What are the investment strengths of Altimmune Inc (ALT)?

Trading at 2.66x book with 185.6M tangible equity and minimal debt (0.09 D/E) - balance sheet provides downside floor if pipeline has value 204M working capital cushion and low interest expense (761K) means no near-term solvency crisis despite losses

What are the investment risks for Altimmune Inc (ALT)?

Cash runway of ~11 months guarantees dilutive financing or partnership at potentially distressed terms ROE of -52.6% and ROA of -45.8% with zero commercial revenue = pure option on clinical success

Altimmune Inc

ALT

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Altimmune Inc AI Insights

Informational only. Not investment advice.

As of 2025-12-09

Snapshot

Cash burn of -66.4M TTM FCF against 61.2M cash = ~11 months runway without new financing[Free Cash Flow TTM]
R&D spend of 67.8M TTM is 75% of operating expenses - pure clinical-stage biotech profile[Research and Development TTM]
Revenue of 20K TTM (essentially zero) with -72% 5Y growth - pre-commercial company[Total Revenue TTM]

Watch Triggers

Cash and Equivalents: Falls below 40M — Would signal <6 months runway, forcing emergency financing at worst terms
Net Common Stock Issuance: New offering announced — Timing and size of next raise determines dilution magnitude
Research and Development TTM: Drops >20% QoQ — Could signal program termination or pivot - bullish for cash, bearish for pipeline

Bull Case

Trading at 2.66x book with 185.6M tangible equity and minimal debt (0.09 D/E) - balance sheet provides downside floor if pipeline has value

P/B RatioDebt to EquityTangible Book Value

204M working capital cushion and low interest expense (761K) means no near-term solvency crisis despite losses

Working CapitalInterest Expense TTM

Bear Case

Cash runway of ~11 months guarantees dilutive financing or partnership at potentially distressed terms

Cash and EquivalentsFree Cash Flow TTM

ROE of -52.6% and ROA of -45.8% with zero commercial revenue = pure option on clinical success

ROE TTMROA TTMTotal Revenue TTM

Bull vs Bear Balance

AI-generated sentiment analysis based on fundamental metrics and market conditions.

35%

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Forward Thesis

Binary outcome: pemvidutide Phase 2b data will determine if ALT survives or dilutes heavily

3-12mhigh

61.2M cash vs 66.4M annual burn forces action within 12 months
39.6M raised TTM via stock issuance shows dilution pattern
No meaningful revenue to offset R&D spend

End Cash Position: 61.3MNet Common Stock Issuance TTM: 39.6MFCF TTM: -66.4M

Valuation Context

Caveats

Public Strategies Rankings

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ALT Fundamentals

Manufacturing → Chemical Manufacturing

Metric	Value	YoY Growth	Industry Percentile
Market Cap	$449.77M		—
Enterprise Value	$404.44M		—
P/E Ratio	0.00		—
Total Revenue - TTM	$20,000	-61.5%	—
Earnings Per Share (diluted) - TTM	$-1.07		—
Operating Margin - TTM	-452,310%	-260944.6%	—
Net Margin - TTM	-419,575%	-220498.1%	—
Free Cash Flow - TTM	$-66.36M		—
Return on Common Equity - TTM	-0.53	+20.3%	—
Beta 5Y (Monthly)	unknown		—

