$ALGS
Aligos Therapeutics, Inc.

2021 Q3 Form 10-Q Financial Statement

#000156459021054514 Filed on November 04, 2021

View on sec.gov

Income Statement

Concept 2021 Q3 2020 Q4 2020 Q3
Revenue $1.537M $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $6.473M $6.210M $4.230M
YoY Change 53.03%
% of Gross Profit
Research & Development $28.13M $28.08M $17.33M
YoY Change 62.31% 47.77%
% of Gross Profit
Depreciation & Amortization $765.0K $730.0K $708.0K
YoY Change 8.05% -42.52% 82.95%
% of Gross Profit
Operating Expenses $34.61M $34.29M $21.56M
YoY Change 60.53% 48.63%
Operating Profit -$33.07M -$21.56M
YoY Change 53.4% 48.63%
Interest Expense $20.00K $270.0K $230.0K
YoY Change -91.3%
% of Operating Profit
Other Income/Expense, Net $50.00K -$190.0K -$11.97M
YoY Change -100.42%
Pretax Income -$33.00M -$34.20M -$33.30M
YoY Change -0.9% 136.97%
Income Tax $126.0K $220.0K $0.00
% Of Pretax Income
Net Earnings -$33.12M -$34.42M -$33.30M
YoY Change -0.52% 136.97%
Net Earnings / Revenue -2155.11%
Basic Earnings Per Share -$0.78
Diluted Earnings Per Share -$781.2K -$962.8K -$902.7K
COMMON SHARES
Basic Shares Outstanding 42.61M 38.12M
Diluted Shares Outstanding 42.40M

Balance Sheet

Concept 2021 Q3 2020 Q4 2020 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $242.2M $243.5M $70.10M
YoY Change 245.49%
Cash & Equivalents $239.7M $220.4M $31.82M
Short-Term Investments $2.451M $23.10M $38.20M
Other Short-Term Assets $6.485M $5.944M $3.073M
YoY Change 111.03% 193.53%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $248.7M $250.0M $73.69M
YoY Change 237.44% 107.96%
LONG-TERM ASSETS
Property, Plant & Equipment $6.272M $8.007M $8.592M
YoY Change -27.0% -5.99%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $492.0K $0.00
YoY Change
Other Assets $748.0K $377.0K $2.844M
YoY Change -73.7% 100.53%
Total Long-Term Assets $14.40M $15.29M $18.49M
YoY Change -22.13% -41.87%
TOTAL ASSETS
Total Short-Term Assets $248.7M $250.0M $73.69M
Total Long-Term Assets $14.40M $15.29M $18.49M
Total Assets $263.1M $265.3M $92.18M
YoY Change 185.38% 81.07%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.601M $3.313M $7.682M
YoY Change -66.14% -12.05%
Accrued Expenses $22.76M $16.56M $9.782M
YoY Change 132.67% 117.98%
Deferred Revenue $7.891M
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $81.00K $100.0K $100.0K
YoY Change -19.0%
Total Short-Term Liabilities $34.78M $30.27M $19.98M
YoY Change 74.04% 119.09%
LONG-TERM LIABILITIES
Long-Term Debt $320.0K $500.0K $14.70M
YoY Change -97.82%
Other Long-Term Liabilities $267.0K $379.0K $295.0K
YoY Change -9.49%
Total Long-Term Liabilities $267.0K $379.0K $295.0K
YoY Change -9.49%
TOTAL LIABILITIES
Total Short-Term Liabilities $34.78M $30.27M $19.98M
Total Long-Term Liabilities $267.0K $379.0K $295.0K
Total Liabilities $46.06M $45.26M $46.29M
YoY Change -0.49% 54.31%
SHAREHOLDERS EQUITY
Retained Earnings -$265.4M -$174.7M -$140.3M
YoY Change 89.14% 163.91%
Common Stock $482.6M $395.0M $3.620M
YoY Change 13232.02% 27695.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $217.0M $220.0M -$136.7M
YoY Change
Total Liabilities & Shareholders Equity $263.1M $265.3M $92.18M
YoY Change 185.38% 81.07%

