Aligos Therapeutics (ALGS) is a clinical-stage biopharmaceutical company with no approved products and no product revenue in Q1 2026. The liquidation posture is marginally positive on a gross balance-sheet basis but thin and deteriorating rapidly. Total assets as of March 31, 2026 were $64.6M, of which $30.0M is cash and cash equivalents and $24.9M is short-term investments — together representing approximately 85% of total assets. Applying standard liquidation haircuts (cash at 100%, short-term investments at ~95%, remaining current assets at 90%), recoverable asset value is approximately $57-58M. Total liabilities stand at $32.8M, virtually all current or near-current (current liabilities of $23.3M; operating lease liabilities total $4.3M combined current and non-current; warrant liabilities are a component of the non-current liability stack via fair value adjustment). Net book equity is $31.8M, but the liquidation-adjusted surplus after applying haircuts to non-cash assets is estimated at roughly $25-26M, yielding a thin but nominally positive equity recovery. PP&E is de minimis at $1.6M net ($14.6M gross, $13.1M accumulated depreciation), and at a 50-70% recovery rate contributes less than $1.1M. Intangibles are not separately tagged; all R&D is expensed as incurred per standard biotech treatment. The company is burning cash at approximately $23M per quarter on operations (Q1 2026 operating cash outflow of $23.1M), against total cash and investments of $54.9M as of period end. At the current burn rate, the company has roughly 2-3 quarters of liquidity runway, creating a material going-concern-adjacent risk that is not explicitly labeled as a going concern in the filing text provided, but is implicit in the trajectory. The accumulated deficit stands at $665.2M. Revenue in Q1 2026 was $2.8M, entirely from contract/license arrangements (deferred revenue recognition), not product sales. The February 2025 private placement (pre-funded and common warrants) added capital but those proceeds are now being consumed. Warrant fair value adjustment produced a $3.4M non-cash gain in Q1 2026, partially offsetting operating losses. The filing is a 10-Q for the period ended March 31, 2026, compared against the prior 10-K for December 31, 2025. Key change from prior filing: short-term investments declined materially (the company collected $35M in proceeds from maturing/sold short-term investments during Q1), which was partially redeployed into operating cash and partially retained as cash. The net cash position increased $11.7M QoQ due to investment maturities, but operating cash consumption offset this. Operating lease ROU asset and associated liabilities are modest and declining.
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