0000950170-23-038045 | 10-Q | XBRL Viewer

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Property and equipment - Summary of Property and Equipment (Detail) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Property Plant And Equipment [Line Items]
Total, at cost	$ 14,377	$ 14,384
Accumulated depreciation	(10,426)	(9,568)
Total, net	3,951	4,816
Leasehold improvements [Member]
Property Plant And Equipment [Line Items]
Total, at cost	6,101	6,087
Lab equipment [Member]
Property Plant And Equipment [Line Items]
Total, at cost	6,186	6,179
Computer equipment [Member]
Property Plant And Equipment [Line Items]
Total, at cost	1,051	1,052
Furniture and office equipment [Member]
Property Plant And Equipment [Line Items]
Total, at cost	739	739
Vehicles [Member]
Property Plant And Equipment [Line Items]
Total, at cost	296	305
Asset under construction [Member]
Property Plant And Equipment [Line Items]
Total, at cost	$ 4	$ 22

License and collaboration agreements

6 Months Ended

Jun. 30, 2023

License And Collaboration Agreements [Abstract]

License and collaboration 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 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. In connection with the research plan, the Company will provide Emory funding up to $0.3 million per year.

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 months ended June 30, 2023 and 2022, the Company had no expenses related to milestone payments. 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 span a range of percentage rates within the mid-single digits if a Phase 1 clinical trial is initiated for the product within three years of the effective date of the Emory License Agreement, and range from a low-single digit to a mid-single digit rate if a Phase 1 clinical trial is initiated more than three years after the effective date. During the three and six months ended June 30, 2023 and 2022, the Company made no payments associated with royalties and recognized no expense or accruals.

Agreement with Luxna Biotech Co., Ltd. (Luxna)

On December 19, 2018, the Company entered into a license agreement with Luxna, pursuant to which Luxna granted the Company an exclusive, worldwide, sublicensable license under certain of Luxna’s intellectual property rights to research, develop make, have made and commercialize for all therapeutic and prophylactic uses, (i) products containing oligonucleotides targeting the hepatitis B virus genome, (ii) products containing certain oligonucleotides targeting up to three genes which contribute to NASH, which the Company may select at any time during the first eight years of the term, to the extent not licensed to a third party, and (iii) products containing oligonucleotides targeting up to three genes which contribute to hepatocellular carcinoma, which the Company may select at any time during the first three years of the term, which expired in December 2021. As consideration for this agreement, the Company paid an upfront license fee of $0.6 million.

In April 2020, the Company amended the license agreement with Luxna. Pursuant to the amended license agreement, Luxna granted the Company an exclusive, worldwide license under the licensed patents to research, develop, make, have made and commercialize products containing oligonucleotides targeting three families of viruses: Orthomyxoviridae, Paramyxoviridae, and Coronaviridae (a family which includes SARS-CoV-2). As consideration for the amended license agreement, the Company paid Luxna a one-time non-refundable fee of $0.2 million in April 2020.

The Company is obligated to make payments to Luxna, in aggregate, totaling up to but no more than $55.5 million upon the achievement of specified development, regulatory, and commercial milestones. During the three and six months ended June 30, 2023 and 2022, the Company recognized no expenses related to milestone payments. The Company is also required to pay Luxna a low-single digit royalty percentage on net sale of applicable products, if any. During the three and six months ended June 30, 2023 and 2022, the Company made no payments associated with royalties.

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 will terminate 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 collaboration period has 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. 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 or termination 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 and six months ended June 30, 2023 and 2022, the Company recognized no expenses related to milestone payments.

Agreements with Merck

In December 2020, the Company and Merck & Co. entered into an exclusive License and Research Collaboration Agreement under which Merck and the Company agreed to apply the Company’s oligonucleotide platform technology to discover, research, optimize and develop oligonucleotides directed against a NASH target and up to one additional liver-targeted cardiometabolic and/or fibrosis target. Under the terms of the agreement, the Company received an upfront payment of $12 million from Merck. With respect to the collaboration target, the Company will be eligible for up to $458.0 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 first dosing of an animal specimen in a Good Laboratory Practice toxicology study, and initiation of Phase 1, 2 and 3 clinical trials), (ii) regulatory milestones (such as for marketing authorizations for a product in certain countries) and (iii) sales-based milestones. The Company is primarily responsible for designing, preparing and evaluating the oligonucleotide molecules and delivering optimized lead molecules, and Merck is responsible for subsequent research, clinical development and commercialization efforts.

In January 2022, the Company and Merck entered into an amendment to the exclusive License and Research Collaboration Agreement (the First Amendment, together with the Original Agreement, the Expanded Arrangement). As a result of the First Amendment, the collaboration with Merck was expanded to include the Company's grant of rights to Merck of an early-stage program with respect to a second undisclosed NASH target, on which the Company had previously been working independently. In addition, under this Expanded Arrangement, Merck has the ability to add an additional third target of interest in the cardiometabolic/fibrosis space to the collaboration. This right to add an additional third target expired in January 2023. Under the Expanded Arrangement, the Company received an upfront payment of $15 million from Merck for the Company's grant of rights to the program directed at a second undisclosed NASH target. With respect to the second target in the collaboration, the Company is eligible to receive up to approximately $460.0 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 first dosing of an animal specimen in a Good Laboratory Practice toxicology study, and initiation of Phase 1, 2 and 3 clinical trials), (ii) regulatory milestones (such as for marketing authorizations for a product in certain countries) and (iii) sales-based milestones.

In February 2023, Merck provided to the Company written notice of termination for one of the targets in the collaboration.

The Company determined that the Original Agreement and First Amendment fall within the scope of ASC 808, Collaborative Arrangements (ASC 808), due to Merck and the Company being joint active participants, as well as both parties having significant

risks and rewards. The Company analogized to ASC 606, Revenue from Contracts with Customers (ASC 606), for the accounting of payments including upfront payments and other milestones. Management of the Company determined that there was one performance obligation for each of the agreements given the deliverables are not distinct. The Company evaluated the performance obligation within each agreement and determined the performance obligations are satisfied over time as Merck jointly owns any collaboration intellectual property that is developed during the research term. Given the nature of the arrangements, 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. This assessment is performed separately for each of the Original Agreement and the First Amendment, 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.

During the three and six months ended June 30, 2023, the Company recognized $2.6 million and $5.2 million, respectively, in revenue from collaborative arrangements related to upfront payments. During the three and six months ended June 30, 2022, the Company recognized $3.7 million and $6.3 million, respectively, in revenue from collaborative arrangements related to upfront payments. During the three and six months ended June 30, 2023 and 2022, the Company recognized no revenue from collaborative arrangements related to milestone payments. The unrecognized portion of the upfront payments received during the three and six months ended June 30, 2023 and 2022 is recorded on the consolidated balance sheets as “Deferred revenue from collaborations”.

