Altimmune at BioConnect: Strategic Focus on Liver Diseases

Published 20/05/2025, 18:04
Altimmune at BioConnect: Strategic Focus on Liver Diseases

On Tuesday, 20 May 2025, Altimmune (NASDAQ:ALT) presented at the H.C. Wainwright 3rd Annual BioConnect Investor Conference 2025. The company showcased its strategic pivot towards addressing serious liver diseases, leveraging its promising drug candidate, pemvidutide. While the focus on unmet medical needs in liver-related conditions is a positive step, the company faces challenges in navigating a competitive and evolving market landscape.

Key Takeaways

  • Altimmune is prioritizing the development of pemvidutide for NASH, AUD, and ALD, rather than pure obesity treatment.
  • The IMPACT Phase 2b trial for NASH aims to deliver data by the end of the current quarter, with a Phase 3 program anticipated in early 2026.
  • Pemvidutide’s dual GLP-1/glucagon agonist mechanism offers weight loss and direct liver benefits.
  • Initial data from AUD and ALD trials are expected by the end of next year.
  • The company is leveraging a large safety database to support its drug development efforts.

Financial Results

  • Altimmune’s strategy focuses on addressing serious diseases resulting from obesity, such as NASH, AUD, and ALD.
  • The company aims to position pemvidutide as a comprehensive solution for liver and metabolic diseases, addressing both metabolic and direct liver-related mechanisms.

Operational Updates

  • The IMPACT Phase 2b trial in NASH is expected to provide data by the end of the current quarter.
  • A Phase 3 program for NASH is planned for early 2026, following an end-of-Phase 2 meeting with regulators.
  • Enrollment for the AUD Phase 2 trial has begun, with the ALD Phase 2 trial set to start in the third quarter.
  • Altimmune is utilizing its safety database of 500 patients to advance pemvidutide for AUD and ALD.

Future Outlook

  • Initial data readouts from AUD and ALD trials are anticipated by the end of next year.
  • The company plans to use 48-week weight loss data and non-invasive tests to supplement the 24-week biopsy readout from the IMPACT trial.
  • A 2.4 mg dose of pemvidutide is being considered for Phase 3 trials to enhance weight loss effects while maintaining blood sugar control.

Q&A Highlights

  • Pemvidutide’s weight loss profile is expected to be comparable to semaglutide at 48 weeks, with potential for greater results beyond that period.
  • The drug is administered without dose titration at 1.2 mg and 1.8 mg doses, simplifying treatment for healthcare providers.
  • Regulators are expected to base approval decisions for NASH on biopsy results, despite the importance of biomarker responses.
  • Pemvidutide’s combined metabolic and liver effects may cover the entire spectrum of NASH, reducing the need for precise disease stage determination.

In conclusion, readers are encouraged to refer to the full transcript for more detailed insights into Altimmune’s strategic plans and trial developments.

Full transcript - H.C. Wainwright 3rd Annual BioConnect Investor Conference 2025:

Patrick Trucchio, Senior Health Care Analyst, HC Wainwright: Come to the third annual HC Wainwright BioConnect Conference. I’m Patrick Trucchio, senior health care analyst at HC Wainwright. It’s my pleasure to have the management of Altimmune with us, president CEO, Vipin Gard, and CMO, Scott Harris. Welcome to Bioconut, once again, and it’s a pleasure to have you with us. And it’s always great to catch up on the pipeline.

I think, maybe first, we’ll start with MVDU, Ty, just some background on MVDU kind of how it came to be part of the pipeline.

Vipin Gard, President & CEO, Altimmune: Yeah. Well, thank you for the invitation. Excited to be here. As you know, pemidutide is the GLP one glucagon dual agonist that they’re developing for metabolic diseases, for liver diseases, for obesity. If you think about, what’s happening in NASH, you know, NASH is our, data that’s coming out, very shortly here, by the end of this quarter.

If you think about NASH, there are really two different types of drugs being developed for NASH. They’re metabolic drugs like GLP ones that sort of improve, obesity and indirectly affect NASH, but they’re also direct acting agents like FTF twenty one. So what we are doing with pembi is really combining these two effects in one molecule, both weight loss as well as direct effect in the liver. So think of it as MASH with obesity. About eighty to ninety percent of patients with MASH have obesity, so they’ll benefit from weight loss.

