Clinical Trial Outcomes Risk: Pemvidutide's ongoing and future clinical trials, including those for obesity and MASH, may not yield positive, statistically significant, or clinically meaningful results, or may demonstrate an unacceptable safety profile, leading to development delays, failures, or discontinuation of the program.

Regulatory Approval Uncertainty Risk: Even with successful clinical data, Altimmune's drug candidates, primarily pemvidutide, may not receive necessary regulatory approvals from agencies such as the FDA or EMA, due to various factors including safety concerns, efficacy thresholds not met, or other regulatory hurdles, preventing their commercialization.

Intense Competition Risk: The markets for obesity and MASH are highly competitive, with numerous established pharmaceutical companies and emerging biotechs developing similar or potentially superior GLP-1 and GDF-1 based therapies, which could significantly limit pemvidutide's market share, pricing power, or overall commercial viability.