0001193125-26-212001 | 10-Q | XBRL Viewer

Net (loss) income per share (Tables)

3 Months Ended

Mar. 31, 2026

Schedule of Earnings Per Share, Basic and Diluted

The following table summarizes the computation of basic and diluted net (loss) income per share of the Company (in thousands, except share and per share data):


	Three Months Ended
	March 31,
	2026			2025

Net (loss) income, as reported	$	(23,040	)	$	43,088
Less: Change in fair value of the 2023 Common Warrants		-			(61,494	)
Diluted net loss	$	(23,040	)	$	(18,406	)
Weighted average shares outstanding, basic		10,402,967			8,408,481
Add: Weighted average shares issuable upon exercise of 2023 Common Warrants		-			301,212
Weighted average shares outstanding, diluted		10,402,967			8,709,693
Net (loss) income per share - basic	$	(2.21	)	$	5.12
Net loss per share - diluted	$	(2.21	)	$	(2.11	)

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share

The Company excluded the following potential shares of Common Stock, presented based on amounts outstanding at each period end, from the computation of diluted net loss per share for the periods indicated because including them would have had an anti-dilutive effect:


	Three Months Ended
	March 31,
	2026		2025
Options to purchase common stock		2,109,410		1,010,367
Unvested restricted stock		80,045		17,264
Common warrants to purchase common stock		4,213,767		2,012,909
		6,403,222		3,040,540

Balance sheet components (Tables)

3 Months Ended

Mar. 31, 2026

Balance Sheet Components [Abstract]

Summary of Property and Equipment

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


	March 31, 2026			December 31, 2025
Leasehold improvements	$	6,264		$	6,264
Lab equipment		6,258			6,209
Computer equipment		1,075			1,075
Furniture and office equipment		771			751
Vehicles and equipment		280			280
Total, at cost		14,648			14,579
Accumulated depreciation		(13,058	)		(12,712	)
Total, net	$	1,590		$	1,867

Summary of Accrued Liabilities

Accrued liabilities consisted of the following (in thousands):


	March 31,		December 31,
	2026		2025
Accrued R&D expenses	$	1,489	$	1,204
Accrued clinical expenses		2,026		1,609
Accrued compensation		4,219		7,464
Other accrued expenses		4,255		3,249
Total	$	11,989	$	13,526

Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Mar. 31, 2026	May 01, 2026
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2026
Document Fiscal Year Focus	2026
Document Fiscal Period Focus	Q1
Entity Registrant Name	Aligos Therapeutics, Inc.
Entity Central Index Key	0001799448
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Shell Company	false
Entity Small Business	true
Entity Emerging Growth Company	false
Title of 12(b) Security	Common Stock, par value, $0.0001 per share
Trading Symbol	ALGS
Security Exchange Name	NASDAQ
Entity File Number	001-39617
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	82-4724808
Entity Address, Address Line One	One Corporate Drive
Entity Address, Address Line Two	2nd Floor
Entity Address, City or Town	South San Francisco
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	94080
City Area Code	800
Local Phone Number	466-6059
Document Quarterly Report	true
Document Transition Report	false
Common Stock [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		6,188,223
Common Stock [Member] \| Voting Common Stock [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		5,388,223
Common Stock [Member] \| Non-voting Common Stock [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		800,000

Subsequent Events - Additional Information (Details) - Subsequent Event [Member] - Amoytop [Member] - Amoytop License and Research Collaboration [Member] $ in Millions	1 Months Ended
	Apr. 30, 2026 USD ($)
Subsequent Event [Line Items]
Upfront Milestone Payment Received	$ 25
Milestone payments receivable	$ 420

Subsequent events

3 Months Ended

Mar. 31, 2026

Subsequent Events [Abstract]

Subsequent events

14. Subsequent events

In preparing the interim financial statements for the three months ended March 31, 2026, the Company evaluated subsequent events for recognition and measurement purposes during which time the following event has occurred that requires disclosure:

Amoytop agreement

In April 2026, the Company and Amoytop entered into an exclusive license agreement to develop and commercialize pevifoscorvir sodium in Greater China, which includes Mainland China, Taiwan, Hong Kong, and Macau for HBV infection. The closing of the transaction was conditional and automatically effective upon Amoytop receiving approval at a Shareholder's Meeting, which occurred on May 7, 2026.

Under the terms of the agreement, the Company is to receive an upfront milestone of $25 million and is eligible to receive up to $420 million in clinical, regulatory, and sales milestones along with tiered, high single-digit royalties on net sales in Amoytop’s licensed territories. As between the parties, the Company retains all development and commercialization rights for pevifoscorvir sodium in the United States, Europe, South Korea, Japan, and all other markets. In addition, the Company retains the right to conduct clinical trials in Greater China.

Capital stock

3 Months Ended

Mar. 31, 2026

Equity [Abstract]

Capital stock

Common stock

On June 25, 2025, the Company's stockholders approved an amendment to the Company's Amended and Restated Certificate of Incorporation to increase the number of authorized shares of voting common stock from 20,000,000 shares to 100,000,000 shares and to increase the number of authorized shares of non-voting common stock from 800,000 shares to 15,800,000 shares.

The holders of shares of voting common stock are entitled to one vote for each share of common stock at all meetings of stockholders.

- Definition

The entire disclosure for equity.

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+ Details

Income taxes

3 Months Ended

Mar. 31, 2026

Income Tax Disclosure [Abstract]

Income taxes

11.

Income taxes

The Company recorded income tax provision of $0.3 million for the three months ended March 31, 2026, primarily related to the Company's international operations.

The Company has a history of losses in prior fiscal years and projects losses for the full year 2026. The Company continues to maintain a full valuation allowance on its net deferred tax assets.

- Definition

The entire disclosure for income tax.

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+ Details

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (DEFICIT) - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Accumulated Deficit	Accumulated Other Comprehensive Income (Loss)
Beginning balance at Dec. 31, 2024	$ (28,973)	$ 8	$ 588,576	$ (618,008)	$ 451
Beginning balance, Shares at Dec. 31, 2024		3,864,436
Issuance of common stock upon net exercise of pre-funded warrants, shares		146,468
Issuance of common stock from RSU vesting and settlement		590
Issuance of common stock upon PIPE	105,004	$ 1	105,003
Issuance of common stock upon PIPE, shares		2,103,307
Costs related to 2025 PIPE offering	(3,629)		(3,629)
Stock-based compensation expense related to employee stock awards	909		909
Stock-based compensation expense related to employee stock purchases	50		50
Other comprehensive loss	(4)				(4)
Net income (loss)	43,088			43,088
Ending balance at Mar. 31, 2025	116,445	$ 9	690,909	(574,920)	447
Ending balance, Shares at Mar. 31, 2025		6,114,801
Beginning balance at Dec. 31, 2025	53,545	$ 9	695,269	(642,201)	468
Beginning balance, Shares at Dec. 31, 2025		6,178,230
Issuance of common stock related to RSU vesting, shares		9,956
Stock-based compensation expense related to employee stock awards	1,225		1,225
Stock-based compensation expense related to employee stock purchases	89		89
Other comprehensive loss	(30)				(30)
Net income (loss)	(23,040)			(23,040)
Ending balance at Mar. 31, 2026	$ 31,789	$ 9	$ 696,583	$ (665,241)	$ 438
Ending balance, Shares at Mar. 31, 2026		6,188,186

Net (loss) income per share

3 Months Ended

Mar. 31, 2026

Earnings Per Share [Abstract]

Net (loss) income per share

12.

