Altimmune Inc (NASDAQ: ALT) is a clinical-stage biopharmaceutical company focused on developing therapeutics, headquartered in Gaithersburg, Maryland. The company generates no material product revenue, reporting just $41 thousand in revenues for the year ended December 31, 2025, compared to $20 thousand for the year ended December 31, 2024. Altimmune funds operations through equity issuances, including at-the-market programs that raised approximately $118.3 million net under the February 2025 Agreement and approximately $126.8 million net under the 2023 Agreement, as well as a term loan entered into with Hercules Capital on May 13, 2025. Total operating expenses were $94.5 million in FY2025, consisting of $66.4 million in research and development and $28.1 million in general and administrative costs. The net loss was $88.1 million for the year ended December 31, 2025. Accrued research and development expenses stood at $6.1 million as of December 31, 2025. Jerome Durso joined as an executive under an employment agreement dated November 30, 2025, and Christophe Arbet-Engels joined under an agreement dated September 23, 2025.

Revenue model

Altimmune has no commercial products and generates negligible revenue ($41 thousand in FY2025). Operations are financed through equity capital raises, including at-the-market stock offerings and registered direct offerings, and debt financing via a term loan with Hercules Capital.

Products and services

The filing references accrued research and development expenses of $6.1 million as of December 31, 2025, related to ongoing clinical programs. Specific drug candidates and pipeline assets are not detailed in the provided filing excerpts.

Customers and end markets

As a pre-commercial clinical-stage company, Altimmune has no identified commercial customers or product end markets disclosed in the provided filing excerpts.

Value-chain role

Altimmune operates as a drug developer, contracting research and development activities through third-party contract research organizations (CROs) and vendors. The company has not yet reached the commercialization stage.

Geographic exposure

Altimmune's principal executive offices are located in Gaithersburg, Maryland. The filing references regulatory frameworks in the United States, European Union, and United Kingdom, indicating awareness of international regulatory environments relevant to future drug approvals.

Source: SEC 10-K, filed 2026-03-06

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