Kvartalsrapport Q1 2023

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| Alligator Bioscience AB |Interim report January - March 2023 Introduction !
Alligator Bioscience AB (publ)
Interim report January - March 2023
Q1
Financial Results and Business Update
The information was submitted for publication at 8:00 a.m. CET on April 25, 2023. For contact details, see page 10.
First patient dosed with ALG.APV-527 in Phase 1 Clinical 
Trial
Phase 1 study evaluating ALG.APV-527 in patients with solid 
tumors expressing the tumor-associated antigen 5T4 began.
Alligator presented at the European Bispecific & 
Multispecific Antibody Congress
Presentation on the obligate mechanism of action for bi-/
multispecific antibodies and the de-risking of current and future 
efforts.
New Chief Technology Officer announced
Laura von Schantz promoted to CTO to oversee Alligator’s 
discovery pipeline and antibody technology development 
activities. 
Key Opinion Leader interview on mitazalimab and the 
positive interim results from the OPTIMIZE-1 Phase 2 trial 
in pancreatic cancer 
Interview with OPTIMIZE-1 Principal Investigator Jean-Luc Van 
Laethem from Erasmus Hospital.
Change of Employee representative on Board of Directors
Tova Landström replaced Laura von Schantz as employee 
representative on Board of Directors.
Announcement of Rights Issue
Alligator announced it intends to carry out a 91 percent secured 
rights issue of units of approximately SEK 199 million.
Significant events: January – March 2023
Expansion of the immuno-oncology research 
collaboration and license agreement with Orion
Alligator and Orion initiated a second program under their 
collaboration and license agreement aiming to develop a 
bispecific antibody with potential applications in solid tumors.
Positive interim results from mitazalimab OPTIMIZE-1 
Phase 2 trial in pancreatic cancer
Alligator announced a 52.5% Objective Response Rate in interim 
efficacy analysis of mitazalimab combined with mFOLFIRINOX in 
1st line metastatic pancreatic cancer. 
Financial summary
Figures in brackets refer to the outcome for the corresponding 
period in the preceding year.
January – March 2023
 • Net sales, SEK 9.6 million (5.4)
 • Operating profit/loss, SEK -62.2 million (-43.0)
 • Profit/loss for the period, SEK -62.5 million (-43.1)
 • Earnings per share before and after dilution, SEK -0.28 (-0.20) 
 • Cash flow for the period, SEK -52.2 million (-43.8)
 • Cash and cash equivalents, SEK 44.8 million (97.3)
”The first quarter of 2023 was extremely busy, 
with significant progress made on the clinical 
development of Alligator’s pipeline, as well as on 
the business front. We reported outstanding data 
for mitazalimab, and additional data on progress 
free survival is expected in Q2 2023. That is just 
one of the important milestones ahead, and we at 
Alligator are all looking forward to sharing more 
about our progress in the coming months.”
Søren Bregenholt
CEO Alligator Bioscience AB (publ)
Significant events after the period
IND for OPTIMIZE-2 cleared by FDA 
FDA authorization to initiate mitazalimab OPTIMIZE-2 phase 2 
trial in urothelial carcinoma.
OPTIMIZE-1 fully recruited
Completion of patient enrolment in mitazalimab OPTIMIZE-1 
phase 2 trial in pancreatic cancer and confirmation of timeline 
for top-line data in Q1 2024.
Rights Issue approved at EGM
The Extraordinary General Meeting on April 24, 2023 resolved 
to approve the rights issue of approximatly SEK 199 million, 
in accordance with the Board of Directors proposal. The 
subscription period in the rights issue runs from April 28 to May 
12, 2023.

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| Alligator Bioscience AB |Interim report January - March 2023 Introduction
The highly encouraging 52% Objective Response Rate that we 
reported in January 2023 strongly suggests that mitazalimab in 
combination with chemotherapy offers significant clinical benefit for 
pancreatic cancer patients over standard of care. Since releasing 
those results, the Alligator team has continued working diligently, 
and on April 12 we announced that the enrolment of OPTIMIZE-1, 
had been completed, thereby significantly derisking the program. 
We now focus on progressing their treatment and follow-up as we 
advance towards the next milestone in the study, the first interim 
Progression Free Survival data due in mid-2023. We remain on track 
to report full top-line data in the beginning of Q1 2024.
The progress we are making with the OPTIMIZE-1 trial further 
underlines our firm belief in mitazalimab’s clinical and commercial 
potential and we are now raising additional funding to allow us to 
complete the Phase 2 trial, prepare mitazalimab for Phase 3 clinical 
development and step up our manufacturing investments. Our 
preferential rights issue announced in March will spare us from the 
current financial market volatility and provide sufficient cash runway 
for us to deliver our next major inflection points on mitazalimab, 
including the full topline data, which we believe will significantly 
increase Alligator’s value and offers the best path forward for our 
company, investors and patients.
We anticipate initiating discussions with regulators on mitazalimab’s 
accelerated development and route to market in the US and Europe 
in the second half of this year. The upcoming interim PFS data will 
be used along with the ORR as a basis for the discussions. These 
data are also being utilized in our ongoing preparatory work on 
OPTIMIZE-2, our second Phase 2 clinical study with mitazalimab, 
which represents a welcome broadening of the asset’s clinical 
development. Beginning of April we announced FDA’s clearance of 
our Investigational New Drug application for OPTIMIZE-2 allowing 
us to initiate the study, which we expect to happen in H1 2024, or 
earlier if operationally feasible.  
In other clinical developments this quarter, we dosed the first 
patient in our joint Phase 1 trial of ALG.APV-527, which we are 
co-developing with Aptevo Therapeutics. The initiation of this 
Phase 1 trial is an important milestone in the development of  
ALG.APV-527 and further underlines the strength of our 
collaboration with Aptevo. We place great importance on the value 
of our partnerships, which provide Alligator with external validations 
of our technology platforms along with opportunities to generate 
income, manage risk and maximize shareholder value over the long 
term.
A good example of this is our research collaboration and license 
agreement with Orion Corporation, which was expanded this 
quarter to include the development of a new bispecific antibody. 
The agreement not only makes Alligator eligible for development, 
regulatory approval, and sales milestone payments worth more 
than 300 million euros but is also a testament to the power of our 
scientific and technological capabilities.
We further strengthened those capabilities this quarter with the 
appointment of Laura von Schantz as our new Chief Technology 
Officer. Laura has a deep knowledge of the company having been 
with us since 2014 and she is the natural choice to oversee the 
technical aspects of our drive to advance and expand our best-in-
class pipeline.
It has been a highly rewarding few months for Alligator in which we 
have taken significant steps both in the clinic and in the creation 
of new value for our shareholders and partners. I look forward to 
updating you on our progress again soon.
Søren Bregenholt
CEO Alligator Bioscience AB (publ)
Alligator Bioscience continues to make significant clinical progress with the OPTIMIZE-1 trial of 
our lead drug candidate mitazalimab. Key efficacy data are expected in the next few months 
following the outstanding interim results we announced at the start of the quarter, which 
showed the great potential our CD40 agonist has as a first line combination therapy for 
pancreatic cancer.
CEO Comments

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| Alligator Bioscience AB |Interim report January - March 2023 Introduction
Performance measures Group
* Effect from dilution is not considered when result is negative and options where call rate is higher than closing rate is not considered.
For definitions and calculations, see the sections later in this report.
2023 2022 2022
Note Jan-Mar Jan-Mar Jan-Dec
Result (KSEK)
Net sales 5 9,593 5,356 35,696
Operating profit/loss -62,191 -43,023 -192,789
Profit/loss for the period -62,543 -43,076 -193,403
R&D costs -60,092 -38,056 -186,945
R&D costs as a percentage of operating costs excl. Impairments, % 83% 78% 81%
Capital (KSEK)
Cash and cash equivalents at end of period 44,837 234,448 97,305
Cash flow from operating activities -49,233 -44,628 -172,607
Cash flow for the period -52,241 -43,770 -180,875
Equity at the end of the period 26,526 238,508 89,051
Equity ratio at the end of the period, % 22% 81% 53%
Info per share (SEK)
Average number of shares 220,584,878 220,584,878 220,584,878
Earnings per share after dilution* -0.28 -0.20 -0.88
Equity per share after dilution* 0.12 1.08 0.40
Personnel
Number of employees at end of period 58 48 53
Average number of employees 56 47 50
Average number of employees employed within R&D 47 39 41
Q4 2022Q3 2022Q2 2022Q1 2022Q4 2021Q3 2021Q2 2021Q1 20210
50
100
150
200
250
300
Q1 2023
Operating costs, rolling 12 months and Liquidity (MSEK), Group
Operating costs distributed by function, Parent Company
Business Operations, 
including IP costs ~17%
R&D Discovery ~11%
R&D mitazalimab ~52%
R&D ATOR-1017 ~3%
R&D ATOR-4066 ~7%
R&D Collaborations ~10%
Q1 2023
MSEK
Liquidity position at end of quarter
Operating costs, rolling 12 months

