Aligos Therapeutics, Inc.

What they do

Aligos is a clinical-stage biotechnology company focused on liver diseases and viral infections, primarily chronic hepatitis B (HBV), MASH, obesity, and coronaviruses. Its lead candidate, pevifoscorvir sodium, is a CAM-E for HBV currently in the global Phase 2 B-Supreme study. The company also develops ALG-055009 (THR-beta agonist for MASH/obesity), ALG-097558 (coronavirus protease inhibitor), and ALG-170675 (ASO for HBV, partnered with Amoytop).

Revenue drivers

• Exclusive license to Amoytop for pevifoscorvir sodium in Greater China — Received $25M upfront in July 2026 and eligible for up to $420M in milestones plus tiered high-single-digit royalties.
• Milestone from Amoytop for ALG-170675 IND approval in China — Triggered a $3M payment expected in Q3 2026.
• Collaboration and other contract revenue (historic) — Annual revenue from collaborations was $6.2M (2023), $3.6M (2024), and $2.2M (2025); quarterly revenue was zero in Q2 2026.

Recent performance

For Q2 2026, Aligos reported zero revenue, down from $2.8M in Q1 2026 and $741K in Q3 2025. Cash and investments were $30.4M at June 30, 2026, down from $77.8M at December 31, 2025, and this excludes the $25M Amoytop upfront received in July 2026. The company reported net losses of $-24.2M for 2025 and $-131.2M for 2024, with operating cash flow of $-82.5M in 2025. As of June 30, 2026, total assets were $66.3M and shareholder equity was $31.9M.

Strategy

Management is prioritizing advancing pevifoscorvir sodium through Phase 2, with B-SUPREME enrollment completed (131 HBeAg+ and 114 HBeAg- participants) and topline data expected late Q3 2027. The company is leveraging partnerships, such as the Amoytop deal for Greater China, to bring in non-dilutive capital and share development costs. They also plan to progress ALG-170675 into the clinic in China via Amoytop, with potential Phase 2 studies in 2028 that may include combinations. For ALG-055009, they are evaluating out-licensing options and continue to explore combination potential with incretin receptor agonists.

Risks

• Clinical trial failure — Pevifoscorvir sodium's Phase 2 data may not meet endpoints or show sufficient differentiation versus NAs or other CAMs.
• Cash runway — With $30.4M at June 30, 2026 (excluding the $25M July receipt) and negative operating cash flow near $80M annually, funding may be insufficient without additional milestones or financing.
• Partner dependency — Amoytop controls development in Greater China; delays in their clinical execution or milestone failures could reduce expected revenues.
• Regulatory and competitive — Competitor programs for HBV, MASH, and COVID may reach market first or show superior efficacy, and regulatory pathways for functional cure endpoints remain uncertain.

Outlook

Management expects topline data from the Phase 2 B-SUPREME study in late Q3 2027 for both HBeAg+ and HBeAg- cohorts. They anticipate receiving the $3M milestone from Amoytop in Q3 2026 and plan to fund operations through existing cash, partnership payments, and potential out-licensing. The company expects to advance ALG-170675 into Phase 1 in China in Q3 2026, with a potential Phase 2 study in 2028.