Executive Summary

Q2 2025 printed a narrower-than-expected GAAP loss and better-than-expected revenue on a very small base: EPS of $(1.53) vs consensus $(2.36)* and revenue of $0.97M vs $0.43M*, aided by disciplined OpEx and modest interest income; year-over-year compares were tough given a one-time warrant fair value gain in Q2 2024.
Pipeline execution advanced: global regulatory approvals and site activations are underway for the Phase 2 B-SUPREME study of HBV CAM-E ALG-000184, with first dosing expected “in the coming weeks.”
Balance sheet strengthened: cash, cash equivalents and investments were $122.9M at 6/30/25, with runway into 2H26, unchanged from prior updates.
Near-term stock catalysts center on Phase 2 ALG-000184 first dosing/start-up momentum and additional 96-week Phase 1 data presentations for HBV, plus potential BD for THR-β agonist ALG-055009.

What Went Well and What Went Wrong

What Went Well

Phase 2 B-SUPREME (ALG-000184) progressed: multiple country approvals secured; sites activating; screening begun; dosing imminent. Quote: “We expect dosing to commence in the coming weeks.” — CEO Lawrence Blatt.
Q2 EPS and revenue topped Street on a small base: $(1.53) vs $(2.36); $0.97M vs $0.43M; OpEx down year over year with R&D and G&A each lower.
Cash runway intact into 2H26 after the February financing; short-term investments rose sequentially ($104.3M vs $64.1M at 3/31).

What Went Wrong

YoY optics deteriorated due to non-operating headwinds: Q2 swung to a net loss of $(15.9)M vs net income $5.1M in Q2 2024, driven by a much smaller gain from warrant fair value ($1.7M vs $30.4M YoY).
Revenues declined YoY ($0.97M vs $1.06M in Q2 2024), reflecting lumpy, low-scale revenue sources typical of clinical-stage biotechs.
Continued reliance on external funding for ALG-097558 and need for partnering to advance ALG-055009 underscores capital/resource constraints beyond HBV priority.

Financial Results

P&L and Operating Metrics (USD Millions, except per-share; periods oldest → newest)

Metric	Q4 2024	Q1 2025	Q2 2025
Revenue ($)	$0.63	$0.31	$0.97
Net Income (Loss) ($)	$(82.15)	$43.09	$(15.86)
Basic EPS ($)	$(13.08)	$5.12	$(1.53)
Diluted EPS ($)	$(13.08)	$(2.11)	$(1.53)
R&D Expense ($)	$16.03	$14.50	$13.98
G&A Expense ($)	$5.16	$5.05	$5.56
Interest & Other Income, net ($)	$(0.79)	$0.88	$1.21
Change in FV of 2023 Common Warrants ($)	$(60.77)	$61.49	$1.68
Cash, Cash Equivalents & Investments ($)	$56.90 (12/31/24)	$137.90 (3/31/25)	$122.90 (6/30/25)

Notes: Q1 2025 diluted EPS is anti-dilutive given capital structure effects; non-operating warrant fair value changes drive significant EPS volatility.

Q2 2025 vs Prior Year and vs Estimates

Metric	Q2 2024 Actual	Q2 2025 Actual	Consensus*	Surprise
Revenue ($)	$1.06M	$0.97M	$0.43M*	+$0.54M (beat)**
EPS ($)	$0.81	$(1.53)	$(2.36)*	+$0.83 (beat)**

Values with asterisks are retrieved from S&P Global.
**Bolded characterization (beat/miss) based on actual vs consensus deltas.

Guidance Changes

Metric	Period	Previous Guidance	Current Guidance	Change
Cash runway	Corporate	“Sufficient funding… into the second half of 2026” (Q4 2024/Q1 2025)	“Provide sufficient funding… into the second half of 2026”	Maintained
ALG-000184 Phase 2 timing	HBV	Phase 2 to begin mid-2025; dosing mid-2025 (Q1)	Approvals obtained, sites activating, screening underway; dosing in “coming weeks”	Advanced toward dosing
ALG-055009 (THR-β) plan	MASH	Continue evaluating options incl. out-licensing	Continue evaluating options incl. out-licensing	Maintained
ALG-097558 funding	Pan-coronavirus PI	Future development funded by external sources; NIAID DDI/RBA dosing expected Q2 2025	NIAID DDI/RBA study began dosing in Q2 2025; future dev. funded by external sources	Milestone achieved; funding plan maintained

Earnings Call Themes & Trends

Note: A Q2 2025 earnings call transcript was not available in the company filings/transcript set; themes below reflect quarterly press releases.

