The company remains essentially pre-revenue with TTM revenue of only $41,000, while R&D expenses consistently exceed $15 million per quarter, reflecting a lack of commercial sustainability.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 |
|---|
| Sales/Revenue | 36K | 41K | 20K | 426K | -68K | 4.41M | 8.19M | 5.8M | 10.33M | 41.5K | 5.23M | 10.64M | 10.19M | 17.91M | 25.18M | 24.27M | 20.99M | 27.55M | 32.91M | 14.64M | 1.85M | 586.07K |
| Revenue Growth % | 80% | 105% | -95.31% | 726.47% | -101.54% | -46.12% | 41.09% | -43.85% | 24792.58% | -99.21% | -50.85% | 4.42% | -43.11% | -28.85% | 3.75% | 15.59% | -23.8% | -16.29% | 124.75% | 692.53% | 215.27% | - |
| Cost of Goods Sold | 14.98M | 0 | 0 | 0 | 0 | 0 | 33.51M | 0 | 18.46M | 18.41M | 7.22M | 5.06M | 4.27M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 115K |
| COGS % of Revenue | - | - | - | - | - | - | 409.4% | - | 178.68% | 44349.39% | 138.07% | 47.59% | 41.85% | - | - | - | - | - | - | - | - | 19.62% |
| Gross Profit | -14.95M | 41K | 20K | 426K | -68K | 4.41M | -25.32M | 5.8M | -8.13M | -18.36M | -1.99M | 5.58M | 5.93M | 17.91M | 25.18M | 24.27M | 20.99M | 27.55M | 32.91M | 14.64M | 1.85M | 471.07K |
| Gross Margin % | -41519.44% | 100% | 100% | 100% | 100% | 100% | -309.4% | 100% | -78.68% | -44249.39% | -38.07% | 52.41% | 58.15% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 80.38% |
| Gross Profit Growth % | - | 105% | -95.31% | 726.47% | -101.54% | 117.41% | -536.52% | 171.37% | 55.74% | -822.27% | -135.7% | -5.88% | -66.92% | -28.85% | 3.75% | 15.59% | -23.8% | -16.29% | 124.75% | 692.53% | 292.23% | - |
| Operating Expenses | 81.97M | 94.53M | 103.19M | 96.36M | 87.67M | 101.32M | 29.47M | 27.27M | 28.22M | 16.17M | 16.49M | 11.5M | 20.38M | 28.75M | 31.44M | 35.99M | 44.55M | 53.52M | 52.02M | 31.15M | 644.38K | 145.78K |
| OpEx % of Revenue | - | 230560.98% | 515960% | 22618.54% | -128929.41% | 2297.6% | 360.1% | 470% | 273.2% | 38953.97% | 315.37% | 108.05% | 200.01% | 160.51% | 124.89% | 148.32% | 212.19% | 194.28% | 158.07% | 212.7% | 34.87% | 24.87% |
| Selling, General & Admin | 30.16M | 28.1M | 20.97M | 18.14M | 17.13M | 15.41M | 13.21M | 8.5M | 9.77M | 8.46M | 11.52M | 6.22M | 10.91M | 13.28M | 11.63M | 14.31M | 18.02M | 22.43M | 19.4M | 13.88M | 491.09K | 145.78K |
| SG&A % of Revenue | - | 68531.71% | 104830% | 4257.51% | -25197.06% | 349.5% | 161.39% | 146.53% | 94.53% | 20378.18% | 220.17% | 58.48% | 107.08% | 74.13% | 46.19% | 58.98% | 85.82% | 81.43% | 58.94% | 94.8% | 26.58% | 24.87% |
| Research & Development | 66.77M | 66.43M | 82.23M | 65.8M | 70.54M | 74.54M | 49.77M | 17.77M | 18.46M | 18.41M | 4.84M | 5.13M | 9.32M | 15.29M | 19.51M | 21.22M | 20.88M | 30.22M | 31.81M | 16.56M | 0 | 0 |
| R&D % of Revenue | - | 162029.27% | 411130% | 15445.77% | -103732.35% | 1690.27% | 608.11% | 306.23% | 178.68% | 44349.39% | 92.46% | 48.24% | 91.46% | 85.36% | 77.49% | 87.45% | 99.44% | 109.69% | 96.66% | 113.08% | - | - |
