Kvartalsrapport Q1 2025

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Alligator Bioscience AB (publ)
Interim report 
January – March 2025
Q1
!
The information was submitted for publication on 24 April 2025 at 8:00 am CEST. 
For contact details and notes to the reader, see page 14. A glossary can be found at the Alligator website. 
“With strong clinical data for 
mitazalimab from the 24-month 
follow-up in OPTIMIZE-1 and enhanced 
financial flexibility, we aim to initiate 
Phase 3 with a partner in H2 2025.”
Søren Bregenholt
CEO Alligator Bioscience AB

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| Alligator Bioscience AB | Interim report January – March 2025 Introduction
Significant events during the quarter
 • Extraordinary general meetings for approval of 
rights issue and reverse share split 
Two EGMs were held during the quarter. At the EGM on 
13 January 2025, shareholders approved the rights issue 
of units announced in December 2024. The rights issue 
was successfully completed in February 2025, providing 
Alligator with an initial capital injection of approximately 
SEK 153 million (gross). Following registration of the rights 
issue, BTUs were converted into shares and warrants, and 
a directed issue of units was carried out to guarantors. 
In addition, warrants were issued to Fenja Capital in 
connection with the transaction. 
At the EGM on 27 March 2025, a reverse share split 
of ordinary shares was approved, aimed at optimizing 
Alligator’s share structure together with a redemption of 
all outstanding series C-shares to cover loss. Following the 
end of the quarter, the record date of the reverse share 
split was set to 8 April 2025.
Other events during the quarter
 • Encouraging overall survival benefit for 
mitazalimab
On 26 February, 24-month follow-up data from the Phase 2 
study with mitazalimab in combination with mFOLFIRINOX 
in first line metastatic pancreatic cancer showed a survival 
rate of 29.4%, three-fold that of chemotherapy alone at 
the progressed timepoint, thus further strengthening the 
clinical rational for mitazalimab in this indication.
Simultaneous top-line data from the 450 µg/kg back filled 
cohort from the Phase 2 study were announced, further 
supporting 900 µg/kg as the recommended Phase 3 dose. 
 • Additional positive survival data for mitazalimab 
On 27 January, Alligator announced an incremental 
overall survival benefit for mitazalimab in combination 
with mFOLFIRINOX, based on a literature-based indirect 
comparison. These findings further strengthen the clinical 
profile of mitazalimab and support its progression into 
Phase 3.
 • Successful completion of End-of-Phase 2 meeting 
with FDA for mitazalimab 
Alligator completed its End-of-Phase 2 interaction with 
the FDA, receiving positive feedback and alignment on the 
clinical development strategy and Phase 3 trial design for 
mitazalimab.
 • Tom Moore appointed as Chief Medical Officer 
Alligator appointed Dr. Tom Moore as Chief Medical 
Officer, bringing extensive clinical development expertise 
to support the advancement of mitazalimab and Alligator’s 
broader pipeline.
 • Peer-reviewed publication for ATOR-1017 
(evunzekibart) 
On 29 January, clinical data for the antibody ATOR-1017 
were published in the Journal for ImmunoTherapy of 
Cancer. The data confirm its immunomodulatory effects 
and continued relevance as part of Alligator’s scientific 
foundation and IP portfolio.
 • FDA Orphan Drug Designation for HLX22 
The FDA granted Shanghai Henlius, Inc. an Orphan Drug 
Designation to outlicensed asset HLX22 for the treatment 
of gastric cancer.  
 • Publication of Annual Report for 2024 
Alligator published its Annual Report for 2024 on 27 
March, providing a comprehensive overview of Alligator’s 
operations, financial performance, and strategic priorities.
Financial information
2025 2024 2024
MSEK, unless otherwise stated Jan-Mar Jan-Mar Jan-Dec
Net sales - 7.0 57.8
Operating profit/loss -43.7 -59.6 -229.1
Profit/loss for the period -8.3 -62.8 -233.9
Cash flow for the period -34.6 -26.2 -1.2
Cash and cash equivalents 28.9 40.0 64.3
Earnings per share before  
and after dilution, SEK -1.1 -95.4 -318.5

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| Alligator Bioscience AB | Interim report January – March 2025 Introduction
CEO comments
The first quarter of 2025 has been pivotal for Alligator, 
marked by significant clinical, regulatory, and financial 
progress that strengthens our strategic position moving 
forward.
FDA alignment marks key milestone for 
mitazalimab
A major development step was the successful completion 
of our End-of-Phase 2 meeting with the U.S. Food and Drug 
Administration (FDA) for mitazalimab. The FDA confirmed 
alignment on our clinical development strategy and Phase 3 
trial design, providing important regulatory validation thus 
significantly de-risking the program. We remain on track 
to initiate the Phase 3 trial in metastatic pancreatic cancer 
together with a strategic partner during H2 2025.
Encouraging long-term survival data 
reinforce mitazalimab’s potential
We also reported encouraging 24-month survival data from 
OPTIMIZE-1, showing a survival rate of 29.4% for mitazalimab 
in combination with mFOLFIRINOX—three times that of 
chemotherapy alone. Additional data from an indirect 
literature comparison, presented at the ASCO GI conference 
in January, further reinforced these findings and strengthen 
our confidence in mitazalimab’s potential as a transformative 
treatment option.
During February we also presented top-line data from the back-
fill 450 µg/kg cohort, requested by the FDA to enable further 
mitazalimab dose characterisation. The available data further 
supports 900 µg/kg as the recommended Phase 3 dose. 
Focused efforts to secure strategic 
partnership for mitazalimab
During Q1 we have advanced mitazalimab further; releasing 
data reinforcing the clinical benefit of mitazalimab in first line 
metastatic pancreatic cancer, and removing residual regulatory 
risks associated with manufacturing, Phase 3 and trial design 
and dose. Looking ahead, our top priority is to secure a strategic 
partnership for mitazalimab. To support these efforts, we have 
attended several international partnering meetings. We have 
also engaged a global transaction advisor with experience and 
track-record in oncology, in order to strengthen our outreach 
and increase the likelihood of a mitazalimab partnership.
Other pipeline program advancements
Our broader pipeline continues to evolve. In January, peer-
reviewed clinical data for our 4-1BB antibody ATOR-1017 
were published in the Journal for ImmunoTherapy of Cancer , 
confirming its immunomodulatory activity and supporting its 
long-term scientific value. In parallel, the FDA granted Orphan 
Drug Designation to HLX22, out-licensed to Henlius, for the 
treatment of gastric cancer—a positive step forward in that 
program.
Strengthening leadership with 
appointment of new Chief Medical Officer
To support our development efforts, we appointed Dr. Tom 
Moore as Chief Medical Officer. With his strong background in 
immuno-oncology and clinical development, Tom adds valuable 
expertise to Alligator.
Improved financial flexibility through 
decisive funding and cost-saving measures
During Q1, we also completed our decisive steps to strengthen 
our financial position and streamline operations. The rights 
issue announced in December 2024 was approved at the EGM 
in January and completed in February, raising SEK 153 million 
(gross). A second EGM, held in March, approved a reverse share 
split to achieve an appropriate number of shares. Our cost-
reduction program announced in Q4 2024 is running ahead of 
plan and we will conclude the restructuring in late Q2 2025. 
Together, these measures will significantly lower our burn rate 
in the coming quarters, improve our financial flexibility and 
enable a sharpened focus. 
Looking ahead, the upcoming exercise period for the TO 12 
warrants, running from 5 to 19 May 2025, offers shareholders 
an opportunity to support Alligator’s continued progress while 
benefiting from an attractive discounted subscription price.
Commitment to sustainability and long-
term value creation
Sustainability continues to be an integral part of our operations. 
We aim to build long-term value through responsible business 
practices and good governance, as detailed in our 2024 Annual 
Report published in March.
Positioned for progress with strong 
foundation and clear strategy
I would like to thank our shareholders, employees, and 
partners for your continued support. With solid clinical results, 
a streamlined organization, and a clear strategy, Alligator is 
well positioned to deliver on its mission to improve the lives of 
patients with hard-to-treat cancers.
Søren Bregenholt
CEO Alligator Bioscience AB (publ)

