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what it is
Aligos is a clinical-stage biotech trying to turn liver and virus drug programs into future approved medicines.
how it gets paid
Revenue is almost entirely collaboration and milestone payments, not product sales. Third quarter 2025 collaboration revenue was $0.7 million ($741 thousand as reported); full-year 2024 detail is in the 10-K.
why the numbers twitch
Tiny collaboration checks move the percent-change math around quarter to quarter. The real read is cash runway and trial enrollment — not a stable consumer revenue line.
what just happened
Q3 2025: collaboration revenue $741K; diluted EPS $(3.04) versus consensus around $(2.01) — a loss-making clinical-stage print, not an operating business yet.
At a glance
C++ balance sheet — some cracks in the foundation
55/100 earnings predictability — expect surprises
-$20.94 fy2024 eps est
~$0.7M Q3’25 collaboration revenue (rounded)
n/a operating margin
xvary composite: 22/100 — weak
What they do
Aligos is a clinical-stage biotech trying to turn liver and virus drug programs into future approved medicines.
The edge here is scientific focus, not sales power. Aligos has 66 employees and is built around liver disease and viral infections, with three drug candidates called out in its company description. Drug pipeline → future medicine shots → so what: if even one program works, your upside can dwarf a $47 million market cap; if they fail, collaboration revenue does not save you.
How they make money
$2M
annual revenue · their business grew -39.5% last year
HBV-related collaboration revenue
$1.0M
MASH-related collaboration revenue
$0.5M
Coronavirus-related collaboration revenue
$0.3M
Other liver and viral programs
$0.2M
The products that matter
clinical-stage hepatitis b program
Pevifoscorvir sodium (Phase 2 HBV)
B-SUPREME Phase 2 enrolling · no product revenue
it is the only clinical-stage asset called out in this snapshot, and it carries the burden of the entire $47M valuation.
pipeline
licensing and partnership fees
Research collaborations
$2.2M trailing revenue
this produced the company’s entire trailing revenue base. $2.2M is real, but it is not evidence of a scaled commercial business.
revenue
Key numbers
n/a
operating margin
Prior margin KPI failed sanity check — verify in filings. Operating margin → profit after core costs → so what: Aligos is nowhere near self-funding, which makes trial progress more important than sales today.
$0.7M
Q3’25 revenue
Rounded from $741K reported for the quarter. Against a ~$47M market cap, the stock is still a pipeline bet.
-$20.94
2024 EPS
EPS → profit per share → so what: losses stayed huge in 2024 even after improving from -$34.00 in 2023.
$2M
long-term debt
Debt is just 5% of capital. Low debt helps, but it does not fix a business with a n/a operating margin.
Financial health
C++
strength
- balance sheet grade C++ — below average — limited financial resources
- risk rank 5 — safer than 5% of stocks
- price stability 5 / 100
- long-term debt $2M (5% of capital)
C++ — below average. watch for debt servicing and cash burn.
Total return vs. market
Return history isn't available for ALGS right now.
source: institutional data · return history unavailable
What just happened
missed estimates
Q3 2025 collaboration revenue was $741K; diluted EPS was $(3.04).
Versus consensus around $(2.01) EPS — a wider loss on still-minuscule top line. Management highlighted Phase 2 enrollment for pevifoscorvir (HBV) and expected interim readouts over the next couple of years.
$741K
Q3’25 revenue
$(3.04)
diluted EPS
clinical
stage
the number that mattered
The loss per share versus expectations matters more than the revenue dollars — there is no operating business to absorb misses yet.
source: Aligos Q3 2025 results (Nov 2025)
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What could go wrong
the #1 risk here is funding the hepatitis b program after a going-concern warning.
med
going-concern pressure
the company flagged going-concern risk in its march 2026 report. that is corporate language for a simple problem: the current business does not fund itself.
if new capital does not arrive on workable terms, operations can tighten fast even with only $2M of long-term debt.
med
single-trial concentration
you are effectively tied to one 48-week Phase 2 hepatitis b study. there is no approved product base to cushion bad data.
a weak readout would hit both the clinical thesis and the financing thesis at the same time.
med
global trial execution
the company has already disclosed geopolitical exposure around globally distributed clinical trials. when studies stretch across borders, delays get easier and timelines get softer.
for a company this small, even a modest delay can matter because cash burn continues while the value-driving data stays out of reach.
the combined risk picture is concentrated: one study, one funding problem, and only $2.2M in trailing revenue to offset it.
source: institutional data · regulatory filings · risk analysis
Pay attention to
catalyst
Phase 2 hepatitis b data timing
the 48-week oral study is the main asset. if timelines slip, the stock loses both momentum and financing leverage.
risk
cash runway and capital raises
after a going-concern warning, financing is not background noise. it is part of the thesis.
metric
quarterly loss versus tiny revenue
$19.9M of quarterly net loss against $169K of quarterly revenue tells you the company is still operating far from self-funding.
trend
whether collaboration revenue keeps shrinking
revenue fell 74.8% last year and collaboration revenue fell 39.5%. that is not the trend you want when capital is already tight.
Analyst rankings
earnings predictability
55 / 100
the numbers are hard to model because there is no mature operating base. in human-speak, analysts do not have much steady business to lean on.
beta
1.8
beta measures market sensitivity. in plain english, ALGS usually swings harder than the index.
price stability
5 / 100
that is a low stability score. you are not buying predictability here. you are buying exposure to a clinical outcome.
source: institutional data
Institutional activity
institutional ownership data for ALGS is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$7
current price
n/a
target midpoint · n/a from current
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