Aligos Therapeutics, Inc. (ALGS): Business Model Canvas [Dec-2025 Updated]

As an analyst who's seen this movie before, the Aligos Therapeutics, Inc. business model boils down to two things: advancing their lead HBV candidate through Phase 2 and securing a deal for their MASH/obesity asset before the cash runs out. Honestly, with $99.1 million in the bank as of September 30, 2025, but burning $31.5 million in the third quarter alone, every clinical update and business development call is critical to funding their high-cost R&D structure. You need to see exactly how their key partnerships and proprietary platform translate into a viable path forward, so let's break down the nine blocks of their operating structure below.

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

You're looking at the partnership structure for Aligos Therapeutics, Inc. (ALGS) as of late 2025. This is how they are extending their internal capabilities to advance their pipeline, especially given their cash position.

As of September 30, 2025, Aligos Therapeutics, Inc. reported cash, cash equivalents, and investments totaling $99.1 million, which they expect will fund planned operations into the third quarter of 2026. This financial runway makes strategic external collaborations, especially those that bring non-dilutive funding or specialized execution capabilities, absolutely critical.

MRC (UK Medical Research Council) Funding for Pan-Coronavirus Phase II Study

Aligos Therapeutics, Inc. has a key partnership for its pan-coronavirus protease inhibitor, ALG-097558. This asset is currently undergoing a Phase II study right here in the U.K., and that specific trial is being funded by the MRC.

While the direct MRC funding amount for that specific Phase II study isn't public, related federal funding supports the broader ALG-097558 program. Aligos Therapeutics expects to receive approximately $13.8 million in funds across two NIH awards and contracts from the NIAID, NIH, Department of Health and Human Services, under Contract No. 75N93023C00052 to support clinical and nonclinical studies for ALG-097558.

The company expects any future development of ALG-097558 beyond this point to be funded by external sources.

Clinical Research Organizations (CROs) for Global Trial Execution

Executing global trials requires serious logistical support, and Aligos Therapeutics, Inc. relies on external CROs to manage the scale of their ongoing studies. The Phase 2 B-SUPREME study for pevifoscorvir sodium (ALG-000184) is a multicenter effort with regulatory approvals and site activations across numerous geographies.

The B-SUPREME study is enrolling subjects across the U.S., China, Hong Kong, Canada, Taiwan, U.K., New Zealand, and Moldova. Dosing for this study began in August 2025.

The table below outlines the key external entities involved in advancing the pipeline as of late 2025:

Academic Institutions for Foundational Virology and Liver Disease Research

The scientific foundation for Aligos Therapeutics, Inc.'s pipeline is heavily supported by academic ties, particularly in virology and hepatology. These relationships help validate mechanisms and present key data.

For the coronavirus inhibitor, ALG-097558, the initial design involved collaboration with several groups:

• Katholieke Universiteit Leuven (KU Leuven)
• Center for Innovation and Stimulation of Drug Discovery (CISTIM)
• Centre for Drug Design and Discovery (CD3)

For their lead HBV program, ALG-000184 (pevifoscorvir sodium), data from the Phase 1 study, including 96-week dosing data, was presented at The Liver Meeting® 2025. This included an oral presentation by Professor Man-Fung Yuen from the University of Hong Kong.

Potential Strategic Partners for Out-licensing ALG-0005009 (MASH/Obesity)

The MASH/obesity candidate, ALG-0005009, is a focus for business development. Aligos Therapeutics, Inc. is actively evaluating options to fund its continued development, which includes potential out-licensing deals.

The company confirmed in Q1 2025 that they were in partnering discussions with several multinational pharmaceutical companies that have strong interests in MASH and other metabolic diseases. This evaluation process is ongoing as of Q3 2025, following positive Phase 2a HERALD data presentation at APASL 2025.

Preclinical data combining ALG-0005009 with incretin receptor agonists (like semaglutide or tirzepatide) showed profound synergistic effects in body weight loss in a mouse model. This combination potential is a key value driver in these out-licensing discussions.

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

You're looking at the core engine room of Aligos Therapeutics, Inc. (ALGS) right now-the actual work they must execute to move their pipeline forward. For a clinical-stage biotech, Key Activities are all about successful trial execution and smart financing.

