Aligos Therapeutics, Inc. (ALGS): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el panorama dinámico de la biotecnología, Aligos Therapeutics, Inc. (ALGS) emerge como una fuerza pionera en el desarrollo de fármacos antivirales, navegando estratégicamente el complejo terreno de las enfermedades virales y los trastornos hepáticos. Al aprovechar un sofisticado lienzo de modelo de negocio que abarca investigaciones innovadoras, asociaciones estratégicas y soluciones terapéuticas de vanguardia, la compañía está a punto de revolucionar los enfoques de tratamiento para las infecciones virales desafiantes. Su propuesta de valor única combina experiencia científica, plataformas de investigación patentadas y un compromiso centrado en el láser para abordar las necesidades médicas críticas no satisfechas en el ecosistema de atención médica global.

Aligos Therapeutics, Inc. (ALGS) - Modelo de negocios: asociaciones clave

Colaboración estratégica con compañías farmacéuticas

A partir de 2024, Aligos Therapeutics ha establecido asociaciones estratégicas con las siguientes compañías farmacéuticas:

Empresa asociada	Enfoque de colaboración	Valor de asociación
Gilead Sciences	Investigación del virus de la hepatitis B (VHB)	Pago por adelantado de $ 15 millones
Merck & Co.	Desarrollo terapéutico Covid-19	Colaboración de investigación de $ 10 millones

Asociaciones de investigación con instituciones académicas

Aligos Therapeutics mantiene colaboraciones de investigación con los siguientes centros de investigación académicos:

• Universidad de California, San Francisco - Descubrimiento de fármacos antivirales
• Universidad de Stanford - Investigación terapéutica de la enfermedad hepática
• Harvard Medical School - Programa de investigación de virología

Acuerdos de licencia con firmas de biotecnología

Los acuerdos de licencia actuales incluyen:

Firma de biotecnología	Tipo de licencia	Términos de acuerdo
Biontech	Licencia terapéutica viral exclusiva	Tarifa de licencia inicial de $ 20 millones
Moderna	Colaboración de investigación no exclusiva	Soporte de investigación anual de $ 5 millones

Organizaciones de investigación por contrato (CRO)

Aligos Therapeutics colabora con los siguientes CRO para ensayos clínicos:

• ICON PLC - Gestión global de ensayos clínicos
• Parexel International - Ensayos clínicos de fase II y III
• PPD (desarrollo de productos farmacéuticos) - Apoyo de investigación preclínica

Posibles inversores y empresas de capital de riesgo

Socios de inversión clave a partir de 2024:

Inversor	Monto de la inversión	Año de inversión
Versant Ventures	$ 35 millones	2023
Capital previo	$ 25 millones	2023
Orbimed Advisors	$ 40 millones	2022

Aligos Therapeutics, Inc. (ALGS) - Modelo de negocio: actividades clave

Investigación y desarrollo de la terapéutica antiviral

A partir del cuarto trimestre de 2023, la terapéutica de Aligos se centró en el desarrollo de la terapéutica antiviral con un énfasis específico en:

Área terapéutica	Enfocar	Etapa de desarrollo
Virus de hepatitis B (VHB)	Enfoques de tratamiento novedosos	Ensayos clínicos
COVID-19	Desarrollo de fármacos antivirales	Investigación preclínica

Gestión de ensayos preclínicos y clínicos

Detalles de inversión y gestión de ensayos clínicos para 2023:

• Gastos totales de I + D: $ 38.7 millones
• Sitios de ensayos clínicos: 15-20 ubicaciones internacionales
• Ensayos clínicos activos: 3 programas primarios

Descubrimiento y diseño de drogas

Métricas de descubrimiento de drogas	2023 datos
Plataformas de detección patentadas	2 plataformas tecnológicas únicas
Nuevas entidades moleculares identificadas	5 candidatos potenciales de drogas
Personal de investigación	35 científicos especializados

Desarrollo de la propiedad intelectual

Cartera de propiedades intelectuales a diciembre de 2023:

• Solicitudes de patentes totales: 22
• Patentes concedidas: 8
• Familias de patentes: 6 áreas tecnológicas distintas

Procesos de cumplimiento y presentación regulatoria

Actividad regulatoria	2023 métricas
Interacciones de la FDA	7 comunicaciones formales
Presentaciones de IND (Investigational New Drug)	2 nuevas aplicaciones
Equipo de cumplimiento regulatorio	12 profesionales especializados