And there’s a lot of discussion out there about combining FTF twenty ones with GLP one. So combining different drugs with different mechanism. We’re doing that in a single drug. We think that gives us a significant advantage. And if we are able to show statistically significant improvement in mass resolution and fibrosis improvement at the end of twenty four weeks and show meaningful weight loss would be the only drug that can achieve that.

Scott, you wanna talk a little bit more about

Scott Harris, CMO, Altimmune: Yeah. PEMVY itself is designed to maximize the effects of glucagon. It’s glucagon that drives the direct effects in the liver. What you get is a really potent reduction of liver fat. You’ve put in reduction of serum, lipoproteins.

That’s because there are glucagon receptors in the liver. You don’t get that with GLP ones. You don’t get it with JIPs. So those drugs do not have very meaningful effects on, say, LDL cholesterol. Any effects that they have on liver fat are indirectly through weight loss.

If you don’t get weight loss, you don’t get the effects in the liver, and those effects are slow. Those drugs have to read out at forty eight to seventy two weeks. We have glucagon hormone molecule, which puts us in the category of having direct effects like the FGF21s. That allows us to read out at twenty four weeks. That will mean that we’re in the direct acting agent class of drugs that can read out at twenty four weeks with rapid effects.

That’s important with with mesh. Some of these patients are on the verge of developing cirrhosis. Speed is potency. Then we distinguish from the FF21s because they don’t have weight loss. To maximize the effect of glucagon, we’ve gone to a one to one weight ratio by design.

If you give glucagon alone, you have problems with glycemic control. You balance it with the GLP one in one to one ratio, you maintain that control. And we’ve shown repeatedly in our studies and with the FDA when they evaluated our end of phase two briefing package for obesity in the fall of last year, consistent control of blood sugar so that amongst the agents in development that have GLP one and glucagon, we have the most potent glucagon because we have the best ratio. Others have ratios that are heavily biased to GLP-one and have much less of those glucagon effects.

Patrick Trucchio, Senior Health Care Analyst, HC Wainwright: K. Can you tell us where are we with NASH and drug development in NASH? Where is the unmet need in NASH?

Scott Harris, CMO, Altimmune: Well, right now, there is one approved drug. Its effects are relatively modest. However, the uptake has been very great with the substance of huge unmet need. NASH has now risen to being the leading cause of liver transplantation in The United States, and the prevalence of it is growing every year because it’s growing with the obesity epidemic. So there’s a need for many drugs, and there’s also gonna be diversity in needs.

It’s often forgotten that patients with NASH, up to the time they develop cirrhosis, Patrick, actually die of the cardiovascular disease first. So a drug that only treats the fibrosis in the end stages of the NASH inflammatory process This is the fact that you have to treat the metabolic effects at the same time.

Patrick Trucchio, Senior Health Care Analyst, HC Wainwright: So we have the, upcoming phase two b trial impact. This is in NASH. Can you tell us about the design of impact? What is what was unique about this design, the twenty four week readout, and kind of your expectations around this readout?

Scott Harris, CMO, Altimmune: Sure. Well, as you started by saying, the twenty four week readout for an incretin is unique. We’re gonna be the only incretin that’s able to even consider reading out at twenty four weeks because of glucagon effects. One of the other unique features of the trial is that we’re trying to control the placebo response, which is endemic in MATCH trials. We’re seeing in some MATCH trials, placebo response rates that exceed biological plausibility.

20 to 30% is because of bias in the reading of pathologists. One of the biases is that early in the trial, they upgrade the severity knowing that they’re reading baseline biopsies, trying to help the sponsor with enrollment that affect those over the course of the trial, and in fact, even goes in the opposite direction because they think they’re reading treatment. So you can have a placebo patient with no biological effect having a response simply based on the timing of the biopsy. How do we address that? We take all the biopsies at the end of the trial.

We scramble them, de identify them by time of biopsy, and read both the baseline and the end of treatment at week twenty four at the same time. In studies that have done this, they’ve seen placebo response rates that are controllable much lower in a range of about seven to twelve, thirteen percent. So if you control your placebo response, you get what we’re trying to achieve, which is statistical significance. If you lose control of that, you’ll lose your control of the statistical response.

Patrick Trucchio, Senior Health Care Analyst, HC Wainwright: So, if successful, what do you see as the key differentiators from relative to GLP as well as to GLP twenty one?

