12. Jul 28, 20268-K EDGAR
  13. Jun 16, 20268-K EDGAR
  14. May 15, 2026SCHEDULE 13G/A EDGAR
  15. May 13, 2026S-8 EDGAR
  16. May 13, 202610-Q EDGAR
  17. May 13, 20268-K EDGAR
  18. May 12, 2026SCHEDULE 13G EDGAR
  19. May 1, 20264 EDGAR
  20. May 1, 20264 EDGAR

The 337 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

30 open-market trades by officers, directors and large owners since October 2021: 19 buys and 11 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Aug 13, 2026Durso Jerome BenedictPresident and CEOBuy15,000$2.95$44.2KForm 4
Apr 6, 2026GILL JOHNDirectorBuy9,200$3.41$31.4KForm 4
Apr 1, 2026Durso Jerome BenedictPresident and CEOBuy15,000$3.14$47.1KForm 4
Apr 1, 2026WEAVER GREGORY LChief Financial OfficerBuy10,000$3.15$31.5KForm 4
Mar 6, 2026Durso Jerome BenedictPresident and CEOBuy20,000$3.54$70.8KForm 4
Mar 6, 2026WEAVER GREGORY LChief Financial OfficerBuy5,000$3.54$17.7KForm 4
Jan 8, 2026Pisano WayneDirectorBuy5,000$4.08$20.4KForm 4
Jan 5, 2026Sohn Catherine A.DirectorBuy500$4.24$2.1KForm 4
Dec 29, 2025Jorkasky DianeDirectorBuy527$3.80$2.0KForm 4
Dec 23, 2025GILL JOHNDirectorBuy12,500$4.10$51.2KForm 4
Dec 22, 2025Durso Jerome BenedictPresident and CEOBuy12,500$4.13$51.6KForm 4
Mar 17, 2025Sohn Catherine A.DirectorBuy1,000$5.78$5.8KForm 4
Mar 13, 2025WEAVER GREGORY LChief Financial OfficerBuy10,000$5.20$52.0KForm 4
Aug 19, 2024Drutz DavidDirectorSale16,011$6.90$110.5KForm 4
Aug 15, 2023Drutz DavidDirectorBuy300$2.88$864Form 4
Mar 24, 2023Eisenstadt Richard IChief Financial OfficerBuy10,000$4.31$43.1KForm 4
Mar 23, 2023Drutz DavidDirectorBuy9,000$4.27$38.4KForm 4
Mar 23, 2023Harris Matthew ScottChief Medical OfficerBuy10,000$4.22$42.2KForm 4
Dec 22, 2022Pisano WayneDirectorSale20,000$15.01$300.2KForm 4
Aug 31, 2022Garg Vipin KDirectorSale20,000$20.02$400.4KForm 4

All 30 trades can be filtered by person here when JavaScript is on.

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Executive pay

What the company paid its top executives, from the summary compensation table in its proxy statement. Total pay includes salary, bonus, stock and option awards and other pay, as the company valued them.

YearExecutiveAgeSalaryTotal pay
2025Vipin K. GargPh.D.$658.7K$8.0M110
2025M. Scott HarrisM.D.$388.4K$2.6M110
2025Christophe Arbet-EngelsM.D., Ph.D.$128.8K$2.3M110
2025M. Scot RobertsPh.D.$487.3K$2.2M110
2024Chief Executive Officer$633.4K$6.1M110
2024former Chief Medical Officer$498.0K$2.5M110
2024Chief Scientific Officer$468.6K$2.4M110