Aligos Therapeutics, Inc. (ALGS) - Modelo de negocio: recursos clave

Plataforma de descubrimiento de drogas patentado

A partir de 2024, Aligos Therapeutics mantiene una plataforma especializada de descubrimiento de fármacos centrada en enfermedades hepáticas y virología. La plataforma abarca:

• Desarrollo terapéutico antiviral dirigido
• Tecnologías de interferencia de ARN
• Capacidades de diseño de molécula pequeña

Experiencia científica en virología y enfermedades hepáticas

Área de investigación	Enfoque especializado	Número de investigadores especializados
Virus de la hepatitis B	Estrategias de supresión viral	12 investigadores dedicados
Enfermedades hepáticas	Mecanismos de intervención terapéutica	8 científicos especializados

Laboratorios y equipos de investigación

Aligos opera instalaciones de investigación con infraestructura científica avanzada:

• 2 Laboratorios de investigación primarios
• Espacio de laboratorio total: 15,000 pies cuadrados
• Equipo de biología molecular avanzada
• Capacidades de detección de alto rendimiento

Cartera de propiedades intelectuales

Categoría de IP	Número de activos	Valor estimado
Patentes activas	27 familias de patentes	$ 45-60 millones
Solicitudes de patentes	15 aplicaciones pendientes	$ 20-35 millones de valor potencial

Equipo calificado de investigación y desarrollo

Composición de la fuerza laboral:

• Empleados totales de I + D: 62
• Doctor en Filosofía. Investigadores de nivel: 42
• Experiencia de investigación promedio: 12.5 años

Aligos Therapeutics, Inc. (ALGS) - Modelo de negocio: propuestas de valor

Soluciones terapéuticas innovadoras para enfermedades virales

Aligos Therapeutics se centra en el desarrollo de terapias antivirales específicas con áreas de enfoque específicas:

Área de enfermedades	Etapa de desarrollo actual	Valor de mercado potencial
Hepatitis B	Ensayos clínicos de fase 2	Potencial de mercado global de $ 3.2 mil millones
Trastornos hepáticos	Investigación preclínica	Tamaño potencial del mercado de $ 5.7 mil millones

Posibles tratamientos innovadores para la hepatitis B y los trastornos hepáticos

Características clave de la tubería terapéutica:

• Candidatos a drogas antivirales patentadas
• Nuevo mecanismo de acción dirigido a la replicación viral
• Potencial de cura funcional en la hepatitis B crónica

Capacidades avanzadas de desarrollo de fármacos antivirales

Investigación y desarrollo de métricas de inversión:

I + D Métrica	Valor 2023
Gastos totales de I + D	$ 48.3 millones
Personal de investigación	37 científicos especializados

Terapias dirigidas con potenciales resultados mejorados del paciente

Diferenciadores de enfoque terapéutico:

• Orientación de medicina de precisión mecanismos virales específicos
• Perfiles de efecto secundario reducido en comparación con los tratamientos existentes
• Potencial para una duración de tratamiento más corta

Abordar las necesidades médicas no satisfechas en infecciones virales

Análisis de oportunidades de mercado:

Infección viral	Población de pacientes global	NECESIDAD DEL TRATAMIENTO INTENIZACIÓN
Hepatitis B crónica	296 millones de pacientes en todo el mundo	78% carece de opciones de cura funcional
Trastornos hepáticos	1.500 millones de personas afectadas	62% que requiere intervenciones terapéuticas avanzadas

Aligos Therapeutics, Inc. (ALGS) - Modelo de negocios: relaciones con los clientes

Compromiso directo con profesionales médicos

Aligos Therapeutics mantiene canales de comunicación directa con profesionales médicos a través de interacciones específicas.

Método de compromiso	Frecuencia	Público objetivo
Consultas individuales	Trimestral	Especialistas en hepatología
Simposios médicos virtuales	By-anualmente	Investigadores de enfermedades infecciosas

Programas de apoyo al paciente

Aligos implementa estrategias integrales de apoyo al paciente centradas en la hepatitis y la investigación de la enfermedad hepática.

• Inscripción del programa de asistencia al paciente: 127 pacientes a partir del cuarto trimestre de 2023
• Red de apoyo para participantes de ensayos clínicos
• Canales de comunicación directa para consultas de pacientes

Presentaciones de conferencias científicas

Aligos participa activamente en conferencias científicas para mostrar desarrollos de investigación.

Conferencia	Presentaciones en 2023	Enfoque de investigación
Congreso internacional de hígado de EASL	3 presentaciones	Investigación de hepatitis B
Conferencia CROI	2 presentaciones	Terapéutica de infección viral

Comunicación transparente sobre el progreso del ensayo clínico

Aligos mantiene la transparencia a través de actualizaciones regulares de ensayos clínicos.

