1Q26 EPS: Financing Support ALT Ph3 MASH Start 2H26/ Data '29; AUD Data in 3Q26

Research evidence excerpt

1Q26 EPS: Financing Support ALT Ph3 MASH Start 2H26/ Data '29; AUD Data in 3Q26

USA | Biotechnology

Altimmune EquityMayResearch13, 2026

ESTIMATE CHANGE1Q26 EPS: Financing Support ALT Ph3 MASH

RATING BUYStart 2H26/ Data '29; AUD Data in 3Q26

PRICE $3.02^

We caught up with mgmt. The Q focuses on de-risking platform/ execution as

ALT transitions into a late-stage liver-disease company. Co is on track to start PRICE TARGET | % TO PT $28.00 | +827%

PERFORMA Ph3 MASH in 2H after receiving FDA/ EMA alignment. Ph2 AUD 52W HIGH-LOW $7.73 - $2.56

enrolled ahead of schedule/ data in Q3/ ALD enrollment completion 3Q26. Co FLOAT (%) | ADV MM (USD) 182.4% | 13.56

had recent equity raise ~$225M that lifts cash to ~$535M/ extends runway MARKET CAP $303.9M

through planned Ph3 MASH 52W biopsy readout in 2029. Co has multiple TICKER ALT ^Prior trading day's closing price unless otherwise

presentations at EASL. noted.

Bottom line. ALT is in a solid place for franchise-wide valuation build, with Ph3 REFORMA MASH FY (Dec) CHANGE TO JEFe JEF vs CONS

initiating in 2H26/ Ph2 RECLAIM AUD data 3Q26/ ALD enrollment target 3Q26 complete, and recent 2026 2027 2026 2027

raise removed financial overhang/ extended cash runway to cover Ph3 MASH biopsy readout. REV NA NA NA NA

Ph3 PERFORMA MASH. Co is on track for 2H26 initiation, with protocol aligned with FDA/EMA. EPS +49% NA NA NA

Primary endpoint remains 52-week biopsy for accelerated approval + NITs in parallel as supportive

data + ~5-year outcomes data on liver-related events needed for final approval. Dosing strategy 2026 ($) Q1A Q2 Q3 Q4 FY

reflects Ph2 learnings, with 1.8 mg as anchor/ 2.4 mg added for upside efficacy (via greater EPS (0.18) (0.21) (0.23) (0.24) (0.86)

weight loss), and 1.2 mg as a well-tolerated starting dose.