Net (loss) income per share

The following table summarizes the computation of basic and diluted net (loss) income per share of the Company (in thousands, except share and per share data):


	Three Months Ended
	March 31,
	2026			2025

Net (loss) income, as reported	$	(23,040	)	$	43,088
Less: Change in fair value of the 2023 Common Warrants		-			(61,494	)
Diluted net loss	$	(23,040	)	$	(18,406	)
Weighted average shares outstanding, basic		10,402,967			8,408,481
Add: Weighted average shares issuable upon exercise of 2023 Common Warrants		-			301,212
Weighted average shares outstanding, diluted		10,402,967			8,709,693
Net (loss) income per share - basic	$	(2.21	)	$	5.12
Net loss per share - diluted	$	(2.21	)	$	(2.11	)

The Company’s potentially dilutive securities includes options to purchase common stock, unvested restricted stock and warrants to purchase common stock. For the three months ended March 31, 2025, the 2023 common warrants were dilutive and included in the total weighted average shares outstanding, diluted. For the three months ended March 31, 2026, all potentially dilutive securities have been excluded from the computation of diluted net loss per share as the effect would be to reduce the net loss per share.

Therefore, for the three months ended March 31, 2026, the weighted-average number of shares outstanding used to calculate both basic and diluted net loss per share is the same.


	Three Months Ended
	March 31,
	2026		2025
Options to purchase common stock		2,109,410		1,010,367
Unvested restricted stock		80,045		17,264
Common warrants to purchase common stock		4,213,767		2,012,909
		6,403,222		3,040,540

Segment information (Tables)

3 Months Ended

Mar. 31, 2026

Segment Reporting [Abstract]

Summary of Segment Expenses and Reported Segment Net Loss

The following table provides segment revenues, significant segment expenses and reported segment net loss for the three months ended March 31, 2026 and 2025 (in thousands):


	Three months ended March 31,
	2026			2025
Revenue from customers	$	2,830		$	311
Less:
Early-stage research and development(1)		(417	)		(842	)
Late-stage research and development(2)		(22,935	)		(13,660	)
General & Administrative		(6,407	)		(5,052	)
Total operating expenses		(29,759	)		(19,554	)
Interest and other income, net		811			880
Change in fair value of 2023 Common Warrants		3,395			61,494
(Loss) income before income tax		(22,723	)		43,131
Income tax provision		(317	)		(43	)
Segment and consolidated net (loss) income	$	(23,040	)	$	43,088

(1) Early-stage research and development includes costs incurred from Discovery programs.

(2) Late-stage research and development includes costs incurred from Phase 1 and Phase 2 clinical trial programs.

In-licensing Agreements - Additional Information (Detail) - USD ($)		1 Months Ended	3 Months Ended
	Jun. 25, 2020	Jun. 30, 2020	Mar. 31, 2026	Mar. 31, 2025	Jun. 30, 2018
Royalties or milestones payments made			$ 0	$ 0
Revenue recognized from collaborative arrangements			2,800,000	0
KU Leuven [Member]
Collaboration expire period	2 years 6 months
Katholieke Universiteit Leuven [Member]
Payments for royalties and milestones			$ 0
Emory license agreement [Member] \| Emory university [Member]
Non-refundable payment		$ 200,000
Long term purchase commitment additional obligation to be paid		$ 35,000
Research plan expiry period		1 year
Long term purchase commitment period description			The research plan was set to terminate one year from the effective date of June 2020 but the Company exercised its option to extend it for a second year
Payments for royalties			$ 0	0
Expense or accruals recognized related to royalties			$ 0	$ 0
Emory license agreement [Member] \| Emory university [Member] \| Maximum [Member]
Aggregate payments					$ 125,000,000.0
Katholieke Universiteit Leuven License Agreement [Member] \| Katholieke Universiteit Leuven [Member]
Non-refundable payment	$ 30,000,000.0
Long term purchase commitment period description			Unless terminated earlier by either party, the agreement shall continue until the expiration of the last to expire royalty term, which is the later of the expiration of the last valid patent claim covering the manufacture, use, sale or importation of the licensed product in a particular country or 10 years after the first commercial sale of a licensed product.
First commercial sale of a licensed product period	10 years
Katholieke Universiteit Leuven License Agreement [Member] \| Katholieke Universiteit Leuven [Member] \| Maximum [Member]
Non-refundable payment	$ 32,000,000.0

Common Warrants and Pre Funded Warrants (Tables)

3 Months Ended

Mar. 31, 2026

Class of Warrant or Right [Line Items]

Summary of 2023 Common Warrant Liability

The following table sets forth a summary of the activities of the Company’s 2023 Common Warrant liability, which represents a recurring measurement that is classified with Level 3 of the fair value hierarchy wherein the fair value is estimated using significant unobservable inputs (in thousands):


	March 31, 2026			December 31, 2025
Beginning liability	$	12,183		$	72,367
Common warrants issued		-			-
Common warrants exercised		-			-
Change in fair value		(3,395	)		(60,184	)
Ending liability	$	8,788		$	12,183

2023 and 2025 Pre-Funded Warrants [Member]

Class of Warrant or Right [Line Items]

Summary of Pre-funded Warrant Shares Outstanding

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


Pre-funded warrant shares outstanding	March 31, 2026		December 31, 2025
Outstanding at the beginning of the year		4,217,432		2,441,405
Issued		-		1,922,511
Exercised		-		(146,484	)
Outstanding at the end of the period		4,217,432		4,217,432
Exercisable at the end of the period		4,217,432		4,217,432

2023 and 2025 Common Warrants [Member]

Class of Warrant or Right [Line Items]

Summary of Common Warrant Shares Outstanding

The following table summarizes information about shares issuable under the 2023 and 2025 Common Warrants outstanding at March 31, 2026:


Common warrant shares outstanding	March 31, 2026		December 31, 2025
Outstanding at the beginning of the year		4,213,767		2,200,858
Issued		-		2,012,909
Exercised		-		-
Outstanding at the end of the period		4,213,767		4,213,767
Exercisable at the end of the period		4,213,767		4,213,767

2023 Common Warrants [Member]

Class of Warrant or Right [Line Items]

Summary of Assumptions Used to Determine the fair value at Issuance and Reporting Date of Common Warrants Granted

The assumptions that the Company used to determine the fair value at the reporting date were as follows:


	March 31, 2026			December 31, 2025
Expected term (in years)		4.58			4.83
Risk-free interest rate		3.90	%		3.72	%
Dividend yield		-			-
Volatility		91.14	%		90.98	%

Equity Incentive Awards and Stock-based Compensation - Summary of Stock Options (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2026	Dec. 31, 2025
Employee Stock Option [Member]
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Number of options - Beginning balance	1,728,737
Number of options, Granted	439,335
Number of options, Forfeited or Expired	(58,662)
Number of options - Ending balance	2,109,410	1,728,737
Number of options vested and expected to vest	2,109,410
Number of options vested and exercisable	566,434
Weighted average exercise price - Beginning balance	$ 18.62
Weighted average exercise price per share Granted	7.23
Weighted average exercise price Forfeited or Expired	7.44
Weighted Average Exercise Price - Ending balance	16.56	$ 18.62
Weighted average exercise price Options per share vested and expected to vest	16.56
Weighted average exercise price options per share vested and exercisable	$ 32.08
Weighted- Average Remaining Contractual Term, Outstanding	8 years 9 months 14 days	8 years 9 months 25 days
Weighted- Average Remaining Contractual Term, Options vested and expected to vest	8 years 9 months 14 days
Weighted- Average Remaining Contractual Term, Options vested and exercisable	7 years 4 months 28 days
Aggregate Intrinsic Value - Options outstanding	$ 206	$ 859
Aggregate Intrinsic Value, options vested and expected to vest	206
Aggregate Intrinsic Value, Options vested and exercisable	$ 3
Restricted Stock Unit [Member]
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Number of awards - Beginning balance	76,786
Number of awards, granted	13,215
Number of awards, vested and released	(9,956)
Number of awards - Ending balance	80,045	76,786
Weighted average granted fair date value - Beginning balance	$ 10.2
Weighted average granted fair date value per share, granted	7.03
Weighted average granted fair date value per share, vested and released	10.49
Weighted average granted fair date value - Ending balance	$ 9.64	$ 10.2
Aggregate Fair Value, Beginning balance	$ 784
Aggregate Fair Value, granted	93
Aggregate Fair Value, vested and released	(104)
Aggregate Fair Value, Ending balance	$ 773	$ 784