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| Alligator Bioscience AB | Interim report January – March 2025 Introduction
Performance measures Group
2025 2024 2024
Note Jan-Mar Jan-Mar Jan-Dec
Result (KSEK)
Net sales 5 - 6,977 57,767
Operating profit/loss -43,667 -59,636 -229,141
Profit/loss for the period -8,347 -62,752 -233,890
R&D costs -40,660 -54,817 -205,311
R&D costs as a percentage of operating costs, % 83% 82% 82%
Capital (KSEK)
Cash and cash equivalents at end of period 28,853 40,022 64,310
Cash flow from operating activities -56,799 -82,792 -212,426
Cash flow for the period -34,650 -26,160 -1,154
Equity at the end of the period -99,076 -50,889 -130,588
Equity ratio at the end of the period, % -144% -58% -125%
Info per share (SEK)
Average number of shares* 7,530,841 657,954 734,278
Earnings per share after dilution** -1.11 -95.37 -318.53
Equity per share after dilution** -5.86 -77.34 -172.23
Personnel
Number of employees at end of period 33 55 46
Average number of employees 39 55 52
Average number of employees employed within R&D 24 46 43
* Average number of shares post reverse split. 
** Effect from dilution is not considered when result is negative and warrants where the strike price is higher than the closing share price 
is not considered.
For definitions and calculations, see the sections later in this report.
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Liquidity position at end of quarter
Operating costs (excl. write-downs), rolling 12 months
Operating costs (excl. write-downs),
rolling 12 months and Liquidity (MSEK), Group

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| Alligator Bioscience AB | Interim report January – March 2025 Introduction
Market overview
With the continued rise of cancer diagnoses around the world, the need for more 
effective treatments also grows. Cancer touches all our lives, either directly or 
through its effect on family and loved ones. There is a great need for therapies that 
can safely combine immunotherapies and other forms of cancer treatments, to treat, 
or possibly even cure, cancers.
Need for cancer care
Cancer remains the leading cause of premature death in 
industrialized countries.¹ Each year, nearly 18 million people 
are diagnosed with cancer globally,² and in 2020, 10 million 
people died from the disease.³ By 2025, new cases are 
projected to reach 21.6 million—a 20% increase.⁴ Based 
on 2016–2018 data, about 40% of men and women will be 
diagnosed with cancer in their lifetime.⁵
Rising life expectancy and better diagnostics contribute to 
increased detection, often at earlier stages where treatment 
is more effective. Nearly half of cancer cases occur in Asia, 
25% in Europe, and 15% in North America. The incidence 
rate is about 600 per 100,000 people in Europe and North 
America, with the highest rates in high-income regions.⁶
Current treatments include surgery, radiation, chemotherapy, 
and immunotherapy. While advances have improved 
outcomes and tolerability, the continued high incidence and 
mortality underline the need for better and safer cancer 
drugs.
The oncology market
The growing cancer burden is reflected in rising costs. In 2021, 
oncology drug sales totaled USD 280 billion, with projections 
reaching USD 480 billion by 2028 and USD 680 billion by 
2030.⁷ Alligator believes that new immunotherapies will be 
central to future treatment. In 2020, oncology represented 
14% of the pharmaceutical market and is expected to grow 
to 23% by 2026.⁸
The immuno-oncology market
Immuno-oncology (IO) stimulates the immune system to fight 
cancer. The IO market is expected to grow 21% annually, 
reaching USD 140 billion by 2027. Checkpoint inhibitors like 
Keytruda®, Opdivo®, Tecentriq®, and Yervoy ® are forecasted 
to generate USD 88 billion in revenue by that time.⁹
Unlike small-molecule generics, biologics face less direct 
competition due to the complexity of producing biosimilars. 
Clinical trials are required to prove equivalence, especially 
for agonistic antibodies like those developed by Alligator, 
where therapeutic effects can depend on the manufacturing 
process.
Pancreatic cancer and market outlook
Alligator’s lead candidate, mitazalimab, targets pancreatic 
cancer, which sees approximately 495,000 new cases globally 
each year.¹⁰ Only 20% of patients are eligible for surgery; for 
the rest, prognosis remains poor. Median survival without 
treatment is about six months, and chemotherapy can extend 
it to 9–11 months.
Common first-line therapies include:
 • Gemcitabine + nab-paclitaxel: median OS of 8.1 months; 
23% response rate.¹¹
 • FOLFIRINOX: median OS of 11.1 months; 31% response 
rate.¹²
 • NALIRIFOX: median OS of 11.1 months; 41.8% response 
rate. Approved in early 2024 following NAPOLI-3 trial.¹³ ¹⁴
The pancreatic cancer market is expected to grow at 11.6% 
CAGR to USD 5.5 billion by 2029, driven by new therapies and 
biologics.¹⁵,¹⁶ Alligator anticipates FOLFIRINOX will become 
the new first-line standard in the US, expanding mitazalimab’s 
potential patient base. Peak sales for mitazalimab are 
estimated at up to USD 2 billion annually, depending on 
clinical performance and market factors.
References
1. IARC International Agency for Research on Cancer (IARC), World Cancer Report: Cancer Research for Cancer Prevention 2020.
2. World Cancer Research Fund, World Cancer report 2018.
3. IARC International Agency for Research on Cancer (IARC), Cancer Today (iarc.fr), GLOBOCAN 2020.
4. IARC International Agency for Research on Cancer (IARC), Cancer Tomorrow 2020.
5. NIH National Cancer Institute, US. The Surveillance, Epidemiology, and End Results (SEER) Program.
6. IARC International Agency for Research on Cancer (IARC), Cancer Today (iarc.fr), GLOBOCAN 2020.
7. Oncology Market Size, Share, Growth, Trends, Report 2022-2030 (precedenceresearch.com), https://www.precedenceresearch.com/oncology-market; Oncology Market Size USD 447.3 Billion by 2028
8. The information has been obtained from the database GlobalData (Pharma Intelligence Center - Drug Sales), September 2021
9. The information has been obtained from the database GlobalData (Pharma Intelligence Center - Drug Sales), May 2022.
10. Fact sheet on Pancreas cancer, WHO/International Agency for Research on Cancer, https://gco.iarc.fr/today/data/factsheets/cancers/13-Pancreas-fact-sheet.pdf.
11. N Engl J Med 2013; 369:1691-1703; DOI: 10.1056/NEJMoa1304369.
12. N Engl J Med 2011; 364:1817-1825; DOI: 10.1056/NEJMoa1011923.
13. Lancet. 2023 Oct 7;402(10409):1272-1281; DOI: 10.1016/S0140-6736(23)01366-1.
14. https://www.fda.gov/drugs/resources-information-approved-drugs/fda-approves-irinotecan-liposome-first-line-treatment-metastatic-pancreatic-adenocarcinoma; 
       https://www.ema.europa.eu/en/documents/smop/chmp-post-authorisation-summary-positive-opinion-onivyde-pegylated-liposomal-previously-known-onivyde-ii-34_en.pdf
15. Adv Ther. 2022 Dec;39(12):5433-5452; DOI: 10.1007/s12325-022-02317-9.
16. JAMA Netw Open. 2024 Jan 2;7(1):e2350756; DOI: 10.1001/jamanetworkopen.2023.50756.