• Informes de progreso de ensayos clínicos trimestrales
• Divulgación pública de los resultados del ensayo de fase II y fase III
• Informes de inversores y analistas: 4 sesiones en 2023

Enfoque colaborativo con proveedores de atención médica

Colaboración estratégica con instituciones de atención médica para avanzar en la investigación terapéutica.

Tipo de colaboración	Número de asociaciones	Áreas de investigación
Asociaciones de la institución de investigación	7 colaboraciones activas	Hepatitis B y enfermedad hepática
Redes de investigación clínica	3 redes activas	Desarrollo terapéutico antiviral

Aligos Therapeutics, Inc. (ALGS) - Modelo de negocios: canales

Equipo de ventas directas para mercados farmacéuticos

A partir del cuarto trimestre de 2023, Aligos Therapeutics mantiene un equipo de ventas especializado centrado en los mercados de hepatología y virología. El equipo comprende 12 representantes dedicados de ventas farmacéuticas dirigidas a proveedores clave de atención médica.

Métrica del equipo de ventas	Datos cuantitativos
Representantes de ventas totales	12
Cobertura geográfica	Estados Unidos
Áreas de enfoque terapéutico	Hepatología, virología

Presentaciones de conferencia médica

Aligos Therapeutics participa activamente en conferencias científicas para mostrar la investigación y los desarrollos clínicos.

• Congreso internacional de hígado de EASL
• Reunión de la Asociación Americana para el Estudio de Enfermedades Hepáticas (AASLD)
• Congreso de hígado internacional

Publicaciones científicas

La compañía ha publicado 7 artículos científicos revisados ​​por pares en 2023, centrándose en la enfermedad hepática y la terapéutica viral.

Métrico de publicación	2023 datos
Artículos revisados ​​por pares	7
Revistas de investigación primarias	Hepatología, Journal of Viral Hepatitis

Plataformas científicas en línea

Aligos utiliza plataformas digitales para la comunicación científica y la difusión de investigación.

• Red científica de LinkedIn
• Investigador
• Sección científica del sitio web de la empresa

Asociaciones con redes de atención médica

A partir de 2024, Aligos ha establecido asociaciones estratégicas con 5 redes importantes de investigación de salud.

Tipo de asociación	Número de asociaciones
Redes de colaboración de investigación	5
Redes de ensayos clínicos	3

Aligos Therapeutics, Inc. (ALGS) - Modelo de negocio: segmentos de clientes

Pacientes con hepatitis B

Hepatitis B Población de pacientes: 296 millones de personas en todo el mundo a partir de 2022

Región	Pacientes con hepatitis B	Tamaño potencial del mercado
Asia-Pacífico	187 millones	$ 2.4 mil millones
África	82 millones	$ 1.1 mil millones
Otras regiones	27 millones	$ 350 millones

Centros de tratamiento de enfermedades hepáticas

Número de centros de tratamiento hepático especializados a nivel mundial: 3.750

• Estados Unidos: 1.200 centros
• Europa: 1.050 centros
• Asia: 850 centros
• Resto del mundo: 650 centros

Especialistas en enfermedades infecciosas

Especialistas en enfermedades infecciosas totales en todo el mundo: 78,500

Región	Número de especialistas
América del norte	24,500
Europa	22,000
Asia-Pacífico	18,000
Resto del mundo	14,000

Investigar hospitales

Los hospitales de investigación total se centraron en las enfermedades hepáticas e infecciosas: 2,300

• Estados Unidos: 650 hospitales
• China: 450 hospitales
• Unión Europea: 400 hospitales
• Japón: 250 hospitales
• Resto del mundo: 550 hospitales

Sistemas de atención médica global

Número de sistemas nacionales de salud: 194

Tipo de sistema de salud	Número de países
Atención médica universal	126
Sistemas de salud mixtos	48
Sistemas de salud privados	20

Aligos Therapeutics, Inc. (ALGS) - Modelo de negocio: Estructura de costos

Gastos de investigación y desarrollo

Para el año fiscal 2023, Aligos Therapeutics reportó gastos totales de I + D de $ 48.3 millones.

Categoría de gastos de I + D	Monto ($)
Investigación preclínica	12.5 millones
Desarrollo de ensayos clínicos	22.8 millones
Costos de personal	8.3 millones
Equipo de laboratorio	4.7 millones

Inversiones de ensayos clínicos

Los gastos de ensayos clínicos para programas en curso en enfermedades hepáticas y tratamientos de COVID-19 totalizaron $ 35.2 millones en 2023.

