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Aligos Therapeutics Reports Recent Business Progress and Third Quarter 2024 Financial Results

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Aligos Therapeutics (Nasdaq: ALGS), a clinical-stage biopharmaceutical company, reported its Q3 2024 financial results and recent business progress. The company highlighted positive topline HERALD data for ALG-055009 in MASH subjects, showing placebo-adjusted median relative reductions in liver fat of up to 46.2%. Aligos is completing Phase 2b enabling studies and exploring funding options, including partnerships. For ALG-000184, a potential best-in-class small molecule CAM-E for CHB, the company received positive regulatory feedback and announced a collaboration with Xiamen Amoytop Biotech. Additionally, ALG-097558 is progressing towards externally funded clinical studies for COVID-19.

Financially, Aligos reported cash, cash equivalents, and investments of $74.9 million as of September 30, 2024, down from $135.7 million at the end of 2023. The net loss for Q3 2024 was $19.3 million, compared to $18.0 million in Q3 2023. R&D expenses increased to $16.8 million, while G&A expenses decreased to $4.6 million.

Aligos Therapeutics (Nasdaq: ALGS), una compagnia biopharmaceutical in fase clinica, ha riportato i suoi risultati finanziari del Q3 2024 e i recenti progressi aziendali. L'azienda ha evidenziato dati positivi di fase finale HERALD per ALG-055009 in soggetti affetti da MASH, mostrando riduzioni relative mediane della percentuale di grasso epatico fino al 46,2% rispetto al placebo. Aligos sta completando studi abilitanti di fase 2b ed esplorando opzioni di finanziamento, incluse le partnership. Per ALG-000184, un potenziale piccolo farmaco di classe leader per il CHB, l'azienda ha ricevuto un feedback normativo positivo e ha annunciato una collaborazione con Xiamen Amoytop Biotech. Inoltre, ALG-097558 sta progredendo verso studi clinici finanziati esternamente per il COVID-19.

Dal punto di vista finanziario, Aligos ha riportato liquidità, equivalenti di liquidità e investimenti di 74,9 milioni di dollari al 30 settembre 2024, in calo rispetto ai 135,7 milioni di dollari di fine 2023. La perdita netta per il Q3 2024 è stata di 19,3 milioni di dollari, rispetto ai 18,0 milioni di dollari del Q3 2023. Le spese per R&S sono aumentate a 16,8 milioni di dollari, mentre le spese generali e amministrative sono diminuite a 4,6 milioni di dollari.

Aligos Therapeutics (Nasdaq: ALGS), una empresa biofarmacéutica en fase clínica, reportó sus resultados financieros del Q3 2024 y los avances recientes en sus negocios. La compañía destacó datos positivos de fase final HERALD para ALG-055009 en sujetos con MASH, mostrando reducciones medianas relativas en la grasa hepática de hasta el 46,2% ajustadas al placebo. Aligos está completando estudios habilitantes de fase 2b y explorando opciones de financiación, incluidas asociaciones. Para ALG-000184, una pequeña molécula potencialmente líder en su clase para el CHB, la compañía recibió comentarios regulatorios positivos y anunció una colaboración con Xiamen Amoytop Biotech. Además, ALG-097558 está avanzando hacia estudios clínicos financiados externamente para COVID-19.

Financieramente, Aligos reportó efectivo, equivalentes de efectivo e inversiones de 74,9 millones de dólares al 30 de septiembre de 2024, una disminución desde 135,7 millones de dólares a finales de 2023. La pérdida neta para el Q3 2024 fue de 19,3 millones de dólares, en comparación con 18,0 millones de dólares en el Q3 2023. Los gastos en I+D aumentaron a 16,8 millones de dólares, mientras que los gastos generales y administrativos disminuyeron a 4,6 millones de dólares.

Aligos Therapeutics (Nasdaq: ALGS), 임상 단계의 생명공학 회사가 2024년 3분기 재무 결과와 최근 사업 진행 상황을 보고하였습니다. 회사는 MASH 대상자에서 ALG-055009의 긍정적인 최종 HERALD 데이터를 강조하며, 위약 대비 간 지방의 중앙 상대 감소가 최대 46.2%에 달한다고 밝혔습니다. Aligos는 2b 단계의 필수 연구를 완료하고 파트너십을 포함한 자금 조달 옵션을 탐색하고 있습니다. ALG-000184, CHB를 위한 잠재적인 최고 수준의 소분자 CAM-E에 대해서는 긍정적인 규제 피드백을 받았으며, Xiamen Amoytop Biotech와의 협업을 발표하였습니다. 또한, ALG-097558은 COVID-19에 대한 외부 자금 지원 임상 연구로 나아가고 있습니다.

