olivLaw · US equity research
Aligos Therapeutics, Inc. ALGS
Biological Products, (No Diagnostic Substances) · SIC 2836 · Vertical: Biological Products, (No Diagnostic Substances) (SIC 2836)
Aligos Therapeutics is a clinical-stage biotechnology company developing therapies for liver disease and viral infections, with a focus on chronic hepatitis B. It matters now because its lead candidate, pevifoscorvir sodium, is in a Phase 2 study while the company's cash position has shrunk and it depends on partnership income to fund operations.
At the close of 04 Nov 2026, Aligos Therapeutics, Inc. (ALGS) stock was 5.02 USD (+5.68% on the day), with market capitalisation 213.9 m USD, beta 2.24, 52-week range 4.08–13.30 USD. Latest reported quarter (Q2 2026): revenue of 0 USD (−100.0% YoY), net income of -1.5 m USD, diluted EPS -0.14 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 48.3
- neutral
- Bollinger (20, 2)
- 4.46 – 5.58
- in the upper half of the band · %B 0.50 · band width 22.3%
- SMA 50 / 200
- 5.43 / 6.19
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.17 / -0.19
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −7.0% | −2.0% | −5.0 pp | — |
| 3 months | +5.9% | −2.2% | +8.1 pp | — |
| 6 months | −21.2% | +4.3% | −25.5 pp | — |
| Year to date | −46.1% | +10.6% | −56.7 pp | — |
| 1 year | −30.4% | +10.5% | −40.8 pp | −3.8% |
| 3 years | −73.6% | +73.7% | −147.2 pp | +18.6% |
| 5 years | −98.8% | +61.7% | −160.5 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q2 2026 · 30 Jun 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1.3 m | 606.0 k | 311.0 k | 965.0 k | 741.0 k | 169.0 k | 2.8 m | 0 |
| Research & development | 16.8 m | 16.0 m | 14.5 m | 14.0 m | 23.9 m | 17.0 m | 23.4 m | 24.1 m |
| Operating income | -20.1 m | -20.6 m | -19.2 m | -18.6 m | -28.4 m | -21.8 m | -26.9 m | -1.9 m |
| Pre-tax income | -19.2 m | -82.1 m | 43.1 m | -15.7 m | -31.5 m | -19.9 m | -22.7 m | 1.3 m |
| Income tax | 91.0 k | 27.0 k | 43.0 k | 185.0 k | 56.0 k | 30.0 k | 317.0 k | 2.8 m |
| Net income | -19.3 m | -82.2 m | 43.1 m | -15.9 m | -31.5 m | -19.9 m | -23.0 m | -1.5 m |
| Diluted EPS | -3.07 | -13.08 ≈ | -2.11 | -1.53 | -3.04 | -1.91 ≈ | -2.21 | -0.14 |
| Operating cash flow | -20.1 m ≈ | -18.4 m | -20.9 m | -15.5 m ≈ | -24.3 m ≈ | -21.7 m | -23.1 m | -25.0 m ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| Revenue | unavailable | 0 | 0 | 0 | 6.2 m | 3.6 m | 2.2 m |
| Revenue YoY | unavailable | unavailable | unavailable | unavailable | unavailable | −41.7% | −39.5% |
| Net income | -52.3 m | -108.5 m | -128.3 m | -96.0 m | -87.7 m | -131.2 m | -24.2 m |
| Net income YoY | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable |
| Diluted EPS | unavailable | unavailable | unavailable | -2.25 | -34.20 | -20.94 | -2.45 |
| Diluted EPS YoY | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable |
| net % | unavailable | unavailable | unavailable | unavailable | -1,416.2% | -3,633.6% | -1,106.7% |
| Free cash flow | -49.6 m | -76.3 m | -116.6 m | -80.3 m | -79.0 m | -80.9 m | unavailable |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 18.3 m USD
- Financial debt
- unavailable USD
- Net debt
- unavailable USD
- Equity
- 53.5 m USD
- Total assets
- 88.5 m USD
- Debt / equity
- unavailable
- Current ratio
- 3.90x
- ROE
- unavailable
- ROA
- -30.5%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 0 | 0 | 0 | 6.2 m | 3.6 m | 2.2 m | SEC (XBRL)· 05 Mar 2026verified |
| Research & development | 79.9 m | 104.2 m | 85.1 m | 73.0 m | 70.3 m | 69.5 m | SEC (XBRL)· 05 Mar 2026verified |
