On this page of StockholderLetter.com we present the latest annual shareholder letter from Aligos Therapeutics, Inc. — ticker symbol ALGS. Reading current and past ALGS letters to shareholders can bring important insights into the investment thesis.

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x WKH VFRSH SURJUHVV UHVXOWV DQG FRVWV RI GHYHORSLQJ RXU GUXJ U FDQGLGDWHV RU DQ\ RWKHU IXWXUH GUXJ FDQGLGDWHV DQG FRQGXFWLQJ QRQFOLQLFDO VWXGLHV DQG FOLQLFDO WULDOV LQFOXGLQJ RXU $/* $/* $/* DQG $/* FOLQLFDO WULDOV x WKH VFRSH SURJUHVV UHVXOWV DQG FRVWV UHODWHG WR WKH UHVHDUFK DQG GHYHORSPHQW RI RXU SLSHOLQH x WKH WLPLQJ RI DQG FRVWV LQYROYHG LQ REWDLQLQJ DQG PDLQWDLQLQJ UHJXODWRU\ DSSURYDO IRU DQ\ Q RI RXU FXUUH X QW RU IXWXUH GUXJ FDQGLGDWHV DQG DQ\ UHODWHG UHVWULFWLRQV RU OLPLWDWLRQV x RXU H[SHFWDWLRQV UHJDUGLQJ WKH SRWHQWLDO PDUNHW VL]H DQG VL]H RI WKH SRWHQWLDO SDWLHQW SRSXODWLRQV IRU $/* $/* $/* DQG $/* RXU RWKH W U GUXJ FDQGLGDWHV DQG DQ\ Q IXWWXUH GUXJ FDQGLGDWHV LI DSSURYHG IRU FRPPHUFLDO XVH x RXU DELOLW\ WR PDLQWDLQ H[LVWLQJ DQG HVWDEOLVK QHZ FROODERUDWLRQV OLFHQVLQJ RU RWKHU DUUDQJHPHQWV DQG WKH IILQDQFLDO WHUPV RI DQ\ VXFK DJUHHPHQWV x RXU FRPPHUFLDOL]DWLRQ PDUNHWLQJ DQG PDQXIDF I WXULQJ FDSDELOLWLHV DQG H[SHFWDWLRQV x WKH UDWH DQG GHJUHH RI PDUN D HW DFFHSWDQFH RI RXU GUXJ FDQGLGDWHV DV ZHOO DV WKH SULFLQJ DQG UHLPEXUVHPHQW RI RXU GUXJ FDQGLGDWHV LI DSSURYHG x WKH LPSOHPHQWDWLRQ RI RXU EXVLQHVV PRGHO DQG VWUDWHJLF SODQV IRU I RXU EXVLQHVV GUXJ U FDQGLGDWHV DQG WHFKQRORJ\ LQFOXGLQJ DGGLWLRQDO LQGLFDWLRQV IRU ZKLFK ZH PD\ SXUVXH x WKH VFRSH RI SURWHFWLRQ ZH DUH DEOH WR HVWDEOLVK DQG PDLQWDLQ IRU LQWHOOHFWXD W O SURSHUW\ W ULJKWV FRYHULQJ RXU X GUXJ FDQGLGDWHV LQFOXGLQJ WWKH SURMHFWHG WHUP RI SDWHQW SURWHFWLRQ x DQ\ ODZVXLWV UHODWHG WR RXU X GUXJ FDQGLGDWHV RU FRPPHQFHG DJDLQVW XV x HVWLPDWHV RI RXU H[SHQVHV IXWXUH UHYHQXH FDSLWDO UHTXLUHPHQWV RXU QHHGV IRU I DGGLWLRQDO IILQDQFLQJ DQG RXU DELOLW\ WR REWDLQ DGGLWLRQDO FDSLWDO x GHYHORSPHQWV DQG SURMH R FWLRQV UHODWLQJ WR RXU FRPSHWLWRUV DQG RXU LQGXV G WU\ LQFOXGLQJ FRPSH P WLQJ WKHUDSLHV DQG SURFHGXU G HV x UHJXODWRU\ DQG OHJDO GHYHORSPHQWV LQ WKH 8QLWHG 6WDWHV DQG IRUHLJQ FRXQWULHV x WKH SHUIRUPDQFH RI RXU WKLUG SDUW\ VXSSOLHUV DQG PDQXI Q IDFWXUHUV x RXU DELOLW\ WR DWWUDFW DQG UHWDLQ NH\ PDQDJHPHQW VFLHQWLILF DQG PHGLFDO SHUVRQQHO x RXU H[SHFWDWLRQV UHJDUGLQJ WKH SHULRG GXULQJ ZKLFK ZH ZLOO TXDOLI\ DV DQ HPHUJLQJ JURZWK FRPSDQ\ Q XQGHU WKH --XPSVWDUW 2XU %XVLQHVV 6WDUWXSV $FW RI x RXU H[SHFWDWLRQV UHJDUGLQJ RXU DELOLW\ WR REWDLQ PDLQWDLQ HQIRUFH DQG GHIHQG RXU LQWHOOHFWXD W O SURSHUW\ SURWHFWLRQ IIRU RXU GUXJ U FDQGL D GDWHV DQG x RWKH W U ULVNV DQG XQFHUWDLQWLHV LQFOXGLQJ WKRVH OLVWHG XQGHU WKH W FDSW D LRQ 5LVN )DFWRUV$
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x :H DUH D FOLQLFDO VWDJH ELRSKDUP D DFHXWLFDO FRPSDQ\ ZLWK D OLPLWHG RSHUDWLQJ KLVWRU\ DQG QR SURGXFWV DSS D URYHG IIRU FRPPHUFLDO VDOH :H KDYH LQFXUUHG VLJQLILFDQW D ORVVHV VLQFH LQFHSWLRQ :H H[SH [ FW WR LQFXU X ORVVHV IRU I DW OHDVW WKH QH[W VHYHUDO \HDUV DQG PD\ QHYHU DFKLHYH RU PDLQWDLQ SURILW I DELOLW\ W ZKLFK WRJHWKHU ZLWK RXU OLPLWHG RSHUDWLQJ KLVWRU\ PDNHV LW GLIILFXOW WR DVVHVV RXU IIXWXUH YLDELOLW\ x :H KDYH QHYHU JHQHUDWHG UHYHQXH IURP SURGXF G W VDOHV DQG PD\ QHYHU EH SURILWDEOH x :H ZLOO UHTXLUH VXEVWDQWLDO