Advancing Phase 2 B-SUPREME study for HBV (pevifoscorvir sodium)

The main focus is definitely on pevifoscorvir sodium (previously ALG-000184), their potential first- or best-in-class small molecule Capsid Assembly Modulator-E (CAM-E) for chronic Hepatitis B virus (HBV) infection. The Phase 2 B-SUPREME study (NCT06963710) officially dosed its first patient in August 2025. This is a randomized, double-blind, active-controlled multicenter study comparing pevifoscorvir sodium monotherapy against tenofovir disoproxil fumarate over 48 weeks in approximately 200 untreated adult subjects. You should note the projected timeline: interim readouts are expected in 1H and 2H 2026, with topline data not anticipated until 2027. The R&D expenses for the three months ended September 30, 2025, reflected this push, hitting $23.9 million. That's a significant burn rate when the market capitalization is around $50 million.

Here's a snapshot of the data already generated from the preceding Phase 1 work that informs this Phase 2 activity:

Research and development of small molecule therapeutics for liver and viral diseases

While HBV is front and center, Aligos Therapeutics, Inc. is actively managing other assets. Their R&D activity supports the development of other purpose-built therapeutics. Specifically, they are advancing ALG-055009, a potential best-in-class oral, small molecule thyroid receptor beta agonist (THR-β) targeting obesity and MASH (Metabolic Dysfunction-Associated Steatohepatitis). Also on the books is ALG-097558, a potential best-in-class ritonavir-free small molecule pan-coronavirus protease inhibitor. These activities require dedicated scientific and laboratory resources, which contribute to the overall R&D spend.

Global clinical trial management and site activation across multiple countries

Managing a global trial like B-SUPREME means coordinating regulatory approvals and site activations across different jurisdictions. The enrollment for the Phase 2 study is specifically noted as occurring across the U.S., China, Hong Kong, and Canada. This requires specialized logistical and regulatory expertise to keep the ~200 subject enrollment on track for those 2026 interim readouts. You can see the financial impact of this work in the Q3 2025 R&D expense of $23.9 million.

Business development efforts to fund and out-license pipeline assets

Given the cash position and burn rate, business development is a critical activity to secure non-dilutive funding. Aligos Therapeutics, Inc. is explicitly evaluating funding options, which include potential out-licensing deals for continued development of its assets. This is particularly true for ALG-055009, where the company is in continued discussions with potential partners for the obesity and MASH indication. This activity is essential to extend their operational runway, which as of September 30, 2025, was projected into Q3 2026 based on their $99.1 million cash, cash equivalents, and investments.

• Evaluating potential out-licensing for ALG-055009 (Obesity/MASH).
• Seeking partnerships to fund continued development of the coronavirus inhibitor.
• The Q3 2025 Net Loss was $31.5 million.

Presenting clinical data at major scientific conferences (e.g., The Liver Meeting 2025)

Translating research into tangible value requires presenting data to the scientific and investment communities. Aligos Therapeutics, Inc. had a significant presence at The Liver Meeting 2025, held November 7 - 11, 2025. They announced eight abstracts accepted, including one oral presentation. The oral presentation specifically covered the 96-week treatment and post-treatment data for pevifoscorvir sodium. This communication activity validates the science and is a precursor to potential partnership interest.

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

You're looking at the core assets Aligos Therapeutics, Inc. (ALGS) relies on to execute its strategy in the virology and liver disease space as of late 2025. These aren't just line items; they are the engines driving future value.

Financial Capital: The immediate fuel for operations is substantial. Aligos Therapeutics, Inc. reported cash, cash equivalents, and investments of $99.1 million as of September 30, 2025. That's a solid jump from the $56.9 million they held at the end of 2024. Honestly, this gives them a runway expected to cover planned operations into the third quarter of 2026. Still, the Q3 2025 net loss hit $31.5 million, with R&D spend at $23.9 million for that quarter, so managing that burn rate is key.

Proprietary Technology: The foundation is a proprietary drug discovery platform specifically honed for virology and liver diseases. This platform supports their mission to develop best-in-class therapies.

Clinical Pipeline Assets: This is where the near-term opportunity and risk live. You need to track these programs closely. Here's a quick look at the most advanced assets:

The Phase 2 B-SUPREME study for pevifoscorvir sodium is enrolling approximately 200 subjects, with interim readouts projected for the first half and second half of 2026, and topline data expected in 2027.

Intellectual Capital: Aligos Therapeutics, Inc. has built up deep R&D expertise and scientific talent, particularly in small molecule design. That expertise is evident in how they optimized pevifoscorvir sodium; they took a compound with only 5% oral bioavailability and modified it to achieve 80% oral bioavailability. That's the kind of tangible scientific improvement that defines a key resource.

You should track the R&D spend closely, as the $23.9 million in Q3 2025 R&D expense reflects the active clinical work underway. Finance: draft 13-week cash view by Friday.

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:

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:

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:

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:

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:

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:

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.