Altimmune, Inc. (ALT), a late clinical-stage biopharmaceutical company, said it entered into an agreement with a new fundamental institutional investor for the purchase and sale of 17.05 million common stock or as pre-funded warrants.
The gross proceeds of the offering is estimated to be approximately $75 million, which Altimmune plans to use to fund preparation for its upcoming Phase 3 trial of pemvidutide for metabolic dysfunction-associated steatohepatitis (MASH), as well as for working capital and general corporate purposes.
The offering is expected to close on or about January 29, 2026.
Following the announcement of the offering price, ALT is plunging 15.86% to $5.21.
Titan Partners, a division of American Capital Partners, is acting as the sole placement agent for the offering.
The Company's lead candidate, pemvidutide, is designed to target both glucagon and GLP-1 receptors in a balanced 1:1 ratio for the treatment of metabolic dysfunction-associated steatohepatitis or MASH, alcohol use disorder or AUD and alcohol-associated liver disease or AULD.
Metabolically-dysfunction-associated steatohepatitis (MASH), formerly known as nonalcoholic steatohepatitis (NASH), is a progressive liver disease marked by fat accumulation, inflammation, and fibrosis in the liver. Left untreated, MASH can advance to cirrhosis, liver failure, or hepatocellular carcinoma and has become one of the leading indications for liver transplantation in the United States.
Earlier this month, the FDA granted Breakthrough Therapy Designation for pemvidutide in MASH based on positive topline 48-week data from its phase 2b trial dubbed IMPACT of Pemvidutide in patients with MASH.
In the trial, Pemvidutide demonstrated statistically significant improvements across treatment arms in key non-invasive tests, including Enhanced Liver Fibrosis and Liver Stiffness Measurement, versus placebo.
The 48-week data also maintained the favourable tolerability profile seen at 24 weeks, including a lower discontinuation rate due to adverse events than placebo.
In addition, Phase 2 trials evaluating Pemvidutide in AUD, dubbed as RECLAIM, initiated in May 2025 and ALD, dubbed as RESTORE, initiated in July 2025, are currently underway.
ALT has traded between $2.90 and $7.73 over the last 1 year. The stock closed Tuesday's trade at $6.18, up 9.19%.
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