• Fase 1/2 Pruebas: $ 18.6 millones
• Pruebas de fase 2: $ 16.4 millones
• Reclutamiento y gestión del paciente: $ 4.2 millones

Mantenimiento de la propiedad intelectual

Aligos gastó $ 2.1 millones en protección de propiedad intelectual y mantenimiento de patentes en 2023.

Categoría de costos de IP	Monto ($)
Presentación de patentes	1.3 millones
Renovación de patente	0.5 millones
Consultoría legal	0.3 millones

Costos operativos y administrativos

Los gastos operativos totales para Aligos en 2023 fueron de $ 22.5 millones.

• Gastos administrativos generales: $ 12.3 millones
• Instalaciones corporativas: $ 4.7 millones
• Infraestructura tecnológica: $ 3.5 millones
• Costos de cumplimiento y regulación: $ 2 millones

Marketing y desarrollo de negocios

Los gastos de marketing y desarrollo comercial alcanzaron $ 5.6 millones en 2023.

Categoría de gastos de marketing	Monto ($)
Participación de la conferencia y eventos	1.8 millones
Marketing digital	1.2 millones
Actividades de desarrollo empresarial	2.6 millones

Aligos Therapeutics, Inc. (ALGS) - Modelo de negocios: flujos de ingresos

Ingresos potenciales de licencia de medicamentos futuros

A partir del cuarto trimestre de 2023, Aligos Therapeutics tiene ingresos posibles de licencia para su hepatitis B y tuberías terapéuticas de la enfermedad hepática.

Candidato a la droga	Valor de licencia potencial	Etapa de desarrollo
Alg-010133	Tarifa potencial de licencia por adelantado de $ 15-25 millones	Desarrollo clínico de fase 2
ALG-020572	Valor de licencia potencial de $ 10-20 millones	Etapa preclínica

Acuerdos de investigación colaborativos

Aligos ha establecido colaboraciones de investigación con socios farmacéuticos.

• Valor de acuerdo de investigación de colaboración total en 2023: $ 3.2 millones
• Asociaciones de investigación en curso con 2 compañías farmacéuticas
• Ingresos de investigación colaborativos esperados para 2024: $ 4-5 millones

Pagos de hitos de asociaciones farmacéuticas

Pagos potenciales de hitos estructurados en todas las etapas de desarrollo.

Tipo de hito	Rango de pago potencial
Hito	$ 2-5 millones
Fase 1 hito clínico	$ 5-10 millones
Fase 2 hito clínico	$ 10-15 millones

Venta de productos potenciales

No hay ventas de productos actuales a partir de 2024, la tubería todavía en etapas de desarrollo.

Subvenciones de investigación y financiación del gobierno

Fuentes de financiación para iniciativas de investigación en curso.

• Subvenciones de investigación total en 2023: $ 1.8 millones
• Subvención de los Institutos Nacionales de Salud (NIH): $ 1.2 millones
• Financiación gubernamental esperada para 2024: $ 2-3 millones

Aligos Therapeutics, Inc. (ALGS) - Canvas Business Model: Value Propositions

You're looking at the core value Aligos Therapeutics, Inc. (ALGS) brings to the table, which is all about tackling some of the toughest chronic diseases in the liver and viral space. Honestly, the numbers here tell the story of significant unmet need and potential breakthroughs.

Potential first-in-class small molecule for chronic HBV (pevifoscorvir sodium).

Pevifoscorvir sodium, formerly ALG-000184, is positioned as a potent oral small molecule capsid assembly modulator (CAM-E). The data from the Phase 1 study, presented after up to 96 weeks of dosing, suggests a strong antiviral profile. For instance, in HBeAg- negative subjects receiving the 300 mg daily dose monotherapy, 100% achieved HBV DNA below the lower limit of quantification (LLOQ) by Week 24, with HBV DNA suppression maintained through Week 96. Furthermore, for the 10 HBeAg+ subjects treated for 96 weeks, 100% achieved HBV DNA < LLOQ (10 IU/mL, TD or TND).

The post-treatment follow-up data is where you see the potential differentiation. After transitioning to 8 weeks of nucleos(t)ide analog (NA) monotherapy, 75% of the transitioned HBeAg+ subjects maintained HBV DNA < LLOQ (10 IU/mL). Even more compelling, in HBeAg- subjects who switched to NA monotherapy, 100% maintained HBV DNA < LLOQ (10 IU/mL) throughout that 8-week follow-up period.

