MeritValue

Aligos Therapeutics, Inc.

ALGSdata completeness 75%7 fiscal years on file

Data notes: no data for concept 'totalDebt'

The thesis, from the filings

Aligos Therapeutics, Inc. earns about -76% on equity, and has bought back 77% of its shares over 5 years. The cash-flow models don't apply cleanly here — the ledger says why below.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$01$02$6.19M3$3.61M4$2.19M4
Net income−$128.3M5−$96M6−$87.7M7−$131.2M8−$24.2M8
Operating cash flow−$115.7M9−$79.4M10−$79M11−$80.7M12−$82.5M12
Capital expenditure$892,00013$943,00014$19,00015$130,00015—
Free cash flow (derived)−$116.6M9−$80.3M10−$79M11−$80.9M12—
Total debt—————
Cash & equivalents$186.8M16$81.3M17$135.7M18$37M19$18.3M19
Diluted shares42.7M42.7M2.6M6.3M9.9M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$54.17
your share of equity
Profit it earned you last year
−$24.47
Free cash flow it threw off
—
Debt you’d be carrying
—

10 shares is a claim on $54.17 of net worth that earned you −$24.47 last year.

iii. Is this a good business?
Moat signal · return on equity
-76% avg · 5y
FY21 -69%FY22 -92%FY23 -95%FY24 —FY25 -45%

It earned an average -76% on equity over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
−77% shares · 5y

Share count is down 77% over 5 years — management has been buying back stock, quietly handing owners a bigger slice.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
DCF · Growth Exit 5Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
Earnings Power Value
not applicable
normalized (5y-median) earnings non-positive — EPV undefined
Graham Number
not applicable
diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2021-12-31 · accession 0000950170-22-003365 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0000950170-23-007033 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0000950170-25-035929 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2024-12-31 · accession 0001193125-26-092614 (RevenueFromContractWithCustomerExcludingAssessedTax)
  5. 10-K · period ending 2021-12-31 · accession 0000950170-23-007033 (NetIncomeLoss)
  6. 10-K · period ending 2022-12-31 · accession 0000950170-24-029953 (NetIncomeLoss)
  7. 10-K · period ending 2023-12-31 · accession 0000950170-25-035929 (NetIncomeLoss)
  8. 10-K · period ending 2024-12-31 · accession 0001193125-26-092614 (NetIncomeLoss)
  9. 10-K · period ending 2021-12-31 · accession 0000950170-23-007033 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-12-31 · accession 0000950170-24-029953 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2023-12-31 · accession 0000950170-25-035929 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2024-12-31 · accession 0001193125-26-092614 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2021-12-31 · accession 0000950170-23-007033 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2022-12-31 · accession 0000950170-24-029953 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K · period ending 2023-12-31 · accession 0000950170-25-035929 (PaymentsToAcquirePropertyPlantAndEquipment)
  16. 10-K · period ending 2021-12-31 · accession 0000950170-23-007033 (CashAndCashEquivalentsAtCarryingValue)
  17. 10-K · period ending 2022-12-31 · accession 0000950170-24-029953 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2023-12-31 · accession 0000950170-25-035929 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2024-12-31 · accession 0001193125-26-092614 (CashAndCashEquivalentsAtCarryingValue)