Altimmune, Inc. (NASDAQ: ALT) has released its financial results for the fourth quarter and full year ending December 31, 2025, showcasing significant growth and progress in its operations. The company reported cash, cash equivalents, and short-term investments amounting to $274 million as of December 31, 2025, reflecting a substantial increase of approximately 107% compared to the $132 million reported at the end of 2024. Furthermore, as of February 28, 2026, Altimmune had approximately $340 million in cash and cash equivalents, representing the proceeds from a $75 million registered direct offering and an additional $8 million from the sale of stock under the company's ATM facility.
In terms of research and development (R&D) expenses, the company reported $18.4 million for the fourth quarter of 2025, a decrease from $19.8 million in the same period in 2024. This reduction was attributed to fluctuations in the timing of clinical research organization (CRO) related costs. Additionally, direct costs related to pemvidutide development activities accounted for $12.8 million of the R&D expenses in the fourth quarter of 2025. General and administrative (G&A) expenses for the same period amounted to $10.5 million, compared to $5.1 million in 2024, primarily due to additional professional fees and compensation expenses, including a one-time stock compensation and payroll-related expense of approximately $2.6 million in the fourth quarter of 2025.
For the year ended December 31, 2025, R&D expenses totaled $66.4 million, a decrease from $82.2 million in 2024, primarily related to the timing of CRO development costs. G&A expenses for the same period amounted to $28.1 million, compared to $21.0 million in 2024, with the increase attributed to a one-time executive transition cost, as well as increases in professional fees and stock compensation and other labor-related expenses.
Altimmune reported a net loss of $27.4 million, or $0.27 net loss per share, for the fourth quarter of 2025, compared to a net loss of $23.2 million, or $0.33 net loss per share, in the same period in 2024. For the full year ending December 31, 2025, the company reported a net loss of $88.1 million, or $1.00 net loss per share, compared to a net loss of $95.1 million, or $1.34 net loss per share, in 2024.
The company also provided updates on its drug candidate, pemvidutide, highlighting the initiation of a phase 3 trial planned for 2026 and the granting of FDA breakthrough therapy designation for the treatment of metabolic dysfunction-associated steatohepatitis (MASH). Additionally, topline data from the reclaim phase 2 trial of pemvidutide in alcohol use disorder (AUD) is expected in the third quarter of 2026.
Altimmune's financial results and business updates demonstrate its commitment to advancing its drug development programs while significantly strengthening its financial and operational foundation. Today the company's shares have moved 0.0% to a price of $4.24. Check out the company's full 8-K submission here.