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
BlackRock, Inc.20,385,284$62.0M0.0%+7,590,007
Deep Track Capital, LP19,250,000$58.5M0.9%New
State Street Corp12,098,540$36.8M0.0%+4,952,990
TCG Crossover Management, LLC10,000,000$30.4M0.7%New
Vanguard Capital Management LLC8,177,752$24.9M0.0%+2,519,703
Vanguard Portfolio Management LLC7,330,265$22.3M0.0%+1,948,263
Marshall Wace, Llp6,841,055$20.8M0.0%+2,823,154
Viking Global Investors LP6,700,000$20.4M0.1%New
Ra Capital Management, L.P.6,500,000$19.8M0.2%New
Geode Capital Management, LLC5,011,314$15.2M0.0%+1,904,218
Woodline Partners LP3,400,312$10.3M0.0%New
Millennium Management LLC3,309,122$10.1M0.0%+50,931
Nantahala Capital Management, LLC3,000,000$9.1M0.3%New
Trails Edge Capital Partners, LP2,660,000$8.1M1.3%New
Nuveen, LLC2,405,354$7.3M0.0%+70,753
Two Sigma Investments, LP2,381,142$7.2M0.0%−97,758
Goldman Sachs Group Inc2,214,450$6.7M0.0%+863,801
Great Point Partners LLC1,741,232$5.3M1.2%New
Northern Trust Corp1,599,226$4.9M0.0%+602,505
Weiss Asset Management LP1,530,803$4.7M0.1%New
Vanguard Fiduciary Trust Co1,293,001$3.9M0.0%+423,683
Cormorant Asset Management, LP1,250,000$3.8M0.2%New
Aqr Capital Management LLC1,220,949$3.7M0.0%+1,135,495
Citadel Advisors LLC983,559$3.0M0.0%+534,686
UBS Group AG866,385$2.6M0.0%−38,383

13F reports cover disclosed long positions in U.S. stocks only.

SEC filer profile

How Altimmune, Inc. is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARAltimmune, Inc.2
  • CIK0001326190
  • Employer ID (EIN)20-27267707
  • Filer statusNon-accelerated filer not an emerging growth company; a smaller reporting company; not a shell company7
  • Incorporated inDelaware7
  • Fiscal year endsDecember 312
  • Industry code (SIC)2834 Pharmaceutical Preparations2
  • SEC reviewing officeOffice of Life Sciences, Division of Corporation Finance2
  • Business address910 Clopper Road, Suite 201S, Gaithersburg, MD 208782
  • Phone24065414502
  • Shares outstanding194,517,701 as of Aug 7, 202615
  • Public float$326.8M as of Jun 30, 20257
  • AuditorErnst & Young LLP, Iselin, New Jersey PCAOB ID 42; no auditor attestation of internal control over financial reporting7
  • On EDGAR sinceMay 6, 20052
  • Filings1,458 in all: 4 (584), 8-K (277), 10-Q (63), 3 (61), SC 13G/A (61), SC 13G (45), CORRESP (35), UPLOAD (27)2
    All 51 form types

    425 (23), 10-K (21), DEF 14A (20), SC 13D/A (20), 424B5 (19), EFFECT (16), CT ORDER (15), 4/A (13), S-8 (13), S-3 (12), SC 13D (11), 424B3 (10), DEFA14A (10), 8-K/A (9), PRE 14A (9), ARS (7), SCHEDULE 13G/A (7), 10-K/A (6), 3/A (6), PRER14A (6), S-1/A (6), S-3/A (6), SCHEDULE 13G (5), 10-Q/A (3), 424B4 (3), 8-A12B (3), S-4/A (3), 25 (2), 5 (2), D (2), DEFR14A (2), POS AM (2), S-1 (2), S-4 (2), 25-NSE (1), 424B2 (1), CERTAMX (1), CERTNAS (1), NT 10-Q (1), POS EX (1), REGDEX (1), S-3ASR (1), S-3MEF (1)

  • Latest filingsAnnual report (10-K) Mar 6, 2026
    Quarterly report (10-Q) Aug 12, 2026
    Proxy statement (DEF 14A) Mar 17, 2026
    Latest 8-K (8-K) Sep 29, 2026

Securities registered for trading

ClassSymbolExchange
Common stock, par value $0.0001 per shareALTThe Nasdaq Global Market