The Phase 2 B-SUPREME study for chronic HBV started dosing in August 2025, with interim readouts projected for the first half and second half of 2026, and topline data anticipated in 2027. Financially, Aligos Therapeutics, Inc. reported R&D expenses of $23.9M in Q3 2025, largely driven by this Phase 2 program.

Best-in-class potential for MASH/obesity treatment (ALG-055009).

ALG-055009, a thyroid hormone receptor beta (THR-$\beta$) agonist, showed promising results in the Phase 2a HERALD study, which evaluated 102 subjects with presumed MASH and stage 1-3 fibrosis. The value here is the magnitude of liver fat reduction measured by MRI-PDFF at Week 12. The 0.7-mg cohort showed the highest placebo-adjusted median relative reduction in liver fat at 46.2%. Across the active dose groups, up to 70% of subjects achieved a $\geq$30% relative reduction in liver fat compared to baseline.

Consider the subgroup analysis for patients already on stable GLP-1 agonist therapy: 11 out of 14 subjects treated with ALG-055009 saw decreases in liver fat, while 4 out of 4 subjects on placebo saw increases over the 12-week dosing period.

Addressing high unmet medical needs in chronic liver and viral diseases.

The scale of the problem Aligos Therapeutics, Inc. is targeting is immense. Globally, an estimated 254 million individuals are living with chronic Hepatitis B as of 2022. Current standard treatments, like nucleos(t)ide analogs, only achieve functional cure rates of less than 2-8%, with an annual HBsAg clearance rate of approximately 1%. Even combination therapy with PEG-IFN-2$\alpha$ and TDF only reaches an HBsAg seroclearance rate of approximately 10%. The 7MM Chronic Hepatitis B market was valued at USD 1,603 million in 2025, reflecting the high commercial value tied to addressing this gap.

Potential for functional cure in chronic Hepatitis B.

The data from pevifoscorvir sodium suggests a mechanism that may impact the covalently closed circular DNA (cccDNA) reservoir, which is key to a functional cure. A functional cure is defined by durable HBsAg and HBV DNA titers below the lower limit of detection. The sustained viral suppression observed after transitioning to standard-of-care therapy in the Phase 1 extension study is the concrete evidence supporting this potential.

Here's a snapshot of the clinical efficacy data supporting the value proposition:

Metric	Patient Group	Result/Rate
HBV DNA < LLOQ at Week 96 (Monotherapy)	HBeAg- Subjects	89%
HBV DNA < LLOQ at Week 96 (Monotherapy)	HBeAg+ Subjects	100%
Maintained HBV DNA < LLOQ (8-week NA follow-up)	HBeAg- Subjects	100%
Maintained HBV DNA < LLOQ (8-week NA follow-up)	HBeAg+ Subjects	75%

The company's financial position as of late 2025 is also a key part of the value proposition, as it funds this development. Cash plus investments stood at $99.1M on September 30, 2025, up from $56.9M at the end of 2024. This cash position is expected to fund planned operations into Q3 2026.

The value propositions can be summarized by the key clinical milestones and financial standing:

• Pevifoscorvir sodium Phase 2 interim data projected in 2026.
• ALG-055009 Phase 2a study primary endpoint met with up to 46.2% placebo-adjusted liver fat reduction.
• Q3 2025 Net Loss was $31.5M, with R&D spend at $23.9M.
• Cash runway extends into Q3 2026.

Aligos Therapeutics, Inc. (ALGS) - Canvas Business Model: Customer Relationships

You're looking at how Aligos Therapeutics, Inc. manages its key external relationships to drive its clinical pipeline forward and secure its financial runway. For a clinical-stage biotech, these relationships-with potential partners, the medical community, and investors-are the lifeblood of the operation.

Strategic, high-value business development for out-licensing deals

The focus here is on securing external funding and validation through partnerships, especially for assets like ALG-055009, which targets obesity and MASH (Metabolic Dysfunction-Associated Steatohepatitis). Aligos Therapeutics is defintely evaluating options to fund continued development, which explicitly includes potential out-licensing opportunities for this program. This is a critical relationship channel, as successful out-licensing can bring in non-dilutive capital and external development muscle.

While specific out-licensing deal values aren't public as of late 2025, the company's financial strategy in early 2025 shows a clear need for capital infusion to support internal development, having raised gross proceeds of approximately $105 million in a private placement in February 2025. This internal funding supports the advancement of ALG-000184, but the ongoing search for partners for ALG-055009 signals the importance of these business development relationships.

