Aligos Therapeutics reported a net loss of $21.86 million for Q3 2026.

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For the quarterly period ended June September 30, 2026

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As of August November 3, 2026 , the registrant had 6,244,558 6,248,478 shares of common stock, $0.0001 par value per share, outstanding, consisting of 5,444,558 5,448,478 shares of voting common stock, $0.0001 par value per share and 800,000 shares of non-voting common stock, $0.0001 par value per share. This number does not include 4,217,432 shares of common stock issuable upon the exercise of pre-funded warrants outstanding as of August November 3, 2026 (which are immediately exercisable at an exercise price of $0.0025 and $0.0001 per share of common stock, , subject to beneficial ownership limitations) sold in the Registrant's private placement on October 23, 2023 and February 13, 2025. See Note 6 7 — Common Warrants and Pre-Funded Warrants to the Registrant's unaudited condensed consolidated financial statements.

Forward-looking statements 4 changes

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• We are in the early to or mid-stages of our development efforts, and our business is dependent on the successful development of our current and future drug candidates. If we are unable to advance our current or future drug candidates through clinical trials, obtain marketing approval and ultimately commercialize any drug candidates we develop, or experience significant delays in doing so, our business will be materially harmed.

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• We depend on collaborations with third parties for the development of certain of our potential drug candidates, and we will may depend on additional collaborations in the future for the development and commercialization of these or other potential candidates. If our collaborations are not successful, we may not be able to capitalize on the market potential of these drug candidates.

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• We have entered into licensing and collaboration agreements with third parties, and the U.S. government has rights related to certain of our intellectual property. If we fail to comply with our obligations in the agreements under which we license intellectual property rights to or from third parties, or these agreements are terminated, or we otherwise experience disruptions to our business relationships with our licensors or licensees, or we fail to meet our obligations to the government, our competitive position, business, financial condition, results of operations and prospects could be harmed.

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The summary risk factors described above should be read together with the text of the full risk factors below in the section entitled "Risk Factors" and the other information set forth in this Quarterly Report on Form 10-Q, including our consolidated financial statements and the related notes, as well as in other documents that we file with the SEC. The risks summarized above or described in ii full below are not the only risks that we face. Additional risks and uncertainties not precisely known to us or that we currently deem to ii be immaterial may also materially adversely affect our business, financial condition, results of operations, and future growth prospects.

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Financial Statements (Unaudited) 1 change

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Condensed Consolidated Statements of Operations and Comprehensive Loss ) Income

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Financial statements 103 changes

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Commitments and contingencies (Note 10) 11)

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Preferred Stock, $ 0.0001 par value; 10,000,000 shares authorized as of June September 30, 2026 and December 31, 2025; no shares issued and outstanding as of June September 30, 2026 and December 31, 2025, respectively.

Common stock, $ 0.0001 par value; 115,800,000 shares authorized as of June September 30, 2026 and December 31, 2025; 6,236,828 6,248,440 and 6,178,230 shares issued and outstanding as of June September 30, 2026 and December 31, 2025, respectively.

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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS INCOME (Unaudited)

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Income Loss before income tax

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Other comprehensive loss:

Other comprehensive loss

Comprehensive (loss) income

Other comprehensive income (loss):

Unrealized income (loss) on available-for-sale securities

Other comprehensive income (loss)

Net loss income per share, basic

Net loss income per share, diluted

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Issuance of common stock related

Stock-based compensation expense related to

employee stock awards

Stock-based compensation expense related to

employee stock purchases

Balance as of September 30, 2026

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Issuance of common stock from

Stock-based compensation expense related to employee stock awards

Stock-based compensation expense related to employee stock purchases

Other comprehensive income

Balance as of September 30, 2025

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Six Months Ended June 30,

Nine Months Ended September 30,

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Adjustments to reconcile net loss income to net cash used in operating activities:

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Net cash and cash equivalents provided by (used in) investing activities ( 83,488 35,805

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Proceeds from issuance of common stock, common warrants and pre-funded warrants in connection with 2025 PIPE offering, net of costs ( 78 86 ( 1 11

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Net increase (decrease) in cash, cash equivalents, and restricted cash ( 18,336

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PIPE issuance costs unpaid at period end

Acquisition of right-of-use asset through operating lease obligation

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As of June September 30, 2026, the Company had cash and cash equivalents of $ 30.4 31.1 million and an accumulated deficit of $ 666.7 688.6 million . The Company has incurred recurring losses from operations and negative cash flows from operating activities. The Company expects that its cash and cash equivalents in addition to the $ 25.0 million, net of tax, received from Amoytop in July 2026, will be sufficient to fund current planned operations into the fourth first quarter of 2026, 2027, which is less than one year from the date of filing this Quarterly Report on Form 10-Q. The Company plans to raise substantial additional capital to continue as a going concern, including through a combination of public or private equity offerings, third-party funding, collaborations, strategic alliances, and licensing arrangements. In addition, the Company is evaluating future financing opportunities, and intends to secure additional funding.

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Accounts receivable includes receivables from the Company's collaboration partners as a result of licensing agreements. Receivables from licensing agreements represent valid claims against our collaboration partners.

Receivable from the Company's licensing agreements as of June 30, 2026 is presented as Accounts receivable on the condensed consolidated balance sheets. The Company evaluates the collectability of receivables based on historical collection trends, the financial condition of payment partners, and external market factors and provides for an allowance for potential credit losses based on management's best estimate of the amount of probable credit losses. As of June 30, 2026 and December 31, 2025, the Company did not have an allowance for credit losses.

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From time to time, new accounting pronouncements are issued by the FASB that the Company adopts as of the specified effective date. The Company's status as an emerging growth company ended on the last day of the fiscal year ending after the fifth anniversary of our the Company's initial public offering, i.e., December 31, 2025.

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The components of property and equipment as of June September 30, 2026 and December 31, 2025 were as follows (in thousands):

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Depreciation expense was $ 0.3 million and $ 0.6 0.9 million for the three and six nine months ended June September 30, 2026 and $ 0.3 0.2 million and $ 0.5 0.7 million for the three and six nine months ended June September 30, 2025. Finance leases are also included in property and equipment as vehicles and lab equipment on the Condensed Consolidated Balance Sheets.

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Available-for-sale securities:

In September 2026, the Company entered into the First Amendment to Lease (the "Amendment") with Britannia Biotech Gateway Limited Partnership for its corporate headquarters, comprising approximately 38,675 rentable square feet of office and laboratory space in South San Francisco, California. The Amendment extends the lease term from March 31, 2027 to March 31, 2034 . Monthly base rent under the extended term ranges from $ 4.65 to $ 5.72 per rentable square foot, increasing annually, and is subject to abatement for the ten-month period from April 1, 2027 through January 31, 2028. The Company will continue to pay its share of operating expenses. The Amendment provides the Company a one-time right to terminate the lease effective March 31, 2031 , upon written notice by March 31, 2030 and payment of a termination fee of approximately $ 2.5 million, and one option to extend the term for an additional seven years . The Company has recorded the $ 0.6 million Letter of Credit as non-current restricted cash on its balance sheet as of September 30, 2026.

