Aligos Reprioritizes Pipeline With Focus On NASH, COVID Programs, Cuts Another 10% Of Its Workforce

Aligos Therapeutics Inc ALGS announced a portfolio reprioritization, with priorities focused on the rapid advancement of its clinical NASH (ALG-055009) and COVID-19 (ALG-097558) programs.
The company also plans to maintain its ongoing NASH oligonucleotide research collaborations with Merck & Co Inc MRK.
Additionally, the company plans to complete the ≤48-week (ALG-000184) and single ascending dose (ALG-125755) cohorts for its two chronic hepatitis B programs and continue to invest in selected research programs and collaborations with external research organizations.
Also Read: Aligos Co-Founders File Complaint Against Johnson & Johnson Alleging Fraud.
The reorganization comes with a layoff of around 10% of its staff to extend its cash resources through the end of 2024.
In all, there's been a 25% reduction in the overall workforce at Aligos since the beginning of 2022.
The company has already initiated Phase 2-enabling activities for the NASH program, including GLP toxicology studies, and it is planning a Phase 2 filing by the end of 2023.
COVID-19 program, ALG-097558, is expected to complete Phase 1-enabling activities in H1 2023. The company aims to complete a Phase 1 study evaluating single and multiple ascending doses in healthy volunteers in H2 2023 to enable the start of a Phase 2 study by the end of 2023.
Price Action: ALGS shares are down 1.15% at $1.8386 on the last check Thursday.