--- title: "Altimmune agrees to $75 million registered direct offering" url: "https://aibio.space/news/altimmune-agrees-75-million-registered-direct-offering-one-new/" publisher: "aibio.space (Biotech Investor Relations News)" date: "2026-01-28" section: "Financings" tickers: "NASDAQ:ALT" source: "https://www.sec.gov/Archives/edgar/data/1326190/000132619026000004/alt-20260128x424b5.htm" summary: "Altimmune is selling 12,397,920 shares at $4.40 each, plus pre-funded warrants for 4,647,534 shares, to one investor, with Titan Partners Group LLC as sole" --- By the aibio.space news desk. Sources - [Altimmune, Inc. 424B5 (2026-01-28)](https://www.sec.gov/Archives/edgar/data/1326190/000132619026000004/alt-20260128x424b5.htm) - [Altimmune, Inc. 8-K (2026-01-28)](https://www.sec.gov/Archives/edgar/data/1326190/000132619026000006/alt-20260127x8k.htm) - [Altimmune, Inc. 10-K (2025-02-27): business](https://www.sec.gov/Archives/edgar/data/1326190/000132619025000015/alt-20241231x10k.htm) - [Altimmune, Inc. financial data (SEC XBRL)](https://www.sec.gov/Archives/edgar/data/1326190/000132619026000018/) [ALT](https://aibio.space/companies/altimmune/) 2026-01-28 # Altimmune agrees to $75 million registered direct offering with one new investor Tickers [ALT](https://aibio.space/companies/altimmune/) Altimmune is selling 12,397,920 shares at $4.40 each, plus pre-funded warrants for 4,647,534 shares, to one investor, with Titan Partners Group LLC as sole placement agent. ## Key facts - **Company**: Altimmune, Inc. (NASDAQ: ALT) - **News type**: Financings - **Primary source**: [Altimmune, Inc. 424B5 (2026-01-28)](https://www.sec.gov/Archives/edgar/data/1326190/000132619026000004/alt-20260128x424b5.htm) *A distant skyline over open water. Photo: Matt Bango, CC0, via StockSnap. The picture shows the field, not the companies named.* Altimmune, Inc. (Nasdaq: [ALT](https://aibio.space/companies/altimmune/)) entered into a securities purchase agreement on January 27, 2026 with a new fundamental institutional investor. The filings do not name the investor. The deal is a registered direct offering under a shelf registration statement on Form S-3 that the SEC declared effective on December 5, 2025. Gross proceeds are approximately $75 million, before placement agent fees and other offering expenses. ## The terms and the price The offering price is $4.40 per share. Each pre-funded warrant is priced at $4.399 and has a $0.001 exercise price. The prospectus supplement shows placement agent fees of $4,312,500, which leaves proceeds to the company of $70,687,500 before other expenses. The closing is expected on or about January 29, 2026. The Nasdaq Global Market closing price was $6.18 per share on January 27, 2026, the day the purchase agreement was signed. The offering price is below that close. The filings do not explain the difference. Altimmune estimates net proceeds of approximately $70,402,500 after placement agent fees and expenses. It intends to use them, with existing cash and securities, to advance pemvidutide, including its upcoming Phase 3 trial in MASH, drug manufacture and commercial-launch preparation, with the rest for general corporate purposes. ## Agents, counsel and the warrant terms Titan Partners Group LLC, a division of American Capital Partners, LLC, is the sole placement agent. The agent is not buying the securities and need not arrange any set sale, though it agreed to use reasonable best efforts. The company agreed to pay Titan a cash fee based on gross proceeds and to reimburse up to $125,000 of the agent's expenses. Goodwin Procter LLP wrote the legality opinion, filed as Exhibit 5.1 to the 8-K. The filings name no underwriter. The pre-funded warrants do not expire and can be exercised at any time after issuance. They will not be listed on Nasdaq or any other exchange. Each holder is capped at 9.99% of the common stock outstanding after exercise. The holder may raise that cap to no more than 19.99%, effective on the 61st day after notice. Altimmune and each of its directors and executive officers also agreed to a 30-day lock-up after closing, which Titan can waive. ## The company and its lead drug Altimmune is based in Gaithersburg, Maryland, and describes itself as a clinical-stage biopharmaceutical company focused on obesity, metabolic and liver diseases. Its lead candidate, pemvidutide, is a peptide-based GLP-1 and glucagon dual receptor agonist, described as investigational in obesity and in MASH, a liver disease. The most recent annual report, filed February 27, 2025, says more than 500 people have received pemvidutide across six completed trials. The main efficacy result is the 48-week MOMENTUM Phase 2 obesity trial, which enrolled 391 people. At week 48, mean weight loss was 10.3%, 11.2% and 15.6% at the three doses, against 2.2% for placebo. The report also describes a body composition sub-study of 67 people, 50 of them on pemvidutide. It says 21.9% of the weight lost was lean mass, and that the company believes the drug offers "class-leading lean mass preservation." The sub-study is small. The report compares that figure with other drugs in the class, where it says up to 40% of weight loss came from lean mass, but does not show how those figures were measured. The report's safety claims are the company's own view, and its clinical description predates the offering by almost a year. ## Dilution and the other sales programs The supplement puts net tangible book value at $184.1 million, or $1.93 per share, at September 30, 2025. After 17,145,589 shares sold through two at-the-market programs for net proceeds of approximately $70.0 million, and then this offering, it shows $2.59 per share, an immediate dilution of $1.81 per share to buyers. If the pre-funded warrants were exercised at once, the figure would be $2.50 and the dilution $1.90. Altimmune had 112,833,597 shares outstanding on January 27, 2026. Up to $165.8 million of stock remains available under its November 2025 at-the-market program with Leerink Partners LLC. The company agreed not to sell under it until 30 days after the purchase agreement date. [Report an error](https://aibio.space/reputation/#correction) ## Companies in this story ALT Altimmune, Inc. NASDAQ ยท United States Open the starter desk ## More in Financings Financings ### [INmune Bio raises $4.50 million in registered direct offering with warrants](https://aibio.space/news/inmune-bio-raises-4-50-million-registered-direct-offering-warrants/) Oct 29, 2026 Financings ### [Lexeo Therapeutics files $300 million shelf registration](https://aibio.space/news/lexeo-therapeutics-files-300-million-shelf-registration/) Oct 29, 2026 Financings ### [ProKidney files $650 million shelf with $200 million Jefferies sales program](https://aibio.space/news/prokidney-files-650-million-shelf-200-million-jefferies-sales-program/) Oct 29, 2026 --- Source page: https://aibio.space/news/altimmune-agrees-75-million-registered-direct-offering-one-new/. Facts in aibio.space stories are checked against company filings and releases; opinion is labelled. Cite as: aibio.space, "Altimmune agrees to $75 million registered direct offering", 2026-01-28, https://aibio.space/news/altimmune-agrees-75-million-registered-direct-offering-one-new/