Earnings call transcript Q4 2022

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Operator

Good day ladies and gentlemen, and welcome to the Altimmune Inc. full year and fourth quarter 2022 financial results conference call.

At this time, all participants are in a listen-only mode. Later, we will conduct a question and answer session and instructions will follow at that time. To ask a question during this session, you will need to press star-one-one on your telephone.

call recorded. this reminder, a is being As

I today’s Financial conference like to Officer host for introduce your call, begin. Altimmune. you would Rich, now of may Rich Eisenstadt, Chief

Richard Eisenstadt

Thank you you year Thank fourth financial call. update XXXX and quarter good and morning and for in Altimmune’s Gigi, participating full business conference results everyone.

Scientific Garg, Executive Officer, Officer. Scot of joining on me Chief Chief Members Scott the call our our our Chief Officer, Altimmune team today and Harris, are Vipin Roberts, Medical

hold will we question and remarks, prepared the a answer session. Following

with press quarter the company’s A be morning year XXXX the financial our on release full and and results Investor found this of fourth Relations section was issued website. can

to the Altimmune cautions Before Reform actual purposes statements subject results remarks to everyone XXXX. for that indicated. expectations, Private Act materially and Safe of forward-looking those constitute cause these we to would that about provisions Harbor Securities risks forward-looking begin, uncertainties from of like Litigation under remind are statements plans I that future and differ prospects could

company’s For of other the please with the affect factors could and that results in future SEC. company’s the some discussion contained the statements Risk the Factors see of cautionary risks and and a filings operations,

speak undertake in any or reflect to as the you update call date, today’s to direct and events and on that Tuesday, the of obligation circumstances also would I release date. forward-looking after our occur February not XX, statements issued of does statements or these company any available today’s our only forward-looking read on website. to conference made this disclaimer on press now morning this Any statements XXXX,

will call for is As Altimmune’s replay available a be website. audio reminder, being recorded on conference and this

over turn Chief With the Vipin Altimmune. of to I Garg, that, now Dr. will Officer Executive call

Vipin Garg

XXXX appreciate update. We today Thank and quarter a fourth our joining everyone. us Rich, and good results for financial and discussion morning of you year-end you business

Phase is in agonist. Phase key in year, produced excited trial XX-week the of and treatment subjects with milestones liver NAFLD achieving development greater important relative XX-week liver than and positive GLP-X/glucagon MOMENTUM The obesity of reduction of relaxation data the reductions times the weeks initiation dual group. pemvidutide, XX% ALT dose our in from obesity levels and data, two pemvidutide for XX-week NAFLD of with the the trial. and fat TX achieved Pemvidutide achievements in serum XXXX X.X of a II our with fat Altimmune significant about our NASH, IIb last at the XX of trial over development are normalization co-related We receptor indications. XX% milligram compelling completion including clinical

overweight positioned effectively. content fat in to because liver great believe will of are had together robust also the cTX majority liver Serum loss represents weight this in people meaningful uniquely markers loss liver diabetes with also weight of ALT an determinants is X.X%, and and and weight a goal We important therapeutic be inflammation. at both patients. of comorbidities a and success reduction X% of placebo-adjusted treatment believe the NASH these levels the Subjects markers is weight important mean important without believed and NASH, imaging populations subjects driver NASH obesity, of of of loss of address This its dose. receiving body is with loss in excess a in weight major established inflammation, we pemvidutide pemvidutide have because to be or these

more trials pemvidutide and continue development to mid-XXXX. plan shortly. these details Harris expect Scott a we in to of results, these for NASH IIb initiate provide Phase Given NASH trial will on

believe the are MOMENTUM top of line that March. XXX the XX-week interim subjects II Turning obesity in We our trial, approximately forward results half announcing Phase looking we to to of second in level consistent with of potential data be weeks be weight at and the achieved reflected drugs the that interim loss of will may treatment end class-leading XX the obesity the readout. of

of in to could titration ease to and that afford into and adherence lipids We also of therapy with translate at profile the and pemvidutide believe tolerability events. of together serum blood may administration, improved the a dose of and pressure risk absence reduction hepatic patients benefits cardiovascular

blood other the We development, important In contribution contrast space agents achieved in in believe and obesity heart differentiate rate. obesity. make increase treatment these to with from pemvidutide being other attributes several in drugs in reductions in pressure minimal with could an the of are pemvidutide

chronic B the is II designed trial readout treatment and B and half HepTcell potential this therapy complete, clinical of the that to we XX% of effects over in in have Finally, combination of expect Recall trial to data evidence first hepatitis show hepatitis virus against for of enrolment Phase anti-viral is this its role establish the important XXXX. in disease. in a

of results We’re trials. excited progress pemvidutide about HepTcell these and and the the ongoing upcoming of

our call now Medical Harris to plans. to that, and our Chief Scott turn over Dr. I’ll With discuss the clinical data Officer, Scott?

