Shares of Altimmune (NASDAQ:ALT) rose more than 3% in premarket trading on Wednesday after the company reported a smaller-than-expected first-quarter loss.
The stock gained 3.57% following the earnings release.
Quarterly loss comes in ahead of forecasts
Altimmune posted a first-quarter loss of -$0.18 per share, outperforming analyst expectations for a loss of -$0.24 per share.
The biopharmaceutical company, which is developing pemvidutide for serious liver diseases, reported a net loss of $22.6 million for the three months ended March 31, 2026, compared with a net loss of $19.6 million during the same period a year earlier.
Company prepares Phase 3 MASH trial
The stronger-than-expected quarterly results come as Altimmune prepares to launch its PERFORMA Phase 3 trial for metabolic dysfunction-associated steatohepatitis (MASH) during the second half of 2026.
“As a result of the recent successful financing with top-tier biotech investors, we now have a strong cash position that enables us to focus on execution and delivering on our goal of bringing pemvidutide to patients with serious liver diseases and create long-term value for our shareholders,” said Jerry Durso, president and chief executive officer of Altimmune.
Research and administrative expenses increase
Research and development expenses rose to $16.2 million from $15.8 million in the prior-year period, driven by ongoing clinical trials for alcohol use disorder (AUD) and alcohol-associated liver disease (ALD), as well as startup costs tied to the Phase 3 MASH programme.
General and administrative expenses increased to $8.1 million from $6.0 million year-on-year, primarily because of higher severance expenses and professional service fees.
Balance sheet strengthened after financing
Altimmune reported cash, cash equivalents and short-term investments totaling $535 million as of April 30, 2026.
The company said the balance reflected proceeds from an oversubscribed public offering completed in April that raised $225 million.
Additional clinical data expected later this year
Altimmune expects topline results from its RECLAIM Phase 2 AUD study during the third quarter of 2026.
The company also anticipates completing patient enrollment in its RESTORE Phase 2 ALD trial during the same period.