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Here are 1-2 brief analogies for Aligos Therapeutics (ALGS):

• A clinical-stage biopharmaceutical company aiming to be the next Gilead Sciences for antiviral therapies.
• Like an early-stage Gilead Sciences, focused on developing next-generation treatments for chronic viral diseases such as Hepatitis B.

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• ALG-000551 (HBV Capsid Assembly Modulator): A small molecule drug candidate designed to inhibit the assembly of the hepatitis B virus capsid, thereby blocking viral replication.
• ALG-125097 (HBV Small Interfering RNA): An RNA interference therapeutic candidate engineered to degrade hepatitis B viral mRNA, reducing the production of viral proteins.
• ALG-001075 (HBV STING Agonist): An immunomodulatory drug candidate aimed at activating the STING pathway to stimulate the body's innate immune response against the hepatitis B virus.

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Aligos Therapeutics (ALGS) is a clinical-stage biopharmaceutical company focused on developing novel therapeutics for viral diseases and liver diseases. As a company at this stage of development, Aligos does not currently have approved products on the market that generate revenue through direct sales to individuals (patients), healthcare providers, or distributors.

Instead, Aligos Therapeutics operates on a business model where its primary "customers" would typically be larger pharmaceutical companies that license its drug candidates, form strategic development collaborations, or potentially acquire the company's assets upon successful clinical development.

While Aligos currently does not have major commercial customers purchasing products, it has historically engaged in significant collaborations. Its most notable past collaboration was with Janssen Pharmaceuticals, a subsidiary of Johnson & Johnson (JNJ). This agreement focused on Aligos's Hepatitis B Virus (HBV) program. However, this collaboration was terminated in early 2023, with Aligos regaining full rights to the HBV programs.

Therefore, as of its current stage, Aligos Therapeutics does not have any major customers in the traditional sense of companies or individuals purchasing its products. Its future "customers" are anticipated to be other pharmaceutical or biotechnology companies seeking to license or partner on its pipeline assets once they advance further in clinical development.

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Lawrence M. Blatt, Ph.D., M.B.A.
Chairman, President, & Chief Executive Officer

Dr. Blatt co-founded Aligos Therapeutics in February 2018. He previously served as the Global Head of Infectious Diseases and Vaccines at Janssen Pharmaceutical Companies of Johnson & Johnson from November 2014 to February 2018. Dr. Blatt is a serial biotech entrepreneur, having co-founded Alios BioPharma, Inc., where he was CEO, President, and Director from January 2009 until its acquisition by Janssen Pharmaceutical Companies of Johnson & Johnson in November 2014. He also co-founded Alveo Technologies, Inc. in 2014 and was Chief Scientific Officer at InterMune, Inc. from 2002 to 2008.

Lesley Ann Calhoun, J.D., CPA
Executive Vice President, Chief Operating Officer, and Chief Financial Officer

Ms. Calhoun was appointed Executive Vice President, Chief Financial Officer in June 2020 and additionally as Chief Operating Officer on January 30, 2025. Prior to Aligos, she served in various roles at Global Blood Therapeutics, Inc., including Senior Vice President, Finance & Administration and Chief Accounting Officer, from August 2016 to June 2020, assisting in the company's transition to a publicly traded, commercial entity. She was also Vice President of Finance at Hyperion Therapeutics Inc., a commercial stage biopharmaceutical company, from January 2013 to September 2015, contributing to building its finance infrastructure and the commercialization of RAVICTI®. Her earlier career includes roles as Senior Director of Finance, Corporate Controller at Innoviva, Inc. from 2005 to 2013, and as a member of the audit practice of Deloitte & Touche LLP from 1989 to 2001.

Julian Symons, D.Phil.
Executive Vice President, Chief Scientific Officer

Dr. Symons has served as Executive Vice President, Chief Scientific Officer since May 2018. Before joining Aligos, he held various positions at Alios BioPharma, Inc., including Senior Director, Product Development and later Vice President, Disease Area Research & Development Leader, Respiratory Infections, from January 2010 to April 2018. Alios BioPharma was acquired by Janssen Pharmaceutical Companies of Johnson & Johnson in November 2014.

Hardean Achneck, M.D.
Executive Vice President, Chief Medical Officer

Dr. Achneck currently serves as the Executive Vice President, Chief Medical Officer at Aligos Therapeutics.

Sushmita M. Chanda, Ph. D.
Executive Vice President and Chief Development Officer

Dr. Chanda serves as Executive Vice President and Chief Development Officer. Prior to Aligos, she was Vice President, Preclinical Development at Alios BioPharma, Inc. from February 2010 to July 2018. Alios BioPharma was subsequently acquired by Janssen Pharmaceutical Companies of Johnson & Johnson. She also held various roles at F. Hoffman-La Roche Ltd from 2000 to 2010, including Senior Director and Head of Nonclinical Safety.

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The key risks to Aligos Therapeutics (ALGS) primarily stem from its nature as a clinical-stage biotechnology company and its associated financial requirements.

