Altimmune, Inc.
ALTHealthcare|Biotechnology|US
$2.08
+0.11 (+5.58%)
DCF Value
$0.08
Tangible Book / Share
$2.56
Cash / Share
$1.76
Financials
Financial Snapshot
Market Cap
$404.6M
Enterprise Value
$377.3M
Revenue (TTM)
$31.0K
Net Income (TTM)
-$91.8M
Cash & Investments
$326.3M
Net Cash
$290.6M
Free Cash Flow (TTM)
-$76.6M
Operating CF (TTM)
-$76.5M
Debt/Equity
0.08
Cash Runway & Burn Rate
Cash on Hand
$326.3M
Quarterly Burn
$19.1M
Monthly Burn
$6.4M
Est. Runway
~17.1 quarters
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Investments | $220.8M | $8.8M | $33.7M | $37.2M | $215.9M | $190.3M | $184.9M | $197.8M | $131.9M | $273.5M | $326.3M | |
| Operating Cash Flow | $201.5M | -$20.2M | -$9.4M | -$9.6M | -$34.3M | -$78.2M | -$62.6M | -$75.8M | -$79.8M | -$67.5M | -$76.5M | |
| Free Cash Flow | $201.5M | -$20.4M | -$10.4M | -$9.6M | -$34.6M | -$90.5M | -$62.7M | -$75.9M | -$79.8M | -$67.5M | -$76.6M | |
| Capital Expenditure | -$30.7K | -$166.3K | -$1.0M | -$1.2K | -$342.4K | -$12.3M | -$126.0K | -$47.0K | $0.00 | -$11.0K | -$54.0K | |
| Financing Cash Flow | $3.8M | $15.8M | $32.5M | $12.5M | $213.5M | $65.1M | $56.8M | $86.1M | $10.0M | $206.8M | $410.0M |
R&D Spending
R&D (TTM)
$68.2M
R&D Intensity
219977.4%
R&D Growth vs Prior
+2.7%
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $5.2M | $41.5K | $10.3M | $5.8M | $8.2M | $4.4M | -$68.0K | $426.0K | $20.0K | $41.0K | $31.0K | |
| R&D Expense | $4.8M | $18.4M | $18.5M | $17.8M | $49.8M | $74.5M | $70.5M | $65.8M | $82.2M | $66.4M | $68.2M | |
| R&D % of Revenue | 92.5% | 44349.4% | 178.7% | 306.2% | 608.1% | 1690.3% | -103732.4% | 15445.8% | 411130.0% | 162029.3% | 219977.4% | |
| SG&A | $11.5M | $8.5M | $9.8M | $8.5M | $13.2M | $15.4M | $17.1M | $18.1M | $21.0M | $28.1M | $32.0M |
Income Statement
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $5.2M | $41.5K | $10.3M | $5.8M | $8.2M | $4.4M | -$68.0K | $426.0K | $20.0K | $41.0K | $31.0K | |
| Cost of Revenue | $7.2M | $18.4M | $18.5M | $0.00 | $33.5M | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $15.0M | |
| Gross Profit | -$2.0M | -$18.4M | -$8.1M | $5.8M | -$25.3M | $4.4M | -$68.0K | $426.0K | $20.0K | $41.0K | -$15.0M | |
| R&D | $4.8M | $18.4M | $18.5M | $17.8M | $49.8M | $74.5M | $70.5M | $65.8M | $82.2M | $66.4M | $68.2M | |
| SG&A | $11.5M | $8.5M | $9.8M | $8.5M | $13.2M | $15.4M | $17.1M | $18.1M | $21.0M | $28.1M | $32.0M | |
| Operating Income | -$11.3M | -$52.0M | -$42.8M | -$21.5M | -$54.8M | -$96.9M | -$87.7M | -$95.9M | -$103.2M | -$94.5M | -$100.2M | |
| Interest Expense | $38.5K | $162.1K | $297.1K | $2.2K | $9.4K | $5.0K | $8.0K | $35.0K | $9.0K | $1.6M | $3.5M | |
