Aligos Therapeutics Announces Q1 2024 Financial Results and Business Progress

Aligos Therapeutics, Inc., a clinical-stage biopharmaceutical company based in South San Francisco, California, reported significant progress and financial results for the first quarter of 2024. The company is dedicated to creating novel therapeutics for liver and viral diseases. Lawrence Blatt, Ph.D., MBA, Chairman, President & CEO, stated that the company has achieved key milestones, positioning Aligos for future success. The Phase 2a HERALD study of ALG-055009 has begun, and topline data is expected by the fourth quarter of 2024. Additionally, data from three clinical programs were presented at scientific conferences, indicating promising results.

Key advancements within Aligos' drug portfolio include:

1. ALG-055009: This small molecule THR-β agonist for metabolic dysfunction-associated steatohepatitis (MASH) showed positive Phase 1 data, demonstrating favorable effects on atherogenic lipids and sex hormone-binding globulin (SHBG) in hyperlipidemic subjects. The Phase 2a HERALD study began in the first quarter of 2024, with topline results anticipated later in the year.

2. ALG-000184: This capsid assembly modulator (CAM-E) for chronic hepatitis B (CHB) exhibited consistent, potent antiviral activity in interim data presented at the Asian Pacific Association for the Study of the Liver (APASL) conference. Patients received once-daily doses of ALG-000184, either alone or in combination with entecavir (ETV), for up to 64 weeks. The ongoing Phase 1a/1b study will continue dosing up to 96 weeks, with additional interim data to be presented at upcoming conferences, including the European Association for the Study of the Liver (EASL) and the American Association for the Study of Liver Diseases (AASLD).

3. ALG-097558: This pan-coronavirus protease inhibitor demonstrated good tolerance and a supportive pharmacokinetic profile in healthy volunteers, according to data presented at the European Society of Clinical Microbiology and Infectious Diseases (ESCMID) Annual Meeting. Financial support from the National Institutes of Health (NIH) is aiding in the Phase 2 enabling activities, including nonclinical and clinical studies.

Financially, Aligos reported that its cash, cash equivalents, and investments totaled $112.7 million as of March 31, 2024, down from $135.7 million at the end of 2023. In October 2023, the company raised $92.1 million through private placement financing. Despite the quarterly net loss of $34.9 million, higher than the $23.0 million loss for the same period in 2023, Aligos remains confident that its cash reserves will sustain operations through the end of 2025.

Research and development (R&D) expenses for the quarter were $16.4 million, a slight decrease from the $18.1 million spent in the same period the previous year. This reduction was mainly due to lower employee-related costs, partly offset by increased third-party expenses. Stock-based compensation for R&D was $1.4 million, compared to $2.2 million for the same period in 2023.

General and administrative (G&A) expenses were $6.7 million, down from $8.5 million in the first quarter of 2023, primarily due to reduced third-party costs, including legal expenses. G&A stock-based compensation also decreased to $1.2 million from $1.5 million in the prior year.

Interest and other income (expense), net, showed an expense of $12.8 million, a significant change from the $1.0 million income in the same period of 2023. This shift was primarily due to a non-cash charge related to the fair value increase in the Common Warrants liability after the October 2023 Securities Purchase Agreement.

In summary, Aligos Therapeutics continues to make strides in developing therapeutics for critical liver and viral diseases, with several promising candidates in various stages of clinical trials. Financially, the company is managing its resources to support ongoing and future operational needs.

How to obtain the latest research advancements in the field of biopharmaceuticals?

In the Synapse database, you can keep abreast of the latest research and development advances in drugs, targets, indications, organizations, etc., anywhere and anytime, on a daily or weekly basis. Click on the image below to embark on a brand new journey of drug discovery!