Altimmune, Inc. · NASDAQ:ALT
Altimmune — Q2 2026 Earnings Presentation
38 slides from Altimmune's earnings presentation, Aug 12, 2026
Slide 1: Altimmune Corporate Overview
Altimmune Corporate Overview August 2026 Our Mission: To Revolutionize the Standard of Care for Serious Liver Diseases
Slide 2: Forward-Looking Statements
Forward-Looking Statements This presentation has been prepared by Altimmune, Inc. ("we," "us," "our," "Altimmune" or the "Company") and includes certain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, including, but not limited to, statements
Slide 3: Late-stage Biopharma Focusing on Serious Liver Diseases
Late-stage Biopharma Focusing on Serious Liver Diseases Pemvidutide is a Initiated Strong positive Robust patent Strong cash unique, dual- PERFORMA AUD Phase 2 portfolio position with agonist Phase 3 MASH topline data covering $519 million in combining trial in July 2026 reported in July composition
Slide 4: Pemvidutide: Balanced 1:1 Glucagon/GLP-1 Dual Receptor Agonist
Pemvidutide: Balanced 1:1 Glucagon/GLP-1 Dual Receptor Agonist Delayed Tmax with Lower Cmax → Better Tolerability Glucagon GLP-1 receptors Tolerability Provides direct liver effects, Mediate metabolic effects EuPort domain likely contributes to including reductions in liver fat, such as appetite s
Slide 5: Building A Liver Franchise
Building A Liver Franchise Targeted Market Opportunities with Significant Unmet Need for Patients with Serious Liver Disease Metabolic Dysfunction- Associated Alcohol Use Disorder Alcohol-Associated Steatohepatitis (AUD) Liver Disease (ALD) 5+/day (MASH) 10.6 12 6 Million Million Patients Moderate M
Slide 6: Advancing Our Pipeline in Serious Liver Diseases
Advancing Our Pipeline in Serious Liver Diseases Phase of Development Pemvidutide Pre-clinical Phase 1 Phase 2 Phase 3 Key Milestones MASH (FDA Fast Track Designation) July 2026: Initiated PERFORMA (FDA Breakthrough Therapy Phase 3 trial Designation) AUD July 2026: Positive RECLAIM (FDA Fast Track D
Slide 7: Metabolic Dysfunction-Associated Steatohepatitis (MASH)
Metabolic Dysfunction- Associated Steatohepatitis (MASH)
Slide 8: MASH Disease Overview
MASH Disease Overview • MASH is a progressive, high-risk liver disease characterized by fat accumulation, inflammation, and fibrosis • MASH is strongly associated with obesity, insulin resistance, dyslipidemia, and type 2 diabetes, and is a leading cause of advanced liver disease globally1 • Leading
Slide 9: A Differentiated Treatment Option for MASH
A Differentiated Treatment Option for MASH PEMVIDUTIDE TARGET PROFILE EARLY MARKET OPPORTUNITIES Early, direct-acting liver effects and significant HCPs see high unmet need for new options for patients who metabolic improvements discontinue GLP-1 therapy due to tolerability issues or lack of efficac
Slide 10: IMPACT Phase 2b MASH Trial Design
IMPACT Phase 2b MASH Trial Design Screening/Randomization Placebo (PBO) weekly Key Eligibility Criteria 1.2 mg weekly MASH (F2/F3) LFC(1) ≥ 8% 1.8 mg weekly BMI ≥ 27.0 kg/m2 HbA1c ≤ 9.5% N = 212 subjects randomized 2:1:2 No dose titration Key Endpoints Week 24 Week 48 Primary MASH resolution or fibr
Slide 11: Compelling Phase 2 Data in MASH
Compelling Phase 2 Data in MASH 24 Weeks 48 Weeks Rapid and significant reductions in liver fat and Further improvements in NITs including antifibrotic 1 1 markers of inflammation, with early MASH resolution activity in ELF and LSM (Fibroscan) Established clear dose response with strong 1.8 mg 2 Wei
Slide 12: Substantial Improvements in Non-invasive Markers of Fibrosis at 48 Weeks
Substantial Improvements in Non-invasive Markers of Fibrosis at 48 Weeks, Dose Response Favors 1.8 mg ≥0.5 ELF Reduction + 30% LSM Enhanced Liver Fibrosis (ELF) Liver Stiffness Measurement (LSM) Reduction Threshold 0.50 0.0 100 -0.5 LS Mean Change from Baseline (kPa ± SE) 90 0.16 LS Mean Change from
Slide 13: Improvements in Primary Non-invasive Markers of Fibrosis from 24 to 48 Weeks