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Mar. 31, 2026	Dec. 31, 2025
Statement of Financial Position [Abstract]
Preferred Stock, Par Value	$ 0.0001	$ 0.0001
Preferred Stock, Shares Authorized	10,000,000	10,000,000
Preferred Stock, Shares Issued	0	0
Preferred Stock, Shares Outstanding	0	0
Common Stock, Par Value	$ 0.0001	$ 0.0001
Common Stock, Shares Authorized	115,800,000	115,800,000
Common Stock, Shares, Issued	6,188,186	6,178,230
Common Stock, Shares, Outstanding	6,188,186	6,178,230

Common Warrants and Pre Funded Warrants - Summary of Pre-funded Warrant Shares Outstanding (Details) - October 2023 Securities Purchase Agreement [Member] - 2023 and 2025 Pre-Funded Warrants [Member] - shares	3 Months Ended	12 Months Ended
	Mar. 31, 2026	Dec. 31, 2025
Class of Warrant or Right [Line Items]
Beginning balance, shares	4,217,432	2,441,405
Issued	0	1,922,511
Exercised		(146,484)
Ending balance, shares	4,217,432	4,217,432
Exercisable at the end of the period	4,217,432	4,217,432

Equity Incentive Awards and Stock-based Compensation - Summary of Stock Based Compensation Expense Was Allocated (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Allocated Share Based Compensation Expense	$ 1,314	$ 959
Research and Development [Member]
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Allocated Share Based Compensation Expense	666	543
General and Administrative [Member]
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Allocated Share Based Compensation Expense	$ 648	$ 416

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Cash flows from operating activities:
Net (loss) income, as reported	$ (23,040)	$ 43,088
Adjustments to reconcile net (loss) income to net cash used in operating activities:
Accretion of discount on investments	(419)	(137)
Non cash lease expense	509	316
Change in fair value of 2023 Common Warrants	(3,395)	(61,494)
Depreciation expense	346	194
Stock-based compensation including ESPP	1,314	959
Changes in operating assets and liabilities:
Accounts payable	3,657	1,730
Accrued liabilities	(1,537)	(4,765)
Operating lease liabilities	(834)	(502)
Other liabilities	(47)
Deferred revenue		(151)
Other assets	318	(147)
Net cash and cash equivalents used in operating activities	(23,128)	(20,909)
Cash flows from investing activities:
Maturities of short-term investments	35,000	20,000
Purchase of short-term investments		(64,024)
Purchases of property and equipment	(69)	(43)
Net cash and cash equivalents provided by (used in) investing activities	34,931	(44,067)
Cash flows from financing activities:
Proceeds from issuance of common stock, common warrants and pre-funded warrants in connection with PIPE Offering, net of costs		101,742
Payments on finance lease	(62)
Net cash and cash equivalents (used in) provided by financing activities	(62)	101,742
Net increase in cash, cash equivalents, and restricted cash	11,741	36,766
Cash, cash equivalents, and restricted cash, beginning of period	18,413	37,107
Cash, cash equivalents, and restricted cash, end of period	$ 30,154	$ 73,873

Equity Incentive Awards and Stock-based Compensation (Tables)

3 Months Ended

Mar. 31, 2026

Summary of Stock Options

Stock option activity during the three months ended March 31, 2026 is as follows:


	Shares subject to options			Weighted- average exercise price		Weighted- average remaining contractual term (years)		Aggregate Intrinsic Value (in thousands)

Outstanding as of December 31, 2025		1,728,737		$	18.62		8.82	$	859
Granted		439,335			7.23		—		—
Exercised		—			—		—		—
Forfeited or Expired		(58,662	)		7.44		—		—
Outstanding as of March 31, 2026		2,109,410			16.56		8.79	$	206
Options vested and expected to vest as of March 31, 2026		2,109,410			16.56		8.79	$	206
Options vested and exercisable as of March 31, 2026		566,434			32.08		7.41	$	3

Summary of Stock Based Compensation Expense Was Allocated

Stock-based compensation expense was allocated as follows for the three months ended March 31, 2026 and 2025 (in thousands):


	Three Months Ended
	March 31,
	2026		2025
Research and development	$	666	$	543
General and administrative		648		416
Total	$	1,314	$	959

Restricted Stock Unit [Member]

Summary of Stock Options

Restricted stock unit activity during the three months ended March 31, 2026 is as follows:


	Number of Awards			Weighted- Average Grant Date Fair Value		Aggregate Fair Value (in thousands)

Issued and unvested as of December 31, 2025		76,786		$	10.20	$	784
Granted		13,215			7.03		93
Vested and released		(9,956	)		10.49		(104	)
Issued and unvested as of March 31, 2026		80,045		$	9.64	$	773

Revenue from contracts with customers

3 Months Ended

Mar. 31, 2026

Revenue from Contract with Customer [Abstract]

Revenue from contracts with customers

Agreement with Amoytop

In May 2023, the Company and Amoytop Biotech Co., Ltd (Amoytop) entered into a Research Collaboration and Development Agreement (the Amoytop Agreement) with a focus on nucleic acid technology for HBV treatment, with the Company granting to Amoytop an exclusive, time-limited option to enter into an exclusive, territory-limited license to develop and commercialize such compounds. Under the terms of the agreement, the Company received an upfront payment of $7.0 million, less withholding taxes of $1.1 million from Amoytop. With respect to the agreement, the Company is eligible for up to $109.0 million in development and commercialization milestones as well as tiered royalties on net sales. These potential payments consist of (i) potential development milestones (such as for the commencement of a Good Laboratory Practice toxicology study for a collaboration compound, approval of IND by regulatory authority, initiation of Phase 2 and 3 clinical trials, and regulatory approval of a licensed product), and (ii) sales-based milestones.

In May 2024, the Company and Amoytop entered into an extension to the Amoytop Agreement, covering work performed through January 2025. Under the terms of the agreement, the Company received an upfront payment of $1.5 million, which was recognized from the second quarter of 2024 through the first quarter of 2025.

In May 2025, the Company and Amoytop entered into an additional extension to the Amoytop Agreement, covering work performed through approximately November 2025. Under the terms of the agreement, the Company received an upfront payment of $1.0 million, which was recognized from the second quarter of 2025 through the fourth quarter of 2025.

In September 2025, Amoytop exercised its option to obtain an exclusive, territory-limited license to one compound developed under the Amoytop 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 a milestone payment of $3.0 million.

The Company determined that the Amoytop agreement falls within the scope of ASC 606. The agreement did not fall under the ASC 808 guidance due to Amoytop and the Company not being joint active participants, and both parties not having significant risks and rewards. Management of the Company determined that there were three performance obligations for the agreement given the deliverables are distinct. The Company evaluated the standalone selling price for each obligation based on available data for similar arrangements. The Company evaluated the performance obligations and determined the provision of R&D services for the collaboration compound performance obligation will be satisfied over time, the research license including data and know-how has been satisfied, and the provision of materials will be satisfied upon delivery. Given the nature of the arrangement, the Company believes that the satisfaction of its performance obligations is best measured by the progress of its efforts as it relates to the performance of the R&D services. As such, the Company has used an input method based on costs incurred to recognize revenue associated with the upfront payments, and the Company recognizes revenue over time based on the costs incurred. The effect of any updates to the estimated overall costs are recorded as a change in estimate. In addition, variable consideration (e.g., milestone payments) were evaluated based on the Company’s analysis that the probability of achieving any of the milestone payments is remote, and therefore determined to be constrained and excluded from the transaction price.

During the three months ended March 31, 2026, the Company recognized no revenue from customers related to upfront payments. During the three months ended March 31, 2025, the Company recognized $0.3 million, in revenue from customers related to upfront payments. During the three months ended March 31, 2026, the Company recognized $2.8 million in revenue from customers related to a milestone payment of $3.0 million less withholding taxes. During the three months ended March 31, 2025, the Company recognized no revenue from customers related to milestone payments.

