Core Insights - Aligos Therapeutics, Inc. has appointed Ramón Polo as Senior Vice President, Head of Global Regulatory Affairs, effective immediately, to enhance its leadership team during the development of ALG-000184 [1][2] - Dr. Polo brings extensive regulatory expertise from his previous roles at Shionogi Inc. and Johnson & Johnson, where he managed global regulatory strategies and played a key role in the COVID-19 vaccine rollout [2][3] Company Overview - Aligos Therapeutics is a clinical stage biotechnology company focused on developing therapies for liver and viral diseases, with a mission to improve patient outcomes [3] - The company is advancing a pipeline targeting high unmet medical needs, including chronic hepatitis B virus (HBV) infection and metabolic dysfunction-associated steatohepatitis (MASH) [3]

Core Insights - Aligos Therapeutics, Inc. has appointed Ramón Polo as Senior Vice President, Head of Global Regulatory Affairs, effective immediately, to enhance its leadership team during the development of ALG-000184 [1][2] - Dr. Polo brings extensive regulatory expertise from his previous roles at Shionogi Inc. and Johnson & Johnson, where he managed global regulatory strategies and played a key role in the COVID-19 vaccine rollout [2][3] - Aligos is focused on developing therapies for liver and viral diseases, with a pipeline targeting unmet medical needs such as chronic hepatitis B virus infection and metabolic dysfunction-associated steatohepatitis [3] Company Overview - Aligos Therapeutics, Inc. is a clinical stage biotechnology company dedicated to improving patient outcomes through innovative therapies for liver and viral diseases [3] - The company employs a science-driven approach and has a robust R&D pipeline aimed at addressing significant medical needs [3]

Group 1 - Aligos Therapeutics, Inc. (ALGS) closed at $8.77, with a 1.5% gain over the past four weeks, and a mean price target of $95 suggests a potential upside of 983.2% [1] - The mean estimate includes three short-term price targets with a standard deviation of $69.46, indicating variability; the lowest estimate of $50.00 suggests a 470.1% increase, while the highest target of $175.00 indicates a potential surge of 1895.4% [2] - Analysts agree that ALGS is expected to report better earnings than previously estimated, which strengthens the view of potential upside [4][11] Group 2 - The Zacks Consensus Estimate for ALGS has increased by 14.9% due to one upward revision in earnings estimates over the last 30 days, with no negative revisions [12] - ALGS holds a Zacks Rank 2 (Buy), placing it in the top 20% of over 4,000 ranked stocks based on earnings estimate factors, indicating strong potential for near-term upside [13] - While the consensus price target may not be a reliable indicator of the extent of gains, it does provide a directional guide for price movement [14]

Core Insights - Aligos Therapeutics has initiated dosing in the Phase 2 B-SUPREME study for its investigational compound ALG-000184 targeting chronic hepatitis B virus (HBV) infection [1][2][3] - The study aims to evaluate the safety and efficacy of ALG-000184 compared to tenofovir disoproxil fumarate in approximately 200 untreated adult subjects over 48 weeks [2][3] - Chronic HBV infection affects 254 million patients globally, with approximately 1.08 million deaths attributed to complications in 2022 [4] Company Overview - Aligos Therapeutics is a clinical-stage biopharmaceutical company focused on developing therapies for liver and viral diseases [5][6] - The company aims to improve patient outcomes through best-in-class therapies, leveraging its R&D expertise [5][6] Product Details - ALG-000184 is a small molecule capsid assembly modulator (CAM-E) showing promising antiviral activity and good tolerability in Phase 1 studies [3] - The Phase 1 studies demonstrated sustained reductions in HBV DNA, RNA, HBsAg, HBeAg, and HBcrAg [3] - The regulatory path for ALG-000184 has been acknowledged by the FDA, EMA, and NMPA for further studies [3] Clinical Study Information - The Phase 2 B-SUPREME study is a randomized, double-blind, active-controlled multicenter trial [2][3] - Primary endpoints include achieving HBV DNA levels below the lower limit of quantification (LLOQ) [2] - Interim data is expected in 2026, with topline data anticipated in 2027 [2][3] Industry Context - Chronic HBV infection is a significant global health issue, with increasing mortality rates associated with liver cancer [4] - The need for improved therapies is underscored by the limitations of current treatment options [2][4]

