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ALT Altimmune

Participants
Monique Kosse Investor Relations-LifeSci Advisors
Vipin Garg Chief Executive Officer
Scott Harris Chief Medical Officer
Will Brown Chief Financial Officer
Suowei Wu B. Riley FBR
Call transcript
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Operator

Thank you for standing by. This is the conference operator. Welcome to the Altimmune, Inc.

Third Quarter 2019 Earnings Conference Call.

As a reminder, all participants are in listen-only mode and the conference is being recorded. will opportunity there ask presentation, the be to an questions. After Instructions] [Operator

now I Kosse, the conference LifeSci to over turn Please would ahead. like go to Advisors. Ms. Monique

Monique Kosse

today's you, Thank call is Financial will and will today call Altimmune. will Chief Chief call. everyone, Officer. Also third Chief Garg, call Brown, quarter the Vipin a After open Officer Officer; we for Leading you, prepared the XXXX remarks, thank today participating Scientific Executive operator, available. be Harris, during Medical participating conference Will session and earnings Chief the the Roberts, up in of which also for question-and-answer Scot Scott time on be Officer,

yesterday on close be after and can release Investors website. the market the XXXX press A the issued third of found with of quarter the page Company's was financial results

like provisions are I plans the everyone Before risks that Harbor Safe and would materially statements Private XXXX. actual these Act Altimmune differ forward-looking and constitute cautions indicated. to of remarks expectations, from purposes forward-looking results prospects we to could statements for cause Securities Litigation that under about to the future those uncertainties Reform subject remind begin, the of that

also And these events after statements speak only today's any or Thursday, today's filings Any that obligation Company's some with the of contained not on and the you Factors available release website. discussion conference in on issued please that and statements read a direct November For our see the or call forward-looking and of Risk undertake to statement does the date, now occur disclaimer update the risks Securities could Commission. any night and of Company's factors affect last the reflect of results, the statements Company date. to would earnings made I to future circumstances on other in XX, XXXX. forward-looking Exchange cautionary our as this

recorded being for conference Altimmune's a www.altimmune.com. rebroadcast call on at As and is website audio available will this reminder, be

to With that go Chief I would Executive Officer like to ahead. over Altimmune. please now of the Vipin Garg, call turn Vipin,

Vipin Garg

and Thank join you, taking us update. quarter morning third financial joining Monique. our – and Good results the thanks discuss time for as everyone business XXXX we to

on we be Chief Officer, Medical Chief and who will Q&A. Will quarter the Roberts, as Officer. our call third me Harris, will review Scott call results; the Joining our today our as open for Scientific our Financial our Brown, discussions will financial After Chief Scott well Officer;

company's of proud XXXX. I'm our performance far so in

very and goal diversified hard no NasoShield, multiple a new we four taking product value we be HepTcell exciting initiate set varying shots on longer and at with the trials would commoditized new expect every table as creation. on The introduce dependent is with year clinical to coming Our company build is the and market. and team to Altimmune. robust investors this development And in are analysts now worked our candidates to opportunity tough pipeline primarily to ALT-XXX. vaccine of pipeline on has for stages investor The

press and our had to important several participated at speak from have releases, seen have we forums. conferences number may a you As investor private in have of also opportunities

that's around our by building excitement encouraged are pipeline. We the

hosting Dr. Stephen announced last expert, a press we we December NASH Harrison. renowned release time, X As our are call in with conference on

by will on the question-and-answer an highly management receptor potent session by update on call, a landscape Altimmune ALT-XXX. hope NASH it this A During Dr. provide followed GLP-X/glucagon agonist. I follow participation. in would differentiate presentation and your the we to presentation dual therapeutic Harrison have will

be excited XXXX, IND for well been the as busy community about manufacturing dual this toxicology agonist of We of NASH for progression positioned loss around its with coalescing preparing substance the acquisition of address of that this early the in appears need, well required ALT-XXX filing potential impressive of the to disease GLP in drug our remain preclinical We liver well idea be with year, the as observed as in treating Since to the NASH July and fat initiating have cornerstone weight we very models. an ALT-XXX this studies future. reduction therapy believe established in will are the we the trial. in