Changes in deferred revenue balances arose as a result of the Company recognizing the following revenue from collaborative arrangements during the periods below (in thousands):


	As of June 30,
	2023			2022

Deferred revenue from collaborations as of January 1	$	8,743		$	7,641
Consideration received in the period	$	535		$	15,009
Revenue from collaborations recognized in the period	$	(5,175	)	$	(6,264	)
Deferred revenue from collaborations as of June 30	$	4,103		$	16,386

Organization	6 Months Ended
Jun. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization	1. Organization 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 biopharmaceutical company developing novel therapeutics to address unmet medical needs in viral and liver diseases, including for non-alcoholic steatohepatitis (NASH), coronaviruses and chronic hepatitis B. 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. Liquidity The Company has incurred losses and negative cash flows from operations since its inception. As of June 30, 2023 and December 31, 2022, the Company had an accumulated deficit of $440.9 million and $399.1 million, respectively. Management expects to continue to incur additional substantial losses in the foreseeable future as a result of expanded research and development activities. As of June 30, 2023, the Company has unrestricted cash, cash equivalents and investments of approximately $90.8 million which is available to fund future operations. The Company expects to continue to spend substantial amounts to continue the nonclinical and clinical development of its current and future programs. If the Company is able to gain marketing approval for drug candidates that are being developed, it 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 the Company’s planned and anticipated clinical trials is highly uncertain, the Company cannot reasonably estimate the actual amounts necessary to successfully complete the development and commercialization of any drug candidate the Company may develop. The Company expects to finance its 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, the Company may seek additional capital to take advantage of favorable market conditions or strategic opportunities even if the Company believes it has sufficient funds for its current or future operating plans. Based on the Company’s research and development plans, the Company expects its existing unrestricted cash, cash equivalents and investments, will enable it to fund its operations for at least 12 months following the date the condensed consolidated financial statements are issued. However, the Company’s operating plan may change as a result of many factors currently unknown, and the Company may need to seek additional funds sooner than planned. Moreover, it is particularly difficult to estimate with certainty the Company’s future expenses given the dynamic nature of its business and the macro-economic environment generally. The Company’s ability to raise additional funds will depend on financial, economic and other factors, many of which are beyond its control. For example, the COVID-19 pandemic, the current inflationary economic environment and rising interest rates have resulted in a disruption of global financial markets. If the disruption persists or deepens, the Company could be unable to access additional capital, which could negatively affect its ability to consummate certain corporate development transactions or other important, beneficial or opportunistic investments. If additional funds are not available to the Company when needed, on terms that are acceptable to the Company, or at all, the Company may be required to: delay, limit, reduce or terminate nonclinical studies, clinical trials or other research and development activities or eliminate one or more of its development programs altogether; or delay, limit, reduce or terminate its efforts to establish manufacturing and sales and marketing capabilities or other activities that may be necessary to commercialize any future approved products, or reduce the Company’s flexibility in developing or maintaining its sales and marketing strategy. 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 has always maintained a dual banking system to limit its credit and liquidity risk.

Organization

6 Months Ended

Jun. 30, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Organization

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 biopharmaceutical company developing novel therapeutics to address unmet medical needs in viral and liver diseases, including for non-alcoholic steatohepatitis (NASH), coronaviruses and chronic hepatitis B.

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.

Liquidity

The Company has incurred losses and negative cash flows from operations since its inception. As of June 30, 2023 and December 31, 2022, the Company had an accumulated deficit of $440.9 million and $399.1 million, respectively. Management expects to continue to incur additional substantial losses in the foreseeable future as a result of expanded research and development activities.

As of June 30, 2023, the Company has unrestricted cash, cash equivalents and investments of approximately $90.8 million which is available to fund future operations. The Company expects to continue to spend substantial amounts to continue the nonclinical and clinical development of its current and future programs. If the Company is able to gain marketing approval for drug candidates that are being developed, it 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 the Company’s planned and anticipated clinical trials is highly uncertain, the Company cannot reasonably estimate the actual amounts necessary to successfully complete the development and commercialization of any drug candidate the Company may develop.

The Company expects to finance its 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, the Company may seek additional capital to take advantage of favorable market conditions or strategic opportunities even if the Company believes it has sufficient funds for its current or future operating plans. Based on the Company’s research and development plans, the Company expects its existing unrestricted cash, cash equivalents and investments, will enable it to fund its operations for at least 12 months following the date the condensed consolidated financial statements are issued. However, the Company’s operating plan may change as a result of many factors currently unknown, and the Company may need to seek additional funds sooner than planned. Moreover, it is particularly difficult to estimate with certainty the Company’s future expenses given the dynamic nature of its business and the macro-economic environment generally.

The Company’s ability to raise additional funds will depend on financial, economic and other factors, many of which are beyond its control. For example, the COVID-19 pandemic, the current inflationary economic environment and rising interest rates have resulted in a disruption of global financial markets. If the disruption persists or deepens, the Company could be unable to access additional capital, which could negatively affect its ability to consummate certain corporate development transactions or other important, beneficial or opportunistic investments. If additional funds are not available to the Company when needed, on terms that are acceptable to the Company, or at all, the Company may be required to: delay, limit, reduce or terminate nonclinical studies, clinical trials or other research and development activities or eliminate one or more of its development programs altogether; or delay, limit, reduce or terminate its efforts to establish manufacturing and sales and marketing capabilities or other activities that may be necessary to commercialize any future approved products, or reduce the Company’s flexibility in developing or maintaining its sales and marketing strategy.

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 has always maintained a dual banking system to limit its credit and liquidity risk.

License and collaboration agreements - Additional Information (Detail) - USD ($)		1 Months Ended				3 Months Ended		6 Months Ended		11 Months Ended	12 Months Ended
	Jun. 25, 2020	Jan. 31, 2022	Dec. 31, 2020	Jun. 30, 2020	Apr. 30, 2020	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2018	Dec. 31, 2019	Dec. 19, 2018	Jun. 30, 2018
Expense related to milestone payments						$ 0	$ 0	$ 0	$ 0
Revenue recognized from collaborative arrangements						0	0	0	0
Revenue recognized from collaborative arrangements on upfront payment								$ (5,175,000)	(6,264,000)
KU Leuven [Member]
Collaboration expire period	2 years 6 months
Emory license agreement [Member] \| Emory university [Member]
Non-refundable payment				$ 200,000
Long term purchase commitment additional obligation to be paid				35,000
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
Expense related to milestone payments						0	0	$ 0	0
Payments for royalties						0	0	0	0
Expense or accruals recognized related to royalties						0	0	0	0
Emory license agreement [Member] \| Emory university [Member] \| Maximum [Member]
Funding related to collaboration agreement extension				$ 300,000
Aggregate payments													$ 125,000,000.0
Luxna license agreement [Member] \| Luxna biotech Co Ltd [Member]
Expense related to milestone payments						0	0	0	0
Payments for royalties						0	0	$ 0	0
Luxna license agreement [Member] \| Luxna biotech Co Ltd [Member] \| Maximum [Member]
Aggregate payments												$ 55,500,000
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 or termination 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
Merck License and Research Collaboration \| Merck
Upfront payment received		$ 15,000,000	$ 12,000,000
Merck License and Research Collaboration \| Merck \| Maximum [Member]
Milestone payments and royalties receivable		$ 460,000,000	$ 458,000,000
Merck License and Research Collaboration First Amendment [Member] \| Merck
Revenue recognized from collaborative arrangements						0	0	$ 0	0
Revenue recognized from collaborative arrangements on upfront payment						$ 2,600,000	$ 3,700,000	$ 5,200,000	$ 6,300,000
Research and Development [Member] \| Luxna license agreement [Member] \| Luxna biotech Co Ltd [Member]
Upfront license fees paid										$ 600,000	$ 600,000
Non-refundable payment					$ 200,000

Property and equipment - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Property, Plant and Equipment [Abstract]
Depreciation expense	$ 400	$ 600	$ 858	$ 1,246

Accrued liabilities - Additional Information (Detail) $ in Millions	Jun. 30, 2023 USD ($)
Payables and Accruals [Abstract]
Accrued compensation	$ 0.2

Commitments and contingencies

6 Months Ended

Jun. 30, 2023

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. The Company had no contingent liabilities requiring accrual as of June 30, 2023 and December 31, 2022. 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 June 30, 2023, the Company had no material non-cancellable purchase commitments.

