aibioAltimmune launches stock and warrant offering, later prices it at $3.00
Tickers ALT
Altimmune sold 64,250,000 shares at $3.00 with a warrant for each share, against a last reported sale price of $3.47 on April 22, 2026.
Key facts
- Company
- Altimmune, Inc. (NASDAQ: ALT)
- News type
- Financings
- Primary source
- Altimmune, Inc. 424B5 (2026-04-22)
Altimmune, Inc. (Nasdaq: ALT) launched a stock and warrant offering on April 22, 2026. The preliminary supplement left the share count, price and proceeds blank. A final prospectus supplement, also dated April 22, 2026, sets the terms: 64,250,000 shares of common stock at $3.00 each, sold with common warrants to buy up to 75,000,000 shares at $3.00.
The terms and the price
Investors who choose can take pre-funded warrants for up to 10,750,000 shares in place of common stock, at $2.999 each. Each share or pre-funded warrant is sold with one common warrant to buy one share. The total offering price is $224,989,250. Underwriting discounts are $0.18 per share, or $13,500,000, which leaves proceeds to the company before expenses of $2.82 per share, or $211,489,250. Delivery is expected on or about April 24, 2026.
The last reported sale price was $3.41 on April 21, 2026, and $3.47 on April 22. The offering price is below both.
Agents and underwriting
Leerink Partners LLC and Barclays Capital Inc. are the representatives of the underwriters and joint bookrunning managers. Titan Partners Group LLC, a division of American Capital Partners, LLC, is co-book running manager. Goodwin Procter LLP of Boston is counsel to Altimmune, and Cooley LLP of New York is counsel for the underwriters. It, its executive officers and its directors agreed not to sell stock for 90 days without consent from Leerink and Barclays.
The warrants
The common warrants have an exercise price of $3.00 per share. They can be exercised until the earlier of the fifth anniversary of issuance and 45 days after the company publicly announces a successful Phase 3 readout of pemvidutide in MASH. A successful readout would therefore shorten the warrants' life to 45 days, if that falls before the fifth anniversary. The supplement does not say when that Phase 3 readout is expected.
If the common warrants were exercised in full, they would add up to 75,000,000 shares to the count. The pre-funded warrants do not expire and can be exercised at any time after issuance, subject to an ownership limit. Neither the pre-funded warrants nor the common warrants will be listed.
The clinical record behind the Phase 3
The most recent annual report, filed March 6, 2026, says its lead candidate, pemvidutide, is in development for MASH, alcohol use disorder and alcohol-associated liver disease, and that more than 700 patients have been exposed to it.
The MASH case rests on the IMPACT Phase 2b trial, which enrolled 212 people with biopsy-confirmed MASH. At 24 weeks, MASH resolution without worsening of fibrosis was 58.2% on the 1.2 mg dose and 52.1% on the 1.8 mg dose, against 19.9% on placebo. That analysis counted subjects with missing biopsies as non-responders.
The 48-week topline results, announced December 19, 2025, did not include a biopsy readout, by design. They showed improvements in two non-invasive measures of fibrosis and liver stiffness. The FDA has granted Breakthrough Therapy and Fast Track designations for MASH, which are not approvals. The report says pemvidutide had adverse-event discontinuation rates below 1% at 1.2 mg and 1.2% at 1.8 mg, against 2.4% on placebo, and that the trial used no dose titration.
The money
Proceeds before expenses of $211,489,250 compare with a 2025 cash used in operations of $67.5 million and a 2025 net loss of $88.1 million, both from the annual report filed March 6, 2026. The supplement estimates net proceeds of approximately $211.2 million. It says the money, with existing cash and securities, is meant to advance pemvidutide, including its global pivotal Phase 3 trial in MASH, to start pre-commercial activities and for general corporate purposes. If all the common warrants were exercised for cash, Altimmune would receive a further $225 million, but the supplement says they may expire unexercised.
Buyers face dilution of $0.35 per share in net tangible book value, or $0.26 if the common warrants are exercised in full for cash and $0.49 if the pre-funded warrants are exercised at once. Altimmune had 110,882,735 shares outstanding on December 31, 2025, and the supplement puts the count after this offering at 194,199,358 shares, before any warrant exercise. The supplement gives no current cash balance.