Nasdaq:ALT
Altimmune, Inc.
A clinical-stage immunotherapy company developing next-generation cell therapies for infectious diseases and oncology with a current cash balance of $43.8M.
Key Metrics
Investment Thesis
Bull Case
ALT offers high-risk/high-reward potential for investors seeking exposure to breakthrough immunotherapies that could transform treatment for Ebola and cancer. If the company achieves FDA approval for ALX-0171, the path to commercialization could unlock substantial value from its current $229.7M in marketable securities. The dedicated focus on neglected infectious diseases provides a defensible niche with limited direct competition in the global cell therapy space.
Bear Case
The company's financial trajectory shows deepening losses with net income declining to -$88.1M and operating expenses exceeding $90M, indicating an unsustainable burn rate without imminent product sales. With no commercial revenue streams and a retained earnings deficit of -$649.5M, Altimmune relies entirely on external capital markets, which may dry up in uncertain economic conditions. The lack of diversified income sources makes the stock highly sensitive to regulatory setbacks or failed clinical trials.
About Altimmune, Inc.
Altimmune, Inc. (ALT) is a clinical-stage biotechnology company focused on developing novel immunotherapies for serious infectious diseases and cancer, primarily serving the United States market with its lead product in development being ALX-0171 for Ebola virus disease. The company leverages its proprietary cell therapy platform to engineer T-cells that can recognize and destroy pathogens or tumor cells. With a current cash position of $43.8M and significant financing activities, ALT is navigating the high-risk early-stage biotech landscape while managing substantial operating losses.
Analysis
Management Discussion
Management continues to prioritize research and development over revenue generation, resulting in a net profit deficit of -$88.1M against minimal revenue of $41K. Despite negative operating cash flows of -$67.5M, the company successfully secured $206.8M in financing cash flows, including $173.7M from share issuances to sustain operations. The widening accumulated other comprehensive loss of -$4.9M suggests ongoing volatility in equity values or foreign exchange impacts on non-operating holdings.
Industry Overview
The biotechnology industry for cell-based immunotherapies is characterized by high capital intensity and long development timelines before generating revenue. Companies in this sector often operate with negative cash flows from operations while investing heavily in research, development, and manufacturing capabilities. Regulatory pathways remain complex, requiring extensive clinical data to prove safety and efficacy before products can be marketed globally.
Financial Statements
Income Statement
Balance Sheet
Cash Flow
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Revenue | $-68.0K | $426.0K | $20.0K | $41.0K |
| Cost of Revenue | $0 | $0 | $0 | $0 |
| Gross Profit | $-68.0K | $426.0K | $20.0K | $41.0K |
| Operating Expenses | $87.7M | $96.4M | $103.2M | $94.5M |
| Operating Income | $-87.7M | $-95.9M | $-103.2M | $-94.5M |
| R&D | $70.5M | $65.8M | $82.2M | $66.4M |
| G&A | $17.1M | $18.1M | $21.0M | $28.1M |
| Stock-Based Comp | $8.1M | $10.6M | $14.4M | $16.1M |
| Depreciation | $500.0K | $477.0K | $238.0K | $112.0K |
| Other OpEx | $0 | $12.4M | $0 | $0 |
| Non-Operating Income | $2.8M | $7.5M | $8.1M | $5.7M |
| Interest Expense | $8.0K | $35.0K | — | — |
| Interest Income | $2.9M | $7.4M | $8.1M | $7.5M |
| Pre-Tax Income | $-84.9M | $-88.4M | $-95.1M | $-88.8M |
| Income Tax | $-197.0K | $0 | $0 | $-681.0K |
| Continuing Ops | $-84.7M | $-88.4M | $-95.1M | $-88.1M |
| Discontinued Ops | $0 | $0 | $0 | $0 |
| Net Income | $-84.7M | $-88.4M | $-95.1M | $-88.1M |
| Minority Interest | $0 | $0 | $0 | $0 |
| Net to Common | $-84.7M | $-88.4M | $-95.1M | $-88.1M |