| Pretax Income | $205.0M | -$52.1M | -$45.3M | -$20.6M | -$43.6M | -$97.1M | -$84.9M | -$88.4M | -$95.1M | -$88.8M | -$91.8M | |
| Net Income | $193.9M | -$46.4M | -$39.2M | -$20.5M | -$49.0M | -$97.1M | -$84.7M | -$88.4M | -$95.1M | -$88.1M | -$91.8M | |
| EPS (Diluted) | -49.80 | -108.77 | -13.98 | -1.56 | -1.91 | -2.35 | -1.81 | -1.66 | -1.34 | -1.00 | -0.78 | |
| EBITDA | -$10.9M | -$51.8M | -$44.7M | -$20.2M | -$38.1M | -$96.5M | -$84.4M | -$87.9M | -$94.8M | -$87.0M | -$92.6M | |
| Shares Out. (M) | 0.23 | 0.43 | 2.80 | 13.12 | 25.64 | 41.28 | 46.93 | 53.25 | 71.00 | 88.10 | 185.44 |
Balance Sheet
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $154.0M | $8.8M | $33.7M | $9.0M | $115.9M | $190.3M | $111.1M | $135.1M | $36.9M | $43.8M | $63.0M | |
| Short-Term Investments | $66.8M | $0.00 | $0.00 | $28.3M | $100.0M | $0.00 | $73.8M | $62.7M | $95.0M | $229.7M | $263.3M | |
| Total Current Assets | $222.3M | $23.5M | $39.4M | $39.4M | $230.3M | $204.1M | $192.8M | $209.6M | $137.3M | $278.2M | $334.8M | |
| Total Assets | $224.7M | $63.0M | $54.8M | $54.1M | $245.1M | $218.9M | $206.9M | $210.6M | $139.3M | $279.9M | $527.2M | |
| Total Current Liabilities | $204.8M | $3.8M | $4.5M | $3.9M | $12.0M | $18.3M | $17.1M | $12.1M | $10.5M | $15.0M | $12.5M | |
| Long-Term Debt | $526.0K | $599.9K | $501.2K | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $34.3M | $34.7M | |
| Total Liabilities | $205.3M | $14.4M | $6.4M | $8.5M | $19.2M | $19.7M | $21.6M | $16.5M | $15.8M | $55.0M | $53.0M | |
| Stockholders' Equity | $19.5M | $48.7M | $48.3M | $45.5M | $225.9M | $199.1M | $185.3M | $194.1M | $123.5M | $224.9M | $474.2M | |
| Retained Earnings | -$29.9M | -$77.7M | -$116.9M | -$137.4M | -$186.4M | -$293.2M | -$377.9M | -$466.3M | -$561.4M | -$649.5M | -$694.9M |
Cash Flow Statement
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $201.5M | -$20.2M | -$9.4M | -$9.6M | -$34.3M | -$78.2M | -$62.6M | -$75.8M | -$79.8M | -$67.5M | -$76.5M | |
| Capital Expenditure | -$30.7K | -$166.3K | -$1.0M | -$1.2K | -$342.4K | -$12.3M | -$126.0K | -$47.0K | $0.00 | -$11.0K | -$54.0K | |
| Free Cash Flow | $201.5M | -$20.4M | -$10.4M | -$9.6M | -$34.6M | -$90.5M | -$62.7M | -$75.9M | -$79.8M | -$67.5M | -$76.6M | |
| Investing Cash Flow | -$66.9M | $13.7M | -$1.0M | -$28.3M | -$72.2M | $87.5M | -$73.4M | $13.7M | -$28.4M | -$132.5M | -$453.6M | |
| Financing Cash Flow | $3.8M | $15.8M | $32.5M | $12.5M | $213.5M | $65.1M | $56.8M | $86.1M | $10.0M | $206.8M | $410.0M | |
| Issuance of Stock | $1.1K | $13.02B | $37.4M | $12.7M | $172.3M | $65.0M | $56.3M | $86.6M | $10.0M | $173.7M | $390.9M | |
