Altimmune, Inc. Common Stock Stifel 2026 Virtual Cardiometabolic Forum

Thanks for having us today, Annabel. Glad to be on board. It's an exciting time for Altimmune. Really what brought me into the company was the asset pemvidutide. I think, as you said, real significant opportunities across a variety of different liver diseases. At the heart of that is pemvidutide. Really what we continue to see evidence of as the data emerges is a differentiated opportunity across MASH, and we'll touch a little bit around the emergence of our AUD data and the significant incremental opportunity that that creates.

I think, first of all, pemvidutide, because of its unique molecule, the dual mechanism, bringing glucagon and GLP on board in a way that seems to create great tolerability with an emphasis of keeping patients on therapy, we've seen from our clinical studies we think is really uniquely positioned across a variety of different liver diseases. Again, based on the data we saw in phase II, we've been heavily focused on advancing our MASH program and really transforming the company. As you mentioned in July, really exciting data in AUD from phase II, really we think the most robust data set in AUD, and now allows us to approach the next steps of the company with a real opportunity of a liver franchise here.

I think we're continuing to learn both from the clinical data and from the significant market research that Linda and the team are doing, that the proposition is strong with customers, is unique with customers, and really creates a lot of excitement here about the work ahead.

Yeah. Maybe, Linda, you start on that one?

Certainly. I think what really gets to our benefits are the differentiation pieces, right? We've got the direct-acting liver effects, the metabolic activity, and MASH resolution early. We have a patient-friendly product that has great tolerability, and we've seen that evidence to date, with minimal titration, which is much different than some of the other agents. Along with this potential to not only show efficacy in MASH, but do it in a way where you have quality weight loss. We're looking to evaluate lean muscle mass preservation in the MASH population. Other people have demonstrated it in obesity, but we want to look at really the nuances in MASH. Then you couple on top of that the alcohol use disorder and the halo effect we've seen in the market research on MASH uptake.

When you know that when you look at it and see how important not drinking in MASH can be, it can actually really hurt the outcomes for patients who are being treated for MASH. Looking at the ability to reduce drinking, we'll be studying that with PEth testing, really gives us multiple shots of differentiation on goal to help a variety of patients.

Yeah, I'll turn it over to Christophe, but maybe a couple things on the front end of that. We continue to, again, be excited by the mechanism. For us, the mechanism matters, the ratio matters, and the molecule matters. All three of those together is really what we think separates pemvidutide from the other glucagon GLP combos that are in development. Christophe, maybe expand a little bit.

Sure. So pemvidutide is a 1-to-1 ratio glucagon GLP-1 dual agonist. survodutide is actually a 7-to-1 glucagon to GLP-1, so it's mostly a GLP-1 with less affinity for the glucagon. You ask about retatrutide. This is mostly a GIP with 100-fold difference in the glucagon affinity, and this one is a suboptimal affinity for the glucagon receptor. What we've seen in survodutide is an effect that confirms the dual agonism and the effect that we see, the direct impact on the liver and also the added impact on the metabolic aspect, like weight loss. But we've seen also very large discontinuation rate in clinical studies. In the studies that were presented, survodutide showed close to one patient out of 4 that was discontinuing under the conditions of a clinical study when there is heavy supervision.

We are a little concerned that in the real world, this will be a real challenge for these patients. It's probably linked to the tolerability. We have an excellent tolerability that's inherent to the molecule, as Jerry Durso was saying. This EuPort domain is designed to slow the delivery of pemvidutide, and that decreased the Cmax and delayed the Tmax as well. So what we've observed in our MASH trials is a really excellent tolerability and really keeping patients on treatment, which bodes well for efficacy readings in the phase III trial.