Summary by Moomoo AI
Altimmune, a clinical stage biopharmaceutical company, reported its financial results for the quarter ended June 30, 2024. The company experienced a net loss of $24.64 million, a 53% increase from the $16.06 million loss reported in the same quarter of the previous year. Operating expenses rose by 49% to $26.75 million, driven by a 60% increase in research and development costs, particularly due to the ramp-up of the IMPACT Phase 2b trial for pemvidutide, their lead product candidate for obesity and metabolic dysfunction-associated steatohepatitis (MASH). General and administrative expenses also saw an 18% rise. Despite these increases, the company reported a slight 8% growth in other income, netting $2.105 million, primarily from interest income on cash equivalents and short-term investments. Altimmune's current cash, cash equivalents, restricted cash, and...Show More