DGGLWLRQDO IILQDQFLQJ WR DFKLHYH RXU JRDOV ZKLFK PD\ QRW EH DYDLODEO D H RQ DFFHSWDEOH WHUPV RU DW DOO $ IDLOXUH WR REWDLQ WKLV QHFHVVDU\ FDSLWDO ZKHQ QHHGHG FRXOG IRUFH XV WR GHOD\ OLPLW UHGXFH RU WHUPLQDWH RXU SURGXFW GHYHORSPHQW RU FRPPHUFLDOL]DWLRQ HIIRU I WV x :H DUH HDUO\ LQ RXU GHYHORSPHQW HIIRU I WV DQG RXU EXVLQHVV LV GHSHQGHQW RQ WKH VXFFHVVIXO I GHYHORSPHQW RI RXU FXUUHQW DQG IXWXUH GUXJ FDQGLGDWHV ,I ZH DUH XQDEOH WR DGYDQF D H RXU FXUUHQW RU IIXWWXUH GUXJ FDQGLGDWHV WKURXJK FOLQLFDO WULDOV REWDLQ PDUNHWLQJ DSSURYDO DQG XOWLPDWHO\ FRPPHUFLDOL]H DQ\ GUXJ U FDQGLGDWHV ZH GHYHORS RU H[SHULHQFH VLJQLILF I DQW GHOD\V LQ GRLQJ VR RXU EXVLQHVV ZLOO EH PDWHULDOO\ KDUPHG x ,I ZH IDLO WR FRPSO\ ZLWK WKH FRQWLQXHG OLVWLQJ UHTXLUHPHQWV RI WKH 1DVGDT 6WRFN 0DUNHW //& 1DVGDT RXU FRPPRQ VWRFN PD\ EH GHOLVWHG DQG WKH SULFH RI RXU FRPPRQ VWRFN DDQG RXU DEL D OLW\ WR DFFHVV WKH FDSLWDO PDUNHWV FRXOG EH QHJDWLYHO\ LPSDFWHG x 2XU FXUUHQW RU IXWXUH GUXJ U FDQGLGDWHV PD\ FDXVH XQGHVLUDEOH VLGH HIIH I FWV RU KDYH RWKHU SURSHUWLHV ZKHQ XVHG DORQH RU LQ FRPELQDWLRQ ZLWK W RWKHU DSSURYHG SURGXFWV RU LQYHVWLJDWLRQDO QHZ GUXJV WKDW FRXOG GHOD\ RU KDOW WKHLU FOLQLFDO GHYHORSPHQW SUHYHQW WKHLU PDUNHWLQJ DSSURYDO OLPLW WKHLU FRPPHUFLDO SRWHQWLDO RU UHVXOW LQ VLJQLILF I DQW QHJDWLYH FRQVHTXHQFHV x :H GHSHQG RQ FROODERUDWLRQV ZLWK WKLUG SDUWLHV IRU WKH GHYHORSPHQW RI FHUWDLQ RI RXU SRWHQWLDO GUXJ FDQGLGDWHV DQG ZH PD\ GHSHQG RQ DGGLWLRQDO FROODERUDWLRQV LQ WKH IIXWXUH IRU WKH GHYHORSPHQW DQG FRPPHUFLDOL]DWLRQ RI WKHVH RU RWKHU SRWHQWLDO FDQGLGDWHV ,I RXU FROODERUDWLRQV DUH QRW VXFFHVVIXO ZH PD\ QRW EH DEOH WR FDSL D WDOL]H RQ WWKH PDUNHW SRWHQWLDO RI WKHVH GUXJ FDQGLGDWHV x :H LQWHQG WR GHYHORS RXU FXUU X HQW GUXJ FDQGLGDWHV DQG H[SHFW WR GHYHORS RWKHU IXWXUH X GUXJ U FDQGLGDWHV LQ FRPELQDWLRQ ZLWK RWKH W U WKHUDSL D HV ZKLFK H[SRVHV XV WR DGGLWLRQDO ULVNV x :H IDFH VLJQLILF I DQW FRPSHWLWLRQ DQG LI RXU FRPSHWLWRUV GHYHORS DQG PDUNHW SURGXFWV WKDW DUH PRUH HIIH I FWLYH VDIHU RU OHVV H[SHQVLYH WKDQ WKH GUXJ FDQGLGDWHV ZH GHYHORS RXU FRPPHUFLDO RSSRUWXQ W LWLHV ZLOO EH QHJDWLYHO\ LPSDFWHG$
$x ,I ZH DQG RXU FROODERUDWRUV DUH XQDEO D H WR REWDLQ PDLQWDLQ SURWHFW DQG HQIRU I FH VXIILF I LHQW SDWHQW DQG RWKHU LQWHOOHFWXD W O SURSHUW\ W SURWHFWLRQ IRU RXU GUXJ FDQGLGDWHV DQG WHFKQRORJ\ RXU FRPSHWLWRUV FRXOG GHYHORS DQG FRPPHUFLDOL]H SURGXFWV DQG WHFKQRORJ\ VLPLODU RU LGHQWLFDO WR RXUV DQG ZH PD\ QRW EH DEOH WR FRPSHWH HIIHFWLYHO\ LQ RXU PDUNHW RU VXFFHVVIXOO\ FRPPHUFLDOL]H DQ\ GUXJ FDQGLGDWHV ZH PD\ GHYHORS x 7KLUG SDUWLHV PD\ LQLWLDWH OHJDO SURFHHGLQJV DOOHJLQJ WKDW ZH DUH LQIUL I QJLQJ PLVDSSURSULDWLQJ RU RWKHUZLVH YLRODWLQJ WKHLU LQWHOOHFWXDO SURSHUW\ W ULJKWV WKH RXWFRPH RI ZKLFK ZRXOG EH XQFHUWDLQ DQG FRXOG QHJDWLYHO\ LPSDFW WKH VXFFHVV RI RXU EXVLQHVV x :H KDYH HQWHUHG LQWR OLFHQVLQJ DQG FROODERUDWLRQ DJUHHPHQWV ZLWK WKLUG SDUWLHV ,I ZH IIDLO WR FRPSO\ ZLWK RXU REOLJDWLRQV LQ WKH DJUHHPHQWV XQGHU ZKLFK ZH OLFHQVH LQWHOOHFWXD W O SURSHUW\ W ULJKWV WR RU IUR I P WKLUG SDUWLHV RU WKHVH DJUHHPHQWV DUH WHUPLQDWHG RU ZH RWKHUZLVH H[SHULHQFH GLVUXSWLRQV WR RXU EXVLQHVV UHODWLRQVKLSV ZLWK RXU OLFHQVRUV RU OLFHQVHHV RXU FRPSHWLWLYH SRVLWLRQ EXVLQHVV ILQ I DQFLDO FRQGLWLRQ UHVXOWV RI RSHUDWLRQV DQG SURVSHFWV FRXOG EH KDUPHG x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