| Operating income | -97.8 m | -128.3 m | -97.6 m | -88.1 m | -89.2 m | -88.0 m | SEC (XBRL)· 05 Mar 2026verified |
| Pre-tax income | -108.4 m | -128.2 m | -95.9 m | -86.9 m | -130.9 m | -23.9 m | SEC (XBRL)· 05 Mar 2026verified |
| Income tax | 161.0 k | 143.0 k | 106.0 k | 795.0 k | 331.0 k | 314.0 k | SEC (XBRL)· 05 Mar 2026verified |
| Net income | -108.5 m | -128.3 m | -96.0 m | -87.7 m | -131.2 m | -24.2 m | SEC (XBRL)· 05 Mar 2026verified |
| Diluted EPS | — | — | -2.25 | -34.20 | -20.94 | -2.45 | SEC (XBRL)· 05 Mar 2026verified |
| Weighted average diluted shares | — | — | 42.7 m | 2.6 m | 6.3 m | 9.9 m | SEC (XBRL)· 05 Mar 2026verified |
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 220.4 m | 186.8 m | 81.3 m | 135.7 m | 37.0 m | 18.3 m | SEC (XBRL)· 05 Mar 2026verified |
| Current assets | 250.0 m | 204.4 m | 133.5 m | 141.1 m | 62.1 m | 82.9 m | SEC (XBRL)· 05 Mar 2026verified |
| Property, plant & equipment, net | 8.0 m | 6.2 m | 4.8 m | 3.3 m | 2.4 m | 1.9 m | SEC (XBRL)· 05 Mar 2026verified |
| Total assets | 265.3 m | 235.4 m | 146.7 m | 151.5 m | 70.1 m | 88.5 m | SEC (XBRL)· 05 Mar 2026verified |
| Accounts payable | 3.3 m | 3.0 m | 4.7 m | 2.5 m | 2.6 m | 4.0 m | SEC (XBRL)· 05 Mar 2026verified |
| Current liabilities | 30.3 m | 39.0 m | 33.1 m | 23.9 m | 21.7 m | 21.2 m | SEC (XBRL)· 05 Mar 2026verified |
| Total liabilities | 45.3 m | 50.6 m | 42.8 m | 59.4 m | 99.1 m | 35.0 m | SEC (XBRL)· 05 Mar 2026verified |
| Equity | 220.0 m † | 184.7 m † | 103.9 m † | 92.1 m † | -29.0 m † | 53.5 m † | SEC (XBRL)· 05 Mar 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | -74.3 m | -115.7 m | -79.4 m | -79.0 m | -80.7 m | -82.5 m | SEC (XBRL)· 05 Mar 2026verified |
| Capex | 2.1 m | 892.0 k | 943.0 k | 19.0 k | 130.0 k | — | SEC (XBRL)· 10 Mar 2025verified |
| Free cash flow | -76.3 m ≈ | -116.6 m ≈ | -80.3 m ≈ | -79.0 m ≈ | -80.9 m ≈ | — | SEC (XBRL)· 10 Mar 2025derived |
| Investing cash flow | 32.8 m | 3.0 m | -26.3 m | 45.0 m | -18.3 m | -37.8 m | SEC (XBRL)· 05 Mar 2026verified |
| Financing cash flow | 192.3 m | 78.7 m | 164.0 k | 88.3 m | 355.0 k | 101.6 m | SEC (XBRL)· 05 Mar 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 2 of at least 6
- score weight coverage: 10.4% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 213.9 m USD
Key indicators
Coverage and freshness
Score by group
10% · Insufficient data
Estimated value range
unavailable — no valuation method could be computed
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
- DCF (discounted cash flow)unavailable · the input exists, but its latest figure is far older than the latest reported period: not used
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/Eunavailable · the base of the ratio is not positive
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
no valuation method could be computed
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 2 of at least 6; score weight coverage: 10.4% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | -2,031.1% | 17 (vs peers) | 60% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 2.2x | 100 (on a fixed band) | 40% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial100/100 · 1/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partial17/100 · 1/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partialunavailable · 0/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
Aligos Therapeutics, Inc. (ALGS). Latest full fiscal year: 2025; data up to 2026-06-30.