Scott Harris, CMO, Altimmune: Well, for one thing, we’re gonna be more potent than any of the incretins. And then compared to the FGF twenty ones, we’re gonna have weight loss. When you think about that combination, it is the complete solution for NASH. We don’t think there’s gonna be any drug out there that really offers that profile. We think that with a successful readout, we’ll be the best in class drug for NASH based on those two important attributes.

The other thing about the drug is that it’s easy to administer. Those drugs and the impact trial are being given without this titration. That’s unique among the incretins, which are titrating up to twenty four weeks to maintain tolerability. The molecule is designed to enter the bloodstream slowly and avoid peak effects that drive intolerability. And by the way, in some molecules, also drive heart rate increases that were not seen because the rapid introduction of the drug into the bloodstream.

Slow onset, lower peak, take the peak and round it up and make it go over a longer period of time. So we’re unique in the fact that we can actually simplify therapy for primary care as well as for hepatologists, endocrinologists by allowing drugs that does not need to be dose titrated.

Vipin Gard, President & CEO, Altimmune: And I think this benefit of combining direct effect in the liver with weight loss is very important. We’ve already seen that in our trial itself. It was much more much easier to recruit in our trial than other mass trials because losing weight is very attractive to this patient population. They can’t see their liver, what’s going on inside the liver, but everybody, you know, can see that they’re losing weight, and and these patients do want to lose weight. So we think from a compliance perspective, there won’t be a major advantage when the drug reaches the market.

Patrick Trucchio, Senior Health Care Analyst, HC Wainwright: Right. And so this twenty four week, readout time frame, how do regulators view this? And would you have your end of phase two meeting after the twenty four week readout, or do you have to wait for forty eight weeks? Yeah. No.

Vipin Gard, President & CEO, Altimmune: We plan to have our end of phase two meeting after the twenty four week readout and, you know, even before the forty eight week data. You know, our primary endpoint is twenty four week biopsy readout. There is no biopsy readout at forty eight week. We’ll be able to supplement that forty eight week data when that becomes available and really be ready to execute a Phase III program early in 2026.

Scott Harris, CMO, Altimmune: But just to be clear for the audience who they’re not familiar with, with the primary endpoint of the trial, which is the biopsy, is set at week twenty four. We’re treating patients for forty eight weeks.

Patrick Trucchio, Senior Health Care Analyst, HC Wainwright: K.

Scott Harris, CMO, Altimmune: What do we get from that? We get forty eight week weight loss, which is important. We also get the noninvasive test throughout the trial. You can use the noninvasive test to help predict the growth of the response over that period of time. That’s gonna be extremely important as well.

Patrick Trucchio, Senior Health Care Analyst, HC Wainwright: And so what are your expectations around weight loss both in twenty four weeks and forty eight weeks?

Scott Harris, CMO, Altimmune: Well, this drug has a weight loss profile very similar to semaglutide at forty eight weeks. Now we believe that if we were to follow the drug beyond that, we would beat semaglutide because if you look at the weight loss curves that were generated in our MOMENTUM obesity trial, the trajectory of weight loss is still very steep at the end of the trial. So we think we would have beaten semaglutide, which was plateauing at week forty eight. So I think that roughly we’ll be in the same range. Now recognize that we did not go into this trial with our best weight loss dose.

The dose response for weight loss is different from the dose response for NASH. With NASH, we found it was plateauing at the one point eight milligram dose, and we felt for efficiency in this trial phase two, we would only dose up to one point eight milligrams. However, for phase three, now we’re building the target product profile. And even though we wouldn’t see additional MASH effects, we would be able to add to the weight loss by going with the two point four milligram dose. So that’s what we’re looking at doing in phase three.

Patrick Trucchio, Senior Health Care Analyst, HC Wainwright: Do you have to titrate at the two point four milligram?

Scott Harris, CMO, Altimmune: There’s a short titration at two point four, but there’s no titration at either of the two doses, which is one point two and one point eight milligrams in

Patrick Trucchio, Senior Health Care Analyst, HC Wainwright: the impact drop. And just timing for impact, what are what are we looking in terms of timing?

Vipin Gard, President & CEO, Altimmune: The data readout this quarter, as we’ve said. So it’s very soon. Quarter is coming to an end quickly. So, yeah, looking forward to it.