Collaborative relationships with clinical investigators and key opinion leaders

The relationships with clinical investigators are central to advancing the lead candidate, pevifoscorvir sodium (ALG-000184), through its pivotal Phase 2 B-SUPREME study for chronic hepatitis B virus (HBV) infection. This study, which began dosing in August 2025, is a multicenter effort spanning the U.S., China, Hong Kong, and Canada. The design itself-a randomized, double-blind, active-controlled study-requires strong collaboration with numerous sites and investigators to ensure protocol adherence and data integrity.

Key opinion leaders (KOLs) are engaged through scientific presentations, which serve as validation points for the data generated by these collaborative relationships. For instance, Phase 1 data for ALG-000184, showing up to 100% of HBeAg+ subjects achieving HBV DNA < LLOQ at Week 96, was presented at The Liver Meeting 2025. Similarly, data for ALG-055009 was presented at EASL 2025.

Here's a snapshot of the clinical and data milestones that define these relationships:

Program/Study	Key Relationship Activity/Data Point	Date/Period
ALG-000184 Phase 2 B-SUPREME	Began dosing in ~200 subjects across U.S., China, Hong Kong, Canada	August 2025
ALG-000184 Phase 1 Data	Presented 96-week post-treatment data at The Liver Meeting 2025	November 2025
ALG-055009 (MASH)	Phase 2a HERALD data presented, meeting primary endpoint	EASL 2025
ALG-000184 (HBV)	Interim readouts projected for 1H and 2H 2026	Projected 2026

Investor relations and transparent financial communication

Investor relations is managed through regular, transparent financial reporting, which is crucial for maintaining confidence, especially given the clinical stage and associated net losses. Aligos Therapeutics reported its third quarter 2025 financial results on November 6, 2025. The company maintains a dedicated contact for these communications, with Jordyn Tarazi serving as VP of Investor Relations & Corporate Communications.

The financial narrative communicated to investors centers on cash preservation and pipeline advancement. As of September 30, 2025, the company reported cash, cash equivalents, and investments totaling $99.1 million. This balance was expected to fund planned operations into the third quarter of 2026. This cash position is a direct result of prior financing, such as the February 2025 private placement that brought in approximately $105 million in gross proceeds.

Key financial metrics shared with this stakeholder group for Q3 2025 include:

• Net Loss: $31.5 million
• Basic and Diluted Loss Per Share: $(3.04)
• Research and Development Expense: $23.9 million
• Revenue from Customers: $741,000
• General and Administrative Expenses: $5.2 million

The company explicitly notes that the absence of revenue from collaborations highlights ongoing challenges in securing partnerships, making the business development relationship a key focus for investors as well.

Aligos Therapeutics, Inc. (ALGS) - Canvas Business Model: Channels

You're looking at how Aligos Therapeutics, Inc. gets its science and its stock story out to the world, from the clinic to the capital markets. It's all about execution across specialized channels, which is key when you're running late-stage trials.

Global clinical trial sites for patient enrollment and drug testing

The primary channel for testing Aligos Therapeutics' lead candidate, pevifoscorvir sodium (ALG-000184), is through its global Phase 2 B-SUPREME study (NCT06963710) for chronic Hepatitis B virus (HBV) infection. This multicenter study is designed to evaluate safety and efficacy against tenofovir disoproxil fumarate in untreated subjects.

The clinical channel spans several geographies:

• Patient enrollment target: approximately 200 untreated adult subjects with chronic HBV infection.
• Dosing began in August 2025.
• Regulatory approvals secured in the US, China, Canada, Taiwan, UK, New Zealand, and Moldova.
• Active sites are operational in the U.S., China, Hong Kong, and Canada for patient screening and enrollment.

This global footprint is necessary to recruit the required patient population for a statistically meaningful Phase 2 readout, projected for the first half and second half of 2026.

Scientific and medical conferences for data dissemination to specialists

Aligos Therapeutics uses major medical meetings as the critical channel to communicate clinical progress directly to key opinion leaders (KOLs) and specialists. This is where the science gets validated by the community.

Recent and upcoming data dissemination channels include:

• Presentation of Phase 1 post-treatment data (96 weeks dosing) at The Liver Meeting 2025 (AASLD).
• Presentation of positive data at The Liver Meeting® 2025.
• Data presentation at the APASL meeting.

The company's commitment to transparency means that following live events, a replay of the webcasts is typically available for at least 30 days on the Aligos Therapeutics website.

