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Altimmune

ALT Lead: Phase 3 ★ Read the deep dive → 12 Biotech Distilled articles ↓ 32 filings & releases ↓ Cash $63.0M (Jun 30, 2026) ↓ 12 verdicts ↓
GI/HepatologyMetabolicNeurology Peptide

Market cap $405M 194.5M shares (10-Q, Aug 7, 2026) × $2.08 close Nov 6, 2026

Most recent annual filing: 2026-03-15

Pipeline (3 active programs)

Capital (as filed)

Cash
$63.0M cash and cash equivalents · Jun 30, 2026 (10-Q)
Short-term investments
$263M Jun 30, 2026
Long-term investments
$192M Jun 30, 2026
Operating cash flow
−$24.2M quarter Mar 31, 2026 → Jun 30, 2026, year-to-date difference (10-Q)
As stated in coverage
$519M cash, runway through H1 2029 per the update of Aug 12, 2026 — the company's own words as read there, not the filed figure

Cash, investments and operating cash flow are the company's own XBRL facts as filed with the SEC, each shown with its period end and tag. As-stated figures come from the company's own words as read in Biotech Distilled coverage, dated, and routinely count securities and planned financing that a balance sheet does not. Offering rows are the SEC cover pages as filed. Not investment advice. Figures as of Nov 7, 2026.

Biotech Distilled coverage (12)

Articles open on Substack. Some are subscriber-only; those marked ★ Distilled Pro are for Distilled Pro members.

Verdict history (12 calls)

Every verdict Biotech Distilled has published on Altimmune, oldest first — the full history, never a selection. How calls are scored: the track record.

  1. 2025-12-19 Watch Altimmune, Inc. (ALT): Scientific Due Diligence for Lead and Pipeline Indications Pemvidutide may be a niche MASH drug with significant financing risk; wait for January FDA minutes before acting as the active ATM dilution makes this a falling knife.
  2. 2026-01-05 Speculative buy speculative UPDATE: The FDA Just Blinked (In a Good Way) – Altimmune Derisked? FDA Breakthrough Therapy Designation and Phase 3 alignment removes the doomsday regulatory scenario, de-risking the path forward while cash burn and execution risks remain.
  3. 2026-01-30 Buy core UPDATE: Altimmune (ALT) – The Smart Money Bailout A $75M raise anchored by a single high-conviction institutional investor removes the existential cash overhang, with the $4.40 offering price serving as a new institutional floor ahead of a funded Phase 3 MASH trial.
  4. 2026-03-07 Buy core UPDATE: Altimmune (ALT) - The $340M War Chest and the Phase 3 Blueprint With $340M in cash, FDA-aligned Phase 3 blueprint confirmed, and a sell-the-news dip to $3.57, the fundamentals remain strong and the dip represents an accumulation opportunity.
  5. 2026-03-21 Buy core UPDATE: Altimmune (ALT) - 400 Million Shares? The proxy's authorized share increase is a necessary administrative move for Phase 3 flexibility, not an imminent dilution event; insider buying and $340M cash support maintaining the position.
  6. 2026-04-27 Hold UPDATE: Altimmune (ALT) - The $4.40 Floor Just Became a $3.00 Ceiling The $225M offering at $3.00 with 75M warrant overhang invalidates the $4.40 institutional floor thesis and cuts the bull case in half via share count explosion, warranting a downgrade to hold for those willing to wait until 2029.
  7. 2026-05-01 Speculative buy speculative UPDATE: Altimmune (ALT) - Deep Track Just Showed Its Cards Deep Track Capital's disclosed 9.99% position — including 30M of the 75M warrants — confirms a named healthcare specialist is sized maximally on the long side, modestly upgrading the setup despite unchanged structural dilution.
  8. 2026-05-02 Speculative buy speculative UPDATE: Altimmune (ALT) - The Second Whale Surfaces TCG Crossover's 9.8% position alongside Deep Track confirms a two-whale syndicate holding 53% of the warrant overhang, modestly strengthening conviction while structural dilution remains unchanged.
  9. 2026-05-27 Speculative buy speculative UPDATE: Altimmune (ALT) - The Biopsy Data Finally Shows Up EASL qFibrosis data showing clean AI-quantified histological fibrosis regression partially rehabilitates the 'biopsy missed' bear case from December, modestly strengthening the speculative buy thesis.
  10. 2026-07-28 Buy core UPDATE: Altimmune (ALT) - The 2.4 mg Dose Just Answered the Question I Asked in December RECLAIM's clean Phase 2 primary endpoint win in AUD with 9.1% placebo-adjusted weight loss at 2.4 mg confirms the under-dosing thesis and provides a genuine second registrational path, justifying an upgrade from speculative to core buy.
  11. 2026-08-04 Buy core UPDATE: Altimmune (ALT) - PERFORMA Is Live, and the Protocol Answers the Tolerability Question PERFORMA Phase 3 initiation on schedule with a titration protocol addressing RECLAIM's 10% drug-related discontinuation rate and AIM-MASH AI Assist formally integrated, confirming execution while cap table risks remain unchanged.
  12. 2026-08-13 Buy core UPDATE: Altimmune (ALT) - The Q2 Print Quietly Moves a Catalyst $519M cash with zero Q2 ATM usage confirms funded runway through Phase 3 readout; RESTORE endpoint shift to Week 48 is biologically defensible though it thins the near-term catalyst calendar.

Every verdict Biotech Distilled has published on this company, in order, with the post it came from — the full history, never a selection. Position figures are the same ones shown on /track-record, computed by the same method. Editorial opinion, not investment advice.

Filings & releases (32)

SEC filings from EDGAR and press releases captured from the company's investor-relations site, newest first. Releases captured from May 6, 2026; filings from March 2026. Summaries come from the BD update that read the document; "BD extracted" counts point at the pipeline table above. All companies →

11 more filings (13G holder notices, S-8, proxy material, SEC correspondence …)