Altimmune is a late-stage clinical biopharmaceutical company with no commercial products or revenue, focused entirely on developing a single drug candidate, pemvidutide, for serious liver diseases. Pemvidutide is a peptide that works as a balanced 1:1 glucagon/GLP-1 dual receptor agonist — the glucagon component acts directly on the liver to reduce fat, inflammation, and fibrosis, while the GLP-1 component drives weight loss and metabolic improvement. Altimmune argues that combining both mechanisms in one molecule addresses both the hepatic and metabolic drivers of MASH simultaneously. The lead indication is MASH, where Phase 2b data showed MASH resolution in roughly 58% of patients at 24 weeks vs. roughly 20% for placebo, with low discontinuation rates and no dose titration required. The FDA granted Breakthrough Therapy Designation for MASH, and Altimmune plans to initiate a Phase 3 trial targeting roughly 1,800 patients in 2026. Pemvidutide is also being studied in Alcohol Use Disorder and Alcohol-Associated Liver Disease in separate Phase 2 trials, with top-line AUD data expected in Q3 2026. Altimmune has no manufacturing facilities and relies entirely on contract manufacturers. The company is funded through equity and debt raises, ending early 2026 with roughly $340M in cash, which management believes provides runway into 2028. Altimmune is open to partnerships for commercialization but is advancing Phase 3 independently.