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| Alligator Bioscience AB |Interim report January - March 2023 Introduction
Operations
Alligator Bioscience is a clinical-stage biotech company developing tumor-directed best-in-
class antibodies for hard-to-treat cancers. Our drug candidates have the potential to meet 
key needs in immuno-oncology by increasing the quantity and quality of tumor-specific T cells 
within the tumor and, at the same time, remodeling the tumor microenvironment and making 
the tumor more inflamed providing the immune system with better access to the tumor. 
Alligator’s highest standards on the safety and efficacy of its drug candidates increase their 
potential to be combined with current standard therapies, which is key to improving clinical 
benefits in oncology today.
develops manufacturing processes and is responsible for clinical 
trial material manufacturing. The Non-Clinical Development unit 
is responsible for pre-clinical evaluation of safety and efficacy 
of our molecules, including preparation of the data packages 
required for clinical trial applications. The Medical Science unit, 
led by our Chief Medical Officer, is responsible for designing all the 
clinical and regulatory development plans required to show that 
Alligator’s products are safe and effective. The Clinical Operations 
unit is responsible for timely and excellent implementation of 
the clinical studies. Alligator will continue to build and shape the 
organization to match and support its strategy and objectives.
Several Proprietary Technologies
Alligator’s technology platforms—FIND ® (protein optimization 
technology), ALLIGATOR-FABTM, and ALLIGATOR-GOLD® (antibody 
libraries)—are used for the discovery and development of novel 
drug candidates. These platforms enable efficient generation of 
novel drug candidates with high potential. 
In addition, the Company has bispecific antibody formats for 
the development of new dual-action antibodies. With the most 
recent antibody format, RUBYTM, Alligator can generate bispecific 
molecules from any two antibodies, with excellent properties in 
terms of stability and yield. The format eliminates the need for 
further optimization, enabling Alligator to quickly move drug 
candidates from preclinical research to clinical development.
In the first quarter of 2023, the Company has reported significant 
advancements with its  drug candidates. Our technology 
platforms and pharmaceutical research continue to build long-
term value and attract interest from potential partners. To drive 
competitive and time-efficient development, some specific parts 
of Alligator’s programs are conducted in collaboration with other 
biotechnology companies, contract laboratories, and leading 
international research institutions. In addition, our clinical studies 
are carried out in collaboration with leading specialist physicians 
and CROs with expertise in oncology clinical development. In 
summary, the Company has all the necessary expertise to pursue 
successful projects from concept to clinical development. This has 
been demonstrated by the OPTIMIZE-1 interim results showing 
the great potential of our lead drug candidate mitazalimab in 
pancreatic cancer.
Alligator’s Organization
Alligator’s research and development organization is divided 
into five units: Discovery, CMC (Chemistry, Manufacturing & 
Control), Non-Clinical Development, Medical Science and Clinical 
Operations. Members of all these functions collaborate cross-
functionally in project teams. The Discovery unit is responsible 
for early-stage research projects up until a drug candidate has 
been identified. This normally includes the development and 
evaluation of treatment concepts, the evaluation of potential drug 
candidates and early-stage confirmation of efficacy. The CMC unit 
Our 3 rd generation proprietary platform technology aims at a 
more personalized immunotherapy, using CD40-antibodies that 
instruct the immune system to recognize and attack cancer cells, 
based on the tumor mutations unique to the individual patient. 
These antibodies contain one part that binds to tumors and tumor 
particles and another part that binds to dendritic cells through 
the CD40 molecule. This interaction between tumor particles 
and dendritic cells eventually results in a very efficient education 
and activation of tumor-specific T cells, that subsequently can 
recognize and destroy the tumor cells.
Business Model that Creates Value Across the 
Development Chain
The Company’s business model is based on proprietary drug 
development. To maximize the value of the portfolio, the Company 
intends to bring molecules from drug discovery and preclinical 
studies to Proof-of-Concept in human clinical Phase 2 trials and 
beyond. To generate income, limit portfolio risk, and maximize 
long-term value creation, the Company seeks strategic global and 
regional partnerships for certain programs and technologies.

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| Alligator Bioscience AB |Interim report January - March 2023 Introduction
DISCOVERY PRECLINICAL CLINICAL PHASE 1 CLINICAL PHASE 2
Immuno Oncology Market Overview
Cancer touches all our lives, either directly or through its effect on family and loved ones. 
With the continued rise of cancer diagnoses around the world, the need for more effective 
treatments also grows. Alligator’s drug candidates are designed with an optimal efficacy-
tolerability balance to meet the need for therapies that can safely be combined with current 
standard cancer treatments, to treat, or possibly even cure, cancers.
body against the cancer. Such strategies could educate the 
immune system to better identify tumor cells or enhance the 
capabilities of the immune system to attack the tumor with full 
force.
Alligator’s innovative assets and technologies target key immuno-
oncology molecules to educate and activate the immune system 
to selectively attack tumors without affecting the rest of the 
body, a core concept that separates us from other competitors 
in the industry. The main benefit of tumor-directed treatment 
is the ability to effectively attack the tumor while minimizing the 
adverse effects caused by stimulating the whole immune system. 
This allows our candidates to work synergistically with current 
chemotherapy regimens and other immunotherapeutic drugs in 
hard-to-treat, metastatic solid tumors.
Our lead asset mitazalimab is in a clinical Phase 2 study for the 
treatment of metastatic pancreatic tumors, a tumor type that is 
one of the hardest cancers to treat and has one of the lowest 
five-year survival rates. 
Oncology Market Trends 
In 2020, 19.3 million new cancer cases were diagnosed globally, 
with the number expected to rise to 30.2 million by 2040,1 and the 
oncology drug market is expected to account for approximately 
40% of the total drug market by 2028. 2 A surge of new and 
innovative treatment methods is expected to emerge in the 
marketplace, and immunotherapies will play an important role in 
these treatment options for cancer. 
Alligator believes that the demand for novel immunotherapy 
drugs will increase along with the global demand for new and 
more effective oncology therapies.
Immuno-oncology
Most tumors contain immune cells with the potential to attack 
and destroy cancer cells, and possibly eradicate the entire tumor 
itself. Cancer cells often activate immunosuppressive strategies to 
inhibit these types of attacks. Immunotherapies provide several 
different opportunities to help the immune system defend the 
Approximately 300,000 people in the 16 major markets* are 
diagnosed with pancreatic cancer each year.  Although surgery 
is the best treatment, only 15-20% of those diagnosed can be 
treated by surgery, while the remaining 85% are left with very few 
treatment options available to them, with chemotherapy
regimens being the standard of care.2
We develop our pipeline programs, from Discovery Phase 
through clinical Phase 2, with an excellent efficacy-tolerability 
balance in mind, either alone or in collaboration with partners. 
These collaborations provide an opportunity of income, and an 
external validation of our platform, building on our confidence 
that our candidates will provide meaningful treatment options for 
people with hard-to-treat cancer, as stand-alone or combination 
therapies.
ATOR-4066 ALG.APV-527 ATOR-1017Orion 2 MacroGenics MitazalimabAC101/ 
HLX22
PIPELINE PROJECTS
 
1 International Agency for Research on Cancer (IARC), Data version: 2020, April 2023.
2 Database GlobalData (Pharma Intelligence Center – Drug Sales), February 2023.
*) 16 main markets include: Australia, Brazil, Canada, France, Germany, India, Italy,
Japan, Mexico, Russia, South Africa, South Korea, Spain, UK, US, Urban China.
Orion 1