Agreement with ADCT

The Company determined that the ADC Therapeutics (ADCT) agreement falls within the scope of ASC 606, Revenue from Contracts with Customers (ASC 606). The agreement did not fall under the ASC 808 guidance due to ADCT and the Company not being joint active participants, nor both parties having significant risks and rewards. Management of the Company determined that there was one performance obligation for the agreement given the deliverables are not distinct. The Company evaluated the performance obligation and determined the performance obligations are satisfied over time. Given the nature of the arrangement, the Company believes that the satisfaction of its performance obligations is best measured by the progress of its efforts. As such, the Company has used an input method based on costs incurred to recognize revenue associated with the upfront payments, and the Company recognizes revenue over time based on the costs incurred. The effect of any updates to the estimated overall costs are recorded as a change in estimate. In addition, variable consideration (e.g., milestone payments) were evaluated based on the Company’s analysis that the possibility of achieving any of the milestone payments is remote, and therefore determined to be constrained and excluded from the transaction price. Similarly, the Company accounts for the future royalties under the sales-based royalty exception in ASC 606-10-55-65 through 55-65B therefore they are not considered in the transaction price and expected to be recognized when future sales occur since that is expected to occur after the performance obligation has been fully satisfied. This agreement expired in November 2025.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-7

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-9

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-15

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org/606/tableOfContent

+ Details

Investments - Additional Information (Detail) - USD ($)	3 Months Ended
Investments - Additional Information (Detail) - USD ($)	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025
Investment In Available For Sale And Held To Maturity Securities [Line Items]
Interest income	$ 100,000	$ 800,000
Accrued interest receivable	$ 0		$ 0
Maximum [Member]
Investment In Available For Sale And Held To Maturity Securities [Line Items]
Investments remaining maturity	1 year

Common Warrants and Pre Funded Warrants - Summary of Common Warrant Shares Outstanding (Details) - October 2023 Securities Purchase Agreement [Member] - 2023 and 2025 Common Warrants [Member] - shares	3 Months Ended	12 Months Ended
	Mar. 31, 2026	Dec. 31, 2025
Class of Warrant or Right [Line Items]
Beginning balance, shares	4,213,767	2,200,858
Issued	0	2,012,909
Ending balance, shares	4,213,767	4,213,767
Exercisable at the end of the period	4,213,767	4,213,767

Net (loss) income per share - Schedule of Earnings Per Share Basic and Diluted (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Earnings Per Share [Abstract]
Net (loss) income, as reported	$ (23,040)	$ 43,088
Less: Change in fair value of the 2023 common warrants	(3,395)	(61,494)
Diluted net loss	$ (23,040)	$ (18,406)
Weighted average shares outstanding, basic	10,402,967	8,408,481
Add: Weighted average shares issuable upon exercise of 2023 common warrants		301,212
Weighted average shares outstanding, diluted	10,402,967	8,709,693
Net (loss) income per share - basic	$ (2.21)	$ 5.12
Net loss per share - diluted	$ (2.21)	$ (2.11)

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/exampleRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
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+ Details

- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
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-Section 50
-Paragraph 1
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-Publisher FASB
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+ Details

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Mar. 31, 2026	Mar. 31, 2025
Pay vs Performance Disclosure
Net Income (Loss)	$ (23,040)	$ 43,088

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE (LOSS) INCOME - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Income Statement [Abstract]
Revenue from customers	$ 2,830	$ 311
Operating expenses:
Research and development	23,352	14,502
General and administrative	6,407	5,052
Total operating expenses	29,759	19,554
Loss from operations	(26,929)	(19,243)
Interest and other income, net	811	880
Change in fair value of 2023 Common Warrants	3,395	61,494
(Loss) income before income tax	(22,723)	43,131
Income tax provision	(317)	(43)
Net (loss) income	(23,040)	43,088
Other comprehensive (loss) income:
Unrealized loss on available-for-sale securities	(30)	(4)
Other comprehensive loss	(30)	(4)
Comprehensive (loss) income	$ (23,070)	$ 43,084
Net (loss) income per share, basic	$ (2.21)	$ 5.12
Net loss per share, diluted	$ (2.21)	$ (2.11)
Weighted average shares of common stock, basic	10,402,967	8,408,481
Weighted average shares of common stock, diluted	10,402,967	8,709,693

In-licensing agreements

3 Months Ended

Mar. 31, 2026

In-Licensing Agreements [Abstract]

In-licensing agreements

Agreement with Emory University (Emory)

In June 2018, the Company entered into a license agreement with Emory (the Emory License Agreement), pursuant to which Emory granted the Company a worldwide, sublicensable license under certain of its intellectual property rights to make, have made, develop, use, offer to sell, sell, import and export products containing certain compounds relating to Emory’s hepatitis B virus capsid assembly modulator technology, for all therapeutic and prophylactic uses. Such license is initially exclusive with respect to specified licensed patents owned by Emory and non-exclusive with respect to certain of Emory’s specified know-how. In June 2022, the license to such patents became non-exclusive for certain licensed compounds with respect to all fields except for the treatment and prevention of HBV; however, the Company may select up to six compounds which will maintain exclusivity with respect to all therapeutic and prophylactic uses. With respect to all other compounds that are enabled by the licensed patents, those which are jointly invented by the Company and Emory or inventors in the Schinazi laboratory, or which are disclosed in a specified licensed patent, are licensed to the Company exclusively including as to Emory; whereas all other such compounds are licensed to the Company non-exclusively. Under the terms of the Emory License Agreement, the Company is obligated to use commercially reasonable efforts to bring licensed products to market in accordance with a mutually agreed upon development plan. Unless terminated earlier by either party in accordance with the provisions thereof, the Emory License Agreement shall continue until the expiration of the last–to-expire of the patents licensed to the Company thereunder.

In June 2020, the Company amended the license agreement with Emory. Pursuant to the amended license agreement, Emory granted the Company additional patent rights to certain compounds targeting the treatment or prevention of HBV. As consideration for the additional rights, the Company made a one-time, non-refundable payment to Emory in the amount of $0.2 million, with an additional obligation to pay up to a maximum of $35,000. On the same date, the Company entered into a collaboration agreement with Emory, with the initial research plan pertaining to the synthesis and evaluation of the compounds licensed through the additional patent rights granted in the amended license agreement. The research plan was set to terminate one year from the effective date of June 2020 but the Company exercised its option to extend it for a second year. In June 2022, the research plan terminated.

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 months ended March 31, 2026 and 2025, no milestone payments were made. 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.

During the three months ended March 31, 2026 and 2025, the Company made no payments associated with royalties and recognized no expense or accruals.

Agreement with Katholieke Universiteit Leuven (KU Leuven)

On June 25, 2020, the Company entered into a Research, Licensing and Commercialization Agreement (KU Leuven Agreement) with KU Leuven, under which the Company is collaborating with KU Leuven’s Rega Institute for Medical Research, as well as its Centre for Drug Design and Discovery, to research and develop potential protease inhibitors for the treatment, diagnosis or prevention of coronaviruses, including of SARS-CoV-2. Unless terminated earlier by either party in accordance with provisions in the

agreement, the collaboration period terminated at the earlier of completion of all collaboration activities or 2.5 years. In connection with the KU Leuven Agreement, KU Leuven and the Company granted each other exclusive cross-licenses to use certain know-how and existing patents of the other party as well as certain joint know-how and joint patents to carry out research and development collaboration activities during the collaboration period. As of December 2022, the original collaboration period expired. An amendment to the agreement was agreed in July 2023 to include a new collaboration plan. KU Leuven granted to the Company an exclusive (including as to KU Leuven), worldwide license under certain of KU Leuven’s know-how and existing patents, and certain joint patents and joint know-how, to manufacture and commercialize the licensed products for the treatment, diagnosis or detection of viral infections in humans. KU Leuven reserved the right to use all KU Leuven knowhow, existing KU Leuven patents, joint patents and joint know-how for academic and non-commercial research and teaching purposes. As consideration for this license, the Company is obligated to make payments to KU Leuven, in aggregate, totaling up to but no more than $30.0 million upon the achievement of certain commercial sales milestones. For each licensed product developed through KU Leuven and the Company’s collaborative effort, the Company is obligated to make payments to KU Leuven, in aggregate, totaling up to $32.0 million upon the achievement of certain development and regulatory milestones. The Company is also required to pay KU Leuven a low-to-mid-single digit royalty percentage, subject to certain adjustments, on net sales of applicable products, if any. The Company is also required to pay a revenue share to KU Leuven should the program be partnered with an external party. Unless terminated earlier by either party, the agreement shall continue until the expiration of the last to expire royalty term, which is the later of the expiration of the last valid patent claim covering the manufacture, use, sale or importation of the licensed product in a particular country or 10 years after the first commercial sale of a licensed product. During the three months ended March 31, 2026, the Company made no payments of royalties or milestones.

