Aligos Therapeutics (ALGS) Q4 2025 earnings summary

Executive summary

• Completed planned enrollment in the HBeAg- cohort for the Phase 2B SUPREME study of pevifoscorvir sodium for chronic HBV; HBeAg+ enrollment ongoing with interim analyses expected in 2026.

• Advanced ALG-170675, a dual mechanism antisense oligonucleotide for HBV, into IND-enabling studies with development costs in China funded by partner Amoytop.

• Presented preclinical data showing synergistic weight loss with ALG-055009 combined with incretin receptor agonists in obesity models.

• Appointed James Hassard as EVP, Chief Commercial Officer to strengthen commercial capabilities.

Financial highlights

• Cash, cash equivalents, and investments totaled $77.8 million as of December 31, 2025, up from $56.9 million at year-end 2024.

• Net loss for Q4 2025 was $19.9 million ($1.91/share), a significant improvement from $82.2 million ($13.08/share) in Q4 2024.

• Net loss for FY 2025 was $24.2 million ($2.45/share), compared to $131.2 million ($20.94/share) in FY 2024.

• R&D expenses for FY 2025 were $69.5 million, slightly down from $70.3 million in FY 2024; G&A expenses for FY 2025 were $20.7 million, down from $22.8 million in FY 2024.

• Change in fair value of common warrants resulted in $60.2 million income in FY 2025 versus a $46.1 million loss in FY 2024.

Outlook and guidance

• Cash and investments expected to fund planned operations into Q3 2026.

• Topline data for both HBeAg- and HBeAg+ cohorts in the Phase 2B SUPREME study anticipated in 2027.

• Ongoing evaluation of funding options for continued development, including potential out-licensing.