Altimmune Inc (NASDAQ: ALT) saw its shares fall about 6.2% in Wednesday premarket trading after announcing a registered direct offering designed to raise $75 million. The company said it will sell 17,045,454 shares of common stock, or pre-funded warrants in lieu of common shares where applicable, to a single new institutional investor.
The transaction is described as a registered direct offering and is expected to close on or about January 29, 2026, subject to customary closing conditions. Titan Partners, a unit of American Capital Partners, is acting as the sole placement agent for the sale.
Altimmune stated that the net proceeds from the offering will be allocated primarily to fund preparations for the upcoming Phase 3 trial of pemvidutide in metabolic dysfunction-associated steatohepatitis, commonly abbreviated as MASH. The company also indicated it will use funds for working capital and other general corporate purposes.
Pemvidutide is characterized by Altimmune as a glucagon/GLP-1 dual agonist. The company recently announced that the U.S. Food and Drug Administration granted Breakthrough Therapy Designation for pemvidutide after positive topline results from a 48-week Phase 2b study. Altimmune is positioning the drug as a potentially differentiated therapy for patients with MASH.
Market participants often react negatively to equity raises because additional shares increase dilution for existing holders. The stock decline following the offering announcement reflects that common market reaction, even as Altimmune seeks to advance its MASH treatment program.
The offering structure allows the company to bring in capital from a single institutional backer in a registered transaction. Beyond the stated uses of proceeds, Altimmune did not provide additional operational or financial details in the announcement. The closing of the offering remains contingent on customary conditions, and timing may be adjusted if those conditions are not satisfied.
Summary of the transaction
- Size: $75 million registered direct offering.
- Shares: 17,045,454 common shares, or pre-funded warrants in lieu thereof.
- Expected close: on or about January 29, 2026, subject to customary closing conditions.
- Placement agent: Titan Partners, a division of American Capital Partners.