Altimmune Announces First Quarter 2021 Financial Results and Provides a Corporate Update
Data Readouts from Phase 1 AdCOVID™ and ALT-801 Clinical Trials Expected in June
Approximately
“With AdCOVID™, our single-dose intranasal vaccine candidate for COVID-19 and ALT-801, our GLP-1/glucagon dual agonist candidate for non-alcoholic steatohepatitis (NASH) now advancing in the clinic, 2021 has the potential to be a data-rich period for the Company,” remarked
Recent Highlights:
AdCOVID, a novel, needle-free, intranasal vaccine candidate for COVID-19
- Enrollment target met in amended AdCOVID Phase 1 clinical trial evaluating the safety and immunogenicity of AdCOVID in healthy volunteers
- The Phase 1 trial will measure systemic antibody responses including serum neutralizing antibody, T cell responses and mucosal IgA, a measure of mucosal immunity in the nasopharyngeal cavity
- The study protocol was amended to reduce the number of adult subjects to approximately 80. The amendment was necessary due to the widespread availability of authorized vaccines. The final sample size of the study is comparable to the number of participants in Phase 1 studies of the
U.S. authorized vaccines - A topline data readout is anticipated in
June 2021
- The Phase 1 trial will measure systemic antibody responses including serum neutralizing antibody, T cell responses and mucosal IgA, a measure of mucosal immunity in the nasopharyngeal cavity
- Progressed development of adapted AdCOVID vaccine candidates targeting emerging SARS-CoV-2 variants
- Initiated preclinical evaluation of AdCOVID vaccine candidates targeting E484K variants, including P.1, B.1.351 and B.1.617
- Initiation of a Phase 2 trial with a variant AdCOVID vaccine candidate expected in Q4 2021
- Initiated preclinical evaluation of AdCOVID vaccine candidates targeting E484K variants, including P.1, B.1.351 and B.1.617
- Expanded manufacturing capabilities through an agreement with Lonza to commission a dedicated manufacturing suite for clinical and potential future commercial supply
- Complements and extends existing network of strategic manufacturing partners, building extra capacity and redundancy into the AdCOVID manufacturing effort
- Supports manufacturing of clinical supply material for potential late-stage clinical trials and commercial scale
- Complements and extends existing network of strategic manufacturing partners, building extra capacity and redundancy into the AdCOVID manufacturing effort
- Announced new data from preclinical studies conducted in collaboration with the
University of Alabama at Birmingham (UAB)
In these preclinical studies, a single intranasal dose of AdCOVID provided:
- 100% protection against a lethal challenge from the SARS-CoV-2 virus, with 1000-fold reduction of replicating virus in the nasal cavity and respiratory tract following infection with SARS-CoV-2
- Sterilizing immunity, i.e., undetectable levels of infectious virus in the lungs, believed to be essential to fully block viral transmission
- Long-lived systemic and mucosal immune responses, which were essentially unchanged over 6 months
- Established plans for a robust Phase 2 clinical development program, which is anticipated to include:
- A multi-national study in adults 18 years of age and older in regions where vaccine access has been limited
- An evaluation of AdCOVID as a potential booster for previously-infected and vaccinated individuals using a parental and P.1 variant AdCOVID vaccine
- An age-based de-escalation study in children and adolescents
- A study evaluating safety and immunogenicity in mother-infant pairs
- A multi-national study in adults 18 years of age and older in regions where vaccine access has been limited
ALT-801, a novel GLP-1/glucagon dual agonist candidate for NASH
- Progressed ongoing Phase 1 clinical trial of ALT-801 in
Australia - Completed enrollment in the single ascending dose (SAD) phase and 3 planned cohorts of multiple ascending dose (MAD) phase of the trial, with 6-week data anticipated in
June 2021 , and 12-week data anticipated in Q3 2021 - Plans to commence a 52-week, Phase 2, biopsy-trial based on NASH endpoints in early 2022
- Anticipated mid-year IND filing to initiate
U.S. NASH studies
- Completed enrollment in the single ascending dose (SAD) phase and 3 planned cohorts of multiple ascending dose (MAD) phase of the trial, with 6-week data anticipated in
- Potential filing of a second IND for an obesity indication in 2H 2021
- The filing of a second IND in obesity in 2H 2021 is being evaluated, with the final decision based on the weight loss data from the upcoming Phase 1 trial readout
- The filing of a second IND in obesity in 2H 2021 is being evaluated, with the final decision based on the weight loss data from the upcoming Phase 1 trial readout
Other programs
- Continued progress in Phase 1/2 clinical trial of T-COVID, a therapeutic candidate for the treatment of SARS-CoV-2 and other respiratory infections, and a Phase 2 clinical trial of HepTcell, an immunotherapeutic candidate for the treatment of chronic hepatitis B
Financial Results for the Three Months Ended
- Altimmune had cash, cash equivalents and short-term investments totaling
$226.5 million atMarch 31, 2021 compared to$216.0 million atDecember 31, 2020 . The increase is primarily attributable to$34.2 million of net receipts during the quarter due to its utilization of the at-the-market offering program, partially offset by$19.6 million of cash used for operating activities. - Revenue was
$0.8 million for the three months endedMarch 31, 2021 compared to$2.2 million in the prior period, a decrease of$1.4 million . The change in revenue quarter over quarter was primarily due to a decrease of$2.0 million in BARDA revenue during the current period due to the timing of clinical trials and development activities for NasoShield, partially offset by$0.5 million in revenue attributable to T-COVID. - Research and development expenses were
$11.9 million for the three months endedMarch 31, 2021 , compared to$7.2 million in the prior period, representing an increase of$4.7 million . The change was primarily the result of increased expenses of$5.4 million related to development activities for the Company’s COVID-19 programs, partially offset by a decrease of$1.5 million resulting from a decrease in the fair value of contingent consideration liability connected with the acquisition and development of ALT-801. - General and administrative expenses were
$3.8 million for the three months endedMarch 31, 2021 compared to$2.3 million in the prior period, an increase of$1.5 million . The increase during the quarter is primarily due to increased stock compensation expense and additional labor related costs. - Net loss for the three months ended
March 31, 2021 was$14.9 million , or$0.38 net loss per share, compared to$3.9 million in the prior period, or$0.26 net loss per share. The difference in net loss is primarily attributable to higher research and development expenses and general and administrative expenses.
