Altimmune at Stifel 2026 Virtual Cardiometabolic Forum: liver push

On September 30, 2026, Altimmune (ALT) highlighted a strategic shift towards liver disease research during the Stifel 2026 Virtual Cardiometabolic Forum. The focus centered on pemvidutide, a dual glucagon and GLP-1 agonist, which could potentially support programs in MASH, alcohol use disorder (AUD), and alcohol-related liver disease (ALD). The company acknowledged the need for external funding for some parts of its plan, highlighting an evolving regulatory environment.

Pemvidutide remains central to Altimmune's strategy, with potential applications across MASH, AUD, and ALD. The company disclosed that its $519 million cash balance as of June 30 fully funded the Phase III MASH trial, PERFORMA, which is a 52-week study featuring two active doses: 1.8 mg and 2.4 mg. Phase II AUD data was described as the strongest dataset yet in the field.

CEO Jerry Durso emphasized pemvidutide as the driving force behind Altimmune's liver disease ambitions, pointing to its balanced 1-to-1 glucagon to GLP-1 profile and unique delivery design. The drug's dual mechanism and affinity for both receptors differentiate it from other drugs in development. Altimmune believes the drug's profile could accommodate patients who cannot tolerate other GLP-1 therapies, and it could also benefit those at risk of sarcopenia, where lean muscle preservation is crucial.

Management argued that MASH, AUD, and ALD share more similarities than often assumed, particularly in patient characteristics and liver pathology. The company noted that obese patients frequently consume alcohol, and heavy drinkers may also be obese due to calorie intake. This overlap could potentially broaden the commercial opportunity over time.

Chief Financial Officer Greg Weaver confirmed the company's $519 million cash balance as of June 30, which is sufficient to fund the MASH Phase III program without additional capital. The company's strong balance sheet is reflected in its current ratio of 26.78, although the stock price has recently faced pressure, trading at $2.94, down about 54% from its 52-week high of $6.44. Despite this, InvestingPro analysis suggests the stock is undervalued, making it an attractive opportunity on their list of undervalued stocks.