Aligos Therapeutics Announces Q2 2024 Financial Results and Business Updates

Aligos Therapeutics, Inc. (Nasdaq: ALGS), a clinical-stage biopharmaceutical company based in South San Francisco, announced significant business updates and financial results for Q2 2024. The company, specializing in innovative treatments for liver and viral diseases, highlighted progress in its key clinical programs.

Dr. Lawrence Blatt, CEO and Chairman, emphasized the company's achievements, particularly the completion of patient enrollment ahead of schedule for the Phase 2a HERALD study of ALG-055009, a THR-β agonist aimed at treating NASH. Topline data from this study is anticipated in early Q4 2024. Additionally, the company presented promising data on ALG-000184 at the EASL Congress 2024, demonstrating significant antiviral activity and reductions in viral markers in chronic hepatitis B (CHB) patients. Aligos also received supportive feedback from the FDA, encouraging further studies with sustained HBV DNA suppression as the main efficacy endpoint.

Recent Business Highlights

ALG-055009 (THR-β Agonist for MASH):
- Phase 2a HERALD study completed enrollment in May 2024.
- Topline data expected in early Q4 2024.

ALG-000184 (Small Molecule CAM-E for CHB):
- Interim data from the ongoing study showed potent antiviral activity in multiple cohorts of untreated CHB patients.
- Sustained HBV DNA suppression was achieved in 90% of HBeAg-positive CHB subjects after 72 weeks of 300 mg daily dosage without viral breakthrough.
- New data showed 100% suppression of HBV DNA and RNA in HBeAg-negative patients receiving 300 mg daily for up to 60 weeks, with no viral breakthrough.
- The study continues with plans for up to 96 weeks of dosing, and more interim data will be presented at the upcoming AASLD conference.
- FDA feedback supports the use of sustained HBV DNA suppression as a primary endpoint for future registration studies.
- Phase 2 enabling activities, including drug supply manufacturing, are in progress.

ALG-097558 (Pan-Coronavirus Protease Inhibitor):
- Clinical data presented at the ESCMID Annual Meeting indicated the drug was well tolerated at various doses in healthy volunteers.
- Phase 2 enabling activities are in progress, supported financially by the NIH.

Financial Highlights

As of June 30, 2024, Aligos reported cash, cash equivalents, and investments totaling $94.5 million, down from $135.7 million at the end of 2023. The company believes this cash balance is sufficient to fund operations through the end of 2025.

Aligos posted a net income of $5.1 million for Q2 2024, compared to a net loss of $18.8 million in Q2 2023. This turnaround was largely driven by a decrease in the fair value of the company's warrant liability, resulting in non-cash income of $30.5 million.

Research and development (R&D) expenses increased to $21.1 million from $16.8 million in the same period last year, attributed primarily to third-party clinical trial costs. Stock-based compensation for R&D decreased slightly to $1.2 million from $1.6 million.

General and administrative (G&A) expenses reduced to $6.4 million, down from $9.2 million in Q2 2023, primarily due to lower third-party costs, including legal fees. Stock-based compensation for G&A also decreased to $0.9 million from $1.6 million.

Interest and other income saw a substantial increase to $31.7 million from $1.1 million in Q2 2023, mainly due to the decrease in the fair value of the company's warrant liability.

About Aligos

Founded in 2018, Aligos Therapeutics focuses on discovering and developing drugs for liver and viral diseases, leveraging the extensive experience of its team in these fields. The company aims to develop best-in-class therapeutics for conditions like metabolic dysfunction-associated steatohepatitis (MASH) and hepatitis B, as well as combating coronaviruses.

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