Altimmune, Inc. is a US-listed company in the biotechnology industry. Its financial year ends in December.
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Altimmune, Inc. valuation: adjust assumptions and compare models →
What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.
Altimmune has little or no product revenue yet; it used $77m of cash in the twelve months to June 2026. The diluted share count is up 68.8% on a year earlier, which dilutes existing holders. It passes 4 of our 7 financial-health checks.
Our model value for Altimmune is under review, so past values are not shown until it is resolved.
Source: 10-Q filed August 12, 2026 on SEC EDGAR · Financials · Valuation
Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.
Current signal Revenue growth accelerating: TTM revenue growth rose to 105.0% (+166.5pp vs the prior quarter).
Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.
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Third-party market data · may be delayed
Company announcements, filed results and changes that matter to shareholders.
| At fiscal year end | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|
| Share price | $59.70 | $2.06 | $1.89 | $11.28 | $9.16 | $16.45 | $11.25 | $7.21 | $3.61 |
| Market value | $52m | $12m | $50m | $289m | $378m | $772m | $599m | $512m | $318m |
| + Net debt (− = net cash) | −$4m | −$32m | −$7m | −$114m | −$189m | −$107m | −$131m | −$37m | −$9m |
| Enterprise value | $47m | −$20m | $43m | $175m | $189m | $665m | $468m | $475m | $309m |
| Multiples | |||||||||
| Price / sales | 4.8x | 1.1x | 8.6x | 35.3x | 85.7x | — | n/m | n/m | n/m |
| Price / earnings | — | — | — | — | — | — | — | — | — |
| Price / free cash flow | — | — | — | — | — | — | — | — | — |
| EV / EBITDA | — | — | — | — | — | — | — | — | — |
Weak moat
How hard Altimmune's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.
Net income has been a median -45.2% of total assets over 10 years.
Operating margin has been a median -669.5%; its worst year was -515860.0%.
Free cash flow was positive in 1 of 7 years, at a median -189.3% of revenue.
The diluted share count rose 703.6% over five years; stock-based pay has been a median 31.5% of revenue.
AI disruption exposure: Medium. In this industry, AI could change how the product is made or sold, without replacing the core asset. The score above includes a 5-point deduction for that exposure (14 before it).
Next results: November 5, 2026, before the open. Analysts expect revenue of $0 and EPS of −$0.14 (range −$0.15 to −$0.12) for the quarter.
| Fiscal year | EPS | Growth | Revenue | Growth |
|---|---|---|---|---|
| Current | −$0.59 | +41% | — | −100% |
| Next | −$0.67 | −14% | — | 0% |
The consensus EPS forecast for the current fiscal year is −17.0% on 90 days ago. In the last 30 days, 0 analysts raised Altimmune, Inc.'s forecast and 0 cut it.
Average of analysts' published estimates (third-party data).
| Period | Current fiscal year | Next fiscal year |
|---|---|---|
| 90 days ago | −$0.71 | −$0.86 |
| 60 days ago | −$0.57 | −$0.69 |
| 30 days ago | −$0.59 | −$0.67 |
| 7 days ago | −$0.59 | −$0.67 |
| Now | −$0.59 | −$0.67 |
| Quarter to | Estimate | Actual | Surprise |
|---|---|---|---|
| Jun 2026 | −$0.13 | −$0.12 | +4.0% |
| Mar 2026 | −$0.25 | −$0.18 | +28.0% |
| Dec 2025 | −$0.24 | −$0.27 | −11.2% |
| Sept 2025 | −$0.27 | −$0.21 | +21.0% |
Adjusted EPS as companies report it, against the average analyst estimate.
| Calendar year | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 to date |
|---|---|---|---|---|---|---|
| Return | ||||||
| ALT | −19% | +80% | −32% | −36% | −50% | −44% |
| Industry peers (median) | −36% | −57% | −17% | −28% | −5% | −26% |
| S&P 500 | +29% | −18% | +26% | +25% | +18% | +11% |
| Months that ended higher | ||||||
| ALT | 33% | 42% | 33% | 42% | 50% | 27% |
| S&P 500 | 75% | 42% | 67% | 75% | 75% | 46% |
| Largest fall from a high during the year | ||||||
| ALT | −65% | −61% | −87% | −60% | −56% | −67% |
| S&P 500 | −5% | −25% | −10% | −8% | −19% | −9% |
Worst fall since May 26, 2017: 99% from May 26, 2017 to November 19, 2019. Getting back needed a 8606% gain, and the shares have not yet recovered.