Company Performance - Aligos Therapeutics reported a quarterly loss of $1.53 per share, which was better than the Zacks Consensus Estimate of a loss of $2.35, representing an earnings surprise of +34.89% [1] - The company posted revenues of $0.97 million for the quarter ended June 2025, missing the Zacks Consensus Estimate by 3.5%, and down from $1.06 million a year ago [2] - Over the last four quarters, Aligos has surpassed consensus EPS estimates two times and topped revenue estimates only once [2] Stock Movement and Outlook - Aligos Therapeutics shares have declined approximately 80.2% since the beginning of the year, contrasting with the S&P 500's gain of 7.1% [3] - The company's earnings outlook is crucial for investors, as it includes current consensus earnings expectations for upcoming quarters and any recent changes to these expectations [4] - The current consensus EPS estimate for the next quarter is -$2.48 on $1 million in revenues, and for the current fiscal year, it is -$9.71 on $2.16 million in revenues [7] Industry Context - The Medical - Biomedical and Genetics industry, to which Aligos belongs, is currently ranked in the bottom 42% of over 250 Zacks industries, indicating potential challenges for stock performance [8] - Empirical research suggests a strong correlation between near-term stock movements and trends in earnings estimate revisions, which can impact Aligos's stock performance [5][6]

PART I. FINANCIAL INFORMATION This section presents unaudited consolidated financial statements, detailing financial position, operations, equity, and cash flows [Item 1. Financial Statements (Unaudited)](index=9&type=section&id=Item%201.%20Financial%20Statements%20(Unaudited)) This section presents the unaudited consolidated financial statements, including balance sheets, income, equity, and cash flows, with accompanying notes [Condensed Consolidated Balance Sheets](index=9&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) Total assets increased to **$134.7 million**, liabilities decreased, and stockholders' equity turned positive, driven by investments and warrant liability changes | Metric (in thousands) | June 30, 2025 | December 31, 2024 | | :-------------------- | :------------ | :---------------- | | Cash and cash equivalents | $18,661 | $36,997 | | Short-term investments | $104,284 | $19,942 | | Total current assets | $127,944 | $62,141 | | Total assets | $134,706 | $70,094 | | 2023 common warrants liability | $9,191 | $72,367 | | Total liabilities | $32,840 | $99,067 | | Total stockholders' equity (deficit) | $101,866 | $(28,973) | [Condensed Consolidated Statements of Operations and Comprehensive (Loss) Income](index=10&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations%20and%20Comprehensive%20(Loss)%20Income) Net income for the six months ended June 30, 2025, was **$27.2 million**, a significant improvement from a prior year loss, driven by a gain from warrant fair value changes | Metric (in thousands) | 3 Months Ended June 30, 2025 | 3 Months Ended June 30, 2024 | 6 Months Ended June 30, 2025 | 6 Months Ended June 30, 2024 | | :-------------------- | :--------------------------- | :--------------------------- | :--------------------------- | :--------------------------- | | Revenue from collaborations | $— | $— | $— | $292 | | Revenue from customers | $965 | $1,061 | $1,276 | $1,755 | | Research and development | $13,976 | $21,099 | $28,478 | $37,464 | | General and administrative | $5,556 | $6,376 | $10,608 | $13,043 | | Total operating expenses | $19,532 | $27,475 | $39,086 | $50,507 | | Loss from operations | $(18,567) | $(26,414) | $(37,810) | $(48,460) | | Change in fair value of 2023 common warrants | $1,682 | $30,437 | $63,176 | $16,106 | | Net (Loss) income | $(15,863) | $5,061 | $27,225 | $(29,802) | | Net (loss) income per share, basic | $(1.53) | $0.81 | $2.90 | $(4.77) | [Condensed Consolidated Statements of Changes in Stockholders' Equity (Deficit)](index=11&type=section&id=Condensed%20Consolidated%20Statements%20of%20Changes%20in%20Stockholders'%20Equity%20(Deficit)) Total stockholders' equity increased significantly to **$101.866 million** by June 30, 2025, driven by a **$105.004 million** PIPE offering and net income | Metric (in thousands) | Balance as of Dec 31, 2024 | Balance as of June 30, 2025 | | :-------------------- | :------------------------- | :-------------------------- | | Total Stockholders' Equity (Deficit) | $(28,973) | $101,866 | | Issuance of common stock, pre-funded warrants and common warrants in connection with 2025 PIPE offering | - | $105,004 | | Net income (Q1 2025) | - | $43,088 | | Net loss (Q2 2025) | - | $(15,863) | [Condensed Consolidated Statements of Cash Flows](index=13&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Net cash provided by financing activities was **$101.6 million** for the six months ended June 30, 2025, significantly offsetting cash used in operations and investing | Metric (in thousands) | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :-------------------- | :----------------------------- | :----------------------------- | | Net cash and cash equivalents used in operating activities | $(36,413) | $(42,239) | | Net cash and cash equivalents used in investing activities | $(83,488) | $(48,649) | | Net cash and cash equivalents provided by financing activities | $101,565 | $262 | | Net decrease in cash, cash equivalents, and restricted cash | $(18,336) | $(90,626) | | Cash, cash equivalents, and restricted cash, end of period | $18,771 | $45,148 | [Notes to Unaudited Condensed Consolidated Financial Statements](index=14&type=section&id=Notes%20to%20Unaudited%20Condensed%20Consolidated%20Financial%20Statements) This section provides detailed notes to the unaudited condensed consolidated financial statements, covering organization, accounting policies, and various financial components [1. Organization and basis of presentation](index=14&type=section&id=1.%20Organization%20and%20basis%20of%20presentation) Aligos Therapeutics is a clinical-stage biotechnology company focused on liver and viral diseases, with sufficient cash to fund operations for at least 12 months - Aligos is a clinical-stage biotechnology company developing novel therapeutics for chronic hepatitis B virus (HBV) infection, metabolic dysfunction associated steatohepatitis (MASH), and coronaviruses[32](index=32&type=chunk) - The company has incurred substantial losses and negative cash flows since inception, with an accumulated deficit of **$590.8 million** as of June 30, 2025[37](index=37&type=chunk) - As of June 30, 2025, the company had **$122.9 million** in cash, cash equivalents, and investments, which is expected to fund operations for at least 12 months[38](index=38&type=chunk)[39](index=39&type=chunk) [2. Summary of significant accounting policies](index=16&type=section&id=2.%20Summary%20of%20significant%20accounting%20policies) The financial statements adhere to U.S. GAAP for interim reporting, with no material changes to accounting policies from the 2024 Form 10-K - The company's unaudited condensed consolidated financial statements are prepared in accordance with U.S. GAAP and SEC interim reporting requirements[34](index=34&type=chunk) - No material changes were made to the company's significant accounting policies from its 2024 Form 10-K[44](index=44&type=chunk) - The company has elected the extended transition period for complying with new or revised financial accounting standards as an 'emerging growth company'[45](index=45&type=chunk) [3. Balance sheet components](index=17&type=section&id=3.%20Balance%20sheet%20components) Property and equipment, net, and total accrued liabilities decreased from December 31, 2024, to June 30, 2025 | Metric (in thousands) | June 30, 2025 | December 31, 2024 | | :-------------------- | :------------ | :---------------- | | Property and equipment, net | $2,063 | $2,362 | | Accrued R&D expenses | $3,824 | $5,029 | | Accrued compensation | $4,421 | $6,387 | | Total Accrued liabilities | $12,209 | $15,557 | [4. Investments](index=17&type=section&id=4.