Dual GLP-1/glucagon agonist with BTD in MASH and Phase 2 AUD win, but approval hinges on 2029 Phase 3 biopsy readout

Altimmune is a clinical-stage company developing pemvidutide, a targeted therapy for fatty liver disease and alcohol use disorder, neither indication yet approved.

Pemvidutide, a GLP-1/glucagon dual agonist for fatty liver disease and alcohol-related indications, earned Breakthrough Therapy Designation in MASH after Phase 2b hit its primary histologic endpoint at 59% versus 19% placebo, then met its primary endpoint in AUD. The thesis resolves on whether PERFORMA Phase 3 biopsy-based data in 2029 confirms registrational efficacy in a crowded field that includes mechanistically similar incretin-based programs. The key structural risk is a three-year gap to the pivotal readout with $519M in cash burning at roughly $26M per quarter, leaving runway dependent on disciplined spend control.