Scott Harris

Thank you morning everyone. and Vipin, good

our briefly NAFLD results trial. Phase me of let the First, review IIb

and effects a were by in correlated dose TX markers of in corrected events liver activity achieving cTX is a at fat of fat of in fibro-inflammatory X.X cardiovascular of of scores alanine weeks Vipin liver--relative hepatic cTX measure on clinical with and accompanied the liver noted, XX liver, milligram normalization the trials. therapy in XX% both have with and reductions hepatic subjects As XX% elevated reduction aminotransferase, content achieved liver fat. over serum significant inflammation. was These been

score in of be with cTX experienced up assessed predictive outcome success to We a and conducted. stage by millisecond change an XXX% as improvement NAFLD cardiovascular to of an of events or late and greater XX XX millisecond likelihood findings reduced end biopsy Specifically are cTX. are the when reduction could believe when as in well these points on subjects trials completed, shown trials hepatic has biopsies been activity on liver correlate two-point

this Medicine, biopsy-driven NASH Pinnacle of conducted trial the in IIb Stephen Dr. Phase sites be year. will approximately you and trial a after NAFLD end serving Oxford initiation XX trial let resolution me extension Research University, fibrosis the key as of of Next, weeks of be The improvement Adjunct tell of at Harrison, led IIb the Director with and our trial, This this who Medical about Phase NASH XX-week and U.S. points trial NASH principal XX-week investigator. XX Professor will later treatment.

with non-invasive end use We NASH perform as about also improvement points with and III. resolution the of plan correlations discussions of FDA have these and primary to biomarkers Phase fibrosis in the tests

XXXX. to top study produce mid-XXXX We results first in and expect line the the half commence of

on characteristics of weight median kilograms index the including fully per and content body approximately one-to-one II trial Based Hispanic liver of to X.X the milligrams body fat body pemvidutide obesity. to population, meter in X% approximately as milligrams, kilograms XX% randomized enrolled or least one participating Phase XXX but with let cormorbidity. enroll the XXX pemvidutide study with subjects approximately approximately of milligram. in or diet a female population was XX placebo, composition diabetes designed The median administered and weekly and obesity XX% trial Subjects at about Now conjunction approximately MOMENTUM The with X.X in me are of squared XXX sub-study. of ethnicity. one-to-one, approximately study mass overweight, to and talk of X.X respectively, subjects weeks subjects is measured exercise. for were XX of in without and

previously, we subjects those of study As interim in the out pointed may the analysis enrolled the differ the demographics in fully from population.

weight from weeks Weill leading homeostasis. standard and MOMENTUM that serum end including of addition, authority are primary Cornell the additional trial and Lou obesity obesity as principal the relative MOMENTUM Arrone unlike the trials, compared body profiles, the at to Phase cardiovascular employs the is is NAFLD points Medical readouts lifestyle School, trial trial, In XX obesity multi-center measures, percent IIb Dr. in for point and in modifications with baseline, trials. change The serving Phase clinical IIb a glucose lipid a investigator. end

XX the We results of glucose weeks interim analysis events, expect received of study the half readout an be subjects trial discontinuations. that include are therapy. second of expected control, approximately the comprised and in weight adverse That lipids, of serum March. have vital will parameters to MOMENTUM loss, XXX The to analysis of signs,

