GAITHERSBURG, Md., Nov. 13, 2019 (GLOBE NEWSWIRE) -- Altimmune, Inc. (Nasdaq: ALT), a clinical-stage biopharmaceutical company, today announced financial results for the quarter ended September 30, 2019 and provided a business update.
“We are pleased with our progress in 2019, as we have successfully diversified our product pipeline while minimizing cash burn,” said Vipin K. Garg, Ph.D., President and Chief Executive Officer. “The Altimmune team continues to deliver on the R&D front with expected IND filings for ALT-801 and HepTcell during 2020. In addition, we are preparing for the initiation of the Phase 1b trial of our NasoShield program in the first quarter of 2020.”
Dr. Garg added, “In ALT-801 and HepTcell, we are developing two liver disease drug candidates for very large, unaddressed patient populations, and in NasoShield, we are developing a drug candidate with the potential to disrupt the nearly $300 million per year anthrax vaccine market, which currently only has one participant. As we look forward to 2020, we believe that Altimmune has sufficient resources to advance our ongoing clinical programs and deliver on multiple value creating R&D milestones for our shareholders.”
Recent Highlights
Financial Results for the Third Quarter Ended September 30, 2019
Conference Call Information | ||
Altimmune will host a conference call to discuss the company’s third quarter results and other business information. | ||
Date: | Thursday, November 14, 2019 | |
Time: | 8:30am Eastern Time | |
Domestic: | 855-327-6837 | |
International: | 631-891-4304 | |
Conference ID: | 10008064 | |
Webcast: | http://public.viavid.com/index.php?id=136942 | |
Following the conclusion of the call, the webcast will be available for replay on the Investor Relations page of the Company’s website at www.altimmune.com. The company has used, and intends to continue to use, the investor relations portion of its website as a means of disclosing material non-public information and for complying with disclosure obligations under Regulation FD.
About Altimmune
Altimmune is a clinical stage biopharmaceutical company focused on developing treatments for liver disease and immune modulating therapies. Our diverse pipeline includes next generation peptide therapeutics for NASH (ALT-801) and chronic hepatitis B (HepTcell™), conjugated immunostimulants for the treatment of cancer (ALT-702) and intranasal vaccines (NasoVAX™ and NasoShield™). For more information on Altimmune, please visit www.altimmune.com.
Forward-Looking Statement
Any statements made in this press release relating to future financial or business performance, conditions, plans, prospects, trends, or strategies and other financial and business matters, including without limitation, the timing of key milestones for our clinical assets, the filing of the IND for ALT-801 in 2020, the initiation of a Phase 1 clinical study in 2020 and receipt of data from this clinical study in 2021, the initiation of a NasoShield Phase 1b clinical study in the first quarter of 2020, the filing of the IND for HepTcell in 2020, and the prospects for regulatory approval, commercializing or selling any product or drug candidates, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. In addition, when or if used in this press release, the words “may,” “could,” “should,” “anticipate,” “believe,” “estimate,” “expect,” “intend,” “plan,” “predict” and similar expressions and their variants, as they relate to Altimmune, Inc. (the “Company”) may identify forward-looking statements. The Company cautions that these forward-looking statements are subject to numerous assumptions, risks, and uncertainties, which change over time. Important factors that may cause actual results to differ materially from the results discussed in the forward looking statements or historical experience include risks and uncertainties, including risks relating to: the reliability of the results of the studies relating to human safety and possible adverse effects resulting from the administration of the Company’s product candidates; funding delays, reductions in or elimination of U.S. government funding and/or non-renewal of expiring funding under the Company’s agreement with Biomedical Advanced Research and Development Authority (“BARDA”), or the Company’s contract with the National Institutes of Allergy and Infectious Diseases (“NIAID”); the Company’s ability to satisfy certain technical milestones under the Company’s contracts with BARDA and NIAID that would entitle the Company to receive additional funding over the period of the agreement; the preservation of the Company’s net operating loss carryforwards; the impact of the Tax Cuts and Jobs Act; delays caused by third parties challenging government contracts awarded to the Company; the receipt of future potential payments under government contracts or grants; the Company’s ability to identify potential future government contracts or grant awards; the Company’s ability to obtain potential regulatory approvals on the timelines anticipated, or at all; the Company’s ability to obtain additional patents or extend existing patents on the timelines anticipated, or at all; the Company’s ability to identify and consummate potential future strategic partnerships or business combinations; the Company’s ability to expand its pipeline of products and the success of future product advancements, including the success of future clinical trials, and the Company’s ability to commercialize its products; the Company’s anticipated financial or operational results; the Company’s ability to obtain additional capital resources; unforeseen safety and efficacy issues; breaches of data privacy, or disruptions in the Company’s information technology systems; and the Company’s ability to continue to satisfy the listing requirements of the NASDAQ Global Market. Further information on the factors and risks that could affect the Company's business, financial conditions and results of operations are contained in the Company’s filings with the U.S. Securities and Exchange Commission, including under the heading “Risk Factors” in the Company’s annual reports on Form 10-K and quarterly reports on Form 10-Q filed with the SEC, which are available at www.sec.gov.
Contacts | ||
Will Brown | Ashley R. Robinson | |
Chief Financial Officer | Managing Director LifeSci Advisors | |
Phone: 240-654-1450 | Phone: 617-535-7742 | |
Email: wbrown@altimmune.com | Email: arr@lifesciadvisors.com | |
ALTIMMUNE, INC.