Improvements in Primary Non-invasive Markers of Fibrosis from 24 to 48 Weeks with 1.8 mg, Supporting Phase 3 Development Enhanced Liver Fibrosis (ELF) Liver Stiffness Measurement (LSM) Placebo-Adjusted Placebo-Adjusted 0 0 LS Mean Change from Baseline (kPa ± 95% CI) -1 LS Mean Change from Baseline (
Slide 14: ELF Response
Enhanced Liver Fibrosis (ELF) Response Placebo adjusted based upon published data Pemvidutide (GLP-1/GCG) Resmetirom (THR-β) Tirzepatide (GLP-1/GIP) Semaglutide (GLP-1) Efruxifermin (FGF21) Pemvidutide Phase 2b Phase 3 Phase 2 Phase 3 Phase 2b shows strong ELF response at 48 0.40 weeks Placebo-Adjus
Slide 15: LSM (Fibroscan) Response
LSM (Fibroscan) Response Placebo adjusted based upon published data Pemvidutide (GLP-1/GCG) Resmetirom (THR-β) Tirzepatide (GLP-1/GIP) Semaglutide (GLP-1) Efruxifermin (FGF21) Pemvidutide Phase 2b Phase 3 Phase 2 Phase 3 Phase 2b shows significant improvement in 2.0 LSM at 48 weeks Placebo-Adjusted
Slide 16: 1.8 mg Dose Maintained >50% Reduction in Liver Fat
1.8 mg Dose Maintained >50% Reduction in Liver Fat Over 48 Weeks Liver Fat Content Reduction 80 Similar levels of liver fat LS Mean Relative Change from Baseline (% ± SE) 70 reduction were observed as **** early as 24-weeks 54.7 60 **** 45.2% 50 Liver fat content is a key driver of MASH and fibrosis
Slide 17: Significant and Continuing Weight Loss for 1.8 mg at 48 Weeks
Significant and Continuing Weight Loss for 1.8 mg at 48 Weeks Weight Loss 1 0 Weight loss has been shown to be LS Mean Relative Change from Baseline (% ± SE) -0.2% associated with MASH improvement† -1 -2 Weight loss of 7.5% at week 48 with no -3 plateauing in 1.8 mg dose -4 -4.5% **** Opportunity to
Slide 18: Safety and Tolerability Profile at 48 Weeks
Safety and Tolerability Profile at 48 Weeks Placebo (N=86) 1.2 mg (N=41) 1.8 mg (N=85) Serious AEs 5 (5.8%) 1 (2.4%) 8 (9.4%) Serious AEs related to study med 0 (0.0%) 0 (0.0%) 0 (0.0%) Severe AEs 2 (2.3%) 1 (2.4%) 8 (9.4%) Severe AEs related to study med 0 (0.0%) 0 (0.0%) 0 (0.0%) AEs of Special In
Slide 19: PERFORMA Phase 3 MASH Trial
PERFORMA Phase 3 MASH Trial Anticipate 52-week Data Readout in 2029 Screening/Randomization Cohort 1 Week 52 (subpart H) confirmed F2/F3 Accelerated approval: Placebo (PBO) weekly Biopsy * Primary Endpoints: Week 52 (subpart 1.2 mg Follow Followonon toto H) efficacy MASH resolution and/or 4 weeks 1.
Slide 20: Alcohol Use Disorder (AUD)
Alcohol Use Disorder (AUD)
Slide 21: Pemvidutide's Potential in Alcohol Use Disorder
Pemvidutide’s Potential in Alcohol Use Disorder Large gap between patient needs and available therapies U.S. Adults with AUD Alcohol Use Disorder (AUD) 5+/day Moderate or Severe Mild • Impaired ability to stop or control the harmful consumption of alcohol • 12 million adults in the U.S. with moderat
Slide 22: Significant Unmet Need in AUD
Significant Unmet Need in AUD TREATMENT Only 1 in 4 of the diagnosed receive drug therapy; No product approvals in DIAGNOSIS the last two decades, and nothing FDA-approved for the treatment of the liver Only ~10% are diagnosed Stigma and denial delay care; objective biomarkers (PEth, EFFICACY & ADHE
Slide 23: Potential Differentiation in the AUD Marketplace
Potential Differentiation in the AUD Marketplace Reduction in Alcohol Targeted Weight Consumption / Heavy Liver-Directed Loss Drinking Days Mechanism Pemvidutide Disulfiram Acamprosate Naltrexone GLP-1s No head-to-head studies of pemvidutide to other AUD or ALD products or product candidates have be
Slide 24: RECLAIM Phase 2 AUD Trial Design
RECLAIM Phase 2 AUD Trial Design A Phase 2, Multicenter, Randomized, Double-blind, Placebo-controlled Study Evaluating the Efficacy and Safety of Pemvidutide in the Treatment of Alcohol Use Disorder (AUD) in Patients with Obesity or Overweight Screening/Randomization 1.2 mg 1.8 mg 2.4 mg weekly (N=5
Slide 25: Significantly Greater Reduction in Heavy Drinking Days vs Placebo
