Altimmune, Inc.
For the period ended Dec 31, 2025. Filed Mar 6, 2026.
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FY2025 · Filed Mar 6, 2026
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5. Leases
- Leases
The Company’s operating lease consists of a lease for office and laboratory space in the United States, which expires in April 2030. The lease provides for increases in future minimum annual rental payments as defined in the lease agreement and has no further renewal option.
Short-term leases are leases having a term of twelve months or less. The Company recognizes short-term leases on a straight-line basis and does not record a related lease asset or liability for such leases.
Rent expense under the Company’s operating leases during the years ended December 31, 2025 and 2024 was $0.6 million and $0.5 million, respectively. Rent expense includes short-term leases and variable lease costs that are not included in the lease obligation.
The cash paid for operating lease liabilities for the years ended December 31, 2025 and 2024 was $0.4 million and $0.5 million, respectively.
Supplemental balance sheet information related to the operating leases is as follows (in thousands):
| | | | | | | | | | |
|---|---|---|---|---|---|---|---|---|---|
| · · 2025 · · 2024 · · Balance Sheet Classification | |||||||||
| Operating lease obligations, current (see Note 6) | | $256 | | $279 | | | Accrued expenses and other current liabilities | ||
| Operating lease obligations, noncurrent (see Note 8) | | | 1,145 | | | 1,402 | | | Other noncurrent liabilities |
| Operating lease right-of-use assets | | $1,425 | | $1,639 | | | Other assets | ||
| Weighted-average remaining lease term (years) | | 4.3 | | 5.3 | | | | ||
| Weighted-average discount rate | | 9.5% | 9.5% | | | ||||
Maturities of operating lease liabilities are as follows (in thousands):
| | | | |
|---|---|---|---|
| 2026 | | $376 | |
| 2027 | | 387 | |
| 2028 | | 398 | |
| 2029 | | | 410 |
| 2030 | | | 138 |
| Total operating lease payments | | 1,709 | |
| Less: imputed interest | | (308) | |
| Total operating lease liabilities | | $1,401 |
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