| Other Operating Expenses | -1000K | 0 | 0 | 12.42M | 0 | 11.37M | -33.51M | 1M | 277.89K | 5.67K | 7.85K | 8.14K | -762 | -6.07K | 47.86K | 461.07K | 5.66M | 872.3K | 813.89K | 705.37K | 153.28K | 0 |
| Operating Income | -96.92M | -94.49M | -103.17M | -95.93M | -87.74M | -96.91M | -54.8M | -21.46M | -42.83M | -52.05M | -11.26M | -3.4M | -10.19M | -10.84M | -6.27M | -11.73M | -23.55M | -25.97M | -35.24M | -16.5M | 1.2M | 325.3K |
| Operating Margin % | -269216.67% | -230460.98% | -515860% | -22518.54% | 129029.41% | -2197.6% | -669.5% | -370% | -414.61% | -125401.2% | -215.37% | -31.98% | -100.01% | -60.51% | -24.89% | -48.32% | -112.19% | -94.28% | -107.09% | -112.7% | 65.13% | 55.5% |
| Operating Income Growth % | - | 8.42% | -7.55% | -9.33% | 9.47% | -76.85% | -155.29% | 49.89% | 17.7% | -362.04% | -231.03% | 66.61% | 5.98% | -72.97% | 46.56% | 50.22% | 9.32% | 26.3% | -113.55% | -1471.48% | 269.92% | - |
| EBITDA | -96.81M | -94.38M | -102.93M | -95.45M | -87.25M | -96.36M | -54.37M | -21.08M | -42.53M | -51.91M | -11.13M | -3.26M | -10.04M | -10.66M | -5.96M | -11.26M | -22.53M | -25.1M | -34.43M | -15.85M | -14.05M | 325.3K |
| EBITDA Margin % | -268922.22% | -230187.8% | -514670% | -22406.57% | 128304.41% | -2185.1% | -664.26% | -363.32% | -411.69% | -125066.24% | -212.78% | -30.65% | -98.54% | -59.49% | -23.68% | -46.42% | -107.33% | -91.12% | -104.61% | -108.23% | -760.4% | 55.5% |
| EBITDA Growth % | 1.25% | 8.31% | -7.84% | -9.4% | 9.46% | -77.24% | -157.95% | 50.44% | 18.06% | -366.41% | -241.26% | 67.52% | 5.77% | -78.73% | 47.07% | 50.01% | 10.23% | 27.09% | -117.25% | -12.8% | -4419.15% | - |
| D&A (Non-Cash Add-back) | 106K | 112K | 238K | 477K | 493K | 551K | 428.88K | 387.32K | 302.37K | 139.02K | 135.34K | 141.6K | 149.96K | 182.49K | 303.92K | 461.07K | 1.02M | 872.3K | 813.89K | 655.21K | 0 | 0 |
| EBIT | -93.54M | -87.14M | -95.05M | -88.41M | -84.9M | -97.08M | -38.53M | -20.58M | -45.02M | -51.9M | -11.05M | -856.64K | -9.68M | -11.29M | -4.4M | -3.74M | -28.91M | -25.97M | -19.11M | -16.5M | -14.53M | 325.3K |
| Net Interest Income | 6.19M | 5.91M | 8.06M | 7.32M | 2.86M | 198K | 313.09K | 841.16K | -70.49K | -114.56K | -37.45K | -54.58K | -210.4K | -366.71K | -324.75K | -37.91K | -5.93M | -2.57M | -1.35M | -1M | 1.85M | 586.07K |
| Interest Income | 8.9M | 7.54M | 8.07M | 7.35M | 2.87M | 203K | 322.51K | 843.41K | 226.6K | 47.58K | 1.05K | 0 | 0 | 2.58K | 17.81K | 16.66K | 6.96K | 269.13K | 1.23M | 1.12M | 1.85M | 586.07K |
| Interest Expense | 2.7M | 1.64M | 9K | 35K | 8K | 5K | 9.42K | 2.24K | 297.09K | 162.14K | 38.5K | 54.58K | 210.4K | 369.28K | 342.56K | 54.57K | 5.94M | 2.84M | 2.57M | 2.12M | 0 | 0 |
| Other Income/Expense | 5.84M | 5.71M | 8.11M | 7.48M | 2.83M | -176K | 11.17M | 886.3K | -2.49M | -18.51K | 4.85K | 3.21M | 297.66K | -4.62M | -758.2K | 7.93M | -11.3M | -6.31M | -1.17M | 2.92M | 15.74M | 0 |
| Pretax Income | -91.08M | -88.77M | -95.06M | -88.45M | -84.91M | -97.09M | -43.63M | -20.58M | -45.32M | -52.06M | 205.02M | -3.38M | -9.89M | -11.66M | -4.72M | -3.8T | -34.85T | -32.28B | -36.42B | -13.59M | 1.2M | 325.3K |
