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Altimmune, Inc. (ALT) Q1 2026 Earnings Call Transcript

Key Takeaways Altimmune plans to launch a global phase III MASH study for pemvidutide in 2H 2026.ALT reported phase IIb data showing MASH resolution and fibrosis improvement through 48 weeks.Altimmune expects top-line AUD study data in Q3 2026 and is advancing a phase II ALD study. Altimmune (ALT - Free Report) , a late clinical-stage biotech, is focused on developing therapies for liver diseases. Its lead pipeline candidate, pemvidutide, is a balanced 1:1 glucagon/GLP-1 dual receptor agonist and has a differentiated mechanism of action with a “pipeline in a product” potential for the treatment of liver diseases. Altimmune is positioning itself as a differentiated player with the potential to compete in large commercial indications such as metabolic dysfunction-associated steatohepatitis ("MASH"), alcohol use disorder ("AUD") and alcohol-associated liver disease ("ALD").

Year to date, shares of Altimmune have lost 18.9% compared with the industry’s 6.5% decline.

Image Source: Zacks Investment Research

Strong Momentum in the Multi-Billion-Dollar MASH MarketAn important catalyst supporting investor enthusiasm is Altimmune’s expanding opportunity in the MASH market. The disease represents a multi-billion-dollar commercial opportunity with limited approved treatment options. The recent data from the phase IIb IMPACT study evaluating pemvidutide in MASH patients demonstrated statistically significant MASH resolution without worsening of fibrosis at 24 weeks, sustained through 48 weeks. It also showed clear signs of reducing liver scarring by 48 weeks. Key markers of liver damage and inflammation continued to improve over time, showing steady progress with the added benefit of weight loss.

The candidate’s relatively simple dosing profile may also support better patient adherence compared with more complex injectable regimens.

Altimmune recently announced alignment with the FDA on key parameters for a late-stage MASH program and plans to initiate a global phase III registrational PERFORMA study in the second half of 2026. The study will evaluate pemvidutide in MASH patients with moderate-to-severe fibrosis, with 52-week data expected in 2029.

Pemvidutide’s Expansion Beyond MASHBeyond MASH, Altimmune is also evaluating pemvidutide in separate mid-stage studies for alcohol-related diseases like AUD and ALD. Top-line data from the mid-stage RECLAIM study evaluating pemvidutide for the treatment of patients with AUD is expected in the third quarter of 2026. Enrollment was completed ahead of schedule in November 2025.

Altimmune is also developing the candidate in the phase II RESTORE study in patients with ALD. Patient enrollment is expected to be completed by the third quarter of 2026.

The candidate holds Fast Track designations for the treatment of MASH and AUD, as well as Breakthrough Therapy Designation for MASH.

ALT's Zacks Rank & EstimatesAltimmune currently carries a Zacks Rank #2 (Buy). Over the past 30 days, estimates for ALT’s 2026 and 2027 loss per share have narrowed from $1.00 to 69 cents and from $1.00 to 73 cents, respectively.

Other Stocks to ConsiderSome other top-ranked stocks in the biotech sector are Immunocore (IMCR - Free Report) , Indivior Pharmaceuticals (INDV - Free Report) and Liquidia Corporation (LQDA - Free Report) , each currently sporting a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.

Over the past 60 days, estimates for Immunocore’s 2026 loss per share have narrowed from 97 cents to 16 cents. Over the same period, estimates for 2027 have improved from a loss of 39 cents to earnings of 11 cents per share. IMCR's shares have lost 13.5% year to date.

Immunocore’s earnings beat estimates in three of the trailing four quarters and missed in the remaining one, with the average surprise being 46.66%.

Over the past 60 days, estimates for Indivior Pharmaceuticals’ 2026 earnings per share have increased from $3.10 to $3.35. Over the same period, EPS estimates for 2027 have risen to $3.69 from $3.47. INDV's shares have risen 4.4% year to date.

Indivior Pharmaceuticals’ earnings beat estimates in each of the trailing four quarters, with the average surprise being 65.44%.

Over the past 60 days, estimates for Liquidia’s 2026 earnings per share have increased to $2.97 from $1.50. Over the same period, EPS estimates for 2027 have risen to $4.81 from $2.91. LQDA's shares have gained 79.6% year to date.

Liquidia’s earnings beat estimates in three of the trailing four quarters and missed in the remaining one, with the average surprise being 54.40%.

May 27, 2026 08:00 ET  | Source: Altimmune, Inc

Concurrent improvement across key non-invasive tests underscores convergence of 
pemvidutide effects on MASH disease activity and fibrosis

AI-based digital pathology analyses further demonstrate antifibrotic effects of pemvidutide
at 24 weeks

GAITHERSBURG, Md., May 27, 2026 (GLOBE NEWSWIRE) -- Altimmune, Inc. (Nasdaq: ALT), a late clinical-stage biopharmaceutical company developing pemvidutide to address serious liver diseases, today announced that new analyses of data from the IMPACT Phase 2b trial demonstrated that treatment with pemvidutide, an investigational, balanced 1:1 glucagon/GLP-1 dual receptor agonist, is associated with concurrent improvements across multiple non-invasive tests (NITs) of metabolic dysfunction-associated steatohepatitis (MASH) activity and fibrosis. These new data reinforce a consistent and clinically meaningful treatment effect observed at just 24 weeks. These findings are based on analyses of overlapping markers of liver fat, inflammation and fibrosis. The analyses are further supported by separate AI-based digital pathology data showing significant improvements in fibrosis stage by HistoIndex qFibrosis® at 24 weeks, providing potent evidence of the antifibrotic potential of pemvidutide.

The data are being presented today and Friday in poster sessions, including a late-breaking poster presentation, at the European Association for the Study of the Liver (EASL) Congress 2026 in Barcelona, Spain.

“The ability of pemvidutide to demonstrate concurrent improvements across multiple non-invasive markers – and to see those findings supported by histologic measures of fibrosis – provides a more comprehensive and clinically meaningful view of its potential beneficial effect in patients with MASH,” said Naim Alkhouri, MD, Chief Medical Officer, Summit Clinical Research. “These results point to the potential ability of pemvidutide to address multiple dimensions of disease biology, including fibrosis, and support its potential to target key drivers of MASH.”

Highlights of the data presented at EASL 2026 include:

Pemvidutide treatment resulted in significant increases in the percentage of patients achieving concurrent improvements across key NITs compared with placebo at 24 weeks – including in liver fat content (LFC), alanine aminotransferase (ALT), liver stiffness measurement (LSM) and enhanced liver fibrosis (ELF).37.8% of patients taking pemvidutide 1.2 mg and 22.7% of patients taking pemvidutide 1.8 mg achieved concurrent >0.5 ELF reduction plus >30% LSM reduction compared with 8.3% of patients taking placebo (p=0.0002 and p=0.02, respectively). These overlapping NIT responses provide a more stringent and clinically meaningful assessment of treatment effect and also evidence of improvement across multiple dimensions of disease biology. The findings are further supported by AI-based digital pathology analyses using qFibrosis, which utilizes advanced Second Harmonic Generation (SHG)/Two-Photon Excitation Fluorescence (TPEF) imaging to quantify fibrosis across the entire biopsy sample, enabling detection of continuous and intra-stage changes in fibrosis. Those results showed:

Pemvidutide treatment led to significant reductions in continuous fibrosis values versus placebo.68.6% of patients taking pemvidutide 1.2 mg and 54.5% of patients taking pemvidutide 1.8 mg achieved ≥1 stage qFibrosis regression compared with 29.6% of patients taking placebo (p<0.001 and p=0.002, respectively) after 24 weeks of treatment. “The consistency of these findings across non-invasive markers and advanced imaging approaches reflects the potential early impact of pemvidutide in addressing MASH,” said Christophe Arbet-Engels, M.D., Ph.D., Chief Medical Officer of Altimmune. “These multiple consistent analyses strengthen our confidence in pemvidutide and its potential to address significant unmet needs among patients living with MASH. In addition, 48-week data demonstrating a clear dose effect at the 1.8 mg dose further reinforces our confidence in the robustness and durability of the clinical response. Based on these promising Phase 2b clinical data, we are excited to begin patient enrollment in our PERFORMA Phase 3 trial of pemvidutide in patients with MASH in the second half of this year.”

About the IMPACT Phase 2b Study
The randomized, placebo-controlled, double-blind IMPACT Phase 2b trial (NCT05989711) enrolled 212 participants with biopsy-confirmed metabolic dysfunction-associated steatohepatitis (MASH) and fibrosis stages F2 or F3, with and without diabetes. Study participants were randomized 1:2:2 to receive weekly subcutaneous pemvidutide doses at either 1.2 mg, 1.8 mg or placebo for 48 weeks. The primary efficacy endpoints, measured at 24 weeks, were MASH resolution without worsening of fibrosis, or fibrosis improvement without worsening of MASH. Secondary endpoints included non-invasive tests of fibrosis and weight loss measured at 24 and 48 weeks.

About Pemvidutide
Pemvidutide is a novel, investigational peptide with balanced 1:1 glucagon/GLP-1 dual receptor agonist activity, in development for the treatment of metabolic dysfunction-associated steatohepatitis (MASH), alcohol use disorder (AUD) and alcohol-associated liver disease (ALD). The activation of glucagon receptors results in direct effects on the liver, including reductions in liver fat, inflammation and fibrosis, while GLP-1 receptors mediate metabolic effects such as appetite suppression and weight loss.

The FDA granted Fast Track designations to pemvidutide for the treatment of MASH and AUD, as well as Breakthrough Therapy Designation for MASH. In December 2025, the Company announced 48-week data from the IMPACT Phase 2b trial in MASH. The RECLAIM Phase 2 trial in AUD completed enrollment in November 2025 and topline data are expected in third quarter 2026. The RESTORE trial in ALD was initiated in July 2025, and enrollment completion is expected in the third quarter 2026. The Company plans to initiate the PERFORMA Phase 3 trial, a multinational, randomized, double-blind, placebo-controlled, parallel-group study of pemvidutide in patients with MASH in the second half of 2026.

About Altimmune 
Altimmune is a late clinical-stage biopharmaceutical company developing therapies for patients with serious liver diseases. The Company’s lead candidate, pemvidutide, is a unique dual-action investigational therapy targeting both glucagon and GLP-1 receptors in a balanced 1:1 ratio in development for the treatment of metabolic dysfunction-associated steatohepatitis (MASH), alcohol use disorder (AUD) and alcohol-associated liver disease (ALD). For more information, please visit www.altimmune.com.

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Forward-Looking Statements
Any statements made in this press release related to the development or commercialization of pemvidutide, an investigational product candidate, and other business, regulatory and financial matters including without limitation, clinical trial study design, status, correspondence, results and data, including the ongoing RECLAIM and RESTORE trials and planned PERFORMA Phase 3 trial, the timing of key milestones for the Company’s clinical programs, including the anticipated launch of the PERFORMA Phase 3 trial in MASH, future plans or expectations for pemvidutide for the treatment of MASH, AUD and ALD, the potential benefits of Fast Track and Breakthrough Therapy Designations, including potential regulatory timeline and approval benefits, the Company’s financial position, and the prospects for receiving regulatory approval or commercializing or selling any product or drug candidates, financial results, and the impact of the changes to our leadership and governance structure, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. In addition, when or if used in this press release, the words "may," "could," "should," "anticipate," "believe," "estimate," "expect," "intend," "plan," "predict" and similar expressions and their variants, as they relate to Altimmune, Inc. may identify forward-looking statements. The Company cautions that these forward-looking statements are subject to numerous assumptions, risks, and uncertainties, which change over time. Important factors that may cause actual results to differ materially from the results discussed in the forward-looking statements or historical experience include risks and uncertainties, including risks relating to: delays in regulatory review, manufacturing and supply chain interruptions, access to clinical sites, enrollment, adverse effects on healthcare systems and disruption of the global economy;  the reliability of the results of studies relating to human safety and possible adverse effects resulting from the administration of the Company's product candidates; the Company's ability to manufacture clinical trial materials on the timelines anticipated; and the success of future product advancements, including the success of future clinical trials. Further information on the factors and risks that could affect the Company's business, financial conditions and results of operations are contained in the Company's filings with the U.S. Securities and Exchange Commission, including under the heading "Risk Factors" in the Company's most recent annual report on Form 10-K, quarterly report on Form 10-Q and the Company’s other filings with the SEC, which are available at www.sec.gov.