•

4/29/2024 Letter Continued (Full PDF)
•

4/28/2023 ALGS Stockholder Letter
•

More "Biotechnology" Category Stockholder Letters
•

ALGS Benford's Law Stock Score = 78

ALGS Shareholder/Stockholder Letter Transcript:

81,7(' 67$7(6
6(&85,7,(6 $1' (;&+$1*( &200,66,21
:DVKLQJWRQ  ' &       
)250    .
0DUN 2QH

$118$/ 5(3257 38568$17 72 6(&7,21    25    G 2) 7+( 6(&85,7,(6 (;&+$1*( $&7 2)     
)RU WKH ILVFDO \HDU HQGHG 'HFHPEHU         
25

75$16,7,21 5(3257 38568$17 72 6(&7,21    25    G 2) 7+( 6(&85,7,(6 (;&+$1*( $&7 2)      )25 7+( 75$16,7,21
3(5,2' )520
72
&RPPLVVLRQ )LOH 1XPEHU           
$OLJRV 7KHUDSHXWLFV  ,QF 
([DFW QDPH RI 5HJLVWUDQW DV VSHFLILH
I G LQ LWV &KDUWHU
'HODZDUH

6WDWH RU RWKHU MXULVGLFWLRQ RI
LQFRUSRUDWLRQ RU RUJDQL]DWLRQ
, 5 6  (PSOR\HU
,GHQWLILFDWLRQ 1R 
$GGUHVV RI SULQFLSDO H[HFXWLYH RIILF
I HV
=LS &RGH
2QH &RUSRUDWH 'ULYH   QG )ORRU
6RXWK 6DQ
D )UDQF
D LVFR  &DOLIRUQLD

5HJLVWUDQW  V WHOHSKRQH QXPEHU  LQFOXGLQJ DUHD FRGH              
6HFXULWLHV UHJLVWHUHG SXUVXDQW WR 6HFWLRQ    E RI WKH $FW 
7LWOH RI HDFK FODVV
7UDGLQJ 6\PERO V
&RPPRQ 6WRFN  SDU YDOXH          SHU VKDUH
$/*6
1DPH RI HDFK H[FKDQJH RQ ZKLFK UHJLVWHUHG
7KH 1DVGDT
T 6WRFN 0DUNHW //&
1DVGDT &DSLWDO 0DUNHW
6HFXULWLHV UHJLVWHUHG SXUVXDQW WR 6HFWLRQ    J RI WKH $FW  1RQH
,QGLFDWH
D E\ FKHFN PDUN LI WKH 5HJLVWUDQW
D LV D ZHOO NQRZQ
Z VHDVRQHG LVVXHU  DV GHILQHG LQ 5XO
5 H     RI WKH 6HFXULWLHV $FW  <(6    12   
,QGLFDWH
D E\ FKHFN PDUN LI WKH 5HJLVWUDQW
D LV QRW UHTXL
T UHG WR ILO
I H UHSRUWV SXUVXDQW WR 6HFWLRQ    RU    G RI WKH $FW  <(6    12   
,QGLFDWH
D E\ FKHFN PDUN ZKHWKHU WKH 5HJLVWUDQW
D     KDV ILO
I HG DOO UHSRUWV UHTXLUHG WR EH ILOHG E\ 6HFWLRQ    RU    G RI WKH 6HFXULWLHV ([FKDQJH $FW RI      GGXULQJ WKH
W
SUHFHGLQJ    PRQWKV RU IRU VXFK VKRUWHU SHULRG WKD
W W WWKH 5HJLVWUDQW
D ZDV UHTXL
T UHG WR ILO
I H VXFK UHSRUWV
U   DQG   KDV EHHQ VXEMH
E FW WR VXFK ILOLQJ UHTXLUHPHQWV IRU WKH
W SDVW   
GD\V
D   <(6    12   
,QGLFDWH
D E\ FKHFN PDUN ZKHWKHU WKH 5HJLVWUDQW
D KDV VXEPLWWHG HOHFWURQLFDOO\ HYHU\ ,QWHUDFWLYH 'DWD )LOH UHTXLUHG WR EH VXEPLWWHG SXUVXDQW
D WR 5XOH     RI 5HJXODWL
D RQ 6 7
          RI WKLV FKDSWHU GXULQJ WKH SUHFHGLQJ    PRQWKV RU IRU VXFK VKRUWHU SHULRG WKDW WKH 5HJLVWUDQW
D ZDV UHTXL
T UHG WR VXEPLW VXFK ILO
I HV   <(6    12   
,QGLFDWH
D E\ FKHFN PDUN ZKHWKHU WKH 5HJLVWUDQW
D LV D ODUJH DFFHOHUDWHG
D ILOHU  DQ DFFHOHUDWHG ILOHU  D QRQ DFFHOHUDWHG ILO
I HU  D VPDOOHU UHSRUWLQJ FRPSDQ\  RU DQ HPHUJLQJ
JURZWK
W FRPSDQ\ 
Q 6HH WWKH GHILQLWLRQV RI   ODUJH DFFHOHUDWHG ILOHU      DFFHOHUDWHG ILO
I HU      VPDOOHU UHSRUWLQJ FRPSD
P DQ\    DQG   HPHUJLQJ JURZWK FRPSDQ\  
Q LQ 5XOH   E   RI
WKH ([FKDQJH
D
$FW 
/DUJH DFFHOHUDWHG IILOHU