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6
| Alligator Bioscience AB | Interim report January – March 2025 Introduction
Competitors
Alligator competes with both large pharma and biotech 
companies developing antibody-based and immuno-oncology 
drugs, including AbbVie, Roche, Pfizer/SeaGen, Genmab, and 
others targeting the same molecular pathways.
Market trends
Alligator assesses that the need and demand for novel 
immunotherapy drugs will increase moving forward. The 
main market trends identified by Alligator are as follows:
 • Growing number of applications for 
immunotherapy:
Alligator’s assessment is that immunotherapies 
have a potential to revolutionize cancer treatment. 
Immunotherapies were first used to treat malignant 
melanoma, but as of today, they are approved for 
numerous kinds of cancers, including kidney, head and 
neck, gastric, lung and bladder cancer as well as lymphoma.
 • The need for combination therapies:
Although the emergence of immunotherapies has 
significantly improved cancer treatments over the past 
decade, only 15-25% of patients experience a lasting 
clinical effect with current treatments. To improve the 
result of treatments, combination therapies, which 
combine different treatment modalities, have become the 
cornerstone of cancer treatment. Alligator believes that the 
scope of combination therapies will increase significantly 
during the next couple of years. With its unique effect and 
safety profile, Alligator’s antibody drugs are very well suited 
for combination therapies.
Market overview, cont.
 • Partnerships between pharmaceutical companies: 
Partnerships are increasing between Big Pharma and 
small research-based biotechnology and pharmaceutical 
companies in drug discovery and development. The cost 
of drug development is high, which is why small research-
based pharmaceutical companies often choose to license 
their products to Big Pharma before large-scale clinical 
studies are carried out. Big Pharma then carries out the 
clinical studies that are required and commercialize the 
drug in the global market. This streamlines the product 
development process from concept to commercialization 
and distributes the risks between the parties. The research-
based biotechnology and pharmaceutical companies also 
receive early returns in terms of upfront and milestone 
payments linked to development. In addition, licensing 
contracts usually entitle the small companies to sales-
related milestone payments and royalties on sales, which 
secures long-term revenues. 
 • Demographic trend: 
Driven by demographic trends such as population 
aging in developed countries and rising incomes along 
with improved access to, and more widespread use of, 
drugs in emerging markets, Alligator expects the total 
pharmaceutical market to grow.
 • Increased expenditure and investment: 
In the years ahead, Alligator expects that expenditure will 
increase, especially in developed countries, due to higher 
costs for drugs in novel and expensive therapies and a 
higher price per product in some countries. In addition, 
development in, for example, developing countries 
is expected to increase in the years ahead, due to 
improvements in social safety nets and private insurance.
 • Improved access to medicines: 
Alligator assesses that global access to medicines 
will increase. The increase will be driven by a more 
considerable use of more expensive, patented original 
drugs in developed countries, more widespread use of 
cheaper alternatives when patents expire and improved 
access to medicines in developing countries.