The Company accounted for the Amendment as a lease modification that was not a separate contract. On the effective date of the modification, the Company reassessed the lease classification, which remained an operating lease, and remeasured the lease liability using its incremental borrowing rate of 10.81 % as of that date. The remeasurement increased the operating lease liability and the corresponding operating lease right-of-use asset by $ 9.3 million. The Company determined that it is reasonably certain not to exercise the early termination option and that it is not reasonably certain to exercise the extension option. Accordingly, the lease term used to measure the lease liability ends on March 31, 2034.

Supplemental information related to the Amendment is as follows:

Supplemental balance sheet information related to lease:

Operating lease right-of-use assets

Current operating lease liabilities

Non-current operating lease liabilities

Total operating lease liabilities

Cash paid for amounts included in the measurement of lease liabilities

Operating cash flows from operating leases

Undiscounted future non-cancelable lease payments

Total lease payments

Less: imputed interest

Present value of lease liabilities

Weighted-average remaining lease term (years)

Weighted-average discount rate

As of June September 30, 2026 and December 31, 2025, amortized cost, gross unrealized gains and losses, and estimated fair values of total fixed-maturity securities were as follows (in thousands):

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As of June September 30, 2026 , there were no short-term investments.

As of December 31, 2025 , none of the Company's short-term investments are were in an unrealized loss position. Changes in fair value are related to changes in market interest rates. The Company expects to collect all contractual principal and interest payments and does not intend to sell the investments before recovery of their amortized cost bases.

The Company recorded interest income of $ 0.2 million and $ 0.4 0.6 million for the three and six nine months ended June September 30, 2026, and $ 0.4 million and $ 1.2 1.6 million for the three and six nine months ended June September 30, 2025 . There was no accrued interest receivable as of June September 30, 2026 and December 31, 2025 .

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As of September 30, 2026 and December 31, 2025 , the Company had 800,000 shares of non-voting common stock issued and outstanding. There were no issuances, repurchases, conversions, or other changes in non-voting common stock during the nine months ended September 30, 2026.

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6. 7. Common Warrants and Pre-Funded Warrants

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The 2023 Common Warrants are liability classified pursuant to ASC 480, Distinguishing Liabilities from Equity, as there is a contingent obligation that exists to transfer assets to settle the instruments. The Company classified the 2025 Pre-Funded Warrants as equity because they met the equity scope exception under ASC 815 based on the terms in the 2023 Securities Purchase Agreement.

The following table summarizes information about shares issuable under the 2023 and 2025 Pre-Funded Warrants outstanding at December 31, 2025 and June September 30, 2026:

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The following table summarizes information about shares issuable under the 2023 and 2025 Common Warrants outstanding at June September 30, 2026 :

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7. 8. Equity Incentive Awards and Stock-based Compensation

Stock option activity during the six nine months ended June September 30, 2026 is as follows:

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Outstanding as of June September 30, 2026

Options vested and expected to vest as of June September 30, 2026

Options vested and exercisable as of June September 30, 2026

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Restricted stock unit activity during the six nine months ended June September 30, 2026 is as follows:

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Issued and unvested as of June September 30, 2026

Stock-based compensation expense was allocated as follows for the three and six nine months ended June September 30, 2026 and 2025 (in thousands):

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In May 2026, the Company and Xiamen Amoytop Biotech Co., Ltd (Amoytop) entered into a License Agreement (the Amoytop License Agreement) t o develop and commercialize pevifoscorvir sodium in Greater China for chronic HBV infection. Along with a $ 25.0 million, net of Chinese withholding tax, upfront payment, Aligos is entitled to up to $ 420 million in clinical, regulatory, and sales milestones with tiered, high single-digit royalties. These potential payments consist of (i) development milestones and (ii) sales-based milestones. Under the terms of the agreement, the Company received an upfront payment of $ 25.0 million, net of Chinese withholding tax, in July 2026.

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During the three and six nine months ended June September 30, 2026, , the Company recognized $ 39.0 thousand and $ 27.8 million in revenue from license agreements related to the upfront payment. with a corresponding amount In accounts receivable. In addition, an amount of $ 2.8 million of withholding taxes was recognized as income tax expense with a corresponding liability. During the three and six nine months ended June September 30, 2025 , there was no revenue from licensing agreements recognized.

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In September 2025, Amoytop exercised its option to obtain an exclusive, territory-limited license to one compound developed under the Amoytop Collaboration Agreement, with the right to choose an alternative compound among three identified candidates following the completion of certain IND-enabling studies. IND-enabling studies began on its chosen compound in January 2026, which earned the Company triggering a milestone payment of $ 3.0 million, of which was the Company recognized $ 2.8 million as revenue from contracts with customers, . In July 2026, Amoytop received IND approval in China on its chosen compound, which earned the Company a milestone payment net of $ 3.0 0.2 million of value-added tax withheld in China.

In July 2026, Amoytop received IND approval in China on its chosen compound, triggering a milestone payment of $ 3.0 million, of which the Company recognized $ 2.8 million as revenue from contracts with customers, net of $ 0.2 million of value-added tax withheld in China.

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During the three months ended June 30, 2026 , the Company recognized no revenue from customers related to upfront or milestone payments. During the six and nine months ended June September 30, 2026, the Company recognized $ 2.8 million and $ 5.7 million in revenue from customers related to a milestone payment of $ 3.0 million payments described above, less withholding taxes.

During the three and six nine months ended June September 30, 2025 , the Company recognized no revenue from customers related to milestone payments. During the three and six nine months ended June September 30, 2025, the Company recognized $ 1.0 0.7 million and $ 1.3 2.0 million , respectively, in revenue from customers related to upfront payments.

9. 10. In-licensing agreements

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The Company has agreed to pay Emory up to an aggregate of $ 125.0 million upon the achievement of specified development, regulatory, and commercial milestones, and all ongoing patent costs. During the three and six nine months ended June September 30, 2026 and 2025 , no milestone payments were made. During the three and nine months ended September 30, 2025 , the Company made a $ 9.0 million payment to Emory following the first subject dosed in the Phase 2 study. The Company also agreed to pay Emory tiered single-digit royalties on worldwide annual net sales of licensed products, on a quarterly basis and calculated on a product-by-product basis. With respect to licensed products containing any of a specified subset of the licensed compounds, such royalties range from a mid-single digit to a high-single digit percentage rate. With respect to licensed products which do not contain such compounds, the royalties range from a low-single digit to a mid-single digit rate. The Company is obligated to pay Emory a certain percentage of upfront fees received by the Company from certain sublicensees. Under this provision, the Company will pay paid $ 1.5 million to Emory in connection with the Amoytop License Agreement.