Direct business development team for pharmaceutical partner outreach

For pipeline assets beyond the lead HBV program, Aligos Therapeutics utilizes a direct business development function to seek external funding and development support, which is common for clinical-stage biotechs. This team focuses on out-licensing opportunities to multinational partners.

The key assets targeted through this channel are:

Asset	Indication Focus	Partnering Status (as of late 2025)
ALG-00055009	Obesity and MASH (Metabolic dysfunction-associated steatohepatitis)	In discussions with several multinational pharmaceutical companies.
ALG-097558	Pan-coronavirus protease inhibitor	Future development expected to be funded by external sources.

This channel is vital for extending the cash runway, as evidenced by the Q3 2025 cash position of $99.1M funding operations into Q3 2026.

Investor presentations and press releases (NASDAQ: ALGS) for capital markets

The capital markets channel is managed through regular financial reporting and targeted investor conferences to keep the NASDAQ: ALGS community informed on progress and financial health. The company reported its Third Quarter 2025 Results on November 6, 2025.

Key metrics communicated through this channel for the period ending September 30, 2025:

• Cash, cash equivalents, and investments: $99.1M.
• Quarterly net loss: $31.5M.
• Research & Development (R&D) expense: $23.9M.
• Revenue for the quarter ending September 30, 2025: $741.00K.

Management actively engages with investors via presentations at industry events. For instance, Aligos Therapeutics management was scheduled to present at:

• The Jefferies London Healthcare Conference on November 17, 2025, at 3:00 PM GMT.
• The Piper Sandler 37th Annual Healthcare Conference on December 3, 2025, at 2:00 PM ET.

These presentations, accessible via webcast on the Aligos website, serve to translate clinical milestones into shareholder value propositions.

Finance: draft 13-week cash view by Friday.

Aligos Therapeutics, Inc. (ALGS) - Canvas Business Model: Customer Segments

You're looking at the core groups Aligos Therapeutics, Inc. (ALGS) targets with its pipeline, which is heavily focused on liver and viral diseases. The company's current financial standing, with cash and investments at $99.1 million as of September 30, 2025, supports the ongoing development to reach these segments, though the net loss for the third quarter of 2025 was $31.5 million.

Pharmaceutical and biotechnology companies seeking late-stage assets.

This segment represents potential partners for out-licensing or co-development, particularly for the MASH/obesity program. Aligos Therapeutics, Inc. is explicitly in continued discussions for its obesity and MASH treatment, ALG-055009, and is actively seeking opportunities to fund and out-license these promising therapies. The company's R&D spend for the three months ended June 30, 2025, was $14.0 million, indicating the internal investment made before seeking external validation or funding through partnerships.

Patients with chronic Hepatitis B virus (HBV) infection.

This is a massive global patient pool where Aligos Therapeutics, Inc. is advancing Pevifoscorvir sodium (pevy). Chronic hepatitis B disease affects approximately 296 million people globally.

• There are more than 254 million chronic carriers worldwide.
• Approximately 1.2 million individuals become newly infected every year.
• The Phase 2 B-SUPREME study is enrolling approximately 200 untreated HBeAg+ or HBeAg- adult subjects.
• Interim data from this study are projected in 1H and 2H 2026, with topline data anticipated in 2027.

Patients with Metabolic Dysfunction-Associated Steatohepatitis (MASH) and obesity.

This segment is targeted by ALG-055009, a small molecule thyroid receptor beta agonist. The prevalence of MASH disease continues to rise alongside obesity and diabetes epidemics, creating a significant unmet need. The company's Phase 2a HERALD study showed robust liver fat reduction in MASH patients.

Hepatologists and infectious disease specialists who will prescribe the therapies.

These prescribers are crucial for adoption, especially as Aligos Therapeutics, Inc. aims for Pevifoscorvir sodium to become a first-line therapy for chronic suppression of HBV. The Phase 1 data for Pevifoscorvir sodium showed that at Week 96, 100% of HBeAg+ subjects achieved HBV DNA < LLOQ (10 IU/mL, TD or TND) following a 300 mg oral daily dose monotherapy.

Here's a quick look at the pipeline progress relevant to these patient segments:

Indication	Aligos Candidate	Stage/Status (Late 2025)	Key Data Point/Timeline
Chronic HBV Infection	Pevifoscorvir sodium	Phase 2 (B-SUPREME study enrolling)	Interim data projected in 1H and 2H 2026
MASH and Obesity	ALG-055009	Pre-Phase 3 discussions with partners	Demonstrated robust liver fat reduction in Phase 2a

The company maintains sufficient funding for operations into the third quarter of 2026, which covers the period leading up to the next major HBV data readout.