Investor Contact:
Luis Sanay, CFA
Vice President, Investor Relations
[email protected]

Media Contact:
Real Chemistry 
[email protected]

May 28, 2026 11:00 ET  | Source: Altimmune, Inc

“Best of EASL” oral presentation highlights meaningful reductions in triglycerides, cholesterol, and blood pressure, along with improvements in key metabolic risk factors

PERFORMA Phase 3 trial to further evaluate the broad metabolic and liver-related effects of pemvidutide

GAITHERSBURG, Md., May 28, 2026 (GLOBE NEWSWIRE) -- Altimmune, Inc. (Nasdaq: ALT), a late clinical-stage biopharmaceutical company developing pemvidutide to address serious liver diseases, today announced that new 48-week data from the IMPACT Phase 2b trial show that pemvidutide, an investigational balanced glucagon/GLP-1 dual receptor agonist, significantly reduced elevated lipids while improving multiple cardiometabolic risk factors in patients with metabolic dysfunction-associated steatohepatitis (MASH). The findings demonstrated reductions in triglycerides and total cholesterol, along with improvements in weight, waist circumference and blood pressure, highlighting the broad impact of pemvidutide on key drivers of MASH. The data were presented for the first time at the European Association for the Study of the Liver (EASL) Congress 2026 in Barcelona, Spain.

“MASH therapies that can address both liver disease and its underlying metabolic drivers are urgently needed to improve outcomes for patients,” said Mazen Noureddin, M.D., IMPACT trial principal investigator, Professor of Medicine at Houston Methodist Hospital, and Chief Scientific Officer and Co-Chairman of Summit Clinical Research. “These 48-week IMPACT trial findings are particularly compelling because they demonstrate meaningful reductions in liver fat and fibrosis biomarkers, and in lipids elevated at baseline, alongside improvements in weight and other cardiometabolic risk factors. In patients with MASH, where cardiovascular disease remains a leading cause of mortality, seeing this type of broad metabolic impact is highly relevant to overall patient outcomes."

Highlights of the 48-week data presented at EASL 2026 include:

Pemvidutide 1.8 mg treatment resulted in significant reductions in serum lipid levels among patients with elevated baseline values versus placebo, including:

Triglycerides reductions of -23.7%Total cholesterol reductions of -15.4% In addition to lipids, pemvidutide 1.8 mg treatment resulted in significant improvements in other metabolic risk factors versus placebo:

Weight loss of 7.5%, continuing throughout treatment with no plateauingReductions in body mass index of -3.0 kg/m2Reductions in waist circumference (a measure of visceral adiposity that is associated with increased cardiovascular risk) of -5.3 cmImprovements in systolic blood pressure of -4.0 mmHg and diastolic blood pressure of -2.2 mmHg Results also showed that the safety profile of pemvidutide was maintained at 48 weeks, and the tolerability profile was generally favorable without dose titration. Approximately 1% of total patients receiving pemvidutide discontinued treatment due to adverse events (AEs). The majority of AEs were mild to moderate, and no imbalances in cardiac AEs were observed with pemvidutide versus placebo. Most gastrointestinal AEs were mild to moderate in severity and predominantly occurred within the first 8 weeks.

Previously reported IMPACT Phase 2b trial results showed the proportion of patients achieving both a ≥0.5 reduction in Enhanced Liver Fibrosis (ELF) and a ≥30% reduction in Liver Stiffness Measurement (LSM) at week 48 was 3.2% with placebo, compared with 27.8% for pemvidutide 1.2 mg (p<0.001) and 32.4% for pemvidutide 1.8 mg (p<0.0001).

“These new 48-week results highlight the breadth of the impact of pemvidutide across some of the most critical cardiometabolic risk factors, including lipids, weight and blood pressure,” said Christophe Arbet-Engels, M.D., Ph.D., Chief Medical Officer of Altimmune. “Across multiple analyses, we are seeing consistent data that reinforce our confidence in the unique mechanism of pemvidutide – a balanced 1:1 ratio of glucagon and GLP-1 – and its potential to address significant unmet needs in this patient population. Given the promising findings from the IMPACT Phase 2b trial, we are eager to initiate our PERFORMA Phase 3 trial later this year to further assess the efficacy and safety of pemvidutide in patients with MASH.”

About the IMPACT Phase 2b Study
The randomized, placebo-controlled, double-blind IMPACT Phase 2b trial (NCT05989711) enrolled 212 participants with biopsy-confirmed metabolic dysfunction-associated steatohepatitis (MASH) and fibrosis stages F2 or F3, with and without diabetes. Study participants were randomized 1:2:2 to receive weekly subcutaneous pemvidutide doses at either 1.2 mg, 1.8 mg or placebo for 48 weeks. The primary efficacy endpoints, measured at 24 weeks, were MASH resolution without worsening of fibrosis, or fibrosis improvement without worsening of MASH. Secondary endpoints included non-invasive tests of fibrosis and weight loss measured at 24 and 48 weeks.

About Pemvidutide
Pemvidutide is a novel, investigational peptide with balanced 1:1 glucagon/GLP-1 dual receptor agonist activity, in development for the treatment of metabolic dysfunction-associated steatohepatitis (MASH), alcohol use disorder (AUD) and alcohol-associated liver disease (ALD). The activation of glucagon receptors results in direct effects on the liver, including reductions in liver fat, inflammation and fibrosis, while GLP-1 receptors mediate metabolic effects such as appetite suppression and weight loss.

The FDA granted Fast Track designations to pemvidutide for the treatment of MASH and AUD, as well as Breakthrough Therapy Designation for MASH. In December 2025, the Company announced 48-week data from the IMPACT Phase 2b trial in MASH. The RECLAIM Phase 2 trial in AUD completed enrollment in November 2025 and topline data are expected in third quarter 2026. The RESTORE trial in ALD was initiated in July 2025, and enrollment completion is expected in the third quarter 2026. The Company plans to initiate the PERFORMA Phase 3 trial, a multinational, randomized, double-blind, placebo-controlled, parallel-group study of pemvidutide in patients with MASH in the second half of 2026.

About Altimmune 
Altimmune is a late clinical-stage biopharmaceutical company developing therapies for patients with serious liver diseases. The Company’s lead candidate, pemvidutide, is a unique dual-action investigational therapy targeting both glucagon and GLP-1 receptors in a balanced 1:1 ratio in development for the treatment of metabolic dysfunction-associated steatohepatitis (MASH), alcohol use disorder (AUD) and alcohol-associated liver disease (ALD). For more information, please visit www.altimmune.com.

Follow @Altimmune, Inc. on LinkedIn
Follow @AltimmuneInc on X

Forward-Looking Statements
Any statements made in this press release related to the development or commercialization of pemvidutide, an investigational product candidate, and other business, regulatory and financial matters including without limitation, clinical trial study design, status, correspondence, results and data, including the completed IMPACT and planned PERFORMA Phase 3 trials, the timing of key milestones for the Company’s clinical programs, including the anticipated launch of the PERFORMA Phase 3 trial in MASH, future plans or expectations for pemvidutide for the treatment of MASH, AUD and ALD, the potential benefits of Fast Track and Breakthrough Therapy Designations, including potential regulatory timeline and approval benefits, the Company’s financial position, and the prospects for receiving regulatory approval or commercializing or selling any product or drug candidates are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. In addition, when or if used in this press release, the words "may," "could," "should," "anticipate," "believe," "estimate," "expect," "intend," "plan," "predict" and similar expressions and their variants, as they relate to Altimmune, Inc. may identify forward-looking statements. The Company cautions that these forward-looking statements are subject to numerous assumptions, risks, and uncertainties, which change over time. Important factors that may cause actual results to differ materially from the results discussed in the forward-looking statements or historical experience include risks and uncertainties, including risks relating to: delays in regulatory review, manufacturing and supply chain interruptions, access to clinical sites, enrollment, adverse effects on healthcare systems and disruption of the global economy;  the reliability of the results of studies relating to human safety and possible adverse effects resulting from the administration of the Company's product candidates; the Company's ability to manufacture clinical trial materials on the timelines anticipated; and the success of future product advancements, including the success of future clinical trials. Further information on the factors and risks that could affect the Company's business, financial conditions and results of operations are contained in the Company's filings with the U.S. Securities and Exchange Commission, including under the heading "Risk Factors" in the Company's most recent annual report on Form 10-K, quarterly report on Form 10-Q and the Company’s other filings with the SEC, which are available at www.sec.gov.

Investor Contact:
Luis Sanay, CFA
Vice President, Investor Relations
[email protected]

Media Contact:
Real Chemistry 
[email protected]

Lilly's Retevmo (selpercatinib) demonstrated an 83% reduction in the risk of disease recurrence or death as adjuvant therapy for people with ea

Key Takeaways ALT expects a Phase III MASH study launch in 2026 and RECLAIM alcohol-use-disorder data in Q3.ALT reported phase IIb results showing sustained MASH resolution and fibrosis-related improvements.ALT ended April 2026 with about $535 million pro forma cash, supporting operations into 2029. Altimmune (ALT - Free Report) is heading into 2026 with a catalyst-heavy calendar tied to pemvidutide, its lead clinical asset. The setup is straightforward: investors are underwriting pivotal execution in metabolic dysfunction-associated steatohepatitis and looking for proof-of-concept in alcohol-related disease programs.

That concentration can create outsized upside on good news and sharp downside on missteps.

ALT’s Near-Term Setup Centers on Two 2026 EventsThe first key milestone is the planned start of a global phase III registrational study in metabolic dysfunction-associated steatohepatitis in the second half of 2026, targeting patients with moderate-to-severe liver fibrosis. Management expects 52-week data in 2029, but the 2026 start is the gating event that moves pemvidutide into a pivotal setting.

The second 2026 catalyst is top-line phase II data from the RECLAIM study in alcohol use disorder, expected in the third quarter of 2026. Enrollment for RECLAIM was completed in November 2025, ahead of schedule, which keeps the timeline intact heading into next year.

A third marker investors may watch is enrollment progress in the RESTORE phase II study in alcohol-associated liver disease. Enrollment is expected to be completed by the third quarter of 2026, providing another read on execution even before efficacy data is available.

Altimmune’s MASH Thesis Depends on Pivotal ExecutionThe phase III PERFORMA start matters because it is the step that turns phase II signals into a program designed for registration. Altimmune has highlighted alignment with the Food and Drug Administration on key late-stage parameters, which helps reduce design uncertainty as the company moves into PERFORMA.

The stakes are high because the company’s value proposition is heavily tied to pemvidutide across multiple indications. That dependence cuts both ways: success can validate a “pipeline in a product” narrative, while failure in a pivotal metabolic dysfunction-associated steatohepatitis program would likely be a major downside catalyst given how central pemvidutide is to the investment case.

That binary profile is also why 2026 is so important. Even without clinical readouts from PERFORMA in 2026, simply initiating the study on time can support confidence that the timeline toward 2029 data remains credible.

ALT’s Phase II Evidence Investors Are Leaning OnIn the phase IIb IMPACT study, pemvidutide delivered statistically significant metabolic dysfunction-associated steatohepatitis resolution without worsening fibrosis at 24 weeks, and that response was sustained through 48 weeks. The company also pointed to clear signs of reducing liver scarring by 48 weeks, alongside continued improvement in markers of liver damage and inflammation.

Top-line 48-week results highlighted statistically significant reductions versus placebo in non-invasive markers of liver fibrosis, including Enhanced Liver Fibrosis and liver stiffness, with improvements that deepened from the 24-week mark.

The dataset also included metabolic benefits, reductions in liver fat and inflammation markers, and meaningful weight loss. Notably, the higher-dose group (1.8 mg) showed weight reduction through 48 weeks without plateauing, while tolerability remained favorable with low discontinuation rates and no serious treatment-related adverse events reported.

Altimmune’s Cash Runway Into 2029 Lowers Timing RiskAltimmune’s financial position improved into the first quarter of 2026, with cash, cash equivalents and short-term investments of $332 million as of March 31, 2026 versus $274 million as of Dec. 31, 2025.

The company raised $75 million in a registered direct offering and $8 million via an at-the-market program in January to February 2026 and then completed an oversubscribed public offering in April 2026 with $225 million in gross proceeds. Pro forma cash was roughly $535 million as of April 30, 2026.

Management expects that cash runway to support operations into 2029, which can lower timing risk by reducing near-term funding pressure as the company advances phase III plans in metabolic dysfunction-associated steatohepatitis and continues its phase II alcohol use disorder and alcohol-associated liver disease trials.

ALT’s Dilution and Financing Overhang Still ExistsEven with a strengthened balance sheet, Altimmune remains a pre-revenue clinical-stage biotech with no marketed products, which keeps external financing central to its operating model.

That reality can translate into dilution risk over time. The company has indicated it may still raise additional funds if market conditions are favorable, a reminder that opportunistic capital raises can remain part of the story even with a longer runway.

Altimmune’s Competition Checklist for BuyersCompetition is a key constraint on upside across all three target areas. In metabolic dysfunction-associated steatohepatitis, pemvidutide faces a crowded field spanning GLP-1 drugs and combination incretins, FGF-21 therapies, thyroid hormone receptor beta agonists, and other emerging mechanisms. Major competitors include Novo Nordisk (NVO - Free Report) and Eli Lilly (LLY - Free Report) , alongside metabolic dysfunction-associated steatohepatitis-focused developers such as Madrigal Pharmaceuticals (MDGL - Free Report) and Viking Therapeutics (VKTX).