From the cover page of the 10-K filed Mar 6, 2026 (Section 12(b) of the Exchange Act).7

Risk factors and legal proceedings

The risks Altimmune, Inc. names in Item 1A of its 10-K filed Mar 6, 2026: 65 risks under these headings, as written.7

  • Risks Related to Our Business, Financing Requirements, Product Development and Clinical Trials
  • We have incurred significant losses since our founding and anticipate that we will continue to incur significant losses for the foreseeable future and may never achieve or maintain profitability.
  • Our profitability depends on our ability to develop and commercialize our current and future product candidates.
  • We are currently in a period of economic uncertainty and capital markets disruption, which has been significantly impacted by current regulatory activities and economic policies and events related thereto, ongoing military conflicts and geopolitical instability and inflation and interest rates.
  • Future conditions might require us to make substantial write-downs in our assets, which would adversely affect our balance sheet and results of operations.
  • We will require substantial additional financing to achieve our goals, and a failure to obtain this necessary capital when needed would force us to delay, limit, reduce or terminate our product development or commercialization efforts.
  • Our ability to raise capital may be limited by applicable laws and regulations.
  • Raising additional capital may cause dilution to stockholders, restrict our operations or require us to relinquish rights to our technologies or product candidates on unfavorable terms.
  • Our product candidates are still in development, there is a high risk of failure, and we may never succeed in developing marketable products or generating product revenue.
  • Interim and preliminary results from our clinical trials that we announce or publish from time to time may change as more patient data become available and are subject to additional audit, validation and verification procedures that could result in material changes in the final data.
  • The manufacture of our product candidates is complex and we may encounter difficulties in production, particularly with respect to acquisition of materials, process development or scaling-up of our manufacturing capabilities.
  • We may encounter substantial delays in our clinical trials, or our clinical trials may fail to demonstrate the safety and efficacy of our product candidates to the satisfaction of applicable regulatory authorities.
The other 53 risks
  • We may find it difficult to enroll patients in our clinical trials, which could delay or prevent clinical trials of our product candidates.
  • It may be difficult to predict the time and cost of product development for our product candidates, and unforeseen problems may prevent further development or approval of our product candidates.
  • We rely, and expect to continue to rely, on third parties to conduct preclinical studies and clinical trials for our product candidates, and if they do not properly and successfully perform their obligations to us, we may not be able to obtain regulatory approvals for our product candidates.
  • We face substantial competition from other pharmaceutical and biotechnology companies, which may result in others discovering, developing or commercializing products before, or more successfully, than we do.
  • We are heavily dependent on the success of our leading product candidate, pemvidutide. If we ultimately are unable to develop, obtain regulatory approval for or commercialize pemvidutide, or any other product candidate, our business will be substantially harmed.
  • We may not be able to comply with the requirements of foreign jurisdictions in conducting trials within the United Kingdom, European Union (“EU”) or any other foreign country.
  • If we fail to attract and keep senior management and key scientific personnel, we may be unable to successfully develop our products, conduct our clinical trials and commercialize our product candidates.
  • Labor shortages and constraints in the supply chain could adversely affect our results of operations.
  • Our overall performance depends in part on worldwide economic conditions and uncertainties.
  • Tax laws could change.
  • We may not be able to utilize a significant portion of our net operating loss carryforwards, which could harm our results of operations.
  • Risks Related to the Regulatory Approval Process
  • We cannot guarantee how long it will take regulatory agencies to review our applications for product candidates, and we may fail to obtain the necessary regulatory approvals to market our product candidates. If we are not able to obtain required regulatory approvals, we will not be able to commercialize our product candidates and our ability to generate revenue will be materially impaired.
  • Our product candidates may cause undesirable side effects or have other properties that delay or prevent their regulatory approval or limit their commercial potential.
  • Breakthrough Therapy Designation and Fast Track Designation by the FDA may not lead to a faster development or regulatory review or approval process, and does not assure FDA approval of any product candidates that we may develop.
  • If we fail to obtain regulatory approval in non-U.S. jurisdictions, we will not be able to market our products in those jurisdictions. Receiving and maintaining regulatory approval of our product candidates in one jurisdiction does not mean that we will be successful in receiving or maintaining regulatory approval of our product candidates in other jurisdictions.
  • Even if we receive regulatory approval for our product candidates, such products will be subject to ongoing regulatory obligations and continued regulatory review, which may result in significant additional expense and other restrictions, and we may be subject to penalties if we fail to comply with regulatory requirements or experience unanticipated problems with our product candidates.
  • Even if we complete the necessary preclinical studies and clinical trials, the marketing approval process is expensive, time-consuming and uncertain and we or any of our existing or future collaboration partners may not be able to obtain approvals for the commercialization of our current product candidates and any other product candidate we develop.
  • If the FDA or comparable foreign regulatory authorities approve generic versions of any of our products that receive marketing approval, or if we do not obtain the exclusivity periods for our approved products that we hope to achieve, the sales of our products could be adversely affected.
  • Risks Related to Our Intellectual Property
  • It is difficult and costly to protect our proprietary rights, and we may not be able to ensure their protection. If our patent position and other intellectual property rights do not adequately protect our product candidates, others could compete against us (including directly), which could materially harm our business, results of operations and financial condition.
