ALT Altimmune Inc

$ALT hello from Denver. Anyone who might think MASH is all hype or not a big deal in the field: there wasn’t enough room in this massive hall for this debate

$ALT hello again from Denver. Nice sessions today. Funny to see the different size booths in the Exhibit Hall - Madrigal has ski ball and a fountain, AZ has a tiny booth. Novo is huge. Inventiva has a nice size booths in preparation for Lani read out. I’ll try to get a pic of the ALT booth without being weird but it looks nice and has had some nice traffic when I’ve walked by. My biggest takeaway from the conference: NITs will indeed happen in the next 12-18 months, VCTE with other markers though (not accurate enough on its own).

$ALT some good news from yesterday’s symposium: FDA official Frank Anania said that they have already allowed one company to use VCTE as their RLSE in a trial, and MRE as well. I’ll have to confirm. But it sounds like FDA is getting close to allowing NITs as the primary endpoint to support AA. The community including Loomba was pushing hard.

$ALT FDA potential to approve NITs and EOP2 Meeting for AUD are both very big value drivers here and steps imo that could trigger BP to act with more urgency. If the FDA has allowed NITs for one or two companies then it’s imminent they will allow ALT to flip P3 MASH to NITs, hence the reason why ALT is presenting on VCTE and ELF this weekend. AUD being allowed to have one P3 study vs two and getting BTD adds to the urgency for BP that I’m talking about.

$ALT Why I still believe in pemvidutide — even when the stock makes it incredibly difficult. I’ve followed Altimmune for years, and the last five months have probably been among the most frustrating. Positive clinical data, meaningful regulatory progress, growing scientific recognition — and a stock price that seems determined to ignore all of it. But here’s why I haven’t given up. First, the science hasn’t deteriorated. It’s actually become more compelling. IMPACT demonstrated impressive MASH resolution, substantial reductions in liver fat, and encouraging fibrosis signals through non-invasive biomarkers and digital pathology. The conventional fibrosis endpoint remains an important unanswered question, but that’s precisely what PERFORMA is designed to address.

$ALT Last time SP was at this level, it surged nearly 2,000% in 4 months. 🚀 Never say never.

$ALT 89bio: the company had confidentiality agreements with 14 potential pharmaceutical counterparties over several years, but Roche ultimately emerged as the buyer. Interest from many companies does not necessarily result in several binding bids

$ALT I asked AI if having Dr. Naim Alkhouri present on behalf of ALT at AASLD a positive and it said a "very positive" thing. Very

$ALT Things are getting more and more interesting. Declining short interest, very high institutional ownership, a potential hot window for a deal, the upcoming AUD EoP2 meeting, and expected progress in PERFORMA Phase 3. Add the Democrats’ midterm win — which I see as a bullish shift in the backdrop for small-cap biotech — and this setup looks increasingly compelling. I like how this is shaping up.

$ALT The most impressive result was the reduction in alcohol preference following pemvidutide administration. The difference was highly statistically significant, with p<0.0001.

$ALT May the nerds extolling the overwhelming and compelling virtues of Pemvidutide in the Centennial State this weekend have strong and confident voices in their presentations. 🤓 “Nothing is worth more than this day.” - Johann Goethe “Nothing else matters.” - James Hetfield “Be the ball.” - Chevy Chase

$ALT Retro-thought Sunday: We should have go-funded some brand spankin’ new Meta glasses for AASLD. I’d say it’s a lock for next year, but I’m not sure Altimmune will be attending the 2027 conference reflective of its current company structure… if you’re picking up what I’m putting down. 🤓

$ALT seems like a lot of competitors are having difficulty getting differentiated molecules over the line.

$ALT ALT's success may not only come down to it's fantastic data but also what happens to peers VKTX, MDGL.... The MDGL whistleblower just made ALT way more attractive... Dr. Taub allegedly unblinded herself to scrub liver-failure narratives... CEO Sibold said to have ordered ppl to 'stop looking' Those ppl departed the company around the same time...

$ALT wow!!!! Another Background of the Transaction This one really stands out: HUGE multiple—and right in the NASH/MASH space. On Sept. 20, 2016, Allergan announced its acquisition of Tobira Therapeutics, whose lead asset was cenicriviroc for NASH. Tobira’s last close before the announcement: $4.74. Deal terms per share: • $28.35 guaranteed upfront cash = 5.98× the prior close, a 498% premium. • Up to $49.84 in additional, milestone-dependent CVR payments. • Max. total: $78.19 = 16.5× the prior close, a 1,550% premium. https://www.sec.gov/Archives/edgar/data/1578845/000119312516729343/d53050dex99a1a.htm

$ALT We intend to convince the FDA to approve all of our studies. The FDA actively participates in high-level scientific hepatology congresses, such as the AASLD’s The Liver Meeting®, by providing regulators, evaluators, and technical tools. Furthermore, the FDA collaborates with the medical community to assess the safety of new drugs. For instance, scientific research abstracts presented at The Liver Meeting® highlight the use of the FDA’s statistical tools and advanced analytical models—such as its artificial intelligence platform for analyzing drug-induced liver toxicity—in studies concerning metabolic liver diseases.💥

$ALT 👀 WOW! Interesting first step. Worth watching whether the higher borrow fee holds or climbs further, and whether available shares start to tighten.

$ALT Interesting detail from the SEC filings: New directors Peter Greenleaf and Alex Howarth each received 160,000 stock options at a $2.02 exercise price. • 320,000 options combined • Vest monthly over 36 months • Fully vested November 2029 • Expire November 2036 • Neither director initially owned ALT shares These are NOT 160,000 shares handed to each director immediately. At $20/share, each grant would have approximately $2.88M in intrinsic value once fully vested. One interesting question: What happens to their unvested options if Altimmune is acquired before 2029? That depends on the equity plan and award agreements. Given their extensive M&A backgrounds and the timing of their appointments, I find this worth watching. Not proof of a deal, but certainly interesting.

$ALT Would be a idiot to sell here. Its trading way below cash now. Will wait until tomorrow and I will go in heavy. Around 33% below cash. Pipeline dont have any value. You buy free cash. It wont stay cheap like this very long.

$ALT In a macro sense, it would change cohort 2 from ~800 to ~1800 patients. It would most definitely accelerate PERFORMA, in that the bottleneck isn’t the treatment duration, it’s the screening and invasive biopsies (pt reluctance and screen-failure rates are HIGH with biopsy. If NITs is approved within 12 months, top line PERFORMA easily moves to 2028. It also dramatically reduces trial costs by tens of millions. FDA adopting NITs ostensibly creates a potential red-carpet FDA approval for Pemvidutide based on data to date. A lot of things can happen if this comes to fruition - and they’re all stupendously excellent for Altimmune and its investors. This wouldn’t be big. It would be huge.