Altimmune (ALT) Financials

$3.95 -0.01 (-0.25%)

Closing price 10/24/2025 04:00 PM Eastern

Extended Trading

$3.98 +0.02 (+0.63%)

As of 10/24/2025 07:44 PM Eastern

Annual Income Statements for Altimmune

This table shows Altimmune's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2022	2023	2024
Period end date	12/31/2022	12/31/2023	12/31/2024
Net Income / (Loss) Attributable to Common Shareholders	-85	-88	-95
Consolidated Net Income / (Loss)	-85	-88	-95
Net Income / (Loss) Continuing Operations	-85	-88	-95
Total Pre-Tax Income	-85	-88	-95
Total Operating Income	-88	-96	-103
Total Gross Profit	-0.07	0.43	0.02
Total Revenue	-0.07	0.43	0.02
Operating Revenue	-0.07	0.43	0.02
Total Cost of Revenue	0.00	0.00	0.00
Total Operating Expenses	88	96	103
Selling, General & Admin Expense	17	18	21
Research & Development Expense	71	66	82
Impairment Charge	0.00	12	0.00
Total Other Income / (Expense), net	2.83	7.48	8.11
Interest Expense	0.01	0.04	0.01
Interest & Investment Income	2.87	7.35	8.07
Other Income / (Expense), net	-0.03	0.17	0.05
Basic Earnings per Share	($1.81)	($1.66)	($1.34)
Weighted Average Basic Shares Outstanding	46.93M	53.25M	71.00M
Diluted Earnings per Share	($1.81)	($1.66)	($1.34)
Weighted Average Diluted Shares Outstanding	46.93M	53.25M	71.00M
Weighted Average Basic & Diluted Shares Outstanding	49.28M	70.90M	77.01M

This table shows Altimmune's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024
Net Income / (Loss) Attributable to Common Shareholders	-24	-22	-20	-16	-21	-32	-24	-25	-23	-23
Consolidated Net Income / (Loss)	-24	-22	-20	-16	-21	-32	-24	-25	-23	-23
Net Income / (Loss) Continuing Operations	-24	-22	-20	-16	-21	-32	-24	-25	-23	-23
Total Pre-Tax Income	-24	-22	0.00	0.00	-21	-68	0.00	0.00	-23	-72
Total Operating Income	-25	-23	-22	-18	-23	-34	-27	-27	-25	-25
Total Gross Profit	0.00	-0.11	0.02	0.01	0.36	0.04	0.01	0.01	0.01	0.01
Total Revenue	0.00	-0.11	0.02	0.01	0.36	0.04	0.01	0.01	0.01	0.01
Operating Revenue	-	-	0.02	0.01	0.36	0.04	0.01	0.01	0.01	0.01
Total Operating Expenses	25	23	22	18	23	34	27	27	25	25
Selling, General & Admin Expense	4.49	3.81	4.53	4.76	4.51	4.33	5.31	5.60	4.97	5.09
Research & Development Expense	20	19	17	13	18	17	21	21	20	20
Total Other Income / (Expense), net	1.04	1.43	1.69	1.95	1.87	1.98	2.40	2.11	1.92	1.69
Interest & Investment Income	1.05	1.47	1.67	1.84	1.88	1.96	2.41	2.18	1.91	1.57
Other Income / (Expense), net	0.05	-0.22	0.02	0.11	0.01	0.02	-0.01	-0.08	0.02	0.12
Basic Earnings per Share	($0.48)	($0.47)	($0.40)	($0.32)	($0.39)	($0.55)	($0.34)	($0.35)	($0.32)	($0.33)
Weighted Average Basic Shares Outstanding	49.29M	46.93M	50.13M	50.69M	53.63M	53.25M	70.80M	70.92M	71.08M	71.00M
Diluted Earnings per Share	($0.48)	($0.47)	($0.40)	($0.32)	($0.39)	($0.55)	($0.34)	($0.35)	($0.32)	($0.33)
Weighted Average Diluted Shares Outstanding	49.29M	46.93M	50.13M	50.69M	53.63M	53.25M	70.80M	70.92M	71.08M	71.00M
Weighted Average Basic & Diluted Shares Outstanding	49.16M	49.28M	49.29M	52.69M	53.73M	70.90M	70.90M	71.07M	71.12M	77.01M

This table details how cash moves in and out of Altimmune's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2022	2023	2024
Period end date	12/31/2022	12/31/2023	12/31/2024
Net Change in Cash & Equivalents	-79	24	-98
Net Cash From Operating Activities	-63	-76	-80
Net Cash From Continuing Operating Activities	-63	-76	-80
Net Income / (Loss) Continuing Operations	-85	-88	-95
Consolidated Net Income / (Loss)	-85	-88	-95
Depreciation Expense	0.49	0.48	0.24
Amortization Expense	-0.70	-2.47	-3.85
Non-Cash Adjustments To Reconcile Net Income	8.14	23	14
Changes in Operating Assets and Liabilities, net	14	-8.27	4.48
Net Cash From Investing Activities	-73	14	-28
Net Cash From Continuing Investing Activities	-73	14	-28
Purchase of Property, Plant & Equipment	-0.13	-0.05	0.00
Purchase of Investments	-73	-89	-116
Sale and/or Maturity of Investments	0.00	102	87
Net Cash From Financing Activities	57	86	10
Net Cash From Continuing Financing Activities	57	86	10
Issuance of Common Equity	56	87	10
Other Financing Activities, net	0.43	-0.71	-0.25