| Repurchase of Stock | $0.00 | $0.00 | -$2.4M | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Net Debt Issuance | -$80.6K | $2.8M | -$1.5M | -$292.0K | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $33.9M | $19.6M | |
| Stock Based Comp. | $2.2M | $1.4M | $773.2K | $0.00 | $2.6M | $5.5M | $8.1M | $10.6M | $14.4M | $16.1M | $14.7M | |
| Net Change in Cash | $138.4M | $9.4M | $22.0M | -$25.4M | $107.0M | $74.4M | -$79.2M | $24.0M | -$98.2M | $6.8M | -$120.1M |
Dilution Tracker
Shares outstanding grew 243.7% over 5 years — significant dilution
Shares Outstanding
195M
5-Year Share Growth
+243.7%
Stock Issuance (TTM)
$390.9M
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Shares Out. (M) | 0.23 | 0.43 | 2.80 | 13.12 | 25.64 | 41.28 | 46.93 | 53.25 | 71.00 | 88.10 | 185.44 | |
| Change vs Prior % | — | 85.3% | 556.6% | 368.3% | 95.3% | 61.0% | 13.7% | 13.5% | 33.3% | 24.1% | 110.5% | |
| Stock Issuance | $1.1K | $13.02B | $37.4M | $12.7M | $172.3M | $65.0M | $56.3M | $86.6M | $10.0M | $173.7M | $390.9M | |
| Stock Repurchase | $0.00 | $0.00 | -$2.4M | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Stock Based Comp. | $2.2M | $1.4M | $773.2K | $0.00 | $2.6M | $5.5M | $8.1M | $10.6M | $14.4M | $16.1M | $14.7M |
Margins & Profitability
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin % | -38.1% | -44249.4% | -78.7% | 100.0% | -309.4% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | -48306.5% | |
| Operating Margin % | -215.4% | -125401.2% | -414.6% | -370.0% | -669.5% | -2197.6% | 129029.4% | -22518.5% | -515860.0% | -230461.0% | -323306.5% | |
| Net Margin % | 3706.4% | -111860.3% | -379.2% | -353.7% | -599.2% | -2201.6% | 124577.9% | -20762.2% | -475295.0% | -214861.0% | -296000.0% | |
| EBITDA Margin % | -208.7% | -124720.2% | -432.9% | -348.0% | -465.5% | -2189.0% | 124130.9% | -20642.0% | -474060.0% | -212258.5% | -298787.1% | |
| FCF Margin % | 3852.2% | -49105.9% | -100.7% | -165.5% | -423.3% | -2053.3% | 92223.5% | -17806.8% | -399240.0% | -164746.3% | -246974.2% | |
| ROE % | 996.2% | -95.4% | -81.1% | -45.1% | -21.7% | -48.8% | -45.7% | -45.6% | -77.0% | -39.2% | -31.4% | |
| ROA % | 86.3% | -73.7% | -71.5% | -38.0% | -20.0% | -44.4% | -40.9% | -42.0% | -68.2% | -31.5% | -17.4% | |
| ROIC % | -52.3% | -78.3% | -73.6% | -42.5% | -23.5% | -48.2% | -46.0% | -48.2% | -79.9% | -35.4% | -19.5% | |
| R&D / Revenue % | 92.5% | 44349.4% | 178.7% | 306.2% | 608.1% | 1690.3% | -103732.4% | 15445.8% | 411130.0% | 162029.3% | 219977.4% |
Growth (Year over Year)
Fiscal years. Rising share count growth means dilution.