재무적으로, Aligos는 2024년 9월 30일 기준으로 현금, 현금성 자산 및 투자가 7,490만 달러라고 보고했으며, 이는 2023년 말의 1억 3,570만 달러에서 감소한 수치입니다. 2024년 3분기 순손실은 1,930만 달러로, 2023년 3분기의 1,800만 달러와 비교됩니다. 연구 및 개발 비용은 1,680만 달러로 증가한 반면, 일반 관리 비용은 460만 달러로 감소하였습니다.

Aligos Therapeutics (Nasdaq: ALGS), une société biopharmaceutique en phase clinique, a publié ses résultats financiers du T3 2024 et ses récents progrès commerciaux. L'entreprise a souligné des données positives de l'étude HERALD pour ALG-055009 chez des sujets atteints de MASH, montrant des réductions relatives médianes du taux de graisse hépatique allant jusqu'à 46,2 % par rapport au placebo. Aligos est en train de terminer des études habilitantes de phase 2b et explore des options de financement, y compris des partenariats. Concernant ALG-000184, une petite molécule potentiellement de premier plan pour le CHB, la société a reçu des retours réglementaires positifs et a annoncé une collaboration avec Xiamen Amoytop Biotech. De plus, ALG-097558 progresse vers des études cliniques financées par des fonds externes pour la COVID-19.

Sur le plan financier, Aligos a rapporté des liquidités, des équivalents de liquidités et des investissements de 74,9 millions de dollars au 30 septembre 2024, en baisse par rapport à 135,7 millions de dollars à la fin de 2023. La perte nette pour le T3 2024 s'élevait à 19,3 millions de dollars, contre 18,0 millions de dollars au T3 2023. Les dépenses de R&D ont augmenté à 16,8 millions de dollars, tandis que les dépenses générales et administratives ont diminué à 4,6 millions de dollars.

Aligos Therapeutics (Nasdaq: ALGS), ein biopharmazeutisches Unternehmen in der klinischen Phase, berichtete über seine Finanzergebnisse für das Q3 2024 und den aktuellen Geschäftsw progress. Das Unternehmen hob positive Topline-Daten der HERALD-Studie für ALG-055009 bei MASH-Patienten hervor, die placebo-adjustierte mediane relative Reduktionen des Leberfetts von bis zu 46,2% zeigen. Aligos schließt derzeit die Phase-2b-Studien ab und erkundet Finanzierungsmöglichkeiten, einschließlich Partnerschaften. Für ALG-000184, ein potenzielles führendes kleines Molekül CAM-E für CHB, erhielt das Unternehmen positives regulatorisches Feedback und kündigte eine Zusammenarbeit mit Xiamen Amoytop Biotech an. Darüber hinaus schreitet ALG-097558 in Richtung extern finanzierter klinischer Studien für COVID-19 voran.

Finanziell berichtete Aligos über Barmittel, Barmitteläquivalente und Investitionen in Höhe von 74,9 Millionen Dollar zum 30. September 2024, ein Rückgang gegenüber 135,7 Millionen Dollar Ende 2023. Der Nettoverlust für Q3 2024 betrug 19,3 Millionen Dollar, verglichen mit 18,0 Millionen Dollar im Q3 2023. Die F&E-Ausgaben stiegen auf 16,8 Millionen Dollar, während die allgemeinen und Verwaltungskosten auf 4,6 Millionen Dollar sanken.

Positive
  • ALG-055009 showed up to 46.2% reduction in liver fat in MASH subjects.
  • Positive regulatory feedback for ALG-000184 from FDA and Chinese authorities.
  • Collaboration with Xiamen Amoytop Biotech for CHB study.
  • Progress in ALG-097558 for COVID-19 studies with external funding.
Negative
  • Cash, cash equivalents, and investments decreased to $74.9 million from $135.7 million.
  • Net loss increased to $19.3 million from $18.0 million.