%20Investments) Short-term investments significantly increased to **$104.284 million** by June 30, 2025, leading to increased interest income | Metric (in thousands) | June 30, 2025 | December 31, 2024 | | :-------------------- | :------------ | :---------------- | | Short-term investments (Fair Value) | $104,284 | $19,942 | | Metric (in thousands) | 3 Months Ended June 30, 2025 | 3 Months Ended June 30, 2024 | 6 Months Ended June 30, 2025 | 6 Months Ended June 30, 2024 | | :-------------------- | :--------------------------- | :--------------------------- | :--------------------------- | :--------------------------- | | Interest income | $400 | $300 | $1,200 | $900 | [5. Fair value measurement](index=18&type=section&id=5.%20Fair%20value%20measurement) The 2023 common warrants liability, a Level 3 financial instrument, significantly decreased to **$9.191 million** by June 30, 2025 | Metric (in thousands) | June 30, 2025 | December 31, 2024 | | :-------------------- | :------------ | :---------------- | | Available for sale securities (Level 2) | $104,284 | $19,942 | | 2023 common warrants liability (Level 3) | $(9,

[Company Overview](index=1&type=section&id=Company%20Overview) Aligos Therapeutics is a clinical-stage biotechnology company focused on developing best-in-class therapies for liver and viral diseases, including chronic HBV, MASH, and coronaviruses [Introduction](index=1&type=section&id=Introduction) Aligos Therapeutics, a clinical-stage biotechnology company focused on liver and viral diseases, reported its recent business progress and financial results for the second quarter of 2025 - Aligos Therapeutics, Inc. (Nasdaq: ALGS) is a clinical stage biotechnology company[1](index=1&type=chunk) - The company focuses on improving patient outcomes through best-in-class therapies for liver and viral diseases[1](index=1&type=chunk) - This report covers recent business progress and financial results for the second quarter 2025[1](index=1&type=chunk) [About Aligos](index=3&type=section&id=About%20Aligos) Aligos Therapeutics is a clinical-stage biotechnology company dedicated to developing best-in-class therapies for high unmet medical needs in liver and viral diseases, including chronic HBV, MASH, and coronaviruses, leveraging its science-driven approach and R&D expertise - Aligos Therapeutics, Inc. (NASDAQ: ALGS) is a clinical stage biotechnology company[13](index=13&type=chunk) - Its mission is to improve patient outcomes by developing best-in-class therapies for the treatment of liver and viral diseases[13](index=13&type=chunk) - The company's pipeline targets chronic hepatitis B virus (HBV) infection, metabolic dysfunction-associated steatohepatitis (MASH), and coronaviruses[13](index=13&type=chunk) [Recent Business Progress](index=1&type=section&id=Recent%20Business%20Progress) Aligos Therapeutics advanced its key pipeline candidates, including the initiation of the Phase 2 B-SUPREME study for ALG-000184 and positive Phase 2a results for ALG-055009, while exploring external funding for ALG-097558 [CEO Statement](index=1&type=section&id=CEO%20Statement) CEO Lawrence Blatt announced the initiation of the Phase 2 B-SUPREME study for ALG-000184, with regulatory approvals and site activations underway, and dosing expected soon. He highlighted ALG-000184's potential to replace standard HBV care and noted ongoing partnership discussions for ALG-055009 - Initiation of the Phase 2 B-SUPREME study of ALG-000184 is well underway with regulatory approvals across multiple countries (US, China, Canada, Taiwan, UK, New Zealand, Moldova)[2](index=2&type=chunk) - Dosing for ALG-000184 is expected to commence in the coming weeks[2](index=2&type=chunk) - Phase 1 data suggests ALG-000184 has the potential to replace standard of care treatment for chronic suppression of HBV infection and may become the backbone of treatments aimed at a functional cure[2](index=2&type=chunk) - ALG-055009 remains in discussions with potential partners[2](index=2&type=chunk) [Pipeline