Altimmune (NASDAQ:ALT) Inc. reported its fourth-quarter 2024 earnings, revealing a slight beat on EPS forecasts with an actual EPS of -0.33 compared to the forecasted -0.34. Revenue, however, was significantly below expectations at 5 million versus a forecast of 714 million. Despite this revenue shortfall, the company’s stock price rose by 7.41%, closing at $5.94. According to InvestingPro data, Altimmune holds more cash than debt on its balance sheet, though analysts have recently revised their earnings expectations downward for the upcoming period.
Key Takeaways
- Altimmune’s EPS slightly beat expectations, while revenue fell short.
- Stock price increased by 7.41% post-earnings announcement.
- Pemidutide Phase 2b trial results expected in Q2 2025.
- Cash runway extends into the second half of 2026.
- New indications for pemidutide are in the pipeline.
Company Performance
Altimmune’s financial performance in Q4 2024 highlighted both challenges and opportunities. The company reported a net loss of $95 million for the year, up from $88 million in 2023, driven by increased R&D and G&A expenses. Despite the financial loss, Altimmune is making strategic investments in its pipeline, particularly in the development of pemidutide for MASH, which is expected to drive future growth.
Financial Highlights
- Total cash and investments: $132 million at the end of 2024.
- R&D expenses: $82.2 million in 2024, up from $65.8 million in 2023.
- G&A expenses: $21 million in 2024, up from $18.1 million in 2023.
- Net loss: $95 million in 2024, compared to $88 million in 2023.
Earnings vs. Forecast
Altimmune’s EPS of -0.33 slightly surpassed the forecast of -0.34, indicating a minor positive surprise. However, the revenue reported was only 5 million, significantly below the forecasted 714 million, marking a substantial miss. This discrepancy highlights the volatility and unpredictability in Altimmune’s revenue streams.
Market Reaction
Following the earnings announcement, Altimmune’s stock price rose by 7.41%, closing at $5.94. This increase suggests that investors are optimistic about the company’s pipeline and future prospects, despite the revenue shortfall. InvestingPro data reveals the stock has faced significant pressure, declining over 56% in the past year, with a current market capitalization of approximately $454 million. The stock remains within its 52-week range, with a high of $14.84 and a low of $5.28.
Outlook & Guidance
Looking ahead, Altimmune is focused on advancing its pemidutide trials, with top-line data from the Phase 2b IMPACT trial expected in Q2 2025. The company is also preparing for a potential Phase III NASH program in early 2026. Altimmune’s cash runway, extending into the second half of 2026, provides financial stability to support these initiatives.
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