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| Alligator Bioscience AB | Interim report January – March 2025 Introduction
Operations
Alligator believes that for a company like Alligator, economic value is mainly created 
by out-licensing drug candidates at clinical study stage. Final Phase 3 clinical 
development as well as marketing and sales is foreseen to primarily be undertaken by 
Alligator’s partners.
Discovery strategy and technology 
platform 
Alligator has developed tumor-directed immunotherapies 
with a focus on active therapies that provide long-lasting 
tumor-specific immunity. The technologies form the basis for 
all drug candidates in our pipeline. Alligator’s technologies and 
know-how provide additional value-creating opportunities 
through potential collaboration and licensing agreements 
with third parties.
Preclinical development strategy 
The preclinical studies carried out at Alligator have evaluated 
the safety and toxicity of the antibodies and increased 
Alligator’s understanding of the mechanism of action in more 
complex systems. The latter is crucial for the design of clinical 
studies. Preclinical studies are required for permission to 
commence clinical studies, and something that Alligator 
transfers to external parties in the event of a need for 
additional activities.
Manufacturing
Alligator entrusts the production of clinical trial materials to 
Contract Development and Manufacturing Organizations 
(CDMOs), an approach that enables Alligator to leverage 
specialized expertise and advanced technology and ensures 
both efficient and high-quality development processes. 
Alligator works continuously with manufacturing related 
issues throughout the entire development process. Alligator 
is ultimately responsible of the manufacturing conducted by 
a CDMO.
Clinical development strategy
Alligator has the expertise and capacity to design and conduct 
clinical studies up to and including clinical proof-of-concept 
in Phase 2. Alligator also has the medical and regulatory 
expertise and ability to analyze clinical data in preparation 
for late-phase clinical studies. The operational aspects of the 
clinical development process have been contracted to Clinical 
Research Organizations (CRO), which also makes it possible to 
conduct clinical studies in several different countries. Alligator 
is continuously involved in all clinical development steps. 
Alligator is ultimately responsible for all work performed by 
a contracted CRO.
Business development strategy
Alligator conducts business development to generate non-
dilutive income for the shareholders through out-licensing of 
antibodies and drug candidates, mainly in the preclinical or 
clinical phase, or further development through collaboration.

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| Alligator Bioscience AB | Interim report January – March 2025 Introduction
Sustainability at Alligator
We believe our commitment to sustainability, transparency and diversity drives 
our immuno-oncology innovation. From sustainable operations to fostering an 
inclusive culture, we are working towards our common goal of delivering best-in-class 
treatments for patients with hard-to-treat cancers.
Sustainable operations meeting high 
standards
Alligator is deeply committed to corporate responsibility 
and sustainability, integrating these principles into our daily 
operations. We strive to exceed established requirements 
in ecological, social, and economic sustainability. Our efforts 
include monitoring and reducing our environmental footprint, 
updating travel policies for reduced CO2 emissions, and 
integrating ESG and DEI objectives into our corporate goals.
Contributing to global sustainable 
development
Aligned with the United Nations’ Sustainable Development 
Goals, we actively contribute to goals 3, 5 and 8, focused 
on good health and well-being, gender equality, and decent 
work and economic growth. As a company developing 
immuno-oncology drugs, we prioritize patient health, foster 
an inclusive and diverse workplace, and uphold fair working 
conditions essential for innovation and growth.
Transparency and engagement with 
stakeholders
Alligator values transparency and actively engages with 
stakeholders. Through our website, social media channels, 
and press releases, we provide up-to-date information 
tailored to various levels of expertise. Our commitment to 
corporate responsibility is evident through our Nasdaq ESG 
Transparency Partner certification and our dedication to 
providing clear governance.
Fostering a supportive work environment
At Alligator, we cultivate an environment where dedicated 
employees thrive. Our clinical-stage biotechnology company 
attracts leading expertise by offering growth opportunities, 
academic recognition, and a supportive team spirit. With 
a focus on diversity and inclusion, we aim to create equal 
opportunities for all employees, as reflected in our rankings 
on equality reports and diversity indices.
Core values and internal career 
development
Our organizational culture is guided by four core values: 
collaboration, curiosity, trust, and accountability. These values 
shape how we operate and interact to achieve our vision. We 
prioritize internal career development, offering opportunities 
for employees to grow within Alligator. Our commitment to 
diversity, equity, and inclusion is embedded in our DEI policy, 
fostering innovation in a psychologically safe environment.
By maintaining high standards of sustainability, engaging 
with stakeholders transparently, fostering a supportive work 
environment, and prioritizing diversity and inclusion, Alligator 
continues to drive innovation and success in immuno-
oncology.

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| Alligator Bioscience AB | Interim report January – March 2025 Introduction
Project portfolio – mitazalimab
Mitazalimab is a CD40-targeting stimulatory antibody that activates dendritic cells—
key players in initiating anti-tumor immune responses. By enhancing dendritic cell 
function, mitazalimab enables a more effective, tumor-specific activation of  
T cells. Preclinical studies have shown robust immune activation, long-lasting tumor 
immunity, and potential for use across multiple cancer types and in combination with 
chemotherapy, vaccines, and checkpoint inhibitors.
Early clinical results for mitazalimab has confirmed its safety 
and tolerability, as well as provided biomarker evidence of 
immune activation. These findings supported the design of 
the ongoing Phase 2 study, OPTIMIZE-1.
OPTIMIZE-1 – a Phase 3-enabling study
OPTIMIZE-1 is an open-label, multi-center Phase 2 trial 
evaluating mitazalimab in combination with mFOLFIRINOX 
in previously untreated metastatic pancreatic cancer. 
Data from 57 patients have shown that the combination 
delivers significant and sustained survival benefits over 
standard chemotherapy alone. In February 2025, Alligator 
reported continued encouraging overall survival benefit for 
mitazalimab from the 24-month follow-up in OPTIMIZE-1 – a 
follow-up time that sets the candidate apart from many other 
drugs in clinical evaluation.
Recently published results:
 • The survival rate at 24 months was 29.4% in patients 
treated with mitazalimab in combination with 
mFOLFIRINOX, a threefold increase compared to the 
estimated 8% for chemotherapy FOLFIRINOX alone16. 
 • Median Overall Survival (mOS) was 14.9 months17, a 
strong outcome compared to 11.1 months reported for  
FOLFIRINOX16 and more recently for NALIRIFOX18.
 • At the analysis cutoff at 24 months, 16 patients (28%) 
were still alive, and 5 (9%) remained on treatment. The 
longest ongoing treatment duration was 32 months.
 • The confirmed Objective Response Rate (ORR) was 42.1  
percent17, aligning well with the reported ORR of 31.6% 
in a similar patient population treated with FOLFIRINOX 
alone16, and the 42% ORR reported for NALIRIFOX18. The 
unconfirmed ORR was 54.4% among the 57 patients 
evaluated17.
Driving long-term survival in pancreatic cancer
 • Median Duration of Response (DoR) was 12.6 months17, 
which was confirmed at the 24-month analysis — 
an exceptional result in this aggressive disease, 
significantly longer than the 5.9 months reported for 
FOLFIRINOX16 and 7.3 months reported for NALIRIFOX18.
Mitazalimab received orphan drug designation for pancreatic 
cancer in both the U.S. (May 2023) and EU (August 2023).
Regulatory progress and Phase 3 
readiness
Based on guidance from the FDA and European regulators, 
Alligator has established a clear regulatory path forward, 
confirming OPTIMIZE-1 as a Phase 3-enabling study. In 
response to FDA input, an additional 450 µg/kg dose cohort 
was added to support dose characterization.
Top-line results from this cohort, reported in February 2025, 
further validated the 900 µg/kg dose as optimal for Phase 3.
In Q4 2024, a CMC interaction with the FDA confirmed that 
Alligator’s completed and planned work supports Phase 
3 progression. Manufacturing of GMP material has been 
initiated accordingly.
At the FDA’s End-of-Phase 2 meeting in January 2025, the 
proposed global Phase 3 design received alignment from 
both the FDA and German Paul Ehrlich Institute as a basis for 
future BLA and MAA submissions.
Next steps
Alligator is preparing to initiate the global Phase 3 trial in H2 
2025, with potential for accelerated approval. Partnership 
discussions are ongoing to support execution of this pivotal 
study.  To strengthen these efforts, Alligator has engaged a 
global transaction advisor with deep experience and a proven 
track record in oncology to actively support the partnering 
process.
References
16. N Engl J Med 2011; 364:1817-1825; DOI: 10.1056/NEJMoa1011923. 
17. Lancet Oncol. 2024 Jul;25(7):853-864; DOI. 10.1016/S1470-2045(24)00263-8.
18. Lancet. 2023 Oct 7;402(10409):1272-1281; DOI: 10.1016/S0140-6736(23)01366-1.

