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 $2.8 million for the three months ended September 30, 2026, up from $0.7 million in 2025; for the nine months ended September 30, 2026, it was $5.7 million, up from $2.0 million in 2025.
• Revenue from licensing agreements was $0.04 million for the three months ended September 30, 2026, compared to $0 in 2025; for the nine months ended September 30, 2026, it was $27.8 million, compared to $0 in 2025.
• Research and development 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, up from $52.4 million in 2025.
• General and administrative 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, up from $15.8 million in 2025.
• Interest and other income, net, was $0.2 million for the three months ended September 30, 2026, down from $1.1 million in 2025; for the nine months ended September 30, 2026, it was $1.2 million, down from $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, it was income of $6.6 million, compared to $59.0 million in 2025.
• Total assets were $47.2 million as of September 30, 2026, down from $88.5 million as of December 31, 2025.
• Total liabilities were $35.9 million as of September 30, 2026, up from $35.0 million as of December 31, 2025.
• Total stockholders' equity was $11.3 million as of September 30, 2026, down from $53.5 million as of December 31, 2025.

Guidance and Future Outlook

• Management expects cash, cash equivalents, and investments to provide sufficient funding for planned operations into the first quarter of 2027.
• Topline data for the Phase 2 B-SUPREME study cohorts (HBeAg+ and HBeAg-) 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 and 114 participants in the HBeAg- cohort.
• 70 participants have completed 48 weeks of treatment in the B-SUPREME study.
• Partner Amoytop advanced the antisense oligonucleotide (ASO) ALG-170675 into Phase 1 clinical studies in China; Amoytop funds development costs in Greater China and retains rights in that region.
• 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 high unmet medical needs such as chronic hepatitis B virus (HBV) infection.
• Pevifoscorvir sodium is described as a potential first- or best-in-class small molecule CAM-E for chronic HBV infection.
• ALG-170675 is described as a potential best-in-class ASO for chronic HBV infection.

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 successfully establish, protect, and defend intellectual property.
• Risks include the sufficiency of capital resources to fund operations, reliance on third parties for manufacturing and development, and reliance on collaborators (such as Amoytop) to succeed in their development efforts and comply with contractual obligations.
• Risks include changes in the competitive landscape and the impact of global events and macroeconomic conditions.

Management Commentary and Tone

• CEO Lawrence Blatt stated the company remains enthusiastic about pevifoscorvir sodium's potential and the ASO ALG-170675.
• Management believes recent developments bring the company one step closer to the goal of bringing effective therapies to people living with chronic HBV infection.

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.