Updates](index=1&type=section&id=Pipeline%20Updates) Aligos provided updates on its key pipeline candidates: ALG-000184 (HBV) is advancing to Phase 2 with promising Phase 1 96-week data, ALG-055009 (MASH) met its primary endpoint in Phase 2a with significant liver fat and lipid reductions, and ALG-097558 (Coronaviruses) is in early-stage studies with future development expected to be externally funded [ALG-000184 (Chronic HBV Infection)](index=1&type=section&id=ALG-000184_HBV) The Phase 2 B-SUPREME study for ALG-000184, a potential first-/best-in-class small molecule CAM-E for chronic HBV, has initiated regulatory approvals, site activations, and subject screening, with dosing expected soon. The study will evaluate safety and efficacy against tenofovir disoproxil fumarate over 48 weeks. Interim data is expected in 2026, and topline data in 2027. Phase 1 96-week data showed ALG-000184 was well tolerated, had a favorable PK profile, and demonstrated potentially best-in-class antiviral activity, achieving 100% HBV DNA reduction to <LLOQ in HBeAg-negative subjects by Week 96 - **ALG-000184** is a potential first-/best-in-class small molecule CAM-E for chronic hepatitis B virus (HBV) infection[3](index=3&type=chunk) - The Phase 2 B-SUPREME study (NCT04746183) recently began obtaining regulatory approvals, activating global sites, and screening subjects, with dosing expected to commence in the coming weeks[3](index=3&type=chunk) - The Phase 2 study is designed as a randomized, double-blind, active-controlled multicenter study evaluating ALG-000184 monotherapy compared with tenofovir disoproxil fumarate in approximately 200 untreated HBeAg and HBeAg-negative adult subjects for 48 weeks[3](index=3&type=chunk) - The company expects to announce interim data in 2026 and topline data in 2027 for the Phase 2 study[3](index=3&type=chunk) - 96-week dosing recently completed in the Phase 1 study, with data readouts planned for scientific conferences this year[3](index=3&type=chunk) ALG-000184 Phase 1 Study Results (96 Weeks) | Metric | HBeAg-negative Subjects (300 mg daily) | HBeAg-positive Subjects (300 mg daily) | | :-------------------------------- | :------------------------------------- | :------------------------------------ | | HBV DNA < LLOQ (Week 48) | **60%** (6 of 10 subjects) | N/A | | HBV DNA < LLOQ (Week 96) | **100%** (9 of 9 subjects) | **100%** (8 of 8 subjects) | | HBV DNA < LLOQ (TND) (Week 96) | 5 of 9 subjects | **100%** (8 of 8 subjects) | | Tolerability | Well tolerated, no viral breakthrough, no known CAM resistant mutations | Well tolerated, no viral breakthrough, no known CAM resistant mutations | [ALG-055009 (MASH)](index=2&type=section&id=ALG-055009_MASH) ALG-055009, a potential best-in-class small molecule THR-β agonist for MASH, successfully met its primary endpoint in the Phase 2a HERALD study, demonstrating statistically significant and dose-dependent reductions in liver fat at week 12. The study also showed significant improvements in atherogenic lipids and a favorable tolerability profile. Aligos is exploring out-licensing options for its continued development - **ALG-055009** is a potential best-in-class small molecule THR-β agonist for metabolic dysfunction-associated steatohepatitis (MASH)[5](index=5&type=chunk) - The Phase 2a HERALD data presented at EASL 2025 demonstrated that ALG-055009 dose groups met the primary endpoint with **statistically significant reductions in liver fat** at week 12 as measured by MRI-PDFF[10](index=10&type=chunk) - Substantial, dose-dependent reductions in liver fat were observed across all key subgroups with 12 weeks of once daily ALG-055009 treatment[10](index=10&type=chunk) - Statistically significant improvements in atherogenic lipids (LDL-C, lipoprotein (a), apolipoprotein B) were achieved, even in the context of stable GLP-1 agonist or statin use[10](index=10&type=chunk) - ALG-055009 demonstrated a favorable tolerability profile with no evidence of clinical hyper/hypothyroidism and similar rates of GI-related adverse events compared to placebo[10](index=10&type=chunk) - The company is continuing to evaluate a variety of options to fund continued