GAITHERSBURG, Md. - Altimmune, Inc. (NASDAQ: NASDAQ:ALT), a clinical-stage biopharmaceutical company, shared results from its MOMENTUM 48-week Phase 2 obesity trial, highlighting that weight loss from its drug candidate pemvidutide predominantly came from adipose tissue, not lean mass. The company also provided an update on ongoing trials and financials for the year ended December 31, 2023.
According to the trial data, 74.5% of the weight loss was from adipose tissue, with the remaining 25.5% from lean mass. This composition is similar to weight loss typically associated with diet and exercise. Altimmune's President and CEO, Vipin K. Garg, Ph.D., expressed optimism about pemvidutide's potential in treating obesity, citing its safety profile and effectiveness in reducing serum lipids and blood pressure, alongside preserving lean mass.
The company is also conducting the IMPACT Phase 2b trial for Metabolic Dysfunction-Associated Steatohepatitis (MASH), with topline 24-week data expected in the first quarter of 2025. Pemvidutide has shown direct anti-fibrotic effects in preclinical models of liver fibrosis, which could be promising for MASH treatment.
Altimmune announced a net loss of $31.6 million for the fourth quarter of 2023, or $0.54 per share, which included a $12.4 million impairment charge related to the discontinuation of HepTcell, a product candidate for hepatitis B. The company's total cash, cash equivalents, and short-term investments were reported as $198.0 million as of December 31, 2023.
Research and development expenses for the quarter were $16.9 million, a decrease from $19.2 million in the same period in 2022. General and administrative expenses rose slightly to $4.3 million, up from $3.8 million in the previous year.
Pemvidutide is a GLP-1/glucagon dual receptor agonist that has shown promising results in clinical trials for obesity treatment, demonstrating significant weight loss and improvements in cardiovascular risk factors. The FDA has granted Fast Track designation to pemvidutide for MASH treatment. The company plans to present the complete analysis of the MOMENTUM trial data at an upcoming scientific meeting.
This report is based on a press release statement from Altimmune, Inc.
InvestingPro Insights
As Altimmune, Inc. (NASDAQ: ALT) continues to progress with its clinical trials and drug development, financial metrics and market performance provide a broader context for its potential growth and investment viability. With a market capitalization of $464.75 million, Altimmune holds a notable position within the biopharmaceutical sector. Despite a challenging financial period, marked by a net loss in the last quarter of 2023, the company's strategic focus on drug development could be a pivotal factor for future performance.
Analysts have taken note of Altimmune's potential, with three analysts revising their earnings upwards for the upcoming period, an InvestingPro Tip that suggests a positive outlook on the company's financial health. Moreover, the company holds more cash than debt on its balance sheet, which is another InvestingPro Tip indicating a strong financial position that could support its ongoing research and development activities.
InvestingPro Data also reveals some critical figures: Altimmune's P/E Ratio stands at -5.69, reflecting the market's expectations of future earnings growth despite current losses. Additionally, the company's revenue growth for the last twelve months as of Q3 2023 was at a staggering -91.59%, a figure that underscores the volatility and long-term investment horizon often associated with the biopharmaceutical industry. Lastly, the stock has experienced a large price uptick over the last six months, with a 243.25% return, indicating significant investor interest and market momentum.
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