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ALT Altimmune

Altimmune is a clinical stage biopharmaceutical company focused on developing intranasal vaccines, immune modulating therapies and treatments for liver disease. Its diverse pipeline includes proprietary intranasal vaccines for COVID-19 (AdCOVID™), anthrax (NasoShield™) and influenza (NasoVAX™); an intranasal immune modulating therapeutic for COVID-19 (T-COVID™); and next generation peptide therapeutics for NASH (ALT-801) and chronic hepatitis B (HepTcell™).

Company profile

Ticker
ALT
Exchange
CEO
Vipin Garg
Employees
Incorporated
Location
Fiscal year end
Former names
HEALTHCARE ACQUISITION CORP, PHARMATHENE, INC
SEC CIK
Subsidiaries
Altimmune, LLC • Altimmune UK, Limited • Spitfire Pharma, LLC • Altimmune AU Pty, Limited ...
IRS number
202726770

ALT stock data

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Investment data

Data from SEC filings
Securities sold
Number of investors

Calendar

10 Aug 21
19 Oct 21
31 Dec 21
Quarter (USD)
Jun 21 Mar 21 Dec 20 Sep 20
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Cost of revenue
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Annual (USD)
Dec 20 Dec 19 Dec 18 Dec 17
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Financial data from Altimmune earnings reports.

Cash burn rate (estimated) Burn method: Change in cash Burn method: Operating income/loss Burn method: FCF (opex + capex)
Last Q Avg 4Q Last Q Avg 4Q Last Q Avg 4Q
Cash on hand (at last report) 174.14M 174.14M 174.14M 174.14M 174.14M 174.14M
Cash burn (monthly) (positive/no burn) (positive/no burn) 8.29M 5.73M 6.31M 5.12M
Cash used (since last report) n/a n/a 30.31M 20.97M 23.08M 18.72M
Cash remaining n/a n/a 143.82M 153.17M 151.06M 155.42M
Runway (months of cash) n/a n/a 17.4 26.7 23.9 30.4

Beta Read what these cash burn values mean

Date Owner Security Transaction Code Indirect 10b5-1 $Price #Shares $Value #Remaining
30 Sep 21 Vipin K Garg Common Stock, par value $0.0001 Payment of exercise Dispose F No No 11.31 3,007 34.01K 292,577
23 Sep 21 Sayare Mitchel Stock Options (option to buy) Common Stock, par value $0.0001 Grant Acquire A No No 15.44 24,100 372.1K 24,100
23 Sep 21 Pisano Wayne Stock Options (option to buy) Common Stock, par value $0.0001 Grant Acquire A No No 15.44 24,100 372.1K 24,100
23 Sep 21 Hodges Philip Stock Options (option to buy) Common Stock, par value $0.0001 Grant Acquire A No No 15.44 24,100 372.1K 24,100
23 Sep 21 David Drutz Stock Options (option to buy) Common Stock, par value $0.0001 Grant Acquire A No No 15.44 24,100 372.1K 24,100

Data for the last complete 13F reporting period. To see the most recent changes to ownership, click the ownership history button above.

13F holders
Current Prev Q Change
Total holders 0 0
Opened positions 0 0
Closed positions 0 0
Increased positions 0 0
Reduced positions 0 0
13F shares
Current Prev Q Change
Total value 0 0
Total shares 0 0
Total puts 0 0
Total calls 0 0
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Financial report summary