XXXX. this purpose end of expected next also March trial is weeks establish safety trial of Type pemvidutide Approximately with a of I early in The which evaluating safety readout II the completed treatment. XX multi-center year. planned for in preparation glucose subjects to in of meeting the with FDA is diabetes Phase expected Phase over We an control have our in II with XX enrollment subjects were

by subjects described, year-end XXXX. clinical subjects I rapidly trials have of data XXXX, receiving accrued the profile with safety in Across safety pemvidutide building at the trials are approximately in and over XXX XXX unblinded pemvidutide we year-end

of We to multi-center over making Phase enrolled. are HepTcell. was The XX% of with enroll designed trial subjects progress excellent enrollment trial also our II approximately now our in XX clinical

expect out We of this complete the first trial subjects half treatment XXXX all to period. of once six-month the read the in results

in the partial Recall that HepTcell that over of part patients antiviral of B. hepatitis agent. chronic combination chronic therapy HepTcell being and control against HepTcell hepatitis virologic the B infected effects enable immunotherapeutic virus combination chronically are is infection an with evaluated with will chronic and for believed B a immunotherapeutic direct It therapy that as an hepatitis antivirals of acting of acting effective of direct treatment novel include is to

third to Rich quarter give an results. Eisenstadt Rich? hand on now over I financial will update our the to call

Richard Eisenstadt

you Thank Scott, good again. morning and

year the fourth I XX-K For XXXX on be quarter later financial will with today’s and our information SEC available be More today. providing will operating in brief update be Altimmune’s filed Form and call, to comprehensive a full results.

XXXX to of at cash Altimmune of $XXX.X short equivalents, compared $XXX.X of XXXX. ended term million the end and the fourth million quarter approximately cash, with investments

the rate XXXX BARDA to period government-funded revenue to fourth adjustments negative the million and The now the reimbursement negligible of were T-COVID statement, income adjustments in quarter primarily projects. XXXX. in to quarter Fourth was completed same compared research was was year BARDA that the due full $X.X revenue period The to in was to XXXX the $X.X received the million which for in of reported prior compared to XXXX. XXXX concluded contract programs, was in negligible in contract. XXXX for revenue Revenue negligible revenue XXXX XXXX. under Turning cost in earlier quarter attributable

in approximately this to programs, the of quarter related Research of XXXX XXXX. period and as costs the development direct conduct fourth related pemvidutide and million expense of quarter to for in $X.X our direct $XX.X Approximately the million million compared XXXX as for million $XX.X clinical HepTcell in of same to in for out costs million fourth pemvidutide $XX.X total $X.X activities expenses expenses quarter expenses the million were R&D $XX.X AdCOVID in the including development of activities million $XX.X development included $X.X were of direct development campaign. for development the related expenses activities, fourth in in well and expense the close with in XXXX million of direct to HepTcell. to associated direct

development million of of costs included a construction manufacturing incurred and million the in direct expenses in with campaign. the the costs, $XX.X direct costs and in year of in Research prior million expensing T-COVID in the R&D XXXX, were $XX.X we year compared pemvidutide In MOMENTUM and in payments and with primarily in expense result HepTcell related which were made million XXXX. NAFLD trials to suite. full for the Lonza associated was decrease year. for The to $XX.X associated million This discontinued development $X.X a XXXX full AdCOVID programs $XX.X decrease

General and XXXX administrative and period-over-period fourth consistent XXXX. of $X.X of the quarters million each at in were expenses

For compensation due XXXX. million year primarily in full to $X.X million and $XX.X additional million The XXXX. was general stock labor-related administrative expense were versus $XX.X the XXXX, as year as well for full increased expenses increase costs

the of for the to was net million quarter per XXXX. compared share three net and in in and for million loss $X.XX December loss The Net contract XX, loss the or per lower million non-recurring the the in million ended primarily impairment interest of $X.XX attributable $X of loss to million expenses, fourth in $XX.X research XXXX $XX.X loss $X.X reduction reduction or development in the share is for $X.X Lonza expense XXXX by increase income months offset revenue. net recognition loss, the net

by non-recurring in the was million Lonza to the offset to share for XXXX, loss XX, year ended the was XX, Net expenses attributable loss in loss in per XXXX. in ended $XX.X share primarily recognition lower $XX.X development million increase net December year decrease in of $X.XX $X.XX income revenue. expense The loss or XXXX and December XXXX contract for impairment in million and compared per research the for net the reduction or the million interest loss, $X.X the $XX.X net

$XX research will cost Approximately and approximately including stock funds expenses completion MOMENTUM estimate to operating be half anticipated that these for biopsy full cash XXXX compensation are for $XX XXXX enrollment full completion year year that be existing G&A million of currently the approximately and the are development expenses of expenses, our We and the million. of estimate of $XX.X for depreciation and NASH second our Phase the non-cash of IIb includes trial us amortization. XXXX, of which trial. We XX-week into million.