Pemvidutide Achieved Significantly Greater Reduction in Heavy Drinking Days/Week Compared to Placebo Heavy Drinking Days (HDD) – ITT Analysis Met Primary Endpoint Treatment difference at Week 24: -1.45 HDD/week (p = 0.0014) * p = 0.0014 vs. placebo (MMRM) LSM: Least Squares Mean ; MMRM = Mixed model
Slide 26: Pemvidutide Achieved Two FDA Registrational Endpoints
Pemvidutide Achieved Two FDA Registrational Endpoints Patients Achieving 2-Level Reduction in WHO-RDL Patients Achieving Zero Heavy Drinking Days from Baseline – ITT Analysis – ITT Analysis Cochran-Mantel Haenszel (CMH) test, * p = 0.0049 vs placebo (CMH) test, * p = 0.0066 vs placebo ~2/3 of pemvid
Slide 27: Significant Increase in Percentage of Days with Abstinence
Pemvidutide Showed A Significant Increase in Percentage of Days with Abstinence Compared to Placebo Percent of Days With Drinking Abstinence – ITT Analysis Significant increase in Percent of Days with Abstinence compared to placebo at Week 24 * p = 0.0075 vs. placebo (MMRM) 27
Slide 28: Significant Reduction in Serum PEth Levels
Pemvidutide Showed a Significant Reduction in Serum PEth Levels – an Objective Measure of Recent Alcohol Use Serum PEth Levels – ITT Analysis PEth (phosphatidylethanol) is a serum marker of recent alcohol intake Treatment difference compared to placebo at Week 24 = -175.3 ng/mL, p <0.0001 * p < 0.00
Slide 29: Significant and Continuing Weight Loss
Pemvidutide Showed Significant and Continuing Weight Loss Weight Loss – ITT Analysis Treatment difference from placebo at Week 24 = -9.1% Weight loss continuing at 24 weeks * p < 0.0001 vs. placebo (MMRM) 29
Slide 30: Numerically Greater Improvement in FIB-4 Status
Numerically Greater Improvement in FIB-4 Status in Patients with Baseline FIB-4 ≥ 1.3† (Exploratory Analysis) Reduction in FIB-4 to < 1.3 – ITT Analysis FIB-4 Index is a prognostic marker of liver fibrosis † EASL defines FIB-4 < 1.3 in alcohol-related liver disease (ALD) as low risk of advanced fibr
Slide 31: Generally Favorable Safety and Tolerability Profile
Generally Favorable Safety and Tolerability Profile Majority of AEs Mild to Moderate in Severity Pemvidutide Data are presented as n (%) Placebo (N=50) 2.4 mg (N=50) Serious AEs 1 (2%)† 2 (4%)†† Serious AEs related to study med 0 (0%) 1 (2%) Severe AEs 3 (6%) 6 (12%) Severe AEs related to study med
Slide 32: Alcohol-associated Liver Disease (ALD)
Alcohol-associated Liver Disease (ALD)
Slide 33: Pemvidutide's Potential in Alcohol-associated Liver Disease
Pemvidutide’s Potential in Alcohol-associated Liver Disease Alcohol-associated Liver Disease (ALD) Progression of AUD with serious liver health consequences • Significant overlap between AUD and ALD populations – 51% of AUD patients have ALD1 • 6 million adults in the U.S. are diagnosed with ALD2 •
Slide 34: RESTORE Phase 2 ALD Trial Design
RESTORE Phase 2 ALD Trial Design Completed enrollment in July 2026 N = ~120 subjects randomized 1:1 Screening/Randomization Placebo (PBO) 1.2 mg weekly 1.8 mg weekly 2.4 mg Key Eligibility Criteria 4 Weeks 4 Weeks Week 48 History of heavy alcohol use with Study Duration continued consumption Liver s
Slide 35: Advancing Therapies for Serious Liver Disease
Advancing Therapies for Serious Liver Disease
Slide 36: Strong Execution and Potential Future Milestones
Strong Execution and Potential Future Milestones 2026 2027 MASH: FDA Breakthrough Therapy Designation MASH: PERFORMA Phase 3 trial execution ongoing Granted AUD: Phase 3 opportunity MASH: PERFORMA Phase 3 trial initiation ALD: RESTORE topline data AUD: RECLAIM Phase 2 positive topline data ALD: REST
Slide 37: Building A Liver Franchise
Building A Liver Franchise Targeted Market Opportunities with Significant Unmet Need for Patients with Serious Liver Disease Metabolic Dysfunction- Associated Alcohol Use Disorder Alcohol-Associated Steatohepatitis (AUD) Liver Disease (ALD) 5+/day (MASH) 10.6 12 6 Million Million Patients Moderate M
Slide 38: Thank you
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