Aligos Therapeutics, Inc. reported significant financial changes in its latest 10-Q filing for the quarter ending September 30, 2024. The company experienced a notable decrease in cash and cash equivalents, which fell to $35.3 million from $135.7 million at the end of 2023. Total current assets also declined to $79.8 million, down from $141.1 million, while total assets decreased to $88.4 million from $151.5 million. Despite a slight reduction in total current liabilities to $21.0 million, the accumulated deficit increased to $535.9 million, up from $486.8 million at the end of 2023.
Revenue from collaborations saw a dramatic decline, with Q3 2024 reporting only $19,000 compared to $2.2 million in Q3 2023. For the nine months ended September 30, 2024, collaboration revenue totaled $311,000, down from $7.3 million in the same period last year. Conversely, revenue from customers increased to $1.3 million in Q3 2024, a 15% rise from $1.1 million in Q3 2023, although it decreased overall for the nine-month period to $3.0 million from $5.5 million.
Total operating expenses for Q3 2024 were $21.4 million, a slight decrease from $22.3 million in Q3 2023. The loss from operations increased to $20.1 million from $19.1 million year-over-year. However, the net loss for Q3 2024 was $19.3 million, a smaller increase compared to the $18.0 million loss in Q3 2023. For the nine months ended September 30, 2024, the net loss was $49.1 million, down from $59.8 million in the prior year.
Strategically, Aligos executed a reverse stock split at a ratio of 1-for-25 in August 2024 to comply with Nasdaq listing requirements, which had previously flagged the company for not meeting the minimum bid price. Following this action, the company regained compliance with Nasdaq regulations in September 2024. The company also completed a private placement in October 2023, raising approximately $92.1 million in gross proceeds.
Research and development expenses increased to $16.8 million in Q3 2024 from $15.9 million in Q3 2023, driven by higher third-party clinical study costs. General and administrative expenses decreased significantly, reflecting cost-cutting measures. The company continues to focus on its clinical-stage drug candidates, including ALG-000184 for chronic hepatitis B and ALG-055009 for metabolic dysfunction-associated steatotic liver disease, while anticipating ongoing substantial losses due to research and development activities.
About Aligos Therapeutics, Inc.
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