On March 26, 2022, the Company received notice of a complaint (the Complaint) filed by Janssen Biopharma, LLC (Janssen), which generally concerned an alleged breach by certain of our employees of their obligations to Janssen as prior employees of Janssen by purporting to assign to Aligos various inventions allegedly owned by Janssen. The Complaint was filed on March 9, 2022 in the Superior Court of the State of California, County of San Mateo, against the Company, Lawrence M. Blatt, Chairman, Chief Executive Officer and Director of the Company, and Leonid Beigelman, President and Director of the Company. The Complaint alleges breach of contract by Lawrence M. Blatt and Leonid Beigelman and tortious interference with contract by the Company and seeks declaratory judgment of ownership of certain intellectual property by the Company, among other claims. The Complaint states that Janssen is seeking injunctive relief, assignment of certain intellectual property from us to Janssen and monetary damages. The Company believes the allegations in the Complaint are without merit and intends to continue to defend itself vigorously.

On August 4, 2022, the Company filed counterclaims against Janssen alleging Janssen has engaged in unfair competition and promissory fraud, and on August 22, 2022, the Company filed its response to the Complaint. During the course of the legal proceedings described above, the parties have each filed various demurrers which have been heard by the Court resulting in various outcomes.

On July 31, 2023, the Company and Janssen filed a stipulation staying the case in their ongoing legal proceedings. The Company and Janssen have reached an agreement in principle to resolve their disputes and expect to finalize a settlement agreement promptly.

Investments (Tables)

6 Months Ended

Jun. 30, 2023

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

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

As of June 30, 2023 and December 31, 2022, amortized cost, gross unrealized gains and losses, and estimated fair values of total fixed-maturity securities were as follows (in thousands):

June 30, 2023

Gross

Gross

Amortized

Unrealized

Unrealized

Estimated

Cost

Gain

Loss

Fair Value

Available-for-sale securities:

U.S. Treasury bonds

10

-

-

10


	December 31, 2022
			Gross		Gross
	Amortized		Unrealized		Unrealized			Estimated
	Cost		Gain		Loss			Fair Value
Available-for-sale securities:
U.S. Treasury bonds	$	44,576	$	-	$	(96	)	$	44,480

Summary of Debt Securities Available for Sale Maturity

The following is a summary of maturities of securities available-for-sale as of June 30, 2023 (in thousands):


	Available-for-sale
	Amortized Cost		Estimated Fair Value
Amounts maturing in:
One year or less	$	10	$	10
Total investments	$	10	$	10

Accrued liabilities

6 Months Ended

Jun. 30, 2023

Payables and Accruals [Abstract]

Accrued liabilities

Accrued liabilities consisted of the following (in thousands):


	June 30,		December 31,
	2023		2022
Accrued compensation	$	3,137	$	6,297
Accrued payables		9,192		8,203
Liability for early exercised stock options		25		66
Other		1,441		1,473
Total	$	13,795	$	16,039

As of June 30, 2023, there remains a $0.2 million accrual, included within Accrued Compensation noted above, for the workforce reduction announced in February 2023, which is expected to be fully utilized by the end of 2023.

Net loss per share - Schedule of Antidilutive Securities Excluded From Computation of Earnings Per Share (Detail) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount	10,506,661	9,016,086	10,506,661	9,016,086
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	10,506,661	9,012,369	10,506,661	9,012,369
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	0	3,717	0	3,717

Commitments and contingencies - Additional Information (Detail) - USD ($)	Jun. 30, 2023	Dec. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Contingent liabilities	$ 0	$ 0

Investments

6 Months Ended

Jun. 30, 2023

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

Investments

As of June 30, 2023 and December 31, 2022, amortized cost, gross unrealized gains and losses, and estimated fair values of total fixed-maturity securities were as follows (in thousands):

June 30, 2023

Gross

Gross

Amortized

Unrealized

Unrealized

Estimated

Cost

Gain

Loss

Fair Value

Available-for-sale securities:

U.S. Treasury bonds

10

-

-

10


	December 31, 2022
			Gross		Gross
	Amortized		Unrealized		Unrealized			Estimated
	Cost		Gain		Loss			Fair Value
Available-for-sale securities:
U.S. Treasury bonds	$	44,576	$	-	$	(96	)	$	44,480

Changes in fair value are related to changes in market interest rates. The Company expects to collect all contractual principal and interest payments.

The following is a summary of maturities of securities available-for-sale as of June 30, 2023 (in thousands):


	Available-for-sale
	Amortized Cost		Estimated Fair Value
Amounts maturing in:
One year or less	$	10	$	10
Total investments	$	10	$	10

The Company recorded interest income of $1.0 million and $1.7 million for the three and six months ended June 30, 2023, and $0.2 million and $0.3 million for the three and six months ended June 30, 2022, respectively, as a component of interest and other income, net on the Company’s condensed consolidated statement of operations and comprehensive loss.

Organization - Additional Information (Detail) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Nature Of Operations [Line Items]
Accumulated deficit	$ 440,864	$ 399,118
Unrestricted cash, Cash equivalent and investment	$ 90,800

- Definition

Amount of accumulated undistributed earnings (deficit).

+ References + Details

Summary of significant accounting policies

6 Months Ended

Jun. 30, 2023

Accounting Policies [Abstract]

Summary of significant accounting policies

Basis of presentation

The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (GAAP) and applicable rules and regulations of the Securities and Exchange Commission (SEC) regarding interim financial reporting. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. Any reference in these notes to applicable accounting guidance is meant to refer to the authoritative U.S. GAAP included in the Accounting Standards Codification (ASC), and Accounting Standards Update (ASU) issued by the Financial Accounting Standards Board (FASB).

The condensed consolidated balance sheet as of December 31, 2022 included herein was derived from the audited consolidated financial statements as of that date but does not include all of the information and notes required by U.S. GAAP for complete financial statements. Certain information and note disclosures normally included in the financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to requirements for interim financial statements. As such, the information included in this Quarterly Report on Form 10-Q should be read in conjunction with the audited consolidated financial statements and the related notes thereto as of and for the year ended December 31, 2022, included in the Company’s Annual Report on Form 10-K filed with the SEC on March 9, 2023.

Unaudited interim financial information

The accompanying consolidated balance sheet as of June 30, 2023, the consolidated statements of operations and comprehensive loss for the three and six months ended June 30, 2023 and 2022, the consolidated statements of stockholders’ equity for the three and six months ended June 30, 2023 and 2022, and the consolidated statements of cash flows for the six months ended June 30, 2023 and 2022 are unaudited. The unaudited consolidated interim financial statements have been prepared on the same basis as the audited annual consolidated financial statements and, in the opinion of management, reflect all adjustments, which include only normal recurring adjustments, necessary for the fair presentation of the Company’s consolidated financial position as of June 30, 2023 and the consolidated results of its operations and cash flows for the three and six months ended June 30, 2023 and 2022. The consolidated financial data and other information disclosed in these notes related to the three and six months ended June 30, 2023 and 2022 are unaudited. The consolidated results for the three and six months ended June 30, 2023 are not necessarily indicative of results to be expected for the year ending December 31, 2023, any other interim periods, or any future year or period.

Significant accounting policies and estimates

Accounting for Government Grants

In 2022, the Company was awarded a grant of $1.1 million by the National Institute of Health (NIH) for research to target coronaviruses. The grant is for multiple years with the amount updated after each year of progress through 2025, subject to the annual reapplication and approval by the NIH. In 2023, the approved grant awarded was an additional $1.4 million. U.S. GAAP does not contain authoritative accounting standards for grants provided by governmental entities to a for-profit entity. Absent authoritative accounting standards, interpretative guidance issued and commonly applied by financial statement preparers allows for the selection of accounting policies amongst acceptable alternatives. The Company determined it most appropriate to account for grants by analogy to International Accounting Standards 20 (“IAS 20”), Accounting for Government Grants and Disclosure of Government Assistance. Under this model, reimbursements the Company receives from the U.S. government for qualifying expenditures under the NIH grant will be recognized in earnings as a reduction to Research and development expense when there is reasonable assurance that the Company will receive the grant. IAS 20 does not define “reasonable assurance”; however, based on certain interpretations, it is analogous to “probable” as defined in FASB ASC 450-20-20 under U.S. GAAP, which is the definition the Company has applied. The grant will be recognized in earnings as a reduction of the related expenses.