III Our investment the as clinical anticipates III Phase well in drug initiation current as of XXXX cash supply, a funding also XXXX obesity obesity projection in Phase in for campaign.

to for over his I Vipin? call remarks. closing will turn now Vipin the back

Vipin Garg

on questions. we please audience to take Could would you Q&A concludes procedure? the Thank to Operator, Rich. you and formal remarks, the lines like the instruct open that our

Operator

[Operator instructions]

of Our from Guggenheim Securities. first comes Fernandez question the Seamus from line

Seamus Fernandez

Great, thanks questions much here. the questions. Two for team the for so

thinking could out know, successful the as study agent and interest that and foremost, love see what Would your generating just is comparable and at obesity perspective, would sense opportunities. or partnership you MOMENTUM relevant from in about even regard. hope that that First clinically an if to just products loss the how you lay thresholds, weeks, potential make perspective be--you perhaps and hear to a would perhaps likely weight those strategic levels in XX team from

at us least potentially better you it or just the better been NASH general as understand little sense bit looking in has just but be ball when studies perhaps I Thanks. your relates a just could the a of interested future recruitment that. progressing, second, biopsy-driven study, the available? it’s Then data of that XX-week how know a crystal into regard, to understand to help can in

Vipin Garg

morning. Yes, thanks for good the Seamus, question,

the can Let question second and the first anybody and take Harris well. else Scott chime me as take can maybe one, in

one expecting as the it’s weight have to just we are we just readout, this always or not about not XX-week just thing, looking what is not number, far number. as As loss see said one that interim a about at

product in to your look product landscape. out where the to does have fit target figure run the obesity profile at You the in overall long

so If about, competitive that’s of to to a where to from you has loss on, other of overall our think a treatment, We we achieve order things profile is weeks approximately attributes, about to end I XX% product of all are into looking of serum and number has, think of in or you lack factored weight at a of serum a perspective. tolerability, it’s XX% XX needs that the be at and be titration, loss. the so weight reduction think also better really year, lipid competitive combination which what bring to lipids one so But dose we the determining those product. need think be - all to

we’ve and to that to We weight would think way if they’re been weeks, profile what the weight having expect halfway XX% X% to with XX% of be on these that all so a at achieving of have there, is XX other attributes with of off talking kind back XX XX% you that look together we’ll to about. we loss, that weight loss. loss, If competitive weeks,

Scott?

Scott Harris

Seamus. morning good Hi,

number a together very strong that recruitment. your identified putting second very We we’re sites. we question, of think for think we’ve Regarding a good plan

very States. recruitment there in feel of again. under his plan is good trial about and know, doing direction, and it is is you great so He network Harrison we as once As the very the principal the Stephen serving a investigator United established a organizer the

that point the have think we XX-week could in XXXX. end half a on that, that readout first Regarding of we

Seamus Fernandez

thanks. helpful. Great, Very

for final the Then weight just just as as is I’ll bit just XX a to as queue, in assume, a clarify, weeks, of we what achieved? follow-up and us weight subtracted prospects loss to think you question see, back tirzepatide to and jump XX% Thanks. loss, the hoping placebo maybe and at little can about I Wegovy context, that incremental that remind X% you’re

Scott Harris

to said we’ve as Yes, that before, is Seamus. adjusted. placebo Okay X% XX%

within loss. alone, same which time was what’s but in point, of think successful to to target weight certainly to beyond be where As XX% percentage can use weight Phase talked Vipin we we not and the are semaglutide, is product was of placebo our attributes benefits based is XX constructed that to adjusted our mentioned, going semaglutide, look weeks, a how the out to just profile we’ve simple to on Vipin excess have The XX% and I year a drug like over range to loss that XX think of very, the has last that about. written good in well spectrum at drug weeks should very would but XX%, we’d be include and at very them. to end and X% point weight - week the the is loss number. the at the actually so going I other going been end include were we loss, doctors scripts be that data, weight at XX,XXX differentiate the you of XX% curve. Tirzepatide at full the the of drugs range, get the that all It’s We there at X% number

Vipin Garg

weight would we here versus still and is at loss beyond looking at semaglutide out are XX% runway a I to comparing tirzepatide looking also XX-week are we’re additional a there lot for there’s when weeks of XX%, that weeks. and to XX Yes, for point so XX study, XX to achieve we left what

