ALGS earnings analysis
What we found in ALGS's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
Aligos Therapeutics reported Q1 2026 revenue of $2,830, with a diluted EPS of -$2.21, missing estimates slightly. Operating expenses surged to $29,759, largely driven by increased research and development costs for the Phase 2 trials. Management expects to fund operations into Q4 2026, reflecting ongoing challenges and a need for additional capital.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Revenue of $2,830
- This represents an increase of $2.5 million from Q1 2025's $2,519.
- Operating Expenses Up 50% YoY
- Operating expenses rose from $19,554 in Q1 2025 to $29,759 in Q1 2026.
- Increased R&D Spending
- R&D expenses incurred $23,352, up from $14,502 in Q1 2025, driven by Phase 2 trial costs.
- Cash Expected to Fund Into Q4 2026
- Management indicated current cash and expected revenues to fund operations into Q4 2026.
- No New Risk Factors Identified
- Management discussed ongoing operational risks but did not identify new risk factors in the MD&A.
- Contract with Amoytop for $25M
- A license agreement was concluded with Amoytop for $25 million, along with potential future milestone payments.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- Negative Cash Flow
- Q1 2026 saw net losses of $23.0 million, similar to $24.2 million in 2025.
- Dependence on Third-Party CROs
- Clinical trials rely heavily on external CROs, posing risks if they fail to meet obligations.
- Potential Future Debt or Equity Dilution
- Need for additional capital raises poses risk of dilution to existing shareholders.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $-2.21
What they said about what is next.
Management expects cash to fund operations into Q4 2026.
The filing reads about the same as the one before it.
What came before.
- 10-K · March 5, 2026
- Aligos is a clinical‑stage biotech focused on liver and viral diseases with three lead programs (pevifoscorvir sodium for chronic HBV, ALG‑055009 for MASH/obesity, ALG‑097558 for coronaviruses). The 10‑K emphasizes…
- 10-Q · May 6, 2025
- Aligos reported Q1 revenue of $311,000, down from $986,000 a year earlier (a decline of $675,000 or ~68.5%), while operating expenses fell to $19.6M from $23.0M. GAAP net income was $43.1M driven by a $61.494M favorable…
- 10-Q · August 6, 2024
- Aligos reported Q2 (three months ended June 30, 2024) revenue of $1,061,000 (customers) and net income of $5.1 million (GAAP) or $0.03 per share, driven by a $16.1 million non‑cash favorable remeasurement of warrant…
- 10-Q · May 7, 2024
- Aligos reported total revenue of $986 (amounts in the filing are stated in thousands) for Q1 2024 and a net loss of $34,863 for the quarter, driven by operating loss of $22,046 and a large non-cash remeasurement of…
This is our reading of a public filing, not the filing. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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