Form 8-K - Current report

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): August 10, 2023

ALTIMMUNE, INC.

(Exact name of registrant as specified in its charter)


Delaware	001-32587	20-2726770
(State or other jurisdiction of incorporation)	(Commission File Number)	(IRS Employer Identification No.)

910 Clopper Road, Suite 201S Gaithersburg, Maryland		20878
(Address of principal executive offices)		(Zip Code)

Registrant’s telephone number including area code: (240) 654-1450

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:


☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common stock, par value $0.0001 per share	ALT	The NASDAQ Global Market

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02 Results of Operations and Financial Condition

On August 10, 2023, Altimmune, Inc. (the “Company”) issued a press release announcing the Company’s financial results for its fiscal quarter ended June 30, 2023. A copy of this press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K.

The information included in this Current Report on Form 8-K (including Exhibit 99.1 hereto) that is furnished pursuant to this Item 2.02 shall not be deemed to be “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that Section or Sections 11 and 12(a)(2) of the Securities Act of 1933, as amended. In addition, the information included in this Current Report on Form 8-K (including Exhibit 99.1 hereto) that is furnished pursuant to this Item 2.02 shall not be incorporated by reference into any filing of the Registrant, whether made before or after the date hereof, regardless of any general incorporation language in such filing, unless expressly incorporated by specific reference into such filing.

Item 9.01 Financial Statements and Exhibits

(d) Exhibits


No.		Description

99.1		Press Release of Altimmune, Inc. dated August 10, 2023

104		Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.


	ALTIMMUNE, INC.

	By:		/s/ Richard Eisenstadt
			Name: Richard Eisenstadt
			Title: Chief Financial Officer

Dated: August 10, 2023

Exhibit 99.1

Altimmune Announces Second Quarter 2023 Financial Results and Provides a Business Update

Top-line 48-week results from the MOMENTUM Phase 2 obesity trial expected Q4 2023

Commenced enrollment in IMPACT Phase 2b trial of pemvidutide in non-alcoholic steatohepatitis (NASH)

Top-line results from the Phase 2 trial of HepTcell^TM in chronic hepatitis B (CHB) expected Q1 2024

Webcast to be held today, August 10, 2023, at 8:30 am EDT

GAITHERSBURG, Maryland -- August 10, 2023 -- Altimmune, Inc. (Nasdaq: ALT), a clinical-stage biopharmaceutical company, today announced financial results for the three months ended June 30, 2023, and provided a business update.

“We are pleased to have commenced enrollment in our IMPACT Phase 2b biopsy-driven trial of pemvidutide in NASH,” said Vipin K. Garg, Ph.D., President and Chief Executive Officer of Altimmune. “We believe our compelling Phase 1b data in subjects with nonalcoholic fatty liver disease (NAFLD) demonstrating class-leading improvements in liver fat and markers of liver inflammation support the prospects of achieving robust rates of NASH resolution and fibrosis improvement in our IMPACT trial. We are also eager to report our 48-week data from the MOMENTUM Phase 2 obesity trial next quarter. We believe the pemvidutide data showing significant weight loss, combined with robust reductions in liver fat content, serum lipids and blood pressure without cardiovascular safety signals could offer a differentiated product profile that meaningfully impacts patients with obesity and NAFLD or dyslipidemia, and patients with NASH.”

Recent Highlights and Anticipated Milestones

Pemvidutide

●	Top-line data readout from 48-week MOMENTUM Phase 2 obesity trial expected in Q4 2023

o

Dr. Louis Aronne, Professor of Metabolic Research and Professor of Clinical Medicine, Weil Cornell Medical School, a leading authority in obesity and obesity clinical trials, is serving as the Principal Investigator.

o

Approximately 320 subjects with obesity or overweight but without diabetes were randomized 1:1:1:1 to 1.2 mg, 1.8 mg, 2.4 mg pemvidutide or placebo administered weekly for 48 weeks in conjunction with diet and exercise.

o

In an interim 24-week data readout in March 2023, subjects receiving pemvidutide achieved robust reductions in body weight, waist circumference, serum lipids and blood pressure without arrhythmias, clinically meaningful heart rate increases or other safety signals.

o

Top-line data readout at 48 weeks will include subject disposition, weight loss, serum lipids, vital signs, adverse events and glycemic control.

●	Commenced enrollment in IMPACT Phase 2b NASH trial

o

This Phase 2b biopsy-driven NASH trial is being conducted at approximately 60 sites in the U.S., with Dr. Stephen Harrison, Medical Director, Pinnacle Research, and Adjunct Professor of Medicine, Oxford University, serving as the principal investigator.

o

Approximately 190 subjects with and without diabetes are planned to be randomized 1:2:2 to 1.2 mg, 1.8 mg pemvidutide or placebo.

o

The key endpoints will be NASH resolution and fibrosis improvement after 24 weeks of treatment, with subjects followed for an additional 24 weeks for assessment of safety and additional biomarker responses.

o

Top-line results after 24 weeks of treatment are expected in the first quarter of 2025.