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Operations| Alligator Bioscience AB |Interim report January - March 2023
Pipeline Projects – Internal Programs
Alligator’s competitive project portfolio consists of the two clinical-stage assets, mitazalimab 
and ATOR-1017, and ATOR-4066, a pre-clinical program developed using Alligator’s proprietary 
technology platform Neo-X-PrimeTM – as well as several programs developed in collaboration 
with partners.
Mitazalimab
Alligator’s most advanced drug 
candidate mitazalimab, a potential 
game changer in the treatment of 
solid tumors, entered a Phase 2 
clinical trial in pancreatic cancer, with 
the first patient dosed in the OPTIMIZE-1 
study in Q3 2021. This clinical trial is 
designed to evaluate the safety and efficacy of mitazalimab in 
combination with mFOLFIRINOX, the most efficacious standard 
of care chemotherapy for the treatment of advanced pancreatic 
cancer.
The clinical trial has been designed on the principal that 
mFOLFIRINOX efficiently kills tumor cells, leading to an increased 
release of tumor antigens which, when mFOLFIRINOX is used as 
standalone therapy, only triggers minimal immune response, 
leading to limited overall efficacy. The use of mitazalimab in 
combination with mFOLFIRINOX allows for activation of CD40, a 
receptor on dendritic cells, leading to significantly improved tumor 
antigen-presentation and subsequent activation of tumor-specific 
T cells that attack the cancer. The combination of mitazalimab 
with mFOLFIRINOX is therefore expected to significantly boost the 
immune response secondary to the release of tumor antigens, 
hence triggering a powerful attack on the solid tumors.
Mitazalimab has previously undergone two Phase 1 clinical trials, 
one conducted by Alligator, and one conducted by Janssen 
Biotech Inc., both of which showed strong evidence of efficacy 
and proof-of-mechanism, as well as a manageable safety profile. 
In Q1 2022, Alligator announced that mitazalimab was safe and 
tolerable in combination with mFOLFIRINOX and that 900 µg/
kg, was selected as the Recommended Phase 2 Dose (RP2D), 
with the Phase 2 enrolment subsequently initiated at sites in 
Europe. As a consequence of the accelerated recruitment during 
2022, the company announced that the full Phase 2 data would 
become available in Q1 2024, 9 months earlier than initially 
expected. In early January 2023, the interim efficacy readout for 
OPTIMIZE-1 was published, showing an Objective Response Rate 
(ORR) exceeding 50% in 23 evaluable patients, and a disease 
control rate of more than 90%. These results  were further put 
into context with current treatment options in a webinar hosted 
by Alligator, featuring CMO Sumeet Ambarkhane and Principal 
Investigator of OPTIMIZE-1, Prof. Jean-Luc van Laethem.
The full enrolment of OPTIMIZE-1 was announced on April 12, 
reconfirming that full topline data are expected in the beginning 
of Q1 2024. The completion of enrolment significantly reduce the 
operational risk in OPTIMIZE-1 and the mitazalimab development 
program in general.
On April 3 Alligator announced that FDA had cleared the IND for 
OPTIMIZE-2, a phase 2 study assessing the safety and efficacy 
of an immunotherapeutic combination of mitazalimab (CD40 
mAb) and a PD-1 inhibitor, in adult patients with histologically 
confirmed urothelial carcinoma, and who have progressed 
following prior treatment with PD-(L)1 therapy. Alligator expects 
to initiate OPTMIZE-2, during H1 2024 or earlier if operationally 
feasible.

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Operations| Alligator Bioscience AB |Interim report January - March 2023
ATOR-4066
ATOR-4066 is a bispecific antibody created 
to elicit powerful, tumor-specific immune 
effects, developed using Alligator’s 
technology platform, Neo-X-PrimeTM. 
In Neo-X-Prime, we combine Alligator’s 
expertise in immuno-oncology and 
CD40 targeted therapies with our 
state of the art technology platform  
and our bispecific antibody format RUBY™. 
The concept builds on bispecific antibodies 
simultaneously binding to CD40 and to molecules preferentially 
expressed on tumor cells. In addition to a tumor directed 
activation of dendritic cells, this will also promote physical linkage 
of circulating tumor material to dendritic cells. This linking of 
tumor material with the dendritic cells results in education and 
activation of tumor neoantigen-specific T cells and induces 
superior anti-tumor immunity.
ATOR-4066 is a tumor directed bispecific antibody that binds 
to CD40 and carcinoembryonic antigen (CEACAM5), a tumor-
associated antigen that is preferentially expressed in certain 
cancer types such as colorectal, gastric and pancreatic cancer. 
During the year, the preclinical data package supporting the 
mode of action of ATOR-4066 and its potent anti-tumor effect in 
in vivo models has been presented at several scientific meetings 
and in November a scientific article was published in the peer-
reviewed Journal for Immunotherapy of Cancer, highlighting the 
potential of ATOR-4066 and the Neo-X-Prime platform. In April 
we presented a poster at the 2023 AACR Annual Meeting. Taken 
together, the presented data show the ability of ATOR-4066 to 
remodel the immune microenvironment and activate tumor-
infiltrating immune cells in primary human tumors expressing 
CEA, demonstrating the promise of this new candidate drug and 
strongly supporting further development towards the clinic.
Efforts to further strengthen the preclinical data package 
supporting ATOR-4066 and preparations for clinical development 
are ongoing.
ATOR-1017
ATOR-1017 is Alligator’s second most 
advanced program and is in the final 
stages of a Phase 1 dose-escalation 
study. The study is designed to 
assess the safety and tolerability 
of ATOR-1017 in patients 
with advanced, solid cancers,  
and to establish a recommended 
Phase 2 dose for future studies.
ATOR-1017 is a 4-1BB agonist with a unique profile, most 
importantly through its ability to enhance the immune activating 
effect in tumors. This creates opportunities for a powerful, tumor-
directed immune activation, which can increase the therapeutic 
effect and reduce adverse side effects for patients.
Alligator presented a poster at the SITC Annual Meeting in 
November, highlighting new results from the Phase 1 first-in-
human clinical trial of ATOR-1017, showing it to be safe and 
well tolerated at doses up to 900 mg, with an excellent clinical 
profile as a potential best-in-class asset. These data warrant 
further development of ATOR-1017 in combination with other 
therapeutic approaches in solid tumors and Alligator is now 
seeking a partner to support this.
ALG-APV-527
ALG.APV-527 is a bispecific antibody 
targeting 4-1BB and 5T4, designed 
for the treatment of metastatic 
solid tumors. In 2017, Aptevo 
Therapeutics and Alligator 
Bioscience AB signed a co-
development agreement. Under 
the agreement, both companies 
will equally own and finance the 
development. 
The original molecules involved in the tumor-binding function and 
the immunomodulatory function of ALG.APV-527 were developed 
using Alligator’s patented ALLIGATOR-GOLD® antibody library. 
The bispecific molecule was further developed and improved 
with Aptevo’s technology platform ADAPTIR™. By combining a 
tumor-binding function with an immunomodulatory function in 
the same molecule, the drug candidate selectively targets the 
tumor and stimulates the antitumor-specific immune cells that 
are present in the tumor. 
A publication in a peer-reviewed journal Molecular Cancer 
Therapeutics highlighting ALG.APV-527 preclinical data was 
published in November 2022. The data demonstrates a favorable 
preclinical efficacy and safety profile of ALG.APV-527 compared 
to a first generation 4-1BB antibody.  In September 2022, the 
companies Investigational New Drug (IND) application received 
a “may proceed” notification from the US Food and Drug 
Administration (FDA), and in February 2023 the first patient was 
dosed in the Phase 1 clinical study to evaluate ALG.APV-527 in 
the treatment of solid tumors expressing the tumor-associated 
antigen 5T4. The study is being conducted in the US.