development, including potential out-licensing[10](index=10&type=chunk) [ALG-097558 (Pan-Coronavirus Protease Inhibitor)](index=2&type=section&id=ALG-097558_Coronaviruses) ALG-097558, a potential best-in-class ritonavir-free small molecule pan-coronavirus protease inhibitor, is currently being assessed in the AGILE platform study for high-risk COVID-19 subjects, which began in 2024. A NIAID-sponsored drug-drug interaction and relative bioavailability study in healthy volunteers commenced dosing in Q2 2025, with future development expected to be funded by external sources - **ALG-097558** is a potential best-in-class ritonavir-free small molecule pan-coronavirus protease inhibitor[6](index=6&type=chunk) - The AGILE platform study (NCT04746183) assessing ALG-097558 monotherapy or in combination with remdesivir in high-risk subjects with COVID-19 began in 2024[10](index=10&type=chunk) - A NIAID-sponsored drug-drug interaction and relative bioavailability study of ALG-097558 in healthy volunteers began dosing in the second quarter of 2025[10](index=10&type=chunk) - The company expects any future development of ALG-097558 to be funded by external sources[10](index=10&type=chunk) [Financial Results for the Second Quarter 2025](index=2&type=section&id=Financial%20Results%20for%20the%20Second%20Quarter%202025) Aligos Therapeutics reported a net loss of **$15.9 million** for Q2 2025, a significant decline from Q2 2024, primarily due to a decrease in common warrant fair value, despite reduced R&D and G&A expenses, with cash reserves extending into H2 2026 [Key Financial Highlights](index=2&type=section&id=Key%20Financial%20Highlights) Aligos reported a net loss of $15.9 million for Q2 2025, a significant change from a net income of $5.1 million in Q2 2024, primarily due to a substantial decrease in income from the change in fair value of common warrants. R&D expenses decreased by $7.1 million YoY due to the completion of the MASH trial, while G&A expenses also saw a reduction. The company's cash, cash equivalents, and investments increased to $122.9 million, providing funding into the second half of 2026 Cash, Cash Equivalents and Investments (in millions) | Metric | June 30, 2025 | December 31, 2024 | Change | | :-------------------------------- | :-------------- | :---------------- | :----- | | Cash, cash equivalents and investments | **$122.9** | $56.9 | **+$66.0** | - Cash, cash equivalents and investments are expected to provide sufficient funding of planned operations into the second half of 2026[7](index=7&type=chunk) Net (Loss) Income and EPS (Q2 YoY, in millions) | Metric | Q2 2025 | Q2 2024 | Change (YoY) | | :-------------------------------- | :------------ | :------------ | :----------- | | Net (Loss) Income | **$(15.9)** | $5.1 | **$(21.0)** | | Basic & Diluted Net (Loss) Income per Share | **$(1.53)** | $0.81 | **$(2.34)** | Research and Development (R&D) Expenses (Q2 YoY, in millions) | Metric | Q2 2025 | Q2 2024 | Change (YoY) | | :-------------------------------- | :------------ | :------------ | :----------- | | R&D Expenses | **$14.0** | $21.1 | **$(7.1)** | - The decrease in R&D expenses was primarily due to reduced third-party expenses from the completion of the MASH Phase 2a clinical trial, partially offset by increased spend in the chronic HBV infection program[9](index=9&type=chunk) General and Administrative (G&A) Expenses (Q2 YoY, in millions) | Metric | Q2 2025 | Q2 2024 | Change (YoY) | | :-------------------------------- | :------------ | :------------ | :----------- | | G&A Expenses | **$5.6** | $6.4 | **$(0.8)** | - The decrease in G&A expenses was primarily due to a decrease in third-party expenses, including legal expenses[11](index=11&type=chunk) Change in Fair Value of 2023 Common Warrants (Q2 YoY, in millions) | Metric | Q2 2025 | Q2 2024 | Change (YoY) | | :-------------------------------- | :------------ | :------------ | :----------- | | Income from Warrants | **$1.7** | $30.4 | **$(28.7)** | [Condensed Consolidated Statements of Operations](index=4&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) The consolidated statement of operations shows a net loss of $15.863 million for Q2 