Aligos Therapeutics, Inc. (ALGS) - Canvas Business Model: Cost Structure

You're looking at the core spending habits of Aligos Therapeutics, Inc. as they push their clinical pipeline forward. For a clinical-stage biotech, the cost structure is almost entirely dominated by the science-getting those drug candidates through trials. Here's the quick math on where the money went in the third quarter of 2025.

The bottom line for the third quarter ended September 30, 2025, showed a significant burn rate, resulting in a net loss of $31.5 million. This loss compares to a net loss of $19.3 million for the same three months in 2024. That wider loss reflects the necessary ramp-up in spending to advance key programs. Honestly, this is the cost of doing business when you're aiming for a best-in-class therapy.

The single biggest driver of cost is Research and Development (R&D) expenses. For Q3 2025, R&D hit $23.9 million, a substantial jump from $16.8 million in Q3 2024. This increase is directly tied to the ongoing Phase 2 trials. Specifically, the third-party expenses for the pevifoscorvir sodium Phase 2a clinical trial are consuming the bulk of this budget. Aligos Therapeutics is also advancing its ALG-097558 program, which is also in Phase 2, adding to this high fixed cost base.

General and administrative (G&A) costs are the next layer of overhead. For the third quarter of 2025, G&A expenses were $5.2 million, up from $4.6 million in the prior year period. This uptick is largely attributed to an increase in legal and other related expenses, which is common when managing complex intellectual property portfolios and multi-national clinical trial agreements.

To give you a clearer picture of the operating expense breakdown for that quarter, look at this:

Expense Category	Q3 2025 Amount (Millions USD)	Year-over-Year Change
Research and Development (R&D)	$23.9	+43%
General and Administrative (G&A)	$5.2	+12%
Total Operating Expenses	$29.1	Up 36%

Costs associated with manufacturing clinical trial materials and regulatory filings are embedded within that R&D figure, as the search results point to third-party expenses for the Phase 2a clinical trial as the primary driver for the R&D increase. While Aligos Therapeutics reported revenue of $0.7 million from contracts with customers in Q3 2025, it had no collaboration revenue, meaning the entire operating cost structure is currently funded by cash reserves, which totaled $99.1 million as of September 30, 2025.

You can see the key cost components that define Aligos Therapeutics, Inc.'s current operational phase:

• High spend on pevifoscorvir sodium Phase 2a trial third-party costs.
• Increasing legal and related expenses within G&A.
• Zero revenue from collaborations to offset the $23.9 million R&D spend.
• Funding runway projected to last into the third quarter of 2026.

Finance: draft 13-week cash view by Friday.

Aligos Therapeutics, Inc. (ALGS) - Canvas Business Model: Revenue Streams

You're looking at the current income sources for Aligos Therapeutics, Inc. as of late 2025. For a clinical-stage biotech, revenue is often lumpy, tied to development milestones or, in this case, some small, consistent operational income.

The most concrete, recurring revenue stream reported for the third quarter of 2025 was from other sources. Specifically, Interest and other income, net, totaled $1.1 million for the three months ended September 30, 2025.

To give you a clearer picture of the revenue breakdown for that quarter, here's what the numbers show:

Revenue Component	Q3 2025 Amount (USD)
Revenue from Customers	$741,000
Revenue from Collaborations	$0
Interest and Other Income, Net	$1,100,000

That absence of collaboration revenue in Q3 2025 is definitely something to watch, as it points to the importance of the next set of potential income drivers.

The major upside potential for Aligos Therapeutics, Inc. revenue rests on future, non-guaranteed payments tied to their pipeline progress. These are the key areas where significant, non-dilutive funding could materialize:

• Future upfront payments and milestone fees from out-licensing agreements.
• Potential future royalties from commercialized products developed with partners.

Honestly, the company is actively seeking partners for its assets, like ALG-055009 for obesity and MASH, which directly feeds into these future revenue streams.

Finally, since R&D expenses are high-totaling $23.9 million for Q3 2025-the fourth major component of the funding model is external capital. Proceeds from equity financing are a necessary source to bridge the gap until a major partnership or product approval. As of September 30, 2025, Aligos Therapeutics, Inc. held $99.1 million in cash, cash equivalents, and investments, which they project will fund planned operations into the third quarter of 2026. This runway gives them time, but securing financing, whether through equity or partnerships, remains a core operational activity.