1. Risks Inherent in Drug Development: As a clinical-stage biotechnology company, Aligos Therapeutics has no products approved for commercial sale and is heavily dependent on the successful development and commercialization of its drug candidates, which are still in early stages of clinical trials. The drug development process is inherently speculative and involves substantial risks, including the challenges associated with designing and conducting clinical trials, potential delays or failures in trials, complex regulatory approval processes, and the timing of regulatory filings.
2. Financial Challenges and Need for Additional Capital: Aligos Therapeutics faces significant financial challenges, evidenced by a history of substantial net losses and negative revenue growth. The company's operating and net margins are deeply negative, indicating substantial losses. While the company reported $99.1 million in cash, cash equivalents, and investments as of September 30, 2025, providing funding into the third quarter of 2026, there is a precarious financing outlook that necessitates further equity issuance to fuel ongoing development efforts. This ongoing need for capital raises the risk of shareholder dilution. The company's Altman Z-Score of -8.64 suggests an increased risk of bankruptcy.
3. Competition and Intellectual Property Challenges: The biopharmaceutical industry is highly competitive, and changes in the competitive landscape pose a risk to Aligos Therapeutics. Furthermore, the company's ability to successfully establish, protect, and defend its intellectual property is crucial and represents another key business risk.

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There are several clear emerging threats for Aligos Therapeutics (ALGS):

• Repeated Pipeline Failures and Deprioritizations: The company has experienced multiple clinical holds, discontinued programs (e.g., COVID-19, NASH, and several CHB candidates), and deprioritized key assets. This consistent inability to successfully advance or maintain its pipeline poses a significant and ongoing threat to its future viability and ability to generate revenue from product development.
• Intense Competition in Core Therapeutic Areas: Aligos operates in highly competitive fields, particularly chronic hepatitis B (CHB). Numerous well-funded pharmaceutical companies and biotechs have active, diverse, and often more advanced pipelines targeting CHB. Given Aligos's prior setbacks in this area, it faces a substantial challenge in differentiating and successfully commercializing any remaining assets against these established and emerging rivals.
• Significant Financial Instability and Liquidity Concerns: The company has undergone multiple restructurings, layoffs, and has frequently communicated a focus on cash conservation and exploring "strategic alternatives" (such as partnering or out-licensing remaining assets). This pattern indicates ongoing financial distress and a threat to its ability to fund its remaining operations and clinical development programs, potentially impacting its "going concern" status.

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Aligos Therapeutics (ALGS) is developing several drug candidates for liver and viral diseases. The addressable markets for their main products are as follows:

• Pevifoscorvir sodium (ALG-000184) for Chronic Hepatitis B (HBV) Infection: The global hepatitis B therapeutics market size was valued at USD 2.33 billion in 2024 and is projected to reach USD 6.25 billion by 2032, exhibiting a Compound Annual Growth Rate (CAGR) of 14.1% during the forecast period. Globally, there are more than 254 million chronic HBV carriers. In 2024, North America held the largest market share, accounting for 53.65% of the hepatitis B therapeutics market.
• ALG-055009 for Metabolic Dysfunction-associated Steatohepatitis (MASH), also known as Non-alcoholic steatohepatitis (NASH): The global market for MASH is anticipated to exceed $18.3 billion by 2032.
• ALG-097558 for Coronavirus Infections (COVID-19): null

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1. Clinical Development and Potential Commercialization of Pevifoscorvir Sodium (ALG-000184) for Chronic Hepatitis B (HBV): Aligos Therapeutics' lead candidate, pevifoscorvir sodium (formerly ALG-000184), is a capsid assembly modulator (CAM-E) for chronic HBV infection, which the company describes as a potential "first-/best-in-class" therapy. The Phase 2 B-SUPREME study for pevifoscorvir sodium began dosing in August 2025 across multiple countries, including the U.S., China, Hong Kong, and Canada. Interim data readouts are projected for the first half and second half of 2026, with topline data anticipated in 2027. Successful progression through clinical trials and eventual market approval would be a significant source of future revenue through product sales.

2. Out-licensing and Strategic Partnerships for ALG-055009 (Obesity and MASH): Aligos is actively seeking opportunities to fund and out-license its promising thyroid receptor beta (THR-β) agonist, ALG-055009, which is being developed for obesity and metabolic dysfunction-associated steatohepatitis (MASH). The company has indicated ongoing discussions with potential partners for this candidate. Recent preclinical data demonstrating profound body weight loss when ALG-055009 is combined with incretin agonists further enhances its monetization potential. Successful out-licensing agreements could generate upfront payments, milestone payments, and future royalties, contributing to revenue growth.

3. New Collaboration Agreements and Milestone Payments from Pipeline Progression: While Aligos Therapeutics has reported limited revenue from collaborations in recent periods, partly due to the near completion of an agreement with Amoytop, the company's strategic focus on advancing its pipeline implies a continued pursuit of new partnerships. Future revenue growth could stem from new collaboration agreements for its various pipeline assets, including other candidates for viral and liver diseases, which would typically involve upfront payments and milestone payments as these programs advance through different clinical development stages and achieve specific regulatory or commercial milestones.

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Share Issuance

• Aligos Therapeutics completed an initial public offering (IPO) on October 16, 2020, raising $150 million by issuing 10,000,000 shares at a price range of $14.00-$16.00 per share.
• In October 2023, the company announced a private placement expected to generate approximately $92 million in gross proceeds through the sale of common stock, pre-funded warrants, and accompanying warrants.
• Another private placement was announced in February 2025, projected to result in gross proceeds of approximately $105 million, involving the sale of common stock, pre-funded warrants, and accompanying warrants.

Inbound Investments

• Aligos Therapeutics secured significant capital through private placements with institutional investors. For example, a $92 million private placement closed in October 2023 and a $105 million private placement closed in February 2025. These investments primarily fund the advancement of its drug candidate pipeline.

Capital Expenditures

• Capital expenditures for Aligos Therapeutics have been consistently low, reflecting its nature as a clinical-stage biopharmaceutical company focused on research and development.
• For the first quarter of 2025, capital expenditures were reported as -$0.11 million.
• Over the 12 months prior to November 2025, capital expenditures totaled -$206,000.