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and 23 more changes in the filing

MD&A 44 changes

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Our pipeline of drug candidates includes pevifoscorvir sodium (previously known as ALG‑000184) for chronic HBV infection, ALG‑170675 for chronic HBV infection, ALG‑055009 for MASH and obesity, and a portfolio of preclinical programs. Pevifoscorvir sodium is our potential best‑/first‑in‑class Capsid Assembly Modulator (CAM‑E) for chronic HBV infection which has shown in pre-clinical testing to have enhanced pharmacologic properties vs. competitor CAM‑E drugs and greater HBV DNA suppression compared to the standard of care, nucleos(t)ide analogs (NAs), and has shown multi-log 10 reductions in viral antigens in Phase 1 clinical studies conducted to date. Pevifoscorvir sodium recently has received Fast Track Designation from the Food and Drug Administration (FDA) and Breakthrough Therapy Designation from the Center for Drug Evaluation (CDE) of China's National Medical Products Administration (NMPA) for the treatment of chronic HBV infection. ALG‑170675 is our potential next-generation best-in-class antisense oligonucleotide (ASO) under development for the treatment of chronic HBV infection with improved RNase H mediated in vivo activity and similar hTLR8 agonist activity observed in vitro and in vivo compared to competitor compounds. ALG‑170675 recently received IND approval in China and is expected to enter entered the clinic in Q3 August 2026 in China, with clinical trials sponsored and performed by our partner Xiamen Amoytop Biotech Co., Ltd (Amoytop). ALG‑055009 is our potential best‑in‑class thyroid hormone receptor beta (THR‑β) agonist for MASH and obesity with pharmacologic properties that appear to be enhanced based on data to date vs. competitor THR-β agonists. Phase 2a topline data demonstrated that ALG‑055009 dose groups met the primary endpoint with statistically significant reductions in liver fat at Week 12 as measured by MRI-PDFF in subjects with presumed MASH. Recently presented nonclinical data suggests synergistic fat mass loss in combination with incretin receptor agonists in diet induced obese (DIO) mice.

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A multi-part Phase 1 study is complete, with evaluation of the safety, tolerability, and pharmacokinetic profile of pevifoscorvir sodium in HVs. Additionally, a dose-ranging phase assessing the safety, pharmacokinetics (PK), and antiviral activity of 10‑300 mg doses of pevifoscorvir sodium administered over 28 days in untreated HBeAg+/- subjects with chronic HBV infection has also been completed. In these study phases, pevifoscorvir sodium was found to be well tolerated with a favorable PK profile and demonstrated potentially best-in-class multi-log 10 HBV DNA and RNA reductions at all doses tested, as well as HBV surface antigen (HBsAg) reductions in a subset of HBeAg+ subjects receiving 100 mg or 300 mg of pevifoscorvir sodium (Yuen, et al, Lancet Gastro. & Hep., 2026). Based on the favorable profile observed with dosing up to 300 mg of pevifoscorvir sodium for 28 days, additional Phase 1 studies evaluated the risk-benefit profile of pevifoscorvir sodium at doses of 300 mg, with or without entecavir (ETV) therapy, for up to 96 weeks in HBeAg+ and HBeAg- subjects with chronic HBV infection. Data from these cohorts (Yuen et al.,

& Hep., 2026). Based on the favorable profile observed with dosing up to 300 mg of pevifoscorvir sodium for 28 days, additional Phase 1 studies evaluated the risk-benefit profile of pevifoscorvir sodium at doses of 300 mg, with or without entecavir (ETV) therapy, for up to 96 weeks in HBeAg+ and HBeAg- subjects with chronic HBV infection. Data from these cohorts (Yuen et al., AASLD 2025) have been presented, showing that pevifoscorvir sodium, administered for up to 96 weeks, was well tolerated, exhibited a favorable PK profile, and suggested potentially best-in-class potent and durable antiviral activity.

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In addition, newly presented data showed that among participants with a baseline HBsAg ≥3,000 IU/mL, 40% (4/10) achieved HBsAg <3,000 IU/mL at 48 weeks, suggesting eligibility for a functional cure regimen, which may include an antisense oligonucleotide (ASO) agent (Yuen, et al. EASL 2026). In clinical trials conducted to date, certain ASO agents under development for chronic HBV infection have seen 19% functional cure rates in a patient population of HBsAg <3,000 IU/mL (Hou, et al. N Engl J Med. 2026), which is estimated to be ~30-40% of all patients with chronic HBV infection.

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Topline data are expected to be available in late Q3 2027.

With the completion of the 96-week Phase 1 study, we initiated the Phase 2 B-SUPREME study (NCT06963710), which is designed as a randomized, double-blind, active-controlled multicenter study evaluating the safety and efficacy of pevifoscorvir sodium monotherapy compared with tenofovir disoproxil fumarate for 48 weeks in approximately 250 currently untreated HBeAg+ and HBeAg- adult subjects with chronic HBV infection. The primary endpoint in the HBeAg+ arm is HBV DNA <LLOQ (10 IU/mL, TD or TND) and the primary endpoint in the HBeAg- arm is HBV DNA <LLOQ (10 IU/mL, TND). The study is also evaluating safety, PK, and other secondary and exploratory HBV biomarkers, including reductions in HBV antigens and other markers of HBV infection. Enrollment has been completed with 131 participants in the HBeAg+ Part 1a and 114 participants in the HBeAg- Part 2a. Topline data are expected to be available in late Q3 2027.

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ALG-170675 is a next-generation ASO we discovered as part of a research collaboration with Amoytop, who maintain which maintains rights in Greater China. Novel intellectual property has been filed for this candidate, which has shown improved RNase H mediated in vivo activity over GSK-836 (bepirovirsen) with similar hTLR8 agonist activity observed in vitro and in vivo. In addition, ALG-170675 utilizes novel monomers that could potentially reduce ASO toxicity and improve ASO liver to kidney ratios.

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Amoytop recently received IND approval in China and is expected to advance has advanced the program into the clinic with a Phase 1 study in healthy volunteers. The Phase 1 study is designed to evaluate the safety, tolerability, pharmacokinetics, and pharmacodynamics of ALG-170675 following single (SAD) and multiple (MAD) ascending doses. The SAD portion plans to enroll approximately 32 healthy participants across four dose cohorts of 75 mg, 150 mg, 300 mg, and 450 mg. Following completion of the 300 mg SAD cohort, the MAD portion of the study is expected to begin and would enroll approximately 24 healthy participants. The study design also includes a cohort of approximately 16 participants with chronic HBV infection, which is expected to initiate following completion of the 150 mg MAD cohort in Q4 2026. Topline data from this study is expected in mid-2027.

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A first-in-human Phase 1 study of ALG‑055009 in MASH in HVs (oral single ascending doses (SAD)) and in subjects with hyperlipidemia (14 oral daily multiple ascending doses (MAD)) has been completed. Clinical data after single doses up to 4 mg and multiple doses up to 1 mg showed that ALG‑055009 was well tolerated, had dose proportional PK with low intersubject variability, and demonstrated expected thyromimetic effects (i.e., generally dose proportional increases in sex hormone binding globulin and decreases in various atherogenic lipids and thyroid hormones without any clinical evidence of thyroid dysfunction). We also evaluated relative bioavailability where we showed the soft gelatin capsules used in the Phase 2a study described below delivered similar exposures compared to the solution formulation used in the SAD/MAD parts of the Phase 1 study; we observed low intersubject PK variability and there was no evidence of a meaningful food effect.

In the Phase 2a HERALD study, ALG‑055009 demonstrated a favorable tolerability profile with no evidence of clinical hyper/hypothyroidism. Incidence of gastrointestinal-related treatment emergent adverse events were similar in ALG‑055009 dose groups compared to placebo. Specifically, similar rates of diarrhea were observed in ALG‑055009 dose groups compared to placebo, with no dose-response. Significant reductions in atherogenic lipids, including LDL-C, lipoprotein (a), and apolipoprotein B, were also observed (Loomba et al, AASLD 2024).

Preclinical and clinical findings reported by other companies have suggested that THR-β agonists can significantly enhance weight loss when administered in combination with incretin receptor agonists (RAs) for the treatment of obesity.