$FFHOHUDWHG ILOHU

1RQ DFFHOHUDWHG ILOHU

6PDOOHU UHSRUWLQJ FRPSD
P Q\

(PHUJLQJ JURZWK FRPSDQ\
Q

,I DQ HPHUJLQJ JURZWK
W FRPSD
P Q\  LQGLFDWH E\ FKHFN PDUN LI WKH 5HJLVWUDQW KDV HOHFWHG QRW WR XVH WWKH H[WHQGHG WUDQVLWLRQ SHULRG IRU FRPSO
P \LQJ ZLWK DQ\ QHZ RU UHYLVHG
ILQDQF
D LDO DFFRXQWLQJ VWDQGDUGV SURYLGHG SXUVXDQW WR 6HFWLRQ    D RI WKH ([FKDQJ
D H $FW    
,QGLFDWH
D E\ FKHFN PDUN ZKHWKHU WKH 5HJLVWUDQW
D KDV ILO
I HG D UHSRUW
U RQ DQG DWWHVWDWLRQ WR LWV PDQD
D JHPHQW  V DVVHVVPHQW RI WKH HIIH
I FWLYHQHVV RI LWV LQWHUQDO FRQWURO RYHU
ILQDQF
D LDO UHSRUWLQJ XQGHU 6HFWLRQ     E RI WKH 6DUEDQHV 2[OH\ $FW    8 6 &       E E\ WKH UHJLVWHUHG SXEOLF DFFRXQWLQJ ILUP
I
WKDW SUHSDUHG RU LVVXHG LWV
DXGLW UHSRUW    
,I VHFXULWLHV DUH UHJLVWHUHG SXUVXDQW
D WR 6HFWLRQ    E RI WKH $FW  LQGLFDWH E\ FKHFN PDUN ZKHWKH
W U WWKH ILQDQFLDO VWDWHPHQWV RI WKH UHJLVWUDQW LQFOXGHG LQ WKH
W ILOLQJ UHIOHFW WKH
FRUUHFWLRQ RI DQ HUUR
U U WR SUHYLRXVO\ LVVXHG ILQ
I DQFLDO VWDWHPHQWV    
,QGLFDWH
D E\ FKHFNPDUN
U ZKHWKHU DQ\
Q RI WKRVH HUURU FRUUHFWLRQV DUH UHVWDWHPHQWV WKDW UHTXLUHG D UHFRYHU\
U DQDO\VLV RI LQFHQWLYH EDVHG FRPSHQVDWLRQ UHFHLYHG E\ DQ\ RI WKH
W
UHJLVWUDQW
D V H[HFXWLYH RIILFHUV GXUL
G QJ WKH UHOHYDQW UHFRYHU SHULRG SXUVXDQW WR 6HFWLRQ       '   E  
,QGLFDWH
D E\ FKHFN PDUN ZKHWKHU WKH 5HJLVWUDQW
D LV D VKHOO FRPSDQ\ DV GHILQHG LQ 5XO
5 H   E   RI WKH $FW   <(6    12   
7KH DJJUHJDWH PDUNHW YDOXH RI FRPPRQ VWRFN KHOG E\ QRQ DIILO
I LDWHV RI WKH 5HJLVWUDQW ZDV DSS
D UR[LPDWHO\       PLOOLRQ DV RI -XQ
- H           WWKH ODVW EXVLQHVV GD\ RI WWKH
5HJLVWUDQW V PRVW UHFHQWO\ FRPSO
P HWHG VHFRQG ILV
I FDO TXDUWHU  EDVHG RQ L            VKDUHV RI FRPPRQ VWRFN          SDU YDOXH SHU VKDUH  RXWVWDQGLQJ  FRPSULVHG RI
           VKDUHV RI YRWLQJ FRPPRQ VWRFN          SDU YDOXH SHU VKDUH DQG           VKDUHV RI QRQ YRWLQJ FRPPRQ VWRFN          SDU YDOXH SHU VKDUH  DQG
D
LL WKH
FORVLQJ VDOHV SULFH IIRU WKH 5HJLVWUDQW
D   V FRPPRQ VWRFN RQ WKH 1DVGDT *OREDO 6HOHFW 0DUNHW RQ VXFK GDWH
D  
$V RI 0DUFK          WKH 5HJLVWUDQW KDG            VKDUHV RI FRPPRQ VWRFN          SDU YDOXH SHU VKDUH  RXWVWDQGLQJ  FRPSULVHG RI            VKDUHV RI YRWLQJ
FRPPRQ VWRFN          SDU YDOXH SHU VKDUH DQG           VKDUHV RI QRQ YRWLQJ FRPPRQ VWRFN          SDU YDOXH SHU VKDUH  7KLV QXPEH
P U GRHV QRW LQFOXGH           
VKDUHV RI FRPPRQ VWRFN LVVXDEOH XSRQ WKH H[HUFLVH RI SUH IXQGHG ZDUUDQWV RXWVWDQGLQJ DV RI 0DUFK         Z
ZKLFK DUH LPPHGLDWHO\ H[HUFLVDEO
D H DW DQ H[HUFLVH SULFH RI
        SHU VKDUH RI FRPPRQ VWRFN  VXEMH
E FW WR EHQHILFLDO RZQHUVKLS OLPLWDWLRQV VROG LQ WKH 5HJLVWUDQW
D   V SULYDWH SODFHPHQW RQ 2FWREHU           6HH 1RWH     &RPPRQ
:DUUDQWV DQG 3UH  )XQG
X HG :DUUDQWV WR WKH 5HJLVWUDQW  V DXGLWHG ILQ
I DQFLDO VWDWHPHQWV 
'2&80(176 ,1&25325$7(' %< 5()
5 (5(1&(
I LWLYH 3UR[\ 6WDWHPHQW UHODWLQJ WR WKH      $QQXDO 0HHWLQJ RI 6WRFNKROGHUV  ZKLFK ZLOO EH ILOHG ZLWK
W WKH 6HFXULWLHV DQG ([FKDQJH
D
3RUWLRQV RI WKH 5HJLVWUDQW  V 'HILQ
&RPPLVVLRQ ZLWKLQ     GD\V DIWHU WKH HQG RI WKH 5HJLVWUDQW
D   V ILVFDO \HDU HQGHG 'HFHPEH
P U           DUH LQFRUSRUDWHG E\ UHIHUHQFH LQWR 3DUW
U ,,, RI WKLV 5HSRUW 

7DEOH RI &RQWHQWV
3DJH
3$57 ,
,WHP   
,WHP  $ 
,WHP  % 
,WHP  & 
,WHP   
,WHP   
,WHP   
3$57 ,,
,WHP   
%XVLQHVV
5LVN )DFWRUV
8QUHVROYHG 6WDII &RPPHQWV
&\EHUVHFXULW\
3URSHUWLHV
/HJDO 3URFHHGLQJV
0LQH 6DIHW\ 'LVFORVXUHV




,WHP   
,WHP   
,WHP  $ 
,WHP   
,WHP   
,WHP  $ 
,WHP  % 
,WHP  & 
0DUNHW IRU 5HJLVWUDQW  V &RPPRQ (TXLW\  5HODWHG 6WRFNKROGHU 0DWWHUV DQG ,VVXHU 3XUFKDVHV RI (TXLW\
6HFXULWLHV
>5HVHUYHG@
0DQDJHPHQW  V 'LVFXVVLRQ DQG $QDO\VLV RI )LQDQFLDO &RQGLWLRQ DQG 5HVXOWV RI 2SHUDWLRQV
4XDQWLWDWLYH DQG 4XDOLWDWLYH 'LVFORVXUHV $ERXW 0DUNHW 5LVN
)LQDQFLDO 6WDWHPHQWV DQG 6XSSOHPHQWDU\ 'DWD
&KDQJHV LQ DQG 'LVDJUHHPHQWV ZLWK $FFRXQWDQWV RQ $FFRXQWLQJ DQG )LQDQFLDO 'LVFORVXUH
&RQWUROV DQG 3URFHGXUHV
2WKHU ,QIRUPDWLRQ
'LVFORVXUH 5HJDUGLQJ )RUHLJQ -XULVGLFWLRQV WKDW 3UHYHQW ,QVSHFWLRQV