This table details how cash moves in and out of Altimmune's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024
Net Change in Cash & Equivalents	-8.39	-16	-6.41	-2.33	-15	48	-56	-22	-26	5.45
Net Cash From Operating Activities	-15	-17	-19	-19	-20	-17	-16	-18	-27	-18
Net Cash From Continuing Operating Activities	-15	-17	-19	-19	-20	-17	-16	-18	-27	-18
Net Income / (Loss) Continuing Operations	-24	-22	-20	-16	-21	-32	-24	-25	-23	-23
Consolidated Net Income / (Loss)	-24	-22	-20	-16	-21	-32	-24	-25	-23	-23
Depreciation Expense	-0.14	0.46	0.13	0.12	0.12	0.11	0.11	0.06	0.04	0.03
Amortization Expense	-	-	-0.48	-0.63	-0.67	-0.70	-0.98	-1.07	-0.98	-0.82
Non-Cash Adjustments To Reconcile Net Income	2.08	2.11	2.66	2.67	2.71	15	3.66	4.38	3.07	3.24
Changes in Operating Assets and Liabilities, net	6.53	2.48	-1.63	-5.49	-1.97	0.82	5.26	3.16	-6.40	2.46
Net Cash From Investing Activities	-25	0.98	13	3.99	4.40	-7.96	-40	-3.70	1.20	14
Net Cash From Continuing Investing Activities	-25	0.98	13	3.99	4.40	-7.96	-40	-3.70	1.20	14
Purchase of Investments	-25	1.02	-21	-22	-12	-34	-54	-23	-26	-13
Sale and/or Maturity of Investments	-	-	35	26	16	26	14	20	27	27
Net Cash From Financing Activities	32	-0.04	-0.30	13	0.59	73	-0.26	-0.05	0.27	10
Net Cash From Continuing Financing Activities	32	-0.04	-0.30	13	0.59	73	-0.26	-0.05	0.27	10
Issuance of Common Equity	32	-	0.14	13	0.59	73	0.17	-	0.13	9.99
Other Financing Activities, net	0.16	-0.04	-0.44	-0.29	-0.00	0.02	-0.43	-0.05	0.14	0.09

This table presents Altimmune's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2022	2023	2024
Period end date	12/31/2022	12/31/2023	12/31/2024
Total Assets	207	211	139
Total Current Assets	193	210	137
Cash & Equivalents	111	135	37
Restricted Cash	0.03	0.04	0.04
Short-Term Investments	74	63	95
Accounts Receivable	0.17	1.11	0.54
Prepaid Expenses	5.36	6.92	2.20
Other Current Assets	2.37	3.74	2.57
Plant, Property, & Equipment, net	1.08	0.65	0.41
Total Noncurrent Assets	13	0.36	1.64
Other Noncurrent Operating Assets	0.62	0.36	1.64
Total Liabilities & Shareholders' Equity	207	211	139
Total Liabilities	22	17	16
Total Current Liabilities	17	12	10
Accounts Payable	4.80	2.07	0.21
Accrued Expenses	12	10	10
Total Noncurrent Liabilities	4.58	4.40	5.33
Commitments & Contingencies	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	185	194	124
Total Preferred & Common Equity	185	194	124
Total Common Equity	185	194	124
Common Stock	568	665	690
Retained Earnings	-378	-466	-561
Accumulated Other Comprehensive Income / (Loss)	-5.23	-5.00	-4.97

This table presents Altimmune's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024
Period end date	9/30/2022	3/31/2023	6/30/2023	9/30/2023	3/31/2024	6/30/2024	9/30/2024
Total Assets	225	187	183	167	188	173	148
Total Current Assets	211	173	170	153	188	171	146
Cash & Equivalents	127	105	102	87	79	57	31
Restricted Cash	0.03	0.03	0.04	0.04	0.04	0.04	0.04
Short-Term Investments	74	61	58	54	103	108	108
Accounts Receivable	0.63	0.25	0.14	0.88	0.31	0.42	0.43
Prepaid Expenses	4.79	3.98	5.82	7.62	2.87	3.23	3.00
Other Current Assets	3.72	3.12	3.58	3.65	2.27	2.59	2.91
Plant, Property, & Equipment, net	1.17	1.01	0.88	0.77	0.54	0.48	0.45
Total Noncurrent Assets	13	13	13	13	0.30	1.68	1.66
Other Noncurrent Operating Assets	0.68	0.55	0.48	0.43	0.30	1.68	1.66
Total Liabilities & Shareholders' Equity	225	187	183	167	188	173	148
Total Liabilities	20	19	16	16	15	21	14
Total Current Liabilities	16	15	11	12	11	15	8.64
Accounts Payable	1.42	5.24	4.04	3.05	3.76	2.69	1.13
Accrued Expenses	14	9.71	7.40	8.83	7.57	12	7.51
Total Noncurrent Liabilities	4.51	4.40	4.17	4.31	4.09	5.66	5.85
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	205	168	168	150	173	153	133
Total Preferred & Common Equity	205	168	168	150	173	153	133
Total Common Equity	205	168	168	150	173	153	133
Common Stock	567	571	587	590	669	673	676
Retained Earnings	-356	-398	-414	-435	-491	-515	-538
Accumulated Other Comprehensive Income / (Loss)	-5.30	-5.10	-5.18	-5.12	-5.16	-5.19	-4.85

