Altimmune, Inc. (ALT), a clinical stage biopharmaceutical company focused on developing treatments for liver disease and immune modulating therapies, announced the latest results from a preclinical study observing the ability of its AdCOVID vaccine candidate to neutralize the swift transmission of SARS-CoV-2 B.1.351 strain of concern that originated in South Africa.
At last check, shares of Altimmune Inc. (ALT) were up 5.08% at $12.40. ALT stock closed last session at $11.80, decreasing -2.07% or -$0.25. Shares of the company fluctuated between $11.80 and $12.63 throughout the day. ALT shares have risen by 40.14% over the last 12 months, and they have moved down by -16.13% in the past week.
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Financial Result First Quarter 2021
Revenue generated was $0.8 million for the first quarter of 2021versus $2.2 million in the previous quarter, depicting a decline of $1.4 million. The change in revenue quarter over quarter was offset due to a decline of $2.0 million in BARDA revenue during the current period due to the timing of clinical trials and development activities for NasoShield, partially offset by $0.5 million in revenue linked to T-COVID.
Research and development cost was $11.9 million for the first quarter of the current year in comparison to $7.2 million in the previous quarter, depicting an increment of $4.7 million. The change was offset by increased expenses of $5.4 million linked to development activities for the Company’s COVID-19 programs, offset by a decrease of $1.5 million resulting from a decline in the fair value of contingent consideration liability related with the acquisition and development of ALT-801.
General and administrative cost was $3.8 million for the first quarter of 2021in comparison to $2.3 million in the previous period, representing an increment of $1.5 million. The increment during the quarter was offset due to increased stock compensation expense and additional labor linked expenses.
Net loss for the first quarter of 2021 was $14.9 million, or $0.38 net loss per share, in comparison to $3.9 million in the previous period, or a $0.26 net loss per share. The difference in net loss is offset by higher research and development cost and general and administrative costs.
Conclusion
Positive top-line data regarding AdCOVID vaccine’s clinical study combined with a strong financial result surpassed shareholder expectations for Altimmune, Inc, with ALT stock price rising immensely.