3$57 ,,,
,WHP    
,WHP    
,WHP    
,WHP    
,WHP    
'LUHFWRUV  ([HFXWLYH 2IILFHUV DQG &RUSRUDWH *RYHUQDQFH
([HFXWLYH &RPSHQVDWLRQ
6HFXULW\ 2ZQHUVKLS RI &HUWDLQ %HQHILFLDO 2ZQHUV DQG 0DQDJHPHQW DQG 5HODWHG 6WRFNKROGHU 0DWWHUV
&HUWDLQ 5HODWLRQVKLSV DQG 5HODWHG 7UDQVDFWLRQV  DQG 'LUHFWRU ,QGHSHQGHQFH
3ULQFLSDO $FFRXQWLQJ )HHV DQG 6HUYLFHV



3$57 ,9
,WHP    
,WHP    
([KLELWV  )LQDQFLDO 6WDWHPHQW 6FKHGXOHV
)RUP    . 6XPPDU\




63(&,$/ 127( 5(*$5',1* )25:$5' /22.,1* 67$7(0(176
7KLV $QQXDO 5HSRUW RQ )RUP    . FRQWDLQV IRU
I ZDUG ORRNLQJ VWDWHPHQWV FRQFHUQLQJ RXU
X EXVLQHVV  RSHUDWLRQV DQG ILQD
I QFLDO
SHUIRU
I UPDQFH DQG FRQGLWLRQ  DV ZHOO DV RXU SODQV  REMHFWLYHV DQG H[SHFWDWLRQV IRU RXU EXVLQHVV  RSHUDWLRQV DQG ILQ
I DQFLDO SHUIRU
I PDQFH
DQG FRQGLWLRQ  $Q\ VWDWHPHQWV FRQWDLQHG KHUHLQ WKD
W W DUH QRW VWDWHPHQWV RI KLVWRULFDO IDFWV PD\ EH GHHPHG WR EH IRUZDUG ORRNLQJ
VWDWHPHQWV  7KHVH VWDWHPHQWV LQYROYH NQRZQ DQG XQNQR
N ZQ ULVNV  XQFHUWDLQWLHV DQG RWKHU LPSR
P UWDQW IIDFWRUV WKDW DUH LQ VRPH FDVHV
EH\RQG RXU FRQWURO DQG PD\ FDXVH RXU DFWXD
W O UHVXOWV  SHUIRUPDQFH RU DFKLHYHPHQWV WR EH PDWHULDOO\ GLIIH
I UHQW IURP DQ\ IXW
I WXUH UHVXOWV 
SHUIRU
I UPDQFH RU DFKLHYHPHQWV H[SUHVVHG RU LPSOLHG E\ WKH IIRUZDUG ORRNLQJ VWDWHPHQWV 
,Q VRPH FDVHV  \RX FDQ LGHQWLI\
I IRUZDUG ORRNLQJ VWDWHPHQWV E\ WHUPLQRORJ\ VXFK DV   DLP      DQWLFLSDWH      DVVXPH      EHOLHYH   
  FRQWHPSODWH      FRQWLQXH      FRXOG      GXH      HVWLPDWH      H[SHF
[ W      JRDO      LQWHQG      PD\      REMHFWLYH      SODQ      SUHGLFW      SRWHQWLDO   
  SRVLWLRQHG      VHHN      VKRXOG      WDUJHW      ZLOO      ZRXOG    DQG RWKHU VLPLODU H[SU
[ HVVLRQV WKDW DUH SUHGLFWLRQV RI RU LQGLFDWH IIXWWXUH HYHQWV
DQG IIXWWXUH WUHQGV  RU WKH QHJDWLYH RI WKHVH WHUPV RU RWKHU FRPSDUDEOH WHUPLQRORJ\  7KHVH IRUZDUG ORRNLQJ VWDWHPHQWV LQFOXGH  EXW DUH
QRW OLPLWHG WR  VWDWHPHQWV DER
D XW 
x
WKH VFRSH  SURJUHVV  UHVXOWV DQG FRVWV RI GHYHORSLQJ RXU GUXJ
U FDQGLGDWHV RU DQ\ RWKHU IXWXUH GUXJ FDQGLGDWHV  DQG
FRQGXFWLQJ QRQFOLQLFDO VWXGLHV DQG FOLQLFDO WULDOV  LQFOXGLQJ RXU $/*         $/*         $/*        DQG
$/*        FOLQLFDO WULDOV 
x
WKH VFRSH  SURJUHVV  UHVXOWV DQG FRVWV UHODWHG WR WKH UHVHDUFK DQG GHYHORSPHQW RI RXU SLSHOLQH 
x
WKH WLPLQJ RI  DQG FRVWV LQYROYHG LQ  REWDLQLQJ DQG PDLQWDLQLQJ UHJXODWRU\ DSSURYDO IRU DQ\
Q RI RXU FXUUH
X QW RU IXWXUH GUXJ
FDQGLGDWHV  DQG DQ\ UHODWHG UHVWULFWLRQV RU OLPLWDWLRQV 
x
RXU H[SHFWDWLRQV UHJDUGLQJ WKH SRWHQWLDO PDUNHW VL]H DQG VL]H RI WKH SRWHQWLDO SDWLHQW SRSXODWLRQV IRU $/*        
$/*         $/*        DQG $/*         RXU RWKH
W U GUXJ FDQGLGDWHV DQG DQ\
Q IXWWXUH GUXJ FDQGLGDWHV  LI DSSURYHG IRU
FRPPHUFLDO XVH 
x
RXU DELOLW\ WR PDLQWDLQ H[LVWLQJ  DQG HVWDEOLVK QHZ  FROODERUDWLRQV  OLFHQVLQJ RU RWKHU DUUDQJHPHQWV DQG WKH IILQDQFLDO WHUPV
RI DQ\ VXFK DJUHHPHQWV 
x
RXU FRPPHUFLDOL]DWLRQ  PDUNHWLQJ DQG PDQXIDF
I WXULQJ FDSDELOLWLHV DQG H[SHFWDWLRQV 
x
WKH UDWH DQG GHJUHH RI PDUN
D HW DFFHSWDQFH RI RXU GUXJ FDQGLGDWHV  DV ZHOO DV WKH SULFLQJ DQG UHLPEXUVHPHQW RI RXU GUXJ
FDQGLGDWHV  LI DSSURYHG 
x
WKH LPSOHPHQWDWLRQ RI RXU EXVLQHVV PRGHO DQG VWUDWHJLF SODQV IRU
I RXU EXVLQHVV  GUXJ
U FDQGLGDWHV DQG WHFKQRORJ\  LQFOXGLQJ
DGGLWLRQDO LQGLFDWLRQV IRU ZKLFK ZH PD\ SXUVXH 
x
WKH VFRSH RI SURWHFWLRQ ZH DUH DEOH WR HVWDEOLVK DQG PDLQWDLQ IRU LQWHOOHFWXD
W O SURSHUW\
W ULJKWV FRYHULQJ RXU
X GUXJ FDQGLGDWHV 
LQFOXGLQJ WWKH SURMHFWHG WHUP RI SDWHQW SURWHFWLRQ 
x
DQ\ ODZVXLWV UHODWHG WR RXU
X GUXJ FDQGLGDWHV RU FRPPHQFHG DJDLQVW XV 
x
HVWLPDWHV RI RXU H[SHQVHV  IXWXUH UHYHQXH  FDSLWDO UHTXLUHPHQWV  RXU QHHGV IRU
I DGGLWLRQDO IILQDQFLQJ DQG RXU DELOLW\ WR REWDLQ
DGGLWLRQDO FDSLWDO 
x
GHYHORSPHQWV DQG SURMH
R FWLRQV UHODWLQJ WR RXU FRPSHWLWRUV DQG RXU LQGXV
G WU\  LQFOXGLQJ FRPSH
P WLQJ WKHUDSLHV DQG SURFHGXU
G HV 
x
UHJXODWRU\ DQG OHJDO GHYHORSPHQWV LQ WKH 8QLWHG 6WDWHV DQG IRUHLJQ FRXQWULHV 
x
WKH SHUIRUPDQFH RI RXU WKLUG SDUW\ VXSSOLHUV DQG PDQXI
Q IDFWXUHUV 
x
RXU DELOLW\ WR DWWUDFW DQG UHWDLQ NH\ PDQDJHPHQW  VFLHQWLILF DQG PHGLFDO SHUVRQQHO 
x
RXU H[SHFWDWLRQV UHJDUGLQJ WKH SHULRG GXULQJ ZKLFK ZH ZLOO TXDOLI\ DV DQ HPHUJLQJ JURZWK FRPSDQ\
Q XQGHU WKH --XPSVWDUW
2XU %XVLQHVV 6WDUWXSV $FW RI      
x
RXU H[SHFWDWLRQV UHJDUGLQJ RXU DELOLW\ WR REWDLQ  PDLQWDLQ  HQIRUFH DQG GHIHQG RXU LQWHOOHFWXD
W O SURSHUW\ SURWHFWLRQ IIRU RXU
GUXJ
U FDQGL
D GDWHV  DQG
x
RWKH
W U ULVNV DQG XQFHUWDLQWLHV  LQFOXGLQJ WKRVH OLVWHG XQGHU WKH
W FDSW
D LRQ   5LVN )DFWRUV   