Conference Call Information | |
Date: | |
Time: | |
877-423-9813 | |
International Dial-in: | 201-689-8573 |
Conference ID: | 13719206 |
Webcast: | http://public.viavid.com/index.php?id=144634 |
Following the conclusion of the call, the webcast will be available for replay on the Investor Relations page of the Company’s website at www.altimmune.com. The company has used, and intends to continue to use, the IR portion of its website as a means of disclosing material non-public information and for complying with disclosure obligations under Regulation FD.
About Altimmune
Altimmune is a clinical stage biopharmaceutical company focused on developing intranasal vaccines, immune modulating therapies and treatments for liver disease. Our diverse pipeline includes proprietary intranasal vaccines for COVID-19 (AdCOVID™), anthrax (NasoShield™) and influenza (NasoVAX™); an intranasal immune modulating therapeutic for COVID-19 (T-COVID™); and next generation peptide therapeutics for NASH (ALT-801) and chronic hepatitis B (HepTcell™). For more information on Altimmune, please visit www.altimmune.com.
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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, the timing of key milestones for our clinical assets, the timing of the data readout from the AdCOVID Phase 1 clinical trial in
Investor & Media Contacts:
Will Brown
Chief Financial Officer
Phone: 240-654-1450
wbrown@altimmune.com
Sr. Dir, Investor Relations
Phone : 410-474-8200
sjurchison@altimmune.com
CONSOLIDATED BALANCE SHEETS
(unaudited) | ||||||||
ASSETS | ||||||||
Current assets: | ||||||||
Cash and cash equivalents | $ | 149,932,387 | $ | 115,917,807 | ||||
Restricted cash | 34,174 | 34,174 | ||||||
Total cash, cash equivalents and restricted cash | 149,966,561 | 115,951,981 | ||||||
Short-term investments | 76,574,768 | 100,005,558 | ||||||
Accounts receivable | 4,801,428 | 4,610,202 | ||||||
Tax refund receivable | 7,898,067 | 7,762,793 | ||||||
Prepaid expenses and other current assets | 5,950,999 | 1,926,675 | ||||||
Total current assets | 245,191,823 | 230,257,209 | ||||||
Property and equipment, net | 5,198,052 | 1,056,920 | ||||||
Right of use asset | 866,336 | 903,825 | ||||||
Intangible assets, net | 12,879,247 | 12,823,846 | ||||||
Other assets | 115,300 | 73,413 | ||||||
Total assets | $ | 264,250,758 | $ | 245,115,213 | ||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||
Current liabilities: | ||||||||
Accounts payable | $ | 418,243 | $ | 612,293 | ||||
Accrued expenses and other current liabilities | 9,405,649 | 11,408,154 | ||||||
Total current liabilities | 9,823,892 | 12,020,447 | ||||||
Contingent consideration | 6,270,000 | 5,390,000 | ||||||
Other long-term liabilities | 1,719,438 | 1,828,443 | ||||||
Total liabilities | 17,813,330 | 19,238,890 | ||||||
Commitments and contingencies (Note 16) | ||||||||
Stockholders’ equity: | ||||||||
Common stock, 38,257,180 and 37,142,946 shares issued and outstanding at |
3,810 | 3,697 | ||||||
Additional paid-in capital | 462,417,706 | 417,337,742 | ||||||
Accumulated deficit | (210,944,707 | ) | (186,420,599 | ) | ||||
Accumulated other comprehensive loss, net | (5,039,381 | ) | (5,044,517 | ) | ||||
Total stockholders’ equity | 246,437,428 | 225,876,323 | ||||||
Total liabilities and stockholders’ equity | $ | 264,250,758 | $ | 245,115,213 |
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
For the Three Months Ended |
||||||||
2021 | 2020 | |||||||
Revenues | $ | 837,516 | $ | 2,212,694 | ||||
Operating expenses: | ||||||||
Research and development | 11,877,900 | 7,187,531 | ||||||
General and administrative | 3,821,420 | 2,331,917 | ||||||
Total operating expenses | 15,699,320 | 9,519,448 | ||||||
Loss from operations | (14,861,804 | ) | (7,306,754 | ) | ||||
Other income (expense): | ||||||||
Interest expense | (11,671 | ) | (1,885 | ) | ||||
Interest income | 42,499 | 151,569 | ||||||
Other (expense) income, net | (33,132 | ) | 25,542 | |||||
Total other (expense) income, net | (2,304 | ) | 175,226 | |||||
Net loss before income tax benefit | (14,864,108 | ) | (7,131,528 | ) | ||||
Income tax benefit | — | 3,245,879 | ||||||
Net loss | (14,864,108 | ) | (3,885,649 | ) | ||||
Other comprehensive income (loss) – unrealized gain (loss) on investments | 5,136 | (32,435 | ) | |||||
Comprehensive loss | $ | (14,858,972 | ) | $ | (3,918,084 | ) | ||
Net loss per share, basic and diluted | $ | (0.38 | ) | $ | (0.26 | ) | ||
Weighted-average common shares outstanding, basic and diluted | 38,914,990 | 15,110,585 |
Source: Altimmune, Inc.