Altimmune ended the first quarter with $332 million in cash, cash equivalents and short-term investments as of March 31, 2026, and lifted that to about $535 million by April 30 after a $225 million oversubscribed public offering in April. The company also added $75.0 million from a registered direct offering in January and $8.9 million through its at-the-market facility during the first quarter.
For the three months ended March 31, 2026, research and development expense rose to $16.2 million from $15.8 million a year earlier. The increase was driven by ongoing alcohol use disorder and alcohol-associated liver disease trials and startup costs for the planned phase 3 MASH study, partly offset by lower spending tied to completion of the phase 2b MASH trial.
General and administrative expense increased to $8.1 million from $6.0 million in the prior-year quarter, reflecting higher severance costs and professional fees.
Altimmune reported interest income of $2.9 million in the quarter. Net loss widened to $22.6 million from $19.6 million a year ago, while loss per share improved to $0.18 from $0.26.
On the clinical side, the company said it expects to start its global phase 3 PERFORMA MASH trial in the second half of 2026, with 52-week data expected in 2029. Topline data from the phase 2 RECLAIM trial in alcohol use disorder is expected in the third quarter of 2026, after enrollment was completed in November 2025. The phase 2 RESTORE trial in alcohol-associated liver disease is still enrolling, with completion expected in the third quarter of 2026. Following these announcements, the company's shares moved -4.22%, and are now trading at a price of $2.9499. For more information, read the company's full 8-K submission here.