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Operations| Alligator Bioscience AB |Interim report January - March 2023
Collaborations and Out-Licensing Agreements
Orion Corporation
In 2021, Alligator entered a research collaboration and license 
agreement with Orion Corporation, a global pharmaceutical 
company based in Finland. The aim of the collaboration is to 
discover new bispecific antibody cancer therapeutics against 
immuno-oncology targets. The agreement covers an option 
to develop three bispecific antibodies. In January 2023 we 
announced that Orion had exercised its option to initiate a 
second program within the agreement.
Under the agreement, Alligator will employ its proprietary phage 
display libraries and its RUBY™ bispecific platform. During the 
initial research period of the collaboration, Alligator will receive 
an upfront payment and reimbursement of research costs and 
other fees.
As part of the agreement, Alligator is eligible for development, 
approval, and sales milestone payments of up to EUR 313 million. 
Should Orion exercise its option to continue development and 
commercialization of the resulting product candidates, Alligator 
will be eligible to receive additional royalty payments.
MacroGenics, Inc.
In 2021, Alligator entered a joint research collaboration with 
US-based MacroGenics, Inc., a Nasdaq-listed biopharmaceutical 
company focused on developing and commercializing innovative 
monoclonal antibody-based therapeutics for the treatment of 
cancer. The research collaboration utilizes Alligator’s proprietary 
myeloid engaging Neo-X-Prime™ platform to develop bispecific 
antibodies against two undisclosed targets.
Under the joint research collaboration agreement, which 
covers activities from candidate drug generation up until IND-
enabling studies, each company will be responsible for its own 
costs. The parties may continue further development of the 
resulting bispecific molecule under a separate co-development 
collaboration and licensing agreement.
AC101/HLX22
Through its subsidiary Atlas Therapeutics AB, Alligator holds a 
participating interest in the clinical Biosynergy (AC101/HLX22) 
project, run by the listed Korean company AbClon. The drug 
candidate is now being further developed by the Chinese company 
Shanghai Henlius, which increased its rights to encompass a 
global license for development and commercialization in 2018. 
The phase 2 study had the first patient dosed in Q3 2021, and the 
estimated primary completion date for the study is April 2023. In 
2022, an IND application has been approved for a second Phase 
2 trial in China with AC101/HLX22 in gastric cancer.
Alligator incurs no cost for this project and is entitled to 35% 
of AbClon’s revenue from out-licensing to Shanghai Henlius. 
In previous financial years, Alligator received two milestone 
payments totaling USD 3 million in conjunction with regional and 
global out-licensing.
Biotheus
In 2019, an agreement was concluded with Chinese company 
Biotheus, where Biotheus obtained the Chinese rights (Greater 
China, Hong Kong, Taiwan and Macao) to an antibody from 
the ALLIGATOR-GOLD® antibody library. The agreement gives 
Alligator the right to total initial upfront payments, as well as 
milestone and option payments of potentially USD 142 million. To 
date, Alligator has received upfront payments of SEK ~10 million.

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| Alligator Bioscience AB |Interim report January - March 2023 The Alligator share
The Alligator share in brief March 31, 2023
Listed on: Nasdaq Stockholm Small Cap
Number of shares:
221,534,728
(220,584,878 ordinary shares och 949,850 C shares)
Average turnover per 
day:
Approximately 730,000  
(preceding quarter: approx. 133,000)
Number of shareholders: 9,582 (preceding quarter: approx. 8,500) 
Market capitalization:
SEK 159 million  
(preceding quarter: approx .SEK 342 million)
Ticker: ATORX
ISIN: SE0000767188
Largest Shareholders, Mar 31, 2023 No of Shares %
Koncentra Holding AB  
(Part of Allegro Investment Fund).
55,643,092 25.2
Roxette Photo NV 18,413,950 8.3
Lars Spånberg 9,641,572 4.4
Avanza Pension 6,458,544 2.9
Magnus Petersson 6,455,297 2.9
Mikael Lönn 4,326,547 2.0
Fjärde AP-fonden 4,000,000 1.8
Öhman Fonder 3,786,791 1.7
Johan Zetterstedt 3,000,000 1.4
Johnson & Johnson Innovation LLC 2,740,919 1.2
Other shareholders 106,118,166 48.1
Total number of shares 220,584,878 100.0
The Company’s owner structure is updated regularly on the Company’s website:  
www.alligatorbioscience.com
Source: Modular Finance AB. Compiled and processed data from various sources, 
including Euroclear, Morningstar and the Swedish Financial Supervisory Authority 
(Finansinspektionen).
The Alligator Share
Number of shares, stock option program and share saving 
program
The total number of outstanding shares in the Company at the end 
of the quarter was 221,534,728 (220,584,878), of which 220,584,878 
are ordinary shares with one vote per share and 949,850 (0) are 
series C shares with one-tenth of a vote per share. The total number 
of votes in the company amounts to 220,679,863 votes.
Share saving program LTI 2021
At the annual general meeting 2021 it was resolved to implement a 
long-term incentive program by way of a performance-based share 
saving program for employees in the company (“LTI 2021”). For each 
ordinary share acquired by the participant on Nasdaq Stockholm, so 
called saving shares, the participant has a right to receive so called 
matching shares. In addition, given that a requirement related to 
the development of the company’s share price from the day of the 
annual general meeting 2021 up until 30 September 2024 has been 
achieved, the participant has a right to receive further shares in 
the company free of charge, so called performance shares. After 
recalculation due to a completed rights issue in 2021, each saving 
share entitles to 1.0947 matching shares. The thresholds for the 
receipt of one, two or four performance shares per saving share 
amounts to SEK 15.74 for receipt of one performance share, SEK 
31.65 for receipt of two performance shares and SEK 52.89 for 
receipt of four performance shares.
The maximum number of ordinary shares that can be issued in 
relation to LTI 2021 amount to 882,896, whereby 671,812 for 
the deliverance of matching shares and performance shares to 
participants and 211,084 to hedge payments of future social security 
contributions, which corresponds to a dilution of approximately 0.4 
per cent of the company’s share capital and votes.
Warrant programs, LTI 2022 I/II
At the annual general meeting 2022 it was resolved to implement 
a long-term incentive program by way of a warrant program for 
employees in the company (“LTI 2022-I”). In case all warrants issued 
within the warrant program LTI 2022-I are utilized for subscription 
of new ordinary shares, a total of 3,700,000 new ordinary shares will 
be issued, which corresponds to a dilution of approximately 1.65 
per cent of the company’s ordinary shares after full dilution. 
The annual general meeting 2022 also resolved to adopt a warrants 
program for certain board members of the company, (LTI 2022-
II”). In case all warrants issued within this program are utilized 
for subscription of new ordinary shares, a total of 600,000 new 
ordinary shares will be issued, which corresponds to a dilution of 
approximately 0.27 per cent of the company’s ordinary shares after 
full dilution.
Each warrant in LTI 2022-I/II entitle to subscription of one ordinary 
share in the company. Subscription of shares by virtue of the 
warrants may be effected as from 1 June 2025 up to and including 
30 June 2025. The subscription price per share for above warrant 
programs, was calculated to SEK 3,38 which corresponds to 200 per 
cent of the volume weighted average price during 10 trading days 
immediately after the annual general meeting 2022. All warrants 
have been transferred to the participants at fair market value.
In case the existing share saving program as well as both warrant 
programs are exercised in full, a total of 5,182,896 new shares will 
be issued, which corresponds to a total dilution of approximately 
2,3 percent.
Swedish, 51.7%
Foreign, 48.3%
Source: Monitor Sweden
Swedish and foreign ownership