Impairment of Right of Use Assets

In accordance with ASC 360, Property, Plant and Equipment, management reviews the Company’s right of use assets for impairment annually or whenever events or changes in circumstances indicate that the carrying amount of an asset may not be fully recoverable. Events relating to recoverability may include significant unfavorable changes in business conditions, recurring losses, or a forecasted inability to achieve break-even operating results over an extended period. The Company determines the extent to which an asset may be impaired based upon its expectation of the asset’s future usability, as well as on a reasonable assurance that the future cash flows associated with the asset will be in excess of its carrying amount. If the total of the expected undiscounted future cash flows is less than the carrying amount of the asset, a loss is recognized for the difference between fair value and the carrying value of the asset. During the three months ended June 30, 2023, the Company vacated certain leased office space and as a result, the Company took an impairment charge against right of use assets of $0.7 million, recorded in the Consolidated Statements of Operations and Comprehensive Loss.

No other material changes have been made to the Company’s significant accounting policies disclosed in Note 2, Summary of significant accounting policies, in its Annual Report on Form 10-K, filed on March 9, 2023, for the year ended December 31, 2022.

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. The Company qualifies as an “emerging growth company” as defined in the Jumpstart Our Business Startups Act of 2012 and has the option to not “opt out” of the extended transition related to complying with new or revised accounting standards. This means that when a standard is issued or revised and it has different application dates for public and nonpublic companies, the Company has the option to adopt the new or revised standard at the time nonpublic companies adopt the new or revised standard and can do so until such time that the Company either (i) irrevocably elects to “opt out” of such extended transition period or (ii) no longer qualifies as an emerging growth company.

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 Annual Report on Form 10-K, filed on March 9, 2023, for the year ended December 31, 2022.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2023 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2022 USD ($)
Cash flows from operating activities:
Net loss	$ (18,791)	$ (41,746)	$ (55,539)
Adjustments to reconcile net loss to net cash used in operating activities:
Accretion of discount on investments		(424)	(15)
Amortization of right of use assets		755	626
Impairment of right of use assets	700	724
Depreciation expense	400	858	1,246
Stock-based compensation including ESPP		6,860	7,786
Changes in operating assets and liabilities:
Other assets		4,251	5,595
Right of use assets			(278)
Accounts payable		(1,496)	(253)
Accrued liabilities		(2,202)	(12,425)
Operating lease liabilities		(1,184)	(957)
Deferred revenue from collaborations		(4,640)	8,745
Deferred revenue from customers		2,241
Net cash and cash equivalents used in operating activities		(36,003)	(45,469)
Activities in available-for-sale investments:
Maturities of investments		45,000	5,245
Purchase of short-term investments		(10)	(74,776)
Purchases of property and equipment		7	(849)
Net cash and cash equivalents provided by (used in) investing activities		44,997	(70,380)
Cash flows from financing activities:
Payments on finance lease		(71)	(60)
Proceeds from the ESPP purchase		461	111
Proceeds from the exercise of common stock option		23	11
Net cash and cash equivalents used in financing activities		413	62
Net decrease in cash, cash equivalents, and restricted cash		9,407	(115,787)
Cash, cash equivalents, and restricted cash, beginning of period		81,463	186,980
Cash, cash equivalents, and restricted cash, end of period	90,870	90,870	71,193
Reconciliation to amounts on the consolidated balance sheet:
Cash and cash equivalents	90,828	90,828	71,172
Restricted cash	42	42	21
Cash, cash equivalents, and restricted cash, end of period	$ 90,870	90,870	71,193
Supplemental disclosures of noncash financing and investing activities:
Mark to market adjustment for available-for-sale investments		96	(402)
Acquisition of right of use asset through operating lease obligation		1,094
Vesting of early exercised options		$ 41	$ 144

Net loss per share

6 Months Ended

Jun. 30, 2023

Earnings Per Share [Abstract]

Net loss per share

12.

Net loss per share

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


	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2023			2022			2023			2022
Net loss	$	(18,791	)	$	(19,924	)	$	(41,746	)	$	(55,539	)
Weighted average common stock outstanding, basic and diluted		43,215,478			42,665,598			43,063,615			42,590,479
Net loss per share - basic and diluted	$	(0.43	)	$	(0.47	)	$	(0.97	)	$	(1.30	)

The Company’s potentially dilutive securities, which include options to purchase common stock and unvested restricted stock, 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, the weighted-average number of shares of Common Stock outstanding used to calculate both basic and diluted net loss per share is the same. 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				Six Months Ended
	June 30,				June 30,
	2023		2022		2023		2022
Options to purchase common stock		10,506,661		9,012,369		10,506,661		9,012,369
Unvested restricted stock		-		3,717		-		3,717
		10,506,661		9,016,086		10,506,661		9,016,086

Stock-based Compensation - Summary of Stock Based Compensation Expense Was Allocated (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Allocated Share Based Compensation Expense	$ 3,197	$ 3,994	$ 6,860	$ 7,780
Research and Development [Member]
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Allocated Share Based Compensation Expense	1,572	2,199	3,743	4,200
General and Administrative [Member]
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Allocated Share Based Compensation Expense	$ 1,625	$ 1,795	$ 3,117	$ 3,580

Accrued liabilities (Tables)

6 Months Ended

Jun. 30, 2023

Payables and Accruals [Abstract]

Summary of Accrued Liabilities

Accrued liabilities consisted of the following (in thousands):


	June 30,		December 31,
	2023		2022
Accrued compensation	$	3,137	$	6,297
Accrued payables		9,192		8,203
Liability for early exercised stock options		25		66
Other		1,441		1,473
Total	$	13,795	$	16,039

Stock-based compensation

6 Months Ended

Jun. 30, 2023

Share-Based Payment Arrangement [Abstract]

Stock-based compensation

Stock options

During the three and six months ended June 30, 2023, the Company’s stock option compensation expense was approximately $3.0 million and $6.5 million, respectively, and during the three and six months ended June 30, 2022, the Company’s stock option compensation expense was approximately $3.5 million and $6.9 million, respectively. There was no recognized tax benefit in either of the periods. As of June 30, 2023, the unamortized expense balance was $22.2 million, to be amortized over a weighted average period of 2.21 years.

Stock option activity during the six months ended June 30, 2023 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 January 1, 2023		9,840,127		$	7.49	8.28		$	—
Granted		1,520,130		$	1.34
Exercised		(17,109	)	$	1.34
Cancelled		(836,487	)	$	7.37
Outstanding as of June 30, 2023		10,506,661		$	6.62		7.97	$	—

Options vested and expected to vest as of June 30, 2023		10,504,841		$	6.62		7.97	$	—
Options vested and exercisable as of June 30, 2023		4,864,261		$	8.50		7.17	$	—

The weighted-average grant date fair value of options granted during the three and six months ended June 30, 2023 was $0.79 and $0.93 per share, respectively, and during the three and six months ended June 30, 2022 was $0.91 and $2.10 per share, respectively.

Restricted stock awards

During the three and six months ended June 30, 2023, the Company recorded no stock-based compensation expense related to restricted stock awards as all awards are vested. During the three and six months ended June 30, 2022, the Company recorded total stock-based compensation expense related to restricted stock awards of $15 thousand and $91 thousand. As of June 30, 2023, there was no unrecognized stock-based compensation expense related to outstanding unvested shares of restricted stock awards remaining.

