Altimmune: The High Cost Of Going Solo (Rating Downgrade)

Altimmune, Inc. appears undervalued on risk-adjusted NPV but faces severe funding and competitive headwinds. Pemvidutide's Phase 3 MASH program is ambitious, requiring significant capital, and now includes titration, impacting its tolerability edge. The pipeline's AUD and ALD indications have negative risk-adjusted NPVs and further strain ALT's financial position.