This table displays calculated financial ratios and metrics derived from Altimmune's official financial filings.

Metric	2022	2023	2024
Period end date	12/31/2022	12/31/2023	12/31/2024
Growth Metrics	-	-	-
Revenue Growth	-101.54%	726.47%	-95.31%
EBITDA Growth	9.06%	-11.12%	-9.19%
EBIT Growth	9.78%	-9.10%	-7.69%
NOPAT Growth	9.47%	-9.33%	-7.55%
Net Income Growth	12.75%	-4.41%	-7.48%
EPS Growth	22.98%	8.29%	19.28%
Operating Cash Flow Growth	20.01%	-21.13%	-5.33%
Free Cash Flow Firm Growth	30.93%	-25.58%	-9.00%
Invested Capital Growth	-69.65%	-87.08%	-582.84%
Revenue Q/Q Growth	-102.05%	52.69%	-61.54%
EBITDA Q/Q Growth	0.45%	-15.49%	7.50%
EBIT Q/Q Growth	0.85%	-12.04%	7.91%
NOPAT Q/Q Growth	1.01%	-12.33%	7.82%
Net Income Q/Q Growth	2.56%	-12.72%	8.17%
EPS Q/Q Growth	4.74%	-5.06%	14.10%
Operating Cash Flow Q/Q Growth	6.93%	1.01%	-2.22%
Free Cash Flow Firm Q/Q Growth	14.91%	4.78%	-6.55%
Invested Capital Q/Q Growth	-35.37%	-95.38%	-1,479.08%
Profitability Metrics	-	-	-
Gross Margin	0.00%	100.00%	100.00%
EBITDA Margin	0.00%	-22,947.65%	-533,680.00%
Operating Margin	0.00%	-22,518.54%	-515,860.00%
EBIT Margin	0.00%	-22,479.58%	-515,620.00%
Profit (Net Income) Margin	0.00%	-20,762.21%	-475,295.00%
Tax Burden Percent	99.77%	100.00%	100.00%
Interest Burden Percent	96.74%	92.36%	92.18%
Effective Tax Rate	0.00%	0.00%	0.00%
Return on Invested Capital (ROIC)	0.00%	-2,397.80%	0.00%
ROIC Less NNEP Spread (ROIC-NNEP)	0.00%	-2,386.40%	0.00%
Return on Net Nonoperating Assets (RNNOA)	0.00%	2,351.17%	0.00%
Return on Equity (ROE)	-44.07%	-46.63%	-59.86%
Cash Return on Invested Capital (CROIC)	-469.71%	-2,243.57%	0.00%
Operating Return on Assets (OROA)	0.00%	-45.87%	-58.94%
Return on Assets (ROA)	0.00%	-42.36%	-54.33%
Return on Common Equity (ROCE)	-44.07%	-46.63%	-59.86%
Return on Equity Simple (ROE_SIMPLE)	-45.72%	-45.57%	-76.97%
Net Operating Profit after Tax (NOPAT)	-61	-67	-72
NOPAT Margin	0.00%	-15,762.98%	-361,102.00%
Net Nonoperating Expense Percent (NNEP)	-12.83%	-11.40%	-14.27%
Return On Investment Capital (ROIC_SIMPLE)	-	-34.60%	-58.47%
Cost of Revenue to Revenue	0.00%	0.00%	0.00%
SG&A Expenses to Revenue	0.00%	4,257.51%	104,830.00%
R&D to Revenue	0.00%	15,445.77%	411,130.00%
Operating Expenses to Revenue	0.00%	22,618.54%	515,960.00%
Earnings before Interest and Taxes (EBIT)	-88	-96	-103
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-88	-98	-107
Valuation Ratios	-	-	-
Price to Book Value (P/BV)	4.36	3.11	4.15
Price to Tangible Book Value (P/TBV)	4.68	3.11	4.15
Price to Revenue (P/Rev)	0.00	1,418.90	25,640.43
Price to Earnings (P/E)	0.00	0.00	0.00
Dividend Yield	0.00%	0.00%	0.00%
Earnings Yield	0.00%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	125.76	634.31	0.00
Enterprise Value to Revenue (EV/Rev)	0.00	954.45	19,043.78
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	0.00
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	0.00	0.00
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00
Leverage & Solvency	-	-	-
Debt to Equity	0.00	0.00	0.00
Long-Term Debt to Equity	0.00	0.00	0.00
Financial Leverage	-0.94	-0.99	-1.01
Leverage Ratio	1.11	1.10	1.10
Compound Leverage Factor	1.07	1.02	1.02