Recently presented in vivo data in diet induced obese (DIO) mice treated with SEMA, TIRZEP, or a combination of ALG-055009 and SEMA or TIRZEP for 28 days demonstrated synergistic weight loss in the combination groups compared to monotherapy groups. SEMA monotherapy resulted in a maximum of 23.9 ±2.6% body weight loss, while the combination of SEMA and ALG-055009 had an additional 8.6% decrease for a maximum 33% body weight loss. The low and high doses of TIRZEP led to maximum of 27.1 ±2.7% and 34.4 ±1.6% body weight loss, respectively. Combination of TIRZEP (low) or TIRZEP (high) with ALG‑055009 induced an additional 11.7% and 5.8% decrease for a maximum of 39% and 40% body weight loss, respectively.

Furthermore, the additional weight loss in the combination therapy of either incretin receptor agonist and ALG-055009 was mainly due to additional loss of fat mass, with no significant effect on lean mass or food consumption as compared to incretin receptor agonist monotherapy. These preclinical data suggest a potentially significant benefit of adding ALG-055009 to an incretin receptor agonist therapy for weight loss, especially in combination with a low-dose of a potent molecule, such as tirzepatide.

Obesity is a complex disease caused by an overabundance of body fat that increases the risk of other comorbidities, such as MASH MASH is a complex, chronic liver disease which is a leading cause of liver-related morbidity including cirrhosis, hepatocellular carcinoma, liver transplant, and end-stage liver disease. In 2014, the first GLP-1 receptor agonist, liraglutide, was approved for weight loss and in 2024, the FDA approved resmetirom, Obesity is a THR-β agonist, as complex disease caused by an overabundance of body fat that increases the first drug for risk of other comorbidities. Despite the treatment availability of MASH. However, certain therapies, additional agents in these classes are needed to address remaining unmet needs. including the potential for improved efficacy and a more favorable risk-benefit profile. To achieve this, ALG-055009 has been purposefully designed to exhibit significantly greater potency (approximately 50-fold higher compared to resmetirom in head-to-head in vitro studies) and enhanced β selectivity, along with optimized pharmacologic properties to deliver a potentially improved PK profile compared to other THR-β agonists. We believe these advantages position ALG‑055009 as a strong candidate to become a best-in-class THR-β agonist.

Based on these promising Phase 1 data, we conducted the Phase 2a HERALD study (NCT06342947) at sites across the United States. The study was a 12-week randomized, double-blind, placebo-controlled trial evaluating 4 doses (0.3 mg, 0.5 mg, 0.7 mg, and 0.9 mg) of ALG-055009 vs. placebo in 102 subjects with presumed MASH and liver fibrosis at stages 1-3 (F1-F3). The primary endpoint of this study was percent relative change in liver fat content by MRI-PDFF at Week 12. This study also evaluated the safety and PK of ALG-055009 treatment and its effect on multiple other efficacy biomarkers, including other non-invasive tests previously shown to be impacted by treatment with THR‑β agonists. We announced positive topline data from this study in 2024, demonstrating that ALG-055009 dose groups were well-tolerated and met the primary endpoint. Specifically, doses of 0.5 mg to 0.9 mg ALG‑055009 demonstrated statistically significant reductions in liver fat at Week 12, a favorable tolerability profile with placebo-adjusted median relative reductions up to 46.2% as measured by MRI-PDFF. Up to 70% incidence of subjects achieved ≥30% relative reduction gastrointestinal-related treatment emergent adverse events similar in liver fat ALG‑055009 dose groups compared to baseline. Eighteen subjects who were on stable GLP-1 receptor agonist therapy qualified for enrollment in the study, with liver fat content meeting the inclusion criteria of ≥10% at baseline as measured by MRI-PDFF. Notably, 11 of 14 subjects on stable GLP-1 receptor agonists treated with ALG-055009 had liver fat decreases, whereas 4 of 4 subjects on stable GLP-1 receptor agonists treated with placebo had increases in liver fat over the 12-week dosing period (Loomba et al, AASLD 2024).

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Interest and other income, net comprises interest income, net and other income, net. Interest income, net primarily consists of interest earned on our cash, cash equivalents, and investments. Other income, net primarily includes investments and foreign currency gains/losses.

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Comparison of the three and six nine months ended June September 30, 2026 and 2025

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The following table summarizes our operating expenses for the three and six nine months ended June September 30, 2026 and 2025 (in thousands):

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Interest and other income (expense), net:

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Income Loss before income tax

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Revenue from customers increased by $1.6 million for the six months ended June 30, 2026, when compared to the same period in 2025 related to a milestone payment. Revenue from customers decreased by $1.0 $3.6 million for the three nine months ended June September 30, 2026, when compared to the same period in 2025, due to the completion of the work on two milestones achieved under the original and extended Amoytop Collaboration Agreement. Revenue from customers increased by

$2.1 million for the three months ended September 30, 2026, when compared to the same period in 2025 due to the IND approval milestone achieved under the Amoytop Collaboration Agreement.

Revenue from licensing agreements increased by $27.8 million for the three and six nine months ended June September 30, 2026, related to the Amoytop license agreement. There was no revenue from licensing agreements in the three and six nine months ended June September 30, 2025.

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Six months ended June 30,

Three months ended June September 30,

Nine months ended September 30,

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Research and development expenses increased decreased by $10.1 $5.0 million and $18.9 increased by $13.9 million, respectively, during the three and six nine months ended June September 30, 2026 compared to the same periods in 2025. The increase decrease in the three months ended September 30, 2026 was primarily due to a $8.8 million and $14.9 $5.7 million respectively, increase decrease in third-party expenses due to increased clinical study costs as a result of the completion of enrollment and dosing in the pevifoscorvir sodium Phase 2 B‑SUPREME clinical trial. Further, there were increases The increase in employee-related costs, and facility and other the nine months ended September 30, 2026 was primarily due to $9.2 million increase in third-party expenses as well as a $4.4 million increase in both periods. salary and benefit costs.

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General and administrative expenses remained flat and increased by $1.4 $0.7 million and $2.1 million during the three and six nine months ended June September 30, 2026, respectively, compared to the same periods in 2025. The increase in the six-month three-month period was primarily due to a $1.2 $0.7 million increase in third-party expenses due to increased legal and intellectual property spend. The increase in the nine-month period was primarily due to a $1.4 million increase in employee-related costs, as well as a $0.4 $1.1 million increase in third party expenses due to increased legal and intellectual property spend, partially offset by a $0.2 million decrease reduction in facility and other expenses.

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Interest and other income (expense), net

Interest and other income (expense), net decreased by $1.0 $0.9 million and $1.1 $2.0 million, respectively, during the three and six nine months ended June September 30, 2026 as compared to the same period periods in the prior year. This was primarily due to a decreasing short-term investments balance.

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The change in fair value of 2023 Common Warrants was an increase of $1.3 $4.4 million and a decrease of $56.8 $52.4 million for the three and six nine months ended June September 30, 2026, compared to the same period ended June September 30, 2025. The change was due to a change in the fair value of the 2023 Common Warrants measured using the Black Scholes option pricing model remeasured at each reporting period, principally due to a change in the stock price between reporting periods.

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We have incurred operating losses in each year since inception. Our cash and cash equivalents were $30.4 $31.1 million as of June September 30, 2026. As of June September 30, 2026, we had an accumulated deficit of $666.7 $688.6 million.