2025, a significant decline from a net income of $5.061 million in Q2 2024, primarily driven by a substantial decrease in the change in fair value of common warrants. For the six months ended June 30, 2025, the company reported a net income of $27.225 million, reversing a net loss of $29.802 million in the prior year period, largely due to a significant increase in the fair value of warrants Condensed Consolidated Statements of Operations (Unaudited, in thousands) | Metric | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :-------------------------------- | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Revenue from collaborations | $ - | $ - | $ - | $ 292 | | Revenue from customers | $ 965 | $ 1,061 | $ 1,276 | $ 1,755 | | Research and development | **$ 13,976** | $ 21,099 | $ 28,478 | $ 37,464 | | General and administrative | **$ 5,556** | $ 6,376 | $ 10,608 | $ 13,043 | | Total operating expenses | **$ 19,532** | $ 27,475 | $ 39,086 | $ 50,507 | | Loss from operations | **$ (18,567)** | $ (26,414) | $ (37,810) | $ (48,460) | | Interest and other income, net | $ 1,207 | $ 1,227 | $ 2,087 | $ 2,765 | | Change in fair value of 2023 common warrants | **$ 1,682** | $ 30,437 | **$ 63,176** | $ 16,106 | | Net (Loss) income | **$ (15,863)** | $ 5,061 | **$ 27,225** | $ (29,802) | | Net (loss) income per share, basic | **$ (1.53)** | $ 0.81 | **$ 2.90** | $ (4.77) | | Net (loss) income per share, diluted | **$ (1.53)** | $ 0.81 | **$ 2.90** | **$ (4.77)** | [Condensed Consolidated Balance Sheets](index=4&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) As of June 30, 2025, Aligos' total assets increased significantly to $134.706 million from $70.094 million at December 31, 2024, primarily driven by a substantial increase in short-term investments. Total liabilities decreased, leading to a positive total stockholders' equity of $101.866 million, a reversal from a deficit of $(28.973) million at the end of 2024 Condensed Consolidated Balance Sheets (in thousands) | Metric | June 30, 2025 (Unaudited) | December 31, 2024 (Audited) | Change | | :-------------------------------- | :-------------------------- | :-------------------------- | :----- | | Cash and cash equivalents | **$ 18,661** | $ 36,997 | **$(18,336)** | | Short-term investments | **$ 104,284** | $ 19,942 | **+$84,342** | | Total current assets | **$ 127,944** | $ 62,141 | **+$65,803** | | Total assets | **$ 134,706** | $ 70,094 | **+$64,612** | | Total liabilities | **$ 32,840** | $ 99,067 | **$(66,227)** | | Total stockholders' equity (deficit) | **$ 101,866** | $ (28,973) | **+$130,839** | [Additional Information](index=3&type=section&id=Additional%20Information) This section provides important disclaimers regarding forward-looking statements, highlighting inherent risks in drug development and the company's policy on updating such information, alongside investor contact details [Forward-Looking Statement](index=3&type=section&id=Forward-Looking%20Statement) This section contains standard forward-looking statements regarding future events, including clinical trial enrollment, potential drug impacts, data releases, funding expectations, and the sufficiency of capital resources. It highlights substantial risks and uncertainties inherent in drug development, regulatory processes, manufacturing, intellectual property, and macroeconomic conditions, with a disclaimer that Aligos undertakes no obligation to update these statements - The press release contains forward-looking statements regarding expected enrollment for ALG-000184, its potential impact, planned data releases, potential benefits and out-licensing of ALG-055009, funding expectations for ALG-097558, and the sufficiency of capital resources into the second half of 2026[15](index=15&type=chunk) - Such statements are subject to substantial risks and uncertainties inherent in the drug development process, including clinical-stage development, clinical trial design, regulatory approval, manufacturing, intellectual property, capital resources, reliance on third parties, competitive landscape, and global events[15](index=15&type=chunk) - Aligos undertakes no obligation to update any forward-looking statements to reflect new information, events or circumstances, or to reflect the occurrence of unanticipated events, except as required by law[15](index=15&type=chunk) [Investor Contact](index=3&type=section&id=Investor%20Contact) This section provides contact information for investor relations inquiries - Investor Contact: Jordyn Tarazi, Vice President, Investor Relations & Corporate Communications[16](index=16&type=chunk) - Contact Details: +1 (650) 910-0427, jtarazi@aligos.com[16](index=16&type=chunk)

