Aligos Therapeutics — Third Quarter 2026 Earnings Summary

Financial Performance:

• Cash, cash equivalents, and investments totaled $31.1 million as of September 30, 2026, down from $77.8 million as of December 31, 2025.
• Net loss for the three months ended September 30, 2026, was $21.9 million ($2.09 per share), compared to a net loss of $31.5 million ($3.04 per share) for the same period in 2025.
• Net loss for the nine months ended September 30, 2026, was $46.4 million ($4.45 per share), compared to a net loss of $4.3 million ($0.44 per share) for the same period in 2025.
• Revenue from customers was $2.83 million for the three months ended September 30, 2026, up from $0.74 million in the prior year period; for the nine months ended September 30, 2026, customer revenue was $5.66 million versus $2.02 million in 2025.
• Revenue from licensing agreements was $0.04 million for the three months ended September 30, 2026, compared to $0 in the prior year; for the nine months ended September 30, 2026, licensing revenue was $27.82 million versus $0 in 2025.
• Research and development (R&D) expenses were $18.9 million for the three months ended September 30, 2026, down from $23.9 million in 2025; for the nine months ended September 30, 2026, R&D expenses were $66.3 million versus $52.4 million in 2025.
• General and administrative (G&A) expenses were $5.9 million for the three months ended September 30, 2026, up from $5.2 million in 2025; for the nine months ended September 30, 2026, G&A expenses were $17.9 million versus $15.8 million in 2025.
• Interest and other income, net, was $0.2 million for the three months ended September 30, 2026, compared to $1.1 million in 2025; for the nine months ended September 30, 2026, this figure was $1.2 million versus $3.2 million in 2025.
• Change in fair value of 2023 common warrants resulted in income of $0.2 million for the three months ended September 30, 2026, compared to a loss of $4.2 million in 2025; for the nine months ended September 30, 2026, this was income of $6.6 million versus $59.0 million in 2025.
• Total assets were $47.2 million as of September 30, 2026, compared to $88.5 million as of December 31, 2025.
• Total liabilities were $35.9 million as of September 30, 2026, compared to $35.0 million as of December 31, 2025.
• Stockholders' equity was $11.3 million as of September 30, 2026, compared to $53.5 million as of December 31, 2025.

Guidance and Future Outlook:

• Cash and cash equivalents are expected to provide sufficient funding for planned operations into the first quarter of 2027.
• Topline data for the Phase 2 B-SUPREME study of pevifoscorvir sodium is expected in late Q3 2027.

Business Segments and Product Lines:

• The Phase 2 B-SUPREME study for pevifoscorvir sodium has completed enrollment, with 131 participants in the HBeAg+ cohort (Part 1a) and 114 participants in the HBeAg- cohort (Part 2a).
• 70 participants have completed 48 weeks of treatment in the pevifoscorvir sodium study.
• The ASO candidate ALG-170675 has advanced into Phase 1 clinical studies in China by partner Amoytop, which funds current development costs in the region.
• Under the agreement with Amoytop, Aligos retains rights to utilize data from the ALG-170675 China studies for regulatory filings and other purposes.

Market and Competitive Landscape:

• The company focuses on developing best-in-class therapies for liver and viral diseases, specifically targeting chronic hepatitis B virus (HBV) infection.
• Pevifoscorvir sodium is positioned as a potential first-/best-in-class small molecule CAM-E for chronic HBV.
• ALG-170675 is positioned as a potential best-in-class antisense oligonucleotide (ASO) for chronic HBV.

Risks and Challenges:

• Risks include inherent uncertainties in the drug development process, clinical trial design and conduct, regulatory approval processes, and manufacturing challenges.
• Risks include the ability to protect intellectual property, sufficiency of capital resources to fund operations, and reliance on third parties for manufacturing and development.
• Specific risks include reliance on collaborator Amoytop to succeed in development efforts in Greater China and comply with contractual obligations.
• Macroeconomic conditions and changes in the competitive landscape are identified as potential risks to business performance.

Management Commentary and Tone:

• CEO Lawrence Blatt stated the company remains enthusiastic about the potential of pevifoscorvir sodium and ALG-170675.
• Management expressed confidence that recent developments bring the company "one step closer" to its goal of bringing effective therapies to people living with chronic HBV infection.
• The tone indicates the company is on track with its clinical study timelines and strategic partnerships.

Other Key Points:

• The decrease in R&D expenses for the three months ended September 30, 2026, was primarily due to a decrease in third-party expenses for the pevifoscorvir sodium Phase 2 clinical trial.
• The increase in G&A expenses for the three months ended September 30, 2026, was primarily due to an increase in legal and other related expenses.
• Stock-based compensation expense for R&D was $0.6 million for the three months ended September 30, 2026, down from $0.8 million in 2025.
• Stock-based compensation expense for G&A was $0.6 million for the three months ended September 30, 2026, down from $0.7 million in 2025.
• The company is a clinical stage biotechnology company founded to improve patient outcomes through therapies for high unmet medical needs.