ALT Dividend History

No dividends

ALT Stock Splits

2 stock splits

09/14/1830:1 split

05/05/1710:1 split

ALT SEC Filings

Filing Date	Report Date	Report Type	Filing Link
11/06/25	09/30/25	10-Q	0001326190-25-000064
08/12/25	06/30/25	10-Q	0001326190-25-000040
05/13/25	03/31/25	10-Q	0001326190-25-000034
02/27/25	12/31/24	10-K	0001326190-25-000015
11/12/24	09/30/24	10-Q	0001326190-24-000050
08/08/24	06/30/24	10-Q	0001326190-24-000030
05/09/24	03/31/24	10-Q	0001326190-24-000019
03/27/24	12/31/23	10-K	0001326190-24-000010
11/07/23	09/30/23	10-Q	0001326190-23-000047
08/10/23	06/30/23	10-Q	0001326190-23-000036
05/11/23	03/31/23	10-Q	0001326190-23-000028
02/28/23	12/31/22	10-K	0001326190-23-000008
11/10/22	09/30/22	10-Q	0001326190-22-000013
08/11/22	06/30/22	10-Q	0001558370-22-013271
05/12/22	03/31/22	10-Q	0001558370-22-008535
03/15/22	12/31/21	10-K	0001558370-22-003659
11/09/21	09/30/21	10-Q	0001558370-21-015292
08/10/21	06/30/21	10-Q	0001558370-21-011132
05/17/21	03/31/21	10-Q	0001564590-21-028166
02/25/21	12/31/20	10-K	0001564590-21-008422
11/09/20	09/30/20	10-Q	0001564590-20-052524
08/11/20	06/30/20	10-Q	0001564590-20-039314
05/13/20	03/31/20	10-Q	0001564590-20-025123
03/27/20	12/31/19	10-K	0001564590-20-013377
11/13/19	09/30/19	10-Q	0001564590-19-043231
08/13/19	06/30/19	10-Q	0001564590-19-031795
05/14/19	03/31/19	10-Q	0001564590-19-019139
04/01/19	12/31/18	10-K	0001564590-19-010429
11/13/18	09/30/18	10-Q	0001193125-18-325587
08/14/18	06/30/18	10-Q	0001193125-18-248492
05/15/18	03/31/18	10-Q	0001193125-18-164171
04/02/18	12/31/17	10-K	0001193125-18-103623
11/09/17	09/30/17	10-Q	0001193125-17-338977
08/14/17	06/30/17	10-Q	0001193125-17-256136
05/03/17	03/31/17	10-Q	0001144204-17-024254
03/14/17	12/31/16	10-K	0001144204-17-014528
11/04/16	09/30/16	10-Q	0001144204-16-131743
08/04/16	06/30/16	10-Q	0001144204-16-116648
05/09/16	03/31/16	10-Q	0001144204-16-100010
03/11/16	12/31/15	10-K	0001144204-16-087617
11/06/15	09/30/15	10-Q	0001144204-15-063377
08/05/15	06/30/15	10-Q	0001144204-15-046591
05/07/15	03/31/15	10-Q	0001144204-15-028415
03/11/15	12/31/14	10-K	0001144204-15-015393
11/06/14	09/30/14	10-Q	0001144204-14-065679
08/05/14	06/30/14	10-Q	0001144204-14-046858
05/08/14	03/31/14	10-Q	0001144204-14-028677
03/11/14	12/31/13	10-K	0001144204-14-014930
11/07/13	09/30/13	10-Q	0001144204-13-059676
08/08/13	06/30/13	10-Q	0001144204-13-043745
05/08/13	03/31/13	10-Q	0001144204-13-027117
03/14/13	12/31/12	10-K	0001144204-13-014894
11/06/12	09/30/12	10-Q	0001144204-12-059795
08/07/12	06/30/12	10-Q	0001144204-12-043389
05/10/12	03/31/12	10-Q	0001144204-12-027422
03/08/12	12/31/11	10-K	0001144204-12-013807
11/09/11	09/30/11	10-Q	0001144204-11-062532
08/11/11	06/30/11	10-Q	0001144204-11-045671
05/11/11	03/31/11	10-Q	0001144204-11-028243
03/31/11	12/31/10	10-K	0001144204-11-018968
11/15/10	09/30/10	10-Q	0001144204-10-060094
08/13/10	06/30/10	10-Q	0001144204-10-043568
05/13/10	03/31/10	10-Q	0001144204-10-026992
03/26/10	12/31/09	10-K	0001144204-10-015963
11/13/09	09/30/09	10-Q	0001104659-09-064904
08/13/09	06/30/09	10-Q	0001104659-09-049563
05/15/09	03/30/09	10-Q	0001104659-09-033092
03/31/09	12/31/08	10-K	0001104659-09-021825
11/14/08	09/30/08	8-K	0001104659-08-062353
08/14/08	06/30/08	10-Q	0001104659-08-053111
05/15/08	03/30/08	Unknown	--
03/31/08	12/31/07	10-K	0001047469-08-003864
11/14/07	09/30/07	10-Q	0001104659-07-083136
06/30/07	06/30/07	Unknown	--
05/15/07	03/30/07	Unknown	--
04/02/07	12/31/06	5	0001144204-07-009130
11/14/06	09/30/06	10-Q	0001144204-06-047460
08/14/06	06/30/06	10-Q	0001144204-06-033473
05/15/06	03/30/06	Unknown	--
03/31/06	12/31/05	10-K	0001144204-06-012780
11/14/05	09/30/05	10-Q	0001144204-05-035562
06/30/05	06/30/05	10-Q	0001125282-05-004776