Balance sheet components - Summary of Accrued Liabilities (Detail) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Payables and Accruals [Abstract]
Accrued R&D expenses	$ 1,489	$ 1,204
Accrued clinical expenses	2,026	1,609
Accrued compensation	4,219	7,464
Other accrued expenses	4,255	3,249
Total	$ 11,989	$ 13,526

Capital stock - Additional Information (Detail) - shares	3 Months Ended
	Mar. 31, 2026	Dec. 31, 2025	Jun. 25, 2025
Number of shares of common stock authorized	115,800,000	115,800,000
Common stock voting right	one
Voting Common Stock [Member] \| Minimum [Member]
Number of shares of common stock authorized			20,000,000
Voting Common Stock [Member] \| Maximum [Member]
Number of shares of common stock authorized			100,000,000
Non-Voting Common Stock [Member] \| Minimum [Member]
Number of shares of common stock authorized			800,000
Non-Voting Common Stock [Member] \| Maximum [Member]
Number of shares of common stock authorized			15,800,000

Net (loss) income per share - Schedule of Antidilutive Securities Excluded From Computation of Earnings Per Share (Detail) - shares	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount	6,403,222	3,040,540
Options to purchase common stock [Member]
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount	2,109,410	1,010,367
Unvested restricted stock [Member]
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount	80,045	17,264
Common warrants to purchase common stock [Member]
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount	4,213,767	2,012,909

Equity Incentive Awards and Stock-based Compensation

3 Months Ended

Mar. 31, 2026

Share-Based Payment Arrangement [Abstract]

Equity Incentive Awards and Stock-based Compensation

Stock options

Stock option activity during the three months ended March 31, 2026 is as follows:


	Shares subject to options			Weighted- average exercise price		Weighted- average remaining contractual term (years)		Aggregate Intrinsic Value (in thousands)

Outstanding as of December 31, 2025		1,728,737		$	18.62		8.82	$	859
Granted		439,335			7.23		—		—
Exercised		—			—		—		—
Forfeited or Expired		(58,662	)		7.44		—		—
Outstanding as of March 31, 2026		2,109,410			16.56		8.79	$	206
Options vested and expected to vest as of March 31, 2026		2,109,410			16.56		8.79	$	206
Options vested and exercisable as of March 31, 2026		566,434			32.08		7.41	$	3

Restricted stock units

Restricted stock unit activity during the three months ended March 31, 2026 is as follows:


	Number of Awards			Weighted- Average Grant Date Fair Value		Aggregate Fair Value (in thousands)

Issued and unvested as of December 31, 2025		76,786		$	10.20	$	784
Granted		13,215			7.03		93
Vested and released		(9,956	)		10.49		(104	)
Issued and unvested as of March 31, 2026		80,045		$	9.64	$	773

Stock-based compensation expense was allocated as follows for the three months ended March 31, 2026 and 2025 (in thousands):


	Three Months Ended
	March 31,
	2026		2025
Research and development	$	666	$	543
General and administrative		648		416
Total	$	1,314	$	959

Segment Information - Additional Information (Detail)	3 Months Ended
Segment Information - Additional Information (Detail)	Mar. 31, 2026 Segment
Segment Reporting [Abstract]
Segment reporting, expense information used by CODM, description	The chief operating decision maker (CODM), who is defined as the Company's Chairman, President and Chief Executive Officer, assesses performance for the Company’s single reportable segment and decides how to allocate resources based on the Company’s total operating expenses as reported on the Consolidated Statements of Operations and Comprehensive (Loss) Income. The CODM’s review of total operating expenses at the consolidated level is used to monitor the Company’s spending as well as budget versus actual results. As part of the CODM’s review of the segment’s performance, the CODM reviews the Company’s operating expense information. This includes research and development costs as well as general and administrative expenses. Based upon the operating expense information, the CODM can reconcile to net loss as reported on the Consolidated Statements of Operations and Comprehensive (Loss) Income, shown in the table below. The significant expense categories are consistent with those presented on the face of the consolidated financial statements, except for the breakout of the early-stage research and development from the late-stage research and development. The CODM does not receive or use any other segmented or disaggregated financial or any significant expense information for decision making purposes. The measure of segment assets is reported on the Condensed Consolidated Balance Sheets as total assets.
Number of reportable segment	1

Summary of significant accounting policies (Policies)	3 Months Ended
Summary of significant accounting policies (Policies)	Mar. 31, 2026
Accounting Policies [Abstract]
Use of Estimates	Use of Estimates The preparation of condensed consolidated financial statements in conformity with U.S. GAAP requires management to make judgments, estimates and assumptions that affect the reported amounts of assets, liabilities, revenue and expenses, and related disclosures. Management bases its estimates on historical experience and on various other assumptions that it believes to be reasonable under the circumstances. These estimates form the basis for making judgments about the carrying values of assets and liabilities when these values are not readily apparent from other sources. Accounting estimates and judgments are inherently uncertain, and actual results could differ from these estimates.
Significant accounting policies and estimates	Significant accounting policies and estimates No material changes were made to the Company’s significant accounting policies disclosed in Note 2. Summary of significant accounting policies, in its 2025 Form 10-K.
Recently issued accounting standards	Recently issued accounting standards From time to time, new accounting pronouncements are issued by FASB that the Company adopts as of the specified effective date. Our status as an EGC ended on the last day of the fiscal year ending after the fifth anniversary of our initial public offering, i.e., December 31, 2025. The Company has considered all recent accounting pronouncements issued, but not yet effective, and does not expect any to have a material effect on the Company’s condensed consolidated financial statements other than those discussed in its 2025 Form 10‑K.

- Definition

Disclosure of accounting policy for the use of estimates in the preparation of financial statements in conformity with generally accepted accounting principles.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
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-Paragraph 1
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+ Details

Revenue from contracts with customers - Additional Information (Detail) - USD ($)	1 Months Ended				3 Months Ended
	Jan. 31, 2026	May 31, 2025	May 31, 2024	May 31, 2023	Mar. 31, 2026	Mar. 31, 2025
Revenue from customers related to upfront payments					$ 0	$ 300,000
Milestones payments made					0	0
Revenue from customers related to milestone payments					2,800,000	$ 0
Revenue from customers related to milestone payment less withholding taxes					$ 3,000,000
Amoytop License and Research Collaboration [Member] \| Amoytop [Member]
Upfront payment received		$ 1,000,000	$ 1,500,000	$ 7,000,000
Withholding taxes				1,100,000
Milestones payments made	$ 3,000,000
Amoytop License and Research Collaboration [Member] \| Amoytop [Member] \| Maximum [Member]
Milestone payments and royalties receivable				$ 109,000,000

Commitments and contingencies	3 Months Ended
Commitments and contingencies	Mar. 31, 2026
Commitments and Contingencies Disclosure [Abstract]
Commitments and contingencies	10. Commitments and contingencies From time to time, the Company may have certain contingent liabilities, including legal matters that arise in the ordinary course of its business activities. The Company accrues a liability for such matters when it is probable that future expenditures will be made and such expenditures can be reasonably estimated. Contingent liabilities requiring accrual were appropriately accrued as of March 31, 2026 and December 31, 2025. The Company enters into contracts in the normal course of business that includes arrangements with clinical research organizations, vendors for preclinical research and vendors for manufacturing. These agreements generally allow for cancellation with notice. As of March 31, 2026, the Company had no material non-cancellable purchase commitments.