| Results released | Next day | S&P 500 next day | 5 days | 21 days |
|---|---|---|---|---|
| August 12, 2026 | −4.0% | +0.9% | +4.0% | +9.0% |
| May 13, 2026 | −5.2% | +1.4% | −8.4% | −15.3% |
| March 5, 2026 | −17.1% | −1.9% | −15.7% | −22.0% |
| November 6, 2025 | +9.6% | −1.0% | +8.3% | +49.6% |
| August 12, 2025 | +10.7% | +1.4% | +7.1% | +9.2% |
| May 13, 2025 | −5.2% | +0.8% | −2.7% | +19.0% |
| February 27, 2025 | +12.0% | −0.1% | −5.9% | −10.4% |
| November 12, 2024 | +29.5% | −0.3% | +1.6% | +16.9% |
| August 8, 2024 | +12.2% | +2.8% | +13.5% | +16.0% |
| May 9, 2024 | +0.8% | +0.7% | +24.3% | −12.6% |
| March 27, 2024 | +17.7% | +0.8% | +2.9% | −16.1% |
| November 7, 2023 | +1.1% | +0.4% | −9.7% | +146.4% |
Source: SEC EDGAR filings. Retrieved November 1, 2026.
| Period | Revenue (TTM) |
|---|---|
| FY23 Q1 | -$79K |
| FY23 Q2 | -$81K |
| FY23 Q3 | $279K |
| FY23 Q4 | $426K |
| FY24 Q1 | $410K |
| FY24 Q2 | $409K |
| FY24 Q3 | $52K |
| FY24 Q4 | $20K |
| FY25 Q1 | $20K |
| FY25 Q2 | $20K |
| FY25 Q3 | $20K |
| FY25 Q4 | $41K |
Source: SEC EDGAR filings. Retrieved November 1, 2026.
| Period | Revenue growth, TTM YoY |
|---|---|
| FY21 Q3 | -46.6% |
| FY21 Q4 | -46.1% |
| FY22 Q1 | -47.1% |
| FY22 Q2 | -44.2% |
| FY22 Q3 | -3.7% |
| FY23 Q3 | -91.6% |
| FY24 Q3 | -81.4% |
| FY24 Q4 | -95.3% |
| FY25 Q1 | -95.1% |
| FY25 Q2 | -95.1% |
| FY25 Q3 | -61.5% |
| FY25 Q4 | 105.0% |
Source: SEC EDGAR filings. Retrieved November 1, 2026.
| Period | Operating margin (TTM) |
|---|---|
| FY23 Q1 | 113924.1% |
| FY23 Q2 | 108163.0% |
| FY23 Q3 | -30609.3% |
| FY23 Q4 | -22518.5% |
| FY24 Q1 | -24625.4% |
| FY24 Q2 | -26822.0% |
| FY24 Q3 | -215248.1% |
| FY24 Q4 | -515860.0% |
| FY25 Q1 | -490965.0% |
| FY25 Q2 | -471850.0% |
| FY25 Q3 | -452310.0% |
| FY25 Q4 | -230461.0% |
Source: SEC EDGAR filings. Retrieved November 1, 2026.
| Period | FCF margin (TTM) |
|---|---|
| FY21 Q1 | -791.8% |
| FY21 Q2 | -1178.1% |
| FY21 Q3 | -2369.0% |
| FY21 Q4 | -2048.9% |
| FY22 Q1 | -2222.9% |
| FY22 Q2 | -2020.6% |
| FY22 Q3 | -2033.2% |
| FY22 Q4 | 92223.5% |
| FY23 Q1 | 86879.7% |
| FY23 Q2 | 88013.6% |
| FY23 Q3 | -27479.6% |
| FY23 Q4 | -17806.8% |
| Fiscal year | 2010 Dec 2010 | 2011 Dec 2011 | 2016 Dec 2016 | 2017 Dec 2017 | 2018 Dec 2018 | 2019 Dec 2019 | 2020 Dec 2020 | 2021 Dec 2021 | 2022 Dec 2022 | 2023 Dec 2023 | 2024 Dec 2024 | 2025 Dec 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income | ||||||||||||
| Revenue | 21 | 24 | 3 | 11 | 10 | 6 | 8 | 4 | −0 | 0 | 0 | 0 |
| EBITDA | −23 | −11 | −11 | −52 | −43 | −21 | −54 | −96 | −88 | −95 | −103 | −94 |
| Operating income | −24 | −12 | −11 | −52 | −43 | −21 | −55 | −97 | −88 | −96 | −103 | −94 |
| Net income | −35 | −4 | −11 | −46 | −39 | −21 | −49 | −97 | −85 | −88 | −95 | −88 |
| Diluted EPS | −$81.00 | −$0.20 | $7.38 | −$59.45 | −$7.58 | −$0.80 | −$1.91 | −$2.35 | −$1.81 | −$1.66 | −$1.34 | −$1.00 |
| Growth (year on year) | ||||||||||||
| Revenue | — | +15.6% | −86.7% | +231.8% | −3.8% | −43.8% | +41.1% | −46.1% | −101.5% | — | −95.3% | +105.0% |
| Margins | ||||||||||||
| EBITDA margin | −107.3% | −46.4% | −340.8% | −483.9% | −412.5% | −363.3% | −664.3% | <−999% | >999% | <−999% | <−999% | <−999% |
