ALGS receives $8.5M NIAID grant for clinical development of ALG-097558:
$8.5M won’t go very far, but I suppose that every little bit helps. ALGS is expected to report data from the phase-1 trial of ALG-097558 in 1H24.
ALGS, JNJ reach agreement in principle to settle pending litigation:
The terms will presumably be disclosed when the settlement in finalized.
The relatively low cash burn in 2Q23 was due to ALGS’ slashing R&D expenses by more than half relative to 2Q22 ($17M in 2Q23 vs 2Q22 $35M).
ALGS 2Q23 results—6/30/23 cash=$91M—(down $15M from 3/31/23):
Data from the phase-1 trial of ALG-097558, a SARS-CoV-2 protease inhibitor, are expected in 1H24. The trial, which is being conducted in the UK, is currently in the SAD phase.
ALGS +51%/AH on collaboration with Chinese company:
ALGS 1Q23 results—3/31/22 cash=$104M, down from $126M at 12/31/22:
ALGS expects to start a phase-1 trial of ALG-097558, a SARS-CoV-2 protease inhibitor, in the UK in mid 2023.
ALGS 4Q22 results—12/31/22 cash=$126M—4Q22 cash_burn=$16M:
ALGS’ COVID protease inhibitor, ALG-097558, is expected to start phase-1 in 2Q23.
ALGS “de-prioritizes” HBV program—reduces workforce 10%:
ALGS 3Q22 results—9/30/22 cash=$142M—3Q22 cash_burn=$17M:
ALGS’ COVID protease inhibitor, ALG-097558 is expected to start phase-1 in 2Q23.
ALGS 2Q22 results—6/30/22 cash=$159.3M—(down from $183M @3/31/22):
Phase-1 for the SARS-CoV-2 protease inhibitor, ALG-097558 has been delayed and is now expected to start in 2023, following a CTA filing in 1Q23. (The prior guidance was for an IND filing in 2H22.)
ALGS—Cash @3/31/22=$183M—$23B burn in 1Q22:
Other than the financials, there is no new news. ALGS still plans to start phase-1 for its COVID protease inhibitor in late 2022 or early 2023 (i.e. IND filing in 2H22).
ALGS selects lead SARS-CoV-2 PI—phase-1 expected to start in early 2023 (or very late 2022):
The timing of this program was known from the Leerink webcast two months ago (#msg-167924816), so the only new news is that a lead compound has been selected.
ALGS 4Q21 financials—12/31/21_cash=$205.8M:
Disclosure: I'm long ENTA.
Two takeaways from today's Leerink webcast on ALGS-9711 (oral coronavirus protease inhibitor): 1) ALGS-097111 phase-1 won’t start until 2023 (insofar as the IND is expected to be filed in late 2022); 2) CEO Blatt talked up combination therapy to treat COVID even while insisting compound is “best in class,” which I find curious.
ALGS—(-16%)—sells 5.06M* shares @$19.00—a 20% discount to Monday’s close:
*Assuming exercise of underwriter’s option.
ALGS—(-11%)—presents EASL HBV lineup:
Nothing in this PR is especially newsworthy, so I’m not sure why the stock is selling off today. Maybe some investors were expecting some kind of big announcement.