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Mar. 31, 2026
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
Rule 10b5-1 Arrangement Modified	false
Non-Rule 10b5-1 Arrangement Modified	false

Summary of significant accounting policies	3 Months Ended
Summary of significant accounting policies	Mar. 31, 2026
Accounting Policies [Abstract]
Summary of significant accounting policies	2. Summary of significant accounting policies Use of Estimates The preparation of condensed consolidated financial statements in conformity with U.S. GAAP requires management to make judgments, estimates and assumptions that affect the reported amounts of assets, liabilities, revenue and expenses, and related disclosures. Management bases its estimates on historical experience and on various other assumptions that it believes to be reasonable under the circumstances. These estimates form the basis for making judgments about the carrying values of assets and liabilities when these values are not readily apparent from other sources. Accounting estimates and judgments are inherently uncertain, and actual results could differ from these estimates. Significant accounting policies and estimates No material changes were made to the Company’s significant accounting policies disclosed in Note 2. Summary of significant accounting policies, in its 2025 Form 10-K. Recently issued accounting standards From time to time, new accounting pronouncements are issued by FASB that the Company adopts as of the specified effective date. Our status as an EGC ended on the last day of the fiscal year ending after the fifth anniversary of our initial public offering, i.e., December 31, 2025. The Company has considered all recent accounting pronouncements issued, but not yet effective, and does not expect any to have a material effect on the Company’s condensed consolidated financial statements other than those discussed in its 2025 Form 10‑K.

Segment Information

3 Months Ended

Mar. 31, 2026

Segment Reporting [Abstract]

Segment Information

13. Segment information

The chief operating decision maker (CODM), who is defined as the Company's Chairman, President and Chief Executive Officer, assesses performance for the Company’s single reportable segment and decides how to allocate resources based on the Company’s total operating expenses as reported on the Consolidated Statements of Operations and Comprehensive (Loss) Income. The CODM’s review of total operating expenses at the consolidated level is used to monitor the Company’s spending as well as budget versus actual results. As part of the CODM’s review of the segment’s performance, the CODM reviews the Company’s operating expense information. This includes research and development costs as well as general and administrative expenses. Based upon the operating expense information, the CODM can reconcile to net loss as reported on the Consolidated Statements of Operations and Comprehensive (Loss) Income, shown in the table below. The significant expense categories are consistent with those presented on the face of the consolidated financial statements, except for the breakout of the early-stage research and development from the late-stage research and development. The CODM does not receive or use any other segmented or disaggregated financial or any significant expense information for decision making purposes. The measure of segment assets is reported on the Condensed Consolidated Balance Sheets as total assets.

The following table provides segment revenues, significant segment expenses and reported segment net loss for the three months ended March 31, 2026 and 2025 (in thousands):


	Three months ended March 31,
	2026			2025
Revenue from customers	$	2,830		$	311
Less:
Early-stage research and development(1)		(417	)		(842	)
Late-stage research and development(2)		(22,935	)		(13,660	)
General & Administrative		(6,407	)		(5,052	)
Total operating expenses		(29,759	)		(19,554	)
Interest and other income, net		811			880
Change in fair value of 2023 Common Warrants		3,395			61,494
(Loss) income before income tax		(22,723	)		43,131
Income tax provision		(317	)		(43	)
Segment and consolidated net (loss) income	$	(23,040	)	$	43,088

(1) Early-stage research and development includes costs incurred from Discovery programs.

(2) Late-stage research and development includes costs incurred from Phase 1 and Phase 2 clinical trial programs.

The Company’s reportable segment primarily generates revenue through its license and collaboration agreements (see Notes 8 and 9).

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Balance sheet components - Summary of Property and Equipment (Detail) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Property Plant And Equipment [Line Items]
Total, at cost	$ 14,648	$ 14,579
Accumulated depreciation	(13,058)	(12,712)
Total, net	1,590	1,867
Leasehold improvements [Member]
Property Plant And Equipment [Line Items]
Total, at cost	6,264	6,264
Lab equipment [Member]
Property Plant And Equipment [Line Items]
Total, at cost	6,258	6,209
Computer equipment [Member]
Property Plant And Equipment [Line Items]
Total, at cost	1,075	1,075
Furniture and office equipment [Member]
Property Plant And Equipment [Line Items]
Total, at cost	771	751
Vehicles and equipment [Member]
Property Plant And Equipment [Line Items]
Total, at cost	$ 280	$ 280

Investments - Summary of Available For Sale Securities Amortized Cost Gross Unrealized Gains Losses and Fair Value (Detail) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Money market funds [Member] \| Level 1 [Member]
Debt Securities, Available-for-Sale [Line Items]
Available-for-sale securities, Amortized Cost	$ 20,122	$ 9,992
Available-for-sale securities, Estimated Fair Value	20,122	9,992
U.S. Treasury bonds [Member] \| Level 2 [Member]
Debt Securities, Available-for-Sale [Line Items]
Available-for-sale securities, Amortized Cost	24,959	59,519
Available-for-sale securities, Gross Unrealized Gain		22
Available-for-sale securities, Gross Unrealized Loss	(30)
Available-for-sale securities, Estimated Fair Value	$ 24,929	$ 59,541

- Definition

Amount of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 14: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Investments

3 Months Ended

Mar. 31, 2026

Debt Securities, Available-for-Sale and Held-to-Maturity, after Allowance for Credit Loss [Abstract]

Investments

As of March 31, 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):


		March 31, 2026
				Gross		Gross
		Amortized		Unrealized		Unrealized			Estimated
		Cost		Gain		Loss			Fair Value
Available-for-sale securities:
U.S. Treasury bonds	Level 2	$	24,959	$	-	$	(30	)	$	24,929
Money market funds	Level 1	$	20,122	$	-	$	-		$	20,122


		December 31, 2025
				Gross		Gross
		Amortized		Unrealized		Unrealized		Estimated
		Cost		Gain		Loss		Fair Value
Available-for-sale securities:
U.S. Treasury bonds	Level 2	$	59,519	$	22	$	-	$	59,541
Money market funds	Level 1	$	9,992	$	-	$	-	$	9,992

All of our short-term investments are 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. As of March 31, 2026, all investments had a remaining maturity of less than one year.

The Company recorded interest income of $0.1 million for the three months ended March 31, 2026, and $0.8 million for the three months ended March 31, 2025. There was no accrued interest receivable as of March 31, 2026 and December 31, 2025.

Common Warrants and Pre Funded Warrants

3 Months Ended

Mar. 31, 2026

Warrants and Rights Note Disclosure [Abstract]

Common Warrants and Pre Funded Warrants

Common Warrants and Pre-Funded Warrants

2025 PIPE

In February 2025, the Company closed its private investment in public equity (PIPE) offering (the 2025 Private Placement) and entered into a securities purchase agreement with certain investors (the 2025 Securities Purchase Agreement) that resulted in gross proceeds of $105.0 million. In the 2025 Private Placement, the Company issued (i) 2,103,307 shares of the Company’s common stock (the Common Stock), par value $0.0001 per share, 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 1,922,511 shares of voting Common Stock and (iii) accompanying common warrants (the 2025 Common Warrants) to purchase up to 2,012,909 shares of Common Stock. The purchase price per share was $26.0825, or $26.0824 per 2025 Pre-Funded Warrant, which represents the purchase price per share less the $0.0001 per share exercise price of each Pre-Funded Warrant. Each 2025 Pre-Funded Warrant is immediately exercisable and does not expire. Each 2025 Common Warrant has an exercise price of $26.02, is immediately exercisable and will expire in February 2032. The Company received net proceeds of $101.4 million, after deducting the placement agent fees and expenses and offering costs.

