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ALT Q3 Earnings Miss, Stock Sinks on Higher Costs & Funding Concerns
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Key Takeaways
Altimmune reported a Q3 loss of 15 cents per share, missing estimates by a penny.
R&D expenses surged 80.6% to $27 million, primarily due to ongoing pemvidutide clinical studies.
Altimmune's $480 million cash balance is expected to fund operations into 2029.
Altimmune (ALT - Free Report) incurred a third-quarter 2026 loss of 15 cents per share, wider than the Zacks Consensus Estimate of a loss of 14 cents. The company had recorded a loss of 21 cents per share in the year-ago quarter.
The company did not generate any revenues in the quarter, as it does not have a marketed drug in its portfolio.Revenues were $0.005 million in the year-ago quarter.
ALT's Q3 Results in Detail
Research and development (R&D) expenses totaled $27 million in the reported quarter, up 80.6% year over year, primarily due to ongoing clinical studies on Altimmune’s lead candidate, pemvidutide. R&D spending included $20.3 million in direct pemvidutide development costs.
General and administrative expenses increased 47.2% year over year to $8.7 million primarily due to higher compensation expenses and professional services.
As of Sept. 30, 2026, Altimmune had cash, cash equivalents and short-term investments of $480 million compared with $519 million as of June 30, 2026. Management expects its cash runway to support operations into 2029.
The company is evaluating funding options for the planned late-stage AUD program. Management prefers non-dilutive financing, including potential strategic partnerships or royalty-based financing arrangements, to support further development.
Pemvidutide is an investigational dual glucagon/GLP-1 receptor agonist being developed for metabolic dysfunction-associated steatohepatitis (MASH), alcohol use disorder (AUD) and alcohol-associated liver disease (ALD).
Altimmune continues to advance the global phase III PERFORMA study with patient enrollment underway. The study is evaluating the safety and efficacy of pemvidutide in MASH patients with moderate-to-severe liver fibrosis, with 52-week top-line data expected in 2029.
Earlier this year, the company announced top-line data from the mid-stage RECLAIM study evaluating pemvidutide for the treatment of patients with AUD, which met its primary endpoint. Altimmune is engaged with the FDA to discuss the next regulatory steps.In the press release, along with the earnings results, the company stated that an end-of-phase II meeting with the agency is scheduled for December 2026 to discuss the design and regulatory pathway for a phase III registrational study. Management also expects to receive feedback from European regulators in the first quarter of 2027.
The company is also developing the candidate in the phase II RESTORE study in patients with ALDand a history of chronic heavy drinking. Patient enrollment was completed in July, with top-line data expected in the second half of 2027.
Shares of ALT declined nearly 17% yesterday following the earnings announcement, potentially reflecting investor concerns over rising clinical development costs, uncertainty surrounding funding for the planned phase III AUD program and limited near-term visibility into key clinical milestones.
Year to date, shares of ALT have lost 55.4% against the industry’s 0.6% growth.
Image Source: Zacks Investment Research
ALT's Zacks Rank & Stocks to Consider
Altimmune currently carries a Zacks Rank #3 (Hold).
Over the past 30 days, earnings per share estimates for Amneal Pharmaceuticals have increased from $1.03 to $1.06 for 2026. Over the same period, estimates for 2027 earnings per share have risen from $1.16 to $1.21. AMRX’s shares have climbed 72.2% year to date.
Amneal Pharmaceuticals’ earnings beat estimates in each of the trailing four quarters, delivering an average surprise of 27.21%.
Over the past 30 days, loss per share estimates for AC Immune have narrowed from 60 cents to 54 cents for 2026. Over the same period, estimates for 2027 earnings per share have increased from 17 cents to 43 cents. ACIU’s shares have declined 31.9% year to date.
AC Immune’s earnings beat estimates in each of the trailing four quarters, with an average surprise of 37.79%.
Over the past 30 days, loss per share estimates for Adaptive Biotechnologies have narrowed from 55 cents to 39 cents for 2026. Over the same period, estimates for 2027 loss per share have also improved from 17 cents to 3 cents. ADPT’s shares have surged 81.5% year to date.
Adaptive Biotechnologies’ earnings beat estimates in each of the trailing four quarters, delivering an average surprise of 53.62%.