  • We may not be able to protect our intellectual property rights throughout the world.
  • Patent terms may be inadequate to protect our competitive position on our products for an adequate amount of time.
  • We may become involved in lawsuits to protect or enforce our intellectual property, which could be expensive, time consuming and unsuccessful.
  • Third-party claims of intellectual property infringement or misappropriation may prevent or delay our development and commercialization efforts.
  • We may be subject to claims that our employees, independent contractors or consultants have wrongfully used or disclosed alleged trade secrets of their former employers, or our employees may challenge the inventorship of our patents.
  • We have in-licensed a portion of our intellectual property, and, if we fail to comply with our obligations under these arrangements, we could lose such intellectual property rights or owe damages to the licensor of such intellectual property.
  • We may need to license certain intellectual property from third parties, and such licenses may not be available on commercially reasonable terms or at all.
  • Confidentiality agreements with employees and third parties may not prevent unauthorized disclosure of proprietary information.
  • If our trademarks and trade names are not adequately protected, then we may not be able to build name recognition in our markets of interest and our business may be adversely affected.
  • Risks Related to Commercialization of our Product Candidates
  • Our future commercial success depends upon attaining significant market acceptance of our product candidates, if approved, among physicians, patients, third-party payers and others in the medical community.
  • We rely on, and expect to continue to rely on, third parties to manufacture our product candidates and related materials for our products, if approved, as well as for our clinical trials and preclinical studies, and these third parties may not perform satisfactorily. The failure of these third parties to successfully carry out their contractual duties or meet expected deadlines could hinder our ability to commercialize or obtain marketing approval for our current and future candidates in a timely manner or at all.
  • If we are unable to manufacture our product candidates in sufficient quantities, or at sufficient yields, or are unable to obtain regulatory approvals for a manufacturing facility for our product candidates, we may experience delays in product development, clinical trials, regulatory approval and commercial distribution.
  • If we are unable to establish sales, marketing and distribution capabilities, we may not be successful in commercializing our product candidates if they are approved.
  • We may encounter difficulties in managing our growth and expanding our operations successfully.
  • We may not be successful in establishing and maintaining strategic partnerships, which could adversely affect our ability to develop and commercialize products.
  • We may acquire other businesses, form joint ventures or make investments in other companies or technologies that could negatively affect our operating results, dilute our stockholders’ ownership, increase our debt or cause us to incur significant expense.
  • If product liability lawsuits are brought against us, we may incur substantial liabilities and may be required to limit commercialization of our product candidates.
  • A breakdown in our information technology systems could result in a significant disruption to our business.
  • Our use of new and evolving technologies, such as artificial intelligence, may present risks and challenges that can impact our business, including by posing cybersecurity and other risks to our confidential and/or proprietary information, including personal information, and as a result we may be exposed to reputational harm and liability.
  • Risks Related to Reimbursement and Government Regulation
  • Coverage and reimbursement may be limited or unavailable in certain market segments for our product candidates, if they are approved, which could make it difficult for us to sell our products profitably.
  • Price controls may be imposed, which may adversely affect our future profitability.
  • The impact of recent health care reform legislation and other changes in the health care industry and in health care spending on us is currently unknown and may adversely affect our business model.
  • Certain business practices associated with the commercialization of pharmaceutical products are subject to scrutiny by regulatory authorities, as well as to lawsuits brought by private citizens under federal and state laws. Failure to comply with applicable law or an adverse decision in lawsuits may result in adverse consequences to us.
  • We must comply with data privacy and security laws and regulations, and failure to comply with these laws and regulations could expose us to significant liabilities.
  • We are subject to extensive government regulatory compliance and ethics oversight, and we will need to develop more extensive compliance and ethics policies in the future.
  • Our employees, independent contractors, principal investigators, consultants, commercial partners and vendors may engage in misconduct or other improper activities, including non-compliance with regulatory standards and requirements.
  • We must comply with environmental laws and regulations, and failure to comply with these laws and regulations could expose us to significant liabilities.
  • Risks Related to our Securities
  • The trading price of our common stock has been volatile with substantial price fluctuations on heavy volume, which could result in substantial losses for purchasers of our common stock and existing stockholders.
  • Future sales and issuances of our common stock or rights to purchase common stock could result in substantial dilution to the percentage ownership of our stockholders.
  • If we do not meet the continued listing standards of Nasdaq our common stock could be delisted from trading, which could limit investors’ ability to make transactions in our common stock and subject us to additional trading restrictions.
  • Shares that we may issue in the future in connection with certain capital-raising transactions and shares available for future issuance upon exercise of warrants and options could dilute our stockholders and depress the market price of our common stock.
  • We can give no assurances that we will ever pay dividends.
  • Risks Related to Our Indebtedness
  • Our operating activities may be restricted as a result of covenants related to our term loan obligation, which we may be required to repay in an event of default, which could have a materially adverse effect on our business.
  • Our level of indebtedness and debt service obligations could adversely affect our financial condition and may make it more difficult for us to fund our operations.

