Aligos Therapeutics reported a net loss of $31.5 million for the three months ended September 30 2025, a 63% increase from the $19.3 million loss recorded in the same period a year earlier. Earnings per share fell to $‑3.04, missing the consensus estimate of $‑2.27 and widening the year‑over‑year gap from $‑3.07 in Q3 2024.
Revenue for the quarter reached $0.74 million, up 48% from $0.50 million in Q3 2024 and beating the analyst forecast of $0.50 million. The increase was driven by higher sales in the company’s core antiviral pipeline, where early‑stage clinical activity generated modest but growing commercial interest, offsetting a decline in ancillary licensing income that had been a contributor in prior periods.
The larger net loss and EPS miss are largely attributable to a $23.9 million rise in research and development expenses, reflecting intensified investment in the Phase 2 B‑SUPREME study of pevifoscorvir sodium. General and administrative costs also climbed to $5.2 million, driven by expanded clinical support staff and regulatory compliance expenditures. These cost increases outpaced the revenue growth, compressing margins and pushing earnings below expectations.
Cash, cash equivalents, and investments stood at $99.1 million as of September 30 2025, giving the company a runway that extends into the third quarter of 2026. Despite the liquidity cushion, Aligos disclosed substantial doubt about its ability to continue as a going concern without additional financing, underscoring the need for future capital to sustain its clinical program and bridge the gap to potential commercial milestones.
Management reiterated its focus on advancing the pipeline and maintaining disciplined spending. The company has not issued new guidance for the remainder of the fiscal year, but it emphasized that the current cash position supports ongoing development while it explores strategic financing options, including potential out‑licensing agreements. The guidance signals cautious optimism about future growth, tempered by the recognition that additional funding will be critical to avoid a liquidity shortfall.
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