ALT

Altimmune is a pre-commercial biotech whose entire value rests on one molecule, pemvidutide, a GLP-1/glucagon dual agonist in Phase 2/3 for MASH, AUD and ALD. There is effectively no business to value on fundamentals: FY2025 revenue was $41.0K against a $88.1M net loss and a -$67.5M operating cash outflow, producing a nonsensical P/S of ~10,025x and net margin of -214,861%. The MD&A is explicit — 'substantially all of our revenues have been derived from past grants,' the company has 'not completed pivotal clinical trials for any product candidate,' and it carries a $649.5M accumulated deficit. This is a science-and-catalyst story, not an earnings story, and it must be judged as such.

What keeps this out of 'avoid' is the balance sheet and a genuinely de-risked lead program. Though the cash line is only $43.8M, current assets of $278M against just $15M of current liabilities imply a large short-term investment pool — meaningful runway relative to the ~$67.5M annual burn, giving the company multiple shots on goal before a raise. Liabilities/equity is a benign 0.24x and equity stands at $225M. On the clinical side, the June/December 2025 IMPACT Phase 2b readouts showed statistically significant MASH resolution and anti-fibrosis NIT improvements at both doses, and the December 2025 End-of-Phase 2 FDA meeting produced what management calls 'a clear regulatory path' for a registrational Phase 3, including FDA acceptance of the AIM-MASH AI pathology tool. AUD (RECLAIM, fully enrolled, Fast Track) and ALD (RESTORE) add optionality.