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | -50.8% | -99.2% | 24792.6% | -43.8% | 41.1% | -46.1% | -101.5% | 726.5% | -95.3% | 105.0% | |
| Gross Profit | -135.7% | -822.3% | 55.7% | 171.4% | -536.5% | 117.4% | -101.5% | 726.5% | -95.3% | 105.0% | |
| Operating Income | -231.0% | -362.0% | 17.7% | 49.9% | -155.3% | -76.9% | 9.5% | -9.3% | -7.6% | 8.4% | |
| Net Income | 5734.1% | -123.9% | 15.6% | 47.6% | -139.0% | -98.0% | 12.7% | -4.4% | -7.5% | 7.3% | |
| EPS (Diluted) | -208.7% | -118.4% | 87.1% | 88.8% | -22.4% | -23.0% | 23.0% | 8.3% | 19.3% | 25.4% | |
| Operating Cash Flow | 6365.8% | -110.0% | 53.6% | -2.3% | -257.3% | -128.1% | 20.0% | -21.1% | -5.3% | 15.4% | |
| Free Cash Flow | 6200.8% | -110.1% | 48.9% | 7.7% | -260.8% | -161.3% | 30.7% | -21.0% | -5.3% | 15.4% | |
| R&D Expense | -5.8% | 280.6% | 0.3% | -3.8% | 180.2% | 49.8% | -5.4% | -6.7% | 25.0% | -19.2% | |
| SG&A Expense | 85.1% | -26.6% | 15.5% | -13.0% | 55.4% | 16.7% | 11.2% | 5.9% | 15.6% | 34.0% | |
| Total Assets | 1031.5% | -72.0% | -13.1% | -1.3% | 353.4% | -10.7% | -5.5% | 1.8% | -33.9% | 100.9% | |
| Book Value / Share | 8.2% | 35.0% | -84.9% | -79.9% | 154.0% | -45.3% | -18.1% | -7.7% | -52.3% | 46.7% | |
| Debt | -9.1% | -95.0% | 1052.4% | 204.5% | 4.6% | -15.9% | -26.8% | -40.3% | 150.5% | 2023.0% | |
| Diluted Shares | 8.0% | 85.3% | 556.6% | 368.3% | 95.3% | 61.0% | 13.7% | 13.5% | 33.3% | 24.1% |
Valuation
P/E (TTM)At Loss
P/S13051.51
10Y Low / Med / High0.56 / 85.75 / 25596.73
P/B0.81
10Y Low / Med / High0.12 / 1.58 / 4.17
EV/EBITDAAt Loss
EV/Revenue12170.74
10Y Low / Med / High3.03 / 403.88 / 23834.48
P/FCFAt Loss
Intrinsic Value Models (per share)
DCF Value
$0.08
Tangible Book / Share
$2.56
Net Current Assets / Share
$1.45
Graham Net-Net
$1.49
Cash / Share
$1.76
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| P/E Ratio | -2.67 | -0.55 | -0.15 | -1.21 | -5.91 | -3.90 | -9.09 | -6.78 | -5.38 | -3.61 | -2.67 | |
| P/S Ratio | 5.87 | 613.98 | 0.56 | 4.28 | 35.33 | 85.75 | -11352.04 | 1406.17 | 25596.73 | 7757.46 | 13051.51 | |
| P/B Ratio | 1.58 | 0.52 | 0.12 | 0.54 | 1.28 | 1.90 | 4.17 | 3.09 | 4.14 | 1.41 | 0.81 | |
| EV/EBITDA | 11.21 | -0.32 | 0.61 | -0.87 | -4.60 | -1.96 | -7.84 | -5.28 | -5.03 | -3.56 | -4.07 | |
| EV/Revenue | -23.39 | 403.88 | -2.65 | 3.03 | 21.39 | 42.95 | -9734.79 | 1090.57 | 23834.48 | 7560.58 | 12170.74 |
Analyst Estimates & Quality
Altman Z-Score
2.89
Grey Zone
Piotroski F-Score
2
Weak
Forward Estimates (consensus)
| Metric | FY2026 | FY2027 | FY2028 |
|---|---|---|---|
| Revenue | $1.9K | $25.7M | $94.1M |
| Net Income | -$52.2M | -$60.1M | -$58.3M |
| EPS | $-0.58 | $-0.64 | $-0.63 |
| # Analysts (EPS) | 7 | 7 | 7 |
Dividends
Frequency
Monthly
Recent Payments
| Ex-Date | Pay Date | Amount | Frequency |
|---|---|---|---|
| Feb 6, 2017 | $291.00 | Monthly | |
| Jan 20, 2017 | Feb 3, 2017 | $291.00 | Monthly |
Revenue Segments
By Product
| Segment | 2018 | 2020 | 2021 |
|---|---|---|---|
| Grant | $10.3M | $3.1M | $3.7M |
| License And Service | $19.8K | — | — |