===== SIDA 10 =====

10
| Alligator Bioscience AB |Interim report January - March 2023
Other information
Other information
Review 
This report has not been reviewed by the Company’s auditor.
Employees 
The number of employees in the Group at the end of the quarter 
was 58 (53). Of these, 18 (16) were men and 40 (37) were women. 
Of the total number of employees at the end of the quarter 49 (44) 
were employed within research and development. 
Future report dates 
Alligator intends to publish its financial reports according to the 
following: 
 • Q2 Interim Report: July 13, 2023
 • Q3 Interim Report: October 26, 2023
 • Year-end Report 2023: February, 2024
Risks and uncertainties 
During the course of its business operations, the Group is exposed 
to various financial risks, such as market risk (comprising foreign 
exchange risk, interest-rate risk and price risk), credit risk and 
liquidity risk. The aim of the Group’s overall risk management is to 
achieve minimal adverse effects in terms of earnings and financial 
position. The Group’s business risks, risk management and financial 
risks are described in detail in the Annual report for 2022.
The impact of Covid-19 on the Group’s risks 
The Covid-19 pandemic has affected the way we work, but we do 
not foresee any negative long-term effects on our operations due 
to the pandemic.
The impact of the war in Ukraine on the Group’s risks
The situation in Ukraine is foremost a humanitarian tragedy that 
is causing great human suffering. The Russian invasion of Ukraine 
has worsened the political security situation in the rest of the world 
and created great uncertainty in the financial markets, which may 
affect the company’s ability to finance clinical trials in the future. 
The company has no direct business in, nor does it conduct any 
clinical studies in Ukraine or Russia, but see a risk that the company 
eventually will suffer from increased raw material and energy prices, 
which will translate into increased prices for goods and services.
Cyber security
Cyber attacks have become a significant threat in society and for 
Alligator Bioscience, which is dependent on IT support in its daily 
operations. The company has ongoing work to ensure that the 
company is well prepared to counter cyber-attacks and other types 
of intrusion.
Statement of financial position 
The Company works continuously to secure the financing of 
the operation. This include both business development for new 
partnering agreements, with an upfront payment upon signing, 
as well as other options. Alligator has resolved to carry out a 91 
percent guaranteed rights issue of units of approximately SEK 
199 million. Following the Company´s rights issue in April - May 
2023, the Company’s assessment is that the financial resources 
are sufficient for the ongoing operations the coming 12 months. 
More information on the rights issue is available on the Alligator 
website.
Forward-looking information 
Even though the board and management believe the expectations 
in this report are justified, no guarantees can be given that they 
will turn out to be correct. Accordingly, the actual outcome may 
differ significantly from the assumptions stated in the forward- 
looking information depending on, among other factors, changes 
in the economy or market, changes in legal or regulatory demands, 
political decisions and changes in exchange rates.
Parent Company 
Both Group management functions and all operating activities are 
carried out in the Parent Company. For additional details, refer to 
the information provided for the Group since the subsidiaries do 
not conduct their own operations.
Notes to the reader 
Figures in brackets refer to the outcome for the corresponding 
period in the preceding year for figures related to the income 
statement and cash flow. For figures related to the financial position 
and personnel, figures in brackets refer to December 31, 2022. 
Unless otherwise stated, all amounts stated are rounded correctly, 
which may mean that some totals do not tally exactly. “Dollar” means 
US dollars unless otherwise stated.
Registered trademarks 
FIND® and ALLIGATOR-GOLD® are Alligator Bioscience AB 
proprietary trademarks which are registered in Sweden and other 
countries.
For further information, please contact: 
Søren Bregenholt, CEO 
Email: soren.bregenholt@alligatorbioscience.com  
Phone: +46 46 540 82 00
Marie Svensson, CFO  
Email: marie.svensson@alligatorbioscience.com  
Phone: +46 46 540 82 03 
Guillaume van Renterghem, LifeSci Advisors, Investor Relations  
Email: ir@alligatorbioscience.com
Alligator Bioscience AB (publ) 556597-8201
Medicon Village, Scheelevägen 2 
223 81 Lund, Sweden 
Phone: +46 46 540 82 00  
www.alligatorbioscience.com

===== SIDA 11 =====

Financial statements
Unless otherwise stated in this Year-end report, numbers refer to the Group. Due to the nature of the 
business, there can be large fluctuations in revenue which are not seasonal or regular but are mainly 
linked to when milestones generating a payment are reached in out-licensed research projects. Like 
revenue, expenses can also fluctuate between periods. Among other factors, this fluctuation in expenses is 
influenced by the current phase of the various projects since certain phases generate higher costs. Figures 
in brackets refer to the outcome for the corresponding period in the preceding year for figures related to 
the income statement and cash flow. For figures related to the financial position and personnel, figures in 
brackets refer to December 31, 2022. Unless stated otherwise, all amounts are in SEK thousand (KSEK). All 
amounts stated are rounded, which may mean that some totals do not tally exactly.
11 | Alligator Bioscience AB | Year-end report January - December 2022 Financial statements

===== SIDA 12 =====

12
Financial statements| Alligator Bioscience AB |Interim report January - March 2023
2023 2022 2022
All amounts KSEK unless specified Note Jan-Mar Jan-Mar Jan-Dec
Operating income
Net sales 5 9,593 5,356 35,696
Other operating income 5 834 200 1,439
Total operating income 10,427 5,555 37,135
Operating costs
Other external costs -51,467 -30,146 -147,725
Personnel costs -18,339 -15,396 -68,836
Depreciation of tangible assets and intangible assets -2,470 -2,747 -11,767
Other operatings expenses -342 -289 -1,597
Total operating costs -72,618 -48,578 -229,925
Operating profit/loss -62,191 -43,023 -192,789
Financial items
Other interest income and similar income statement items -86 55 32
Interest expense and similar income statement items -267 -108 -646
Net financial items -353 -54 -614
Profit/loss before tax -62,543 -43,076 -193,403
Tax on profit for the period - - -
Profit for the period attributable to Parent Company share-
holders -62,543 -43,076 -193,403
Earnings per share
Earnings per share before and after dilution, SEK -0.28 -0.20 -0.88
2023 2022 2022
All amounts KSEK Note Jan-Mar Jan-Mar Jan-Dec
Profit/loss for the period -62,543 -43,076 -193,403
Other comprehensive income - - -
Comprehensive income for the period -62,543 -43,076 -193,403
Consolidated
Income Statement
Net Sales
Sales for the period, as well as for the same period prior year, pertain 
primarily to the collaboration and licence agreement with Orion Corporation. 
In December 2022, Alligator Bioscience and Orion Corporation announced 
the initiation of a second program within their agreement.
Other operating income
Other operating income for the quarter comprises primarily of exchange 
gains in the company’s operations.
Operating costs
The company’s costs are higher compared to the same period previous 
year, and pertain mainly to costs related to Mitazalimab’s OPTIMIZE-1 study 
and ALG.APV 527. External costs for mitazalimab amounted to SEK 28,763 
thousand (14,470) during the first quarter of the year and the increased 
costs are mainly related to the increased number of patients in the study. 
In September 2022, an IND (Investigational New Drug) -application for ALG.
APV 527 was approved, which enables the initiation of clinical studies which 
generates higher costs. First patient in ALG.APV 527 was dosed in February 
2023. The personnel costs in the first quarter are higher than last year due to 
an increased number of employees.
Net financial items
Pertains to unrealized exchange gains and losses as a result of liquidity 
positions in USD, EUR and GBP.
Consolidated
Statement of Comprehensive 
Income

===== SIDA 13 =====

13
Financial statements| Alligator Bioscience AB |Interim report January - March 2023
All amounts in KSEK Note 2023-03-31 2022-03-31 2022-12-31 
ASSETS
Fixed assets
Intangible assets
Participations in development projects 3 17,949 17,949 17,949
Patents - 10 -
Softwares 42 168 70
Tangible assets
Improvements in leased premises - 456 -
Right of use assets 24,736 23,154 25,550
Equipment, machinery and computers 1,581 3,450 1,386
Financial assets
Other long term financial fixed assets 6 1,815 - 1,815
Total fixed assets 46,123 45,188 46,770
Current assets
Current receivables
Accounts receivable 6 12,996 4,957 13,930
Other receivables 6 4,729 5,070 3,636
Prepayments and accrued income 13,375 5,357 7,942
Cash and cash equivalents  6 44,837 234,448 97,305
Total current assets 75,938 249,832 122,814
TOTAL ASSETS 122,061 295,020 169,584
Consolidated
Statement of Financial 
Position
ASSETS
Participations in development projects
The Group’s participations in development projects refers to cooperation with 
the South Korean company AbClon Inc. for the Biosynergy project. Biosynergy 
is outlicensed to the Chinese company Shanghai Henlius, which is now further 
developing the drug candidate. At the end of the period, participations in 
development projects amounted to SEK 17,949 thousand (17,949).
Right of use assets
At the end of the period, right of use assets amounted to SEK 24,736 thousand 
(25,550). Right of use assets pertain to leases for offices and laboratories, 
machines and vehicles. 
In June 2022 Alligator entered into a lease agreement with Medicon Village 
for office premises valid from October 2024 with an agreement period 
of 5 years. The new agreement is estimated to increase the right of use 
assets by SEK 42,281 thousand, based on the use of the agreement period 
without extension, and replaces the current agreement with Medicon Village 
regarding office premises.
Cash and cash equivalents
Consolidated cash and cash equivalents, which consist of bank balances, 
totaled SEK 44,837 thousand (97,305).
The Group plans to use its liquidity for operating activities. A portion of the 
Group’s liquidity is invested in USD, EUR and GBP foreign currency accounts. 
In accordance with the Group’s Financial Policy, inflows of foreign currencies 
exceeding the expected requirements for the coming 18 months are to be 
converted to SEK at the time of payment. Besides this, no further hedging 
has taken place.