In alcohol-associated liver disease, large pharmaceutical companies are pursuing multiple approaches, including FGF-21, GLP-1 and RNA-based programs. In alcohol use disorder, pemvidutide would compete with approved options like Vivitrol as well as generic therapies including naltrexone and acamprosate. The net effect is that even strong data may not automatically translate into clear commercial leadership.

ALT’s Valuation Snapshot and What It ImpliesOn a relative basis, the stock has been framed through trailing 12-month book value per share. ALT recently traded at 1.24 times trailing book value, compared with 1.39 times for the Zacks sub-industry, 3.71 times for the Zacks sector, and 8.01 times for the S&P 500.

Over the past five years, the book value multiple has ranged from 0.71 times to 5.25 times, with a five-year median of 2.34 times. That context suggests the current multiple sits below the longer-term midpoint, but still within a historical band.

The stated $3 price target approach is tied to a 1.4 times trailing 12-month book value multiple. In practical terms, that framework implies expectations for performance that tracks more “in-line” outcomes than a high-conviction upside scenario, placing even more emphasis on 2026 execution as the driver of sentiment.

Altimmune’s Zacks RankALT currently carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Key Takeaways ALT's pemvidutide showed significant MASH resolution in phase IIb, sustained through 48 weeks.ALT plans to start the global Phase III PERFORMA study in the second half of 2026.ALT expects 2026 phase II data in alcohol use disorder and alcohol-associated liver disease. Altimmune (ALT - Free Report) is building its investment case around a single clinical asset with multiple shots on goal in liver disease. Pemvidutide sits at the center of that thesis, with mid-stage data in metabolic dysfunction-associated steatohepatitis and active studies in alcohol-related conditions.

For investors, the story is simple: execution on the next wave of clinical milestones, paired with enough capital to reach them, can define the stock’s setup into 2026 and beyond.

ALT’s Liver Disease Focus and Why It MattersAltimmune is a late clinical-stage biotechnology company focused on therapies for liver diseases. The company is incorporated in Delaware and headquartered in Gaithersburg, MD.

It has not generated product sales revenue to date. Operations have been funded through equity, debt and grants, leaving the business reliant on external capital while it advances clinical development.

That funding model matters because the value of the equity is closely tied to clinical progress, particularly progress tied to pemvidutide. With revenues still minimal and inconsistent, the stock can be sensitive to trial outcomes and timelines.

Altimmune’s Pemvidutide Is a “Pipeline in a Product”Pemvidutide is Altimmune’s lead candidate and the company’s core value driver. It is being developed across three serious liver-related indications: metabolic dysfunction-associated steatohepatitis, alcohol use disorder, and alcohol-associated liver disease.

Management has positioned pemvidutide as a “pipeline in a product” because the same molecule is intended to address multiple disease settings that share metabolic and hepatic injury pathways. The company has also indicated it may evaluate additional indications that leverage pemvidutide’s profile.

This concentration creates leverage both ways. A successful pivotal program in metabolic dysfunction-associated steatohepatitis can expand strategic options, including partnering interest, but the company is also heavily dependent on one drug.

ALT’s Dual Glucagon and GLP-1 Design in Plain EnglishPemvidutide is designed as a balanced 1:1 dual agonist that activates both glucagon and glucagon-like peptide-1 receptors. Altimmune’s thesis is that combining these two pathways in a single molecule can improve liver and metabolic outcomes more broadly than a single-pathway approach.

In plain terms, glucagon activity is intended to work directly on the liver and may help reduce liver fat, inflammation, and scarring. The glucagon-like peptide-1 component is intended to support weight loss by reducing appetite, with potential anti-inflammatory benefits as well.

Altimmune believes that pairing these effects can address multiple aspects of liver disease at once, while also driving weight loss that can matter clinically for patients with metabolic dysfunction-associated steatohepatitis.

Altimmune’s EuPort Tech and Tolerability AnglePemvidutide uses Altimmune’s proprietary EuPort technology, which is designed to slow how the drug is absorbed. The company’s rationale is that slower absorption may improve tolerability.

Altimmune has highlighted the potential for reduced gastrointestinal side effects, a common challenge with therapies that act on glucagon-like peptide-1 biology. Better tolerability can support persistence on therapy, which can be important for longer-duration liver endpoints.

The company has also pointed to simple dosing as a potential adherence advantage versus more complex injectable regimens, which could matter if pemvidutide moves into larger, global trials.

ALT’s MASH Data Readout and the Phase III PathIn its phase IIb IMPACT study, pemvidutide achieved statistically significant metabolic dysfunction-associated steatohepatitis resolution without worsening of fibrosis at 24 weeks, and the response was sustained through 48 weeks.

By 48 weeks, Altimmune reported signs consistent with antifibrotic activity, alongside continued improvement in markers tied to liver damage and inflammation, with the added benefit of weight loss.

Altimmune has stated it reached alignment with the Food and Drug Administration on key parameters for a late-stage study. The company expects to initiate the global phase III registrational PERFORMA study in the second half of 2026, with 52-week data anticipated in 2029.

Altimmune’s AUD and ALD Catalysts for 2026Beyond metabolic dysfunction-associated steatohepatitis, pemvidutide is being evaluated in separate phase II programs in alcohol-related disease, which Altimmune views as significant unmet-need markets.

For alcohol use disorder, the RECLAIM phase II study completed enrollment in November 2025. Altimmune expects top-line data in the third quarter of 2026, setting up a clear catalyst window next year.

For alcohol-associated liver disease, the RESTORE phase II study began in July 2025, and enrollment is expected to be completed by the third quarter of 2026. Together, these readouts broaden the 2026 news flow beyond the metabolic dysfunction-associated steatohepatitis pivotal setup.

ALT’s Regulatory Tailwinds and What They SignalThe Food and Drug Administration granted Fast Track designation to pemvidutide for metabolic dysfunction-associated steatohepatitis and alcohol use disorder, and Breakthrough Therapy Designation for metabolic dysfunction-associated steatohepatitis.

These designations generally reflect the seriousness of the conditions and the unmet medical need, while also signaling that regulators see enough potential benefit to support development efficiency. They do not remove execution risk, but they can help keep timelines clearer as trials scale.

Competition remains intense, including large players such as Novo Nordisk (NVO - Free Report) and Eli Lilly (LLY - Free Report) , both currently carrying Zacks Rank #3 (Hold). For ALT, the near-term focus is whether pemvidutide’s multi-indication strategy translates into durable, registrational-quality outcomes across liver disease.

Altimmune’s Zacks RankALT currently carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Altimmune, Inc. (ALT) Presents at Goldman Sachs 47th Annual Global Healthcare Conference 2026 Transcript

Posted by Defense World Staff on Apr 6th, 2026

Capricorn Fund Managers Ltd bought a new stake in shares of Structure Therapeutics Inc. Sponsored ADR (NASDAQ:GPCR – Free Report) during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund bought 252,600 shares of the company’s stock, valued at approximately $17,568,000. Structure Therapeutics makes up about 4.2% of Capricorn Fund Managers Ltd’s investment portfolio, making the stock its 3rd largest holding. Capricorn Fund Managers Ltd owned approximately 0.42% of Structure Therapeutics as of its most recent SEC filing.

Other institutional investors also recently bought and sold shares of the company. E. Ohman J or Asset Management AB bought a new stake in Structure Therapeutics during the 4th quarter valued at approximately $314,000. Gilbert & Cook Inc. bought a new position in shares of Structure Therapeutics in the 4th quarter worth approximately $395,000. JPMorgan Chase & Co. raised its position in shares of Structure Therapeutics by 37.0% in the 3rd quarter. JPMorgan Chase & Co. now owns 58,148 shares of the company’s stock worth $1,628,000 after acquiring an additional 15,706 shares in the last quarter. Alyeska Investment Group L.P. purchased a new position in shares of Structure Therapeutics in the 3rd quarter valued at approximately $6,856,000. Finally, Paradigm Biocapital Advisors LP bought a new stake in shares of Structure Therapeutics during the third quarter valued at approximately $10,440,000. 91.78% of the stock is owned by institutional investors.

Structure Therapeutics Stock Performance Shares of GPCR stock opened at $53.48 on Monday. The company has a market capitalization of $3.79 billion, a price-to-earnings ratio of -67.70 and a beta of -1.17. Structure Therapeutics Inc. Sponsored ADR has a one year low of $13.22 and a one year high of $94.90. The company’s 50-day moving average is $64.67 and its 200 day moving average is $52.83.

Structure Therapeutics (NASDAQ:GPCR – Get Free Report) last issued its earnings results on Thursday, February 26th. The company reported ($0.49) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.35) by ($0.14). As a group, research analysts predict that Structure Therapeutics Inc. Sponsored ADR will post -0.82 earnings per share for the current fiscal year.

Analysts Set New Price Targets Several brokerages recently weighed in on GPCR. JPMorgan Chase & Co. upped their price target on Structure Therapeutics from $65.00 to $105.00 and gave the stock an “overweight” rating in a research note on Thursday, January 22nd. Guggenheim boosted their target price on shares of Structure Therapeutics from $90.00 to $140.00 and gave the company a “buy” rating in a report on Tuesday, January 20th. The Goldman Sachs Group raised shares of Structure Therapeutics to a “strong-buy” rating in a research report on Tuesday, January 20th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Structure Therapeutics in a research note on Thursday, January 22nd. Finally, Jefferies Financial Group set a $125.00 price target on shares of Structure Therapeutics and gave the company a “buy” rating in a research report on Thursday, December 11th. Two equities research analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating, one has assigned a Hold rating and two have given a Sell rating to the company. According to MarketBeat.com, Structure Therapeutics currently has a consensus rating of “Moderate Buy” and an average target price of $110.00.

Read Our Latest Stock Report on Structure Therapeutics

About Structure Therapeutics (Free Report)

Structure Therapeutics (NASDAQ:GPCR) is a clinical‐stage biotechnology company focused on the discovery and development of oral small‐molecule therapies that target G protein‐coupled receptors (GPCRs). Leveraging advances in structural biology, computational chemistry and medicinal chemistry, the company’s scientific platform is designed to optimize binding interactions and pharmacokinetic properties, with the goal of delivering innovative treatments for metabolic and inflammatory disorders.

The company’s pipeline comprises multiple programs in various stages of preclinical and clinical development.

Further Reading Five stocks we like better than Structure Therapeutics

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SAN FRANCISCO, April 14, 2026 (GLOBE NEWSWIRE) -- Structure Therapeutics Inc. (NASDAQ: GPCR), a clinical-stage global biopharmaceutical company developing novel oral small molecule therapeutics for metabolic diseases, with a focus on obesity, today announced the appointment of Matthew Lang, J.D. as Chief Operating Officer and General Counsel. Mr. Lang joins Structure Therapeutics with more than fifteen years of executive leadership experience across global biopharmaceutical organizations, with deep expertise spanning legal, corporate strategy, compliance, risk management, and business development.

“Matt is a proven leader with a strong track record of guiding organizations through growth and transformation,” said Raymond Stevens, Ph.D., CEO of Structure Therapeutics. “His experience across global operations, strategic transactions, and commercialization will be critical as we move aleniglipron into Phase 3 and continue to build a world-class leadership team.”

Mr. Lang most recently served as Chief Legal Officer and Secretary at Metsera, Inc., helping to guide the company through its up to $10 billion acquisition by Pfizer. Prior to Metsera, Mr. Lang served as Chief Business and Legal Officer at Lyell Immunopharma, Inc., and held several executive officer positions at Myovant Sciences, where he helped lead the company through Phase 3 clinical development, global approval and commercialization of Myfembree® and Orgovyx®. Mr. Lang also served as the Managing Director and General Manager of Myovant’s European operations in Basel Switzerland where he was responsible for all aspects of Myovant’s ex-US business operations. Earlier in his career Mr. Lang held roles of increasing seniority at Gilead Sciences, Inc., and was an attorney at Dechert, LLP. He received his B.A. in Classical Studies from Queen’s University at Kingston, Canada and his J.D. from the University of Pennsylvania Law School.

“I am excited to join Structure Therapeutics at this important stage as we move into Phase 3 development with one of the most promising late-stage assets in the competitive obesity landscape,” said Mr. Lang. “The Company’s mission and differentiated portfolio represent a compelling opportunity to deliver a complete pipeline of meaningful therapies to patients. I look forward to working with the team to further strengthen the Company’s operational foundation, execute on strategic priorities, and drive long-term value.”

