Altimmune, Inc. (NASDAQ: ALT) has reported positive lean mass preservation data for its drug, pemvidutide, alongside its financial results for the fourth quarter and full year 2023. The company's financial position as of December 31, 2023, shows cash, cash equivalents, and short-term investments totaling $198.0 million.
In the recently completed Momentum 48-week Phase 2 obesity trial of pemvidutide, it was found that 74.5% of weight loss was derived from adipose tissue, with only 25.5% coming from lean mass. This preservation of lean mass during weight loss is considered crucial, particularly given the negative outcomes associated with excessive loss of lean mass, such as sarcopenia and bone fractures, especially in women and the elderly.
Altimmune's Chief Medical Officer, Scott Harris, highlighted the significance of the quality of weight loss, emphasizing that the new body composition data, in addition to robust reductions in serum lipids and class-leading reduction of hepatic fat content, positions pemvidutide as an attractive option for weight loss and weight maintenance.
The company has also provided updates on its ongoing Impact Phase 2b trial for pemvidutide in metabolic dysfunction-associated steatohepatitis (MASH), with topline 24-week data expected in the first quarter of 2025. Additionally, preclinical study results have demonstrated a direct anti-fibrotic effect of pemvidutide in a non-steatotic model of liver fibrosis.
In terms of financial performance, Altimmune reported research and development expenses of $16.9 million for the three months ended December 31, 2023, compared to $19.2 million in the same period in 2022. General and administrative expenses were $4.3 million for the same period, representing an increase from $3.8 million in 2022. The company recognized an impairment loss on intangible assets of $12.4 million related to the acquired in-process research and development asset associated with Heptcell.
The company's net loss for the three months ended December 31, 2023, was $31.6 million, or $0.54 net loss per share, compared to a net loss of $21.7 million, or $0.43 net loss per share, in the same period in 2022. This net loss for 2023 included the $12.4 million noncash impairment charge described above.
Altimmune's focus on the development of pemvidutide, a novel, investigational, peptide-based GLP-1/glucagon dual receptor agonist for the treatment of obesity and MASH, remains a key priority for the company.
Altimmune is a clinical-stage biopharmaceutical company focused on developing innovative next-generation peptide-based therapeutics. Today the company's shares have moved -5.4% to a price of $8.18. If you want to know more, read the company's complete 8-K report here.