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Current Assets | $192.8M | $209.6M | $137.3M | $278.2M |
| Cash & Equivalents | $111.1M | $135.1M | $36.9M | $43.8M |
| Marketable Securities | $73.8M | $62.7M | $95.0M | $229.7M |
| Prepaid Expenses | $5.4M | $6.9M | $2.2M | $3.0M |
| Other Current Assets | $2.6M | $4.9M | $3.2M | $1.8M |
| Long-Term Assets | $14.1M | $1.0M | $2.1M | $1.7M |
| PP&E (Net) | $1.1M | $651.0K | $413.0K | $312.0K |
| Intangibles | $12.4M | $0 | $0 | — |
| Operating Leases | $596.0K | $363.0K | $1.6M | $1.4M |
| Other LT Assets | $19.0K | $0 | $0 | $0 |
| Total Assets | $206.9M | $210.6M | $139.3M | $279.9M |
| Current Liabilities | $17.1M | $12.1M | $10.5M | $15.0M |
| Accounts Payable | $4.8M | $2.1M | $211.0K | $2.7M |
| Current Leases | $452.0K | $496.0K | $279.0K | $256.0K |
| Other Current Liab | $11.8M | $9.6M | $10.0M | $12.0M |
| Long-Term Liabilities | $4.6M | $4.4M | $5.3M | $40.0M |
| Long-Term Debt | $4.6M | — | — | $34.3M |
| LT Operating Leases | $672.0K | $175.0K | $1.4M | $1.1M |
| Other LT Liab | $-672.0K | $4.2M | $3.9M | $4.6M |
| Total Liabilities | $21.6M | $16.5M | $15.8M | $55.0M |
| Shareholders' Equity | $185.3M | $194.1M | $123.5M | $224.9M |
| Paid-In Capital | $568.4M | $665.4M | $689.9M | $879.3M |
| Retained Earnings | $-377.9M | $-466.3M | $-561.4M | $-649.5M |
| AOCI | $-5.2M | $-5.0M | $-5.0M | $-4.9M |
| Total L&E | $206.9M | $210.6M | $139.3M | $279.9M |
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Net Income (CFO) | $-84.7M | $-88.4M | $-95.1M | $-88.1M |
| Non-Cash Adjustments | $16.9M | $15.0M | $22.5M | $14.8M |
| Working Capital Changes | $5.3M | $-2.3M | $-7.3M | $5.8M |
| Cash from Operations | $-62.6M | $-75.8M | $-79.8M | $-67.5M |
| Capital Expenditures | $126.0K | $47.0K | — | $11.0K |
| Cash from Investing | $-73.4M | $13.7M | $-28.4M | $-132.5M |
| Debt Issuances | — | — | — | $35.0M |
| Cash from Financing | $56.8M | $86.1M | $10.0M | $206.8M |
| FX Effect | $0 | $0 | $0 | $0 |
| Net Change in Cash | $-79.2M | $24.0M | $-98.2M | $6.8M |
| Beginning Cash | $190.3M | $111.1M | $135.2M | $37.0M |
| Ending Cash | $111.1M | $135.2M | $37.0M | $43.8M |
Frequently Asked Questions
How does Altimmune, Inc. make money?
The company's financials reflect a single primary segment focused on clinical development and manufacturing of its proprietary cell therapy platform, ALX-0171, which has generated negligible revenue ($41K) compared to massive R&D expenditures of $66.4M. All reported revenue consists of research grants or licensing income rather than commercial product sales, indicating a pre-commercialization stage where operating expenses and general administration total $94.5M.
What are the main risks for ALT?
Investors must consider the extreme cash burn rate, evidenced by a net loss of $88.1M and operating profit of -$94.5M, which limits financial runway without further capital raises. The company faces significant regulatory uncertainty as it seeks FDA approval for its lead asset, with no guaranteed path to commercialization or revenue generation. Stock volatility is high due to the binary nature of clinical trial outcomes and the potential dilution from common share issuances totaling $173.7M recently.
What is ALT's competitive advantage?
Altimmune possesses a unique intellectual property portfolio targeting high-need infectious disease markets like Ebola and Marburg that few competitors address directly. The company has established a specialized manufacturing process for engineering patient-specific T-cells that offers potential scalability advantages if regulatory approval is achieved. Their clinical data package demonstrates early efficacy signals that could provide a first-mover advantage in securing lucrative government or commercial contracts.
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Not financial advice. All content is for informational purposes only. Data may contain errors. Consult a qualified financial advisor before making investment decisions.