Insights

The Q3 results reveal concerning financial metrics with a widening net loss of $19.3M versus $18.0M year-over-year. Cash position declined significantly to $74.9M from $135.7M at 2023 year-end, though management projects runway through 2025. R&D expenses increased to $16.8M, reflecting higher clinical trial costs.

The company's market cap of just $30.5M appears severely discounted relative to its cash position and clinical progress, particularly given positive HERALD trial data showing up to 46.2% liver fat reduction. However, the need for additional funding for Phase 2b studies creates near-term financing risk, making potential partnerships important for future development.

The HERALD trial results for ALG-055009 in MASH patients demonstrate compelling efficacy with up to 46.2% placebo-adjusted median relative reduction in liver fat and favorable safety profile. The absence of thyroid-related adverse events and lower incidence of GI issues compared to placebo is particularly noteworthy in the THR-β agonist space.

The diversified pipeline shows promise with ALG-000184 for chronic hepatitis B advancing to Phase 2, supported by regulatory endorsement of the HBV DNA suppression endpoint. The collaboration with Amoytop for combination therapy evaluation adds strategic value. The coronavirus protease inhibitor program's external funding support reduces financial burden while maintaining development momentum.

SOUTH SAN FRANCISCO, Calif., Nov. 06, 2024 (GLOBE NEWSWIRE) -- Aligos Therapeutics, Inc. (Nasdaq: ALGS, “Aligos”), a clinical stage biopharmaceutical company focused on improving patient outcomes through best-in-class therapies for liver and viral diseases, today reported recent business progress and financial results for the third quarter 2024.

“This quarter we reached a key milestone when we announced the positive topline HERALD data in MASH subjects,” stated Lawrence Blatt, Ph.D., MBA, Chairman, President, and Chief Executive Officer of Aligos Therapeutics. “With placebo-adjusted median relative reductions in liver fat of up to 46.2%, we continue to believe ALG-055009 has best-in-class potential. We are completing Phase 2b enabling studies and evaluating a variety of options to fund continued development, including potential partnering where discussions are underway. In addition, we are progressing ALG-000184 for CHB towards a Phase 2 study next year. Lastly, we expect to begin externally funded clinical studies for ALG-097558 later this year in COVID subjects. 2024 has been an exciting year for the company, and we believe we are laying the groundwork for important future successes in 2025 and beyond.”

Recent Business Progress

Aligos Portfolio of Drug Candidates

      ALG-000184: Potential first-/best-in-class small molecule CAM-E for CHB

  • Dosing continues in this ongoing Phase 1a/1b study, with subjects expected to dose for up to 96 weeks. Additional interim data readouts are planned to be presented this year at the American Association for the Study of Liver Disease’s (AASLD) The Liver Meeting (TLM) 2024
  • Received positive feedback from the FDA and the National Medical Products Administration in China to move forward with sustained HBV DNA suppression as the primary efficacy endpoint for future studies designed to support the potential registration of ALG-000184 for the treatment of hepatitis B infection
  • Announced a clinical collaboration with Xiamen Amoytop Biotech Co., Ltd.
    • Amoytop agreed to sponsor and perform a Phase 1b exploratory clinical study evaluating the efficacy and safety of ALG-000184 in combination with PEGBING® (mipeginterferon alfa-2b) in chronic hepatitis B (CHB) patients in China
  • Phase 2 enabling activities are underway, including drug supply manufacturing

ALG-055009: Potential best-in-class small molecule THR-β agonist for MASH

  • Topline HERALD data were presented in September 2024, demonstrating that ALG-055009 dose groups met the primary endpoint with statistically significant reductions in liver fat at Week 12 as measured by MRI-PDFF
    • Doses of 0.5 mg to 0.9 mg ALG-055009 demonstrated statistically significant reductions in liver fat at Week 12, with placebo-adjusted median relative reductions up to 46.2% as measured by MRI-PDFF. Up to 70% of subjects achieved ≥30% relative reduction in liver fat compared to baseline
    • ALG-055009 demonstrated a favorable tolerability profile with no clinical hyper/hypothyroidism. Incidence of gastrointestinal-related treatment emergent adverse events were similar in ALG-055009 dose groups compared to placebo. Specifically, a non-dose-related, lower incidence of diarrhea was observed in ALG-055009 dose groups compared to placebo
    • Treatment with ALG-055009 resulted in significant reductions in atherogenic lipids, including LDL-C, lipoprotein (a) (LpA), and apolipoprotein B (ApoB). In addition, dose dependent increases in sex hormone binding globulin (SHBG), a marker of THR-β target engagement in the liver, were observed
  • Additional data readouts are planned to be presented this year at AASLD’s The Liver Meeting (TLM) 2024

