Altimmune narrows its losses in 2018 as revenue holds steady amid positive trial data for its flu vaccine NasoVAX

Altimmune Inc (NASDAQ:ALT) posted financial results Tuesday that showed that the clinical-stage immunotherapeutics company narrowed its full-year losses in 2018, while revenue held steady.

“We made great progress in 2018, starting with encouraging data from our NasoVAX and HepTcell trials, re-capitalizing the company, and bolstering the leadership team,” said Altimmune CEO Vipin K Garg.

Altimmune reported positive results from a Phase 2 extension study of its NasoVAX intranasal flu vaccine candidate in 2018. Data from the study demonstrated that all the evaluated subjects remained seroprotected from infection more than a year after being vaccinated with NasoVax.

READ: Altimmune surges after reporting positive Phase 2 results for flu vaccine candidate

NasoVAX is an intranasally administered recombinant influenza vaccine that uses an adenovector to achieve expression of the flu antigen in the target cell. It potentially stimulates a broader and more rapid immune response than traditional flu vaccines, according to the Gaithersburg, Maryland, company.

NasoVAX is well-positioned to compete with other flu vaccines currently in the market. The study bears out that the immune response induced by NasoVAX could be protective for a long flu season, said the company.  

Other than NasoVAX, Altimmune is focusing on the development of early to mid-stage drug candidates including HepTcell in patients with chronic hepatitis B infection and ALT-702, a tumor immunostimulant product that has the potential to improve immune responses in a variety of cancers.

“2019 is shaping up to be just as transformative as we advance HepTcell toward Phase 2 clinical development, perform proof-of-concept studies for ALT-702, pursue acquisitions of complementary immunotherapeutic assets, and seek a partner to advance NasoVAX,” said Garg.

Key financials

The company narrowed its loss for the year ended December 31, 2018 to $42.5 million compared to $51.4 million in the prior year.

Revenue was $10.3 million for the year ended December 31, 2018 compared to $10.7 million in the prior year.

Research and development expenses were $18.5 million for the year ended December 31, 2018 compared with $18.4 million in the prior year.

On December 31, 2018, the clinical stage immunotherapeutic biotechnology company had $34.4 million in cash and cash equivalents.

Altimmune stock was down 8.3% to $2.98 in midday trade.

Contact Uttara Choudhury at [email protected]

Follow her on Twitter: @UttaraProactive 

Story by ProactiveInvestors