About Structure Therapeutics
Structure Therapeutics is a science-driven clinical-stage biopharmaceutical company focused on discovering and developing innovative oral small molecule treatments for chronic metabolic conditions with significant unmet medical needs. Utilizing its next generation structure-based drug discovery platform, the Company has established a robust GPCR-targeted pipeline, featuring multiple wholly-owned proprietary clinical-stage oral small molecule compounds designed to surpass the scalability limitations of traditional biologic and peptide therapies and be accessible to more people living with obesity around the world. For additional information, please visit www.structuretx.com.

Forward Looking Statements
This press release contains “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact are statements that could be deemed forward-looking statements, including, without limitation, statements concerning: the Company’s future plans and prospects; and any expectations regarding the potential benefits, tolerability and safety profile, accessibility, scalability, combinability, capability, efficacy, convenience, expected effects and future application of aleniglipron and any other of the Company’s investigational compounds. In addition, when or if used in this press release, the words and phrases “anticipated,” “believe,” “expect,” “may,” “on track,” “plan,” “potential,” “suggests,” “to be,” “to begin,” “will,” and similar expressions and their variants, as they relate to the Company may identify forward-looking statements. Forward-looking statements are neither historical facts nor assurances of future performance. Although the Company believes the expectations reflected in such forward-looking statements are reasonable, the Company can give no assurance that such expectations will prove to be correct. Readers are cautioned that actual results, levels of activity, safety, performance or events and circumstances could differ materially from those expressed or implied in the Company’s forward-looking statements due to a variety of risks and uncertainties, which include, without limitation: risks and uncertainties related to potential delays in the commencement, enrollment and completion of the Company’s planned clinical studies; the Company’s ability to advance aleniglipron, ACCG-2671, ACCG-3535, ANPA-0073, LTSE-2578, and its other therapeutic candidates, obtain regulatory approval of, and ultimately commercialize the Company’s therapeutic candidates; competitive products or approaches limiting the commercial value of the Company’s product candidates; the Company’s ability to fund development activities and achieve development goals; and other risks and uncertainties described in the Company’s filings with the Securities and Exchange Commission (SEC), including the Company’s latest Annual Report on Form 10-K and future reports the Company may file with the SEC from time to time. All forward-looking statements contained in this press release speak only as of the date on which they were made and are based on management’s assumptions and estimates as of such date. The Company undertakes no obligation to update such statements to reflect events that occur or circumstances that exist after the date on which they were made, except as required by law.

Investors:
Corey Davis, Ph.D.
LifeSci Advisors, LLC
212-915-2577
[email protected]

Jun Yoon
Structure Therapeutics Inc.
[email protected]

Media:
Dan Budwick
1AB
[email protected]

SAN FRANCISCO, April 27, 2026 (GLOBE NEWSWIRE) -- Structure Therapeutics Inc. (NASDAQ: GPCR), a clinical-stage global biopharmaceutical company developing novel oral small molecule therapeutics for metabolic diseases, with a focus on obesity, today announced multiple presentations at the American Diabetes Association (ADA) 86th Scientific Sessions, taking place June 5–8, 2026 in New Orleans, Louisiana. The presentations include an oral presentation on the ACCESS Phase 2b clinical trial of aleniglipron.

Details of the presentations are as follows:

Title: ACCESS Trial: Dose-Ranging Evaluation of Aleniglipron, an Oral Small Molecule Nonpeptide GLP-1RA, Demonstrates Meaningful Weight Reductions in People Living with Obesity and Overweight
Session: Oral Presentations - Human Studies in Obesity Treatment: Emerging Therapeutic Options and Strategies for Decision-Making (1032-OR)
Speaker: Julio Rosenstock, MD, University of Texas Southwestern Medical Center
Date: Friday, June 5
Time: 12:45 p.m. – 1:00 p.m. CT

Title: Safety, Tolerability, and Efficacy of Aleniglipron in Doses up to 240 mg in People Living with Obesity: The Phase 2 ACCESS II Trial
Session: General Poster Session (2637-P)
Date: Monday, June 8
Time: 12:30 p.m. – 1:30 p.m. CT

Title: Exploring a Lower Starting Dose of Aleniglipron, an Oral Small Molecule GLP-1RA, to Improve GI Tolerability in Obesity: Beyond the ACCESS Trials
Session: Late Breaking Poster Session (3101-LB)
Date: Sunday, June 7
Time: 12:30 p.m. – 1:30 p.m. CT

Title: Combination Treatment of Oral Small Molecule GLP-1 Receptor Agonist Aleniglipron and Small Molecule Amylin Receptor Agonist ACCG-2671 Demonstrated Additional Weight Loss than Monotreatment in Obese NHPs
Session: Late Breaking Poster Session (3061-LB)
Date: Sunday, June 7
Time: 12:30 p.m. – 1:30 p.m. CT

Title: Comparison of Conditioned Taste Avoidance Profiles between GLP-1 Peptides, Amylin Peptides, and Small Molecule Amylin Receptor Agonists
Session: Late Breaking Poster Session (3062-LB)
Date: Sunday, June 7
Time: 12:30 p.m. – 1:30 p.m. CT

Additional information about the ADA 2026 Scientific Sessions is available at the ADA meeting website (American Diabetes Association).

About Structure Therapeutics
Structure Therapeutics is a science-driven clinical-stage biopharmaceutical company focused on discovering and developing innovative oral small molecule treatments for chronic metabolic conditions with significant unmet medical needs. Utilizing its next generation structure-based drug discovery platform, the Company has established a robust GPCR-targeted pipeline, featuring multiple wholly-owned proprietary clinical-stage oral small molecule compounds designed to surpass the scalability limitations of traditional biologic and peptide therapies and be accessible to more people living with obesity around the world. For additional information, please visit www.structuretx.com.

Forward Looking Statements
This press release contains “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact are statements that could be deemed forward-looking statements, including, without limitation, statements concerning: Structure’s expectations around presenting clinical and preclinical data at the ADA meeting, the Company’s future plans and prospects; any expectations regarding the potential benefits, tolerability and safety profile, accessibility, scalability, combinability, capability, efficacy, convenience, expected effects and future application of aleniglipron and any other of the Company’s investigational compounds. In addition, when or if used in this press release, the words and phrases “anticipated,” “believe,” “expect,” “may,” “on track,” “plan,” “potential,” “suggests,” “to be,” “to begin,” “will,” and similar expressions and their variants, as they relate to the Company may identify forward-looking statements. Forward-looking statements are neither historical facts nor assurances of future performance. Although the Company believes the expectations reflected in such forward-looking statements are reasonable, the Company can give no assurance that such expectations will prove to be correct. Readers are cautioned that actual results, levels of activity, safety, performance or events and circumstances could differ materially from those expressed or implied in the Company’s forward-looking statements due to a variety of risks and uncertainties, which include, without limitation, risks and uncertainties related to potential delays in the commencement, enrollment and completion of the Company’s planned clinical studies; the Company’s ability to advance its clinical and preclinical candidates; the Company’s ability to fund development activities and achieve development goals; and other risks and uncertainties described in the Company’s filings with the Securities and Exchange Commission (SEC), including the Company’s latest Annual Report on Form 10-K and future reports the Company may file with the SEC from time to time. All forward-looking statements contained in this press release speak only as of the date on which they were made and are based on management’s assumptions and estimates as of such date. The Company undertakes no obligation to update such statements to reflect events that occur or circumstances that exist after the date on which they were made, except as required by law.

Investors:
Corey Davis, Ph.D.
LifeSci Advisors, LLC
212-915-2577
[email protected]

Jun Yoon
Structure Therapeutics Inc.
[email protected]

Media:
Dan Budwick
1AB
[email protected]

May 11, 2026 02:35 ET  | Source: Nxera Pharma

New company (“NewCo”) co-founded by Nxera with a syndicate of leading healthcare and life sciences-focused investment firms.In return for granting an exclusive worldwide license to the program, Nxera is eligible to receive up to US$275 million in development and commercial milestone payments as well as tiered royalties. In addition, Nxera retains rights to Japan and certain Asia-Pacific territories and now holds a significant minority equity stake in the NewCo.Builds toward the establishment of an asset spin-out model, following Orexia Therapeutics/Centessa Pharmaceuticals, which announced an agreement to be acquired by Lilly. Tokyo, Japan and Cambridge, UK, 11 May 2026 – As announced on 12 February 2026, Nxera Pharma Co., Ltd. (“Nxera” or the “Company”) entered into a license agreement with a newly established company (“NewCo”) to advance a specific GPCR-targeted program owned by Nxera. Nxera today announces that, in connection with the closing of a Series A financing undertaken by NewCo, Nxera and a syndicate of leading healthcare and life sciences-focused investors have entered into an investment agreement with NewCo. NewCo will accelerate preclinical studies of a GPCR program against a target discovered using Nxera’s NxWave™ technology platform and advance the program toward global clinical trials. By participating in the Series A financing, Nxera will continue its partnership with NewCo to maximize impact for patients and the value of the program for shareholders.

Under the terms of the license agreement, Nxera has granted NewCo an exclusive worldwide license to develop, manufacture and commercialize a GPCR program currently at pre-clinical stage (target undisclosed), excluding Japan and certain Asia-Pacific territories. Nxera is eligible to receive up to US$275 million in milestone payments based on development and commercial progress, plus tiered royalties.

In addition, following NewCo’s formation, the execution of the license agreement and completion of the Series A financing, Nxera holds a significant minority equity stake in NewCo on a fully diluted basis. The program is outside Nxera's core metabolic and rare endocrine focus, and the spin-out structure allows it to be advanced with dedicated external capital and leadership.

Dr. Patrik Foerch, Nxera’s Chief Scientific Officer and President of Nxera Pharma UK, has joined NewCo’s Board of Directors. Through this representation, Nxera will continue the work with NewCo under appropriate governance on development execution and key strategic decisions, with the joint aim of accelerating and maximizing the value of the program.

Christopher Cargill, President and CEO of Nxera Pharma, commented: “This transaction marks Nxera’s second deployment of a spin-out model already validated by Orexia Therapeutics, whose orexin 2 receptor agonist pipeline was further developed via Centessa Pharmaceuticals and is being acquired by Lilly for up to approximately US$7.8 billion. The model allows us to accelerate the development of promising and differentiated, but non-core GPCR-targeted assets from NxWave™ into global clinical trials while retaining equity, milestones and royalties. Crucially, we have kept rights in Japan and parts of Asia-Pacific in this new transaction, so that if development succeeds, we can advance and deliver this medicine directly to patients in our home markets.”

–END–

About Nxera Pharma
Nxera Pharma is a technology powered biopharma company in pursuit of new specialty medicines to improve the lives of patients with unmet needs in Japan and globally. The Company has built an agile, new-generation commercial business in Japan to develop and commercialize innovative medicines, including several launched products, to address this high-value, large and growing market and those in the broader APAC region. In addition, the Company is advancing an extensive pipeline internally and in partnership with leading pharma and biotech companies powered by its unique NxWave™ GPCR structure-based drug discovery platform. Nxera Pharma operates at key locations in Tokyo and Osaka (Japan), London and Cambridge (UK), Basel (Switzerland) and Seoul (South Korea) and is listed on the Tokyo Stock Exchange (ticker: 4565).

For more information, please visit www.nxera.life
LinkedIn: @NxeraPharma | X: @NxeraPharma | YouTube: @NxeraPharma

Enquiries:

Nxera – Media and Investor Relations
Shinya Tsuzuki, VP, Head of Investor Relations
Maya Bennison, Communications Manager
+81 (0)3 5210 3399 | +44 (0)1223 949390 |[email protected]

MEDiSTRAVA (for International Media)
Mark Swallow, Frazer Hall, Erica Hollingsworth
+44 (0)203 928 6900 | [email protected]

Forward-looking statements
This press release contains forward-looking statements, including statements about the discovery, development, and commercialization of products. Various risks may cause Nxera Pharma Group’s actual results to differ materially from those expressed or implied by the forward looking statements, including: adverse results in clinical development programs; failure to obtain patent protection for inventions; commercial limitations imposed by patents owned or controlled by third parties; dependence upon strategic alliance partners to develop and commercialize products and services; difficulties or delays in obtaining regulatory approvals to market products and services resulting from development efforts; the requirement for substantial funding to conduct research and development and to expand commercialization activities; and product initiatives by competitors. As a result of these factors, prospective investors are cautioned not to rely on any forward-looking statements. We disclaim any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

Key Takeaways Novo Nordisk raised its 2026 outlook after strong Q1 GLP-1 sales beat estimates.NVO faces rising pressure from Lilly's Mounjaro, Zepbound and oral GLP-1 drug Foundayo.Novo Nordisk is expanding Wegovy, Ozempic and Rybelsus labels to defend market share. Novo Nordisk (NVO - Free Report) is a dominant player in the GLP-1 space, marketing its semaglutide drugs under brand names Ozempic (pre-filled pen) and Rybelsus (oral tablet) for type II diabetes (T2D), and Wegovy (injection and oral tablet) for chronic weight management.