Debt to Total Capital	0.00%	0.00%	0.00%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	0.00%	0.00%	0.00%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%
Common Equity to Total Capital	100.00%	100.00%	100.00%
Debt to EBITDA	0.00	0.00	0.00
Net Debt to EBITDA	0.00	0.00	0.00
Long-Term Debt to EBITDA	0.00	0.00	0.00
Debt to NOPAT	0.00	0.00	0.00
Net Debt to NOPAT	0.00	0.00	0.00
Long-Term Debt to NOPAT	0.00	0.00	0.00
Altman Z-Score	19.49	18.45	12.48
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-
Current Ratio	11.31	17.26	13.11
Quick Ratio	10.85	16.38	12.65
Cash Flow Metrics	-	-	-
Free Cash Flow to Firm (FCFF)	-50	-63	-68
Operating Cash Flow to CapEx	-49,671.43%	-161,297.87%	0.00%
Free Cash Flow to Firm to Interest Expense	-6,254.25	-1,795.18	-7,609.38
Operating Cash Flow to Interest Expense	-7,823.25	-2,166.00	-8,872.00
Operating Cash Flow Less CapEx to Interest Expense	-7,839.00	-2,167.34	-8,872.00
Efficiency Ratios	-	-	-
Asset Turnover	0.00	0.00	0.00
Accounts Receivable Turnover	0.00	0.66	0.02
Inventory Turnover	0.00	0.00	0.00
Fixed Asset Turnover	0.00	0.49	0.04
Accounts Payable Turnover	0.00	0.00	0.00
Days Sales Outstanding (DSO)	0.00	550.07	15,101.88
Days Inventory Outstanding (DIO)	0.00	0.00	0.00
Days Payable Outstanding (DPO)	0.00	0.00	0.00
Cash Conversion Cycle (CCC)	0.00	550.07	15,101.88
Capital & Investment Metrics	-	-	-
Invested Capital	4.96	0.64	-3.10
Invested Capital Turnover	0.00	0.15	-0.02
Increase / (Decrease) in Invested Capital	-11	-4.32	-3.74
Enterprise Value (EV)	624	407	381
Market Capitalization	809	604	513
Book Value per Share	$3.77	$3.61	$1.74
Tangible Book Value per Share	$3.52	$3.61	$1.74
Total Capital	185	194	124
Total Debt	0.00	0.00	0.00
Total Long-Term Debt	0.00	0.00	0.00
Net Debt	-185	-198	-132
Capital Expenditures (CapEx)	0.13	0.05	0.00
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-9.16	-0.37	-5.15
Debt-free Net Working Capital (DFNWC)	176	197	127
Net Working Capital (NWC)	176	197	127
Net Nonoperating Expense (NNE)	23	21	23
Net Nonoperating Obligations (NNO)	-180	-193	-127
Total Depreciation and Amortization (D&A)	-0.21	-1.99	-3.61
Debt-free, Cash-free Net Working Capital to Revenue	0.00%	-87.56%	-25,735.00%
Debt-free Net Working Capital to Revenue	0.00%	46,357.51%	633,930.00%
Net Working Capital to Revenue	0.00%	46,357.51%	633,930.00%
Earnings Adjustments	-	-	-
Adjusted Basic Earnings per Share	($1.81)	($1.66)	($1.34)
Adjusted Weighted Average Basic Shares Outstanding	46.93M	53.25M	71.00M
Adjusted Diluted Earnings per Share	($1.81)	($1.66)	($1.34)
Adjusted Weighted Average Diluted Shares Outstanding	46.93M	53.25M	71.00M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	49.28M	70.90M	77.01M
Normalized Net Operating Profit after Tax (NOPAT)	-61	-58	-72
Normalized NOPAT Margin	0.00%	-13,722.30%	-361,102.00%
Pre Tax Income Margin	0.00%	-20,762.21%	-475,295.00%
Debt Service Ratios	-	-	-
EBIT to Interest Expense	-10,971.50	-2,736.09	-11,458.22
NOPAT to Interest Expense	-7,677.25	-1,918.58	-8,024.49
EBIT Less CapEx to Interest Expense	-10,987.25	-2,737.43	-11,458.22
NOPAT Less CapEx to Interest Expense	-7,693.00	-1,919.92	-8,024.49
Payout Ratios	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%
Augmented Payout Ratio	0.00%	0.00%	0.00%