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In February 2025, we entered into a securities purchase agreement (the 2025 Securities Purchase Agreement) with certain investors named therein (the Purchasers) pursuant to which we issued (i) 2,103,307 shares of our common stock (the Common Stock), consisting of 1,427,000 shares of voting Common Stock and 676,307 shares of non-voting Common Stock, (ii) pre‑funded warrants (the 2025 Pre-Funded Warrants) to purchase up to an aggregate of 1,922,511 shares of voting Common Stock, and (iii) accompanying common warrants (the 2025 Common Warrants and, together with the 2025 Pre-Funded Warrants, the 2025 Warrants) to purchase up to an aggregate of 2,012,909 shares of Common Stock (the 2025 Private Placement). Each 2025 Warrant is exercisable for one share of Common Stock. We received gross proceeds of $105.0 million. In connection with the 2025 Private Placement, we also entered into a registration rights agreement with the Purchasers, pursuant to which we agreed to register for resale the shares of Common Stock sold to the Purchasers, as well as the shares of Common Stock underlying the 2025 Warrants sold to the Purchasers, on the terms set forth therein. We also entered into a registration rights agreement with Baker Brothers Life Sciences, L.P. (together with its affiliates, the Lead Investor), pursuant to which we agreed to file a resale registration statement with the Securities and Exchange Commission following demand by the Lead Investor to register the resale of shares of Common Stock and any Common Stock issued or issuable upon the exercise or conversion of non-voting Common Stock and any of our other securities held by the Lead Investor.

As of June September 30, 2026, we had an accumulated deficit of $666.7 $688.6 million, and cash and cash equivalents of $30.4 $31.1 million, which we expect will be sufficient to fund current planned operations into the first quarter of 2027. Our current operating plan and projected cash outflows for the upcoming periods raise substantial doubt about our ability to continue as a going concern for at least 12 months from the issuance of the financial statements included elsewhere in this Quarterly Report. We plan to raise additional capital to fund continued operations beyond the fourth first quarter of 2026. 2027. We are taking steps to identify access to future capital and expect to be able to access capital in the future. However, there can be no assurance that any additional funding will be available to us on acceptable terms, if at all. If events or circumstances occur such that we do not obtain additional funding, it may be necessary to significantly reduce the scope of operations to reduce the current rate of spending, which could include reductions in staff and the need to delay, limit, reduce or terminate current or future product development, which could have a material adverse effect on our business, results of operations and financial condition. Moreover, even if financing efforts are successful and additional capital is obtained, available liquidity may still be insufficient to eliminate the aforementioned substantial doubt regarding our ability to continue as a going concern.

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Net cash and cash equivalents provided by (used in) investing activities (83,488 (35,805

1 unchanged paragraph

Net increase (decrease) in cash, cash equivalents, and restricted cash (18,336

1 unchanged paragraph

Net cash used in operating activities of $48.1 $46.6 million and $36.4 $60.8 million for the six nine months ended June September 30, 2026 and 2025, respectively, was largely due to ongoing research and development activities, specifically our Phase 2 B‑SUPREME study, and general and administrative expenses to support those activities. Net loss income for the six nine months ended June September 30, 2026 and 2025 included, among other items, non-cash charges of stock-based compensation, non-cash lease expense, and depreciation, offset by non-cash change in the fair value of the 2023 Common Warrants and accretion of discount on investments.

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During the six nine months ended June September 30, 2026, investing activities provided $59.9 $59.8 million of cash, primarily due to $60.0 million related to maturities of short-term investments.

During the six nine months ended June September 30, 2025, investing activities used $83.5 $35.8 million of cash, primarily due to $103.3 $125.5 million of purchase of short-term investments, partially offset by $20.0 $90.0 million related to maturities of short-term investments.

1 unchanged paragraph

During the six nine months ended June September 30, 2026, net cash provided by financing activities was $0.2 million, primarily due to proceeds from the ESPP purchase.

During the six nine months ended June September 30, 2025, net cash provided by financing activities was $101.6 $101.5 million, primarily due to proceeds from the 2025 PIPE financing.

1 unchanged paragraph

We have no material changes to our contractual obligations and commitments as of June 30, 2026 as disclosed in the contractual obligations and commitment section in our Annual Report on Form 10-K filed with the SEC on March 5, 2026.

In September 2026, we entered into the First Amendment to Lease (the "Amendment") with Britannia Biotech Gateway Limited Partnership for its corporate headquarters, comprising approximately 38,675 rentable square feet of office and laboratory space in South San Francisco, California. The Amendment extends the lease term from March 31, 2027 to March 31, 2034. Monthly base rent under the extended term ranges from $4.65 to $5.72 per rentable square foot, increasing annually, and is subject to abatement for the ten-month period from April 1, 2027 through January 31, 2028.

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For a discussion of our critical accounting estimates, see the section titled "Management's Discussion and Analysis of Financial Condition and Results of Operations" and the notes to our audited financial statements in our Annual Report on Form 10-K, filed with the SEC on March 5, 2026 for the year ended December 31, 2025, and the notes to the financial statements appearing elsewhere in this Quarterly Report on Form 10-Q. There have been no material changes to these critical accounting policies and estimates through June September 30, 2026 from those discussed in our Form 10-K.

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Market risk 1 change

There have been no material changes in our market risk during the three and six nine months ended June September 30, 2026, compared to the disclosures in Part II, Item 7A of our Annual Report on Form 10-K for the year ended December 31, 2025.

Controls and procedures 2 changes

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Our management has evaluated, with the participation of our Chief Executive Officer and Chief Financial Officer, the effectiveness of our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act) as of the end of the period covered by this Quarterly Report on Form 10-Q. Management recognizes that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives and management necessarily applies its judgment in evaluating the cost-benefit relationship of possible controls and procedures. Our disclosure controls and procedures have been designed to provide reasonable assurance of achieving their objectives. Based on that evaluation, our Chief Executive Officer and Chief Financial Officer have concluded that, as of June September 30, 2026, our disclosure controls and procedures were effective at the reasonable assurance level.

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There has been no change in our internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) that occurred during the fiscal quarter ended June September 30, 2026 that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

Risk factors 23 changes

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Our operations have consumed substantial amounts of cash since our inception. Since our inception, we have invested a significant portion of our efforts and financial resources in research and development activities for our initial nonclinical and clinical drug candidates. Nonclinical studies and clinical trials and additional research and development activities will require substantial funds to complete. In October 2023 and February 2025, we closed private investments of our securities that generated $92.1 million and $105.0 million in gross proceeds, respectively, before deducting placement agent fees and other offering expenses. As of June September 30, 2026, we had cash and cash equivalents of $30.4 million (excluding the $25.0 $31.1 million. net of tax, received from Amoytop in July 2026). We expect to continue to spend substantial amounts to continue the nonclinical and clinical development of our current and future programs. If we are able to gain marketing approval for drug candidates that we develop, we 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 our planned and anticipated clinical trials is highly uncertain, we cannot reasonably estimate the actual amounts necessary to successfully complete the development and commercialization of any drug candidate we develop.

