Altimmune Inc at JMP Securities Life Sciences Conference Transcript

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

Question: Jon Wolleben - JMP Securities LLC - Analyst : And maybe, Vipin, to start, some people may not be as familiar with Altimmune. Can you give a little bit about the history of the company and your focus today?

Question: Jon Wolleben - JMP Securities LLC - Analyst : Perfect overview. Can we dig into the molecule specifically a little bit? Because as you mentioned, there is a lot of these in development. How have you designed pemvidutide to be unique and potentially differentiated?

Question: Jon Wolleben - JMP Securities LLC - Analyst : And, Vipin, you mentioned this before, glucagon receptors in the liver. How does distribution work, the systemic subcutaneous administration, but where does the drug need to go to work? Because you have the direct liver acting effects, but then also the GLP-1 component as well. So can you talk a little bit about the activity in the body and why you are seeing such good results above and beyond the GLP-1 alone?

Question: Jon Wolleben - JMP Securities LLC - Analyst : Is there anything before weight loss to measure in humans to get a sense of the energy expenditure increase?

Question: Jon Wolleben - JMP Securities LLC - Analyst : Very interesting. Can we dig into your data a little bit last year, your Phase 1 data?

Question: Jon Wolleben - JMP Securities LLC - Analyst : What we think is pretty compelling. So can you give us the high-level takeaways from what you've seen so far in [B's] healthy volunteer study?

Question: Jon Wolleben - JMP Securities LLC - Analyst : A lot to dig in to there. But I was hoping you could talk a little bit about dose titration. And you guys kind of buck the trend and decided to go straight dosing. What gave you confidence in that hypothesis going in? What do you see, and why is this a big component of your profile?

Question: Jon Wolleben - JMP Securities LLC - Analyst : Can you talk a little bit about the class effect, the GI adverse events that we have seen? And how tirzepatide lines up in that regard so far?

Question: Jon Wolleben - JMP Securities LLC - Analyst : And what about with pemvidutide so far?

Question: Jon Wolleben - JMP Securities LLC - Analyst : Last time I saw my physician, I think I had 45 seconds with him. So that makes sense. And when you talk about the speed of weight loss, how are you guys thinking about that? Because you're doing fixed dosing; you're going hard early. Do you think you are going to hit the same magnitude of benefit as we have seen with the other molecules? And maybe just earlier, do you think you're seeing an earlier plateau? What do you think, based on the early data, it will have over time?

Question: Jon Wolleben - JMP Securities LLC - Analyst : Interesting. And, Scott, you mentioned the lipids. My thought process was always if you lose weight, your cholesterol will improve. But we are not seeing that, or at least not seeing the data with the other GLP-1 data sets. So can you characterize what you've seen so far in Phase 1? And maybe have some guess work on why we're not seeing that data similarly with the GLP-1.

Question: Jon Wolleben - JMP Securities LLC - Analyst : Interesting. And there has been a lot of media coverage from the tirzepatide data that came out of ADA a couple of weeks ago, and also the New England Journal publication. What's your take on what you've seen so far? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. JUNE 16, 2022 / 1:00PM, ALT.OQ - Altimmune Inc at JMP Securities Life Sciences Conference From that package, obviously, there is excitement with Wegovy, with their approval there. But then also tirzepatide, to us, looks like a better profile as well. So can you give us a high-level lay of the land of what you've seen so far?

Question: Jon Wolleben - JMP Securities LLC - Analyst : And can we try and put some numbers, at least ballpark, on what the opportunity could be? I think everybody appreciates that there is obesity issue in America. But when we think about people who are obese who would take medications, do we have any sense what that look -- how many obese people there are in America that would make sense for medication than how many historically have gone on anti-obesity medications?

Question: Jon Wolleben - JMP Securities LLC - Analyst : Got it. And you gave an overview of your clinical development strategy. Can you remind us of the current -- we are going to get data third quarter. Tell us about that trial which you are enrolling and what are the key endpoints coming. REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. JUNE 16, 2022 / 1:00PM, ALT.OQ - Altimmune Inc at JMP Securities Life Sciences Conference

Question: Jon Wolleben - JMP Securities LLC - Analyst : Can you talk a little bit -- you mentioned you had nondiabetics in your Phase 1, and we're including both diabetics and nondiabetics. Historically, when we look at the studies, it seems like diabetic patients have a harder time losing weight. Do you expect that with pemvidutide as well and any rationale or guesses on why that is?

Question: Jon Wolleben - JMP Securities LLC - Analyst : And how are you thinking internally about an acceptable GI profile? I think it's fair to assume we are going to see some nausea or diarrhea longer term. But what do you guys think internally as an acceptable rate when you think about the amount of weight loss you're getting, the speed at which you are getting it? What do you think is the tolerable profile from these?

Question: Jon Wolleben - JMP Securities LLC - Analyst : Because like you mentioned, you didn't see any discontinuations to those in the Phase 1, which is great to see and probably the most important metric. But what's too much for you guys?

Question: Jon Wolleben - JMP Securities LLC - Analyst : And when you're talking about patient instruction, I don't think I've asked you guys this before, but in the current study and then the Phase 2 MOMENTUM study, are patients getting instructions on dietary, lifestyle modifications, exercise, speaking to nutritionists? Any changes between the Phase 1 study and what you're doing currently? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. JUNE 16, 2022 / 1:00PM, ALT.OQ - Altimmune Inc at JMP Securities Life Sciences Conference

Question: Jon Wolleben - JMP Securities LLC - Analyst : So maybe just a few percent change swing in the placebo arm that we will be able to tease out when we get the full data set?

Question: Jon Wolleben - JMP Securities LLC - Analyst : I've got a few minutes. Yeah, a question. Jake, please. Unidentified Participant (inaudible - microphone inaccessible)

Question: Jon Wolleben - JMP Securities LLC - Analyst : Too much to chew on. We are bumping up on time. But, Vipin, maybe in 30 seconds, can you lay out, like you mentioned, the key catalysts over the next 12 months?

Question: Jon Wolleben - JMP Securities LLC - Analyst : A lot to look forward to and a lot for you guys to do. So we appreciate you taking the time of coming to talk to us this morning.