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| Alligator Bioscience AB | Interim report January – March 2025 Introduction
Project portfolio – ATOR-4066
ATOR-4066 is a bispecific antibody developed by Alligator within the Neo-X-Prime™ 
concept as a sequel to mitazalimab. In addition to CD40, ATOR-4066 targets CEACAM5 
(carcino-embryonic antigen 5). CEACAM5 is a protein found in certain tumors, for 
example colorectal cancer, but not at all or in low amounts in normal tissue, which 
makes it an attractive target molecule for cancer treatment.
Background
Preclinical data show that ATOR-4066 selectively activates 
dendritic cells and T cells in material from human tumors, and 
that this activation is dependent on CEACAM5- expression 
in the tumor. Moreover, data from experimental models 
demonstrate that the molecule activates the immune 
system and protects against tumors. These results have 
been published in the peer-reviewed journal Journal for 
ImmunoTherapy of Cancer.19
a next generation bispecific CD40-agonist
Project progress
The mechanism and potential of ATOR-4066 was 
strengthened further during the data published at SITC in 
November 2024 showing that ATOR-4066 alone can eliminate 
large tumors with heterogenous CEACAM5-expression, 
thereby limiting tumor-escape mechanisms and forming the 
basis for single agent use of the molecule in certain cancers. 
Based on these positive data, Alligator expects to initiate CMC 
process development and other IND-enabling activities for 
ATOR-4066 as soon as possible, dependent on operational 
and financial capability.
In January 2024, the USPTO granted the first US patent for 
ATOR-4066.
Project portfolio – ALG.APV-527
ALG.APV-527 is a bispecific antibody co-developed by Alligator and Aptevo 
Therapeutics since 2017. The molecule is a T-cell engager which combines a tumor-
targeting domain (5T4) and an immunostimulatory domain (4-1BB), designed to 
activate immune cells only upon simultaneous binding to both targets—ensuring 
tumor-specific activity and minimizing off-target effects.
Background
5T4 is a protein expressed on several solid tumors, including 
triple-negative breast cancer and renal cell carcinoma.  
ALG.APV-527 stimulates both T cells and NK cells in the tumor 
microenvironment, supporting a strong immune response 
while maintaining a favorable safety profile.
The antibody was developed using Alligator’s ALLIGATOR-
GOLD® library and optimized with Aptevo’s ADAPTIR™ 
platform. The partners share ownership and development 
costs equally under a 50/50 agreement.
Preclinical data, published in Molecular Cancer Therapeutics, 
demonstrated potent tumor-specific immune activation, 
immunologic memory, and a strong safety profile with no 
systemic immune activation or liver toxicity.
a tumor-directed bispecific antibody
Clinical progress
In 2023, the first patient was dosed in a Phase 1 study 
evaluating safety and preliminary efficacy in patients with 5T4-
expressing tumors. Interim data announced in March 2024 
showed a favorable safety and pharmacokinetics profile, along 
with early signs of efficacy in heavily pretreated breast cancer 
patients. By Q4 2024, the study met key endpoints including 
adequate exposure, safety, tolerability, and biological activity. 
The companies are currently evaluating the next steps for the 
program.
These results support further clinical development of  
ALG.APV-527 as a promising tumor-targeted immunotherapy 
with the potential for improved efficacy and reduced side 
effects.
References
19. J Immunother Cancer. 2022 Nov;10(11):e005018. DOI: 10.1136/jitc-2022-005018.