December on discuss we Dr. X us with as Harrison. join fully this program Please

Medical September responsible I'm a fantastic introduce this and studies including Phase pleased a Officer for you number year. Medical companies global to leading of Scott him our to Officer, this significant Dr. Chief experience addition our where time in indications. Harris, to Scott Chief bringing as At at of clinical several X therapeutic with new is was appointed team, he trials

jumped and us the right single provide candidate. an on with NasoShield, Phase role Scott? update trial has he Scott Xb dose vaccine into will our anthrax of

Scott Harris

Thank and I've that programs. be to of we head full front me the with in for you, clinic Vipin at excited here Altimmune kind a three got good into And everyone. to introduction. plate morning as I'm

will was Our in of our first in clinical be new announced to XXXX a of $X.X August million year. this following three NasoShield BARDA initiate study programs award that

the clinic. translating We dosing the XX placebo-controlled, half XXXX. immunogenicity Top double-blind, Phase line is expected vaccine of preclinical effects demonstrating trial the will on in in report be of compelling, of second data subject, data to position the the Xb the from

of for program chronic hepatitis XXXX. in will clinical HepTcell B enter and ALT-XXX testing for Our NASH also the treatment

Vipin. will over I that it turn back Vipin? to With

Vipin Garg

Scott. you, Thank

this the development also funding improved to Will priority to solely vaccine for to vaccine we has and anthrax its program As an We had discuss vaccine. any dose move ended contract clarified anthrax single later, SparVax-L, going anthrax a legacy program, decided whose is government chose NIAID with as quarter. to abandon this

SparVax-L, desired program we of take While the their did anthrax impairment currently fits program only BARDA-funded single is profile dose NasoShield is anthrax that lining the of an which the product a silver vaccine. our

year. a to multi lead dose net million market Success saw in Altimmune revenue Xb disrupt trial upcoming that $XXX nearly Phase our last could in

the the the option has the are contract anticipated As X period opportunity in with take Phase over final to a base a currently exercise Xb BARDA this through the reminder, Phase period million three-year develop. being to $XXX in trial, trial of program conclusion to the the At activity. we of

As to dosage the a its results of Xb recently potential for greatly deliver XX anticipate you have upcoming dose received of competitor conclusion at commercial this trial. eagerly may we its our X contract This anthrax activities. million timeline based candidate the sales seen, Phase two on of accelerates our our intramuscular vaccine and Phase

immunotherapy chronic We continue ahead B hepatitis candidate. to with our HepTcell, press

the trial. year, We'll keep meeting our held apprised in upcoming as at We we design of second have of the and advisory to AASLD recently discuss our participated board plans progress begin for soon quarter you as possible next with trial a filing our as thereafter. of the IND scientific to prepare

Altimmune’s anchor program. the Preclinical agonist candidate fight technology. experiments immunosuppression inject designed to to are immune to utilizes system stimulants our synthetic continuing is peptide via To immunostimulant This body's the and allow reverse TLRX/X to solid tumors immune on cancer. ALT-XXX, a depot

others. What STING, makes depot-forming conjugate this peptide, to immune program to agonist exciting NKT different is the including stimulants and of a TLRX, potential our number

the and We coming are investors will update in with experiments currently progress our agonists TLRX/X months. performing on

X candidate, our I also and data to trial NasoVAX, extension discuss efficacy vaccine want influenza few recent to impressive and intranasal from strong despite results a Phase study. minutes take our

seasonal vaccine commercialization to with upon manufacturing and reasons, proceed For further influenza the of the made development decision only we updating partner. strategic the our

is eclipsed have well partners, influenza commercialization in as interest while we to suited universal that What in in being so-called assess seasonal NasoVAX shareholders continue is seek specially vaccine. vaccines will influenza learned vaccine NasoVAX pandemic vaccine. interest value interest pandemic is pandemic governmental by and for also the use to we and a for commercial we