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Risks
  • Our ability to raise capital may be limited by applicable laws and regulations.
  • We have incurred significant losses since our founding and anticipate that we will continue to incur significant losses for the foreseeable future and may never achieve or maintain profitability.
  • Our profitability depends on our ability to develop and commercialize our current and future product candidates.
  • Future conditions might require us to make substantial write-downs in our assets, which would adversely affect our balance sheet and results of operations.
  • Raising additional capital may cause dilution to stockholders, restrict our operations or require us to relinquish rights to our technologies or product candidates on unfavorable terms.
  • Our product candidates are in an early stage of development, there is a high risk of failure, and we may never succeed in developing marketable products or generating product revenue.
  • The manufacture of our product candidates is complex and we may encounter difficulties in production, particularly with respect to acquisition of materials, process development or scaling-up of our manufacturing capabilities.
  • We may encounter substantial delays in our clinical trials, or our clinical trials may fail to demonstrate the safety and efficacy of our product candidates to the satisfaction of applicable regulatory authorities.
  • We may find it difficult to enroll patients in our clinical trials, which could delay or prevent clinical trials of our product candidates.
  • It may be difficult to predict the time and cost of product development. Unforeseen problems may prevent further development or approval of our product candidates.
  • We rely, and expect to continue to rely, on third parties to conduct preclinical studies and clinical trials for our product candidates, and if they do not properly and successfully perform their obligations to us, we may not be able to obtain regulatory approvals for our product candidates.
  • We face substantial competition from other pharmaceutical and biotechnology companies, which may result in others discovering, developing or commercializing products before, or more successfully, than we do.
  • We are heavily dependent on the success of our leading product candidates, AdCOVID and ALT-801. If we ultimately are unable to develop, obtain regulatory approval for or commercialize AdCOVID, ALT-801, or any other product candidate, our business will be substantially harmed.
  • We may not be able to comply with the requirements of foreign jurisdictions in conducting trials within the United Kingdom, European Union, Australia or any other foreign country.
  • If we fail to attract and keep senior management and key scientific personnel, we may be unable to successfully develop our products, conduct our clinical trials and commercialize our product candidates.
  • Legal, political and economic uncertainty surrounding the exit of the U.K., from the European Union (“EU”) may be a source of instability in international markets, create significant currency fluctuations, adversely affect our operations in the U.K. and pose additional risks to our business, revenue, financial condition, and results of operations.
  • Our acquisitions may expose us to unknown liabilities.
  • We may not be able to utilize a significant portion of our net operating loss carryforwards, which could harm our results of operations.
  • Our pursuit of potential therapeutic and prophylactic treatments for COVID-19 is at an early stage and subject to many risks. We may be unable to receive emergency use authorization or approval for any of our COVID-19 product candidates in a timely manner, if at all, and our COVID-19 product candidates may never be authorized for emergency use or approved.
  • The regulatory pathway for T-COVID and AdCOVID is continually evolving, and may result in unexpected or unforeseen challenges.
  • We cannot guarantee how long it will take regulatory agencies to review our applications for product candidates, and we may fail to obtain the necessary regulatory approvals to market our product candidates. If we are not able to obtain required regulatory approvals, we will not be able to commercialize our product candidates and our ability to generate revenue will be materially impaired.
  • Our product candidates may cause undesirable side effects or have other properties that delay or prevent their regulatory approval or limit their commercial potential.
  • If we fail to obtain regulatory approval in non-U.S. jurisdictions, we will not be able to market our products in those jurisdictions. Receiving and maintaining regulatory approval of our product candidates in one jurisdiction does not mean that we will be successful in receiving or maintaining regulatory approval of our product candidates in other jurisdictions.
  • Even if we receive regulatory approval for our product candidates, such products will be subject to ongoing regulatory obligations and continued regulatory review, which may result in significant additional expense and other restrictions, and we may be subject to penalties if we fail to comply with regulatory requirements or experience unanticipated problems with our product candidates.
  • Even if we complete the necessary preclinical studies and clinical trials, the marketing approval process is expensive, time-consuming and uncertain and may prevent us or any of our existing or future collaboration partners from obtaining approvals for the commercialization of our current product candidates and any other product candidate we develop.
  • If the FDA or comparable foreign regulatory authorities approve generic or biosimilar versions of any of our products that receive marketing approval, or if any product approvals we obtain do not provide us with the exclusivity periods we hope to achieve, the sales of our products could be adversely affected.
  • Developing a drug product, such as NasoShield, to address biological warfare involves special considerations, including compliance with the “Animal Rule,” that may increase drug development delays and costs, and result in a longer and more uncertain regulatory approval process.
  • Our NasoShield anthrax vaccine product candidate and our NasoVAX pandemic influenza vaccine product candidate may potentially be eligible for the Strategic National Stockpile (“SNS”) under Project BioShield, but there is no guarantee that our product candidates will meet the criteria set forth by HHS or the FDA for procurement and Emergency Use Authorization.
  • It is difficult and costly to protect our proprietary rights, and we may not be able to ensure their protection. If our patent position and other intellectual property rights do not adequately protect our product candidates, others could compete against us (including directly), which could materially harm our business, results of operations and financial condition.
  • We may not be able to protect our intellectual property rights throughout the world.
  • Patent terms may be inadequate to protect our competitive position on our products for an adequate amount of time.
  • We may become involved in lawsuits to protect or enforce our intellectual property, which could be expensive, time consuming and unsuccessful.
  • Third-party claims of intellectual property infringement or misappropriation may prevent or delay our development and commercialization efforts.
  • We may be subject to claims that our employees, independent contractors or consultants have wrongfully used or disclosed alleged trade secrets of their former employers, or our employees may challenge the inventorship of our patents.
  • We have in-licensed a portion of our intellectual property, and, if we fail to comply with our obligations under these arrangements, we could lose such intellectual property rights or owe damages to the licensor of such intellectual property.