Seamus Fernandez

you. Thank

Operator

question. One you. moment next our for Thank

Rahimi Sandler. comes the from Yasmeen of from Piper Our next question line

Yasmeen Rahimi

the for you. A updates and few detail. for thank you questions morning Good so and team, all much

as down drill NASH the duration just is the to also evolution I the going there. improvement is study, study NASH well wanted for one-point speaking, the you powered of of be, Then design what as a drill is could on wanted so just if broadly the points, study. down both end to study of the size the fibrosis? to of and I What clarify, just

the March sharing clients we’re plan last and reading do lot long on that study, are as how for data? time questions. my at study also again Thank a MOMENTUM, is Then out same taking wondering, one of interim that of list question sorry, around expecting that the about given you diabetes you

Vipin Garg

take Yes, you and question one. maybe then the let second Scott, the take first me can

As both concerned, far study as neck. the is diabetes in studies the neck are

other. prioritizing MOMENTUM to possible March, make we’re but very the going timing say that in the I We’re as time. It’s sure to the also be the diabetes out, is hard quickly of the to what second study say each expecting data will play would but same around half exactly data close to out as it’s

Scott Harris

Yes, thanks stages NASH for final still and study. design. its is question the Yas, the in That of about study

size, the be details we you those depend soon been but as as going possible. going that’s point but consider both be both; believe XX going details to power to time, We’re to weeks. again, in soon At to points additional as do get to this at the as finalized The out, worked for be that point either, at we sample end that out we could but We hope would this need we calculation that share actual power those do can. hope hasn’t and reading will on we’re important.

Yasmeen Rahimi

Thank you Scott.

clarification question. a Just

duration half a study that the that you a have hope XXXX, one-year can the first premature data, I six long to Given be our we these or on assume or--rather guess little months, assumptions to will than the make in end? of

Scott Harris

that is whether a weeks, we’re end read XX period about the we the this midyear safety patients, six for primary now. of continue the readout for requisite commenced of be a study accrue or and will a follow-up, point as markers, a months, such anticipate being treatment or XX-weeks out realistic. of and making be the at think patient is we Well, and to the data of that very parameters, will we assuming first half time, the But follow to the made that then trial time to get period year XXXX decision decision other right number necessary and non-invasive longer

Yasmeen Rahimi

really headed you thank the Thank luck of few best again. we’re in much, Great, the so weeks. as and you next

Operator

question. Thank moment you. One next for our

from Jefferies. of question next Our from the line Song Roger comes

Roger Song

for quick team questions. you from A thank our one Great, us. taking

you terms for better pleiotropic some the address? are example particularly details or pemvidutide, want give the given effects obesity lay worse comorbidities what of If some in key would are out plus/minus, One, to can from address, populations the numbers, pemvidutide just other positioned NAFLD that guys maybe you NASH, that very versus us be the can to targeted helpful. you for

Thank have you. I will question a follow-up after that.

Scott Harris

have good at die also of and you patients of cardiovascular have their but and to similar stages and well, Roger, important a There patient treat at they die the NAFLD Hey only and known United States, it’s process in NASH It’s have the obesity, between when the population obesity of and share least the liver liver complications, is obesity not the that of comorbidities. a NASH they that NASH impact. population. patients XX% going the meaningful therefore overlap virtually terminal of as disease, liver treat the the on morning. but to patients, deal estimated great disease in NASH predominantly obese all it’s

also trial, doctors, the out also want loss, in only weight we’re effective the inflammatory space, that that the that loss. interventions that they to but activity we offer NASH think at because fibrotic the it. has of that end only also point drug drugs the patients and I’d on We treatment they prescribe because so both weight believe believe NASH of for NASH but also pick when not it’s patients, will

it prescribed looking right the clearly milligram that the primary percentage now if at of stages quite population, be people loss. the had and that at the that looking now were note at being are would tirzepatide an early of insurance being looking looking well. weight dose at but We and in and marketplace semaglutide want fact the that’s development, prescribed of That you’re is weight that its companies dose prescribers nice nicely. of as right thing When - they’re milligram one obesity is semaglutide tirzepatide that clinical the higher a weight right than not idea percentage now, despite loss loss XX might you dose gives trials, X patients in kind the the -

successful going a increases as reductions the approvals, for drive what XX% are include meaning include, as comorbidities serum more think treatment in as that ultimately semaglutide loss in blood prescriptions projection other reduction but also the end that Our which it’s Phase meaningful I weight weight think Vipin think of in the to greater although and hepatic it weeks, terms percentage XX we believe We at base we pointed on that. heart loss, with study compounds with be profile out, unlike the XX actually case. we’re lipids, include to achieve meaningful XX% our a although than of will some important results, that range, target rate. would We is weeks, minimal in profile, based only at product the pressure in of target such will than in product that can it we it fat, insurance replete in reduction development, achieving, that