Cashflow Statement

Concept 2021 Q3 2020 Q4 2020 Q3
OPERATING ACTIVITIES
Net Income -$33.12M -$34.42M -$33.30M
YoY Change -0.52% 136.97%
Depreciation, Depletion And Amortization $765.0K $730.0K $708.0K
YoY Change 8.05% -42.52% 82.95%
Cash From Operating Activities -$25.37M -$19.68M -$16.57M
YoY Change 53.1% -30.78%
INVESTING ACTIVITIES
Capital Expenditures -$97.00K -$60.00K -$340.0K
YoY Change -71.47% -95.59%
Acquisitions
YoY Change
Other Investing Activities $57.00K $15.00M $27.00M
YoY Change -99.79% -210.78%
Cash From Investing Activities -$40.00K $14.94M $26.66M
YoY Change -100.15% -200.27%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 77.95M 193.3M -950.0K
YoY Change -8305.47% 125.97%
NET CHANGE
Cash From Operating Activities -25.37M -19.68M -16.57M
Cash From Investing Activities -40.00K 14.94M 26.66M
Cash From Financing Activities 77.95M 193.3M -950.0K
Net Change In Cash 52.54M 188.6M 9.140M
YoY Change 474.88% 346.66%
FREE CASH FLOW
Cash From Operating Activities -$25.37M -$19.68M -$16.57M
Capital Expenditures -$97.00K -$60.00K -$340.0K
Free Cash Flow -$25.27M -$19.62M -$16.23M
YoY Change 55.71% -27.52%