CONSOLIDATED BALANCE SHEETS
September 30, 2019 | December 31, 2018 | |||||||
(unaudited) | ||||||||
ASSETS | ||||||||
Current assets: | ||||||||
Cash and cash equivalents | $ | 10,972,482 | $ | 33,718,713 | ||||
Restricted cash | 34,174 | 634,416 | ||||||
Total cash, cash equivalents and restricted cash | 11,006,656 | 34,353,129 | ||||||
Short-term investments | 28,226,026 | — | ||||||
Accounts receivable | 1,012,491 | 3,461,938 | ||||||
Tax refund receivable | 968,597 | 1,008,973 | ||||||
Prepaid expenses and other current assets | 410,148 | 548,094 | ||||||
Total current assets | 41,623,918 | 39,372,134 | ||||||
Property and equipment, net | 1,162,715 | 1,342,802 | ||||||
Right of use asset | 717,303 | — | ||||||
Intangible assets, net | 12,741,656 | 13,851,924 | ||||||
Other assets | 142,331 | 183,682 | ||||||
Total assets | $ | 56,387,923 | $ | 54,750,542 | ||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||
Current liabilities: | ||||||||
Accounts payable | $ | 49,884 | $ | 372,860 | ||||
Accrued expenses and other current liabilities | 2,311,824 | 4,082,949 | ||||||
Notes payable | 105,062 | 71,596 | ||||||
Total current liabilities | 2,466,770 | 4,527,405 | ||||||
Deferred income taxes | — | 58,500 | ||||||
Contingent consideration | 2,750,000 | — | ||||||
Other long-term liabilities | 1,787,203 | 1,852,071 | ||||||
Total liabilities | 7,003,973 | 6,437,976 | ||||||
Commitments and contingencies (Note 12) | ||||||||
Stockholders’ equity: | ||||||||
Common stock, $0.0001 par value; 200,000,000 shares authorized; 15,338,356 and 9,078,735 shares issued; 15,338,072 and 9,078,238 shares outstanding at September 30, 2019 and December 31, 2018, respectively | 1,502 | 876 | ||||||
Additional paid-in capital | 187,683,155 | 170,207,844 | ||||||
Accumulated deficit | (133,279,497 | ) | (116,855,991 | ) | ||||
Accumulated other comprehensive loss | (5,021,210 | ) | (5,040,163 | ) | ||||
Total stockholders’ equity | 49,383,950 | 48,312,566 | ||||||
Total liabilities and stockholders’ equity | $ | 56,387,923 | $ | 54,750,542 | ||||
ALTIMMUNE, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
(unaudited)
For the Three Months Ended September 30, | For the Nine Months Ended September 30, | |||||||||||||||
2019 | 2018 | 2019 | 2018 | |||||||||||||
Revenue | $ | 643,978 | $ | 2,634,393 | $ | 5,225,600 | $ | 7,742,514 | ||||||||
Operating expenses: | ||||||||||||||||
Research and development | 8,729,697 | 4,728,726 | 14,892,464 | 15,394,616 | ||||||||||||
General and administrative | 2,187,661 | 1,963,733 | 6,485,960 | 7,345,651 | ||||||||||||
Impairment charges | 1,000,000 | — | 1,000,000 | 490,676 | ||||||||||||
Total operating expenses | 11,917,358 | 6,692,459 | 22,378,424 | 23,230,943 | ||||||||||||
Loss from operations | (11,273,380 | ) | (4,058,066 | ) | (17,152,824 | ) | (15,488,429 | ) | ||||||||
Other income (expense): | ||||||||||||||||
Changes in fair value of warrant liability | 76,000 | 806,224 | 30,000 | (2,874,484 | ) | |||||||||||
Changes in fair value of embedded derivatives | — | 185,768 | — | 183,638 | ||||||||||||
Interest expense | (756 | ) | (166,946 | ) | (2,244 | ) | (169,737 | ) | ||||||||
Interest income | 224,058 | 21,100 | 649,268 | 78,306 | ||||||||||||
Other income (expense) | (23,734 | ) | 31,378 | (6,206 | ) | 289,053 | ||||||||||
Total other income (expense) | 275,568 | 877,524 | 670,818 | (2,493,224 | ) | |||||||||||
Net loss before income tax benefit | (10,997,812 | ) | (3,180,542 | ) | (16,482,006 | ) | (17,981,653 | ) | ||||||||
Income tax benefit | 58,500 | 829,393 | 58,500 | 3,318,124 | ||||||||||||
Net loss | (10,939,312 | ) | (2,351,149 | ) | (16,423,506 | ) | (14,663,529 | ) | ||||||||
Other comprehensive income (loss) – foreign currency translation adjustments | — | — | — | (463,177 | ) | |||||||||||
Other comprehensive income (loss) – unrealized gains on investments | 18,953 | — | 18,953 | — | ||||||||||||
Comprehensive loss | $ | (10,920,359 | ) | $ | (2,351,149 | ) | $ | (16,404,553 | ) | $ | (15,126,706 | ) | ||||
Net loss | $ | (10,939,312 | ) | $ | (2,351,149 | ) | $ | (16,423,506 | ) | $ | (14,663,529 | ) | ||||
Preferred stock accretion and other deemed dividends | — | 64,139 | (452,925 | ) | (2,527,275 | ) | ||||||||||
Net loss attributed to common stockholders | $ | (10,939,312 | ) | $ | (2,287,010 | ) | $ | (16,876,431 | ) | $ | (17,190,804 | ) | ||||
Weighted-average common shares outstanding, basic and diluted | 14,768,931 | 1,321,289 | 12,481,494 | 983,651 | ||||||||||||
Net loss per share attributed to common stockholders, basic and diluted | $ | (0.74 | ) | $ | (1.73 | ) | $ | (1.35 | ) | $ | (17.48 | ) |