Altimmune Inc. (NASDAQ: ALT) completed a $225 million public offering of securities to fund development of its experimental liver disease treatment pemvidutide, according to a company statement.

The offering included 64.25 million shares of common stock and 10.75 million pre-funded warrants, each paired with warrants to purchase additional shares. The combined offering price was $3.00 per share and warrant unit, with pre-funded warrants priced at $2.999 per unit.

Deep Track Capital led the financing, with participation from TCGX, Viking Global Investors, RA Capital Management and other investors. Leerink Partners and Barclays served as joint bookrunning managers.

The company plans to use proceeds to fund a Phase 3 trial of pemvidutide for metabolic dysfunction-associated steatohepatitis (MASH), a liver condition. Altimmune expects to initiate the trial in the second half of 2026, with the financing providing cash runway through the anticipated 52-week data readout.

"This financing provides the resources to initiate and execute the pemvidutide Phase 3 trial in MASH and provides cash runway through our anticipated 52-week data readout of the trial," said Jerry Durso, President and Chief Executive Officer.

The offering structure includes warrants that expire either five years from issuance or 45 days after the company announces successful Phase 3 trial results, whichever comes first. The warrants are immediately exercisable with an exercise price of $0.001 for pre-funded warrants.

Pemvidutide targets both glucagon and GLP-1 receptors and is also being developed for alcohol use disorder and alcohol-associated liver disease. The securities were offered under effective shelf registration statements previously filed with the Securities and Exchange Commission.