      ALG-097558: Potential best-in-class small molecule pan-coronavirus protease inhibitor

  • Three additional clinical studies are expected to begin in 2024
    • AGILE University of Liverpool, a UK-government supported platform trial (with MRC and Wellcome Trust funding), has agreed to sponsor and perform a study in high-risk COVID patients evaluating ALG-097558 as monotherapy or in combination with remdesivir
    • The NIAID has agreed to sponsor clinical studies evaluating pharmacokinetic (PK) differences in special populations (renal/hepatic impairment subjects)
  • Phase 2 enabling activities, including nonclinical and clinical studies, are underway with financial support from the NIH

Financial Results for the Third Quarter 2024

Cash, cash equivalents and investments totaled $74.9 million as of September 30, 2024, compared with $135.7 million as of December 31, 2023. We continue to believe our cash balance provides sufficient cash to fund planned operations through the end of 2025.

Net loss for the three months ended September 30, 2024 were $19.3 million or basic and diluted net loss per common share of $(3.07), compared to net losses of $18.0 million or basic and diluted net loss per common share of $(10.37) for the three months ended September 30, 2023.

Research and development (R&D) expenses for the three months ended September 30, 2024 were $16.8 million, compared with $15.9 million for the same period of 2023. The increase was primarily due to an increase in third party expenses for the clinical trials. Total R&D stock-based compensation expense incurred for the three months ended September 30, 2024 was $1.2 million, compared with $1.6 million for the same period of 2023.

General and administrative (G&A) expenses for the three months ended September 30, 2024 were $4.6 million, compared with $6.4 million for the same period of 2023. The decrease in G&A expenses for this comparative period is primarily due to a decrease in third party expenses including legal expenses. Total G&A stock-based compensation expense incurred for the three months ended September 30, 2024 was $0.9 million, compared with $1.6 million for the same period of 2023.

Interest and other income, net, for the three months ended September 30, 2024 was income of $1.0 million compared with income of $1.1 million for the same period of 2023.

About Aligos

Aligos Therapeutics, Inc. (NASDAQ: ALGS) is a clinical stage biopharmaceutical company founded with the mission to improve patient outcomes by developing best-in-class therapies for the treatment of liver and viral diseases. Aligos applies its science driven approach and deep R&D expertise to advance its purpose-built pipeline of therapeutics for metabolic dysfunction-associated steatohepatitis (MASH) and viruses with high unmet medical need such as hepatitis B and coronaviruses.

For more information, please visit www.aligos.com or follow us on LinkedIn or X.

Forward-Looking Statement

This press release contains forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Any statements in this press release that are not historical facts may be considered “forward-looking statements,” including without limitation, statements with respect to Aligos being positioned for success; the potential of the company’s three clinical programs, Phase 2 enabling activities, and financial support from the NIH for ALG-097558; the collaboration with Xiamen Amoytop; studies to support potential registration, and Phase 2 enabling activities for ALG-000184; the planned readouts for ALG-055009 at this year’s AASLD; the continuation of dosing in the ongoing Phase 1a/1b study for ALG-000184 with subjects planning to dose for up to 96 weeks; the planned presentation of additional interim data readouts at this year’s AASLD; and the company’s continued belief its cash balance provides sufficient cash to fund planned operations through the end of 2025. Forward-looking statements are typically, but not always, identified by the use of words such as “may,” “will,” “would,” “believe,” “intend,” “plan,” “anticipate,” “estimate,” “expect,” and other similar terminology indicating future results. Such forward looking statements are subject to substantial risks and uncertainties that could cause our development programs, future results, performance, or achievements to differ materially from those anticipated in the forward-looking statements. Such risks and uncertainties include, without limitation, risks and uncertainties inherent in the drug development process, including Aligos’ clinical-stage of development, the process of designing and conducting clinical trials, the regulatory approval processes, the timing of regulatory filings, the challenges associated with manufacturing drug products, Aligos’ ability to successfully establish, protect and defend its intellectual property, other matters that could affect the sufficiency of Aligos’ capital resources to fund operations, reliance on third parties for manufacturing and development efforts, changes in the competitive landscape and the impact of global events and other macroeconomic conditions on the Aligos’ business. For a further description of the risks and uncertainties that could cause actual results to differ from those anticipated in these forward-looking statements, as well as risks relating to the business of Aligos in general, see Aligos’ Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on November 6, 2024 and its future periodic reports to be filed or submitted with the Securities and Exchange Commission. Except as required by law, Aligos undertakes no obligation to update any forward-looking statements to reflect new information, events or circumstances, or to reflect the occurrence of unanticipated events.  