:H KDYH EDVHG WKHVH IRUZDUG ORRNLQJ VWDWHPHQWV ODUJHO\ RQ PDQDJHPHQW  V FXUUHQW H[SHFWDWLRQV  HVWLPDWHV  IRU
I HFDVWV DQG SURMH
R FWLRQV
DERXW RXU EXVLQHVV DQG WWKH LQGXVWU\
W LQ ZKLFK ZH RSHUDWH DQG PDQDJHPHQW  V EHOLHIV DQG DVVXPSWLRQV DQG DUH QRW JXDUDQWHHV RI IXWXUH
SHUIRU
I UPDQFH RU GHYHORSPHQW DQG LQYROYH NQRZQ DQG XQNQRZQ ULVNV  XQFHUWDLQWLHV DQG RWKHU IIDFWRUV WKDW DUH LQ VRPH FDVHV EH\RQG RXU
FRQWURO  7KHVH IIRUZDUG ORRNLQJ VWDWHPHQWV VSHDN RQO\ DV RI WKH GDWH RI WKL
W V $QQXDO 5HSRUW RQ )RUP    . DQG DUH VXEMHFW WR D QXPEH
P U
RI ULVNV  XQFHUWDLQWLHV DQG DVVXPSWLRQV GHVFULEHG LQ WKH VHFWLRQ WLWOHG   5LVN )DFWRUV   DQG HOVHZKHUH LQ WKLV $QQXDO 5HSRUW RQ )RUP    
.  %HFDXVH IRUZDUG ORRNLQJ VWDWHPHQWV DUH LQKHUHQWO\ VXEMHFW WR ULVNV DQG XQFHUWDLQWLHV  VRPH RI ZKLFK FDQQRW EH SUHGLFWHG RU
TXDQWLILHG  \RX VKRXOG QRW UHO\ RQ WKHVH IIRUZDUG ORRNLQJ VWDWHPHQWV DV SUHGLFWLRQV RI IXWXUH HYHQWV  7KH HYHQWV DQG FLUFXPVWDQFHV
UHIOHFWHG LQ RXU IRUZDUG ORRNLQJ VWDWHPHQWV PD\ QRW EH DFKLHYHG RU RFFXU
X DQG DFWXDO UHVXOWV FRXOG GLIIHU
I PDWHULDOO\ IURP WKRVH
SURMHFWHG LQ WKH
W IRUZDUG ORRNLQJ VWDWHPHQWV  ([FHSW DV UHTXLUHG E\ DSSOLFDEOH ODZ  ZH GR QRW SODQ WR SXEOLFO\ XSGDWH RU UHYLVH DQ\
IRUZDUG ORRNLQJ VWDWHPHQWV FRQWDLQHG KHUHLQ XQWLO DIWH
I U ZH GLVWULEXWH WKLV $QQXDO 5HSRUW RQ )RUP    .  ZKHWKHU DV D UHVXOW RI DQ\
Q
QHZ LQIRU
I PDWLRQ  IXWXUH HYHQWV RU RWKH
W UZLVH 
,Q DGGLWLRQ  VWDWHPHQWV WKDW   ZH EHOLHYH   DQG VLPLODU VWDWHPHQWV UHIOH
I FW RXU EHOLHIV DQG RSLQLRQV RQ WKH UHOHYDQW VXEMHFW  7KHVH
VWDWHPHQWV DUH EDVHG XSRQ LQIRUPDWLRQ DYDLODEO
D H WR XV DV RI WWKH GDWH RI WKLV UHSRUW  DQG ZKLOH ZH EHOLHYH VXFK LQIRU
I PDWLRQ IRUPV D
UHDVRQDEO
D H EDVLV IRU VXFK VWDWHPHQWV  VXFK LQIRU
I PDWLRQ PD\ EH OLPLWHG RU LQFRPSOHWH  DQG
D RXU VWDWHPHQWV VKRXOG QRW EH UHDG WR LQGLFDWH
WKDW ZH KDYH FRQGXFWHG DQ H[KDXVWLYH LQTXLU\ LQWR  RU UHYLHZ RI  DOO SRWHQWLDOO\ DYDLODEOH UHOHYDQW LQIRU
I PDWLRQ  7KHVH VWDWHPHQWV DUH
LQKHUHQWO\ XQFHUWDLQ  DQG \RX DUH FDXWLRQHG QRW WR XQGXO\ UHO\ XSRQ WKHVH VWDWHPHQWV 
,QYHVWRUV DQG RWKHUV VKRXOG QRWH WKDW ZH PD\ DQQRXQFH PDWHULDO EXVLQHVV DQG ILQDQFLDO LQIRUPDWLRQ WR RXU LQYHVWRUV XVLQJ RXU LQYHVWRU
UHODWLRQV ZHEVLWH  6HFXULWLHV DQG ([FKDQJH &RPPLVVLRQ  RU 6(&  ILOL
I QJV  ZHEFDVWV  SUHVV UHOHDVHV DQG FRQIHUHQFH FDOOV  :H XVH WKHVH
PHGLXPV  LQFOXGLQJ RXU ZHEVLWH  WR FRPPXQLFDWH ZLWK RXU VWRFNKROGHUV DQG WWKH SXEO
X LF DERXW RXU FRPSDQ\  RXU SURGXFWV DQG RWKHU
LVVXHV  ,W LV SRVVLEOH WKDW WKH LQIRU
I PDWLRQ WKD
W W ZH PDNH DYDLODEO
D H PD\ EH GHHPHG WR EH PDWHULDO LQIRUPDWLRQ  :H WKHUHIRU
I H HQFRXUDJH
LQYHVWRUV DQG RWKH
W UV LQWHUHVWHG LQ RXU FRPSDQ\
D WR UHYLHZ WKH LQIRUPDWLRQ WKDW ZH PDNH DYDLODEOH RQ RXU ZHEVLWH 
6XPPDU\ RI PDWHULDO ULVNV DVVRFLDWHG ZLWK RXU EXVLQHVV