Figures computed from the financial statements: revenue 2.2 m USD in 2025; YoY growth -39.5%; net margin -2,031.1%; ROE -113.6%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 2 of at least 6; score weight coverage: 10.4% of at least 60%; valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Current ratio: 2.2x
What contradicts it
- Net margin: -2,031.1%
Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, P/E (TTM), EV/EBITDA, FCF yield, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Biological Products, (No Diagnostic Substances) (SIC 2836) · same industry (4-digit SIC) · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| AMGNAmgen Inc. | 249.4 bn | 28.7 | 91.5% | 23.0% | +10.0% | +34% / +71% |
| GILDGilead Sciences, Inc. | 207.7 bn | — | -22.3% | -12.5% | +2.4% | +33% / +119% |
| MRNAModerna, Inc. | 91.2 bn | — | -39.0% | -141.4% | −39.9% | +779% / +194% |
| RVMDRevolution Medicines, Inc. | 41.6 bn | — | -79.1% | — | unavailable | +150% / +733% |
| BIIBBiogen Inc. | 36.8 bn | 106.4 | 1.9% | 3.4% | +2.2% | +37% / +6% |
| MESOMesoblast Limited | 18.5 bn | — | -19.0% | -593.9% | +191.4% | −17% / +425% |
| EXELExelixis, Inc. | 17.6 bn | 21.6 | 44.3% | 35.5% | +7.0% | +64% / +232% |
| HALOHalozyme Therapeutics, Inc. | 14.8 bn | 38.4 | 173.7% | 24.9% | +37.6% | +83% / +238% |
| KYMRKymera Therapeutics, Inc. | 11.6 bn | — | -27.3% | -341.8% | −16.7% | +101% / +556% |
| TWSTTwist Bioscience Corporation | 8.9 bn | — | -29.6% | -31.7% | +20.3% | +345% / +493% |
| SCNIScinai Immunotherapeutics Ltd. | 6.2 bn | — | -91.9% | -633.6% | +99.2% | −96% / −99% |
| CGONCG Oncology, Inc. | 6.0 bn | — | -26.4% | -3,602.7% | +254.7% | +51% / unavailable |
| TARSTarsus Pharmaceuticals, Inc. | 3.4 bn | — | -319.8% | -102.9% | +146.7% | −14% / +318% |
| DNLIDenali Therapeutics Inc. | 3.4 bn | — | -33.9% | -1,470.5% | unavailable | +8% / +13% |
| ADMAAdma Biologics, Inc. | 2.3 bn | 14.9 | 41.9% | 33.0% | +19.6% | −45% / +183% |
| VCELVericel Corporation | 2.3 bn | 107.7 | 7.2% | 7.9% | +16.5% | +13% / +28% |
| BCRXBiocryst Pharmaceuticals, Inc. | 2.1 bn | — | — | -40.9% | +94.1% | +15% / +40% |
| VIRVir Biotechnology, Inc. | 2.0 bn | — | -26.1% | -83.0% | −7.6% | +83% / +24% |
| ALVOAlvotech | 1.5 bn | 46.7 | — | 4.8% | +19.7% | −8% / −51% |
| INBXInhibrx Biosciences, Inc. | 1.3 bn | — | -1,773.6% | — | +550.0% | +3% / unavailable |
| EVAXEvaxion A | 1.2 bn | — | -100.2% | -102.4% | +125.1% | −50% / −93% |
| CADLCandel Therapeutics, Inc. | 692.5 m | — | -81.8% | — | 0.0% | +90% / +907% |
| SRZNSurrozen, Inc. | 372.0 m | — | — | -2,885.3% | −67.4% | +91% / +340% |
| AUTLAutolus Therapeutics plc | 367.3 m | — | -133.0% | -238.7% | +644.9% | −2% / −68% |
| LXEOLexeo Therapeutics, Inc. | 265.0 m | — | -46.8% | — | unavailable | −67% / −75% |
1- and 3-year price returns: for ALGS from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 3 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 5 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Aligos Therapeutics is a clinical-stage biotechnology company developing therapies for liver disease and viral infections, with a focus on chronic hepatitis B. It matters now because its lead candidate, pevifoscorvir sodium, is in a Phase 2 study while the company's cash position has shrunk and it depends on partnership income to fund operations.
SWOT
Strengths
- The pipeline includes several candidates that the company describes as best-in-class in their classes, and Phase 1 data for pevifoscorvir sodium show durable viral reductions.
- Licensing agreements with the China partner bring non-dilutive capital and could help fund development.
- Regulatory designations from the US and China could accelerate the path to approval for the lead candidate.