Novo Nordisk’s growth trajectory was notably pressured in 2025 by the widespread availability of compounded GLP-1 alternatives in the obesity market, eroding demand for its branded therapies. In 2026, the company succeeded in curbing the proliferation of these compounded products through legal measures, stricter FDA oversight and strategic partnerships with telehealth providers. Despite this progress, Novo Nordisk continues to face broader structural challenges that weigh on its sales growth and compress operating margins.

Investor sentiment improved after NVO comfortably beat earnings and revenue expectations in the first quarter, driven by higher GLP-1 sales. The company also raised its 2026 outlook, signaling that management may be regaining control following months of slowing growth concerns. Novo Nordisk now expects adjusted sales and operating profit to decline 4-12% at CER in 2026 compared with its earlier forecast of a 5-13% decline, supported by rising GLP-1 demand, especially in obesity care, broader treatment adoption and continued Wegovy launches in new markets.

NVO Threatened by LLY’s Expanding GLP-1 Market PresenceNovo Nordisk’s near-term visibility remains clouded primarily by intensifying competition from Eli Lilly (LLY - Free Report) , accompanied by other factors, like pricing pressure in the United States, weaker injectable GLP-1 prescription trends and reduced Medicaid obesity coverage. Additional risks include the MFN pricing agreement, gradual semaglutide exclusivity losses in certain markets and elevated spending on R&D, manufacturing and commercial expansion.

Eli Lilly continues to strengthen its position in the obesity and diabetes markets, raising questions about Novo Nordisk’s ability to defend market share and maintain pricing power over time. LLY also comprehensively beat earnings and revenue estimates in the first quarter of 2026, driven by robust volume growth in its tirzepatide (GLP-1) injections, including Mounjaro for T2D and Zepbound for obesity, which compete directly with NVO’s Ozempic and Wegovy.

Novo Nordisk gained a first-mover advantage in oral obesity treatments after launching an oral version of Wegovy in January 2026, ahead of Eli Lilly’s oral GLP-1 drug, Foundayo. However, Lilly could quickly narrow the gap as Foundayo offers greater convenience with no food restrictions, while oral Wegovy must be taken on an empty stomach. Wegovy, though, appears to have a more favorable safety and tolerability profile, with fewer gastrointestinal side effects.

To strengthen its position, Novo Nordisk is expanding its obesity and diabetes portfolio through new approvals and label expansions. Rybelsus’ label was expanded to lower cardiovascular risk in high-risk T2D patients, while Wegovy expanded its reach with cardiovascular, HFpEF and osteoarthritis indications alongside approvals for higher-dose injections in the United States and Europe. Meanwhile, Ozempic remains the only GLP-1 approved to slow kidney disease progression and reduce cardiovascular death in diabetes patients, with additional label expansion efforts underway for peripheral artery disease.

The FDA recently approved an oral version of Ozempic for adult T2D patients, which NVO is planning to launch soon. A supplemental application for a higher 25 mg tablet is also under review, with a regulatory decision expected by the end of 2026. Novo Nordisk also intends to seek regulatory approval for both Rybelsus and oral Ozempic in pediatric patients with T2D in the United States and the EU in the second half of 2026. It also continues to advance multiple next-generation obesity and diabetes candidates to reinforce the long-term growth outlook.

Small Biotechs Eye Entry Into the Obesity Pill MarketThe obesity space is also attracting new contenders to challenge the incumbents. Smaller biotech firms, like Viking Therapeutics (VKTX - Free Report) and Structure Therapeutics (GPCR - Free Report) , are advancing GLP-1–based therapies to challenge the incumbents.

Viking Therapeutics’ dual GIPR/GLP-1 receptor agonist, VK2735, is being developed both as oral and subcutaneous formulations for the treatment of obesity.  Viking plans to advance oral VK2735 into phase III development for obesity in the fourth quarter of 2026.

Structure Therapeutics’ phase II ACCESS study on its orally administered GLP-1 RA, aleniglipron, demonstrated significant weight loss across all doses. Structure Therapeutics expects to initiate the late-stage program of aleniglipron in obesity in the second half of 2026.

NVO’s Stock Price, Valuation & EstimatesYear to date, Novo Nordisk shares have lost 7.4% compared with the industry’s 2.3% decline. The company has also underperformed the sector and the S&P 500 during the same time frame, as seen in the chart below.

NVO Stock Underperforms the Industry, Sector & the S&P 500Image Source: Zacks Investment Research

Novo Nordisk is trading at a discount to the industry, as seen in the chart below. Going by the price/earnings ratio, the company’s shares currently trade at 13.77 forward earnings, which is lower than 16.73 for the industry. The stock is trading much below its five-year mean of 29.25.

NVO Stock’s ValuationImage Source: Zacks Investment Research

Earnings estimates for 2026 have improved from $3.37 to $3.47 per share over the past 30 days. During the same time frame, Novo Nordisk’s 2027 earnings estimates have increased from $3.41 to $3.44 per share.

NVO’s Estimate MovementImage Source: Zacks Investment Research

Novo Nordisk currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

What happenedAccording to a recent SEC filing dated May 13, 2026, Monashee Investment Management reduced its holding in Structure Therapeutics (GPCR +4.26%) by 175,000 shares during the first quarter. The estimated transaction value was $11.98 million, based on the quarter’s average closing price. The value of Monashee’s GPCR position decreased by $13.24 million over the quarter, a figure that includes both trading and stock price effects.

What else to knowThis was a reduction; the remaining stake accounts for 1.8% of Monashee’s 13F reportable assets.Top five holdings post-filing:LSE: TERN: $15.82 million (8.6% of AUM)NYSE: NEE $15.22 million (8.3% of AUM)NASDAQ: MDLN: $13.35 million (7.3% of AUM)NYSE: NRG: $12.42 million (6.8% of AUM)NYSE: FPS: $10.24 million (5.6% of AUM)As of May 19, 2026, Structure Therapeutics shares were priced at $35.88, up 42.55% from a year earlier, outperforming the S&P 500 by 10.24 percentage points.Company overviewMetricValueMarket Capitalization$2.57 billionEmployees220Net Income (TTM)($170.37 million)Price (as of market close May 19, 2026)$35.88Company snapshotDevelops oral therapeutics for chronic diseases, including type 2 diabetes, obesity, and pulmonary and cardiovascular conditions, with a lead candidate, GSBR-1290, targeting GLP-1 receptor agonism.Operates a clinical-stage biopharmaceutical business model, investing in R&D to advance proprietary small-molecule drugs through clinical trials for future commercialization.Targets healthcare providers and patients with unmet medical needs in metabolic, pulmonary, and cardiovascular disease markets.Structure Therapeutics is a clinical-stage biotechnology company specializing in the development of novel oral therapies for chronic and serious diseases. With a focused pipeline led by GSBR-1290 for type-2 diabetes and obesity, the company leverages expertise in G-protein-coupled receptor (GPCR) drug targets to address significant market opportunities. Its strategy emphasizes innovation in small-molecule drug design, aiming to deliver differentiated treatments to large, underserved patient populations.

What this transaction means for investorsMonashee sharply reduced its position in Structure Therapeutics, cutting its holdings from roughly 225,000 shares to about 50,000 shares -- even as the company itself seems to be doing well. So, what does this indicate about Structure's future potential?

The weight loss drug market, especially GLP-1, has become extremely competitive. While it’s still dominated by injectable medications such as Ozempic and Wegovy, oral therapies are gaining ground fast. That’s the market Structure Therapeutics hopes to reach.

Structure continues to post encouraging results in clinical testing. Its lead candidate, aleniglipron, has shown strong results in phase 2 trials. Pill-based treatments could be easier and less costly to manufacture and distribute, and may also be more attractive to patients than injectables.

The question is, who will win the race? Structure is far from the only pharmaceutical company developing oral GLP-1 weight loss medications. Monashee’s decision to significantly reduce its position, rather than fully exit, may signal caution as the race intensifies. Rather than trying to analyze individual pharma stocks, individual investors may prefer an ETF with a broader focus in the GLP-1 industry, such as Roundhill GLP-1 & Weight Loss ETF (NASDAQ: OZEM), which holds several different companies in the space.

Pamela Kock has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Medline. The Motley Fool recommends Forgent Power Solutions. The Motley Fool has a disclosure policy.

Deep Track Capital disclosed a buy of 168,066 additional Structure Therapeutics (GPCR +4.26%) shares in its May 15, 2026, SEC filing, with an estimated transaction value of $11.50 million based on quarterly average pricing.

What happenedAccording to its SEC filing dated May 15, 2026, Deep Track Capital increased its position in Structure Therapeutics by 168,066 shares during the first quarter. The estimated transaction value was $11.50 million, calculated using the average closing price for the quarter. The quarter-end value of the stake decreased by $79.69 million, a change that includes both share purchases and stock price movement.

What else to knowThis buy brought the GPCR stake to 3.37% of the fund's $6.12 billion in reportable U.S. equity holdings as of March 31, 2026.Top holdings post-filing:NASDAQ:GH: $308.35 million (6.36% of AUM)NASDAQ:IMVT: $286.33 million (5.91% of AUM)NASDAQ:TARS: $252.54 million (5.21% of AUM)NASDAQ:PCVX: $249.87 million (5.16% of AUM)NASDAQ:AXSM: $185.92 million (3.84% of AUM)As of Friday, shares were priced at $39.19, up 60% over the past year and well outperforming the S&P 500, which is up about 28% in the same period.Company OverviewMetricValuePrice (as of Friday)$39.19Market Capitalization$2.8 billionNet Income (TTM)($170.3 million)Company SnapshotStructure Therapeutics develops oral small-molecule therapeutics targeting G-protein-coupled receptors (GPCRs) for chronic diseases, with a lead candidate (GSBR-1290) focused on type-2 diabetes and obesity, and additional programs in pulmonary and cardiovascular conditions.The firm operates a clinical-stage biopharmaceutical business model, investing in research and development to advance proprietary drug candidates through clinical trials with the aim of future commercialization and licensing.It targets patients with chronic metabolic, pulmonary, and cardiovascular diseases, addressing unmet medical needs in global healthcare markets.Structure Therapeutics is a clinical-stage biotechnology company headquartered in South San Francisco, California, with a focus on advancing novel oral therapeutics for chronic diseases. The company leverages expertise in GPCR-targeted drug discovery to address significant unmet needs in metabolic and pulmonary indications. Its pipeline and differentiated approach position it to compete in the evolving landscape of oral therapeutics for complex diseases.

What this transaction means for investorsBy adding to a position after a strong run, Deep Track is suggesting it believes important value-creating milestones are still ahead for Structure, even after a nearly 60% run this past year.

The company has been building a compelling case for aleniglipron, its oral GLP-1 candidate. In March, it reported Phase 2 data showing up to 16.3% weight loss at 44 weeks, which management described as the highest efficacy reported among oral GLP-1 drugs and potentially comparable to injectable therapies. The company also received positive end-of-Phase 2 feedback from the FDA and remains on track to begin Phase 3 studies in the third quarter of 2026.

CEO Raymond Stevens said the company is "well positioned" to launch its registrational program and highlighted additional amylin and combination therapy opportunities that could broaden the pipeline.

Structure also remains well-funded, ending the quarter with roughly $1.5 billion in cash, cash equivalents, and short-term investments, enough to support operations through the end of 2028. Ultimately, the key question going forward is whether aleniglipron can continue producing competitive efficacy as it moves into larger studies. If it can, Structure could emerge as a meaningful player in the rapidly expanding obesity market.

Jonathan Ponciano has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Axsome Therapeutics and Guardant Health. The Motley Fool has a disclosure policy.

SAN FRANCISCO, May 26, 2026 (GLOBE NEWSWIRE) -- Structure Therapeutics Inc. (NASDAQ: GPCR), a clinical-stage global biopharmaceutical company developing novel oral small molecule therapeutics for metabolic diseases, with a focus on obesity, today announced that management will participate in two upcoming healthcare conferences in June:

2026 Jefferies Global Healthcare Conference Format:Fireside chat and 1x1 meetings Date/time:Wednesday, June 3 at 12:15 p.m. ET Location:New York, NY   Goldman Sachs 47th Annual Global Healthcare Conference Format:Fireside chat and 1x1 meetings Date/time:Tuesday, June 9 at 10:00 a.m. ET Location:Miami, FL
The live and archived webcasts will be accessible from the company’s website at https://ir.structuretx.com/events-presentations/events and replays will be available for 90 days.

About Structure Therapeutics
Structure Therapeutics is a science-driven clinical-stage biopharmaceutical company focused on discovering and developing innovative oral small molecule treatments for chronic metabolic conditions with significant unmet medical needs. Utilizing its next generation structure-based drug discovery platform, the Company has established a robust GPCR-targeted pipeline, featuring multiple wholly-owned proprietary clinical-stage oral small molecule compounds designed to surpass the scalability limitations of traditional biologic and peptide therapies and be accessible to more people living with obesity around the world. For additional information, please visit www.structuretx.com.