7KH SULQFLSDO ULVNV DQG XQFHUWDLQWLHV DIIHF
I WLQJ RXU EXVLQHVV LQFOXGH WKH IROORZLQJ 
x
:H DUH D FOLQLFDO VWDJH ELRSKDUP
D DFHXWLFDO FRPSDQ\ ZLWK D OLPLWHG RSHUDWLQJ KLVWRU\ DQG QR SURGXFWV DSS
D URYHG IIRU
FRPPHUFLDO VDOH  :H KDYH LQFXUUHG VLJQLILFDQW
D ORVVHV VLQFH LQFHSWLRQ  :H H[SH
[ FW WR LQFXU
X ORVVHV IRU
I DW OHDVW WKH QH[W
VHYHUDO \HDUV DQG PD\ QHYHU DFKLHYH RU PDLQWDLQ SURILW
I DELOLW\ 
W ZKLFK  WRJHWKHU ZLWK RXU OLPLWHG RSHUDWLQJ KLVWRU\  PDNHV LW
GLIILFXOW WR DVVHVV RXU IIXWXUH YLDELOLW\ 
x
:H KDYH QHYHU JHQHUDWHG UHYHQXH IURP SURGXF
G W VDOHV DQG PD\ QHYHU EH SURILWDEOH 
x
:H ZLOO UHTXLUH VXEVWDQWLDO DGGLWLRQDO IILQDQFLQJ WR DFKLHYH RXU JRDOV  ZKLFK PD\ QRW EH DYDLODEO
D H RQ DFFHSWDEOH WHUPV  RU
DW DOO  $ IDLOXUH WR REWDLQ WKLV QHFHVVDU\ FDSLWDO ZKHQ QHHGHG FRXOG IRUFH XV WR GHOD\  OLPLW  UHGXFH RU WHUPLQDWH RXU SURGXFW
GHYHORSPHQW RU FRPPHUFLDOL]DWLRQ HIIRU
I WV 
x
:H DUH HDUO\ LQ RXU GHYHORSPHQW HIIRU
I WV  DQG RXU EXVLQHVV LV GHSHQGHQW RQ WKH VXFFHVVIXO
I GHYHORSPHQW RI RXU FXUUHQW DQG
IXWXUH GUXJ FDQGLGDWHV  ,I ZH DUH XQDEOH WR DGYDQF
D H RXU FXUUHQW RU IIXWWXUH GUXJ FDQGLGDWHV WKURXJK FOLQLFDO WULDOV  REWDLQ
PDUNHWLQJ DSSURYDO DQG XOWLPDWHO\ FRPPHUFLDOL]H DQ\ GUXJ
U FDQGLGDWHV ZH GHYHORS  RU H[SHULHQFH VLJQLILF
I DQW GHOD\V LQ
GRLQJ VR  RXU EXVLQHVV ZLOO EH PDWHULDOO\ KDUPHG 
x
,I ZH IDLO WR FRPSO\ ZLWK WKH FRQWLQXHG OLVWLQJ UHTXLUHPHQWV RI WKH 1DVGDT 6WRFN 0DUNHW //& 1DVGDT   RXU FRPPRQ
VWRFN PD\ EH GHOLVWHG DQG WKH SULFH RI RXU FRPPRQ VWRFN DDQG RXU DEL
D OLW\ WR DFFHVV WKH FDSLWDO PDUNHWV FRXOG EH QHJDWLYHO\
LPSDFWHG 
x
2XU FXUUHQW RU IXWXUH GUXJ
U FDQGLGDWHV PD\ FDXVH XQGHVLUDEOH VLGH HIIH
I FWV RU KDYH RWKHU SURSHUWLHV ZKHQ XVHG DORQH RU LQ
FRPELQDWLRQ ZLWK
W RWKHU DSSURYHG SURGXFWV RU LQYHVWLJDWLRQDO QHZ GUXJV WKDW FRXOG GHOD\ RU KDOW WKHLU FOLQLFDO GHYHORSPHQW 
SUHYHQW WKHLU PDUNHWLQJ DSSURYDO  OLPLW WKHLU FRPPHUFLDO SRWHQWLDO RU UHVXOW LQ VLJQLILF
I DQW QHJDWLYH FRQVHTXHQFHV 
x
:H GHSHQG RQ FROODERUDWLRQV ZLWK WKLUG SDUWLHV IRU WKH GHYHORSPHQW RI FHUWDLQ RI RXU SRWHQWLDO GUXJ FDQGLGDWHV  DQG ZH
PD\ GHSHQG RQ DGGLWLRQDO FROODERUDWLRQV LQ WKH IIXWXUH IRU WKH GHYHORSPHQW DQG FRPPHUFLDOL]DWLRQ RI WKHVH RU RWKHU
SRWHQWLDO FDQGLGDWHV  ,I RXU FROODERUDWLRQV DUH QRW VXFFHVVIXO  ZH PD\ QRW EH DEOH WR FDSL
D WDOL]H RQ WWKH PDUNHW SRWHQWLDO RI
WKHVH GUXJ FDQGLGDWHV 
x
:H LQWHQG WR GHYHORS RXU FXUU
X HQW GUXJ FDQGLGDWHV  DQG H[SHFW WR GHYHORS RWKHU IXWXUH
X GUXJ
U FDQGLGDWHV  LQ FRPELQDWLRQ ZLWK
RWKH
W U WKHUDSL
D HV  ZKLFK H[SRVHV XV WR DGGLWLRQDO ULVNV 
x
:H IDFH VLJQLILF
I DQW FRPSHWLWLRQ  DQG LI RXU FRPSHWLWRUV GHYHORS DQG PDUNHW SURGXFWV WKDW DUH PRUH HIIH
I FWLYH  VDIHU RU OHVV
H[SHQVLYH WKDQ WKH GUXJ FDQGLGDWHV ZH GHYHORS  RXU FRPPHUFLDO RSSRUWXQ
W LWLHV ZLOO EH QHJDWLYHO\ LPSDFWHG 