This table displays calculated financial ratios and metrics derived from Altimmune's official financial filings.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024
Growth Metrics	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-98.73%	-103.36%	-34.38%	-25.00%	18,000.00%	133.64%	-76.19%	-16.67%	-98.62%	-86.49%
EBITDA Growth	25.18%	4.58%	-14.67%	9.44%	7.10%	-49.61%	-25.28%	-51.25%	-11.32%	25.30%
EBIT Growth	26.24%	3.13%	-12.13%	12.16%	8.81%	-44.15%	-23.30%	-49.89%	-9.87%	26.35%
NOPAT Growth	25.45%	3.71%	-11.59%	11.71%	8.94%	-45.59%	-23.14%	-48.53%	-9.88%	26.04%
Net Income Growth	29.82%	9.33%	-3.31%	20.12%	12.10%	-46.08%	-21.52%	-53.42%	-10.52%	26.74%
EPS Growth	40.74%	16.07%	9.09%	23.81%	18.75%	-17.02%	15.00%	-9.38%	17.95%	40.00%
Operating Cash Flow Growth	15.33%	21.22%	-43.48%	-16.04%	-36.13%	4.47%	15.72%	6.58%	-32.37%	-10.48%
Free Cash Flow Firm Growth	64.18%	77.64%	-270.34%	-2,477.72%	-56.05%	-301.88%	31.56%	99.40%	85.18%	28.86%
Invested Capital Growth	-29.67%	-69.65%	-41.38%	5.44%	80.90%	-87.08%	-179.13%	-156.87%	-101.41%	-582.84%
Revenue Q/Q Growth	-75.00%	-5,600.00%	119.09%	-71.43%	5,933.33%	-89.78%	-86.49%	0.00%	0.00%	0.00%
EBITDA Q/Q Growth	-22.28%	8.03%	3.30%	16.73%	-25.43%	-48.12%	12.71%	-0.53%	7.68%	0.61%
EBIT Q/Q Growth	-21.27%	5.63%	6.74%	17.69%	-25.89%	-49.17%	20.23%	-0.06%	7.73%	0.00%
NOPAT Q/Q Growth	-21.36%	6.70%	5.78%	17.24%	-25.17%	-49.17%	20.31%	0.18%	7.40%	-0.40%
Net Income Q/Q Growth	-16.95%	7.89%	7.32%	19.99%	-28.70%	-53.07%	22.90%	-1.01%	7.28%	-1.47%
EPS Q/Q Growth	-14.29%	2.08%	14.89%	20.00%	-21.88%	-41.03%	38.18%	-2.94%	8.57%	-3.13%
Operating Cash Flow Q/Q Growth	9.90%	-14.99%	-12.14%	0.12%	-5.70%	19.30%	1.06%	-10.70%	-49.76%	32.65%
Free Cash Flow Firm Q/Q Growth	-2,647.64%	66.06%	-124.50%	-23.13%	-66.34%	12.59%	61.77%	98.92%	-3,999.25%	-319.47%
Invested Capital Q/Q Growth	-31.91%	-35.37%	28.41%	86.59%	16.81%	-95.38%	-886.27%	-34.09%	97.10%	-1,479.08%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-
Gross Margin	100.00%	0.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%
EBITDA Margin	-1,242,150.00%	0.00%	-105,219.05%	-306,650.00%	-6,375.14%	-92,389.19%	-553,640.00%	-556,580.00%	-513,820.00%	-510,680.00%
Operating Margin	-1,237,600.00%	0.00%	-103,614.29%	-300,116.67%	-6,226.52%	-90,872.97%	-535,880.00%	-534,900.00%	-495,340.00%	-497,320.00%
EBIT Margin	-1,235,100.00%	0.00%	-103,523.81%	-298,233.33%	-6,222.65%	-90,818.92%	-536,120.00%	-536,420.00%	-494,980.00%	-494,960.00%
Profit (Net Income) Margin	-1,175,800.00%	0.00%	-95,590.48%	-267,683.33%	-5,710.22%	-85,516.22%	-487,880.00%	-492,800.00%	-456,900.00%	-463,600.00%
Tax Burden Percent	99.17%	100.00%	0.00%	0.00%	100.00%	46.68%	0.00%	0.00%	100.00%	32.10%
Interest Burden Percent	96.00%	92.92%	0.00%	0.00%	91.77%	201.70%	0.00%	0.00%	92.31%	291.80%
Effective Tax Rate	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Invested Capital (ROIC)	-309,420.06%	0.00%	0.00%	0.00%	-112.83%	-9,676.24%	-231,448.55%	-59,751.02%	-2,634.86%	0.00%
ROIC Less NNEP Spread (ROIC-NNEP)	-309,416.93%	0.00%	0.00%	0.00%	-109.90%	-9,671.91%	-231,445.22%	-59,747.27%	-2,630.79%	0.00%
Return on Net Nonoperating Assets (RNNOA)	295,536.48%	0.00%	0.00%	0.00%	103.23%	9,529.12%	230,542.32%	58,790.92%	2,503.91%	0.00%
Return on Equity (ROE)	-13,883.58%	-44.07%	-48.42%	-44.89%	-9.60%	-147.12%	-906.23%	-960.10%	-130.96%	-59.86%
Cash Return on Invested Capital (CROIC)	-632.81%	-469.71%	-678.94%	-535.02%	-612.25%	-2,243.57%	0.00%	0.00%	0.00%	0.00%
Operating Return on Assets (OROA)	-17,738.82%	0.00%	0.00%	0.00%	-8.86%	-185.31%	-1,170.94%	-1,230.27%	-163.71%	-56.58%
Return on Assets (ROA)	-16,887.14%	0.00%	0.00%	0.00%	-8.13%	-174.49%	-1,065.58%	-1,130.23%	-151.12%	-52.99%
Return on Common Equity (ROCE)	-13,883.58%	-44.07%	-48.42%	-44.89%	-9.60%	-147.12%	-906.23%	-960.10%	-130.96%	-59.86%