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We plan to finance our 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, we may seek additional capital to take advantage of favorable market conditions or strategic opportunities even if we believe we have sufficient funds for our current or future operating plans. Based on our research and development plans, we expect that our existing cash and cash equivalents will enable us to fund our operations into the fourth first quarter of 2026, 2027, which is less than 12 months following the date of this report. Accordingly, our ability to continue as a going concern will require us to obtain additional funding for our operations or significantly curtail our operations to conserve our capital resources. Moreover, it is particularly difficult to estimate with certainty our future expenses given the dynamic nature of our business, and the macro-economic environment generally.

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Our recurring losses from operations and negative cash flows raise substantial doubt about our ability to continue as a going concern. We have devoted our resources to our research and development activities and have experienced significant operating losses since our inception. Furthermore, we expect to continue devoting substantial capital to the research and development of our drug candidates. We plan to raise additional capital to fund continued operations beyond the fourth first quarter of 2026. 2027. We are taking steps to identify access to future capital and expect to be able to access capital in the future. However, there can be no assurance that any additional funding will be available to us on acceptable terms, if at all. If events or circumstances occur such that we do not obtain additional funding, it may be necessary to significantly reduce the scope of operations to reduce the current rate of spending, which could include reductions in staff and the need to delay, limit, reduce or terminate current or future product development, which could have a material adverse effect on our business, results of operations and financial condition. Further, the perception of our ability to continue as a going concern may make it more difficult for us to obtain funding for the continuation of our operations, or necessitate that we obtain funding on less favorable terms, and could result in the loss of confidence by investors, our partners and employees.

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In order to obtain approval from the FDA and other major regulatory agencies in non-U.S. countries to market a new drug candidate, we must demonstrate proof of safety and efficacy in humans. To meet these requirements, we will have to conduct adequate and well-controlled clinical trials. Before we can commence clinical trials for a drug candidate, we must complete extensive nonclinical studies that support our planned INDs or CTAs in the United States and other countries. At this time, we are evaluating drug candidates in clinical trials in many countries (e.g., United States, Canada, and throughout Asia and Europe). The rest of our programs are in nonclinical research or earlier stages of development. including our hepatitis delta infection drug candidates. We cannot be certain of the timely completion or outcome of our nonclinical studies and cannot predict if the FDA or other regulatory authorities will accept our proposed clinical programs or if the outcome of our nonclinical studies will ultimately support further development of our programs. In addition, the FDA may decline to accept the data we obtain from foreign clinical studies in support of an IND or NDA in the United States, which may require us to repeat or conduct additional nonclinical studies or clinical trials that we did not anticipate in the United States. As a result, we cannot be sure that we will be able to submit INDs in the United States, or CTAs or similar applications in other jurisdictions, on the timelines we expect, if at all, and we cannot be sure that submission of INDs, CTAs or similar applications will result in the FDA or other regulatory authorities allowing additional clinical trials to begin.

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The U.S. BIOSECURE Act, which was enacted in December 2025, prohibits federal agencies from procuring or using any biotechnology equipment or services from "biotechnology companies of concern", or entering into, extending, or renewing any contracts with entities that use such biotechnology equipment or services from "biotechnology companies of concern". Congress has interpreted a "biotechnology company of concern" as an entity that is under the control of a foreign adversary and that poses a risk to national security based on its research or multiomic data collection (e.g., collection of genomic information). While the U.S. BIOSECURE Act has not yet been implemented because the required implementing regulations have not been passed, and once in effect the Act has a grandfathering period of five years for existing contracts, and has carveouts for manufacture of drugs for supply under Medicaid and Medicare Part B, subject to the Secretary of Veteran Veterans Affairs' discretion, the impact of the U.S. BIOSECURE Act on the biotechnology industry is uncertain. For example, WuXi AppTec has recently been was added to the list of "biotechnology companies of concern," but subsequently became the subject of an injunction barring enforcement of WuXi AppTec's designation, at least while certain litigation proceeds. We have existing contracts with WuXi AppTec affiliates. though the services thereunder do not relate to government-funded projects. If the foreign CROs and CMOs we rely on become subject to trade restrictions, sanctions, increased tariffs or other regulatory requirements by the U.S. government (including designation as a "biotechnology company of concern" under the U.S. BIOSECURE Act), or if the U.S. or Chinese government take retaliatory actions due to recent or increased tensions between the U.S. and China, it may have the potential to severely restrict the ability of U.S. biopharmaceutical companies like us to purchase services or products from, or otherwise collaborate with, certain "biotechnology companies of concern" without losing the ability to contract with, or otherwise receive funding from, the U.S. government.

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Even if we obtain and maintain approval for our drug candidates from the FDA, we may never obtain approval outside the United States, which would limit our market opportunities; clinical data obtained in one jurisdiction may not be accepted by authorities in other jurisdictions.

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Further, clinical trials conducted in one country may not be accepted by regulatory authorities in other countries. For example, we are currently conducting clinical trials for pevifoscorvir sodium in many countries (e.g., United States, Canada, and throughout Asia and Europe), and plan to expand into additional countries and territories. and Our licensee Amoytop also plans to conduct of clinical trials for pevifoscorvir sodium in Greater China. The conduct of these trials outside of the United States must satisfy specific requirements in order for the FDA to accept the data in support of an IND or NDA in the United States. Further, any regulatory approval for our drug candidates may be withdrawn. If we fail to comply with the applicable regulatory requirements, our target market will be reduced and our ability to realize the full market potential of our drug candidates will be harmed and our business, financial condition, results of operations and prospects could be harmed.

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Further, there may be significant delays in obtaining coverage and reimbursement for newly approved drugs, as the process is time-consuming and costly, and coverage may be more limited than the purposes for which the drug is approved by the FDA or comparable foreign regulatory authorities. Additionally, no uniform policy requirement for coverage and reimbursement for drug products exists among third-party payors in the United States, which may result in coverage and reimbursement for drug products that differ significantly from payor to payor. Moreover, eligibility for reimbursement does not imply that any drug will be paid for in all cases or at a rate that covers our costs, including research, development, manufacture, sale and distribution. Interim reimbursement levels for new drugs, if applicable, may not be sufficient to cover our costs and may not be permanent. Reimbursement rates may vary according to the use of the drug and the clinical setting in which it is used, may be based on reimbursement levels already set for lower-cost drugs and may be incorporated into existing payments for other services. Net prices for drugs may be reduced by mandatory discounts or rebates required by government healthcare programs or private payors and by any future relaxation or overturning of laws that presently restrict or apply tariffs to imports of drugs from countries where they may be sold at lower prices than in the United States. Additionally, the Trump administration has published a final regulation, and a further proposed regulations regulation, that would require manufacturers to pay rebates on Medicare utilization tied to prices for the same drugs in certain reference countries. Such "most favored nation" pricing rules could limit the profitability of our drugs by affecting pricing and/or making it infeasible to commercialize our drugs in certain markets, and could have a significant impact on our commercial and financial success. For more information, see the risk factor titled "— Current and future healthcare reform legislation or regulation may increase the difficulty and cost for us to commercialize drug candidates for which we receive approval, may affect the prices we may obtain, and may have a material adverse effect on our business and results of operations."

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We may seek and fail to obtain fast track or breakthrough therapy designations from the FDA, and similar designations from foreign agencies, for our current or future drug candidates or priority review designation for any NDA marketing approval we may submit to the FDA. applicable agency. Even if we are successful, these programs may not lead to a faster development or regulatory review process, and they do not guarantee we will receive approval for any drug candidate. We may also seek to obtain accelerated approval for one or more of our drug candidates but the FDA or applicable foreign agency may disagree that we have met the requirements for such approval.