During the six months ended June 30, 2023 and 2022, the Company did not issue shares of common stock, upon exercise of unvested stock options or purchases for unvested restricted stock awards. As of June 30, 2023 and December 31, 2022, there were 9,621 and 28,711 shares of Common Stock held by employees subject to repurchase at an aggregate price of approximately $0.0 million and $0.1 million, respectively. A corresponding liability was recorded and included in accrued expenses on the condensed consolidated balance sheet as of June 30, 2023 and December 31, 2022, respectively.

Employee stock purchase plan

During the three and six months ended June 30, 2023, the Company recorded total stock-based compensation expense related to the employee stock purchase plan of $0.2 million and $0.4 million, respectively. During the three and six months ended June 30, 2022, the Company recorded total stock-based compensation expense related to the employee stock purchase plan of $0.4 million and $0.7 million. During the six months ended June 30, 2023 and 2022, 562,493 and 112,468 purchases of awards under this plan have been made, respectively. There were no purchases of awards in the first quarters of 2023 and 2022.

Stock-based compensation expense was allocated as follows for the three and six months ended June 30, 2023 and 2022 (in thousands):


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2023		2022		2023		2022
Research and development	$	1,572	$	2,199	$	3,743	$	4,200
General and administrative		1,625		1,795		3,117		3,580
Total	$	3,197	$	3,994	$	6,860	$	7,780

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Income Statement [Abstract]
Revenue from collaborations	$ 2,592	$ 3,693	$ 5,175	$ 6,264
Revenue from customers	4,294	0	4,434	0
Operating expenses:
Research and development	16,781	16,510	34,916	48,186
General and administrative	9,246	7,576	17,752	14,028
Total operating expenses	26,027	24,086	52,668	62,214
Loss from operations	(19,141)	(20,393)	(43,059)	(55,950)
Interest and other income, net	1,107	516	2,109	510
Loss before income tax expense	(18,034)	(19,877)	(40,950)	(55,440)
Income tax expense	(757)	(47)	(796)	(99)
Net loss	(18,791)	(19,924)	(41,746)	(55,539)
Other comprehensive income (loss):
Unrealized gain (loss) on available-for-sale securities	(2)	(154)	96	(402)
Other comprehensive income (loss)	(2)	(154)	96	(402)
Comprehensive loss	$ (18,793)	$ (20,078)	$ (41,650)	$ (55,941)
Net loss per share, basic	$ (0.43)	$ (0.47)	$ (0.97)	$ (1.3)
Net loss per share, diluted	$ (0.43)	$ (0.47)	$ (0.97)	$ (1.3)
Weighted average shares of common stock, basic	43,215,478	42,665,598	43,063,615	42,590,479
Weighted average shares of common stock, diluted	43,215,478	42,665,598	43,063,615	42,590,479

Fair value - Summary of Fair Value of the Financial Instruments that are Measured at Fair Value on a Recurring Basis (Detail) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Level 1 [Member]
Assets:
Cash equivalents	$ 90,828	$ 81,347
Fair value, assets	90,838	125,827
Level 2 [Member]
Assets:
Cash equivalents	0	0
Fair value, assets	0	0
Level 3 [Member]
Assets:
Cash equivalents	0	0
Fair value, assets	0	0
U.S. Treasury bonds [Member] \| Level 1 [Member]
Assets:
Fair value, assets	10	44,480
U.S. Treasury bonds [Member] \| Level 2 [Member]
Assets:
Fair value, assets	0	0
U.S. Treasury bonds [Member] \| Level 3 [Member]
Assets:
Fair value, assets	$ 0	$ 0

Stock-based compensation (Tables)

6 Months Ended

Jun. 30, 2023

Summary of Stock Options

Stock option activity during the six months ended June 30, 2023 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 January 1, 2023		9,840,127		$	7.49	8.28		$	—
Granted		1,520,130		$	1.34
Exercised		(17,109	)	$	1.34
Cancelled		(836,487	)	$	7.37
Outstanding as of June 30, 2023		10,506,661		$	6.62		7.97	$	—

Options vested and expected to vest as of June 30, 2023		10,504,841		$	6.62		7.97	$	—
Options vested and exercisable as of June 30, 2023		4,864,261		$	8.50		7.17	$	—

Summary of Stock Based Compensation Expense Was Allocated

Stock-based compensation expense was allocated as follows for the three and six months ended June 30, 2023 and 2022 (in thousands):


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2023		2022		2023		2022
Research and development	$	1,572	$	2,199	$	3,743	$	4,200
General and administrative		1,625		1,795		3,117		3,580
Total	$	3,197	$	3,994	$	6,860	$	7,780

Income taxes - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Income Taxes [Line Items]
Income tax expense	$ 757	$ 47	$ 796	$ 99
Amoytop [Member]
Income Taxes [Line Items]
Income tax expense	$ 800		$ 800

- Definition

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

+ References + Details

Stock-based Compensation - Additional Information (Detail) - USD ($)	3 Months Ended				6 Months Ended		12 Months Ended
	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share based compensation expense	$ 3,197,000		$ 3,994,000		$ 6,860,000	$ 7,780,000
Share based compensation expense recognized tax benefit	0		0		$ 0	0
Shares of common stock held by employees subject to repurchase					9,621		28,711
Aggregate price for share repurchase	0				$ 0		$ 100,000
Stock Option [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share based compensation expense	3,000,000		$ 3,500,000		6,500,000	$ 6,900,000
Share based payment unamortized share based payment expenses	$ 22,200,000				$ 22,200,000
Share based payment expenses amortized over a weighted average period					2 years 2 months 15 days
Share based payments weighted-average grant date fair value	$ 0.79		$ 0.91		$ 0.93	$ 2.1
Common stock issued upon exercise of stock options					0	0
Restricted Stock [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share based compensation expense	$ 0		$ 15,000		$ 0	$ 91,000
Share based payment unamortized share based payment expenses	0				0
Employee Stock Purchase Plan [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share based compensation expense	$ 200,000		$ 400,000		$ 400,000	$ 700,000
Purchase of common stock		0		0	562,493	112,468

Stock-based Compensation - Summary of Stock Options (Detail) - Stock Option [Member] - $ / shares	6 Months Ended	12 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Number of options - Beginning balance	9,840,127
Number of options, Granted	1,520,130
Number of options, Exercised	(17,109)
Number of options, Cancelled	(836,487)
Number of options - Ending balance	10,506,661	9,840,127
Number of options vested and expected to vest	10,504,841
Number of options vested and exercisable	4,864,261
Weighted average exercise price - Beginning balance	$ 7.49
Weighted average exercise price Granted	1.34
Weighted average exercise price Exercised	1.34
Weighted average exercise price Cancelled	7.37
Weighted Average Exercise Price - Ending balance	6.62	$ 7.49
Weighted average exercise price Options vested and expected to vest	6.62
Weighted average exercise price options vested and exercisable	$ 8.5
Weighted- Average Remaining Contractual Term, Outstanding	7 years 11 months 19 days	8 years 3 months 10 days
Weighted- Average Remaining Contractual Term, Options vested and expected to vest	7 years 11 months 19 days
Weighted- Average Remaining Contractual Term, Options vested and exercisable	7 years 2 months 1 day

Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended	12 Months Ended
	Jun. 30, 2023	Jun. 30, 2023	Dec. 31, 2022
Financing Sources [Line Items]
Impairment of right of use assets	$ 700	$ 724
Grant by the National Institute of Health (NIH) for Research to Target Coronaviruses
Financing Sources [Line Items]
Government grants awarded		$ 1,400	$ 1,100