The Company accounts for the 2025 Common Warrants and 2025 Pre-Funded Warrants in Stockholders' Equity on the Condensed Consolidated Balance Sheet and determined the outstanding 2025 Common Warrants and 2025 Pre-Funded Warrants are freestanding derivative instruments. The Company classified the 2025 Common Warrants and 2025 Pre-Funded Warrants as equity because they met the equity scope exception under Accounting Standards Codification (ASC) 815, Derivatives and Hedging, based on the terms in the 2025 Securities Purchase Agreement.

2023 PIPE

In October 2023, the Company completed a PIPE offering and entered into a securities purchase agreement (the 2023 Securities Purchase Agreement) with certain institutional and accredited investors, pursuant to which the Company agreed to offer, issue and sell to these investors 1,257,168 shares of Common Stock, par value $0.0001 per share, pre-funded warrants to purchase an aggregate of 3,242,018 shares of Common Stock (the 2023 Pre-Funded Warrants), and warrants to purchase an aggregate of 2,249,680 shares of Common Stock (the 2023 Common Warrants). Each 2023 Pre-Funded Warrant has an exercise price of $0.0025 per share of common stock, was immediately exercisable and is exercisable until exercised in full. Each 2023 Common Warrant has an exercise price of $18.92 per share of common stock, is immediately exercisable and will expire on October 25, 2030. The closing of the offering occurred on October 25, 2023. The Company received gross proceeds of $92.1 million, and after deducting the placement agent fees and expenses and offering costs, net proceeds were $86.2 million.

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


Pre-funded warrant shares outstanding	March 31, 2026		December 31, 2025
Outstanding at the beginning of the year		4,217,432		2,441,405
Issued		-		1,922,511
Exercised		-		(146,484	)
Outstanding at the end of the period		4,217,432		4,217,432
Exercisable at the end of the period		4,217,432		4,217,432


	March 31, 2026			December 31, 2025
Beginning liability	$	12,183		$	72,367
Common warrants issued		-			-
Common warrants exercised		-			-
Change in fair value		(3,395	)		(60,184	)
Ending liability	$	8,788		$	12,183

The fair value of the 2023 Common Warrants was measured using the Black Scholes option pricing model and will be remeasured each reporting period, and the change in fair value will be recorded in earnings. The fair value of the 2023 Common

Warrants is inherently sensitive to changes in the Company's stock price and related volatility assumptions. The assumptions that the Company used to determine the fair value at the reporting date were as follows:


	March 31, 2026			December 31, 2025
Expected term (in years)		4.58			4.83
Risk-free interest rate		3.90	%		3.72	%
Dividend yield		-			-
Volatility		91.14	%		90.98	%

The following table summarizes information about shares issuable under the 2023 and 2025 Common Warrants outstanding at March 31, 2026:


Common warrant shares outstanding	March 31, 2026		December 31, 2025
Outstanding at the beginning of the year		4,213,767		2,200,858
Issued		-		2,012,909
Exercised		-		-
Outstanding at the end of the period		4,213,767		4,213,767
Exercisable at the end of the period		4,213,767		4,213,767

Common Warrants and Pre Funded Warrants - Summary of 2023 Common Warrant Liability (Details) - October 2023 Securities Purchase Agreement [Member] - Level 3 [Member] - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2026	Dec. 31, 2025
Class of Warrant or Right [Line Items]
Beginning liability	$ 12,183	$ 72,367
Change in fair value	(3,395)	(60,184)
Ending liability	$ 8,788	$ 12,183

Investments (Tables)

3 Months Ended

Mar. 31, 2026

Debt Securities, Available-for-Sale and Held-to-Maturity, after Allowance for Credit Loss [Abstract]

Summary of Available For Sale and Held to Maturity Securities Amortized Cost Gross Unrealized Gains Losses and Fair Value

As of March 31, 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):


		March 31, 2026
				Gross		Gross
		Amortized		Unrealized		Unrealized			Estimated
		Cost		Gain		Loss			Fair Value
Available-for-sale securities:
U.S. Treasury bonds	Level 2	$	24,959	$	-	$	(30	)	$	24,929
Money market funds	Level 1	$	20,122	$	-	$	-		$	20,122


		December 31, 2025
				Gross		Gross
		Amortized		Unrealized		Unrealized		Estimated
		Cost		Gain		Loss		Fair Value
Available-for-sale securities:
U.S. Treasury bonds	Level 2	$	59,519	$	22	$	-	$	59,541
Money market funds	Level 1	$	9,992	$	-	$	-	$	9,992

Segment Information - Summary of Segment Expenses and Reported Segment Net Loss (Detail) - USD ($)
$ in Thousands

3 Months Ended

Mar. 31, 2026

Mar. 31, 2025

Segment Reporting [Abstract]

Revenue from customers

$ 2,830

$ 311

Early-stage research and development

^[1]

(417)

(842)

Late-stage research and development

^[2]

(22,935)

(13,660)

General & Administrative

(6,407)

(5,052)

Total operating expenses

(29,759)

(19,554)

Interest and other income, net

811

880

Change in fair value of 2023 Common Warrants

3,395

61,494

(Loss) income before income tax

(22,723)

43,131

Income tax provision

(317)

(43)

Net (loss) income

$ (23,040)

$ 43,088

[1]	(1) Early-stage research and development includes costs incurred from Discovery programs.
[2]	(2) Late-stage research and development includes costs incurred from Phase 1 and Phase 2 clinical trial programs.

Organization and basis of presentation

3 Months Ended

Mar. 31, 2026

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Organization and basis of presentation

Description of business

Aligos Therapeutics, Inc. (Aligos-US) was incorporated in the state of Delaware on February 5, 2018 (inception). On September 10, 2018, the Company formed Aligos Belgium BVBA (Aligos-Belgium), a limited liability company organized under the laws of Belgium. On March 30, 2020, the Company formed as a wholly owned subsidiary, Aligos Australia Pty LTD (Aligos-Australia), a proprietary limited company. On May 18, 2021, the Company formed as a wholly owned subsidiary, Aligos Therapeutics (Shanghai) Co. Ltd. (Aligos-Shanghai) and together with Aligos-US, Aligos-Belgium, and Aligos-Australia being the “Company” or “Aligos”.

Aligos is a clinical-stage biotechnology company developing novel therapeutics to address unmet medical needs in liver and viral diseases, including for chronic hepatitis B virus (HBV) infection, obesity, metabolic dysfunction associated steatohepatitis (MASH), and coronaviruses.

The Company is devoting substantially all of its efforts to the research and development of its drug candidates. The Company has not generated any product revenue to date. The Company is also subject to a number of risks similar to other companies in the biotechnology industry, including the uncertainty of success of its nonclinical studies and clinical trials, regulatory approval of drug candidates, uncertainty of market acceptance of products, competition from substitute products and larger companies, the need to obtain additional financing, compliance with government regulations, protection of proprietary technology, dependence on third parties, product liability, and dependence on key individuals.

Basis of presentation

The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (U.S. GAAP) and follow the requirements of the Securities and Exchange Commission (SEC) for interim reporting. As permitted under those rules, certain footnotes or other financial information that are normally required by U.S. GAAP can be condensed or omitted. These unaudited condensed consolidated financial statements have been prepared on the same basis as the Company's annual consolidated financial statements and, in the opinion of management, reflect all adjustments, consisting only of normal recurring adjustments, which are necessary for a fair statement of the Company’s consolidated financial information. The condensed consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. Interim-period results are not necessarily indicative of results of operations or cash flows for a full year or any subsequent interim period. The balance sheet as of December 31, 2025 is derived from the audited consolidated financial statements at that date but does not include all of the information required by U.S. GAAP for complete consolidated financial statements.

Liquidity and Going Concern

In accordance with Accounting Standards Codification 205-40, Presentation of Financial Statements - Going Concern, the Company evaluated whether there are conditions and events, considered in the aggregate, that raise substantial doubt about its ability to continue as a going concern within one year of the date that the condensed financial statements are issued.

