Altimmune Inc (ALT, Financial), a clinical-stage biopharmaceutical company, announced its financial results for the third quarter ended September 30, 2023, on November 7, 2023. The company reported a net loss of $20.67 million, compared to a net loss of $23.51 million for the same period in 2022.
Financial Highlights
The company's cash and cash equivalents decreased to $86.85 million at the end of Q3 2023, compared to $111.09 million at the end of 2022. The decrease in cash and cash equivalents is primarily due to the net loss incurred during the period. Total current assets also decreased to $152.96 million from $192.81 million at the end of 2022.
Altimmune's total operating expenses for the quarter were $22.90 million, a decrease from $24.75 million in the same period last year. This decrease was primarily due to a reduction in research and development expenses, which fell to $18.38 million from $20.26 million.
Company Updates and Future Outlook
Altimmune's President and Chief Executive Officer, Vipin K. Garg, Ph.D., stated,
The next few months will be important as we receive the data from our 48-week MOMENTUM trial of pemvidutide in subjects with obesity as well as the results of our Phase 2 trial of HepTcell in CHB."He also highlighted the Fast Track designation granted to their pemvidutide program in NASH, indicating the unmet need for this critical liver disease.
The company expects top-line 48-week results from the MOMENTUM Phase 2 obesity trial in Q4 2023 and top-line results from the Phase 2 trial of HepTcellTM in chronic hepatitis B (CHB) in Q1 2024.
Conclusion
Despite the net loss reported for Q3 2023, Altimmune Inc (ALT, Financial) remains optimistic about its upcoming clinical trials and the potential of its product candidates. The company's financial position, coupled with the anticipated milestones, will be critical in driving its future growth and success.
Explore the complete 8-K earnings release (here) from Altimmune Inc for further details.