Topic	Previous Mentions (Q4 2024, Q1 2025)	Current Period (Q2 2025)	Trend
HBV CAM-E (ALG-000184)	Preparing Phase 2 mid-2025; strong Phase 1 suppression; 96-week data planned	Regulatory approvals obtained across multiple countries; sites activating; screening begun; dosing imminent; interim 2026/topline 2027	Execution advancing on timeline
MASH THR-β (ALG-055009)	Met Phase 2a HERALD primary endpoint; lipid improvements; partnering discussions ongoing	EASL 2025 data reinforce fat/lipid reductions incl. on background GLP-1/statins; continue evaluating out-licensing	Data reinforced; BD path unchanged
Pan-Coronavirus PI (ALG-097558)	Multiple studies initiated; AGILE platform; NIAID DDI/RBA expected to start Q2 2025; external funding	NIAID DDI/RBA began dosing in Q2; future development to be externally funded	De-risked DDI/RBA milestone
Balance sheet/runway	Post-Feb financing, runway into 2H26	Runway into 2H26 reiterated	Stable
Organization/operations	—	Hiring VP Clinical Operations (May 2025), supporting trial execution	Build-out to execute studies

Management Commentary

“Initiation of the Phase 2 B-SUPREME study of ALG-000184 is well underway… we expect dosing to commence in the coming weeks.” — Lawrence Blatt, Ph.D., M.B.A., Chairman, President & CEO.
“The Phase 1 data showcasing 96 weeks of treatment… suggests that ALG-000184 has the potential to replace standard of care… and may become the backbone of treatments aimed at a functional cure.”
On MASH THR-β: continuing to evaluate funding options including potential out-licensing after positive fat and lipid data presented at EASL 2025.

Q&A Highlights

No Q2 2025 earnings call transcript was available in the filings/transcript set; no Q&A to summarize.
Management communications this quarter were delivered via press release with detailed financial tables and pipeline updates.

Estimates Context

Q2 2025 vs S&P Global consensus: EPS $(1.53) vs $(2.36); Revenue $0.97M vs $0.43M; ~+$0.83 EPS beat and +$0.54M revenue beat on low base.
Coverage remains light (3 estimates for EPS and revenue), and a volatile non-operating warrant fair value line continues to drive GAAP EPS swings, suggesting Street models may place more emphasis on cash runway and OpEx cadence than on headline EPS.
Values marked with asterisks are retrieved from S&P Global.

Consensus snapshot (Q2 2025)

Primary EPS Consensus Mean: $(2.36); number of estimates: 3; Actual: $(1.53)
Revenue Consensus Mean: $0.43M*; number of estimates: 3*; Actual: $0.97M
Target Price Consensus Mean: $80.25*

Values marked with asterisks are retrieved from S&P Global.

Key Takeaways for Investors

HBV lead program is transitioning from planning to execution with Phase 2 B-SUPREME dosing imminent, a key de-risking and sentiment catalyst over the next several weeks.
Financials beat low expectations in Q2, but GAAP EPS will remain volatile given warrant fair value accounting; focus on OpEx trajectory and cash runway into 2H26.
Additional 96-week Phase 1 HBV data presentations this year and 2026 interim Phase 2 readout timeline provide a steady cadence of catalysts.
MASH THR-β asset continues to look competitive on liver fat and atherogenic lipids, but forward progress likely hinges on partnering; any BD announcement would be an upside swing factor.
ALG-097558’s NIAID-backed DDI/RBA dosing start reduces some development risk without pulling on Aligos’ balance sheet; future work remains externally funded.
With ~$122.9M in cash/investments at quarter-end and reiterated runway, dilution risk looks moderated in the near term; execution on HBV enrollment/dosing is now the primary driver.

Additional Detail: Q2 2025 Financial and Operating KPIs (USD Millions unless noted)

KPI	Q2 2025	Q2 2024
Revenue from customers	$0.97	$1.06
Revenue from collaborations	$0.00	$0.00
Total operating expenses	$19.53	$27.48
R&D expense	$13.98	$21.10
G&A expense	$5.56	$6.38
Interest & other income, net	$1.21	$1.21
Change in FV of 2023 common warrants	$1.68	$30.44
Net (loss) income	$(15.86)	$5.06
Cash, cash equivalents & investments (period-end)	$122.90	—

Other Relevant Q2 2025 Press Releases

Corporate build-out for execution: appointed VP of Clinical Operations (May 20, 2025), supporting Phase 2 readiness and global site activations.

Citations

Q2 2025 8-K Item 2.02/EX-99.1 press release and financial tables:
Standalone press release version (identical content):
Q1 2025 8-K press release and financial tables:
Q4 2024 8-K press release and financial tables:
Values marked with asterisks are retrieved from S&P Global.

Aligos Therapeutics, Inc. (ALGS)·Q2 2025 Earnings Summary