HepTcell^TM

●	Top-line data from Phase 2 clinical trial expected in Q1 2024

o

The multicenter clinical trial, which is being conducted at 26 sites in North America, Europe and Southeast Asia, enrolled approximately 80 previously untreated subjects with inactive CHB and low levels of hepatitis B surface antigen (HBsAg).

o

Subjects were randomized 1:1 to HepTcell or placebo.

o

The primary endpoint is virological response, defined as a 1-log or greater reduction or clearance of HBsAg; secondary endpoints include changes in the levels of hepatitis B virus (HBV) DNA, pre-genomic RNA and other markers of virologic response.

o

Data readout is expected in the first quarter of 2024 after all subjects complete the 6-month course of treatment.

Financial Results for the Three Months Ended June 30, 2023

●	Cash, cash equivalents and short-term investments totaled $160.0 million as of June 30, 2023.

●

Research and development expenses were $13.3 million for the three months ended June 30, 2023, compared to $16.0 million in the same period in 2022. The expenses for the quarter ended June 30, 2023 included $5.6 million in direct costs related to development activities for pemvidutide and $1.8 million in direct costs related to development activities for HepTcell.

●	General and administrative expenses were $4.8 million for the three months ended June 30, 2023, compared to $4.4 million in the same period in 2022. The change was primarily attributable to increased stock compensation and other labor related expenses.

●	Interest income for the three months ended June 30, 2023 was $1.8 million as compared to $0.3 million in the same period in 2022.

●	Net loss for the three months ended June 30, 2023 was $16.1 million, or $0.32 net loss per share, compared to a net loss of $20.1 million, or $0.42 net loss per share, in the same period in 2022.

Conference Call Information:


Date:	Thursday, August 10, 2023
Time:	8:30 am EDT
Webcast:	To listen, the conference call will be webcast live on Altimmune’s Investor Relations website at https://ir.altimmune.com/investors.
Dial-in:	To participate or dial-in, register here to receive the dial-in numbers and unique PIN to access the call.

Following the conclusion of the call, the webcast will be available for replay on the Investor Relations page of the Company’s website at www.altimmune.com. The Company has used, and intends to continue to use, the IR portion of its website as a means of disclosing material non-public information and for complying with disclosure obligations under Regulation FD.

About Pemvidutide

Pemvidutide is a novel, investigational, peptide-based GLP-1/glucagon dual receptor agonist in development for the treatment of obesity and NASH. Activation of the GLP-1 and glucagon receptors is believed to mimic the complementary effects of diet and exercise on weight loss, with GLP-1 suppressing appetite and glucagon increasing energy expenditure. Glucagon is also recognized as having direct effects on hepatic fat metabolism, leading to rapid reductions in levels of liver fat. Pemvidutide incorporates the EuPort^TM domain, a proprietary technology that increases its serum half-life for weekly dosing while likely slowing the entry of pemvidutide into the bloodstream, which may improve its tolerability.

About HepTcell

HepTcell is a novel, investigational, immunotherapeutic comprised of nine synthetic peptides representing conserved T-cell epitopes on key HBV antigens formulated with IC31®, a TLR9-based adjuvant from Valneva SE. The HBV-directed peptides are designed to drive T cell responses against all HBV genotypes towards a functional cure for chronic HBV in patients of diverse genetic backgrounds.

About Altimmune

Altimmune is a clinical-stage biopharmaceutical company focused on developing innovative next-generation therapeutics for the treatment of obesity and liver diseases. The Company’s lead product candidate, pemvidutide, is a GLP-1/glucagon dual receptor agonist that is being developed for the treatment of obesity and NASH. In addition, Altimmune is developing HepTcell^TM, an immunotherapeutic designed to achieve a functional cure for CHB. For more information, please visit www.altimmune.com.