View the Zacks #1 Rank List
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ALT Q3 Earnings Miss, Stock Sinks on Higher Costs & Funding Concerns
Key Takeaways
Altimmune (ALT - Free Report) incurred a third-quarter 2026 loss of 15 cents per share, wider than the Zacks Consensus Estimate of a loss of 14 cents. The company had recorded a loss of 21 cents per share in the year-ago quarter.
The company did not generate any revenues in the quarter, as it does not have a marketed drug in its portfolio.Revenues were $0.005 million in the year-ago quarter.
ALT's Q3 Results in Detail
Research and development (R&D) expenses totaled $27 million in the reported quarter, up 80.6% year over year, primarily due to ongoing clinical studies on Altimmune’s lead candidate, pemvidutide. R&D spending included $20.3 million in direct pemvidutide development costs.
General and administrative expenses increased 47.2% year over year to $8.7 million primarily due to higher compensation expenses and professional services.
As of Sept. 30, 2026, Altimmune had cash, cash equivalents and short-term investments of $480 million compared with $519 million as of June 30, 2026. Management expects its cash runway to support operations into 2029.
The company is evaluating funding options for the planned late-stage AUD program. Management prefers non-dilutive financing, including potential strategic partnerships or royalty-based financing arrangements, to support further development.
Altimmune, Inc. Price, Consensus and EPS Surprise
Altimmune, Inc. price-consensus-eps-surprise-chart | Altimmune, Inc. Quote
ALT's Key Pipeline Updates
Pemvidutide is an investigational dual glucagon/GLP-1 receptor agonist being developed for metabolic dysfunction-associated steatohepatitis (MASH), alcohol use disorder (AUD) and alcohol-associated liver disease (ALD).
Altimmune continues to advance the global phase III PERFORMA study with patient enrollment underway. The study is evaluating the safety and efficacy of pemvidutide in MASH patients with moderate-to-severe liver fibrosis, with 52-week top-line data expected in 2029.
Earlier this year, the company announced top-line data from the mid-stage RECLAIM study evaluating pemvidutide for the treatment of patients with AUD, which met its primary endpoint. Altimmune is engaged with the FDA to discuss the next regulatory steps.In the press release, along with the earnings results, the company stated that an end-of-phase II meeting with the agency is scheduled for December 2026 to discuss the design and regulatory pathway for a phase III registrational study. Management also expects to receive feedback from European regulators in the first quarter of 2027.
The company is also developing the candidate in the phase II RESTORE study in patients with ALDand a history of chronic heavy drinking. Patient enrollment was completed in July, with top-line data expected in the second half of 2027.
Shares of ALT declined nearly 17% yesterday following the earnings announcement, potentially reflecting investor concerns over rising clinical development costs, uncertainty surrounding funding for the planned phase III AUD program and limited near-term visibility into key clinical milestones.
Year to date, shares of ALT have lost 55.4% against the industry’s 0.6% growth.
Image Source: Zacks Investment Research
ALT's Zacks Rank & Stocks to Consider
Altimmune currently carries a Zacks Rank #3 (Hold).
Some better-ranked stocks in the biotech sector are Amneal Pharmaceuticals (AMRX - Free Report) , currently sporting a Zacks Rank #1 (Strong Buy), and AC Immune (ACIU - Free Report) and Adaptive Biotechnologies (ADPT - Free Report) , carrying a Zacks Rank #2 (Buy) each. You can see the complete list of today’s Zacks #1 Rank stocks here.
Over the past 30 days, earnings per share estimates for Amneal Pharmaceuticals have increased from $1.03 to $1.06 for 2026. Over the same period, estimates for 2027 earnings per share have risen from $1.16 to $1.21. AMRX’s shares have climbed 72.2% year to date.
Amneal Pharmaceuticals’ earnings beat estimates in each of the trailing four quarters, delivering an average surprise of 27.21%.
Over the past 30 days, loss per share estimates for AC Immune have narrowed from 60 cents to 54 cents for 2026. Over the same period, estimates for 2027 earnings per share have increased from 17 cents to 43 cents. ACIU’s shares have declined 31.9% year to date.
AC Immune’s earnings beat estimates in each of the trailing four quarters, with an average surprise of 37.79%.
Over the past 30 days, loss per share estimates for Adaptive Biotechnologies have narrowed from 55 cents to 39 cents for 2026. Over the same period, estimates for 2027 loss per share have also improved from 17 cents to 3 cents. ADPT’s shares have surged 81.5% year to date.
Adaptive Biotechnologies’ earnings beat estimates in each of the trailing four quarters, delivering an average surprise of 53.62%.