Altimmune Inc at Guggenheim SMID Cap Biotech Conference Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: Seamus Fernandez - Guggenheim Securities LLC - Analyst : But maybe just to kick us off, remind us a little bit of the Altimmune story and maybe update us where we stand today.

Question: Seamus Fernandez - Guggenheim Securities LLC - Analyst : Great. Maybe talk about the differentiation of pemvidutide itself. Obviously, there's a number of products pursuing obesity. Now, there's two 800-pound gorillas in the market reporting results as we speak, basically. So just interested to know your points of differentiation with pemvidutide in particular. REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. FEBRUARY 05, 2025 / 2:30PM, ALT.OQ - Altimmune Inc at Guggenheim SMID Cap Biotech Conference

Question: Seamus Fernandez - Guggenheim Securities LLC - Analyst : Great. So let's take a step back, and we'll go to the MOMENTUM study, the MOMENTUM study results, which really forms the basis of your dialogue with the agency. Maybe we can just tie those two together.

Question: Seamus Fernandez - Guggenheim Securities LLC - Analyst : Right. When we go to the next steps, just remind us a little bit of the incremental or the specifics of that lean mass preservation. How many patients did you actually study as part of that patient group? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. FEBRUARY 05, 2025 / 2:30PM, ALT.OQ - Altimmune Inc at Guggenheim SMID Cap Biotech Conference

Question: Seamus Fernandez - Guggenheim Securities LLC - Analyst : Right, tying us back to the old dialogue around metabolic syndrome. Great. The MASH opportunity and what you're learning -- the learnings from the obesity opportunity, as well as your Phase 1 exploration, can you just tie a little bit of that together? What -- it seems like the visceral fat reduction that you saw in the Phase 2 obesity study really also helps to inform some of the decisions that you've made in your -- the incremental decisions to move forward with your current biopsy-driven studies.

Question: Seamus Fernandez - Guggenheim Securities LLC - Analyst : Right. In terms of the MASH opportunity, can you talk a little bit about the unmet need opportunity in MASH? And where you see -- again, you talked about the limitations of weight loss-exclusive approaches to MASH. We have seen some data with survodutide, another competitor. Maybe you can compare and contrast what you've seen so far from a liver defatting in your NAFLD patient population that's already been published as well as some of the visceral fat and then your expectations for the upcoming 24-week data, which I think is coming in the second quarter?

Question: Seamus Fernandez - Guggenheim Securities LLC - Analyst : Right. Can you talk a little bit about the dosing and the dose selection, 1.2, 1.8? And then in the obesity setting, the 2.4 dose is selected. So just trying to get a better understanding of what you're exploring in the MASH patient population and why you wouldn't necessarily go all the way up to a 2.4-milligram dose. Or is that exploration still possible?

Question: Seamus Fernandez - Guggenheim Securities LLC - Analyst : Got it. Okay. And when we talk to endocrinologists, one of the challenges is finding assets in MASH that will both defat the liver and improve the HbA1c and be able to manage blood glucose. Where does pemvidutide sit in that scale? But on the flip side, hepatologists are the ones who actually treat the more severe patients at the same time, and they're laser focused on the opportunity to defat the liver. Where do you see that tradeoff emerging over time? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. FEBRUARY 05, 2025 / 2:30PM, ALT.OQ - Altimmune Inc at Guggenheim SMID Cap Biotech Conference

Question: Seamus Fernandez - Guggenheim Securities LLC - Analyst : Great. So now, we're in the expectations setting game, which is the hard part of the job. So in terms of your MASH upcoming data, maybe just set the stage, the endpoint, when we're going to see the data, or what -- sorry, not when we're going to see the data. But when we see the data, what are your expectations for those data as it relates to the key endpoints? Maybe just remind us the primary endpoints of the study and maybe some of the exploratory endpoints that you might be excited about.

Question: Seamus Fernandez - Guggenheim Securities LLC - Analyst : And let's follow up a little bit more on the dynamics specifically around FGF21s. You've mentioned them several times. There is, I think, a bit of a differentiation in some of the data between F2, F3, and F4 population. One of those dynamics that we've raised in our own publishing and we've all talked about is this reduction in BMD. Can you -- what effects does pemvidutide have on bone mineral density? Is there any evidence of bone loss, especially bone loss at the hip?

Question: Seamus Fernandez - Guggenheim Securities LLC - Analyst : Got it. And then can you talk a little about what's differentiated in your own obesity program? As we go back to it, you've basically had your post Phase 2 meeting with FDA. You have a well-defined program. Can you talk about the program and then how you hope to move forward, whether it be alone or with a partner?

Question: Seamus Fernandez - Guggenheim Securities LLC - Analyst : Great. And then in terms of opportunities in MASH and the programs that Altimmune can fund on their own versus needing a partner, can you just walk us through the differentiation there?

Question: Seamus Fernandez - Guggenheim Securities LLC - Analyst : Great. Well, Scott, I think we're out of time. Thanks so much for joining us. Great to have Altimmune here at our conference again this year, and I look forward to the second quarter. It's going to be a big, very big event.