Aligos Therapeutics (NASDAQ: ALGS) is a clinical-stage biopharmaceutical company developing small molecule drug candidates for chronic hepatitis B virus (HBV) infection and metabolic dysfunction-associated steatohepatitis (MASH). The company generates no product revenue, funding operations through equity financings, including a private placement completed in February 2025. Its pipeline centers on two lead programs: pevifoscorvir sodium (a capsid assembly modulator prodrug of ALG-001075) currently in the Phase 2 B-Supreme study for chronic HBV, and ALG-055009 (a thyroid hormone receptor-beta agonist) which completed a Phase 2a study in 2024 meeting its primary endpoint of statistically significant liver fat reduction at Week 12 in subjects with presumed MASH. Research and development activities are conducted primarily through third-party contract research organizations, with accrued clinical trial expenses of $1.6 million as of December 31, 2025.

Revenue model

No product revenue. The company is pre-commercial and funds operations through equity capital raises. R&D expenses are incurred via contracts with third-party CROs.

Products and services

Pevifoscorvir sodium (ALG-001075 prodrug): capsid assembly modulator in Phase 2 B-Supreme study for chronic HBV. ALG-055009: THR-beta agonist with Phase 2a MASH data showing statistically significant liver fat reduction at Week 12 (MRI-PDFF), completed 2024.

Customers and end markets

No commercial customers as of December 31, 2025. End markets are patients with chronic HBV infection and patients with MASH. Drug candidates remain in clinical development.

Value-chain role

Drug discovery and clinical-stage development. Outsources clinical trial execution to contract research organizations. No manufacturing or commercial distribution disclosed.

Geographic exposure

Incorporated and headquartered in the United States. Subject to EEA/UK GDPR data transfer requirements, indicating some cross-border clinical or operational activity, but no geographic revenue breakdown disclosed.

Source: SEC 10-K, filed 2026-03-05

Industry: Biological Products, (No Diagnostic Substances) Peers: Ambrx Biopharma Cayman, Inc. Applied Molecular Transport Inc. Athenex, Inc. Beyondspring Inc Perspective Therapeutics Inc PhaseBio Pharmaceuticals Inc Gain Therapeutics Inc Sellas Life Sciences Group Inc Oncternal Therapeutics, Inc.