Washington, DC 20549







Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): August 14, 2018




(Exact name of registrant as specified in its charter)




Delaware   001-32587   20-2726770

(State or other jurisdiction

of incorporation)



File Number)


(IRS Employer

Identification No.)

910 Clopper Road, Suite 201S

Gaithersburg, Maryland

(Address of principal executive offices)   (Zip Code)

Registrant’s telephone number including area code: (240) 654-1450

(Former name or former address, if changed since last report)



Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:



Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)



Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)



Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))



Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).

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.  ☐




Item 2.02

Results of Operations and Financial Condition

On August 14, 2018, Altimmune, Inc. (the “Company”) issued a press release announcing the Company’s financial results for its fiscal quarter ended June 30, 2018. A copy of this press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.

The information included in this Current Report on Form 8-K (including Exhibit 99.1 hereto) that is furnished pursuant to this Item 2.02 shall not be deemed to be “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that Section or Sections 11 and 12(a)(2) of the Securities Act of 1933, as amended. In addition, the information included in this Current Report on Form 8-K (including Exhibit 99.1 hereto) that is furnished pursuant to this Item 2.02 shall not be incorporated by reference into any filing of the Registrant, whether made before or after the date hereof, regardless of any general incorporation language in such filing, unless expressly incorporated by specific reference into such filing.


Item 9.01

Financial Statements and Exhibits.

(d) Exhibits


No.    Description
99.1    Press Release dated August 14, 2018


Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.



/s/ William Enright

Name:   William Enright
Title:   President and Chief Executive Officer

Dated August 14, 2018


Exhibit 99.1



Altimmune Announces Second Quarter 2018 Financial Results and Provides Corporate Update

Conference call and webcast scheduled for tomorrow, August 15, 2018, at 8:30am ET

GAITHERSBURG, MD, August 14, 2018 — Altimmune, Inc. (Nasdaq: ALT), a clinical-stage immunotherapeutics company, today announced financial results for the three and six months ended June 30, 2018.

Recent Corporate Highlights



Filed a public registration statement in anticipation of an equity offering later in 2018;



Completed a plan to extinguish all remaining shares of preferred stock and substantially all of the potentially dilutive warrants associated with our August 2017 Series B preferred stock financing;



Appointed Mitchel Sayare as Executive Chairman of the Board;



Added José Ochoa to its Leadership team as Chief Business Officer.

“This quarter was highlighted by a focus on improving our capital structure and strengthening our internal operational team, which will allow us now to focus on our pipeline and developing our novel approach to vaccines,” said William J. Enright, Chief Executive Officer of Altimmune. “We are confident the positive results from our NasoVAX trial earlier this year can lead to a new approach to combatting the flu, and that NasoVAX has tremendous potential as an effective, easy-to-administer flu vaccine. We look forward to getting additional Phase 2 clinical trials started next year.”

Second Quarter 2018 Financial Highlights



Second quarter revenue was $2.4 million compared to $3.0 million in the prior year period. Revenue fluctuated in proportion to our research and development expenses for the NasoShield and SparVax-L programs.



Research and development expenses were $4.9 million compared to $5.3 million in the prior year period. The decrease is attributable to lower spending on the development of the NasoShield product candidate due to timing of manufacturing; while there were




  increases in manufacturing and other costs for the NasoVax, SparVax-L and HepTcell programs when compared to the same period in 2017.



The Company recognized a loss on warrant exchange of $3.6 million which was included with the changes in fair value of the outstanding warrants to result in a total expense of $5.2 million for the quarter.



Net loss attributed to common stockholders was $9.8 million compared to $3.2 million for the same period in 2017. Net loss per share attributed to common stockholders was $0.34 compared to $0.26 in the prior year period.



At June 30, 2018, the Company had cash and cash equivalents of approximately $4.8 million.



During the quarter, the Company received $4.0 million in cash related to its federal tax refund receivable. Subsequent to the end of the quarter, the Company received $1.1 million in cash related to its UK research and development tax credits included in the Company’s tax refund receivable at June 30, 2018.

Conference Call Details

Date:    Wednesday, August 15
Time:    8:30am Eastern Time
Domestic:    888-204-4368
International:    323-994-2083
Conference ID:    3879845
Webcast:    http://public.viavid.com/index.php?id=130362

Replays will be available through August 29:


Domestic:    844-512-2921
International:        412-317-6671
Replay PIN:    3879845

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 and on the development of two next-generation anthrax vaccines that are intended to improve protection and safety while having favorable dosage and storage requirements compared to other anthrax vaccines. The company has two proprietary platform technologies, RespirVec and Densigen, each of which has been shown to activate the immune system in distinctly different ways than traditional vaccines.



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 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 terms of the Company’s Series B preferred stock offering and related warrants; our lack of financial resources and access to capital; realizing the benefits of the merger between Altimmune, Inc. and PharmAthene, Inc.; our ability to utilize the benefits of our tax assets and the results of a tax examination initiated by the IRS; clinical trials and the commercialization of proposed product candidates (such as marketing, regulatory, product liability, supply, competition, dependence on third parties and other risks); the regulatory approval process; dependence on intellectual property; the Company’s BARDA contract and other government programs, reimbursement and regulation. 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.