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us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
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CY2020Q3 us-gaap Cash And Cash Equivalents At Carrying Value
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31816000
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CY2020Q3 us-gaap Restricted Cash
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240387000
CY2020Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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algs Leasehold Improvement Directly Paid By The Landlord
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79000
algs Market To Market Adjustments For Available For Sale Investments
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us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
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algs Vesting Of Early Exercised Options Value
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us-gaap Nature Of Operations
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<div style="align:left;"> <table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse; width:100%;"> <tr> <td style="width:3.4%;white-space:nowrap" valign="top"> <p style="margin-bottom:0pt;margin-top:6pt;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;"><span style="font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">1.</span></p></td> <td valign="top"> <p style="margin-bottom:0pt;margin-top:6pt;font-weight:bold;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:10pt;"><span style="font-weight:normal;"/>Organization </p></td></tr></table></div> <p style="margin-bottom:0pt;margin-top:6pt;margin-left:3.4%;text-indent:0%;font-weight:bold;font-style:italic;font-size:10pt;font-family:Times New Roman;text-transform:none;font-variant: normal;">Description of business </p> <p style="margin-bottom:0pt;margin-top:6pt;text-indent:3.4%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Aligos Therapeutics, Inc. (Aligos-US) was incorporated in the state of Delaware on February 5, 2018 (inception). On September 10, 2018, the Company formed Aligos Belgium BVBA (Aligos-Belgium), a limited liability company organized under the laws of Belgium. On March 30, 2020, the Company formed as a wholly owned subsidiary, Aligos Australia Pty LTD (Aligos-Australia), a proprietary limited company. On May 18, 2021, the Company formed as a wholly owned subsidiary, Aligos Therapeutics (Shanghai) Co. Ltd. (Aligos-Shanghai) and together with Aligos-US, Aligos-Belgium, and Aligos-Australia being the “Company” or “Aligos”. </p> <p style="margin-bottom:0pt;margin-top:12pt;text-indent:3.4%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Aligos is a clinical-stage biopharmaceutical company developing novel therapeutics to address unmet medical needs in viral and liver diseases, including for chronic hepatitis B, coronaviruses and non-alcoholic steatohepatitis (NASH). </p> <p style="margin-bottom:0pt;margin-top:12pt;text-indent:3.4%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The Company is devoting substantially all of its efforts to the research and development of its drug candidates. The Company has not generated any product revenue to date. The Company is also subject to a number of risks similar to other companies in the biotechnology industry, including the uncertainty of success of its nonclinical studies and clinical trials, regulatory approval of drug candidates, uncertainty of market acceptance of products, competition from substitute products and larger companies, the need to obtain additional financing, compliance with government regulations, protection of proprietary technology, dependence on third-parties, product liability, and dependence on key individuals. </p> <p style="margin-bottom:0pt;margin-top:18pt;margin-left:3.4%;text-indent:0%;font-weight:bold;font-style:italic;font-size:10pt;font-family:Times New Roman;text-transform:none;font-variant: normal;">Reverse stock split </p> <p style="margin-bottom:0pt;margin-top:6pt;text-indent:3.4%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">On October 9, 2020, the Company effected a 1-for-9.3197 reverse stock split (the Reverse Stock Split) of the Company’s common stock and redeemable convertible preferred stock to be consummated prior to the effectiveness of the Company’s initial public offering (IPO). The par value and authorized shares of the common stock and redeemable convertible preferred stock were not adjusted as a result of the Reverse Stock Split. All issued and outstanding common stock, options to purchase common stock and per share amounts contained in the financial statements have been retroactively adjusted to give effect to the Reverse Stock Split for all periods presented.                          </p> <p style="margin-bottom:0pt;margin-top:18pt;margin-left:3.4%;text-indent:0%;font-weight:bold;font-style:italic;font-size:10pt;font-family:Times New Roman;text-transform:none;font-variant: normal;">Initial public offering </p> <p style="margin-bottom:0pt;margin-top:6pt;text-indent:3.4%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">On October 20, 2020, the Company closed its IPO and issued 10,000,000 shares of its common stock at a public offering price of $15.00 per share for net proceeds of $135.4 million, after deducting underwriting discounts and commissions of $10.5 million and expenses of $4.1 million. In connection with the IPO, all shares of Series A redeemable convertible preferred stock (Series A), Series B-1 redeemable convertible preferred stock (Series B-1) and Series B-2 redeemable convertible preferred stock (Series B-2) converted into 19,761,870 shares of voting common stock and 3,092,338 shares of non-voting common stock. On November 5, 2020, the underwriters of the IPO partially exercised their overallotment option by purchasing an additional 1,150,000 shares from the Company, resulting in an additional $16.0 million in net proceeds, after deducting underwriting discounts and commissions of $1.2 million.</p> <p style="margin-bottom:0pt;margin-top:6pt;text-indent:3.4%;font-weight:bold;font-style:italic;font-size:10pt;font-family:Times New Roman;text-transform:none;font-variant: normal;">Liquidity</p> <p style="margin-bottom:0pt;margin-top:6pt;text-indent:3.4%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The Company has incurred losses and negative cash flows from operations since its inception. As of September 30, 2021 and December 31, 2020, the Company had an accumulated deficit of $265.4 million and $174.7 million, respectively. Management expects to continue to incur additional substantial losses in the foreseeable future as a result of expanded research and development activities. </p> <p style="margin-bottom:0pt;margin-top:12pt;text-indent:3.4%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">As of September 30, 2021, the Company has unrestricted cash, cash equivalents and investments of approximately $242.7 million which is available to fund future operations. The Company expects to continue to spend substantial amounts to continue the nonclinical and clinical development of its current and future programs. If the Company is able to gain marketing approval for drug candidates that are being developed, it will require significant additional amounts of cash in order to launch and commercialize such drug candidates. In addition, other unanticipated costs may arise. Because the design and outcome of the Company’s planned and anticipated clinical trials is highly uncertain, the Company cannot reasonably estimate the actual amounts necessary to successfully complete the development and commercialization of any drug candidate the Company may develop. </p> <p style="margin-bottom:0pt;margin-top:12pt;text-indent:3.4%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The Company expects to finance its cash needs through a combination of public or private equity offerings, debt financings, collaborations, strategic alliances, licensing arrangements and other marketing or distribution arrangements. In addition, the Company may seek additional capital to take advantage of favorable market conditions or strategic opportunities even if the Company believes it has sufficient funds for its current or future operating plans. Based on the Company’s research and development plans, it is expected that the Company’s existing cash, cash equivalents and investments, will enable the Company to fund its operations for at least 12 months following the date the condensed consolidated financial statements are issued. However, the Company’s operating plan may change as a result of many factors currently unknown,<span style="Background-color:#FFFFFF;color:#000000;"> and the Company may need to seek additional funds sooner than planned. Moreover, it is particularly difficult to estimate with certainty the Company’s future