Revenue from contracts with customers (Tables)

6 Months Ended

Jun. 30, 2023

Revenue from Contract with Customer [Abstract]

Schedule of Deferred Revenue from Customers

Changes in deferred revenue balances arose as a result of the Company recognizing the following revenue from customers during the periods below (in thousands):


	As of June 30,
	2023			2022

Deferred revenue from customers as of January 1	$	700		$	—
Consideration received in the period	$	6,676		$	—
Revenue from customers recognized in the period	$	(4,434	)	$	—
Deferred revenue from customers as of June 30	$	2,942		$	—

Investments - Summary of Debt Securities Available for Sale Maturity (Detail) $ in Thousands	Jun. 30, 2023 USD ($)
Available-for-Sale Securities, Debt Maturities [Abstract]
Available-for-Sale, Amortized Cost, One year or less	$ 10
Available-for-sale securities, Amortized Cost	10
Available-for-Sale, Estimated Fair Value, One year or less	10
Available-for-sale, Estimated Fair Value, Total investments	$ 10

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 90,828	$ 81,347
Restricted cash	42	115
Short-term investments	10	44,480
Other current assets	3,363	7,603
Total current assets	94,243	133,545
Operating lease right-of-use assets	7,312	7,698
Property and equipment, net	3,951	4,816
Other assets	624	634
Total assets	106,130	146,693
Current liabilities:
Accounts payable	3,241	4,737
Accrued liabilities	13,795	16,039
Operating lease liabilities, current	3,173	3,035
Finance lease liabilities, current	64	108
Deferred revenue from customers, current	2,849	467
Deferred revenue from collaborations, current	4,103	8,743
Total current liabilities	27,225	33,129
Operating lease liabilities, net of current portion	8,974	9,201
Finance lease liabilities, net of current portion	203	230
Deferred revenue from customers, net of current portion	93	233
Total liabilities	36,495	42,793
Commitments and contingencies (Note 10)
Stockholders’ equity:
Preferred Stock, $0.0001 par value; 10,000,000 shares authorized as of June 30, 2023 (unaudited) and December 31, 2022, respectively; no shares issued and outstanding as of June 30, 2023 (unaudited) and December 31, 2022, respectively.
Common stock, $0.0001 par value; 320,000,000 shares authorized as of June 30, 2023 (unaudited) and December 31, 2022, respectively; 43,502,582 and 42,922,980 shares issued and outstanding as of June 30, 2023 (unaudited) and December 31, 2022, respectively.	0	4
Additional paid-in capital	509,998	502,613
Accumulated deficit	(440,864)	(399,118)
Accumulated other comprehensive income	497	401
Total stockholders’ equity	69,635	103,900
Total liabilities and stockholders’ equity	$ 106,130	$ 146,693

Fair value

6 Months Ended

Jun. 30, 2023

Fair Value Disclosures [Abstract]

Fair value

Certain assets and liabilities of the Company are carried at fair value under U.S. GAAP. Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. Financial assets and liabilities carried at fair value are to be classified and disclosed in one of the following three levels of the fair value hierarchy, of which the first two are considered observable and the last is considered unobservable:

Level 1 — Quoted prices in active markets for identical assets or liabilities.

Level 2 — Observable inputs (other than Level 1 quoted prices), such as quoted prices in active markets for similar assets or liabilities, quoted prices in markets that are not active for identical or similar assets or liabilities, or other inputs that are observable or can be corroborated by observable market data.

Level 3 — Unobservable inputs that are supported by little or no market activity that are significant to determining the fair value of the assets or liabilities, including pricing models, discounted cash flow methodologies and similar techniques.

The following tables present the fair value of the Company’s financial instruments that are measured or disclosed at fair value on a recurring basis (in thousands):


	Fair Value Measurements as of June 30, 2023
	Level 1		Level 2		Level 3
Assets:
Cash equivalents	$	90,828	$	-	$	-
U.S. Treasury bonds		10		-		-
	$	90,838	$	-	$	-

	Fair Value Measurements as of December 31, 2022
	Level 1		Level 2		Level 3
Assets:
Cash equivalents	$	81,347	$	-	$	-
U.S. Treasury bonds		44,480		-		-
	$	125,827	$	-	$	-

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Summary of significant accounting policies (Policies)	6 Months Ended
Summary of significant accounting policies (Policies)	Jun. 30, 2023
Accounting Policies [Abstract]
Basis of presentation	Basis of presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (GAAP) and applicable rules and regulations of the Securities and Exchange Commission (SEC) regarding interim financial reporting. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. Any reference in these notes to applicable accounting guidance is meant to refer to the authoritative U.S. GAAP included in the Accounting Standards Codification (ASC), and Accounting Standards Update (ASU) issued by the Financial Accounting Standards Board (FASB). The condensed consolidated balance sheet as of December 31, 2022 included herein was derived from the audited consolidated financial statements as of that date but does not include all of the information and notes required by U.S. GAAP for complete financial statements. Certain information and note disclosures normally included in the financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to requirements for interim financial statements. As such, the information included in this Quarterly Report on Form 10-Q should be read in conjunction with the audited consolidated financial statements and the related notes thereto as of and for the year ended December 31, 2022, included in the Company’s Annual Report on Form 10-K filed with the SEC on March 9, 2023.
Unaudited interim financial information	Unaudited interim financial information The accompanying consolidated balance sheet as of June 30, 2023, the consolidated statements of operations and comprehensive loss for the three and six months ended June 30, 2023 and 2022, the consolidated statements of stockholders’ equity for the three and six months ended June 30, 2023 and 2022, and the consolidated statements of cash flows for the six months ended June 30, 2023 and 2022 are unaudited. The unaudited consolidated interim financial statements have been prepared on the same basis as the audited annual consolidated financial statements and, in the opinion of management, reflect all adjustments, which include only normal recurring adjustments, necessary for the fair presentation of the Company’s consolidated financial position as of June 30, 2023 and the consolidated results of its operations and cash flows for the three and six months ended June 30, 2023 and 2022. The consolidated financial data and other information disclosed in these notes related to the three and six months ended June 30, 2023 and 2022 are unaudited. The consolidated results for the three and six months ended June 30, 2023 are not necessarily indicative of results to be expected for the year ending December 31, 2023, any other interim periods, or any future year or period.
Significant accounting policies and estimates	Significant accounting policies and estimates Accounting for Government Grants In 2022, the Company was awarded a grant of $1.1 million by the National Institute of Health (NIH) for research to target coronaviruses. The grant is for multiple years with the amount updated after each year of progress through 2025, subject to the annual reapplication and approval by the NIH. In 2023, the approved grant awarded was an additional $1.4 million. U.S. GAAP does not contain authoritative accounting standards for grants provided by governmental entities to a for-profit entity. Absent authoritative accounting standards, interpretative guidance issued and commonly applied by financial statement preparers allows for the selection of accounting policies amongst acceptable alternatives. The Company determined it most appropriate to account for grants by analogy to International Accounting Standards 20 (“IAS 20”), Accounting for Government Grants and Disclosure of Government Assistance. Under this model, reimbursements the Company receives from the U.S. government for qualifying expenditures under the NIH grant will be recognized in earnings as a reduction to Research and development expense when there is reasonable assurance that the Company will receive the grant. IAS 20 does not define “reasonable assurance”; however, based on certain interpretations, it is analogous to “probable” as defined in FASB ASC 450-20-20 under U.S. GAAP, which is the definition the Company has applied. The grant will be recognized in earnings as a reduction of the related expenses. Impairment of Right of Use Assets In accordance with ASC 360, Property, Plant and Equipment, management reviews the Company’s right of use assets for impairment annually or whenever events or changes in circumstances indicate that the carrying amount of an asset may not be fully recoverable. Events relating to recoverability may include significant unfavorable changes in business conditions, recurring losses, or a forecasted inability to achieve break-even operating results over an extended period. The Company determines the extent to which an asset may be impaired based upon its expectation of the asset’s future usability, as well as on a reasonable assurance that the future cash flows associated with the asset will be in excess of its carrying amount. If the total of the expected undiscounted future cash flows is less than the carrying amount of the asset, a loss is recognized for the difference between fair value and the carrying value of the asset. During the three months ended June 30, 2023, the Company vacated certain leased office space and as a result, the Company took an impairment charge against right of use assets of $0.7 million, recorded in the Consolidated Statements of Operations and Comprehensive Loss. No other material changes have been made to the Company’s significant accounting policies disclosed in Note 2, Summary of significant accounting policies, in its Annual Report on Form 10-K, filed on March 9, 2023, for the year ended December 31, 2022.
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. The Company qualifies as an “emerging growth company” as defined in the Jumpstart Our Business Startups Act of 2012 and has the option to not “opt out” of the extended transition related to complying with new or revised accounting standards. This means that when a standard is issued or revised and it has different application dates for public and nonpublic companies, the Company has the option to adopt the new or revised standard at the time nonpublic companies adopt the new or revised standard and can do so until such time that the Company either (i) irrevocably elects to “opt out” of such extended transition period or (ii) no longer qualifies as an emerging growth company. 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 Annual Report on Form 10-K, filed on March 9, 2023, for the year ended December 31, 2022.