| Operating margin | −112.2% | −48.3% | −342.7% | −484.7% | −414.6% | −370.0% | −669.5% | <−999% | >999% | <−999% | <−999% | <−999% |
| Net margin | −166.0% | −15.6% | −342.6% | −432.3% | −379.2% | −353.7% | −599.2% | <−999% | >999% | <−999% | <−999% | <−999% |
| Free-cash-flow margin | −72.6% | −32.5% | −200.2% | −189.3% | −100.3% | −165.5% | −421.6% | <−999% | >999% | <−999% | — | <−999% |
| Cash flow | ||||||||||||
| Cash from operations | −15 | −8 | −6 | −20 | −9 | −10 | −34 | −78 | −63 | −76 | −80 | −68 |
| Capital spending | 0 | 0 | 0 | 0 | 1 | 0 | 0 | 12 | 0 | 0 | — | 0 |
| Free cash flow | −15 | −8 | −6 | −20 | −10 | −10 | −35 | −90 | −63 | −76 | — | −68 |
| Stock-based pay | 3 | 3 | 1 | 1 | 1 | 1 | 3 | 6 | 8 | 11 | 14 | 16 |
| Free cash flow after stock pay | −18 | −10 | −7 | −22 | −11 | −11 | −37 | −96 | −71 | −86 | — | −84 |
| Balance sheet | ||||||||||||
| Cash | 12 | 11 | 3 | 9 | 34 | 9 | 116 | 190 | 111 | 135 | 37 | 44 |
| Total debt | 0 | — | 1 | 5 | 2 | 2 | 2 | 1 | 5 | 4 | 0 | 35 |
| Net debt (negative = net cash) | −12 | −11 | −2 | −4 | −32 | −7 | −114 | −189 | −107 | −131 | −37 | −9 |
| Diluted shares | — | — | — | — | 6m | 26m | 26m | 41m | 47m | 53m | 71m | 88m |
| Quarter | 2024 Q1 Mar 2024 | 2024 Q2 Jun 2024 | 2024 Q3 Sept 2024 | 2024 Q4 Dec 2024 | 2025 Q1 Mar 2025 | 2025 Q2 Jun 2025 | 2025 Q3 Sept 2025 | 2025 Q4 Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Income | ||||||||
| Revenue | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EBITDA | −27 | −27 | −25 | −25 | −22 | −23 | −21 | −29 |
| Operating income | −27 | −27 | −25 | −25 | −22 | −23 | −21 | −29 |
| Net income | −24 | −25 | −23 | −23 | −20 | −22 | −19 | −27 |
| Diluted EPS | −$0.34 | −$0.35 | −$0.32 | −$0.33 | −$0.26 | −$0.27 | −$0.21 | −$0.26 |
| Growth (year on year) | ||||||||
| Revenue | −76.2% | −16.7% | −98.6% | −86.5% | 0.0% | 0.0% | 0.0% | +420.0% |
| Margins | ||||||||
| EBITDA margin | <−999% | <−999% | <−999% | <−999% | <−999% | <−999% | <−999% | <−999% |
| Operating margin | <−999% | <−999% | <−999% | <−999% | <−999% | <−999% | <−999% | <−999% |
| Net margin | <−999% | <−999% | <−999% | <−999% | <−999% | <−999% | <−999% | <−999% |
| Free-cash-flow margin | — | — | — | — | — | — | <−999% | <−999% |
| Cash flow | ||||||||
| Cash from operations | −16 | −18 | −27 | −18 | −17 | −19 | −12 | −19 |
| Capital spending | — | — | — | — | — | — | 0 | 0 |
| Free cash flow | — | — | — | — | — | — | −12 | −19 |
| Stock-based pay | 4 | 4 | 3 | 3 | 4 | 4 | 4 | 5 |
| Free cash flow after stock pay | — | — | — | — | — | — | −15 | −24 |
| Last 12 months unless stated | ALT | LYEL | AIM | IBIO | LSTA | CLDX | Median |
|---|---|---|---|---|---|---|---|
| Revenue, last 12 months | $41000 | $27000 | $95000 | $100000 | $100000 | $158000 | $55m |
| Revenue growth, last 12 months | 105.0% | −55.0% | −21.5% | −75.0% | −90.7% | −97.3% | 12.7% |
| Revenue growth, 3-year average | — | −91.8% | −17.3% | −62.4% | — | −63.5% | 13.7% |
| Revenue growth, latest quarter | 420.0% | −50.0% | 4.0% | −100.0% | −100.0% | −97.0% | 10.2% |
| Gross margin | — | — | −968.5% | 59.9% | 7.7% | — | 82.9% |