Patrick Trucchio, Senior Health Care Analyst, HC Wainwright: Are there any other questions from the audience on impact? So I think that I’d like to talk about obesity, the obesity strategy. Maybe you could talk about, you mentioned obesity at the outset. Maybe you talked about, the data that you’ve generated so far in MOMENTUM. What was MOMENTUM?

I guess what’s the status of this program?

Scott Harris, CMO, Altimmune: Sure. I’ll take the first part of all that we have to talk about the status because it relates to a long business discussion. So this was a phase two trial. It was three ninety one patients. The dosing was forty eight weeks with three doses of bembidutide, the one point two to one point eight.

And as I mentioned before, the two point four versus placebo. Nondiabetics, again, treated for forty eight weeks. No titration at one point two or one point eight milligrams. Very short four week titration at two point four. It’s one sixth the titration duration of other drugs in the space.

So with that at forty eight weeks, we saw the highest dose fifteen point six percent weight loss. But as I mentioned before, if you look at the curve, there was a lot more gas in the engine forty eight weeks. So I think we would have been very comparable to, say, tirzepatide after seventy two weeks of treatment. What we also saw was very potent effects on serum ripens. In patients with elevated levels coming into baseline, we had statin like effects with a twenty one percent reduction.

And in fact, we saw these effects even in patients taking statins. So as we eventually got to the FDA to discuss the program, and maybe I’ll delay, respond to that question directly about the meeting that we had, they were very excited because they saw synergy with statins. You know? With statins, only about fifty percent of patients get to their LDL goals. So, a lot of that is compliance.

And they said, wow. This is a great way to get to LDL goals by driving the compliance with LDL lowering therapy by weight loss. Same as Biren said. Our trial was one of the fastest our impact trial is one of the fastest rolling mass trials to date. Patients came in the trial because they wanted to lose weight.

And we also think that speaks for the commercial profile of the compound when it’s out there competing with other drugs, for the TAM. You know, people are gonna come in and say, we want the weight loss, and it’s gonna replicate what we saw in enrollment and impact. Now one other key finding that we saw in the trial was that we had class leading preservation of lean mass among the incretin agents. If any of us try to lose weight in this room, about 25% of that weight is lean mass. With semaglutide, they saw forty percent in two trials, not just one, but two.

And that hasn’t really been explained, but it’s worrisome because people who lose weight, especially elderly people in postmenopausal women, have a higher rate of bone fractures. In the select cardiovascular outcomes trial, the rate of fractures was increased by a factor of seven in that population essentially put into the label. So preservation of lean mass and also bone mass is extremely important. When you look at our compound, we’re twenty one point nine percent. We’re better than the other incretins, and we’re actually even better than diet and exercise.

We think that glucagon shifts metabolism away from pulling substrate from muscle for energy to fat. We think that’s the the mechanism that this happens.

Patrick Trucchio, Senior Health Care Analyst, HC Wainwright: Can you tell us, you know, what has been the reception among potential partners to the MOMENTUM data?

Vipin Gard, President & CEO, Altimmune: I can take that. So, as you know, we’ve we’ve talked about it quite a bit. We our plans are not to pursue a pure obesity indication on our own. We think that’s the right strategy because, really, the market is going to change in obesity. Obesity is quickly becoming a race to the bottom in terms of pricing flexibility.

So what we wanna do, we wanna treat serious diseases, serious conditions that result from obesity. So think of it as MASH with obesity. So we’re not giving up on obesity. We’re treating a serious disease where people would benefit from losing weight. We’ve also added AUD and ALD to our our portfolio.

Again, very similar diseases where there is no treatment available. They are liver diseases. ALD is very similar to NASH, for instance. But sixty to seventy percent of patients are obese and overweight, and the outcomes are very much worse if they’re obese. So if we can do both of those things at the same time, we’ve got much higher value proposition.

So that’s the strategy we are pursuing, you know, as if we find a partner who wants to develop, you know, obesity indication, certainly, we’ll entertain that. But on our own, we think we can take this program forward in NASH and these serious liver diseases, really provide a complete solution to liver and metabolic diseases. We’re we’re hitting two different mechanisms at the same time.

Patrick Trucchio, Senior Health Care Analyst, HC Wainwright: So if if all goes to plan, then we’d be able to bring this forward in MASH into phase three in 2026.

Vipin Gard, President & CEO, Altimmune: Yeah. We’re full speed ahead in MASH. As we said, we’re gonna have end of phase two meeting at the end of the year and start our phase three program. We’ve already started our AUD phase two two study. We announced yesterday that’s up and running.