| Pretax Margin % | -253002.78% | -216521.95% | -475295% | -20762.21% | 124867.65% | -2201.59% | -533.02% | -354.72% | -438.68% | -125445.79% | 3920% | -31.76% | -97.09% | -65.07% | -18.77% | -15649592.52% | -99999900% | -117168.01% | -110646.14% | -92.79% | 65.13% | 55.5% |
| Income Tax | 0 | -681K | 0 | 0 | -197K | 0 | 5.42M | -58.5K | -6.15M | -5.64M | 11.17M | 61.75K | 61.75K | 61.75K | 195.53K | -7.93M | 15.93M | 6.31M | 17.3M | 0 | 187K | 48K |
| Effective Tax Rate % | 0% | 0.77% | 0% | 0% | 0.23% | 0% | -12.42% | 0.28% | 13.57% | 10.83% | 5.45% | -1.83% | -0.62% | -0.53% | -4.14% | 0% | -0% | -0.02% | -0.05% | 0% | 15.54% | 14.76% |
| Net Income | -91.08M | -88.09M | -95.06M | -88.45M | -84.71M | -97.09M | -49.04M | -20.52M | -39.17M | -46.43M | 193.85M | -3.44M | -9.96M | -11.72M | -4.92M | -3.8M | -34.85M | -32.28M | -36.42M | -13.59M | 1.02M | 277.3K |
| Net Margin % | -253002.78% | -214860.98% | -475295% | -20762.21% | 124577.94% | -2201.59% | -599.2% | -353.71% | -379.16% | -111860.32% | 3706.44% | -32.34% | -97.7% | -65.42% | -19.54% | -15.65% | -166% | -117.17% | -110.65% | -92.79% | 55.01% | 47.31% |
| Net Income Growth % | -0.93% | 7.33% | -7.48% | -4.41% | 12.75% | -97.96% | -139.01% | 47.61% | 15.63% | -123.95% | 5734.14% | 65.44% | 15.04% | -138.17% | -29.56% | 89.1% | -7.96% | 11.36% | -168.01% | -1436.89% | 266.52% | - |
| Net Income (Continuing) | -91.08M | -88.09M | -95.06M | -88.45M | -84.71M | -97.09M | -49.04M | -20.52M | -39.17M | -46.43M | -11.09M | -3.44M | -9.96M | -11.72M | -4.92M | -3.8M | -34.85M | -32.28M | -36.42M | -13.59M | -15.13M | 277.3K |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.73 | -1.00 | -1.34 | -1.66 | -1.81 | -2.35 | -1.91 | -1.56 | -13.98 | -108.77 | -49.80 | -16.13 | -51.91 | -69.40 | -30.55 | -24.07 | -323.59 | -351.19 | -476.15 | -431.69 | 21.71 | 9.00 |
| EPS Growth % | 26.19% | 25.37% | 19.28% | 8.29% | 22.98% | -23.04% | -22.44% | 88.84% | 87.15% | -118.41% | -208.74% | 68.93% | 25.2% | -127.17% | -26.92% | 92.56% | 7.86% | 26.24% | -10.3% | -2088.44% | 141.22% | - |
| EPS (Basic) | - | -1.00 | -1.34 | -1.66 | -1.81 | -2.35 | -1.91 | -1.56 | -13.98 | -108.77 | -49.80 | -16.13 | -51.91 | -69.40 | -30.55 | -24.07 | -323.59 | -351.19 | -476.15 | -431.69 | 23.63 | 12.00 |
| Diluted Shares Outstanding | 124.46M | 88.1M | 71M | 53.25M | 46.93M | 41.28M | 25.64M | 13.12M | 2.8M | 426.83K | 230.38K | 213.28K | 191.78K | 168.86K | 161.07K | 157.77K | 107.7K | 91.92K | 76.48K | 31.48K | 46.82K | 27.74K |
| Basic Shares Outstanding | 124.46M | 88.1M | 71M | 53.25M | 46.93M | 41.28M | 25.64M | 13.12M | 2.8M | 426.83K | 230.38K | 213.28K | 191.78K | 168.86K | 161.07K | 157.77K | 107.7K | 91.92K | 76.48K | 31.48K | 43.01K | 26.23K |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Imminent dilutive capital raise
As indicated by the most recent financial filings, Altimmune remains a pre-revenue entity with TTM revenue of only $41,000, confirming that current inflows are derived from non-recurring grants rather than sustainable product sales, which renders traditional growth metrics largely irrelevant for assessing the company's long-term commercial viability.