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The Trump administration is pursuing a two-fold strategy to reduce drug costs in the United States. These Trump policies are likely to have a negative impact on the pharmaceutical industry and on our ability to receive adequate revenues for any drug candidate that we commercialize, and even regulatory proposals or executive actions that are ultimately deemed unlawful could negatively impact the U.S. pharmaceutical sector and our business. On the one hand, President Trump threatened to impose significant tariffs on pharmaceutical manufacturers that do not adopt pricing policies such as most favored nation pricing, which would tie the price for drugs in the United States to the lowest price in a group of other countries. In response, multiple major manufacturers entered into confidential pricing agreements with the federal government. Subsequently, in April 2026, the Trump administration issued a proclamation imposing tariffs under Section 232 of the Trade Expansion Act on imports of brand pharmaceuticals, biologics and associated pharmaceutical ingredients, beginning July 31, 2026. Exempted from these tariffs, among others, are companies that have executed or are negotiating agreements with the federal government regarding most favored nation pricing and onshoring of production and research and development. On the other hand, the Trump administration is pursuing traditional regulatory pathways to impose drug pricing policies and published two proposed regulations in December 2025, referred to as Globe and Guard. If finalized, these regulations would implement The final Globe regulation was published in September 2026 and implements a mandatory payment models model under which manufacturers of eligible drugs would will be required to pay rebates to the federal government on a portion of the units of their drugs that are reimbursed by Medicare, with the rebate amount based on most favored nation pricing. Imposing a rebate in the U.S. that is based on drug prices outside the U.S. would mark a drastic and unprecedented shift in the U.S. pharmaceutical market, and while the impact of the final Globe and Guard proposed Guard regulations, if finalized, cannot yet be determined, it is likely to be significant.

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Compliance with U.S. and foreign privacy and security laws, rules and regulations could require us to take on more onerous obligations in our contracts, require us to engage in costly compliance exercises, restrict our ability to collect, use and disclose data, or in some cases, impact our or our partners' ability to operate in certain jurisdictions. Each of these evolving laws can be subject to varying interpretations. Our Any actual or alleged failure by us or our employees, representatives, contractors, consultants, collaborators, or other third parties to comply with U.S. and foreign data protection laws and regulations could result in government investigations and enforcement actions (which could include civil or criminal penalties), fines and penalties, private litigation, and/or adverse publicity and could negatively affect our financial condition, operating results and business.

6 unchanged paragraphs

We are currently collaborating with third parties to develop certain of our potential drug candidates. In the future, we may form or seek strategic alliances, joint ventures, or collaborations, or enter into additional licensing arrangements with third parties that we believe will complement or augment our development and commercialization efforts with respect to drug candidates we develop. For example, in April May 2026 we entered into a License Agreement with Amoytop granting them rights to manufacture, develop and commercialize pevifoscorvir sodium for certain uses in certain territories.

46 unchanged paragraphs

The U.S. BIOSECURE Act, which was enacted in December 2025, prohibits federal agencies from procuring or using any biotechnology equipment or services from "biotechnology companies of concern", or entering into, extending, or renewing any contracts with entities that use such biotechnology equipment or services from "biotechnology companies of concern". Congress has interpreted a "biotechnology company of concern" as an entity that is under the control of a foreign adversary and that poses a risk to national security based on its research or multiomic data collection (e.g., collection of genomic information). While the U.S. BIOSECURE Act has not yet been implemented because the required implementing regulations have not been passed, and once in effect the Act has a grandfathering period of five years for existing contracts, and it has carveouts for manufacture of drugs for supply under Medicaid and Medicare Part B, subject to the Secretary of Veteran Veterans Affairs' discretion, the impact of the U.S. BIOSECURE Act on the biotechnology industry is uncertain. For example, WuXi AppTec has recently been was added to the list of "biotechnology companies of concern" but subsequently became the subject of an injunction barring enforcement of WuXi AppTec's designation, at least while certain litigation proceeds. We have existing contracts with WuXi AppTec affiliates. though the services thereunder do not relate to government-funded projects. If the foreign CROs and CMOs we rely on become subject to trade restrictions, sanctions, increased tariffs or other regulatory requirements by the U.S. government (including designation as a "biotechnology company of concern" under the U.S. BIOSECURE Act), or if the U.S. or Chinese government take retaliatory actions due to recent or increased tensions between the U.S. and China, it may have the potential to severely restrict the ability of U.S. biopharmaceutical companies like us to purchase services or products from, or otherwise collaborate with, certain "biotechnology companies of concern" without losing the ability to contract with, or otherwise receive funding from, the U.S. government.

26 unchanged paragraphs

We have entered into licensing and collaboration agreements with third parties, and the U.S. government has rights related to certain of our intellectual property. If we fail to comply with our obligations in the agreements under which we license intellectual property rights to or from third parties, or these agreements are terminated, or we otherwise experience disruptions to our business relationships with our licensors or licensees, or we fail to meet our obligations to the government, our competitive position, business, financial condition, results of operations and prospects could be harmed.

4 unchanged paragraphs

In addition, the research resulting in certain of our owned and in-licensed patent rights and technology may have been funded in part by the U.S. federal or state governments. As a result, the government may have certain rights, including march-in rights, to such patent rights and technology. When new technologies are developed with government funding, the government generally obtains certain rights in any resulting patents, including a non-exclusive license authorizing the government to use the invention for noncommercial purposes. These rights may permit the government to disclose our confidential information to third parties or allow third parties to use our licensed technology. The government can exercise its march-in rights if it determines that action is necessary because we fail to achieve practical application of the government-funded technology, or because action is necessary to alleviate health or safety needs, to meet requirements of federal regulations, or to give preference to U.S. industry. The government could also elect to take title to certain government-funded inventions if we fail to timely take certain actions including notifying the government of subject inventions and filing patent applications. In addition, our rights in such inventions may be subject to certain requirements to manufacture products embodying such inventions in the United States. Any of the foregoing could harm our competitive position, business, financial condition, results of operations and prospects.

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We, or the third parties upon whom we depend, may be adversely affected by earthquakes, wildfires, storms, or other natural disasters and our business continuity and disaster recovery plans may not adequately protect us from a serious disaster.