Investors:
Corey Davis, Ph.D.
LifeSci Advisors, LLC
212-915-2577
[email protected]

Jun Yoon
Structure Therapeutics Inc.
[email protected]

Media:
Dan Budwick
1AB
[email protected]

CompaniesJune 5 (Reuters) - Structure Therapeutics (GPCR.O), opens new tab said on Friday its experimental GLP-1 obesity pill did not show any signs of drug-induced liver injury, and patients continued to lose weight even on the lower doses ​of the drug.

The company said only 10.4% of patients taking the experimental small molecule drug, aleniglipron, discontinued ‌treatment.

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The results were presented at the American Diabetes Association meeting in New Orleans and published in a medical journal.

The oral drug has been touted as a potential competitor to Eli Lilly's (LLY.N), opens new tab Foundayo and Novo Nordisk's (NOVOb.CO), opens new tab Wegovy pill.

Patients on Structure's ​once-daily pill lost up to 39 lbs on the 180 mg dose after 44 weeks, compared ​with a placebo, in a mid-stage trial, the company had reported in March. ⁠Patients on the higher 240 mg dose lost 37 lbs or 16% of their weight.

In December, the ​drug had shown weight loss of up to 15.3% with 240 mg dose at 36 weeks. Patients ​taking the 120 mg dose showed a placebo-adjusted mean weight loss of 11.3%.

On Friday, the company said participants who remained on drug in the open-label extension continued to lose weight after a median follow up of 20 weeks, with weight ​loss of 13.3%, 16.2%, and 15.3% in participants who took 45 mg, 90 mg, and 120 mg ​doses of aleniglipron, respectively.

There was also no weight-loss plateau, which Julio Rosenstock, chair of the aleniglipron program steering committee, said ‌was ⁠an important distinction for a once-daily oral, non-peptide GLP-1 receptor agonist to potentially become an additional treatment option for patients.

The company said it saw improved tolerability at a lower 2.5 mg starting dose, adding the data supports the design of its late stage program set to begin in the third quarter of 2026.

Wall ​Street has been focused ​on better tolerability as ⁠a point of differentiation between obesity drugs. Aleniglipron is a oral pill and could appeal more to patients than injectable therapies.

Aleniglipron continues to look competitive on ​efficacy and there is potential for improved tolerability in the late-stage trial, said ​J.P. Morgan ⁠analyst Hardik Parikh.

The most commonly occurring side effects with aleniglipron were gastrointestinal, including nausea, diarrhea, vomiting and constipation.

Structure said a review of each patient's dosing over the course of the study shows that while some required dose ⁠interruptions ​or reductions, vomiting rarely recurred once treatment was resumed or ​the dose was increased again.

Serious adverse effects occurred in one participant who received the 45 mg doses, none who took 90 mg ​and four participants receiving 120 mg.

Reporting by Sriparna Roy and Siddhi Mahatole in Bengaluru; Editing by Arun Koyyur

Our Standards: The Thomson Reuters Trust Principles., opens new tab

Sriparna reports on pharmaceutical companies and healthcare in the United States. She has a master's degree in English literature and post graduate diploma in broadcast journalism.

Structure Therapeutics advances aleniglipron, a potential best-in-class oral GLP-1, into Phase 3 for obesity, supported by strong Phase 2b data. GPCR's $1.5B cash position and a projected cash runway through 2028 underpin its ability to execute pivotal trials and commercial plans. My SOTP analysis yields a fair value of $42.49/share, with aleniglipron's risk-adjusted NPV at $1.34B and pipeline assets included at no additional cost.

Evolv Technologies Holdings, Inc. (EVLV) Q1 2026 Earnings Call Prepared Remarks Transcript

It has been about a month since the last earnings report for 3D Systems (DDD - Free Report) . Shares have lost about 25.7% in that time frame, underperforming the S&P 500.

Will the recent negative trend continue leading up to its next earnings release, or is 3D Systems due for a breakout? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at its most recent earnings report in order to get a better handle on the important catalysts.

3D Systems Posts Narrower Loss in Q4 Earnings, Revenues Rise Y/Y3D Systems reported a fourth-quarter 2025 non-GAAP loss of 13 cents per share, narrower than the reported loss of 19 cents per share in the year-ago quarter. The Zacks Consensus Estimate was pegged at a loss of 11 cents per share.

DDD reported revenues of $106.3 million, down 4.3% year over year but up 16% on a sequential basis. The top line beat the Zacks Consensus Estimate by 7.87%.

DDD’s Q4 Quarterly DetailsProduct revenues declined 11.2% year over year to $62.6 million in the fourth quarter, contributing 59% to total revenues. Services revenues, which accounted for 41% of total revenues, increased 7.7% year over year to $43.7 million.

The company operates through two key segments — Healthcare Solutions and Industrial Solutions — tailored to the diverse industries it serves. Healthcare Solutions focuses on dental, medical devices, personalized health services and regenerative medicine, whereas Industrial Solutions caters to aerospace, defense, transportation and general manufacturing.

In the fourth quarter, Healthcare Solutions’ revenues increased 25% year over year to $50.5 million. MedTech increased more than 8% year over year.

Industrial Solutions' revenues declined 21.1% year over year to $55.8 million. Aerospace and Defense grew 50% year over year.

DDD Q4 Operating DetailsIn the fourth quarter of 2025, DDD’s non-GAAP gross profit fell 5% year over year to $33 million. The non-GAAP gross profit margin declined 30 basis points to 31% due to lower sales volumes.

Adjusted EBITDA loss of $5.3 million in the fourth quarter of 2025 was narrower than the loss of $19.1 million reported in the year-ago quarter.

Non-GAAP operating expense was $42.5 million compared with $58.4 million reported in the year-ago quarter.

3D Systems’ Balance Sheet DetailsAs of Dec. 31, 2025, cash and cash equivalents were $97.1 million, higher than $95.5 million as of Sept. 30, 2025.

As of Dec. 31, 2025, DDD had a total debt of $90.3 million. A total of $3.9 million in debt is scheduled to mature in the fourth quarter of 2026, with the remaining $92 million maturing in 2030.

DDD Offers Positive Q1 Guidance3D Systems expects revenues between $91 million and $94 million for the first quarter of 2026. Adjusted EBITDA loss is expected between $5 million and $3 million.

How Have Estimates Been Moving Since Then?Since the earnings release, investors have witnessed a upward trend in estimates review.

The consensus estimate has shifted -22.73% due to these changes.

VGM ScoresCurrently, 3D Systems has a average Growth Score of C, a grade with the same score on the momentum front. Charting a somewhat similar path, the stock was allocated a score of D on the value side, putting it in the bottom 40% for this investment strategy.

Overall, the stock has an aggregate VGM Score of D. If you aren't focused on one strategy, this score is the one you should be interested in.

OutlookEstimates have been trending upward for the stock, and the magnitude of this revision has been net zero. Notably, 3D Systems has a Zacks Rank #4 (Sell). We expect a below average return from the stock in the next few months.

April 28, 2026 07:30 ET  | Source: 3D Systems Inc.

European commercial availability begins May 4, 2026, two months ahead of the previously targeted summer launchCertification expands the addressable market for the Company’s flagship dental printing platform to over 60 million edentulous patients across the US and EU, representing a multi-billion dollar denture marketEarly feedback from the U.S. market launch highlights strong patient satisfaction with denture aesthetics, comfort, and performance using NextDent 300 technology
ROCK HILL, S.C., April 28, 2026 (GLOBE NEWSWIRE) -- 3D Systems (NYSE: DDD) today announced that its NextDent® Jet Base and NextDent® Jet Teeth materials, together with the NextDent 300 MultiJet 3D printer, have received Class IIa certification under the European Union Medical Device Regulation (MDR 2017/745). This regulatory milestone enables immediate commercialization of the complete NextDent Jetted Denture Solution across the EU.

This achievement builds directly on the Company’s full-scope EU MDR certification announced in March 2026 and demonstrates 3D Systems’ leadership in meeting Europe’s most stringent quality, safety, and clinical evidence requirements for moderate-risk medical devices.

The NextDent Jetted Denture Solution is the industry’s first monolithic, multi-material jetted denture workflow. Powered by the NextDent 300 printer and the newly certified Jet Base and Jet Teeth materials, it enables dental labs to produce durable, highly aesthetic, patient-specific monolithic dentures in a single print, fully cured and ready for finishing without additional post-curing steps. This breakthrough delivers superior accuracy, consistency, and production speed compared to traditional analog methods, reinforcing 3D Systems’ leadership across the full spectrum of dentistry: straighten, protect, repair, and replace.

Jeffrey Graves, Ph.D., President and Chief Executive Officer of 3D Systems, stated: “Achieving Class IIa MDR certification for our NextDent Jetted Denture Solution is a major milestone that validates the strength of our clinical data, quality systems, and innovation pipeline. By launching in Europe on May 4, well ahead of our original summer timeline, we are immediately expanding access to this transformative technology for dental labs and clinics across the region. This clearance substantially increases our available addressable market for this high-value platform. As adoption accelerates in both the U.S. and Europe, we expect it to drive significant recurring revenue through premium materials while reinforcing our position as the leading full-service provider in digital dentistry.”

According to internal estimates and market data, the European denture segment represents a multi-billion-dollar opportunity. With this certification, European customers can now access a complete, regulatory-compliant workflow, hardware, certified materials, software, and application expertise, from a single trusted partner.

The NextDent 300 MultiJet printer and associated NextDent Jet Base and Jet Teeth materials will be commercially available in EU markets beginning May 4, 2026, through 3D Systems and its authorized distribution partners.

For more information about the NextDent Jetted Denture Solution, visit: www.3dsystems.com/dental-jetted-dentures

About 3D Systems

For nearly 40 years, 3D Systems has pioneered additive manufacturing solutions that transform how products are designed, prototyped, and produced. As a full-service solutions partner, the Company delivers industry-leading 3D printing technologies, materials, software, and expert application support to high-value markets including medical and dental, aerospace & defense, transportation, and durable goods. More information is available at www.3dsystems.com.

Forward-Looking Statements

Certain statements made in this release that are not statements of historical or current facts are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 including statements regarding the timing of product launches, regulatory approvals, market opportunities, expected revenue impact, and shareholder value. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the company to be materially different from historical results or from any future results or projections expressed or implied by such forward-looking statements. In many cases, forward-looking statements can be identified by terms such as "believes," "belief," "expects," "may," "will," "estimates," "intends," "anticipates" or "plans" or the negative of these terms or other comparable terminology. Forward-looking statements are based upon management’s beliefs, assumptions, and current expectations and may include comments as to the company’s beliefs and expectations as to future events and trends affecting its business and are necessarily subject to uncertainties, many of which are outside the control of the company. The factors described under the headings "Forward-Looking Statements" and "Risk Factors" in the company’s periodic filings with the Securities and Exchange Commission, as well as other factors, could cause actual results to differ materially from those reflected or predicted in forward-looking statements. Although management believes that the expectations reflected in the forward-looking statements are reasonable, forward-looking statements are not, and should not be relied upon as a guarantee of future performance or results, nor will they necessarily prove to be accurate indications of the times at which such performance or results will be achieved. The forward-looking statements included are made only as of the date of the statement. 3D Systems undertakes no obligation to update or review any forward-looking statements made by management or on its behalf, whether as a result of future developments, subsequent events or circumstances or otherwise.

Investor Contact: [email protected]

Media Contact: [email protected]

May 07, 2026 16:30 ET  | Source: 3D Systems Inc.

New American Formula 1™ team selected seven 3D Systems SLA systems to accelerate critical wind tunnel testing and parts production prior to its 2026 Formula 1™ race debutIndustry-leading SLA materials portfolio is enabling accurate and rapid production of test parts3D Systems’ tightly integrated software, materials and machines, plus expert assistance by 3D Systems, allowed Team to “Race to the Race”
ROCK HILL, S.C., May 07, 2026 (GLOBE NEWSWIRE) -- Today, 3D Systems (NYSE:DDD) announced that Cadillac Formula 1® Team, the newest entrant to the FIA FORMULA ONE WORLD CHAMPIONSHIP, deployed seven SLA 3D printing systems to accelerate critical wind tunnel testing prior to the 2026 FORMULA 1 season, as well as the development of production parts. The combination of these large format additive manufacturing systems, integrated with 3D Systems software, along with Accura® Xtreme White 200, Accura Xtreme Black and Accura HPC materials, enabled rapid and critical wind tunnel testing within rapidly diminishing race deadlines.

3D Systems’ SLA solutions are developed specifically for efficient, high-quality production-grade manufacturing delivering the best in sharp part corners, small extruded and embossed feature details, superior side wall details and smooth layer lines on angled faces in its class. It enables tool-free manufacturing, eliminating weeks of lead time and significantly reducing costs. This was a critical factor while the Cadillac Formula 1® Team qualified for the FIA FORMULA ONE WORLD CHAMPIONSHIP and continues to be essential for continued race car development.