Scot Roberts

the drastically lipids respect. Scott of of that states Roger, metabolism to as fat, obese to of helpful dyslipidemic, a the XX% special know, population just liver that and change the and are glucagon and also people You certainly lipids in creates context, XX% lower that ability to serum IAH target indicated, that understand in it’s

Roger Song

comments, I the you. very all thank good. appreciate Excellent,

you for you the you. NASH. what have but an some the design, the just pemvidutide, terms multitude, in quick early the earlier finalizing could stage, in effect consideration stage given terms the like of still know of stage, NASH be the in the of patient do, very one I other terms Thank you A or will it’s population? are ideal from population will

Scott Harris

very anti-fibrotic been turned It early the Roger. metabolic had been said efruxifermin, we stages. and II III going having question, end inflammatory NASH Phase is and if you going the its drugs the to that reduction have you which for whereas on activity the meaningful in have Phase have shows because have completed which of drugs treat in on treat you’re drugs, Thanks reduction, and has liver resmiterom effective fat now is that early through improvement. paradigm later from NASH, effective fibrotic to active What to effects need development liver and That affect respectively, way stages reduction not at all fibrosis. metabolically activity that drive two on the fat fibrosis only

we’d happy Very at efruxifermin We the until resmiterom about actually XX%. just the up and greater out liver weeks to see the been advanced that to XX% this fat, XX%, population to NASH, greater point about the in XX% stages reduction have was results, been trials. the reduction all tough product of population of it liver effects about XX mentioned fat that with treat, clinical being study That’s for was the I fibrosis. a the in the and

on based very, we’re about at optimistic that, results and in the biopsy XX%, to future. We’re very XX%

people amount large go or there’s which believe we regulatory we a it - think only But believe room we with either had resmiterom, will fibrosis XX% NASH but fill. the onto think response of a for we that in also precedent, approval, resolution that’s can improvement. improvement of lays We great

Roger Song

thank you. it from us. That’s Excellent,

Operator

you. for our moment question. Thank next One

the from Goldman question Sachs. Jenkins Corinne line from of comes Our next

Corinne Jenkins

efficacy X.X MOMENTUM what from downstream maybe Maybe could the and in NAFLD just me, about morning. saw on titration good dose then arm impact how mg/kg based readout? study, safety do in and Thanks compliance first we the the you the and upcoming think

Scott Harris

Corrine. based thank our We that on put in short Well, first-in-human we study. the some titration observation you made in question, for place

to see effect on, intolerability and to more that that continue early occurring saw the going dose, weeks, based would data something Whether two accrue. forward GI in the we titration have on they With to titration in our so first mitigate that the We NAFLD we we X.X the adverse in one to saw use we’ll we events, milligram events. were trial. thought that future, a four-week

that that a effect time titration point titration. weeks impact four-week weeks think be the the to XX of certainly We time minimal XX with the end there’d have on in would of by probably overall a of sufficient weight minimize the at effect loss, and the

committed, can forward. obesity the out use way, drop to at either not we’re going look dose actually the data, that or titration. in dose without drug we it. by titration We’re development NASH that the only We’d for may the incretin-based point that’s We’ll

want, stage actually trial and that semaglutide, trial, in five much to the to and We the doctors preferred quite as they back something a do aware that to how and got patients titration and that over user That’s patients because offer in that question conducting we but this market a tolerability research an of the continuously, optionality like four titration go. can’t now need at right we ever we’re titration, either doing is, we’re or as months if example, tirzepatide do could and offer as a already that adjunct drugs option. prescribing the they’re separate of, for the if something have something not we research late which other development, we’re is longer

on it at XX. XX certainly We and based is the it believe know. We the affect before, don’t We but it is think titration, Will weeks? that efficacy not seen at we’ve what will, don’t helping, needed?

Corinne Jenkins

Helpful, just going you from end with point on with diabetes for focused points? that share and clarification to will weight soon, primarily data loss--sorry, coming the that’s diabetes-related study is loss it a trial or then be weight the me, the of

Scott Harris

points. Right, diabetes also share the data. no, share the on end that information we will We’ll

Corinne Jenkins

Thanks.

