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GAITHERSBURG, Md., May 14, 2019 (GLOBE NEWSWIRE) -- Altimmune, Inc. (Nasdaq: ALT), a clinical-stage immunotherapeutics company, today announced financial results for the first quarter ended March 31, 2019 and provided a business update.
"We made great progress in the first quarter, as we executed on our strategy and worked to build long-term shareholder value," said Vipin K. Garg, Ph.D., President and Chief Executive Officer. “We are diligently exploring opportunities to expand our pipeline via acquisition and in-licensing opportunities in both immuno-oncology and liver disease indications. We continue to advance the development of our current key assets, HepTCell and ALT-702, and anticipate achieving significant milestones in both these programs during the next 12 to 18 months. In addition, we have made important advances in both our NasoVAX and NasoShield programs.”
Recent Highlights
Financial Results for the First Quarter Ended March 31, 2019
| Conference Call Details | ||
| Date: | Wednesday, May 15, 2019 | |
| Time: | 8:30am Eastern Time | |
| Domestic: | 877-423-9813 | |
| International: | 201-689-8573 | |
| Conference ID: | 13690295 | |
| Webcast: | http://public.viavid.com/index.php?id=134334 | |
About Altimmune
Altimmune is a clinical-stage immunotherapeutics company focused on the development of products to stimulate robust and durable immune responses for the prevention and treatment of disease. HepTcell is a synthetic peptide immunotherapeutic candidate designed to break immune tolerance in chronic Hepatitis B infection. ALT-702, a TLR7/8 agonist conjugate, is a tumor immunostimulant product candidate that has the potential to safely elicit or improve immune responses in a variety of cancer indications. NasoVAX, our influenza vaccine candidate, has unique characteristics that stimulate multiple arms of the immune system and offers the potential to stop infection and the spread of flu, while being easier to administer through an intranasal rout. NasoShield is a next-generation intranasal anthrax vaccine candidate that is designed to provide more rapid and stable protection than the only approved anthrax vaccine. By leveraging the complementary attributes of its proprietary technology platforms, Altimmune is able to design and develop immunotherapeutic products tailored to address a wide range of disease indications including both acute and chronic infections and cancer. For more information on Altimmune, please visit the website 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, our ability to expand our product pipeline via acquisition or licensing opportunities, the timing of key milestones for our clinical assets, the initiation of a HepTcell Phase 2 clinical study in the U.S. in 2020, the prospects for 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 | ||
| Vipin K. Garg, Ph.D. | Ashley R. Robinson | |
| President and CEO | Managing Director LifeSci Advisors | |
| Phone: 240-654-1450 | Phone: 617-535-7742 | |
| Email: vgarg@altimmune.com | Email: arr@lifesciadvisors.com | |
ALTIMMUNE, INC.
CONSOLIDATED BALANCE SHEETS
| March 31, 2019 | December 31, 2018 | |||||||
| ASSETS | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 44,300,170 | $ | 33,718,713 | ||||
| Restricted cash | 634,934 | 634,416 | ||||||
| Total cash, cash equivalents and restricted cash | 44,935,104 | 34,353,129 | ||||||
| Accounts receivable | 2,906,130 | 3,461,938 | ||||||
| Tax refund receivable | 1,066,869 | 1,008,973 | ||||||
| Prepaid expenses and other current assets | 505,949 | 548,094 | ||||||
| Total current assets | 49,414,052 | 39,372,134 | ||||||
| Property and equipment, net | 1,282,752 | 1,342,802 | ||||||
| Right of use asset | 744,929 | — | ||||||
| Intangible assets, net | 13,762,199 | 13,851,924 | ||||||
| Other assets | 169,898 | 183,682 | ||||||
| Total assets | $ | 65,373,830 | $ | 54,750,542 | ||||
| LIABILITIES AND STOCKHOLDERS ’ EQUITY | ||||||||
| Current liabilities: | ||||||||
| Notes payable | $ | 227,117 | $ | 71,596 | ||||
| Accounts payable | 14,753 | 372,860 | ||||||
| Accrued expenses and other current liabilities | 3,434,519 | 4,082,949 | ||||||
| Total current liabilities | 3,676,389 | 4,527,405 | ||||||
| Deferred income taxes | 58,500 | 58,500 | ||||||
| Other long-term liabilities | 2,316,831 | 1,852,071 | ||||||
| Total liabilities | 6,051,720 | 6,437,976 | ||||||
| Commitments and contingencies (Note 11) | ||||||||
| Stockholders’ equity: | ||||||||
| Common stock, $0.0001 par value; 200,000,000 shares authorized; 13,451,105 and 9,078,735 shares issued; 13,450,680 and 9,078,238 shares outstanding at March 31, 2019 and December 31, 2018, respectively |
1,313 | 876 | ||||||
| Additional paid-in capital | 183,314,257 | 170,207,844 | ||||||
| Accumulated deficit | (118,953,297 | ) | (116,855,991 | ) | ||||
| Accumulated other comprehensive loss – foreign currency translation adjustments |
(5,040,163 | ) | (5,040,163 | ) | ||||
| Total stockholders’ equity | 59,322,110 | 48,312,566 | ||||||
| Total liabilities and stockholders’ equity | $ | 65,373,830 | $ | 54,750,542 | ||||
ALTIMMUNE, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
|
For the Three Months Ended
March 31, |
||||||||
| 2019 | 2018 | |||||||
| Revenue | $ | 2,955,592 | $ | 2,690,980 | ||||
| Operating expenses: | ||||||||
| Research and development | 3,217,671 | 5,746,971 | ||||||
| General and administrative | 2,066,482 | 2,447,894 | ||||||
| Impairment charges | — | 490,676 | ||||||
| Total operating expenses | 5,284,153 | 8,685,541 | ||||||
| Loss from operations | (2,328,561 | ) | (5,994,561 | ) | ||||
| Other income (expense): | ||||||||
| Changes in fair value of warrant liability | — | 1,547,982 | ||||||
| Changes in fair value of embedded derivatives | — | (7,042 | ) | |||||
| Interest expense | (740 | ) | (870 | ) | ||||
| Interest income | 185,246 | 31,590 | ||||||
| Other income (expense) | 46,749 | 257,725 | ||||||
| Total other income (expense) | 231,255 | 1,829,385 | ||||||
| Net loss before income tax benefit | (2,097,306 | ) | (4,165,176 | ) | ||||
| Income tax benefit | — | 991,638 | ||||||
| Net loss | (2,097,306 | ) | (3,173,538 | ) | ||||
| Other comprehensive income (loss) – foreign currency translation adjustments | — | 615,471 | ||||||
| Comprehensive loss | $ | (2,097,306 | ) | $ | (2,558,067 | ) | ||
| Net loss | $ | (2,097,306 | ) | $ | (3,173,538 | ) | ||
| Preferred stock accretion and other deemed dividends | (452,925 | ) | (1,891,321 | ) | ||||
| Net loss attributed to common stockholders | $ | (2,550,231 | ) | $ | (5,064,859 | ) | ||
| Weighted-average common shares outstanding, basic and diluted | 9,489,765 | 676,552 | ||||||
| Net loss per share attributed to common stockholders, basic and diluted | $ | (0.27 | ) | $ | (7.49 | ) | ||