The FIA FORMULA ONE WORLD CHAMPIONSHIP is described by Racecar Engineering magazine as “the greatest challenge a manufacturer of mechanical components may ever be confronted with1.” Indeed, FORMULA 1 racing operates under some of the most stringent technical requirements in all of motorsport. The Cadillac Formula 1® Team worked hard to meet the barriers to entry and secured its place in the 2026 FORMULA 1 season in time for the FORMULA 1 QATAR AIRWAYS AUSTRALIAN GRAND PRIX 2026 in March.

To achieve this, the team worked with 3D Systems’ Application Innovation Group (AIG), a global team of Additive Manufacturing engineers, designers, and technicians who bring expertise to customers to co-develop solutions.

“3D Systems was founded on innovation, pioneering the additive manufacturing industry and we are continuing to lead it into an era of high-precision, highly repeatable production at scale,” said Elvis Perez, Senior Vice President, Sales, 3D Systems. “We are pleased that our work has enabled Cadillac Formula 1® team to enter the 2026 FORMULA 1 season despite the short timelines and strict qualification conditions.”

About 3D Systems

For nearly 40 years, Chuck Hull’s curiosity and desire to improve the way products were designed and manufactured gave birth to 3D printing, 3D Systems, and the additive manufacturing industry. Since then, that same spark continues to ignite the 3D Systems team as we work side-by-side with our customers to change the way industries innovate. As a full-service solutions partner, we deliver industry-leading 3D printing technologies, materials and software to high-value markets such as medical and dental; aerospace, space and defense; transportation and motorsports; AI infrastructure; and durable goods. Each application-specific solution is powered by the expertise and passion of our employees who endeavor to achieve our shared goal of Transforming Manufacturing for a Better Future. More information on the company is available at www.3dsystems.com.

Forward-Looking Statements

Certain statements made in this release that are not statements of historical or current facts are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 including statements regarding the timing of product launches, regulatory approvals, market opportunities, expected revenue impact, and shareholder value. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the company to be materially different from historical results or from any future results or projections expressed or implied by such forward-looking statements. In many cases, forward-looking statements can be identified by terms such as "believes," "belief," "expects," "may," "will," "estimates," "intends," "anticipates" or "plans" or the negative of these terms or other comparable terminology. Forward-looking statements are based upon management’s beliefs, assumptions, and current expectations and may include comments as to the company’s beliefs and expectations as to future events and trends affecting its business and are necessarily subject to uncertainties, many of which are outside the control of the company. The factors described under the headings "Forward-Looking Statements" and "Risk Factors" in the company’s periodic filings with the Securities and Exchange Commission, as well as other factors, could cause actual results to differ materially from those reflected or predicted in forward-looking statements. Although management believes that the expectations reflected in the forward-looking statements are reasonable, forward-looking statements are not, and should not be relied upon as a guarantee of future performance or results, nor will they necessarily prove to be accurate indications of the times at which such performance or results will be achieved. The forward-looking statements included are made only as of the date of the statement. 3D Systems undertakes no obligation to update or review any forward-looking statements made by management or on its behalf, whether as a result of future developments, subsequent events or circumstances or otherwise.

Investor Contact: [email protected] 

Media Contact: [email protected] 

1 “Running a Race car,” 2023, Racecar Engineering magazine.

ROCK HILL, S.C., May 11, 2026 (GLOBE NEWSWIRE) -- 3D Systems Corporation (NYSE:DDD) announced today its financial results for the first quarter ended March 31, 2026.

Q1 2026 revenue of $95.5 million increased 1% year-over-year, or 11% excluding the impact of divestitures, driven by strong performance in the Healthcare business and double‑digit growth across key markets, including Dental, Med Tech, and Aerospace & Defense.GAAP EPS loss narrowed to $(0.03), or $(0.01) on a non-GAAP basis, while Adjusted EBITDA improved to $2.1 million, reflecting the benefits of higher sales volumes and continued execution of cost reduction initiatives.Robust growth in Dental and Med Tech, each exceeding approximately 20% year-over-year, drove Healthcare to a scale that now rivals the Company's Industrial segment.Early success of recently launched products in Dental and Aerospace & Defense markets, including advanced printing systems for monolithic dentures and high‑performance metal components, is expected to support sustained long‑term revenue growth.Amid ongoing global risks, the Company remains focused on building top-line momentum in key markets over the coming quarters, while maintaining disciplined cost management to achieve our goal of full-year break-even Adjusted EBITDA. Summary of Financial Results
(Unaudited)
   Three Months Ended(in millions, except per share data) March 31, 2026 March 31, 2025Revenue $95.5  $94.5 Gross profit  34.3   32.7 Gross profit margin  35.9 %  34.6 %Operating expense  41.0   69.5 Operating loss  (6.6)  (36.8)Net loss attributable to 3D Systems Corporation  (4.4)  (37.0)Diluted loss per share  (0.03)  (0.28)     Non-GAAP measures for year-over-year comparisons  Non-GAAP gross profit margin  36.1 %  35.0 %Non-GAAP operating expense  36.6   61.6 Adjusted EBITDA  2.1   (23.9)Non-GAAP diluted loss per share $(0.01) $(0.21)          Summary Comments on Results

Dr. Jeffrey Graves, President and Chief Executive Officer of 3D Systems, said, “We are pleased with our first‑quarter performance on both the top and bottom line, which exceeded our initial expectations. Revenue growth was driven by strength in our key markets, including Dental, Med Tech, and Aerospace & Defense. These customers continue to rapidly adopt 3D printing as a core manufacturing technology and expand the range of applications they deploy. In the first quarter, this momentum drove growth rates of more than 20% in our Dental (excluding aligners), Med Tech, and Aerospace & Defense markets. This performance highlights the market‑leading breadth of our additive manufacturing portfolio, spanning direct metal printing and all five major polymer technologies, combined with our deep expertise in advanced applications.”

Dr. Graves concluded, “As the additive manufacturing industry begins to emerge from a multi‑year downturn, our sustained investments in research and development are enabling us to introduce a broad pipeline of new products that are gaining increasing customer traction. While the global economic environment remains uncertain, we are optimistic that, as capital investment activity strengthens, we are well positioned to benefit from the resulting expansion in global manufacturing capacity.”

“Adjusting for divestitures completed in 2025, total revenue increased 11% year over year, demonstrating a return of core revenue growth as we move into 2026” said Phyllis Nordstrom, Chief Financial Officer of 3D Systems. “Strong sales across key product areas, along with a focus on margin expansion, profitability, and efficient cost management, positively contributed to our performance in the quarter. We remain committed to managing costs while making targeted investments in our priority markets to drive profitable growth.”

First Quarter 2026 Results

Total revenue increased 1% to $95.5 million compared to the prior year period. Adjusting for software divestitures completed in 2025, including Geomagic, 3DXpert and Oqton, total revenue increased by 11%.

Healthcare Solutions revenue increased approximately 21% to $50.1 million compared to the prior year period.

Industrial Solutions revenue decreased approximately 15% to $45.4 million compared to the prior year period. Adjusting for divestitures, Industrial Solutions revenue increased 2% year over year.

Gross profit margin increased to 35.9% compared to 34.6% in the prior year period. Non-GAAP gross profit margin increased to 36.1% compared to 35.0% in the prior year period. Adjusting for software divestitures, non-GAAP gross profit margin increased by 600 basis points.

Net loss attributable to 3D Systems Corporation decreased by $32.6 million to $4.4 million compared to the prior year period. The improvement was primarily driven by lower operating expenses, higher sales volume, and favorable revenue mix.

Adjusted EBITDA turned positive, improving by $25.9 million to $2.1 million compared to the prior year period, driven by strong sales, favorable revenue mix, and the impact of prior cost reduction actions. Adjusting for software divestitures, Adjusted EBITDA improved $28.2 million.

Financial Liquidity

At March 31, 2026, the Company had total cash of $86.5 million, which included cash and cash equivalents of $85.1 million and restricted cash of $1.4 million. A total of $3.9 million in principal amount of debt is scheduled to mature in the fourth quarter of 2026, with the remaining $92.0 million principal maturing in 2030.

Second Quarter 2026 Outlook

Revenue:                                                 $93 - $95 million

Adjusted EBITDA:                                  ($4) million - ($2) million

3D Systems does not provide forward-looking guidance for certain measures on a GAAP basis. The Company is unable to provide a quantitative reconciliation of forward-looking Adjusted EBITDA to the most directly comparable forward-looking GAAP measures without unreasonable effort because certain items, including litigation expenses, acquisition expenses, stock-based compensation expense, intangible amortization expense, restructuring expenses, and goodwill impairment, are difficult to predict and estimate. These items are inherently uncertain and depend on various factors, many of which are beyond the Company’s control, and as such, any associated estimate and its impact on GAAP performance could vary materially.

First Quarter 2026 Conference Call and Webcast

The Company will host a conference call and simultaneous webcast to discuss these results on May 12, 2026, which may be accessed as follows:

Date: Tuesday, May 12, 2026
Time: 8:30 a.m. Eastern Time
Listen via webcast: www.3dsystems.com/investor
Participate via telephone: 877-407-8291 or 201-689-8345

A replay of the webcast will be available approximately two hours after the live presentation at www.3dsystems.com/investor.

Certain statements made in this release that are not statements of historical or current facts are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 including statements regarding the timing of product launches, regulatory approvals, market opportunities, expected revenue impact, and shareholder value. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the Company to be materially different from historical results or from any future results or projections expressed or implied by such forward-looking statements. In many cases, forward-looking statements can be identified by terms such as "believes," "belief," "expects," "may," "will," "estimates," "intends," "anticipates" or "plans" or the negative of these terms or other comparable terminology. Forward-looking statements are based upon management’s beliefs, assumptions, and current expectations and may include comments as to the Company’s beliefs and expectations as to future events and trends affecting its business and are necessarily subject to uncertainties, many of which are outside the control of the Company. The factors described under the headings "Forward-Looking Statements" and "Risk Factors" in the Company’s periodic filings with the Securities and Exchange Commission, as well as other factors, could cause actual results to differ materially from those reflected or predicted in forward-looking statements. Although management believes that the expectations reflected in the forward-looking statements are reasonable, forward-looking statements are not, and should not be relied upon as a guarantee of future performance or results, nor will they necessarily prove to be accurate indications of the times at which such performance or results will be achieved. The forward-looking statements included are made only as of the date of the statement. 3D Systems undertakes no obligation to update or review any forward-looking statements made by management or on its behalf, whether as a result of future developments, subsequent events or circumstances or otherwise.

About 3D Systems

Nearly 40 years ago, Chuck Hull’s curiosity and desire to improve the way products were designed and manufactured gave birth to 3D printing, 3D Systems, and the additive manufacturing industry. Since then, that same spark continues to ignite the 3D Systems team as we work side-by-side with our customers to change the way industries innovate. As a full-service solutions partner, we deliver industry-leading 3D printing technologies, materials and software to high-value markets such as medical and dental; aerospace, space and defense; transportation and motorsports; AI infrastructure; and durable goods. Each application-specific solution is powered by the expertise and passion of our employees who endeavor to achieve our shared goal of Transforming Manufacturing for a Better Future. More information on the Company is available at www.3dsystems.com.