Revenue from contracts with customers - Schedule of Deferred Revenue from customers (Detail) $ in Thousands	6 Months Ended
	Jun. 30, 2023 USD ($)
Revenue from Contract with Customer [Abstract]
Deferred revenue from customers as of January 1	$ 700
Consideration received in the period	6,676
Revenue from customers recognized in the period	(4,434)
Deferred revenue from customers as of June 30	$ 2,942

Net loss per share (Tables)

6 Months Ended

Jun. 30, 2023

Earnings Per Share [Abstract]

Schedule of Earnings Per Share, Basic and Diluted

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


	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2023			2022			2023			2022
Net loss	$	(18,791	)	$	(19,924	)	$	(41,746	)	$	(55,539	)
Weighted average common stock outstanding, basic and diluted		43,215,478			42,665,598			43,063,615			42,590,479
Net loss per share - basic and diluted	$	(0.43	)	$	(0.47	)	$	(0.97	)	$	(1.30	)

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				Six Months Ended
	June 30,				June 30,
	2023		2022		2023		2022
Options to purchase common stock		10,506,661		9,012,369		10,506,661		9,012,369
Unvested restricted stock		-		3,717		-		3,717
		10,506,661		9,016,086		10,506,661		9,016,086

License and collaboration agreements - Summary of Deferred Revenue from Collaborative Arrangements (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
License And Collaboration Agreements [Abstract]
Deferred revenue from collaborations as of January 1	$ 8,743	$ 7,641
Consideration received in the period	535	15,009
Revenue from collaborations recognized in the period	(5,175)	(6,264)
Deferred revenue from collaborations as of June 30	$ 4,103	$ 16,386

Revenue from contracts with customers

6 Months Ended

Jun. 30, 2023

Revenue from Contract with Customer [Abstract]

Revenue from contracts with customers

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 agreements 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.

Agreement with Amoytop

In May 2023, the Company and Amoytop Biotech Co., Ltd (Amoytop) entered into an exclusive Development Agreement and Research Collaboration Agreement with a focus on nucleic acid technology for HBV treatment, with the Company granting to Amoytop an exclusive option to enter into an exclusive 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 will be 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.

The Company determined that the Amoytop 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 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 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.

During the three and six months ended June 30, 2023, the Company recognized $4.3 million and $4.4 million, respectively, in revenue from customers related to upfront payments. There was no revenue recognized from customers in the three and six months ended June 30, 2022. During the three and six months ended June 30, 2023 and 2022, the Company recognized no revenue from customers related to milestone payments. The unrecognized portion of the upfront payments received during the three and six months ended June 30, 2023 and 2022 is recorded on the consolidated balance sheets as “Deferred revenue from customers”.

Changes in deferred revenue balances arose as a result of the Company recognizing the following revenue from customers during the periods below (in thousands):


	As of June 30,
	2023			2022

Deferred revenue from customers as of January 1	$	700		$	—
Consideration received in the period	$	6,676		$	—
Revenue from customers recognized in the period	$	(4,434	)	$	—
Deferred revenue from customers as of June 30	$	2,942		$	—

- 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 9
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-9

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

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-15

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-13

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

+ Details

Revenue from contracts with customers - Additional Information (Detail) - USD ($)	1 Months Ended	3 Months Ended		6 Months Ended
	May 31, 2023	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Revenue from customers related to upfront payments		$ 4,300,000	$ 0	$ 4,400,000	$ 0
Revenue from customers related to milestone payments		$ 0	$ 0	$ 0	$ 0
Amoytop License and Research Collaboration [Member] \| Amoytop [Member]
Upfront payment received	$ 7,000,000
Withholding taxes	1,100,000
Amoytop License and Research Collaboration [Member] \| Amoytop [Member] \| Maximum [Member]
Milestone payments and royalties receivable	$ 109,000,000

Accrued liabilities - Summary of Accrued Liabilities (Detail) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Payables and Accruals [Abstract]
Accrued compensation	$ 3,137	$ 6,297
Accrued payables	9,192	8,203
Liability for early exercised stock options	25	66
Other	1,441	1,473
Total	$ 13,795	$ 16,039

Property and equipment

6 Months Ended

Jun. 30, 2023

Property, Plant and Equipment [Abstract]

Property and equipment

The components of property and equipment as of June 30, 2023 and December 31, 2022 were as follows (in thousands):


	June 30, 2023			December 31, 2022
Leasehold improvements	$	6,101		$	6,087
Lab equipment		6,186			6,179
Computer equipment		1,051			1,052
Furniture and office equipment		739			739
Vehicles		296			305
Asset under construction		4			22
Total, at cost		14,377			14,384
Accumulated depreciation		(10,426	)		(9,568	)
Total, net	$	3,951		$	4,816

Depreciation expense was $0.4 million and $0.9 million for the three and six months ended June 30, 2023, and $0.6 million and $1.2 million for the three and six months ended June 30, 2022, respectively. Finance leases are also included in property and equipment as vehicles and lab equipment on the condensed consolidated balance sheets.

Property and equipment (Tables)

6 Months Ended

Jun. 30, 2023

Property, Plant and Equipment [Abstract]

Summary of Property and Equipment

The components of property and equipment as of June 30, 2023 and December 31, 2022 were as follows (in thousands):


	June 30, 2023			December 31, 2022
Leasehold improvements	$	6,101		$	6,087
Lab equipment		6,186			6,179
Computer equipment		1,051			1,052
Furniture and office equipment		739			739
Vehicles		296			305
Asset under construction		4			22
Total, at cost		14,377			14,384
Accumulated depreciation		(10,426	)		(9,568	)
Total, net	$	3,951		$	4,816

Investments - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Fixed-Maturity Securities [Member]
Investment In Available For Sale And Held To Maturity Securities [Line Items]
Interest income	$ 1.0	$ 0.2	$ 1.7	$ 0.3

Subsequent events

6 Months Ended

Jun. 30, 2023

Subsequent Events [Abstract]

Subsequent events

13.

Subsequent events

In preparing the interim financial statements for the three and six months ended June 30, 2023, the Company evaluated subsequent events for recognition and measurement purposes during which time nothing has occurred outside of the normal course of business operations that requires disclosure.

