ALTIMMUNE, INC._March 31, 2026

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

☒	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2026

☐	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission file number 001-32587

ALTIMMUNE, INC.

(Exact Name of Registrant as Specified in its Charter)


Delaware		20-2726770
(State or Other Jurisdiction of Incorporation or Organization)		(I.R.S. Employer Identification No.)

910 Clopper Road Suite 201S, Gaithersburg, Maryland		20878
(Address of Principal Executive Offices)		(Zip Code)

(240) 654-1450

(Registrant’s Telephone Number, Including Area Code)

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common stock, par value $0.0001 per share	ALT	The NASDAQ Global Market

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ⌧ No ◻

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ⌧ No ◻

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.


Large accelerated filer	☐	Accelerated filer	☐
Non-accelerated filer	☒	Smaller reporting company	☒
		Emerging growth company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ◻

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes ☐ No ⌧

As of May 8, 2026 there were 194,474,154 shares of the registrant’s common stock, par value $0.0001 per share, outstanding.

Table of Contents

ALTIMMUNE, INC.

TABLE OF CONTENTS


		Page

PART I. FINANCIAL INFORMATION

Item 1.	Financial Statements	1

	Consolidated Balance Sheets as of March 31, 2026 (unaudited) and December 31, 2025	1

	Consolidated Statements of Operations and Comprehensive Loss for the three months ended March 31, 2026 and 2025 (unaudited)	2

	Consolidated Statements of Changes in Stockholders’ Equity for the three months ended March 31, 2026 and 2025 (unaudited)	3

	Consolidated Statements of Cash Flows for the three months ended March 31, 2026 and 2025 (unaudited)	5

	Notes to Consolidated Financial Statements (unaudited)	6

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	16

Item 3.	Quantitative and Qualitative Disclosures about Market Risk	23

Item 4.	Controls and Procedures	23


PART II. OTHER INFORMATION

Item 1.	Legal Proceedings	23

Item 1A.	Risk Factors	24

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	24

Item 3.	Defaults Upon Senior Securities	24

Item 4.	Mine Safety Disclosures	24

Item 5.	Other Information	24

Item 6.	Exhibits	25

	Signatures	27

Table of Contents

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements

ALTIMMUNE, INC.

CONSOLIDATED BALANCE SHEETS

(In thousands, except share and per-share amounts)


		March 31,		December 31,
		2026		2025
		(Unaudited)
ASSETS
Current assets:
Cash and cash equivalents		$	97,601	$	43,760
Restricted cash			42		42
Total cash, cash equivalents and restricted cash			97,643		43,802
Short-term investments			233,939		229,696
Accounts and other receivables			1,665		1,219
Income tax and R&D incentive receivables			—		518
Prepaid expenses and other current assets			1,429		2,957
Total current assets			334,676		278,192
Property and equipment, net			208		312
Other assets			746		1,425
Total assets		$	335,630	$	279,929
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable		$	1,530	$	2,717
Accrued expenses and other current liabilities			9,793		12,280
Total current liabilities			11,323		14,997
Term loan, noncurrent			34,505		34,287
Other noncurrent liabilities			5,815		5,753
Total liabilities			51,643		55,037
Commitments and contingencies (Note 10)
Stockholders’ equity:
Common stock, $0.0001 par value; 200,000,000 shares authorized; 130,221,154 and 110,882,735 shares issued and outstanding as of March 31, 2026 and December 31, 2025, respectively			13		11
Additional paid-in capital			961,244		879,292
Accumulated deficit			(672,046)		(649,483)
Accumulated other comprehensive loss, net			(5,224)		(4,928)
Total stockholders’ equity			283,987		224,892
Total liabilities and stockholders’ equity		$	335,630	$	279,929

The accompanying notes are an integral part of the unaudited consolidated financial statements.

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ALTIMMUNE, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS

(Unaudited)

(In thousands, except share and per-share amounts)


	Three Months Ended
	March 31,
	2026			2025
Revenues	$	—		$	5
Operating expenses:
Research and development		16,192			15,827
General and administrative		8,052			5,993
Total operating expenses		24,244			21,820
Loss from operations		(24,244)			(21,815)
Other income (expense):
Interest expense		(1,068)			(1)
Interest income		2,901			1,545
Other income (expense), net		(152)			15
Total other income (expense), net		1,681			1,559
Net loss before income taxes		(22,563)			(20,256)
Income tax expense (benefit)		—			(681)
Net loss		(22,563)			(19,575)
Other comprehensive income — unrealized loss on short-term investments		(296)			(30)
Comprehensive loss	$	(22,859)		$	(19,605)
Net loss per share, basic and diluted	$	(0.18)		$	(0.26)
Weighted-average common shares outstanding, basic and diluted		124,461,818			75,547,746

The accompanying notes are an integral part of the unaudited consolidated financial statements.

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ALTIMMUNE, INC.

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY

(Unaudited)

(In thousands, except share amounts)


												Accumulated
						Additional						Other		Total
		Common Stock				Paid-In			Accumulated			Comprehensive		Stockholders’
		Shares	Amount			Capital			Deficit			Loss		Equity
Balance at December 31, 2025		110,882,735	$	11		$	879,292		$	(649,483)		$	(4,928)	$	224,892
Stock-based compensation		—		—			3,378			—			—		3,378
Exercise of stock options		4,458		—			13			—			—		13
Vesting of restricted stock awards including withholding, net		209,537		—			(695)			—			—		(695)
Issuance of common stock from Employee Stock Purchase Plan		57,801		—			177			—			—		177
Issuance of common stock in at-the-market offerings, net		2,021,169		—			8,742			—			—		8,742
Issuance of common stock in direct offering, net		12,397,920		1			51,059			—			—		51,060
Issuance of common stock upon exercise of pre-funded warrants		4,647,534		1			19,278			—			—		19,279
Unrealized loss on short-term investments		—		—			—			—			(296)		(296)
Net loss		—		—			—			(22,563)			—		(22,563)
Balance at March 31, 2026		130,221,154	$	13		$	961,244		$	(672,046)		$	(5,224)	$	283,987

The accompanying notes are an integral part of the unaudited consolidated financial statements.

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ALTIMMUNE, INC.

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY

(Unaudited)

(In thousands, except share amounts)

SEC Form 10-Q filed by Altimmune Inc.