| Operating margin | <−999% | <−999% | <−999% | <−999% | <−999% | <−999% | −191.1% |
| Operating margin, 3-year average | <−999% | <−999% | <−999% | <−999% | <−999% | <−999% | −365.3% |
| Net margin | <−999% | <−999% | <−999% | <−999% | <−999% | <−999% | −172.8% |
| Cash from operations / revenue | <−999% | <−999% | <−999% | <−999% | <−999% | <−999% | −168.8% |
| Free-cash-flow margin | <−999% | <−999% | <−999% | <−999% | <−999% | <−999% | −168.1% |
| Free-cash-flow margin, 3-year average | >999% | <−999% | <−999% | <−999% | <−999% | <−999% | −306.5% |
| Stock pay / revenue | >999% | >999% | 0.0% | >999% | >999% | >999% | 20.7% |
| Change in share count | 68.8% | — | 49.8% | 13.9% | 5.1% | 4.7% | 8.3% |
| Manager | Value | Shares | Share of 13F value | Shares QoQ |
|---|---|---|---|---|
| Blackrock, Inc. | $62M | 20.4M | 13.5% | ▲ 59.3% |
| Deep Track Capital, LP | $58.5M | 19.3M | 12.7% | New |
| State Street Corp | $36.8M | 12.1M | 8.0% | ▲ 69.3% |
| Tcg Crossover Management, LLC | $30.4M | 10.0M | 6.6% | New |
| Vanguard Capital Management LLC | $24.9M | 8.2M | 5.4% | ▲ 44.5% |
| Vanguard Portfolio Management LLC | $22.3M | 7.3M | 4.8% | ▲ 36.2% |
| Marshall Wace, LLP | $20.8M | 6.8M | 4.5% | ▲ 70.3% |
| Viking Global Investors LP | $20.4M | 6.7M | 4.4% | New |
| RA Capital Management, L.P. | $19.8M | 6.5M | 4.3% | New |
| Geode Capital Management, LLC | $15.2M | 5.0M | 3.3% | ▲ 61.3% |
| Woodline Partners LP | $10.3M | 3.4M | 2.2% | New |
| Millennium Management LLC | $10.1M | 3.3M | 2.2% | ▲ 1.6% |
From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Altimmune, Inc.'s complete shareholder register. Values are as reported by the filers .
| Insider | Date | Trade | Shares | Price | Value |
|---|---|---|---|---|---|
| Durso Jerome Benedict President and CEO | August 13, 2026 | Buy | 15,000 | $2.95 | $44,250 |
| Gill John Director | April 6, 2026 | Buy | 9,200 | $3.41 | $31,372 |
| Durso Jerome Benedict President and CEO | April 1, 2026 | Buy | 15,000 | $3.14 | $47,100 |
| Weaver Gregory L Chief Financial Officer | April 1, 2026 | Buy | 10,000 | $3.15 | $31,500 |
| Durso Jerome Benedict President and CEO | March 6, 2026 | Buy | 20,000 | $3.54 | $70,800 |
| Weaver Gregory L Chief Financial Officer | March 6, 2026 | Buy | 5,000 | $3.54 | $17,700 |
| Pisano Wayne Director | January 8, 2026 | Buy | 5,000 | $4.08 | $20,400 |
| Sohn Catherine A. Director | January 5, 2026 | Buy | 500 | $4.24 | $2,120 |
| Jorkasky Diane Director | December 29, 2025 | Buy | 527 | $3.80 | $2,003 |
| Gill John Director | December 23, 2025 | Buy | 12,500 | $4.10 | $51,250 |
| Durso Jerome Benedict Director | December 22, 2025 | Buy | 12,500 | $4.13 | $51,625 |
From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.
Next expected around November 5, 2026 estimated from the company's past filing pattern, not announced
| Data | Last updated | Source |
|---|---|---|
| Share price | Exchange closing prices | |
| Financial statements | SEC 10-K and 10-Q filings | |
| News and updates | Company releases and SEC 8-K filings | |
| Analyst estimates | Aggregated analyst estimates | |
| Valuation and scores | Our models, from the filed figures |
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