License and Collaboration Agreements (Tables)

6 Months Ended

Jun. 30, 2023

License And Collaboration Agreements [Abstract]

Schedule of Deferred Revenue from Collaborative Arrangements

Changes in deferred revenue balances arose as a result of the Company recognizing the following revenue from collaborative arrangements during the periods below (in thousands):


	As of June 30,
	2023			2022

Deferred revenue from collaborations as of January 1	$	8,743		$	7,641
Consideration received in the period	$	535		$	15,009
Revenue from collaborations recognized in the period	$	(5,175	)	$	(6,264	)
Deferred revenue from collaborations as of June 30	$	4,103		$	16,386

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Accumulated Deficit	Accumulated Other Comprehensive Income (Loss)
Beginning balance at Dec. 31, 2021	$ 184,731	$ 4	$ 487,347	$ (303,072)	$ 452
Beginning balance, Shares at Dec. 31, 2021		42,690,229
Ending balance at Mar. 31, 2022	152,886	$ 4	491,365	(338,687)	204
Ending balance, Shares at Mar. 31, 2022		42,695,195
Beginning balance at Dec. 31, 2021	184,731	$ 4	487,347	(303,072)	452
Beginning balance, Shares at Dec. 31, 2021		42,690,229
Issuance of common stock upon exercise of stock options	11		11
Issuance of common stock upon exercise of stock options, shares		5,591
Issuance of common stock related to ESPP purchase	111		111
Issuance of common stock related to ESPP purchase, shares		112,468
Stock-based compensation expense related to employee stock awards	7,034		7,034
Stock-based compensation expense related to employee stock purchases	891		891
Vesting of early exercised common stock options	144		144
Other comprehensive income (loss)	(402)				(402)
Net loss	(55,539)			(55,539)
Ending balance at Jun. 30, 2022	136,981	$ 4	495,538	(358,611)	50
Ending balance, Shares at Jun. 30, 2022		42,808,288
Beginning balance at Mar. 31, 2022	152,886	$ 4	491,365	(338,687)	204
Beginning balance, Shares at Mar. 31, 2022		42,695,195
Issuance of common stock upon exercise of stock options	1		1
Issuance of common stock upon exercise of stock options, shares		625
Issuance of common stock related to ESPP purchase	111		111
Issuance of common stock related to ESPP purchase, shares		112,468
Stock-based compensation expense related to employee stock awards	3,554		3,554
Stock-based compensation expense related to employee stock purchases	447		447
Vesting of early exercised common stock options	60		60
Other comprehensive income (loss)	(154)				(154)
Net loss	(19,924)			(19,924)
Ending balance at Jun. 30, 2022	136,981	$ 4	495,538	(358,611)	50
Ending balance, Shares at Jun. 30, 2022		42,808,288
Beginning balance at Dec. 31, 2022	103,900	$ 4	502,613	(399,118)	401
Beginning balance, Shares at Dec. 31, 2022		42,922,980
Ending balance at Mar. 31, 2023	84,750	$ 4	506,320	(422,073)	499
Ending balance, Shares at Mar. 31, 2023		42,940,089
Beginning balance at Dec. 31, 2022	103,900	$ 4	502,613	(399,118)	401
Beginning balance, Shares at Dec. 31, 2022		42,922,980
Issuance of common stock upon exercise of stock options	23		23
Issuance of common stock upon exercise of stock options, shares		17,109
Issuance of common stock related to ESPP purchase	461		461
Issuance of common stock related to ESPP purchase, shares		562,493
Stock-based compensation expense related to employee stock awards	6,478		6,478
Stock-based compensation expense related to employee stock purchases	382		382
Vesting of early exercised common stock options	41		41
Other comprehensive income (loss)	96				96
Net loss	(41,746)			(41,746)
Ending balance at Jun. 30, 2023	69,635	$ 4	509,998	(440,864)	497
Ending balance, Shares at Jun. 30, 2023		43,502,582
Beginning balance at Mar. 31, 2023	84,750	$ 4	506,320	(422,073)	499
Beginning balance, Shares at Mar. 31, 2023		42,940,089
Issuance of common stock related to ESPP purchase	461		461
Issuance of common stock related to ESPP purchase, shares		562,493
Stock-based compensation expense related to employee stock awards	2,975		2,975
Stock-based compensation expense related to employee stock purchases	222		222
Vesting of early exercised common stock options	20		20
Other comprehensive income (loss)	(2)				(2)
Net loss	(18,791)			(18,791)
Ending balance at Jun. 30, 2023	$ 69,635	$ 4	$ 509,998	$ (440,864)	$ 497
Ending balance, Shares at Jun. 30, 2023		43,502,582

Fair value (Tables)

6 Months Ended

Jun. 30, 2023

Fair Value Disclosures [Abstract]

Summary of fair value of the financial instruments that are measured at fair value on a recurring basis

The following tables present the fair value of the Company’s financial instruments that are measured or disclosed at fair value on a recurring basis (in thousands):


	Fair Value Measurements as of June 30, 2023
	Level 1		Level 2		Level 3
Assets:
Cash equivalents	$	90,828	$	-	$	-
U.S. Treasury bonds		10		-		-
	$	90,838	$	-	$	-

	Fair Value Measurements as of December 31, 2022
	Level 1		Level 2		Level 3
Assets:
Cash equivalents	$	81,347	$	-	$	-
U.S. Treasury bonds		44,480		-		-
	$	125,827	$	-	$	-

Document and Entity Information - shares	6 Months Ended
Document and Entity Information - shares	Jun. 30, 2023	Jul. 31, 2023
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2023
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q2
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	true
Entity Ex Transition Period	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
Voting Common Stock [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		40,410,244
Non-voting Common Stock [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		3,092,338

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Jun. 30, 2023	Dec. 31, 2022
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	320,000,000	320,000,000
Common Stock, Shares, Issued	43,502,582	42,922,980
Common Stock, Shares, Outstanding	43,502,582	42,922,980

Investments - Summary of Available For Sale Securities Amortized Cost Gross Unrealized Gains Losses and Fair Value (Detail) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Debt Securities, Available-for-Sale [Line Items]
Available-for-sale securities, Amortized Cost	$ 10
Available-for-sale securities, Estimated Fair Value	10
U.S. Treasury bonds [Member]
Debt Securities, Available-for-Sale [Line Items]
Available-for-sale securities, Amortized Cost	10	$ 44,576
Available-for-sale securities, Gross Unrealized Loss		(96)
Available-for-sale securities, Estimated Fair Value	$ 10	$ 44,480

- 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.

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Net loss per share - Schedule of Earnings Per Share Basic and Diluted (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Earnings Per Share [Abstract]
Net loss	$ (18,791)	$ (19,924)	$ (41,746)	$ (55,539)
Weighted average shares of common stock, basic	43,215,478	42,665,598	43,063,615	42,590,479
Weighted average shares of common stock, diluted	43,215,478	42,665,598	43,063,615	42,590,479
Net loss per share, basic	$ (0.43)	$ (0.47)	$ (0.97)	$ (1.3)
Net loss per share, diluted	$ (0.43)	$ (0.47)	$ (0.97)	$ (1.3)

- Definition

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

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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.

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+ Details

Income taxes

6 Months Ended

Jun. 30, 2023

Income Tax Disclosure [Abstract]

Income taxes

11.

Income taxes

The Company recorded income tax expense of $0.8 million and $0.8 million for the three and six months ended June 30, 2023, primarily related to the agreement with Amoytop as discussed in footnote 9.

The Company has a history of losses and projects losses for the full year 2023. The Company continues to maintain a full valuation allowance on its net deferred tax assets.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

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+ Details