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| Alligator Bioscience AB | Interim report January – March 2025 Introduction
Collaborations and  
out-licensing agreements
HLX22 – Agreement with 
Abclon, Inc.
Through its subsidiary Atlas Therapeutics AB, Alligator holds 
a participating interest in the clinical Biosynergy (HLX22) 
project, run by the Korean company AbClon Inc. The HER2 
antibody AC101 is currently being developed by the Chinese 
company Shanghai Henlius Biotech Inc., which expanded its 
rights to encompass a global license for development and 
commercialization in 2018. 
Alligator incurs no overheads for this project but is entitled 
to 35% of the revenue received by AbClon Inc. from out-
licensing to Shanghai Henlius Biotech Inc. In previous financial 
years, Alligator has received two milestone payments totaling 
USD 3 million.
HLX22 entered into Phase 2 clinical development in gastric 
cancer during Q3 2021, a study that is expected to be 
completed in December 2025. In Q4 2022, Shanghai Henlius 
Biotech Inc. announced the Chinese IND approval for a 
second Phase 2 clinical study of HLX22 in gastric cancer. In 
September 2024, Shanghai Henlius Biotech Inc. reported 
updated Phase 2 clinical data for HLX22 at the 2024 ESMO 
Gastrointestinal Cancers Congress, showing that HLX22 in 
combination with trastuzumab (HLX02) and chemotherapy 
significantly prolonged progression-free survival and led 
to an increased antitumor response in patients with HER2-
positive gastric cancer. An additional IND for a multicenter 
Phase 3 study of HLX22 in combination with trastuzumab and 
chemotherapy was approved by the US FDA in May 2024, in 
which the first patient was dosed in Q4 2024.
Biotheus, Inc.
In August 2019, an agreement was concluded with the 
Chinese company Biotheus Inc, who obtained the Chinese 
rights (China, Hong Kong, Taiwan and Macao) to an antibody 
from the ALLIGATOR-GOLD ® library. Under the agreement, 
Alligator is entitled to potential upfront payments and future 
milestone and license option payments totaling USD 142 
million. To date, Alligator has received upfront payments of 
about USD 1 million, for events such as positive results after 
an initial evaluation period.

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

12
| Alligator Bioscience AB | Interim report January – March 2025 Introduction
The Alligator share
The total number of outstanding shares and votes in Alligator 
is 16,905,477 (post reverse split made on 7 April 2025 and 
redemption of all outstanding series C-shares). 
Warrants series TO 12 and TO 13
Following the reverse split, one thousand (1,000) warrants 
series TO 12 entitles the holder the right to subscribe for 
one (1) new ordinary share in Alligator at a subscription price 
corresponding to seventy (70) % of the volume-weighted 
average price of Alligator’s ordinary share on Nasdaq 
Stockholm during the period from and including 11 April 
2025 up to and including 28 April 2025, however not lower 
than the quota value of the share, SEK 0.80, and not higher 
than SEK 12.50. Subscription of ordinary shares by exercise of 
warrants series TO 12 shall be made during the period from 
and including 5 May 2025 up to and including 19 May 2025. 
In total, 19,645,769,260 warrants series TO 12 is outstanding, 
equivalent to 19,645,769 new ordinary shares, if fully 
subscribed. TO 12 is subject to trading up until 15 May 2025.
Following the reverse split, one thousand (1,000) warrants 
series TO 13 entitles the holder the right to subscribe for 
one (1) new ordinary share in Alligator at a subscription price 
corresponding to seventy (70) % of the volume-weighted 
average price of Alligator’s ordinary share on Nasdaq 
Stockholm during the period from and including 14 August 
2025 up to and including 27 August 2025, however not lower 
than the quota value of the share, SEK 0.80, and not higher 
than SEK 12.50. Subscription of ordinary shares by exercise 
of warrants series TO 13 shall be made during the period 
from and including 1 September 2025 up to and including 
15 September 2025. In total, 9,822,884,630 warrants series 
TO 13 is outstanding, equivalent to 9,822,884 new ordinary 
shares, if fully subscribed.
Before the reverse split
The EGM on 13 January 2025 resolved to carry out a rights 
issue of units (ordinary shares and warrants, series TO 12 
and 13). In total, 1,530,016,926 units were subscribed for 
in February 2025. Proceeds of SEK 153 million were raised 
before issue costs, repayment of bridge loans and repayment 
of outstanding loans and convertibles to Fenja Capital (these 
repayments amounted to approximately SEK 108 million in 
total, including accrued interest). Furthermore, in conjunction 
with the rights issue of units, Alligator issued 3,500,000,000 
warrants series TO 12 and 1,750,000,000 warrants TO 13 
free of charge as part of the refinancing agreement with 
Fenja Capital. Finally, Alligator issued 84,560,000 units to the 
guarantors who have chosen to receive their guarantee fee in 
the form of units.
In total, 1,498,157 ordinary shares were subscribed for in 
December 2024 in relation to warrants series TO 9. Proceeds 
of SEK 0.8 million were received on 30 December 2024 but 
the ordinary shares were registered in January 2025.
The Alligator share in brief 31 March 2025,  
before reverse split
Listed on: Nasdaq Stockholm Small Cap
Number of shares: 16,906,256,503 ordinary shares
Average turnover  
per day:
Approximately 3,368,393 
(preceding quarter: approx. 3,514,310)
Number of  
shareholders:
15,974  
(preceding quarter: 11,891) 
Market capitalization: SEK 117 million 
(preceding quarter: approx. SEK 189 million)
Ticker: ATORX
ISIN: SE0000767188
Swedish, 74%
Foreign, 26%
Swedish and foreign ownership
Largest shareholders, 31 March 2025, 
before reverse split
Shareholder No of Shares %
Avanza Pension 1,444,878,647 8.6%
Roxette Photo SA 1,000,000,000 5.9%
Nordnet Pensionsförsäkring 841,652,310 5.0%
Johan Zetterstedt 619,400,000 3.7%
Sbakkejord AS 580,000,000 3.4%
Pearla Gem Ltd 250,000,000 1.5%
Koncentra Holding AB  
(Part of Allegro Investment Fund) 249,948,629 1.5%
Magnus Petersson 224,174,975 1.3%
Zetterstedt Holding AB 218,500,000 1.3%
Thomas Kreutzfeldt 198,142,825 1.2%
Other shareholders 11,279,559,117 66.7%
Total number of shares 16,906,256,503 100.0%
Alligator’s owner structure is updated regularly on Alligator’s website:  
www.alligatorbioscience.com
Source tables and figures: Modular Finance AB. Compiled and processed data from various 
sources, including Euroclear, Morningstar and the Swedish Financial Supervisory Authority 
(Finansinspektionen).

