10-Q · May 13, 2026
Altimmune reported disappointing Q1 2026 results with no revenue and an EPS loss of -$0.18, slightly better than estimates of a -$0.25 loss. Though the company has a strong cash position of approximately $331.6 million,…
Earnings analysis · 10-Q
ALT earnings analysis
Filed August 12, 2026 · Our reading of the company's report
The latest report
Altimmune reported a $0.12 diluted EPS loss, an improvement from the $0.27 loss in the prior-year quarter and $0.01 better than consensus, but revenue was $0 versus the $1.4 thousand estimate. Liquidity was $519…
Read full summary
Altimmune reported a $0.12 diluted EPS loss, an improvement from the $0.27 loss in the prior-year quarter and $0.01 better than consensus, but revenue was $0 versus the $1.4 thousand estimate. Liquidity was $519 million, supporting continued development of PERFORMA, RECLAIM and RESTORE, although the company remains pre-revenue and dependent on clinical execution. No quantitative financial guidance or material risk-factor changes were provided; key milestones include RESTORE topline data in the second half of 2027 and a 52-week PERFORMA readout in 2029.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $-0.12
What stood out
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EPS loss improved and beat consensus
Reported diluted EPS was a $0.12 loss, improving from a $0.27 loss in Q2 2025 and beating the $0.13 consensus loss estimate by $0.01.
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Pre-revenue profile persists
Revenue was $0, versus the $1.4 thousand consensus estimate; the company remains pre-revenue.
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Liquidity totaled $519 million
Cash, cash equivalents and investments totaled $519 million, providing substantial liquidity for ongoing clinical development.
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Clinical pipeline continued to advance
The company advanced the PERFORMA, RECLAIM and RESTORE programs, with RESTORE topline data expected in the second half of 2027.
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PERFORMA milestone identified
A 52-week PERFORMA data readout is anticipated in 2029, providing a defined longer-term development milestone.
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ERP implementation completed
Management completed implementation of a new ERP system during the three months ended June 30, 2026, and concluded disclosure controls were effective as of June 30, 2026.
What to watch
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Continued pre-revenue operating model
Revenue was $0 for the quarter, leaving the company dependent on its $519 million cash, cash equivalents and investments balance to fund operations and clinical programs.
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Long clinical development timelines
Clinical development carries extended timelines: RESTORE topline data is expected in the second half of 2027, while the 52-week PERFORMA readout is anticipated in 2029.
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No material risk-factor updates
The filing states that there were no material changes from the risk factors in the March 6, 2026 Form 10-K, but clinical and regulatory execution remains important ahead of the 2027 and 2029 milestones.
Management's outlook
No quantitative revenue or EPS guidance was provided. Management expects RESTORE topline data in the second half of 2027 and anticipates a 52-week PERFORMA data readout in 2029.
Earlier filings 4
10-K · March 6, 2026
Altimmune’s 2025 10-K emphasizes pemvidutide as the company’s sole late-stage asset, reporting strong Phase 2b results (24- and 48-week) that the company says support a registrational Phase 3 planned for 2026.…
10-Q · May 13, 2025
Altimmune reported flat product-related revenue of $5 (in thousands) and a narrower net loss of $19,575 (in thousands), or $(0.26) per share, for the quarter ended March 31, 2025 versus a net loss of $24,394 (in…
10-Q · November 12, 2024
Altimmune reported Q3 results with nominal product revenue of $5 (three months ended September 30, 2024; amounts in the filing are stated in thousands) and a net loss per share of $(0.32), an improvement from $(0.39) in…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.