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As of June September 30, 2026, our executive officers, directors and their affiliates beneficially own, in the aggregate, approximately 45% of our outstanding common stock (assuming all shares of non-voting common stock are converted into voting common stock in accordance with the terms of our amended and restated certificate of incorporation), and 8% of our outstanding common stock (assuming all shares of non-voting common stock are converted to voting common stock and all pre-funded warrants are exercised in full on a cash exercise basis). In addition, in our October 2023 and February 2025 private placements, certain of the holders of 5% or more of our capital stock acquired pre-funded warrants to purchase shares of our common stock (which are immediately exercisable and have an exercise price of $0.0025 and $0.0001 per share, respectively) and common warrants to purchase shares of our common stock (which are immediately exercisable and have an exercise price of $18.92 and $26.02 per share, respectively). Until exercised, the shares issuable upon the exercise of the pre-funded warrants and the common warrants are not included in the number of our outstanding shares of common stock. If such holders exercise their warrants, then the shares of our capital stock beneficially owned by our executive officers, directors, holders of 5% or more of our capital stock and their respective affiliates would increase significantly. As a result, these stockholders, if they act together, will be able to influence our management and affairs and the outcome of matters submitted to our stockholders for approval, including the election of directors and any sale, merger, consolidation or sale of all or substantially all of our assets. In addition, this concentration of ownership might adversely affect the market price of our common stock by:

4 unchanged paragraphs

The dual class structure of our common stock may limit an investor's ability to influence corporate matters. Holders of our common stock are entitled to one vote per share, while holders of our non-voting common stock are not entitled to any votes. Nonetheless, each share of our non-voting common stock may be converted at any time into one share of our common stock at the option of its holder by providing written notice to us, subject to the limitations provided for in our amended and restated certificate of incorporation. Consequently, the exercise by holders of our non-voting common stock of their option to make this conversion will have the effect of increasing the relative voting power of such holders, and correspondingly decreasing the voting power of the holders of our common stock, which may limit an investor's ability to influence corporate matters. As of June September 30, 2026, we had 800,000 shares of non-voting common stock outstanding. Additionally, stockholders who hold, in the aggregate, more than 10% of our common stock and non-voting common stock, but 10% or less of our common stock, and are not otherwise a company insider, may not be required to report changes in their ownership due to transactions in our non-voting common stock pursuant to Section 16(a) of the Securities Exchange Act of 1934, as amended (the Exchange Act), and may not be subject to the short-swing profit provisions of Section 16(b) of the Exchange Act.

2 unchanged paragraphs

As of June September 30, 2026, approximately 3.0 million shares of common stock that are either subject to outstanding options or RSUs or reserved for future issuance under our equity incentive plans, and excluding all outstanding pre-funded warrants, are eligible for sale in the public market to the extent permitted by the provisions of various vesting schedules and Rule 144 and Rule 701 under the Securities Act. If these additional shares of common stock are sold, or if it is perceived that they will be sold, in the public market, the market price of our common stock could decline.

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Our amended and restated certificate of incorporation specifies that, unless we consent in writing to the selection of an alternative forum, the Court of Chancery of the State of Delaware is the sole and exclusive forum for any derivative action or proceeding brought on our behalf; any action asserting a breach of fiduciary duty; any action asserting a claim against us arising pursuant to the Delaware General Corporation Law, our amended and restated certificate of incorporation, our amended and restated bylaws or any action as to which the Delaware General Corporation Law confers jurisdiction to the Court of Chancery of the State of Delaware; or any action asserting a claim against us that is governed by the internal affairs doctrine. Our amended and restated certificate of incorporation also provides that the federal district courts of the United States of America is are the exclusive forum for the resolution of any complaint asserting a cause of action against us or any of our directors, officers, employees or agents and arising under the Securities Act. We believe these provisions may benefit us by providing increased consistency in the application of Delaware law and federal securities laws by chancellors and judges, as applicable, particularly experienced in resolving corporate disputes, efficient administration of cases on a more expedited schedule relative to other forums and protection against the burdens of multi-forum litigation. However, these provisions may have the effect of discouraging lawsuits against our directors and officers. The choice of forum provision requiring that the Court of Chancery of the State of Delaware or the federal district courts of the United States of America be the exclusive forum for certain actions does not apply to suits brought to enforce any liability or duty created by the Exchange Act. Our exclusive forum provision does not relieve us of our duties to comply with the federal securities laws and the rules and regulations thereunder, and our stockholders will not be deemed to have waived our compliance with these laws, rules and regulations. Although our amended and restated certificate of incorporation contains the choice of forum provisions described above, it is possible that a court could find that such a provision is inapplicable for a particular claim or action or that such provision is unenforceable.

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Attempting to secure additional financing may also divert our management's attention from our day-to-day activities, which may adversely affect our ability to develop our drug candidates.

To date, we have primarily financed our operations through the sale of common stock, preferred stock, convertible notes and warrants, and to a lesser extent from upfront payments under our license/collaboration agreements. We will be required to seek additional funding in the future and may do so through public or private equity offerings or debt financings, credit or loan facilities, collaborations or a combination of one or more of these funding sources. If we raise additional funds by issuing equity securities, our stockholders may suffer dilution and the terms of any equity financing may adversely affect the rights of our stockholders. In addition, as a condition to providing additional funds to us, future investors may demand, and may be granted, rights superior to those of existing stockholders. Debt financing, if available, is likely to involve restrictive covenants limiting our flexibility in conducting future business activities, and, in the event of insolvency, debt holders would be repaid before holders of our equity securities received any distribution of our corporate assets. If we raise additional capital through marketing and distribution arrangements or other collaborations, strategic alliances or licensing arrangements with third parties, we may have to relinquish certain valuable rights to our drug candidates, technologies, future revenue streams or research programs or grant licenses on terms that may not be favorable to us. Attempting to secure additional financing may also divert our management's attention from our day-to-day activities, which may adversely affect our ability to develop our drug candidates.

2 unchanged paragraphs

While the situation involving the conflict between Russia and Ukraine and the conflicts in the Middle East, including Iran, remain remains highly fluid, the ongoing conflicts and any associated sanctions, blockades or resource shortages may have a severe impact on the global economy, or on the economy and stability of the United States. A severe or prolonged economic downturn, such as the 2008 global financial crisis, or a downturn caused by armed conflict, U.S. government shutdowns, political unrest, or other domestic or international events, could result in a variety of risks to our business, including weakened demand for any drug candidates we may develop and our ability to raise additional capital when needed on acceptable terms, if at all. A weak or declining economy or disruptions in the supply chain generally could also strain our suppliers, possibly resulting in supply disruption. If the current equity and credit markets deteriorate, it may make any necessary debt or equity financing more difficult, more costly, and more dilutive. Failure to secure any necessary financing in a timely manner and on favorable terms could have a material adverse effect on our growth strategy, financial performance and stock price and could require us to delay or abandon clinical development plans. In addition, there is a risk that one or more of our current service providers, manufacturers or other partners may not survive such difficult economic times, which could directly affect our ability to attain our operating goals on schedule and on budget. Any of the foregoing could harm our business and we cannot anticipate all of the ways in which the current political and economic climate and financial market conditions could adversely impact our business. Furthermore, our stock price may decline due in part to the volatility of the stock market and any general economic downturn.

23 unchanged paragraphs

Other information 1 change

1 unchanged paragraph

During the quarter ended June September 30, 2026 , none of our directors or officers (as defined in Rule 16a-1(f) under the Securities Exchange Act of 1934, as amended) adopted , modified or terminated a "Rule 10b5-1(c) trading arrangement" or a "non-Rule 10b5-1 trading arrangement", as each term is defined in Item 408(a) of Regulation S-K.

Exhibits 8 changes

12 unchanged paragraphs

Amendment to the Aligos Therapeutics, Inc. 2020 Employee Stock Purchase Plan.

Non-Employee Director Compensation Policy.

1 unchanged paragraph

First Amendment to Lease by and between Aligos Therapeutics, Inc. and Britannia Biotech Gateway Limited Partnership, dated September 10, 2026

7 unchanged paragraphs

# Indicates management contract or compensatory plan.

4 unchanged paragraphs

Date: August 6, 2026

Date: November 6, 2026

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Date: August 6, 2026

Date: November 6, 2026

2 unchanged paragraphs