Altimmune's shares declined 1.9% following Q1 results as the market digested ongoing progress on pipeline development but showed caution given the lack of new catalytic data and the company’s still-early clinical stage profile.

• Completed an oversubscribed $225 million public offering in April, bringing cash balance to approximately $535 million, securing funding through Phase III MASH 52-week readout expected in 2027.
• Preparing to initiate global Phase III PERFORMA study for pemvidutide in MASH in H2 2026, with finalized protocol aligned with FDA and EMA feedback.
• Anticipated top-line data from Phase II AUD trial next quarter; enrollment in ALD RESTORE trial expected to complete in Q3 2026.
• No new clinical efficacy or safety data disclosed this quarter; update primarily focused on trial preparations, regulatory alignment, and financing.
• Market reaction suggests investors remain cautious, reflecting execution risk and absence of near-term catalysts beyond trial initiation.