Business Context and Reporting Period
Company: Altimmune, Inc.
Filing Type: Form 8-K (Current Report)
Date of Report: August 20, 2019
Event Date: August 20, 2019 (Effective date of contract modification)
Altimmune, Inc. reported the entry into a material definitive agreement involving a modification to an existing contract with the Biomedical Advanced Research and Development Authority (BARDA) regarding its NasoShield program.
Key Financial Metrics
This filing does not provide comprehensive financial statements, revenue, profit, cash flow, or debt metrics for the reporting period. The document focuses exclusively on a specific contract modification.
| Metric | Value |
|---|---|
| Original Base Contract Value | $24.1 million |
| Contract Increase | $3.7 million |
| New Total Base Contract Value | $27.8 million |
| Total Potential Contract Value (with options) | $133.7 million |
Material Changes
- Contract Modification: The BARDA contract for the NasoShield program was increased by $3.7 million, raising the base contract from $24.1 million to $27.8 million.
- Timeline Extension: The performance period for the contract was extended through December 2020.
- Scope Expansion: The additional funding is designated for a Phase 1b clinical study to evaluate safety and immunogenicity of different dosing positions in healthy adults, as well as supporting nonclinical studies.
Outlook, Management Commentary, and Risks
Management Commentary: The company announced the modification to advance the NasoShield candidate through the end of Phase 2 development if all contract options are exercised. The immediate focus is on the Phase 1b clinical study.
Risks and Contingencies: The filing does not explicitly detail new risks associated with this specific modification. However, the total potential value of $133.7 million is contingent upon the exercise of all options in the contract.
Key Facts for Investor Verification
- Verify the specific milestones required to exercise the remaining options to reach the $133.7 million total potential value.
- Confirm the timeline and enrollment status of the Phase 1b clinical study funded by the $3.7 million increase.
- Review the company's cash burn rate to assess how this $3.7 million infusion impacts overall liquidity and runway.
- Monitor regulatory communications regarding the NasoShield program's progress toward Phase 2.