Follow @Altimmune, Inc. on LinkedIn
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Forward-Looking Statement

Any statements made in this press release relating to future financial or business performance, conditions, plans, prospects, trends, or strategies and other financial and business matters, including without limitation, the timing of key milestones for our clinical assets, the timing of the data readouts of the Phase 2 trial of HepTcell in CHB, the Phase 2 MOMENTUM trial of pemvidutide in obesity and the Phase 2b IMPACT trial of pemvidutide in NASH, and the prospects for the utility of, regulatory approval, commercializing or selling any product or drug candidates, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. In addition, when or if used in this press release, the words “may,” “could,” “should,” “anticipate,” “believe,” “estimate,” “expect,” “intend,” “plan,” “predict” and similar expressions and their variants, as they relate to Altimmune, Inc. may identify forward-looking statements. The Company cautions that these forward-looking statements are subject to numerous assumptions, risks, and uncertainties, which change over time. Important factors that may cause actual results to differ materially from the results discussed in the forward looking statements or historical experience include risks and uncertainties, including risks relating to: delays in regulatory review, manufacturing and supply chain interruptions, access to clinical sites, enrollment, adverse effects on healthcare systems and disruption of the global economy; the reliability of the results of studies relating to human safety and possible adverse effects resulting from the administration of the Company’s product candidates; the Company’s ability to manufacture clinical trial materials on the timelines anticipated; and the success of future product advancements, including the success of future clinical trials. Further information on the factors and risks that could affect the Company's business, financial conditions and results of operations are contained in the Company’s filings with the U.S. Securities and Exchange Commission, including under the heading “Risk Factors” in the Company’s most recent annual report on Form 10-K and our other filings with the SEC, which are available at www.sec.gov.

Investor & Media Contacts:

Rich Eisenstadt

Chief Financial Officer

Phone: 240-654-1450

reisenstadt@altimmune.com

ALTIMMUNE, INC.

CONSOLIDATED BALANCE SHEETS

(In thousands, except share and per-share amounts)


	June 30,		December 31,
	2023		2022
	(Unaudited)
ASSETS
Current assets:
Cash and cash equivalents	$	102,352	$	111,097
Restricted cash		41		34
Total cash, cash equivalents and restricted cash		102,393		111,131
Short-term investments		57,602		73,783
Accounts receivable		136		173
Income tax and R&D incentive receivables		3,579		2,368
Prepaid expenses and other current assets		5,822		5,358
Total current assets		169,532		192,813
Property and equipment, net		882		1,081
Indefinite-lived intangible asset		12,419		12,419
Other assets		483		615
Total assets	$	183,316	$	206,928
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	4,035	$	4,804
Accrued expenses and other current liabilities		7,402		12,250
Total current liabilities		11,437		17,054
Other long-term liabilities		4,165		4,581
Total liabilities		15,602		21,635
Commitments and contingencies (Note 10)
Stockholders’ equity:
Common stock, $0.0001 par value; 200,000,000 shares authorized; 52,657,661 and 49,199,845 shares issued and outstanding as of June 30, 2023 and December 31, 2022, respectively		5		5
Additional paid-in capital		586,908		568,399
Accumulated deficit		(414,019)		(377,884)
Accumulated other comprehensive loss, net		(5,180)		(5,227)
Total stockholders’ equity		167,714		185,293
Total liabilities and stockholders’ equity	$	183,316	$	206,928

ALTIMMUNE, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS

(In thousands, except share and per-share amounts)


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2023		2022		2023		2022
Revenues	$	6	$	8	$	27	$	40
Operating expenses:
Research and development		13,253		15,993		30,502		31,097
General and administrative		4,760		4,410		9,291		8,837
Total operating expenses		18,013		20,403		39,793		39,934
Loss from operations		(18,007)		(20,395)		(39,766)		(39,894)
Other income (expense):
Interest expense		(2)		(65)		(4)		(127)
Interest income		1,835		328		3,503		349
Other income (expense), net		113		25		132		135
Total other income (expense), net		1,946		288		3,631		357
Net loss		(16,061)		(20,107)		(36,135)		(39,537)
Other comprehensive income — unrealized (loss) gain on short-term investments		(79)		(120)		47		(120)
Comprehensive loss	$	(16,140)	$	(20,227)	$	(36,088)	$	(39,657)
Net loss per share, basic and diluted	$	(0.32)	$	(0.42)	$	(0.72)	$	(0.90)
Weighted-average common shares outstanding, basic and diluted		50,691,558		47,502,599		50,410,184		44,150,835

Document and Entity Information	Aug. 10, 2023
Cover [Abstract]
Document Type	8-K
Document Period End Date	Aug. 10, 2023
Entity File Number	001-32587
Entity Registrant Name	ALTIMMUNE, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	20-2726770
Entity Address State Or Province	MD
Entity Address, Address Line One	910 Clopper Road
Entity Address, Adress Line Two	Suite 201S
Entity Address, City or Town	Gaithersburg
Entity Address, Postal Zip Code	20878
City Area Code	240
Local Phone Number	654-1450
Title of 12(b) Security	Common stock, par value $0.0001 per share
Trading Symbol	ALT
Security Exchange Name	NASDAQ
Entity Emerging Growth Company	false
Entity Central Index Key	0001326190
Amendment Flag	false
Pre-commencement Issuer Tender Offer	false
Pre-commencement Tender Offer	false
Soliciting Material	false
Written Communications	false