Operator

Thank our question. moment One you. for next

Our from Riley. of line next B. from comes Mayank the question Mamtani

Mayank Mamtani

congrats team, questions, and thanks Good on for taking morning our the progress.

study. like NASH I readout, IIb with but have IIb saw out full interim is Phase for readout that Phase biopsy, of of the you’ll we commenting of XX-week On curious total trying MOMENTUM yet, excitement how see you’re NASH know study on much a obesity study, where population? there for patients like the smaller to be cohort there XX-week will sort for enrolling you not subjects would include design, or the number the if your the just your Just

Scott Harris

the for question, Thanks Mayank.

would occur time interim end point that analysis, full it know, a the that the readout XXXX be reading of point You would would half readout for readout an at out. on it’s in the because be established first primary that not a

but already Now, be elect to study patients, following may point continue end we the established. would of the regards to efficacy primary the with

XXXX part in be we of When in the study in and where doing going entire a NASH of readout. that cut of and or will March, half the we’re XX% complete read half a the out that half XXXX, will patients the the in therapy, readout about the XXX patients, it approximately in we’re population, to in so approximately at the first of be of that’s XXX--about only first readout latter actually to have of trial contrast the

Mayank Mamtani

Got it, clarification. that for you thank

for willing you better MOMENTUM, like that weight loss. is focus also could on there, expectation be it pemv a versus comment, of weeks. there Are discontinuation to on rate XX one running on the the your have is the on follow-up study Then you’re what know any here if rather shorter think specific MOMENTUM. might hyperglycemia I than and in you on maybe similar I placebo, seems to comment totality metric, parallel data, the

I have after question final one that.

Scott Harris

discontinuation information for talking both should data be about trials. anticipate rates. I Yes, well, other that on we’d we we’ll people’s but that have in the don’t that readout, information you on have

Mayank Mamtani

what range? for And in your expectation be that to rate

Scott Harris

recent up seen obesity quite XX% down the come were to recently discontinuation XX% in them of high. range. the that until historically so We’ve couple in Yes, rates trials, years,

happy seeing when this consideration look have front to thing going process. the that They’re end a to loaded, probably that you to you, it trial has that not that and with into on in We’ll information the is are other readout. like be we’ll be and The so any are discontinuations what share continuous we’re at XX-week with reported the fact discontinuations far. comment at so we’re taken

Mayank Mamtani

Great.

you [indiscernible] and/or of an end bit to big active II you that which share Are able it’s curious studying scale have of but question, talk initial with late program, that? what thoughts a early are of regimens. as certain competitor for we terms thinking FDA picture a just kind about mirrors if that, combination a stage meeting, that know sort includes with Phase I in of any seen you program to Finally, prepare arm, pemv on of

Scott Harris

end was had requirements fulfilled filed Everyone four have pivotal those we Phase with comparator. an trials for the those for haven’t of program. is and for by semaglutide, yet. in an those and the approval tirzepatide of Obviously, the that we of time, conducted FDA in an question safety that Well, safety would at trials obesity. doing outdated are think questions were semaglutide, approval, have companies conducted there need in number the order and There Phase of being typically was those for the the pivotal that with FDA programs, to but there. aware you discussion None with have point now of to included treatment I trials. not with been II III meeting Ozempic of your Phase both that tirzepatide discuss of have of of obesity It’s it a file programs done III In a have in the been trial of database is to of where subjects this to compared were pivotals obesity, that just active number they dose database trials. so that

the other somewhat that to like that the have agency. have concept we would with look but discussion We a programs, need

Mayank Mamtani

Great, thanks taking our for questions.

Operator

next for question. Thank you. our One moment

from Our comes next of the question Jon JMP line from Wolleben Securities.

