Aligos Therapeutics Inc (ALGS) Reports Q3 2023 Financial Results and Business Progress
Aligos Therapeutics Inc (NASDAQ:ALGS) reports a net loss of $18.0 million for Q3 2023, a slight decrease from $18.6 million in Q3 2022.
The company raised approximately $92 million in a private placement financing and secured an $8.5 million contract with the NIAID.
Cash, cash equivalents and investments totaled $70.4 million as of September 30, 2023.
Research and development expenses for Q3 2023 were $15.9 million, compared to $17.8 million in Q3 2022.
Aligos Therapeutics Inc (NASDAQ:ALGS), a clinical stage biopharmaceutical company, announced its financial results for the third quarter of 2023 on November 2, 2023. The company reported a net loss of $18.0 million, or $(0.41) per share, compared to a net loss of $18.6 million, or $(0.44) per share, for the same period in 2022.
Financial Highlights
As of September 30, 2023, Aligos Therapeutics Inc (NASDAQ:ALGS) had cash, cash equivalents and investments totaling $70.4 million, compared with $125.8 million as of December 31, 2022. The company raised approximately $92 million in a private placement financing in October 2023. Including the expected net proceeds from the private placement, the company believes its cash balance provides sufficient cash to fund planned operations through the end of 2025.
Research and development (R&D) expenses for the third quarter of 2023 were $15.9 million, compared with $17.8 million for the same period of 2022. The decrease was primarily due to employee-related costs and other costs including facility expenses, partially offset by an increase in third party expenses due to the milestone payments made as a result of dosing the first patient in a clinical trial.
General and administrative (G&A) expenses for the third quarter of 2023 were $6.4 million, compared with $5.3 million for the same period of 2022. The increase in G&A expenses for this comparative period is primarily attributable to an increase in legal and related costs.
Business Progress
During the quarter, Aligos Therapeutics Inc (NASDAQ:ALGS) successfully received clearance for its first US IND (for ALG-055009) and secured an $8.5 million contract with the NIAID to advance its coronavirus protease inhibitor into Phase 2 clinical trials. The company is also conducting a Ph2a MRI-PDFF study in NASH with ALG-055009, conducting Phase 2 enabling activities for its promising CAM-E, ALG-000184, in CHB, and advancing its potentially best-in-class coronavirus protease inhibitor, ALG-097558.
Aligos Therapeutics Inc (NASDAQ:ALGS) is a clinical stage biopharmaceutical company focused on developing novel therapeutics to address unmet medical needs in liver and viral diseases. The company was founded in 2018 with the mission to become a world leader in the treatment of liver and viral diseases.
Explore the complete 8-K earnings release (here) from Aligos Therapeutics Inc for further details.
This article first appeared on GuruFocus.
