Aligos Therapeutics Reports $131.2 Million Net Loss for 2024, Revenue Declines

Aligos Therapeutics, Inc. reported a net loss of $131.2 million for the year ended December 31, 2024, compared to a net loss of $87.7 million in 2023. Revenue from collaborations decreased significantly from $9.3 million in 2023 to $0.3 million in 2024, primarily due to the completion of agreements with Merck. Revenue from customers also declined, falling from $6.2 million to $3.6 million. Total operating expenses decreased by 10% to $93.1 million in 2024, reflecting reductions in general and administrative expenses, partially offset by increased research and development spending.

Research and development expenses decreased slightly from $73.0 million to $70.3 million, primarily due to lower employee-related costs and depreciation, offset by higher third-party expenses related to ongoing clinical studies. General and administrative expenses decreased by 25% to $22.8 million, mainly due to reduced third-party expenses and employee-related costs. The change in fair value of common warrants resulted in a $46.1 million expense in 2024, significantly higher than the $2.2 million expense in 2023.

The company's pipeline includes three drug candidates: ALG-000184 for chronic hepatitis B virus infection, ALG-055009 for MASH, and ALG-097558 for coronavirus infections. ALG-000184 demonstrated substantial HBV DNA and RNA reductions in Phase 1 clinical trials, with ongoing studies evaluating longer-term efficacy. ALG-055009 met its primary endpoint in a Phase 2a trial, showing statistically significant reductions in liver fat. ALG-097558 showed promising results in Phase 1 trials, demonstrating potent antiviral activity without the need for ritonavir boosting. As of December 31, 2024, Aligos had 70 full-time employees, with 54 in research and development.

Aligos Therapeutics anticipates incurring losses for at least the next several years and may never achieve profitability. The company will require substantial additional financing to achieve its goals, which may not be available on acceptable terms. The company's success is heavily dependent on the successful development and commercialization of its drug candidates, which involves significant risks related to clinical trials, regulatory approvals, market competition, and intellectual property protection. The company is actively pursuing various funding options, including public and private equity offerings, debt financings, and collaborations. The company's cash, cash equivalents, and investments totaled $56.9 million as of December 31, 2024, which is projected to fund operations for at least 12 months.