x
,I ZH DQG RXU FROODERUDWRUV DUH XQDEO
D H WR REWDLQ  PDLQWDLQ  SURWHFW DQG HQIRU
I FH VXIILF
I LHQW SDWHQW DQG RWKHU LQWHOOHFWXD
W O
SURSHUW\
W SURWHFWLRQ IRU RXU GUXJ FDQGLGDWHV DQG WHFKQRORJ\  RXU FRPSHWLWRUV FRXOG GHYHORS DQG FRPPHUFLDOL]H SURGXFWV
DQG WHFKQRORJ\ VLPLODU RU LGHQWLFDO WR RXUV  DQG ZH PD\ QRW EH DEOH WR FRPSHWH HIIHFWLYHO\ LQ RXU PDUNHW RU VXFFHVVIXOO\
FRPPHUFLDOL]H DQ\ GUXJ FDQGLGDWHV ZH PD\ GHYHORS 
x
7KLUG SDUWLHV PD\ LQLWLDWH OHJDO SURFHHGLQJV DOOHJLQJ WKDW ZH DUH LQIUL
I QJLQJ  PLVDSSURSULDWLQJ RU RWKHUZLVH YLRODWLQJ WKHLU
LQWHOOHFWXDO SURSHUW\
W ULJKWV  WKH RXWFRPH RI ZKLFK ZRXOG EH XQFHUWDLQ DQG FRXOG QHJDWLYHO\ LPSDFW WKH VXFFHVV RI RXU
EXVLQHVV 
x
:H KDYH HQWHUHG LQWR OLFHQVLQJ DQG FROODERUDWLRQ DJUHHPHQWV ZLWK WKLUG SDUWLHV  ,I ZH IIDLO WR FRPSO\ ZLWK RXU REOLJDWLRQV
LQ WKH DJUHHPHQWV XQGHU ZKLFK ZH OLFHQVH LQWHOOHFWXD
W O SURSHUW\
W ULJKWV WR RU IUR
I P WKLUG SDUWLHV  RU WKHVH DJUHHPHQWV DUH
WHUPLQDWHG  RU ZH RWKHUZLVH H[SHULHQFH GLVUXSWLRQV WR RXU EXVLQHVV UHODWLRQVKLSV ZLWK RXU OLFHQVRUV RU OLFHQVHHV  RXU
FRPSHWLWLYH SRVLWLRQ  EXVLQHVV  ILQ
I DQFLDO FRQGLWLRQ  UHVXOWV RI RSHUDWLRQV DQG SURVSHFWV FRXOG EH KDUPHG 
x
:H DUH KLJKO\ GHSHQGHQW RQ RXU NH\ SHUVRQQHO  DQG LI ZH DUH QRW VXFFHVVIXO LQ DWWUDFWLQJ  PRWLYDWLQJ DQG UHWDLQLQJ KLJKO\
TXDOLILH
I G SHUVRQQHO  ZH PD\
D QRW EH DEOH WR VXFFHVVIXO
I O\ LPSOHPHQW RXU EXVLQHVV VWUDWHJ\ 
7KH VXPPDU\ ULVN IDFWRUV GHVFULEHG DDERYH VKRXOG EH UHDG WRJHWKHU ZLWK WKH WH[W RI WKH IXOO ULVN IDFWRUV EHORZ LQ WKH VHFWLRQ HQWLWOHG
  5LVN )DFWRUV   DQG WKH RWKHU LQIRUPDWLRQ VHW IRUWK
W LQ WKLV $QQXDO 5HSRUW RQ )RUP    .  LQFOXGLQJ RXU FRQVROLGDWHG ILQDQFLDO
VWDWHPHQWV DQG WWKH UHODWHG QRWHV  DV ZHOO DV LQ RWKHU GRFXPHQWV WKDW ZH IILOH ZLWK WWKH 6(&  7KH ULVNV VXPPDUL]HG DERYH RU GHVFULEHG LQ
IXOO EHORZ DUH QRW WKH RQO\ ULVNV WKDW ZH IDFH  $GGLWLRQDO ULVNV DQG XQFHUWDLQWLHV QRW SUHFLVHO\ NQRZQ WR XV RU WKDW ZH FXUU
X HQWO\ GHHP WR
EH LPPDWHULDO PD\ DOVR PDWHULDOO\ DGYHUVHO\ DIIH
I FW RXU EXVLQHVV  ILQDQFLDO FRQGLWLRQ  UHVXOWV RI RSHUDWLRQV  DQG IXWXUH JURZWK
SURVSHFWV 



 4/29/2024 Letter Continued (Full PDF)

ALGS Shareholder/Stockholder Letter Transcript:

ALGS Stockholder/Shareholder Letter (Aligos Therapeutics, Inc.) | www.StockholderLetter.com Copyright © 2023 - 2025, All Rights Reserved

ALGS Stockholder/Shareholder Letter (Aligos Therapeutics, Inc.) | www.StockholderLetter.com
Copyright © 2023 - 2025, All Rights Reserved