===== SIDA 14 =====

14
Financial statements| Alligator Bioscience AB |Interim report January - March 2023
All amounts in KSEK Note 2023-03-31 2022-03-31 2022-12-31 
EQUITY AND LIABILITIES
Equity
Share capital 88,614 88,614 88,614
Other capital contributions 911,894 911,118 911,901
Retained earnings and profit/loss for the period -973,982 -761,223 -911,463
Equity attributable to Parent Company shareholders 26,526 238,509 89,051
Non-current provisions and liabilities
Lease liabilities 6 13,942 15,181 16,003
Total non-current provisions and liabilities 13,942 15,181 16,003
Current liabilities
Accounts payable 6 10,266 3,134 13,343
Other liabilities 1,676 1,274 3,032
Lease liabilities 6 9,380 7,225 8,499
Accrued expenses and deferred income 6 60,270 29,698 39,655
Total current liabilities 81,593 41,331 64,529
TOTAL EQUITY AND LIABILITIES 122,061 295,020 169,584
Consolidated
Statement of Financial 
Position
EQUITY AND LIABILITIES
Equity
Equity at the end of the period amounted to SEK 26,526 thousand (89,051), 
corresponding to an equity ratio of 22 (53) %. Alligator inteds to carry out a 
91% secured rights issue of units of approximately SEK 199 million. The Rights 
Issue comprises a maximum of 441,169,756 units where each unit consists 
of one ordinary share and one warrant of series TO 6 free of charge. The 
subscription price is SEK 0.45 per unit, corresponding to SEK 0.45 per new 
share, which, assuming that the rights Issue is fully subscribed, results in the 
company receiving gross issue proceeds of approximately SEK 199 million.
The total number of outstanding shares in Alligator Bioscience AB amounts to 
221,534,728 shares, of which 220,584,878 are ordinary shares with one vote 
per share and 949,850 are series C shares with one-tenth of a vote per share. 
The number of votes in the company amounts to 220,679,863 votes.
Equity per share before and after dilution
At the end of the period, equity per outstanding share amounted to SEK 
0.12 (0,41), before and after dilution. Since the subscription price for issued 
options has not been reached, these are not taken into account (not “in-the-
money”). C shares are not taken into account either.
Lease liabilities and loans
Lease liabilities pertain to leases for offices and laboratories, machines 
and vehicles. At the end of the period long- and short-term lease liabilities 
amounted to SEK 23,323 thousand (24,502).
In June 2022 Alligator entered into a lease agreement with Medicon Village for 
office premises valid from October 2024 with an agreement period of 5 years. 
The new agreement is estimated to increase the lease liabilities by SEK 42,281 
thousand, based on the use of the agreement period without extension, 
and replaces the current agreement with Medicon Village regarding office 
premises. 
Accrued expenses and deferred income
At the end of the period, accrued expenses and deferred income amounted 
to SEK 60,270 thousand (39,655). Expenses pertain to accrued expenses for 
clinical activities, personnel and other expenses. Accrued costs are higher 
compared to the same period last year and are primarily related to accrued 
patient costs for mitazalimab’s OPTIMIZE-1 study and costs related to the 
initiation of clinical studies for ALG.APV-527.

===== SIDA 15 =====

15
Financial statements| Alligator Bioscience AB |Interim report January - March 2023
2023 2022 2022
All amounts in KSEK Jan-Mar Jan-Mar Jan-Dec
Opening balance 89,051 282,273 282,273
New capital issue - 380 380
Transaction costs - -713 -343
Treasury shares - -380 -380
Warrants - - 426
Effect of share-based payments personnel 25 26 99
Repurchase of warrants -7 - -
Profit/loss for the period -62,543 -43,077 -193,403
Closing balance 26,526 238,508 89,051
Consolidated
Statement of Changes in 
Equity, in summary

===== SIDA 16 =====

16
Financial statements| Alligator Bioscience AB |Interim report January - March 2023
2023 2022 2022
All amounts in KSEK Jan-Mar Jan-Mar Jan-Dec
Operating activities
Operating profit/loss -62,191 -43,023 -192,789
Adjustments for items not generating cash flow
     Depreciation and impairments 2,470 2,747 11,767
     Effect from warrant program 25 26 99
     Other items, no impact on cash flow -1 141 -19
Interest received 10 - -
Interest paid -135 -123 -646
Tax paid - - -
Cash flow from operating activities before changes in working capital -59,823 -40,231 -181,588
Changes in working capital
Change in operating receivables -5,592 2,990 -5,859
Change in operating liabilities 16,182 -7,387 14,840
Cash flow from operating activities -49,233 -44,628 -172,607
Investing activities
Acquisition of tangible assets -472 -68 -440
Cash flow from investing activities -472 -68 -440
Financing activities
Amortization of leasing liabilities -2,529 1,717 -7,806
Amortization of installment purchase - -78 -104
New share issue - - 380
Transaction costs - -333 -343
Warrants - - 426
Repurchase of warants -7 - -
Purchase of treasury shares - -380 -380
Cash flow from financing activities -2,536 926 -7,827
Cash flow for the period -52,241 -43,770 -180,874
Cash and cash equivalents at beginning of period 97,305 278,148 278,148
Exchange rate differences in cash and cash equivalents -227 69 32
Cash and cash equivalents at end of period 44,837 234,448 97,305
Consolidated
Statement of Cash Flows
Investments 
Investments during the quarter and the year consisted of laboratory 
equipment SEK 472 (440) thousand.
Cash flow for the period
Cash flow for the quarter totaled SEK -52,241 thousand (-43,770) and relates 
mainly to costs from operating activities.

===== SIDA 17 =====

17
Financial statements| Alligator Bioscience AB |Interim report January - March 2023
2023 2022 2022
All amounts in KSEK Note Jan-Mar Jan-Mar Jan-Dec
Operating income
Net sales 5 9,593 5,356 35,696
Other operating income 5 834 200 1,439
Total operating income 10,427 5,555 37,135
Operating costs
Other external costs -53,758 -31,822 -155,785
Personnel costs -18,339 -15,396 -68,836
Depreciation and impairment of tangible assets and intangible assets -305 -1,165 -4,165
Other operatings expenses -342 -289 -1,597
Total operating costs -72,744 -48,672 -230,383
Operating profit/loss -62,317 -43,117 -193,248
Results from financial items
Other interest income and similar income statement items -86 55 35
Interest expense and similar income statement items -132 11 -4
Net financial items -217 66 31
Profit/loss after financial items -62,534 -43,051 -193,217
Appropriations
Group contribution received - - 407
Total appropriations - - 407
Result before tax -62,534 -43,051 -192,810
Tax on profit for the year - - -
Profit/loss for the period -62,534 -43,051 -192,810
2023 2022 2022
All amounts in KSEK Note Jan-Mar Jan-Mar Jan-Dec
Profit/loss for the period -62,534 -43,051 -192,810
Other comprehensive income - - -
Profit/loss for the year -62,534 -43,051 -192,810
Parent Company
Income Statement
Parent Company
Statement of 
Comprehensive Income

===== SIDA 18 =====

18
Financial statements| Alligator Bioscience AB |Interim report January - March 2023
Parent Company
Balance Sheet
All amounts in KSEK Note 2023-03-31 2022-03-31 2022-12-31
ASSETS
Fixed assets
Intangible assets
Patents - 10 -
Software 42 168 70
Total intangible assets 42 178 70
Tangible assets
Improvements in leased premises - 456 -
Equipment, machinery and computers 1,581 3,450 1,386
Total tangible assets 1,581 3,906 1,386
Financial assets
Participations in Group companies 3 20,294 20,294 20,294
Other long term financial fixed assets 1,815 - 1,815
Total financial assets 22,109 20,294 22,109
Total fixed assets 23,732 24,379 23,565
Current assets
Current receivables
Accounts receivables 12,996 4,957 13,930
Receivables from Group companies 845 438 845
Other receivables 4,728 5,070 3,636
Prepayments and accrued income 15,789 7,178 10,037
Total current receivables 34,358 17,644 28,447
Cash and bank deposits 43,588 233,590 96,046
Total current assets 77,946 251,233 124,494
TOTAL ASSETS 101,678 275,612 148,059