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

13
| Alligator Bioscience AB | Interim report January – March 2025 Introduction
Alligator warrant programs
After the reverse split
The EGM on 27 March 2025 resolved to carry out a reverse 
split of Alligator’s ordinary shares (1:1,000) and to reduce the 
share capital to cover loss by redemption of all outstanding 
779,169 series C-shares, held by Alligator. This means that the 
quota value per share has increased from SEK 0.0008 to SEK 
0.8. 
Share-based incentive programs 
Alligator has issued warrants under three warrant programs 
including employees and three warrant programs including 
certain board members. Please note that all information 
below is post reverse split.
Warrant program LTI 2022-I/2022-II
The Annual General Meeting held 2022 resolved to implement 
a warrant program for employees and certain board members 
(“LTI 2022-I/LTI 2022-II”). After recalculation due to completed 
rights issues during 2023, 2024 and 2025 the subscription 
price has been recalculated to SEK 77.61 per share. Each 
warrant is entitled to 0.0436 shares. If all warrants LTI 2022-I/ 
LTI 2022-II are exercised a total of 122,022 new ordinary 
shares will be issued, which corresponds to a dilution of 
approximately 0.7%. All warrants have been transferred to 
the participants at fair market value.
Warrant program LTI 2023-I/2023-II
The Annual General Meeting held 2023 resolved to implement 
a warrant program for employees and certain board members 
(“LTI 2023-I/LTI 2023-II”). After recalculation due to completed 
rights issues during 2024 and 2025 the subscription price 
has been recalculated to SEK 32.03 per share. Each warrant is 
entitled to 0.0331 shares. If all warrants LTI 2023-I/LTI 2023-
II are exercised a total of 209,468 new ordinary shares will 
be issued, which corresponds to a dilution of approximately 
1.2%. All warrants have been transferred to the participants 
at fair market value.
Warrant program LTI 2024-I/2024-II
The Annual General Meeting held 2024 resolved to implement 
a warrant program for employees and certain board 
members (“LTI 2024-I/LTI 2024-II”). After recalculation due 
to completed rights issue during 2025 the subscription price 
has been recalculated to SEK 51.11 per share. Each warrant is 
entitled to 0.0331 shares. If all warrants LTI 2024-I/LTI 2024-
II are exercised a total of 105,727 new ordinary shares will 
be issued, which corresponds to a dilution of approximately 
0.6%. All warrants have been transferred to the participants 
at fair market value.

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

14
| Alligator Bioscience AB | Interim report January – March 2025 Introduction
Other information
Review 
This report has not been reviewed by Alligator’s auditor.
Employees 
The number of employees in the Group at the end of the 
quarter was 33 (55), including employees under notice period. 
Of these, 12 (16) were men and 21 (39) were women. Of the 
total number of employees at the end of the quarter 11 (46) 
were employed within research and development.
Financial calendar 
Alligator intends to publish its financial reports according to 
the following:
 • Interim report January – June 2025: 10 July 2025
 • Interim report January – September 2025: 23 October 
2025
 • Year-end report 2025: 12 February 2026
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 2024.
Conflicts in the world
Many wars and conflicts are raging around the world, 
resulting in enormous 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 Group’s ability to finance clinical 
trials in the future. The conflict between Israel and Palestina 
has been going on for decades and has flared up many times 
over the years. Recently, the violence has escalated and 
caused enormous suffering. Some other countries around 
the world are also at war right now.
The Group has no direct business in, nor does it conduct any 
clinical studies in affected countries but sees that the Group 
will suffer from increased raw material and energy prices, 
which in turn will translate into increased prices for goods 
and services.
Cyber security
Cyber-attacks have become a significant threat in society and 
for Alligator, which is dependent on IT support in its daily 
operations. The Group has ongoing work to ensure that the 
Group is well prepared to counter cyber-attacks and other 
types of intrusion.
Statement of financial position 
Cash and cash equivalents comprised of bank balances and 
totaled SEK 28,853 (40,022) at the end of the period. Alligator 
works continuously to secure financing of the operation. This 
includes new licensing agreements with upfront payments 
as well as other financing alternatives. Alligator completed a 
rights issue in February 2025. Following the completion of the 
rights issue of units (ordinary shares and warrants series TO 
12 and TO 13), it is Alligator’s assessment that there is funding 
for 2025, provided that the two warrant programs in 2025 
are subscribed to at least the expected extent. However, this 
means that as of the date of this quarterly report, Alligator’s 
funding for 2025 is not secured.
The Board has noted that the equity is below half of the 
registered share capital. Alligator has considered the 
provisions in Chap. 25 in the Swedish Companies Act and 
and concluded that Alligator has large surplus values in 
primarily the mitazalimab project that good margin exceeds 
the deficiency in equity. Thus, no actual deficiency in equity 
exists that requires the Board to prepare a balance sheet for 
liquidation purposes
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 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.
Registered trademarks 
FIND®, ALLIGATOR-GOLD ®, RUBY ® and Neo-X-Prime ® 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
Johan Giléus, CFO  
Email: johan.gileus@alligatorbioscience.com 
Phone: +46 46 540 82 00 
Alligator Bioscience AB (publ) 556597-8201
Medicon Village 
223 81 Lund, Sweden 
Phone: +46 46 540 82 00  
www.alligatorbioscience.com

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

15
| Alligator Bioscience AB | Interim report January – March 2025 Financial statements
Financial statements
Unless otherwise stated in this interim 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 the corresponding period in 2024. 
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.

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

16
| Alligator Bioscience AB | Interim report January – March 2025 Financial statements
Consolidated Income statement
2025 2024 2024
All amounts KSEK unless specified Note Jan-Mar Jan-Mar Jan-Dec
Operating income
Net sales 5 - 6,977 57,767
Other operating income 5 5,178 508 1,945
Total operating income 5,178 7,486 59,712
Operating costs
Other external costs -26,943 -43,026 -167,207
Personnel costs -19,321 -20,979 -70,428
Depreciation and impairment of tangible assets and intangible assets -1,119 -2,526 -48,729
Other operatings expenses -1,462 -591 -2,489
Total operating costs -48,845 -67,122 -288,853
Operating profit/loss -43,667 -59,636 -229,141
Financial items
Interest income and similar income statement items 49,106 506 15,594
Interest expense and similar income statement items -13,786 -3,621 -20,343
Net financial items 35,320 -3,115 -4,749
Profit/loss before tax -8,347 -62,752 -233,890
Tax on profit for the period - - -
Profit for the period attributable to Parent Company shareholders -8,347 -62,752 -233,890
Earnings per share
Earnings per share before and after dilution, SEK -1,11 -95,37 -318,53
Net Sales
The collaboration agreement with Orion Corporation ended during 2024, which means that the Group has no net sales during the first quarter.
Other operating income
Other operating income for the quarter comprises primarily of income related to the sale of tangible assets, government grants and operational 
exchange gains.
Operating costs
Operating costs are lower compared to the same period previous year and are mainly due to lower costs in mitazalimab OPTIMIZE-1 study that had its 
peak patient recruitment last year. External costs for mitazalimab amounted to SEK 21,854 thousand (23,799) during the first quarter of the year. These 
costs are driven by Phase 3-enabling activities, e.g. production of study material and costs for the ongoing OPTIMIZE-1 study.
Financial items
Financial income relates to fair value adjustment of the financial debt relating to the warrant series TO 12 and TO 13, which were part of the rights issue 
of units in February 2025. TO 12 and TO 13 were issued free of charge.
Financial expenses include primarily interest expenses and amortized cost related to external short-term loans.
Consolidated Statement of comprehensive income
2025 2024 2024
All amounts KSEK Note Jan-Mar Jan-Mar Jan-Dec
Profit/loss for the period -8,347 -62,752 -233,890
Other comprehensive income - - -
Comprehensive income for the period -8,347 -62,752 -233,890