Legal proceedings

On August 5, 2025, a class action complaint was filed in federal district court in the District of Maryland, Southern Division, naming as defendants the Company and two of the Company’s executive officers, which was captioned In re Altimmune, Inc. Securities Litigation, Case No. 8:25-cv-02581 (D. Md.) (the “Securities Class Action”). The Securities Class Action alleged that the defendants violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, as amended, and Rule 10b-5 thereunder, by making false and misleading statements and omissions of material fact to the investing public including the plaintiff and class members, who purchased or otherwise acquired the Company’s common stock between August 10, 2023 and June 25, 2025, including relating to pemvidutide and our IMPACT Phase 2b trial of pemvidutide in MASH. The plaintiff and class members sought, among other things, to have the action maintained as a class action under Rule 23 of the Federal Rules of Civil Procedure and for the defendants to pay damages, interest, and an award of costs, including attorneys’ fees. On October 16, 2025, the court appointed lead plaintiffs for the litigation. On October 29, 2025, the court entered an order requiring lead plaintiffs to file an amended complaint by November 26, 2025, and for defendants to file an answer or notice of intent to file a motion to dismiss such amended complaint by December 10, 2025. Rather than amend, the lead plaintiffs sought voluntary dismissal without prejudice of the action, which the Court granted on November 26, 2025.

The opening of Item 3, Legal Proceedings.7

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