===== SIDA 19 =====

19
Financial statements| Alligator Bioscience AB |Interim report January - March 2023
All amounts in KSEK Note 2023-03-31 2022-03-31 2022-12-31
EQUITY AND LIABILITIES
Equity
Restricted equity
Share capital 88,614 88,614 88,614
Total restricted equity 88,614 88,614 88,614
Non-restricted equity
Share premium reserve 911,488 911,118 911,488
Retained earnings -908,708 -715,995 -715,923
Profit/loss for the period -62,534 -43,051 -192,810
Total non-restricted equity -59,754 152,072 2,755
Total equity 28,859 240,686 91,369
Non-current provisions and liabilities
Other long-term liabilities - 40 -
Total non-current provisions and liabilities - 40 -
Current liabilities
Accounts payable 10,266 3,134 13,343
Other liabilities 1,676 1,235 3,032
Accrued expenses and deferred income 60,876 30,517 40,314
Total current liabilities 72,818 34,886 56,690
TOTAL EQUITY AND LIABILITIES 101,678 275,612 148,059
Parent Company
Balance Sheet

===== SIDA 20 =====

20
| Alligator Bioscience AB |Interim report January - March 2023 Notes
Notes
Note 1 General information
This Interim report covers the Swedish Parent Company Alligator Bioscience AB (publ), corporate registration 
number 556597-8201, and its subsidiaries Atlas Therapeutics AB, corporate registration number 556815-2424, 
and A Bioscience Incentive AB, corporate registration number 559056-3663. Group’s business operations are 
mainly carried out in the Parent Company.
The Parent Company is a Swedish public limited liability company registered and domiciled in the Municipality of 
Lund. The office is located at Medicon Village, SE-223 81 Lund.
Note 2 Accounting policies
This Interim report for the Group has been prepared in accordance with IAS 34 Interim Financial Reporting and 
applicable regulations in the Swedish Annual Accounts Act (ÅRL). The interim report for the Parent Company has 
been prepared in accordance with the Swedish Annual Accounts Act (ÅRL) and the Swedish Financial Reporting 
Board’s recommendation RFR 2 Accounting for Legal Entities.
The accounting policies and calculation methods used in this report are the same as those described in the 
Annual report for 2022.
Note 3 Effects of changed estimates and judgments
Significant estimates and judgments are described in Note 3 and Note 18 of the Annual report for 2022. 
There have been no changes to the company’s estimates and judgments since the Annual report for 2022 was 
prepared. 
Note 4 Segment reporting
The company conducts only one business activity, namely research and development in the field of 
immunotherapy, and the chief operating decision-maker is thus only responsible for regularly making decisions 
on and allocating resources to one entity. Accordingly, the company comprises only one operating segment, 
which corresponds to the Group as a whole, and no separate segment reporting is provided.
Note 5 Consolidated Income
A breakdown of the Group’s revenue regarding license revenue as follows:
A breakdown of the Group’s other operating income is as follows:
2023 2022 2022
All amounts in KSEK Jan-Mar Jan-Mar Jan-Dec
Reimbursement for development work 9,593 5,356 35,696
Total 9,593 5,356 35,696
2023 2022 2022
All amounts in KSEK Jan-Mar Jan-Mar Jan-Dec
Swedish government grants received 216 1 305
Insurance compensation - 6 6
Operational exchange rate gains 600 193 1,103
Other 18 - 25
Total 834 200 1,440

===== SIDA 21 =====

21
| Alligator Bioscience AB |Interim report January - March 2023 Notes
Note 6 Financial instruments 
Cash and cash equivalents for the Group at March 31, 2023 consisted of bank balances amounting to SEK 44,837 
thousand (97,305). For financial assets and liabilities, the reported value as below is considered a reasonable 
approximation of fair value.  
Note 7 Related party transactions
In connection with the rights Issue, Alligator has in March 2023 entered into an agreement on a top guarantee of MSEK 
10 with the Company’s largest shareholder Koncentra, in which company board member Staffan Enkrantz is chairman 
of the board of directors. Furthermore, Alligator has in March 2023 entered into an agreement of a top guarantee of 
MSEK 0.5 and a bottom guarantee of MSEK 0.5 with board member Hans- Peter Ostler. For the guarantee commitments, 
cash compensation of 11% of the guaranteed amounts is paid for the bottom guarantee, and of 13% of the guaranteed 
amount for the top guarantees. The guarantee compensation shall be paid no later than 5 banking days after the Swedish 
Companies Registration Office has registered the rights Issue.
In addition to the above, the company has not carried out any other related party transactions during the first quarter 2023 
or during the previous year.
All amounts in KSEK 2023-03-31 2022-03-31 2022-12-31 
Financial assets valued at amortized cost
Other long term financial fixed assets 1,815 - 1,815
Accounts receivable 12,996 4,957 13,930
Other receivables 12 950 -
Liquid assets - bank accounts 44,837 234,448 97,305
Total financial assets 59,661 240,355 113,050
Financial liabilities valued at amortized cost
Long-term lease liabilities 13,942 15,181 16,003
Accounts payable 10,266 3,134 13,343
Short-term lease liabilities 9,380 7,225 8,499
Other short-term liabilities - 40 -
Accrued expenses 56,536 26,248 36,072
Total financial liabilities 90,125 51,827 73,917

===== SIDA 22 =====

22
| Alligator Bioscience AB |Interim report January - March 2023
Financial definitions
Equity per share after dilution
Equity divided by the total number of shares at the end of the 
period and any outstanding options where the Company’s share 
price on the reporting date is at least equal to the conversion 
price of the option.
Equity per share before dilution
Equity divided by the number of shares at the end of the period.
R&D costs
The Company’s direct costs for research and development.
Refers to costs for personnel, materials and external services.
R&D costs as a percentage of operating costs
excluding impairments
R&D costs as a percentage of operating costs excluding
impairments.
Average number of shares before and after dilution
Average number of outstanding shares during the period. The 
number of shares after dilution also takes account of outstanding 
options where the Company’s share price on the reporting date is 
at least equal to the conversion price of the option.
Average number of employees
Average number of employees at the beginning and end of  
the period.
Average number of employees within R&D
Average number of employees within the Company’s R&D  
departments at the beginning and end of the period.
Cash flow from operating activities
Cash flow before investing and financing activities.
Cash and cash equivalents, including securities
Cash and cash equivalents consists of bank balances, interest 
funds and publicly traded corporate bonds.
Cash flow for the period
Net change in cash and cash equivalents excluding the impact of 
unrealized foreign exchange gains and losses.
Earnings per share before and after dilution
Earnings divided by the weighted average number of shares 
during the period before and after dilution respectively. If the  
result is negative, the number of shares before dilution is also 
used for the calculation after dilution.
Operating costs excluding impairments
Other external costs, personnel costs and depreciation  
(excluding impairments of tangible and intangible assets).
Operating profit/loss
Profit/loss before financial items and taxes.
Equity ratio
Equity as a percentage of total assets.
Total assets
Total of the Company’s assets.
Financial definitions

===== SIDA 23 =====

23
| Alligator Bioscience AB |Interim report January - March 2023 Calculation of performance measures
Calculation of Performance Measures
Alligator presents certain financial performance measures in this report, 
including measures that are not defined under IFRS. The Company believes 
that these performance measures are an important complement because they 
allow for a better evaluation of the Company’s economic trends. These financial 
performance measures should not be viewed in isolation or be considered to 
replace the performance indicators that have been prepared in accordance with 
IFRS. In addition, such performance measures as Alligator has defined them 
should not be compared with other performance measures with similar names 
used by other companies. This is because the above-mentioned performance 
measures are not always defined in the same manner, and other companies may 
calculate them differently to Alligator.
To the right is shown the calculation of key figures, for the mandatory earnings 
per share according to IFRS and also for performance measures that are not 
defined under IFRS or where the calculation is not shown in another table in this 
report.
The Company’s business operation is to conduct research and development 
which is why “R&D costs/Operating costs excluding impairment in percent” is an 
essential indicator as a measure of efficiency, and how much of the Company’s 
costs relate to R&D.
The Company does not have a steady flow of income, with income generated 
irregularly in connection with the signing of license agreements and achievement 
of milestones. Therefore, the Company monitors performance indicators such 
as equity ratio and equity per share in order to assess the Company’s solvency 
and financial stability. These are monitored along with the cash position and the 
various measures of cash flows shown in the consolidated statement of cash 
flow.
For definitions, see the section “Financial definitions” on page 22.
2023 2022 2022
All amounts KSEK unless specified Jan-Mar Jan-Mar Jan-Dec
Profit/loss for the period -62,543 -43,076 -193,403
Average number of shares before dilution 220,584,878 220,584,878 220,584,878
Earnings per share before dilution, SEK -0.28 -0.20 -0.88
Average number of shares after dilution 220,584,878 220,584,878 220,584,878
Earnings per share after dilution, SEK -0.28 -0.20 -0.88
Operating costs -72,618 -48,578 -229,925
Operating costs excluding impairments -72,618 -48,578 -229,925
Reduce of administrative expenses 17,374 7,775 31,213
Reduce of depreciation 2,470 2,747 11,767
Research and development costs -60,092 -38,056 -186,945
R&D costs / Operating costs excluding impairments % 83% 78% 81%
Equity 26,526 238,508 89,051
Average number of shares before dilution 220,584,878 220,584,878 220,584,878
Equity per share before dilution, SEK 0.12 1.08 0.40
Average number of shares after dilution 220,584,878 220,584,878 220,584,878
Equity per share after dilution, SEK 0.12 1.08 0.40
Equity 26,526 238,508 89,051
Total assets 122,061 295,020 169,584
Equity ratio, % 22% 81% 53%
Cash and cash equivalents at end of period 44,837 234,448 97,305

