Aligos Therapeutics (ALGS) Q2 2026 earnings summary

Executive summary

• Focused on developing therapeutics for liver diseases and viral infections, with lead programs in chronic hepatitis B (HBV), MASH, and obesity.

• Key pipeline assets include pevifoscorvir sodium (HBV), ALG-170675 (HBV), and ALG-055009 (MASH/obesity).

• Advanced pipeline with key milestones: completed Phase 2 B-SUPREME study enrollment for pevifoscorvir sodium and received Breakthrough Therapy Designation in China for chronic HBV infection.

• Entered an exclusive license agreement with Amoytop for pevifoscorvir sodium in Greater China, receiving a $25M upfront payment and potential milestones.

• Secured $3M milestone from Amoytop for IND approval of ALG-170675.

Financial highlights

• Revenue for Q2 2026 was $27.8M, up from $0 in Q2 2025, driven by the Amoytop license deal.

• Net loss for Q2 2026 was $1.5M, a significant improvement from $15.9M loss in Q2 2025.

• Cash, cash equivalents, and investments were $30.4M as of June 30, 2026, excluding the $25M upfront payment received in July 2026.

• R&D expenses increased to $24.1M in Q2 2026 from $14.0M in Q2 2025, mainly due to higher third-party costs for the Phase 2 trial.

• Six-month net loss was $24.5M, compared to net income of $27.2M in the prior year period (which included a large one-time gain from warrant revaluation).

Outlook and guidance

• Cash runway expected to fund operations into Q4 2026, including the $25M Amoytop payment received in July 2026.

• Topline data from the B-SUPREME study anticipated in late Q3 2027.

• Plans to raise additional capital through equity, partnerships, or licensing to continue operations beyond Q4 2026.

• Research and development expenses expected to increase as clinical programs advance.

• Potential Phase 2 study on ALG-170675 in 2028, possibly including combination therapy.