We expect to start our ALD phase two study in the third quarter. So multiple indications all having the same theme of liver benefit, liver health improvement, and, losing weight.

Patrick Trucchio, Senior Health Care Analyst, HC Wainwright: Can we talk a little bit more about AUV and ALT? Just kind of what drove this decision to expand the pipeline to these indications, and why why these specific indications?

Vipin Gard, President & CEO, Altimmune: So as we looked at the landscape and liver diseases where having a direct effect in the liver would beneficial, we became very clear there was really there is no approved therapy for ALD, for instance. And even for AUD, there are two or three drugs, but nobody really uses them. They’re very old sort of legacy drugs, not very effective, very poor compliance. So very critical unmet medical need in both of these areas. But we felt that the combined GLP one glucagon mechanism had special advantage we could leverage in developing these drugs.

Relatively, modest expense over and above our mesh program. We’ve got a very large safety database. So we are trying to figure out how to leverage everything that we’ve already created. You know, we’ve got 500 patient safety database. Nobody going into a mesh program, phase three program has that kind of safety database.

So we can leverage them for AUD and ALD and really expand the the market share for the for the drug.

Patrick Trucchio, Senior Health Care Analyst, HC Wainwright: How quickly do you anticipate these trials to enroll, and when when do you think you might see your initial data readouts?

Vipin Gard, President & CEO, Altimmune: So let’s see how the enrollment goes. We’re just starting the a AUD study right now. We think, you know, definitely by the end of next year, but it might be sooner depending upon how quickly the study will enroll. There’s really no competition out there for these these types of trials. So we think we’re gonna enroll it pretty quickly, particularly, again, the attraction of losing weight.

A lot of these patients need to lose weight, so we think we’re gonna be doing, you know, having data next year on a l AUD and ALT.

Patrick Trucchio, Senior Health Care Analyst, HC Wainwright: And and AUD, what’s kind of the key endpoint? What do you need to see here? Is it sort of reduction in heavy freaking days, or how are you thinking about the endpoints?

Scott Harris, CMO, Altimmune: Well, peripheral ones, knowledge, there is a guidance in developing an alcohol use disorder, AUD. So that’s well said. And guidance is derisk program. Right? They tell you what you need to do.

So we knew there are three primary endpoints that will accept. The one announced about a month ago is gonna be the easiest, which is a two level reduction WHO risk score, which actually measures the amount of alcohol people are taking as opposed to heavy drinking days. What is their level of average drinking? That’s a lot easier to hit. There’s also an endpoint for a reduction of heavy drinking days and total abstinence that are actually harder to hit because they require none of those.

In phase two, however, you explore with lower sample size. You use easier endpoints. So we’re actually counting the number of heavy drinking days, but we’ll measure the other as well. And we see a significant reduction, which I think we will based on all the data we’ve had, and we’ve had some really great animal data showing that you can talk about, we think we’d move into phase three relatively rapidly.

Patrick Trucchio, Senior Health Care Analyst, HC Wainwright: So can you frame for us just the the kind of profile that eventually emerge for appendage? We have a NASH, you know, approval of NASH, you know, level of overlap between obesity and NASH.

Vipin Gard, President & CEO, Altimmune: And then if you have

Patrick Trucchio, Senior Health Care Analyst, HC Wainwright: these additional indications, how larger is each of these relative to each other, and how how big is the opportunity in AUG and A?

Vipin Gard, President & CEO, Altimmune: Yes. I mean, the the good thing about these three indications is that there’s a lot of overlap in terms of the mechanism, in terms of the value proposition. You’re treating two different things at the same time. So it’s very similar. They’re all diseases that are the outcomes are worse with people with obesity and overweight.

So you want to lose weight. That’s a beneficial effect. You also want to improve the overall metabolic health. Something we haven’t talked too much about today is the the benefit we are seeing from pempid two dives in terms of serum lipid reduction and serum lipid. That benefit is very important in all of these indications.

So you can actually price them relatively close, very similar. Obesity is a different, you know, condition where pricing, you know, flexibility is there. But in all three of these lack of treatment, the pricing flexibility, there’s additive. That’s a very large market opportunity. NASH itself, just the patients with MASH with obesity, even if you just focus on those, that’s the bulk of the MASH market.