Bill Enright    Ashley R. Robinson
President and CEO    Managing Director LifeSci Advisors
Phone: 240-654-1450    Phone: 617-535-7742
Email: enright@altimmune.com    Email: arr@lifesciadvisors.com







     Three Months Ended June 30,     Six Months Ended June 30,  
     2018     2017     2018     2017  



Research grants and contracts

   $ 2,412,193     $ 3,033,035     $ 5,098,235     $ 3,327,668  

License revenue

     4,947       4,938       9,886       9,876  













Total revenue

     2,417,140       3,037,973       5,108,121       3,337,544  













Operating expenses


Research and development

     4,918,961       5,254,729       10,665,890       8,040,851  

General and administrative

     2,933,982       1,794,509       5,381,917       3,825,026  

Goodwill impairment charges

     —          —          490,676       —     













Total operating expenses

     7,852,943       7,049,238       16,538,483       11,865,877  













Loss from operations

     (5,435,803     (4,011,265     (11,430,362     (8,528,333













Other income (expense):


Changes in fair value of warrant liability, including loss on exchange

     (5,228,691     —          (3,680,709     —     

Changes in fair value of embedded derivatives

     4,912       —          (2,130     —     

Interest expense

     (1,921     (97,156     (2,791     (157,759

Interest income

     25,617       4,166       57,206       4,166  

Other income (expense)

     (49     164       257,675       (947













Total other income (expense)

     (5,200,132     (92,826     (3,370,749     (154,540













Net loss before income tax benefit

     (10,635,935     (4,104,091     (14,801,111     (8,682,873

Income tax benefit

     1,497,093       993,709       2,488,731       993,709  













Net loss

     (9,138,842     (3,110,382     (12,312,380     (7,689,164

Other comprehensive income (loss) – foreign currency translation adjustments

     (1,078,648     1,256,970       (463,177     1,836,806  













Comprehensive loss

   $ (10,217,490   $ (1,853,412   $ (12,775,557   $ (5,852,358













Net loss

   $ (9,138,842   $ (3,110,382   $ (12,312,380   $ (7,689,164

Preferred stock accretion, and dividends

     (700,093     (44,713     (2,591,414     (163,069













Net loss attributed to common stockholders

   $ (9,838,935   $ (3,155,095   $ (14,903,794   $ (7,852,233













Weighted-average common shares outstanding, basic and diluted

     28,530,423       12,245,701       24,361,010       9,596,423  













Net loss per share attributed to common stockholders, basic and diluted

   $ (0.34   $ (0.26   $ (0.61   $ (0.82



















June 30,


    December 31,

Current assets:


Cash and cash equivalents

   $ 4,170,770     $ 8,769,465  

Restricted cash

     591,649       3,534,174  







Total cash, cash equivalents and restricted cash

     4,762,419       12,303,639  

Accounts receivable

     2,854,512       3,806,239  

Tax refund receivable

     3,571,547       6,361,657  

Prepaid expenses and other current assets

     677,478       994,332  







Total current assets

     11,865,956       23,465,867  

Property and equipment, net

     1,475,935       603,146  

Intangible assets, net

     38,349,189       38,722,270  

Other assets

     411,250       238,917  







Total assets

   $ 52,102,330     $ 63,030,200  








Current liabilities:


Notes payable

   $ 1,310,919     $ 49,702  

Accounts payable

     245,250       129,075  

Accrued expenses and other current liabilities

     5,305,868       3,625,257  

Current portion of deferred revenue

     32,253       19,753  

Current portion of deferred rent

     172,414       15,914  







Total current liabilities

     7,066,704       3,839,701  

Deferred income taxes

     4,431,044       5,938,402  

Other long-term liabilities

     4,284,510       4,574,507  







Total liabilities

     15,782,258       14,352,610  







Contingencies (Note 15)


Series B redeemable convertible preferred stock; $0.0001 par value; 16,000 shares designated; 558 and 12,177 shares issued and outstanding at June 30, 2018 and December 31, 2017, respectively; aggregate liquidation and redemption value of $510,083 at June 30, 2018

     510,083       9,281,767  

Stockholders’ equity:


Common stock, $0.0001 par value; 100,000,000 shares authorized; 37,383,133 and 18,127,119 shares issued; 37,363,965 and 18,103,691 shares outstanding at June 30, 2018 and December 31, 2017, respectively

     3,737       1,810  

Additional paid-in capital

     130,843,634       121,655,838  

Accumulated deficit

     (89,997,219     (77,684,839

Accumulated other comprehensive loss – foreign currency translation adjustments

     (5,040,163     (4,576,986







Total stockholders’ equity

     35,809,989       39,395,823  







Total liabilities and stockholders’ equity

   $ 52,102,330     $ 63,030,200