Will for Will? to an update With over call to that, I on financials. Brown the would like turn our

Will Brown

Vipin good morning you, Thank everyone. and

quarter financial For today's our ended will short-term I in with third We and XXXX cash quarter update investments. an $XX.X be million regarding results. call, the providing

During underlying our QX, while invested and portion maintain to The we investment securities resources. and principles principal are on yield. to government our maximizing highly-rated of philosophy corporate our cash into the a liquidity maximize yield preserve debt

lower which a end compared third NasoShield and QX Xb the the the the in primarily were of quarter. due reduction awarding the third $X for the experienced to quarter, of $XXX,XXX of lag in third Phase quarter third quarter We investigation the revenue a Revenues to of between XXXX. study is in million the late

majority recognize the throughout XXXX. to award into in QX the expect $X.X beginning revenue year this of We million and of

last Research The year. compared research million of and is our NASH and candidate, period primarily year-over-year ALT-XXX. of acquisition the the $X.X related development increase third for million the million expenses were attributable to the in same to to acquired development quarter, $X.X $X.X

attributable consideration of costs for as transferred value our decrease the The during our I the the plus entered XXXX is activities the value as contingent QX fair various three attributable in of we other planning on The of to stock by trials. the the and by our as expect is offset of increase fair increase driven R&D the programs clinic consideration, regulatory milestones. value upfront programs. costs spin to is common to a

$X.X slightly to XXXX QX compensation. G&A is to due expenses million related stock and of than insurance increase higher costs in

we which single SparVax-L And without considering balance contract vaccine, program book asset anthrax recognized related focused the the acquired future is expected. $X PharmAthene, of mentioned, program. this legacy program dose Inc. developing ended further of product to anthrax This impairment a government's this related The our the is to candidate, million entire on represents merger As to the a with Vipin not IPR&D vaccine QX funding. development in

the third impairment. net equaling The is per period same acquisition million plus the with QX expense the to Net $X.XX $X.X common per loss was in higher versus compared loss stockholders in loss XXXX. $XX.X last QX $X.XX quarter-over-quarter to million attributable for ALT-XXX primarily attributed share SparVax for year, to quarter share net

With call open Operator? like that, I now for would to Q&A. the

sir. Certainly,

Instructions] begin question [Operator Mamtani now question-and-answer the FBR. go will session. Riley Please comes ahead. of Mayank We from B. first The

Suowei Wu

for This question. Thank Hi, on Mayank. good the morning. Suowei for Wu you is taking

I'm indications or diabetes. like developed can wondering if as such ALT-XXX Thank be you. So just other for obesity the

Vipin Garg

Wu, question. Scott your morning, take Good Yes. question. Suowei can this you and Scott? Maybe for thank Harris

Scott Harris

Yes. those considering clearly options. We're

time. those radar considering immediate on it and screen, But we however. our it them. right on this options considering the We have have clearly It's – table now to plans announce we're don't

Suowei Wu

thank Okay, you.

Vipin Garg

fits direct let just be that and But Xb of beyond at the Yes. quite that product NASH would initially I data data indications additional profile Phase molecule nicely. that, add have looking future NASH. we we'll endpoints the on that this focus dictate towards available. the for the would the us once our clearly is We’d to development

Suowei Wu

Okay. Thanks Got it. question. taking for the

Operator

turn remarks. now closing management There questions time. the Instructions] for conference no back like to would this at [Operator more I over to are

Vipin Garg

in listening We for on our look earnings to again forward everyone you you call. to Thank today. speaking next

Operator

This today's concludes conference call.

you for pleasant day. Thank lines. your participating and disconnect have may You a