As of March 31, 2026, the Company had cash, cash equivalents and short-term investments of $54.9 million and an accumulated deficit of $665.2 million. The Company has incurred recurring losses from operations and negative cash flows from operating activities. The Company expects that its cash, cash equivalents and short-term investments will be sufficient to fund current planned operations into the fourth quarter of 2026, inclusive of the $25M upfront expected from Amoytop, which is less than one year from the date of filing this Quarterly Report on Form 10-Q. See footnote 14, Subsequent Events, for further details. 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.

However, there can be no assurance that any additional financing will be available to the Company on acceptable terms, if at all. If events or circumstances occur such that the Company does not obtain additional funding, it may be necessary to significantly reduce its 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 the Company’s 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 the Company’s ability to continue as a going concern.

The accompanying condensed financial statements have been prepared assuming the Company will continue to operate as a going concern, which contemplates the realization of assets and the settlement of liabilities in the normal course of business. The condensed financial statements do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets or the amounts of liabilities that may result from uncertainty related to the Company’s ability to continue as a going concern.

Periodically, the Company maintains deposits in accredited financial institutions in excess of federally insured limits. The Company deposits its cash in financial institutions that it believes have high credit quality and has not experienced any losses on such accounts and does not believe it is exposed to any unusual credit risk beyond the normal credit risk associated with commercial banking relationships. The Company maintains a dual banking system to limit its credit and liquidity risk.

The accompanying unaudited condensed consolidated financial statements and related financial information should be read in conjunction with the audited consolidated financial statements and the related notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025 filed with the SEC on March 5, 2026 (the 2025 Form 10-K).

Common Warrants and Pre Funded Warrants - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions	1 Months Ended
	Feb. 28, 2025	Oct. 31, 2023	Mar. 31, 2026	Dec. 31, 2025
Class of Warrant or Right [Line Items]
Shares issued (in Shares)		1,257,168	6,188,186	6,178,230
Common stock, par value		$ 0.0001	$ 0.0001	$ 0.0001
Gross Proceeds		$ 92.1
Net proceeds		$ 86.2
2025 PIPE [Member]
Class of Warrant or Right [Line Items]
Shares issued (in Shares)	2,103,307
Common stock, par value	$ 0.0001
Net proceeds	$ 101.4
2025 PIPE [Member] \| Voting Common Stock [Member]
Class of Warrant or Right [Line Items]
Shares issued (in Shares)	1,427,000
2025 PIPE [Member] \| Non-Voting Common Stock [Member]
Class of Warrant or Right [Line Items]
Shares issued (in Shares)	676,307
2025 Securities Purchase Agreement [Member]
Class of Warrant or Right [Line Items]
Gross Proceeds	$ 105.0
Pre-funded Warrants [Member] \| 2025 PIPE [Member]
Class of Warrant or Right [Line Items]
Exercise price of warrant per share	$ 0.0001
Price per share of warrants	$ 26.0824
2025 Pre-Funded Warrants [Member] \| Maximum [Member] \| 2025 PIPE [Member]
Class of Warrant or Right [Line Items]
Number of prefunded warrants to be issued	1,922,511
2023 Pre-Funded Warrants [Member]
Class of Warrant or Right [Line Items]
Number of prefunded warrants to be issued		3,242,018
Exercise price of warrant per share		$ 0.0025
Common Warrants [Member] \| 2025 PIPE [Member]
Class of Warrant or Right [Line Items]
Price per share of warrants	$ 26.0825
2023 Common Warrants [Member]
Class of Warrant or Right [Line Items]
Warrants to purchase common stock		2,249,680
Warrant expiration date		Oct. 25, 2030
Exercise price of warrant per share		$ 18.92
2025 Common Warrants [Member] \| 2025 PIPE [Member]
Class of Warrant or Right [Line Items]
Warrant expiration date	Feb. 29, 2032
Exercise price of warrant per share	$ 26.02
2025 Common Warrants [Member] \| Maximum [Member] \| 2025 PIPE [Member]
Class of Warrant or Right [Line Items]
Warrants to purchase common stock	2,012,909

Balance sheet components

3 Months Ended

Mar. 31, 2026

Balance Sheet Components [Abstract]

Balance Sheet Components

Balance sheet components

Property and equipment

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


	March 31, 2026			December 31, 2025
Leasehold improvements	$	6,264		$	6,264
Lab equipment		6,258			6,209
Computer equipment		1,075			1,075
Furniture and office equipment		771			751
Vehicles and equipment		280			280
Total, at cost		14,648			14,579
Accumulated depreciation		(13,058	)		(12,712	)
Total, net	$	1,590		$	1,867

Depreciation expense was $0.3 million for the three months ended March 31, 2026 and $0.2 million for the three months ended March 31, 2025. Finance leases are also included in property and equipment as vehicles and lab equipment on the Condensed Consolidated Balance Sheets.

Accrued Liabilities

Accrued liabilities consisted of the following (in thousands):


	March 31,		December 31,
	2026		2025
Accrued R&D expenses	$	1,489	$	1,204
Accrued clinical expenses		2,026		1,609
Accrued compensation		4,219		7,464
Other accrued expenses		4,255		3,249
Total	$	11,989	$	13,526

Common Warrants and Pre Funded Warrants - Summary of Assumptions Used to Determine the fair value at Issuance and Reporting Date of Common Warrants Granted (Details) - 2023 Common Warrants [Member]	Mar. 31, 2026	Dec. 31, 2025
Expected Term [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Alternative Investment, Measurement Input	4.58	4.83
Risk-free Interest Rate [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Alternative Investment, Measurement Input	0.039	0.0372
Volatility [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Alternative Investment, Measurement Input	0.9114	0.9098

Balance sheet components - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Balance Sheet Components [Abstract]
Depreciation expense	$ 346	$ 194

Organization and basis of presentation - Additional Information (Detail) - USD ($) $ in Thousands	1 Months Ended
	Apr. 30, 2026	Mar. 31, 2026	Dec. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Line Items]
Cash, cash equivalent and short-term investments		$ 54,900
Accumulated deficit		$ 665,241	$ 642,201
Subsequent Event \| Amoytop \| Amoytop License and Research Collaboration
Organization, Consolidation and Presentation of Financial Statements [Line Items]
Upfront Milestone Payment Received	$ 25,000

- Definition

Amount of accumulated undistributed earnings (deficit).

+ References + Details

Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Income Taxes [Line Items]
Income tax provision	$ 317	$ 43
BELGIUM
Income Taxes [Line Items]
Income tax provision	$ 300

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 29,980	$ 18,303
Restricted cash	174	110
Short-term investments	24,929	59,541
Other current assets	4,546	4,908
Total current assets	59,629	82,862
Operating lease right-of-use assets	2,580	3,089
Property and equipment, net	1,590	1,867
Other assets	759	715
Total assets	64,558	88,533
Current liabilities:
Accounts payable	7,639	3,982
Accrued liabilities	11,989	13,526
Operating lease liabilities, current	3,612	3,580
Finance lease liabilities, current	82	145
Total current liabilities	23,322	21,233
Operating lease liabilities, net of current portion	659	1,525
2023 Common Warrants liability	8,788	12,183
Long term liability	0	47
Total liabilities	32,769	34,988
Commitments and contingencies (Note 10)
Stockholders' equity
Preferred Stock, $0.0001 par value; 10,000,000 shares authorized as of September 30, 2025 and December 31, 2024, respectively; no shares issued and outstanding as of September 30, 2025 and December 31, 2024, respectively.	0	0
Common stock, $0.0001 par value; 115,800,000 shares and 20,800,000 shares authorized as of September 30, 2025 and December 31, 2024, respectively; 6,153,507 and 3,864,436 shares issued and outstanding as of September 30, 2025 and December 31, 2024, respectively.	9	9
Additional paid-in capital	696,583	695,269
Accumulated deficit	(665,241)	(642,201)
Accumulated other comprehensive income	438	468
Total stockholders' equity	31,789	53,545
Total liabilities and stockholders' equity	$ 64,558	$ 88,533