Weaknesses
- The company has no approved products and no product sales revenue, which leaves it dependent on outside funding.
- Available cash is limited and expected to fund operations only through the fourth quarter of 2026.
- The auditor's report contains a going-concern paragraph, signalling significant uncertainty.
Opportunities
- If the B-SUPREME results are favorable, they could open a path to approval in chronic hepatitis B.
- Partnerships in other territories could bring additional payments and development support.
Threats
- A failure of the Phase 2 study could significantly reduce the value of the lead program.
- Competitors with approved drugs in MASH and hepatitis B could limit uptake of new therapies.
- Difficulty raising capital on acceptable terms could force the company to scale back its development programs.
Risks
- Need for capitalhigh
Available funds could prove insufficient if new financing is not obtained on acceptable terms.
- Going-concern uncertaintyhigh
The auditor included an explanatory paragraph on the company's ability to continue as a going concern.
- Clinical trial outcomeshigh
Phase 2 studies could fail to confirm benefits seen in earlier phases, and results could delay plans.
- Dependence on partnersmedium
Development in China depends on Amoytop, and delays or failures by the partner could affect timing and revenue.
- Competition in established marketsmedium
Approved therapies could limit the market share of new candidates even if data are favorable.
Investment thesis
What would need to be true (bull case)
- If the B-SUPREME study confirms superiority over nucleos(t)ide analogs, pevifoscorvir sodium could become a backbone therapy for chronic hepatitis B.
- The Amoytop deal already brings revenue and could bring further payments as the partner advances programs.
- Regulatory designations could speed the path to approval if clinical data remain consistent.
What would break the thesis
- Limited cash could force the company to raise funds on unfavorable terms or to cut programs.
- If Phase 2 studies do not confirm earlier results, the value of the pipeline could fall sharply.
- The going-concern warning points to serious uncertainty about near-term viability.
What to watch
- Interim analysis of the HBeAg- cohort in the B-SUPREME studyfirst half of 2026
- Topline data from the B-SUPREME studylate Q3 2027
- New financing or partnerships to cover operating costsQ4 2026
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Aligos Therapeutics, Inc. is a clinical-stage biotechnology company developing novel therapies for unmet medical needs in liver diseases and viral infections, including chronic hepatitis B, MASH, obesity and coronavirus infections 1. It has no products approved for sale and has not generated product revenue, with a net loss of $24.2 million in fiscal 2025 1. Its 2026 revenue comes mainly from licensing deals, such as the $25M upfront payment from Amoytop for Greater China rights 3.
Trends
- Shrinking cash and need for additional capitalheadwind
Cash fell from $77.8 million at the end of fiscal 2025 to $30.4 million at June 30, 2026, and the company expects to fund operations through the fourth quarter of 2026 23. If no additional funding is obtained, the company could be forced to delay or reduce development programs 1.
- Licensing revenue from the China partnermixed
The Amoytop agreement brings an upfront payment and milestone payments, including $25M upfront and up to $420M in potential milestones 3. These payments could support funding, but depend on the partner's development success 3.
- Regulatory designations for hepatitis Btailwind
Pevifoscorvir sodium has received Fast Track Designation from the FDA and Breakthrough Therapy Designation in China, which could speed development 2.
- Rising research spendingheadwind
Research and development expenses rose in the second quarter of 2026 compared with the prior year, driven by costs of the Phase 2 trial, adding pressure on cash 3.
Competitive position
- Nucleos(t)ide analogs (tenofovir, entecavir)
Current standard of care for chronic hepatitis B, used as the comparator in the company's Phase 2 study.
- Other CAM-E hepatitis B compounds
Competing class that reduces viral DNA but has rarely shown reductions in viral antigens.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
Loading the links…
News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Current report15 Sept 2026Material agreement
- Quarterly report06 Aug 2026
- Current report06 Aug 2026Results of operations · Financial statements and exhibits
- Current report26 Jun 2026Departure or appointment of officers · Shareholder vote · Financial statements and exhibits
- Quarterly report07 May 2026
- Current report07 May 2026Results of operations · Financial statements and exhibits
- Proxy statement29 Apr 2026
- Current report21 Apr 2026Material agreement
- Current report14 Apr 2026Other events · Financial statements and exhibits
- Annual report05 Mar 2026
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Aligos Therapeutics, Inc. · 05 Mar 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Aligos Therapeutics, Inc. · 06 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Aligos Therapeutics, Inc. · 06 Aug 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.