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24
| Alligator Bioscience AB |Interim report January - March 2023 Declaration of the Board of Directors and the CEO
The declaration of the  
Board of Directors and the CEO
The Board and the CEO declare that this Interim report provides
a true and fair overview of the Company and the Group’s operations, 
positions and earnings and describes the material risks and uncerta- 
inty factors faced by the Parent Company and the companies within 
the Group.
Lund, April 25, 2023
Anders Ekblom
Søren Bregenholt 
Hans-Peter Ostler
Veronica Wallin 
Eva Sjökvist Saers
Tova Landström
Anders Ekblom Hans-Peter Ostler
Chairman of the Board Vice chairman of the Board
Eva Sjökvist Saers Graham Dixon
Board member Board member
Veronica Wallin Staffan Encrantz
Board member Board member
Denise Goode Tova Landström
Board member Board member
Employee representative
Søren Bregenholt
CEO
Denise Goode
Staffan Encrantz
Graham Dixon

===== SIDA 25 =====

25
| Alligator Bioscience AB |Interim report January - March 2023
Glossary
Agonist. A compound which binds to a receptor and stimulates its activity.
Antigen. Substance which triggers a reaction in the immune system, such as 
a bacteria or virus.
Antibody. Proteins used by the body’s immune defenses to detect and  
identify xenobiotic material.
Bispecific antibodies. Antibody-based products which bind to two different 
targets and thus have dual functions.
Cancer. A disease in which cells divide in an uncontrolled manner and invade 
neighboring tissue. Cancer can also spread (metastasize) to other parts of the 
body through the blood and the lymphatic system.
Checkpoint inhibitor. An antibody with the ability to break the immune 
system’s tolerance to something dangerous, for example a cancer tumor. 
Immune-inhibiting signals can be blocked through binding to a specific  
receptor such as CTLA-4 or PD-1.
Clinical study. The examination of healthy volunteers or patients to study the 
safety and efficacy of a potential drug or treatment method.
CRO (Clinical Research Organization). Company specialized in performing 
contract research and clinical studies on behalf of other pharma or biotech 
companies.
CTA (Clinical Trial Authorization). Application to start clinical trials in 
humans which is submitted to a regulatory authority.
CTLA-4 (Cytotoxic T-lymphocyte-Associated protein-4). An immune-  
inhibiting molecule expressed in and on the surface of T cells, primarily 
regulatory T cells.
Dendritic cell. A type of cell which detects xenobiotic substances. A key role 
of dendritic cells is their ability to stimulate T cells in the immune system.
Discovery. This research phase usually encompasses the development and 
evaluation of treatment concepts, the evaluation of potential drug candidates, 
and early efficacy studies.
Disease control rate (DCR). Proportion of patients with objective response 
or stabilization of disease.
Drug candidate. A specific compound usually designated before or during 
the preclinical phase. The drug candidate is the compound that is then  
studied in humans in clinical studies.
EMA. The European Medicines Agency. 
Experimental model. A model of a disease or other injury to resemble  
a similar condition in humans.
FDA. The US Food and Drug Administration.
GMP (Good Manufacturing Practice). Quality assurance methodology 
designed to ensure that products are manufactured in a standardized  
manner, such that quality requirements are satisfied.
Immuno-oncology. Field of oncology in which cancer is treated by  
activating the immune system.
INN (International Nonproprietary Name). Generic name on a drug  
substance. The INN is selected by the World Health Organization (WHO)  
since 1953.
Lead. A potential drug candidate which binds to the actual target molecule/s.
Ligand. Binds to a receptor. Could be a drug, hormone or a transmitter 
substance.
Lymphocyte. A type of white blood cells.
Macrophages. A type of white blood cell of the immune system that engulfs 
and digests cellular debris and foreign materia such as bacteria.
Milestone payment. Financial consideration received in the course of  
a project/program when a specified objective is reached.
Mitazalimab. Generic name (INN) for ADC-1013.
Monospecific antibodies. Antibody-based product which bind only to one 
target, such as a receptor.
NK cells. NK cells (Natural Killer) are lymphocytes with the ability to activate 
several different cells in the immune system, such as macrophages.
Oncology. Term for the field of medicine concerned with the diagnosis,  
prevention and treatment of tumor diseases.
Objective Response Rate (ORR)  Assessment of the tumor burden after 
a given treatment in patients with solid tumors. Important parameter to 
demonstrate the efficacy of a treatment and serves as a primary or secondary 
end-point in clinical trials.
Patent. Exclusive rights to a discovery or invention.
PD-1 (Programmed Death-1). Immune-inhibiting receptor on the surface  
of certain cells, for example tumor cells.
PD-L1 (Programmed Death-Ligand-1). The ligand that binds to PD-1,  
helping the cancer evade the body’s immune defense.
Phase 1,2 and 3. The various stages of studies on the efficacy of a pharma-  
ceutical in humans. See also “clinical study.” Phase 1 examines the safety 
on healthy human subjects, Phase 2 examines efficacy in patients with the 
relevant disease and Phase 3 is a large-scale study that verifies previously 
achieved results. In the development of new pharmaceuticals, different doses 
are trialed and safety is evaluated in patients with relevant disease. Phase 2 is 
often divided into Phase 2a and Phase 2b. In Phase 2a, which is open, different 
doses of the pharmaceutical are tested without comparison against placebo 
and focusing on safety and the pharmaceutical’s metabolism in the body. 
Phase 2b is ‘blind’, and tests the efficacy of selected dose(es) against placebo.
Pharmacokinetics. The study of the turnover of substances in the body, for 
example how the amount of the substance is changed by absorption, distribu -
tion, metabolism and excretion.
Pharmacology. The study of how substances interact with living organisms 
to bring about a functional change.
Preclinical. The stage of drug development before the drug candidate is 
tested in humans. It includes the final optimization of the drug candidate,  
the production of materials for future clinical studies and the compilation  
of a data package for an application to start clinical studies.
Proof of concept studies. Studies carried out to provide support for  
dosages and administration paths in subsequent clinical studies.
R&D. Research & Development
Receptor. A receptor on a cell which picks up chemical signals.
RECIST. Response Evaluation Criteria in Solid Tumors - simple and pragmatic 
methodology to evaluate the activity and efficacy of new cancer therapeutics 
in solid tumors, using validated and consistent criteria to assess changes in 
tumor burden.
Sponsor. The person, company, institution or organization responsible for 
initiating, organizing or financing a clinical study.
T cell. A type of white blood cell which is important to the specific immune 
defense.
Tumor-associated antigen (TAA). A protein expressed to a much higher 
degree on the surface of tumor cells than healthy cells.
Tumor cell. A cell that divides relentlessly. 
Tumor necrotic factor receptor superfamily (TNFR-SF). A group of  
immune-modulating target proteins related to the tumor necrosis factor  
protein. The name ‘tumor necrosis factor’ was derived from the fact that  
the first function detected for the protein was its ability to kill some types  
of tumor cells, though it was later discovered to have an immune-regulatory 
function.
Glossary

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Alligator Bioscience AB  |  Medicon Village, Scheelevägen 2, SE-223 81 Lund, Sweden  |  Phone: + 46 46 540 82 00  |  www.alligatorbioscience.com