I mean, eighty to ninety percent of the market is those patients. Same thing with AU DNA. The AUDs about twenty eight million subjects, patients that needed to need to be treated in The US. Only two percent of them are today taking a a pharmacotherapy. So very large opportunity, unmet need, and and ALD is smaller.

Obviously, AUD leads to ALD, by critical conditions. So you combine all of all three of them together, very significant.

Patrick Trucchio, Senior Health Care Analyst, HC Wainwright: And so, you know, just thinking about biomarkers and some of the changes you’ve seen in the prior studies, can you talk about some of the more meaningful ones maybe, you know, whether it’s serum lipid reductions or others that you think maybe provide a read through to this upcoming impact study?

Scott Harris, CMO, Altimmune: Well, I think the, probably the most potent one is level of excuse me. The level of liver fat reduction because there’s been a very clear association between that and the NASH endpoints with NASH resolution of fibrosis improvement. Studies time and time again have shown that. And among all the compounds in NASH development right now, we have the highest liver fat reduction, which give us the greatest confidence about the treatment effect. But alongside that, we see other inflammatory and fibrotic markers.

There’s an imaging technique you can learn to CT one. We have the best results in that as well. So time and time again, we’re seeing, evidence of successful readout on the noninvasive tests, and we think that should convey the bias readout that’s coming up.

Patrick Trucchio, Senior Health Care Analyst, HC Wainwright: And just in terms of, CT1 and FibroScan as emerging biomarkers, how does the FDA and other regulators, how do they view the biomarkers?

Scott Harris, CMO, Altimmune: Well, we’re encouraged to look at them. They’re very much in favor of biomarker responses. And holistically, they look at everything together. But, they’re going to be making the decision about approval based on the biopsies on NASH. And

Patrick Trucchio, Senior Health Care Analyst, HC Wainwright: then just in terms of, sort of NASH treatment guidelines and reimbursement frameworks and just in the context of these noninvasive biomarkers, how should

Scott Harris, CMO, Altimmune: we expect sort of the

Patrick Trucchio, Senior Health Care Analyst, HC Wainwright: the reimbursement landscape to evolve, especially at more frequent scale form?

Vipin Gard, President & CEO, Altimmune: So the the good news is that there is no biopsy required to treat these patients. So that’s already a win for the whole NASH field. So so these biomarkers ultimately what we’re trying to do with family is really have a broad spectrum in terms of the the doctor doesn’t have to precisely determine if it’s phase f two or f three or even early f four Because of the both metabolic effect as well as the direct effect in the liver, we should be able to cover the entire spectrum of this patient population. So NASH is not just one seed. It’s a continuum, and people can be a different you know, on that spectrum, they can be at different places.

There may be different treatments that doctors might consider. By combining these two benefits of metabolic effect and and the liver effect, we can actually cover the entire spectrum, and and the physician can be very comfortable treating. As long as they suspect this patient has mass. They don’t have to precisely determine, you know, what degree of mass they have because we we’ve we’ve got both benefits built into that. So I think from that perspective, this puts us in a very place.

Patrick Trucchio, Senior Health Care Analyst, HC Wainwright: Do you think investors are missing about the new type story? I

Vipin Gard, President & CEO, Altimmune: I wouldn’t say they’re missing anything other than that there was a lot of focus on obesity alone for a period of time. And but I think people are realizing that the obesity landscape is changing, and we’re not giving up on obesity. We’re just being more creative how we go after obesity rather than using going after obesity as a pure indication. We’re really coming from a side door, if you like, and we’re treating serious diseases that that are caused by obesity and treating obesity at the same time. And I think so that that’s a very strong message, and people are starting to pay attention.

Patrick Trucchio, Senior Health Care Analyst, HC Wainwright: Right. And if we sort of look out or think a year ahead from now, what are sort of the key milestones that impact coming up this quarter? Presumably, you’ll have in your phase two. Yeah. You’ll have to 48 you know, sort of the timing of these different milestones and what we can Yeah.

And we’ve

Vipin Gard, President & CEO, Altimmune: started the AUDs trial. Believe we’re gonna also start the ARD trial. So, yeah, you got them all. Yeah. We got plenty of milestones coming out over

Patrick Trucchio, Senior Health Care Analyst, HC Wainwright: the next trial. Awesome. So are there any other questions? Thank you very much.

Vipin Gard, President & CEO, Altimmune: Thank you. Take care. Thank you.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

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