Return on Equity Simple (ROE_SIMPLE)	-42.40%	0.00%	-50.89%	-48.48%	-52.17%	0.00%	-53.64%	-66.44%	-77.61%	0.00%
Net Operating Profit after Tax (NOPAT)	-17	-16	-15	-13	-16	-24	-19	-19	-17	-17
NOPAT Margin	-866,320.00%	0.00%	-72,530.00%	-210,081.67%	-4,358.56%	-63,611.08%	-375,116.00%	-374,430.00%	-346,738.00%	-348,124.00%
Net Nonoperating Expense Percent (NNEP)	-3.13%	-3.03%	-2.89%	-2.04%	-2.93%	-4.34%	-3.32%	-3.76%	-4.08%	-3.61%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-12.13%	-	-	-	-14.09%
Cost of Revenue to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SG&A Expenses to Revenue	224,600.00%	0.00%	21,576.19%	79,333.33%	1,246.96%	11,708.11%	106,240.00%	111,900.00%	99,380.00%	101,800.00%
R&D to Revenue	1,013,100.00%	0.00%	82,138.10%	220,883.33%	5,079.56%	45,700.00%	429,740.00%	423,100.00%	396,060.00%	395,620.00%
Operating Expenses to Revenue	1,237,700.00%	0.00%	103,714.29%	300,216.67%	6,326.52%	90,972.97%	535,980.00%	535,000.00%	495,440.00%	497,420.00%
Earnings before Interest and Taxes (EBIT)	-25	-23	-22	-18	-23	-34	-27	-27	-25	-25
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-25	-23	-22	-18	-23	-34	-28	-28	-26	-26
Valuation Ratios	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	3.02	4.36	1.24	1.04	0.91	3.11	4.17	3.09	3.27	4.15
Price to Tangible Book Value (P/TBV)	3.22	4.68	1.34	1.12	0.99	3.11	4.17	3.09	3.27	4.15
Price to Revenue (P/Rev)	186.74	0.00	0.00	0.00	490.98	1,418.90	1,760.28	1,152.81	8,391.84	25,640.43
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	55.05	125.76	7.32	1.53	0.03	634.31	0.00	0.00	0.00	0.00
Enterprise Value to Revenue (EV/Rev)	127.28	0.00	0.00	0.00	1.68	954.45	1,316.22	749.51	5,710.65	19,043.78
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.02	0.00	0.03	0.02	0.03	0.00	0.00	0.00	0.00	0.00
Long-Term Debt to Equity	0.02	0.00	0.03	0.02	0.03	0.00	0.00	0.00	0.00	0.00
Financial Leverage	-0.96	-0.94	-0.95	-0.94	-0.94	-0.99	-1.00	-0.98	-0.95	-1.01
Leverage Ratio	1.12	1.11	1.11	1.09	1.10	1.10	1.10	1.11	1.11	1.10
Compound Leverage Factor	1.07	1.03	0.00	0.00	1.01	2.22	0.00	0.00	1.02	3.22
Debt to Total Capital	2.15%	0.00%	2.56%	2.42%	2.78%	0.00%	0.00%	0.00%	0.00%	0.00%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	2.15%	0.00%	2.56%	2.42%	2.78%	0.00%	0.00%	0.00%	0.00%	0.00%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	97.85%	100.00%	97.44%	97.58%	97.22%	100.00%	100.00%	100.00%	100.00%	100.00%
Debt to EBITDA	-0.05	0.00	-0.05	-0.05	-0.05	0.00	0.00	0.00	0.00	0.00
Net Debt to EBITDA	2.23	0.00	1.80	1.79	1.61	0.00	0.00	0.00	0.00	0.00
Long-Term Debt to EBITDA	-0.05	0.00	-0.05	-0.05	-0.05	0.00	0.00	0.00	0.00	0.00
Debt to NOPAT	-0.07	0.00	-0.07	-0.07	-0.07	0.00	0.00	0.00	0.00	0.00
Net Debt to NOPAT	3.18	0.00	2.56	2.54	2.28	0.00	0.00	0.00	0.00	0.00
Long-Term Debt to NOPAT	-0.07	0.00	-0.07	-0.07	-0.07	0.00	0.00	0.00	0.00	0.00
Altman Z-Score	16.85	20.52	4.10	4.24	2.00	19.43	25.09	10.00	13.54	14.34
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-
Current Ratio	13.40	11.31	11.58	14.82	12.89	17.26	16.55	11.30	16.87	13.11
Quick Ratio	12.86	10.85	11.10	14.00	11.93	16.38	16.09	10.91	16.19	12.65
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-14	-4.78	-11	-13	-22	-19	-7.35	-0.08	-3.26	-14
Operating Cash Flow to CapEx	-25,083.33%	-45,542.11%	-38,052.94%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Free Cash Flow to Firm to Interest Expense	-220.14	0.00	-5,367.65	0.00	-758.14	0.00	-7,346.80	0.00	-543.15	0.00
Operating Cash Flow to Interest Expense	-235.16	0.00	-9,703.50	0.00	-706.45	0.00	-16,357.00	0.00	-4,519.67	0.00
Operating Cash Flow Less CapEx to Interest Expense	-236.09	0.00	-9,729.00	0.00	-706.45	0.00	-16,357.00	0.00	-4,519.67	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.01	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Accounts Receivable Turnover	3.01	0.00	0.00	0.00	0.37	0.66	1.47	1.46	0.08	0.02