Core Viewpoint - Aligos Therapeutics, Inc. is advancing its clinical pipeline, particularly focusing on the Phase 2 B-SUPREME study of ALG-000184 for chronic HBV infection, while also reporting significant financial results for Q2 2025 [1][2][7]. Recent Business Progress - The Phase 2 B-SUPREME study of ALG-000184 has received regulatory approvals in multiple countries, including the US, China, and the UK, with site activations and subject screenings currently in progress [2][3]. - The study aims to evaluate the safety and efficacy of ALG-000184 compared to tenofovir disoproxil fumarate in approximately 200 untreated adult subjects with chronic HBV infection over 48 weeks [3]. - Phase 1 data presented at the EASL meeting indicates that ALG-000184 has the potential to replace standard care for chronic HBV suppression, with promising results showing 100% of subjects achieving HBV DNA < LLOQ after 96 weeks of treatment [2][3]. Pipeline Updates - ALG-055009 is being evaluated for metabolic dysfunction-associated steatohepatitis (MASH) and has shown statistically significant reductions in liver fat and improvements in atherogenic lipids after 12 weeks of treatment [5][12]. - ALG-097558, a pan-coronavirus protease inhibitor, is in a study assessing its efficacy in high-risk COVID-19 subjects, with funding expected from external sources [6][12]. Financial Results for Q2 2025 - Cash, cash equivalents, and investments totaled $122.9 million as of June 30, 2025, a significant increase from $56.9 million at the end of 2024, providing sufficient funding for operations into the second half of 2026 [7]. - The net loss for Q2 2025 was $15.9 million, or $(1.53) per share, compared to a net income of $5.1 million, or $0.81 per share, in Q2 2024 [8][18]. - Research and development expenses decreased to $14.0 million from $21.1 million in the same period of 2024, primarily due to reduced clinical study costs [9][18].

Core Viewpoint - Aligos Therapeutics, Inc. is set to report its second quarter 2025 financial results on August 6, 2025, after the U.S. financial markets close [1] Company Overview - Aligos Therapeutics, Inc. is a clinical stage biopharmaceutical company focused on developing best-in-class therapies for liver and viral diseases [2] - The company aims to improve patient outcomes through a science-driven approach and deep R&D expertise [2] - Aligos has a purpose-built pipeline targeting high unmet medical needs, including chronic hepatitis B virus (HBV) infection, metabolic dysfunction-associated steatohepatitis (MASH), and coronaviruses [2]

Company Overview - Aligos Therapeutics, Inc. is a clinical stage biopharmaceutical company focused on developing therapies for liver and viral diseases [3] - The company aims to improve patient outcomes through its science-driven approach and deep R&D expertise [3] Leadership Appointment - Kieron Wesson, PhD, has been appointed as Vice President, Head of Chemistry Manufacturing Controls (CMC) at Aligos, effective immediately [1] - Dr. Wesson brings over 20 years of experience in pharmaceutical development, having previously held leadership roles at Kezar Life Sciences and AN2 Therapeutics [2] - His expertise will provide leadership and oversight on all CMC-related matters as Aligos prepares to begin its Phase 2 study of ALG-000184 in mid-2025 [2] Pipeline and Research Focus - Aligos is advancing a purpose-built pipeline targeting high unmet medical needs, including chronic hepatitis B virus infection and metabolic dysfunction-associated steatohepatitis (MASH) [3] - The company is set to initiate a Phase 2 clinical study for its therapeutic candidate ALG-000184 in mid-2025 [2]