Aligos Therapeutics, Inc.

## Signal Note: Baker Bros. Initiates Position in Aligos Therapeutics (ALGS) **Note: The reported position value of ~$774M on 83,055 shares appears to be a data error — ALGS trades in the low single digits with a market cap under $200M, implying an actual position value closer to ~$250K-$400K.** This would represent a micro-sized exploratory stake even by small-fund standards, though for Baker Bros. to initiate any position in ALGS is notable given their concentrated, high-conviction style. Aligos is advancing ALG-055009, a THR-β agonist for MASH/NASH (metabolic dysfunction-associated steatohepatitis), with Phase 1 data expected in 2025 — a mechanism validated by Madrigal's Rezdiffra approval but with significant room