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	1.13	0.00	0.00	0.00	0.29	0.49	0.53	0.60	0.09	0.04
Accounts Payable Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Sales Outstanding (DSO)	121.34	0.00	0.00	0.00	987.07	550.07	248.82	249.88	4,576.54	15,101.88
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Cash Conversion Cycle (CCC)	121.34	0.00	0.00	0.00	987.07	550.07	248.82	249.88	4,576.54	15,101.88
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-
Invested Capital	7.67	4.96	6.37	12	14	0.64	-5.04	-6.76	-0.20	-3.10
Invested Capital Turnover	0.36	0.00	0.00	0.00	0.03	0.15	0.62	0.16	0.01	-0.02
Increase / (Decrease) in Invested Capital	-3.24	-11	-4.50	0.61	6.21	-4.32	-11	-19	-14	-3.74
Enterprise Value (EV)	422	624	47	18	0.47	407	540	307	297	381
Market Capitalization	620	809	208	174	137	604	722	471	436	513
Book Value per Share	$4.22	$3.77	$3.40	$3.40	$2.85	$3.61	$2.44	$2.15	$1.88	$1.74
Tangible Book Value per Share	$3.97	$3.52	$3.15	$3.15	$2.62	$3.61	$2.44	$2.15	$1.88	$1.74
Total Capital	210	185	172	172	155	194	173	153	133	124
Total Debt	4.51	0.00	4.40	4.17	4.31	0.00	0.00	0.00	0.00	0.00
Total Long-Term Debt	4.51	0.00	4.40	4.17	4.31	0.00	0.00	0.00	0.00	0.00
Net Debt	-197	-185	-161	-156	-137	-198	-182	-165	-139	-132
Capital Expenditures (CapEx)	0.06	0.04	0.05	-0.00	0.00	0.00	0.00	0.00	0.00	0.00
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-6.60	-9.16	-7.60	-1.90	0.27	-0.37	-5.88	-8.92	-2.30	-5.15
Debt-free Net Working Capital (DFNWC)	195	176	158	158	141	197	176	156	137	127
Net Working Capital (NWC)	195	176	158	158	141	197	176	156	137	127
Net Nonoperating Expense (NNE)	6.19	5.49	4.84	3.46	4.89	8.10	5.64	5.92	5.51	5.77
Net Nonoperating Obligations (NNO)	-197	-180	-161	-156	-137	-193	-178	-159	-134	-127
Total Depreciation and Amortization (D&A)	-0.14	0.46	-0.36	-0.51	-0.55	-0.58	-0.88	-1.01	-0.94	-0.79
Debt-free, Cash-free Net Working Capital to Revenue	-198.82%	0.00%	0.00%	0.00%	97.85%	-87.56%	-1,434.88%	-2,180.44%	-4,425.00%	-25,735.00%
Debt-free Net Working Capital to Revenue	5,883.16%	0.00%	0.00%	0.00%	50,570.97%	46,357.51%	42,971.22%	38,149.39%	263,694.23%	633,930.00%
Net Working Capital to Revenue	5,883.16%	0.00%	0.00%	0.00%	50,570.97%	46,357.51%	42,971.22%	38,149.39%	263,694.23%	633,930.00%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($0.48)	($0.47)	($0.40)	($0.32)	($0.39)	($0.55)	($0.34)	($0.35)	($0.32)	($0.33)
Adjusted Weighted Average Basic Shares Outstanding	49.29M	46.93M	50.13M	50.69M	53.63M	53.25M	70.80M	70.92M	71.08M	71.00M
Adjusted Diluted Earnings per Share	($0.48)	($0.47)	($0.39)	($0.32)	($0.39)	($0.55)	($0.34)	($0.35)	($0.32)	($0.33)
Adjusted Weighted Average Diluted Shares Outstanding	49.29M	46.93M	50.13M	50.69M	53.63M	53.25M	70.80M	70.92M	71.08M	71.00M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	49.16M	49.28M	49.29M	52.69M	53.73M	70.90M	70.90M	71.07M	71.12M	77.01M
Normalized Net Operating Profit after Tax (NOPAT)	-17	-16	-15	-13	-16	-24	-19	-19	-17	-17
Normalized NOPAT Margin	-866,320.00%	0.00%	-72,530.00%	-210,081.67%	-4,358.56%	-63,611.08%	-375,116.00%	-374,430.00%	-346,738.00%	-348,124.00%
Pre Tax Income Margin	-1,185,650.00%	0.00%	0.00%	0.00%	-5,710.22%	-183,178.38%	0.00%	0.00%	-456,900.00%	-1,444,280.00%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	-385.97	0.00	-10,870.00	0.00	-776.76	0.00	-26,806.00	0.00	-4,124.83	0.00
NOPAT to Interest Expense	-270.73	0.00	-7,615.65	0.00	-544.07	0.00	-18,755.80	0.00	-2,889.48	0.00
EBIT Less CapEx to Interest Expense	-386.91	0.00	-10,895.50	0.00	-776.76	0.00	-26,806.00	0.00	-4,124.83	0.00
NOPAT Less CapEx to Interest Expense	-271.66	0.00	-7,641.15	0.00	-544.07	0.00	-18,755.80	0.00	-2,889.48	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Financials Breakdown Chart