The absence of a recurring revenue stream highlights the company's status as a clinical-stage developer rather than a commercial enterprise. Investors should interpret these nominal figures as incidental to the core business, which is entirely focused on the advancement of the pemvidutide pipeline.
Based on the reported income statement data, R&D expenses consistently represent the primary cash outflow, with quarterly figures frequently exceeding $15 million, underscoring the company's reliance on external capital to fund the clinical development of its metabolic and liver disease therapeutic candidates.
The cost structure is heavily skewed toward clinical trial execution, which is necessary for regulatory progress but creates a persistent drag on the income statement. Management's expense discipline is secondary to the mandatory nature of these trial costs, which appear to be the primary driver of the company's ongoing operating losses.
According to the provided financial statements, the company's net losses have remained consistently elevated, with quarterly net income figures frequently exceeding $20 million in negative territory, suggesting that the current capital structure is under significant pressure to support the ongoing clinical development of the pemvidutide program.
The quality of earnings is essentially non-existent given the lack of commercial operations, making the net loss a direct proxy for the company's cash burn rate. Investors should monitor the relationship between these losses and the frequency of equity issuance, as the latter is the primary mechanism for sustaining operations.
As reported in recent financial disclosures, the company's cash position of $43.76 million appears insufficient to support sustained high-level R&D spending, raising significant questions regarding the firm's ability to reach critical clinical milestones without resorting to further dilutive financing or securing a strategic partnership.
The reliance on equity markets to fund operations creates a structural risk where the company's valuation may be decoupled from its clinical progress. If management fails to secure a partnership, the necessity for capital raises may continue to erode shareholder value, regardless of the potential efficacy of the pipeline.
Quick answers to the most common questions about buying ALT stock.
For fiscal year 2025, Altimmune, Inc. (ALT) reported total revenue of $0.0M. This represents a 93.0% decline compared to $0.6M in 2005.
Altimmune, Inc. (ALT) reported a net loss of $88.1M for the fiscal year ending 2025.
Altimmune, Inc. (ALT) reported an operating income of $-94.5M, resulting in an operating profit margin of -230461.0%. This margin reflects the operational efficiency of the business before interest and taxes.
Altimmune, Inc. (ALT) generated $0.0M in gross profit for the year, representing a gross profit margin of 100.0%. This demonstrates the company's core pricing power and production efficiency.