Jon Wolleben

question. morning, good and for thanks the Hey, taking

to meaningful XX for when you’re us for about more you consider attribute just the release to we’re on serum give could and utilization. the and this well, little class both little across important do what moving looking as you on that ultimate lipid context pemv’s is a a how touched and bit, going wondering you I be weeks, forward data think was that reduction a if You XX

Scott Harris

the want of get is recollection total of course going effects as do these cholesterol, programs, in reduction range X%. with the as Ultimately tirzepatide to to for and about be high going to time, is the lipid on triglycerides. don’t really Thanks My we progressive they Jon. the LDL so at Though like probably semaglutide, improvement XX other over the be There’s weeks. LDL has minimal. drugs in potent reduction move have maybe been very X%, cholesterol

LDL LDL would something We’ve can that to cholesterol, XX the have hypothetically maybe that our but to we very at X% glucagon. XX% our and we achieve in in directly see seen that’s with able to hope the first to glucagon would number in and see, were again would mechanism move you the to XX% a nice cholesterol first-in-human range, that achieved attributable reduction above be range saw trial, be - weeks, so total and approximately we trial that XX%,

would hope be other at the Our we drugs above is the that look meaningfully trial we weeks. XX at when

Jon Wolleben

That’s helpful.

forward one the so Just the moving Is I study, but finalization how that. X.X dose design, Thanks. the effective to seems Just milligram X.X be with it are sweet about thinking dosing? NASH far. about know wondering to on or probably most worth spot? The you’re the you in steps is how you’re the the X.X, thinking

Scott Harris

mind, is Obviously question in we Well, that’s about be the NASH the the carry milligram driven. MOMENTUM, X.X trial going to decisions what decision and make data that’s our we whether see we’ll based on on a forward. dose

do better haven’t view that X.X with you the reduction of was or kilograms, when there to define the obesity obesity, XXX they would weight got super that with semaglutide, patients and than we achieved. serum data although at dropped percentage know, as concentrations convincing we loss know that, XXX least is in from any that that point seen which You X.X,

tirzepatide. seen wasn’t with that Now,

and we’re we out more is, or modeled so as question point milligram that dose certain, we essentially not effect. insurance we’ve an absolutely semaglutide Then like see will the tirzepatide, case data in but used policy the behave this the at as a we’ve compound X.X also

might strategy more NASH. than That be obesity relevant to

We the of about finish right and smaller making to efforts was that would numbers. we we’re we’ll announcement That which is a systems things to why that’s more use, study to study, and results conclusion, that the which If the require like developing size, the are our population and multiple and and with it quickly, in with data forward. including are get share you we’re sample the data. we information of X.X, decision the ways we’re many the or of be considered patients make come one MOMENTUM a trial do doses with X.X, could them questions. drive being want and the as If we’ll would soon design not now, conclusion We that going the in that design trial, earlier we’ll then modeling see we use the modeling the adequate as that, street. going the up MOMENTUM power. that done There in-house PK, among what’s modeling, so have arms will have an achieve to more not about the

Jon Wolleben

thanks helpful Very color, Scott.

Operator

question. moment One our for next you. Thank

from the HC comes question next of Our line Patrick Trucchio from Wainwright.

Joe Pantginis

for Patrick. you Joe question. Thank this Hi, on the taking is for

II, patients also important months how from little seroconversion, and both in clearance the it HepTcell wondering following initial Phase is surface that terms months? antigen just the six hep-B a treatment, the on gears six and Switching at bit seroconversion to readout achieve of

Vipin Garg

Dr. you do to Roberts, that? take want

Scot Roberts

Sure.

that think I nice that’s obviously to a have.

certainly reduction being interest. bar reductions think ability surface But for I in of think surface short at months really is the looking what at what and of is and reduce this certainly even we for. I significant the to relatively log really followed, is is set we’re so looking one still antigen, seroconversion treatment, antigen, that trial six a we’re a the is the

partially population combination so HepTcell and we’re trial to this present of chronic hepatitis antigen some It’s of that might is then as patient will has, purpose drive effective of the antivirals, the activity and the disease viewed against Again, HepTcell that direct like having the being surface of like controlled, require acting the this clearance a therapy, already monotherapy, the establish received they that that able is new immunotherapeutic, seroconversion. using with treatment presumption B. of to the

that we’re looking That’s trial. at how

Joe Pantginis

much. so Thanks

Operator

Thank you.

your name on telephone announced. be press please to star-one-one reminder, ask a wait a for and to question, As your

to I’m Garg At like Vipin no time, to showing for conference questions. closing I would remarks. the this turn back further now

Vipin Garg

thank today. Have for to everyone and you results for participating outlook share interest. day. your you, this a appreciate you continued with We our Thank and opportunity nice

Operator

today’s you participating. conference concludes This for call. Thank

disconnect. You may now

Altimmune (ALT) 28 Feb 232022 Q4 Earnings call transcript