Key Financial Trends

Altimmune (NASDAQ:ALT) has reported financial results for the last several quarters from Q3 2022 through Q4 2024. The company remains pre-revenue with minimal operating revenue, totaling only $5,000 per quarter consistently in 2024, indicating no commercial product sales and the company is likely still in development or clinical trial stages.

Key Positive Trends and Highlights:

Consistent inflow from financing activities, especially equity issuance. Notably, Q4 2023 saw $72.7 million raised through common equity issuance, helping bolster cash reserves.
Cash and equivalents remain robust with $31.5 million reported in Q3 2024 and similar levels in prior quarters, supporting ongoing R&D activities.
Net cash from investing activities fluctuated positively in some quarters due to sales/maturities of investments, with $13.6 million net inflow in Q4 2024.
Non-cash adjustments in cash flows indicate strong accounting treatments for amortization and R&D capitalized costs, helping to manage reported losses.

Neutral Observations:

Operating revenue remains flat at minimal levels ($5,000 quarterly in 2024), reflecting no commercial revenue generation yet.
Weighted average shares outstanding have increased from ~49 million (early 2023) to ~71 million in late 2024, indicating dilution through equity offerings.
Total assets have trended downward from $225 million in Q3 2022 to around $148 million by Q3 2024, mainly due to cash burn and spending on R&D.

Negative Trends and Risks:

Altimmune continues to report significant net losses each quarter, with quarterly net losses around $23 million in Q4 2024, and no signs of profitability.
Operating expenses remain high, driven primarily by intense Research & Development spending (~$20 million per quarter in 2024), indicating a heavy cash burn rate.
Negative operating income is persistent, equaling roughly -$24.8 million in Q4 2024, showing ongoing challenges in generating operating profits.
Free cash flow is negative with consistent cash outflows from operating activities ($18.2 million used in Q4 2024), necessitating continuous capital raises to sustain operations.
Retained earnings remain deeply negative (-$538 million as of Q3 2024), reflecting accumulated losses over time.

Overall, Altimmune is in a typical biopharmaceutical development phase where heavy R&D investment and no commercial revenues result in sustained losses and cash burn. The company's ability to continue financing activities has so far supported its liquidity, but investors should be cautious about the ongoing losses and dilution risk until meaningful revenue or profitability is achieved.

10/25/25 03:13 PM ETAI Generated. May Contain Errors.

Frequently Asked Questions About Altimmune's Financials

When does Altimmune's fiscal year end?

According to the most recent income statement we have on file, Altimmune's financial year ends in December. Their financial year 2024 ended on December 31, 2024.

How has Altimmune's net income changed over the last 2 years?

Altimmune's net income appears to be on an upward trend, with a most recent value of -$95.06 million in 2024, rising from -$84.71 million in 2022. The previous period was -$88.45 million in 2023. See Altimmune's forecast for analyst expectations on what’s next for the company.

What is Altimmune's operating income?

Altimmune's total operating income in 2024 was -$103.17 million, based on the following breakdown:

Total Gross Profit: $20 thousand
Total Operating Expenses: $103.19 million

How has Altimmune's revenue changed over the last 2 years?

Over the last 2 years, Altimmune's total revenue changed from -$68 thousand in 2022 to $20 thousand in 2024, a change of -129.4%.

How much debt does Altimmune have?

Altimmune's total liabilities were at $15.80 million at the end of 2024, a 4.5% decrease from 2023, and a 27.0% decrease since 2022.

How much cash does Altimmune have?

In the past 2 years, Altimmune's cash and equivalents has ranged from $36.93 million in 2024 to $135.12 million in 2023, and is currently $36.93 million as of their latest financial filing in 2024.

How has Altimmune's book value per share changed over the last 2 years?

Over the last 2 years, Altimmune's book value per share changed from 3.77 in 2022 to 1.74 in 2024, a change of -53.9%.

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This page (NASDAQ:ALT) was last updated on 10/25/2025 by MarketBeat.com Staff

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