  • We may need to license certain intellectual property from third parties, and such licenses may not be available on commercially reasonable terms or at all.
  • Confidentiality agreements with employees and third parties may not prevent unauthorized disclosure of proprietary information.
  • If our trademarks and trade names are not adequately protected, then we may not be able to build name recognition in our markets of interest and our business may be adversely affected.
  • Our future commercial success depends upon attaining significant market acceptance of our product candidates, if approved, among physicians, patients, third-party payers and others in the medical community.
  • We rely on, and expect to continue to rely on, third parties to manufacture our product candidates and related materials for our clinical trials and preclinical studies, and these third parties may not perform satisfactorily.
  • If we are unable to manufacture our products in sufficient quantities, or at sufficient yields, or are unable to obtain regulatory approvals for a manufacturing facility for our products, we may experience delays in product development, clinical trials, regulatory approval and commercial distribution.
  • If we are unable to establish sales, marketing and distribution capabilities, we may not be successful in commercializing our product candidates if they are approved.
  • We may encounter difficulties in managing our growth and expanding our operations successfully.
  • We may not be successful in establishing and maintaining strategic partnerships, which could adversely affect our ability to develop and commercialize products.
  • We may acquire other businesses, form joint ventures or make investments in other companies or technologies that could negatively affect our operating results, dilute our stockholders’ ownership, increase our debt or cause us to incur significant expense.
  • If product liability lawsuits are brought against us, we may incur substantial liabilities and may be required to limit commercialization of our product candidates.
  • A breakdown in our information technology systems could result in a significant disruption to our business.
  • Without the BARDA anthrax contract award, we would only be able to move forward with the NasoShield program at our own risk and without BARDA reimbursement and may therefore suspend or terminate it.
  • Our BARDA contracts are cost-plus-fixed-fee contracts that only reimburse certain specified activities.
  • Most of our immediately foreseeable future revenues are contingent upon grants, contracts and loans from the U.S. and other governments, non-profit entities and academic institutions, and we may not achieve sufficient revenues from these sources either to maintain operations or eventually attain profitability.
  • U.S. government agencies have special contracting requirements that give them the ability to unilaterally control contracts such as our BARDA contract.
  • The U.S. government’s determination to award any contracts may be challenged by an interested party, such as another bidder, at the U.S. Government Accountability Office (the “GAO”) or in federal court. If such a challenge is successful, a contract award may be re-evaluated and terminated.
  • Our business is subject to audit by the U.S. government, and may be subject to audit by foreign governments. A negative audit could adversely affect our business.
  • Laws and regulations affecting government contracts make it more costly and difficult for us to successfully conduct our business.
  • Coverage and reimbursement may be limited or unavailable in certain market segments for our product candidates, if they are approved, which could make it difficult for us to sell our products profitably.
  • Price controls may be imposed, which may adversely affect our future profitability.
  • We are subject to multiple and substantial federal and state health care and other laws, and the complexity of our regulatory compliance obligations is likely to increase in the event our product candidates are commercialized.
  • The impact of recent health care reform legislation and other changes in the health care industry and in health care spending on the Company is currently unknown and may adversely affect our business model.
  • Certain business practices associated with the commercialization of pharmaceutical products are subject to scrutiny by regulatory authorities, as well as to lawsuits brought by private citizens under federal and state laws. Failure to comply with applicable law or an adverse decision in lawsuits may result in adverse consequences to the Company.
  • We must comply with data privacy and security laws and regulations, and failure to comply with these laws and regulations could expose us to significant liabilities.
  • We are subject to extensive government regulatory compliance and ethics oversight, and we will need to develop more extensive compliance and ethics policies in the future.
  • Our employees, independent contractors, principal investigators, consultants, commercial partners and vendors may engage in misconduct or other improper activities, including non-compliance with regulatory standards and requirements.
  • In the United States, legislation limiting or restricting liability for medical products used to fight bioterrorism is new, and it cannot be certain that any such protection will apply to our product candidates or if applied what the scope of any such coverage will be.
  • We are required to comply with certain export control laws which may limit our ability to sell our products to non-U.S. persons and may subject us to regulatory requirements that may delay or limit our ability to develop and commercialize our products.
  • We must comply with environmental laws and regulations, and failure to comply with these laws and regulations could expose us to significant liabilities.
  • If we use biological and hazardous materials in a manner that causes contamination or injury or violates laws, we may be liable for damages.
  • Future sales and issuances of our common stock or rights to purchase common stock could result in substantial dilution to the percentage ownership of our stockholders.
  • If we do not meet the continued listing standards of The NASDAQ Global Market our common stock could be delisted from trading, which could limit investors’ ability to make transactions in our common stock and subject us to additional trading restrictions.
  • Shares that we may issue in the future in connection with certain capital-raising transactions and shares available for future issuance upon exercise of warrants and options could dilute our stockholders and depress the market price of our common stock.
  • We can give no assurances that we will ever again pay dividends.
Management Discussion
  • Revenue consists primarily of research grants in the United States from MTEC for our T-COVID product candidate and BARDA for our NasoShield vaccine product candidate. These grants consist of firm fixed fee contracts based on milestones and cost reimbursement contracts, with a fixed fee based on either costs incurred or milestones met.
  • Revenue decreased by $0.6 million, or 81%, for the three months ended June 30, 2021, as compared to the same period in 2020. The decrease was primarily the result of a decrease in BARDA revenue due to timing of clinical trials and development activities on the NasoShield program.
  • Revenue decreased by $2.0 million, or 67%, for the six months ended June 30, 2021, as compared to the same period in 2020. The decrease was primarily the result of:
Content analysis
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H.S. junior Avg
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