    Aligos Therapeutics, Inc
    Condensed Consolidated Statements of Operations
    (In thousands, except share and per share amounts)
 (Unaudited)
    
 Three Months Ended Nine Months Ended
 September 30, September 30,
 2024  2023  2024  2023 
               
        
Revenue from Collaborations19  2,154  311  7,329 
Revenue from Customers1,250  1,085  3,005  5,519 
Operating Expenses:       
Research and development16,774  15,867  54,238  50,783 
General and administrative4,626  6,443  17,669  24,195 
Total operating expenses21,400  22,310  71,907  74,978 
        
Loss from operations(20,131) (19,071) (68,591) (62,130)
        
Interest and other income, net963  1,059  19,834  3,168 
Loss before income tax expense(19,168) (18,012) (48,757) (58,962)
                
Income tax expense(91) (29) (304) (825)
Net loss(19,259) (18,041) (49,061) (59,787)
Basic and diluted net loss per common share(3.07) (10.37) (7.84) (34.59)
Weighted-average shares common stock, basic and diluted6,272,291  1,739,847  6,258,706  1,728,282 
        


Aligos Therapeutics, Inc.
Condensed Consolidated Balance Sheets
(In thousands)

  September 30, 2024  December 31, 2023
  (Unaudited)  (audited) (1)
Assets     
Current assets:     
Cash and cash equivalents$35,331 $135,704
Short-term investments 39,591  -
Prepaid expenses and other current assets 4,900  5,380
Total current assets 79,822  141,084
Other assets 8,604  10,443
Total assets$88,426 $151,527
      
Liabilities and Stockholders’ Equity     
Current liabilities$20,956 $23,906
Other liabilities, noncurrent 17,374  35,541
Total liabilities 38,330  59,447
Total stockholders’ equity 50,096  92,080
Total liabilities and stockholders’ equity$88,426 $151,527

_____________________________________________

(1) The balance sheet as of December 31, 2023 has been derived from the audited consolidated financial statements at that date included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023.
   

Investor Contact
Jordyn Tarazi
Vice President, Investor Relations & Corporate Communications
+1 (650) 910-0427
jtarazi@aligos.com


FAQ

What were Aligos Therapeutics' financial results for Q3 2024?

Aligos reported a net loss of $19.3 million for Q3 2024, compared to $18.0 million in Q3 2023. Cash, cash equivalents, and investments totaled $74.9 million as of September 30, 2024.

What is the progress of ALG-055009 in MASH subjects?

ALG-055009 demonstrated placebo-adjusted median relative reductions in liver fat of up to 46.2% in MASH subjects.

What regulatory feedback did Aligos receive for ALG-000184?

Aligos received positive feedback from the FDA and Chinese authorities to move forward with sustained HBV DNA suppression as the primary efficacy endpoint for future studies.

What are the key developments for ALG-097558?

ALG-097558 is progressing towards Phase 2 enabling activities for COVID-19 studies with external funding from the NIH and other organizations.

What is the financial outlook for Aligos Therapeutics?

Aligos believes its cash balance of $74.9 million is sufficient to fund planned operations through the end of 2025.

Aligos Therapeutics, Inc.

NASDAQ:ALGS

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Biotechnology
Biological Products, (no Disgnostic Substances)
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SOUTH SAN FRANCISCO