Investor Contact: [email protected]

Media Contact: [email protected]

3D SYSTEMS CORPORATION
Condensed Consolidated Balance Sheets
(Unaudited)
 (in thousands, except par value) March 31, 2026 December 31, 2025ASSETS    Current assets:    Cash and cash equivalents $85,083  $95,635 Accounts receivable, net of reserves — $4,001 and $3,608  86,237   83,806 Inventories  127,265   127,496 Prepaid expenses and other current assets  42,075   39,770 Total current assets  340,660   346,707 Property and equipment, net  49,023   49,249 Intangible assets, net  16,157   16,614 Goodwill  15,454   15,575 Operating lease right-of-use assets  42,387   45,364 Finance lease right-of-use assets  7,537   7,774 Long-term deferred income tax assets  2,511   2,787 Other assets  39,387   37,658 Total assets $513,116  $521,728 LIABILITIES, REDEEMABLE NON-CONTROLLING INTEREST AND EQUITY    Current liabilities:    Current portion of long-term debt, net of deferred financing costs $3,944  $3,944 Current operating lease liabilities  10,939   11,583 Accounts payable  39,397   41,017 Accrued and other liabilities  49,113   46,656 Customer deposits and deferred revenue  20,020   17,423 Total current liabilities  123,413   120,623 Long-term debt, net of deferred financing costs  86,786   86,394 Long-term operating lease liabilities  42,481   45,420 Long-term deferred income tax liabilities  3,009   2,740 Other liabilities  23,083   24,000 Total liabilities  278,772   279,177 Commitments and contingencies    Redeemable non-controlling interest  —   2,193 Stockholders’ equity:    Preferred stock, 5,000 shares authorized; $0.001 par value; no shares issued and outstanding as of March 31, 2026 and December 31, 2025  —   — Common stock, $0.001 par value, authorized 220,000 shares; shares issued 146,057 and 145,581 as of March 31, 2026 and December 31, 2025, respectively  146   146 Additional paid-in capital  1,622,692   1,620,399 Accumulated deficit  (1,336,784)  (1,332,360)Accumulated other comprehensive loss  (51,710)  (47,827)Total stockholders’ equity  234,344   240,358 Total liabilities, redeemable non-controlling interest and stockholders’ equity $513,116  $521,728  3D SYSTEMS CORPORATION
Condensed Consolidated Statements of Operations
(Unaudited)
   Three Months Ended(in thousands, except per share amounts) March 31, 2026 March 31, 2025Revenue:    Products $57,768  $54,723 Services  37,770   39,817      Total revenue  95,538   94,540 Cost of sales:    Products  36,087   37,365 Services  25,108   24,486      Total cost of sales  61,195   61,851 Gross profit  34,343   32,689 Operating expenses:    Selling, general and administrative  31,348   49,769 Research and development  9,635   19,683      Total operating expenses  40,983   69,452 Loss from operations  (6,640)  (36,763)Non-operating income (loss):    Foreign exchange gain, net  2,638   1,139 Interest income  584   953 Interest expense  (2,164)  (581)Other income (loss), net  3,528   (160)     Total non-operating income  4,586   1,351 Net loss before income taxes  (2,054)  (35,412)Provision for income taxes  (1,483)  (671)Loss on equity method investments, net of income taxes  (1,046)  (903)Net loss before redeemable non-controlling interest  (4,583)  (36,986)Less: net loss attributable to redeemable non-controlling interest  (159)  — Net loss attributable to 3D Systems Corporation $(4,424) $(36,986)     Net loss per common share:    Basic $(0.03) $(0.28)Diluted $(0.03) $(0.28)     Weighted average shares outstanding:    Basic  143,261   132,462 Diluted  143,261   132,462  3D SYSTEMS CORPORATION
Condensed Consolidated Statements of Cash Flows
(Unaudited)
   Three Months Ended(in thousands) March 31, 2026 March 31, 2025OPERATING ACTIVITIES    Net loss before redeemable non-controlling interest $(4,583) $(36,986)Adjustments to reconcile net loss to net cash used in operating activities:    Depreciation and amortization  5,132   5,712 Amortization of debt issuance costs  499   316 Stock-based compensation  2,282   4,168 Non-cash operating lease expense  3,022   2,371 Provision for inventory obsolescence  1,431   1,311 Provision for bad debts  473   325 (Gain) loss on the disposition of businesses, property, equipment and other assets  (320)  128 Provision for deferred income taxes and reserve adjustments  690   1,652 Gain on disposal of investment  (2,576)  — Loss on equity method investment, net of taxes  1,046   903 Changes in operating accounts:         Accounts receivable  (5,645)  (1,231)     Inventories  (2,146)  (1,870)     Prepaid expenses and other current assets  (2,014)  (4,078)     Accounts payable  (2,040)  (2,799)     Deferred revenue and customer deposits  4,759   5,745      Accrued and other liabilities  109   (4,144)All other operating activities  (7,331)  (5,309)Net cash used in operating activities  (7,212)  (33,786)INVESTING ACTIVITIES    Purchases of property and equipment  (2,058)  (2,795)Proceeds from sale of assets and businesses, net of cash sold  100   — Acquisitions and other investments, net of cash acquired  —   (550)Other investing activities  (202)  (67)Net cash used in investing activities  (2,160)  (3,412)FINANCING ACTIVITIES    Purchase of non-controlling interest  (498)  — Taxes paid related to net-share settlement of equity awards  (11)  (285)Other financing activities  (414)  (364)Net cash used in financing activities  (923)  (649)Effect of exchange rate changes on cash, cash equivalents and restricted cash  (289)  1,178 Net decrease in cash, cash equivalents and restricted cash  (10,584)  (36,669)Cash, cash equivalents and restricted cash at the beginning of the year  97,100   172,883 Cash, cash equivalents and restricted cash at the end of the period $86,516  $136,214  3D SYSTEMS CORPORATION
Segment Information
(Unaudited)
     Three Months Ended (in millions) March 31, 2026 March 31, 2025 Revenue:     Healthcare Solutions $50.1 $41.3 Industrial Solutions  45.4  53.2 Total $95.5 $94.5          3D SYSTEMS CORPORATION
Reconciliations of GAAP to Non-GAAP Measures

Presentation of Information in this Press Release

3D Systems reports its financial results in accordance with GAAP. Management also reviews and reports certain non-GAAP measures, including: non-GAAP gross profit, non-GAAP gross profit margin, non-GAAP diluted income (loss) per share, non-GAAP operating expense and Adjusted EBITDA. These non-GAAP measures exclude certain items that management does not view as part of 3D Systems’ core results as they may be highly variable, may be unusual or infrequent, are difficult to predict and can distort underlying business trends and results. Management believes that the non-GAAP measures provide useful additional insight into underlying business trends and results and provide meaningful information regarding the comparison of period-over-period results. Additionally, management uses the non-GAAP measures for planning, forecasting and evaluating business and financial performance, including allocating resources and evaluating results relative to employee compensation targets. 3D Systems’ non-GAAP measures are not calculated in accordance with or as required by GAAP and may not be calculated in the same manner as similarly titled measures used by other companies. These non-GAAP measures should thus be considered as supplemental in nature and not considered in isolation or as a substitute for the related financial information prepared in accordance with GAAP.

To calculate the non-GAAP measures, 3D Systems excludes the impact of the following items:

amortization of intangible assets, a non-cash expense, as 3D Systems’ intangible assets were primarily acquired in connection with business combinations;costs incurred in connection with acquisitions and divestitures, such as legal, consulting and advisory fees;stock-based compensation expenses, a non-cash expense;charges related to restructuring and cost optimization plans, impairment charges, including goodwill, and divestiture gains or losses;the impact of software divestitures, which were previously included in our Industrial Solutions segment, for pre-divestiture periods in 2025; andcosts, including legal fees, related to significant or unusual litigation matters. Amortization of intangibles and acquisition and divestiture-related costs are excluded from non-GAAP measures as the timing and magnitude of business combination transactions are not predictable, can vary significantly from period to period and the purchase price allocated to amortizable intangible assets and the related amortization period are unique to each acquisition. Amortization of intangible assets will recur in future periods until such intangible assets have been fully amortized. While intangible assets contribute to the company’s revenue generation, the amortization of intangible assets does not directly relate to the sale of the company’s products or services. Additionally, intangible assets amortization expense typically fluctuates based on the size and timing of the company’s acquisition activity. Accordingly, the company believes excluding the amortization of intangible assets enhances the company’s and investors’ ability to compare the company’s past financial performance with its current performance and to analyze underlying business performance and trends. Although stock-based compensation is a key incentive offered to certain of our employees, the expense is non-cash in nature, and we continue to evaluate our business performance excluding stock-based compensation; therefore, it is excluded from non-GAAP measures. Stock-based compensation expenses will recur in future periods. Charges related to restructuring and cost optimization plans, impairment charges, including goodwill, divestiture gains or losses, and the costs, including legal fees, related to significant or unusual litigation matters are excluded from non-GAAP measures as the frequency and magnitude of these activities may vary widely from period to period. Additionally, impairment charges, including goodwill, are non-cash. Furthermore, the company believes the costs, including legal fees, related to significant or unusual litigation matters are not indicative of our core business' operations. Finally, 3D Systems excludes contingent consideration recorded as compensation expense related to the 2021 Volumetric acquisition from non-GAAP measures as management evaluates financial performance excluding this expense, which is viewed by management as similar to acquisition consideration.

The matters discussed above are tax effected, as applicable, in calculating non-GAAP diluted income (loss) per share.

Adjusted EBITDA, defined as net income, plus income tax (provision) benefit, interest and other income (expense), net, stock-based compensation expense, amortization of intangible assets, depreciation expense, and other non-GAAP adjustments, all as described above, is used by management to evaluate performance and helps measure financial performance period-over-period.

Furthermore, in this press release, 3D Systems reports certain non-GAAP financial measures further adjusted to remove the operating activity related to (i) Geomagic, which the Company divested on April 1, 2025, for $119.4 million in cash, and (ii) 3DXpert and Oqton, which the Company divested on October 31, 2025, for $3.3 million in cash plus a revenue-based royalty of up to $12.9 million (together with Geomagic, the "Software Divestitures"), for periods non-comparable on a year over year basis. The Company believes excluding non-comparable periods allows it to include the operating activity related to Software Divestitures only to the extent that results are comparable year over year.

A reconciliation of GAAP to non-GAAP financial measures is provided in the accompanying schedules.

Certain columns may not add due to the use of rounded numbers. Percentages presented are calculated from the underlying numbers in thousands.

3D Systems does not provide forward-looking guidance for certain measures on a GAAP basis. The Company is unable to provide a quantitative reconciliation of forward-looking Adjusted EBITDA to the most directly comparable forward-looking GAAP measure without unreasonable effort because certain items, including litigation costs, acquisition expenses, stock-based compensation expense, intangible assets amortization expense, restructuring expenses, and goodwill impairment charges, are difficult to predict and estimate. These items are inherently uncertain and depend on various factors, many of which are beyond the Company’s control, and as such, any associated estimate and its impact on GAAP performance could vary materially.

Adjusted Revenue (Unaudited)

  Three Months Ended(in millions) March 31, 2026 March 31, 2025Revenue $95.5 $94.5 Software divestitures  —  (8.5)Adjusted revenue (Non-GAAP) $95.5 $86.0          Non-GAAP Gross Profit and Gross Profit Margin (Unaudited)

  Three Months Ended(in millions) March 31, 2026 March 31, 2025  Gross Profit Gross Profit Margin(1) Gross Profit Gross Profit Margin(1)Gross profit (GAAP) $34.3  35.9% $32.7  34.6%Amortization expense  0.2  0.2%  0.2  0.2%Restructuring expense  —  —%  0.2  0.2%Asset impairment charges  (0.1) (0.1)%  —  —%Gross profit (Non-GAAP) $34.4  36.1% $33.1  35.0%Software divestitures  —  —%  (7.2) (4.9)%Gross profit excluding software divestitures (Non-GAAP) $34.4  36.1% $25.9  30.1% (1) Calculated as non-GAAP gross profit as a percentage of total revenue.

Non-GAAP Operating Expense (Unaudited)

  Three Months Ended(in millions) March 31, 2026 March 31, 2025Operating expense (GAAP) $41.0  $69.5 Amortization expense  (0.7)  (0.8)Stock-based compensation expense  (2.3)  (4.2)Acquisition and divestiture-related expense  (0.2)  (0.9)Legal and other expense  (1.1)  (1.1)Restructuring expense  (0.2)  (0.8)Asset impairment charges  0.1   — Non-GAAP operating expense $36.6  $61.6 Software divestitures  —   (4.9)Non-GAAP operating expenses excluding software divestitures $—  $56.7           Net Loss Attributable to 3D Systems Corporation to Adjusted EBITDA (Unaudited)

  Three Months Ended(in millions) March 31, 2026 March 31, 2025Net loss attributable to 3D Systems Corporation (GAAP) $(4.4) $(37.0)Interest expense (income), net  1.6   (0.4)Provision for income taxes  1.5   0.7 Depreciation expense  4.2   4.7 Amortization expense  0.9   1.0 EBITDA (Non-GAAP)  3.7   (31.0)Stock-based compensation expense  2.3   4.2 Acquisition and divestiture-related expense  0.2   0.9 Legal and other expense  1.1   1.1 Restructuring expense  0.2   1.0 Net loss attributable to redeemable non-controlling interest  (0.2)  — Loss on equity method investment, net of tax  1.0   0.9 Gain on disposal of investment  (2.6)  — Other non-operating income  (3.8)  (1.0)Adjusted EBITDA (Non-GAAP) $2.1  $(23.9)Software divestitures  —   (2.2)Adjusted EBITDA (Non-GAAP) excluding software divestitures $2.1  $(26.1)          Diluted Loss per Share (Unaudited)

  Three Months Ended(in dollars) March 31, 2026 March 31, 2025Diluted loss per share (GAAP) $(0.03) $(0.28)Amortization expense  0.01   0.01 Stock-based compensation expense  0.02   0.03 Acquisition and divestiture-related expense  —   0.01 Legal and other expense  0.01   0.01 Restructuring expense  —   0.01 Gain on disposal of investment  (0.02)  — Loss on equity method investment and other  0.01   0.01 Non-GAAP diluted loss per share $(0.01) $(0.21)

3D Systems Corporation (DDD) Q1 2026 Earnings Call Transcript

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