Altimmune says $519 million in cash funds pemvidutide through 2029 MASH readout
Altimmune's $519 million balance is projected to carry pemvidutide, an unapproved GLP-1/glucagon drug, to a 2029 liver-disease readout that would be its first Phase 3 result.
Altimmune reported $519 million in cash, equivalents and investments at the end of the second quarter of 2026 and said the balance is enough to fund the company through the 52-week readout of its PERFORMA Phase 3 trial of pemvidutide in MASH, expected in 2029 [1]. The results were reported on August 12 [1]. The company also said it has completed enrollment in RESTORE, a Phase 2 trial of pemvidutide in alcohol-associated liver disease, adding a third indication alongside MASH and alcohol use disorder [1].
Pemvidutide is an investigational GLP-1/glucagon dual agonist. It is not approved for any use [1].
The $519 million compares with about $535 million in cash reported as of April 30, 2026, a total that included a $225 million raise completed in April 2026 [1]. Altimmune's market value was roughly $440 million to $590 million as of July 2026 [1]. The company has not disclosed how much of the current balance is committed to each of the three programs, or what the trials are expected to cost.
PERFORMA began on August 3, 2026. It is a global registrational Phase 3 trial testing whether pemvidutide improves fibrosis and resolves MASH [2]. It follows positive Phase 2b data in MASH [1][2]. Pemvidutide holds FDA breakthrough therapy designation in MASH [1].
In alcohol use disorder, the RECLAIM Phase 2 trial reported on July 28, 2026 met its primary endpoint, with a weight change of -9.1 percent versus placebo, and the company said registrational secondary endpoints were also met [1]. In obesity, pemvidutide has produced about 15.6 percent weight loss at 48 weeks in earlier testing [1].
The number of patients enrolled in RESTORE has not been disclosed, and no date has been given for its results [1].
Why it matters for patients
Pemvidutide cannot be prescribed, so it is not an option for anyone making a treatment decision today. Even if the program succeeds, the PERFORMA MASH readout is not expected until 2029, and any potential approval would come after that [1]. The company has not disclosed a filing timeline for MASH, alcohol use disorder or alcohol-associated liver disease.
Approved GLP-1 medicines, including semaglutide (Ozempic, Wegovy, Rybelsus) and tirzepatide (Mounjaro, Zepbound), are cleared for weight management and type 2 diabetes [1]. Whether any of them helps with MASH or with liver disease tied to alcohol is a separate question that this news does not answer.
The cash figure matters because a small developer running a Phase 3 trial can be forced to slow or stop a study if funding runs short. Altimmune remains small next to the largest obesity drugmakers, and the Phase 3 readout is described as a binary event for the company's prospects [1]. Company projections about how long a cash balance lasts are estimates, not guarantees.
What happens next
Sources
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