UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

☒	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2023

☐	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission file number 001-32587

ALTIMMUNE, INC.

(Exact Name of Registrant as Specified in its Charter)


Delaware		20-2726770
(State or Other Jurisdiction of Incorporation or Organization)		(I.R.S. Employer Identification No.)

910 Clopper Road Suite 201S, Gaithersburg, Maryland		20878
(Address of Principal Executive Offices)		(Zip Code)

(240) 654-1450

(Registrant’s Telephone Number, Including Area Code)

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common stock, par value $0.0001 per share	ALT	The NASDAQ Global Market

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ⌧ No ◻

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ⌧ No ◻

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.


Large accelerated filer	◻	Accelerated filer	◻
Non-accelerated filer	⌧	Smaller reporting company	⌧
		Emerging growth company	◻

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ◻

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes ☐ No ⌧

As of August 4, 2023 there were 52,686,426 shares of the registrant’s common stock, par value $0.0001 per share, outstanding.

Table of Contents

ALTIMMUNE, INC.

TABLE OF CONTENTS


		Page

PART I. FINANCIAL INFORMATION

Item 1.	Financial Statements	1

	Consolidated Balance Sheets as of June 30, 2023 (unaudited) and December 31, 2022	1

	Consolidated Statements of Operations and Comprehensive Loss for the three and six months ended June 30, 2023 and 2022 (unaudited)	2

	Consolidated Statements of Changes in Stockholders’ Equity for the three and six months ended June 30, 2023 and 2022 (unaudited)	3

	Consolidated Statements of Cash Flows for the six months ended June 30, 2023 and 2022 (unaudited)	5

	Notes to Consolidated Financial Statements (unaudited)	6

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	13

Item 3.	Quantitative and Qualitative Disclosures about Market Risk	19

Item 4.	Controls and Procedures	19


PART II. OTHER INFORMATION

Item 1.	Legal Proceedings	19

Item 1A.	Risk Factors	20

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	20

Item 3.	Defaults Upon Senior Securities	20

Item 4.	Mine Safety Disclosures	20

Item 5.	Other Information	20

Item 6.	Exhibits	21

	Signatures	22

Table of Contents

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements

ALTIMMUNE, INC.

CONSOLIDATED BALANCE SHEETS

(In thousands, except share and per-share amounts)


	June 30,		December 31,
	2023		2022
	(Unaudited)
ASSETS
Current assets:
Cash and cash equivalents	$	102,352	$	111,097
Restricted cash		41		34
Total cash, cash equivalents and restricted cash		102,393		111,131
Short-term investments		57,602		73,783
Accounts receivable		136		173
Income tax and R&D incentive receivables		3,579		2,368
Prepaid expenses and other current assets		5,822		5,358
Total current assets		169,532		192,813
Property and equipment, net		882		1,081
Indefinite-lived intangible asset		12,419		12,419
Other assets		483		615
Total assets	$	183,316	$	206,928
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	4,035	$	4,804
Accrued expenses and other current liabilities		7,402		12,250
Total current liabilities		11,437		17,054
Other long-term liabilities		4,165		4,581
Total liabilities		15,602		21,635
Commitments and contingencies (Note 10)
Stockholders’ equity:
Common stock, $0.0001 par value; 200,000,000 shares authorized; 52,657,661 and 49,199,845 shares issued and outstanding as of June 30, 2023 and December 31, 2022, respectively		5		5
Additional paid-in capital		586,908		568,399
Accumulated deficit		(414,019)		(377,884)
Accumulated other comprehensive loss, net		(5,180)		(5,227)
Total stockholders’ equity		167,714		185,293
Total liabilities and stockholders’ equity	$	183,316	$	206,928

The accompanying notes are an integral part of the unaudited consolidated financial statements.

Table of Contents

ALTIMMUNE, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS

(Unaudited)

(In thousands, except share and per-share amounts)


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2023		2022		2023		2022
Revenues	$	6	$	8	$	27	$	40
Operating expenses:
Research and development		13,253		15,993		30,502		31,097
General and administrative		4,760		4,410		9,291		8,837
Total operating expenses		18,013		20,403		39,793		39,934
Loss from operations		(18,007)		(20,395)		(39,766)		(39,894)
Other income (expense):
Interest expense		(2)		(65)		(4)		(127)
Interest income		1,835		328		3,503		349
Other income (expense), net		113		25		132		135
Total other income (expense), net		1,946		288		3,631		357
Net loss		(16,061)		(20,107)		(36,135)		(39,537)
Other comprehensive income — unrealized (loss) gain on short-term investments		(79)		(120)		47		(120)
Comprehensive loss	$	(16,140)	$	(20,227)	$	(36,088)	$	(39,657)
Net loss per share, basic and diluted	$	(0.32)	$	(0.42)	$	(0.72)	$	(0.90)
Weighted-average common shares outstanding, basic and diluted		50,691,558		47,502,599		50,410,184		44,150,835

The accompanying notes are an integral part of the unaudited consolidated financial statements.

Table of Contents

ALTIMMUNE, INC.

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY

(Unaudited)

(In thousands, except share amounts)


								Accumulated
				Additional				Other		Total
	Common Stock			Paid-In		Accumulated		Comprehensive		Stockholders’
	Shares	Amount		Capital		Deficit		Loss		Equity
Balance at December 31, 2022	49,199,845	$	5	$	568,399	$	(377,884)	$	(5,227)	$	185,293
Stock-based compensation	—		—		2,675		—		—		2,675
Exercise of stock options	19,303		—		61		—		—		61
Vesting of restricted stock awards including withholding, net	54,347		—		(484)		—		—		(484)
Issuance of common stock from Employee Stock Purchase Plan	13,215		—		135		—		—		135
Unrealized (loss) gain on short-term investments	—		—		—		—

SEC Form 10-Q filed by Altimmune Inc.