Altimmune, Inc. (ALT), a late-stage clinical biopharmaceutical company, has priced an oversubscribed public offering of shares and warrants, expected to raise approximately $225 million in gross proceeds. The offering consists of 64.25 million shares of common stock, along with pre-funded warrants to purchase up to 10.75 million shares (issued in lieu of common stock to certain investors). Each pre-funded warrant has a nominal exercise price of $0.001 per share.
In addition, the securities include common stock warrants to purchase up to 10.75 million shares, with an exercise price of $3.00 per share. The combined offering price for each pre-funded warrant and its accompanying common stock warrant is $2.999.
The accompanying common stock warrant has an exercise price of $3.00 per share, is immediately exercisable from the date of issuance and will expire upon the earlier of either the fifth anniversary of the original issuance date or forty-five days following the announcement of a successful data readout of its Phase 3 trial of Pemvidutide in metabolic dysfunction-associated steatohepatitis.
Altimmune intends to use the net proceeds from this offering to fund its upcoming Phase 3 trial in MASH, as well as for working capital and general corporate purposes.
The offering is expected to close on or about April 24, 2026. Leerink Partners and Barclays are acting as joint bookrunning managers for the offering.
The company's lead candidate, Pemvidutide, is in development for the treatment of MASH, alcohol use disorder (AUD) and alcohol-associated liver disease (ALD).
ALT has traded between $2.87 and $7.73 over the last year. The stock closed on Wednesday's trade at $3.47, up 1.76%.
ALT is plunging 12.39% at $3.04 in the overnight market.
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