expenses given the dynamic nature of its business, the COVID-19 pandemic and the macro-economic environment generally</span>. </p> <p style="margin-bottom:0pt;margin-top:6pt;text-indent:3.4%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> <span style="Background-color:#FFFFFF;color:#000000;">The Company’s ability to raise additional funds will depend on financial, economic and other factors, many of which are beyond its control. In particular, the COVID-19 pandemic continues to rapidly evolve and has resulted in a significant disruption of global financial markets. If the disruption persists or deepens, the Company could be unable to access additional capital, which could negatively affect its ability to consummate certain corporate development transactions or other important, beneficial or opportunistic investments. If additional funds are not available to the Company when needed, on terms that are acceptable to the Company, or at all, the Company may be required to: delay, limit, reduce or terminate nonclinical studies, clinical trials or other research and development activities or eliminate one or more of its development programs altogether; or delay, limit, reduce or terminate its efforts to establish manufacturing and sales and marketing capabilities or other activities that may be necessary to commercialize any future approved products, or reduce the Company’s flexibility in developing or maintaining its sales and marketing strategy.</span></p>
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<p style="margin-bottom:0pt;margin-top:18pt;margin-left:3.4%;text-indent:0%;font-weight:bold;font-style:italic;font-size:10pt;font-family:Times New Roman;text-transform:none;font-variant: normal;">Use of estimates </p> <p style="margin-bottom:0pt;margin-top:6pt;text-indent:3.4%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The preparation of the condensed consolidated financial statements in conformity with U.S. GAAP requires management to make certain estimates and assumptions that affect the reported amounts in the condensed consolidated financial statements and accompanying notes. The Company regularly evaluates estimates and assumptions related to assets and liabilities, and disclosures of contingent assets and liabilities at the dates of the condensed consolidated financial statements and the reported amounts of expenses during the reporting period. Areas where management uses subjective judgments include but are not limited to right-of-use assets, lease obligations, impairment of long-lived assets, stock-based compensation, accrued research and development costs, pension liabilities, revenue from collaborations and deferred revenue in the accompanying condensed consolidated financial statements. Management bases its estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ materially from these estimates under different assumptions or conditions. </p>
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ForeignCurrencyTransactionGainLossBeforeTax
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us-gaap Foreign Currency Transaction Gain Loss Before Tax
ForeignCurrencyTransactionGainLossBeforeTax
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us-gaap Foreign Currency Transaction Gain Loss Before Tax
ForeignCurrencyTransactionGainLossBeforeTax
70000
us-gaap Additional Cash And Cash Equivalent Related Text
AdditionalCashAndCashEquivalentRelatedText
The Company considers all highly liquid investments purchased with original maturities of 90 days or less at acquisition to be cash equivalents.
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us-gaap Impairment Of Investments
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us-gaap Impairment Of Investments
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us-gaap Depreciation
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us-gaap Depreciation
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CY2020Q4 us-gaap Available For Sale Securities And Held To Maturity Securities
AvailableForSaleSecuritiesAndHeldToMaturitySecurities
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AvailableForSaleSecuritiesDebtMaturitiesWithinOneYearFairValue
2451000
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492000
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AvailableForSaleSecuritiesDebtMaturitiesMoreThanOneYearFairValue
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CY2021Q3 us-gaap Available For Sale Debt Securities Amortized Cost Basis
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us-gaap Finance Lease Interest Expense
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CY2021Q3 us-gaap Finance Lease Liability Noncurrent
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CY2020Q3 us-gaap Operating Lease Cost
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us-gaap Operating Lease Cost
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us-gaap Operating Lease Cost
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algs Finance Lease Amortization Of Right Of Use Assets
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algs Finance Lease Amortization Of Right Of Use Assets
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CY2020Q3 algs Finance Lease Cost
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algs Finance Lease Cost
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algs Finance Lease Cost
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us-gaap Operating Lease Payments
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us-gaap Operating Lease Payments
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0.0311
CY2020Q4 us-gaap Finance Lease Weighted Average Discount Rate Percent
FinanceLeaseWeightedAverageDiscountRatePercent
0.0315
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134112
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algs Warrants Issued Closing Date
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2018-04-20
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one-for-one
CY2021Q3 us-gaap Temporary Equity Shares Authorized
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CY2021Q3 us-gaap Temporary Equity Shares Issued
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0
us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
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0
CY2020Q3 us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense
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us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense
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us-gaap Weighted Average Number Of Shares Common Stock Subject To Repurchase Or Cancellation
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280195
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396522
CY2021Q3 algs Aggregate Share Repurchase Price
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400000
CY2020Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1016000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
9806000
CY2020Q3 algs Expense Related To Milestone Payments
ExpenseRelatedToMilestonePayments
0
algs Expense Related To Milestone Payments
ExpenseRelatedToMilestonePayments
0
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1674000
CY2021Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
3592000
algs Expense Related To Milestone Payments
ExpenseRelatedToMilestonePayments
0
CY2021Q3 algs Expense Related To Milestone Payments
ExpenseRelatedToMilestonePayments
0
CY2021Q3 us-gaap Loss Contingency Accrual At Carrying Value
LossContingencyAccrualAtCarryingValue
0
CY2021Q3 us-gaap Loss Contingency Accrual At Carrying Value
LossContingencyAccrualAtCarryingValue
0
CY2020Q4 us-gaap Loss Contingency Accrual At Carrying Value
LossContingencyAccrualAtCarryingValue
0
CY2021Q3 us-gaap Purchase Obligation
PurchaseObligation
4100000
us-gaap Net Income Loss
NetIncomeLoss
-74123000
CY2021Q3 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
42399984
CY2020Q3 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
3027825
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
39151095
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
2829160
CY2021Q3 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.78
CY2020Q3 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-11.00
us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-2.31
us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-26.20
CY2021Q3 us-gaap Net Income Loss
NetIncomeLoss
-33124000
CY2020Q3 us-gaap Net Income Loss
NetIncomeLoss
-33297000
us-gaap Net Income Loss
NetIncomeLoss
-90618000
CY2021Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
5775537
CY2020Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
25953481
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
5775537
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
25953481

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