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

17
| Alligator Bioscience AB | Interim report January – March 2025 Financial statements
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 
(HLX22). 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 27,865 thousand (17,949). Significant estimates and judgments are described in 
Note 3 and Note 18 of the Annual report for 2024. Regarding the acquired participation in development project, the conditions for the project have 
improved and the probability that the drug candidate will achieve milestones and incur royalties have increased. Part of the previous impairment was 
thus reversed during 2024.
Right of use assets
At the end of the period, right of use assets amounted to SEK 2,376 thousand (15,343). Right of use assets pertain to leases for offices and laboratories, 
machines and vehicles.  
In June 2022 Alligator entered into a lease contract with Medicon Village for lab and office premises valid from December 2024 with a contract period 
of 5 years. The new contract has increased the right of use assets by approximately SEK 40.4 million based on the use of the contract period without 
extension and replaces the previous contract with Medicon Village regarding lab and office premises. Impairment of 100% of the right of use asset has 
been accounted for since the move to the new premises has been cancelled, due to the restructuring of the operations now completed by the Group. 
In February 2025, Alligator entered into a 3 year lease contract with Medicon Village for limited office premises.
Cash and cash equivalents
Cash and cash equivalents consist of bank balances, SEK 28,853 thousand (40,022). 
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.
Consolidated statement of financial position
All amounts in KSEK Note 2025-03-31 2024-03-31 2024-12-31
ASSETS
Fixed assets
Intangible assets
Participations in development projects 3 27,865 17,949 27,865
Softwares - 10 -
Tangible assets
Right of use assets 2,376 15,343 1,267
Equipment, machinery and computers 334 2,449 1,754
Financial assets
Other long term financial fixed assets 6 1,942 2,063 2,056
Total fixed assets 32,517 37,813 32,942
Current assets
Current receivables
Accounts receivable 6 60 756 518
Other receivables 6 3,849 4,246 3,842
Prepayments and accrued income 3,522 4,939 2,726
Cash and cash equivalents  6 28,853 40,022 64,310
Total current assets 36,284 49,963 71,396
TOTAL ASSETS 68,801 87,776 104,338

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

18
| Alligator Bioscience AB | Interim report January – March 2025 Financial statements
Consolidated Statement of financial position
All amounts in KSEK Note 2025-03-31 2024-03-31 2024-12-31
EQUITY AND LIABILITIES
Equity
Share capital 13,525 527 607
Paid in, non-registered new share issue - - 824
Other capital contributions 1,173,473 1,055,216 1,145,709
Retained earnings and profit/loss for the period -1,286,074 -1,106,632 -1,277,728
Equity attributable to Parent Company shareholders -99,076 -50,889 -130,588
Non-current provisions and liabilities
Lease liabilities 6 32,384 5,384 33,475
Total non-current provisions and liabilities 32,384 5,384 33,475
Current liabilities
Accounts payable 6 7,823 5,454 3,952
Other liabilities 6 85,986 60,549 140,643
Lease liabilities 6 9,478 8,559 10,097
Accrued expenses and deferred income 6 32,206 58,718 46,759
Total current liabilities 135,494 133,281 201,451
TOTAL EQUITY AND LIABILITIES 68,801 87,776 104,338
EQUITY AND LIABILITIES
Equity
Equity at the end of the period amounted to SEK -99,076 thousand (-50,889), corresponding to an equity ratio of -148 (-58) %. The total number of 
shares outstanding in Alligator amounts to 16,906,257 ordinary shares (post the reverse split).
Equity per share before potential dilution
At the end of the period, equity per outstanding share amounted to SEK -5.86 (-77.34), before dilution. 
Lease liabilities and loans
Lease liabilities pertain to leases for lab and offices, machines and vehicles. At the end of the period long- and short-term lease liabilities amounted to 
SEK 41,862 thousand (13,943). 
The Group has, in connection with the rights issue, renegotiated the outstanding loan and convertibles from Fenja Capital, which were originally raised 
in June 2024. As part of the renegotiation, the Group has paid SEK 45 million for repayment of the convertibles and parts of the outstanding loan. After 
the repayments, SEK 35 million is outstanding under the new loan facility and is recognized at amortized cost. In connection with the renegotiation, the 
Group has  issued warrants series TO 12 and TO 13 to Fenja Capital, free of charge.
A financial debt of SEK 63.0 million relating to all outstanding warrants series TO 12 and TO 13 is initially recognized at fair value mainly through equity 
and is subsequently recognized at fair value through the income statement.
Accrued expenses and deferred income
At the end of the period, accrued expenses and deferred income amounted to SEK 32,206 thousand (58,718). Expenses pertains to accrued expenses 
for clinical activities, personnel and other expenses. Accrued costs are lower compared to the same period last year and are mainly due to lower patient 
costs for mitazalimab OPTIMIZE-1 study and costs related to Phase 1 study for ALG.APV-527.

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

19
| Alligator Bioscience AB | Interim report January – March 2025 Financial statements
Consolidated Statement of changes in equity, in summary
2025 2024 2024
All amounts in KSEK Jan-Mar Jan-Mar Jan-Dec
Opening balance -130,588 11,855 11,855
Issue 161,458 - 97,082
Less financial debt TO 12/13 -92,007 - -
Paid in, non-registered new share issue - - 824
Transaction costs -29,592 - -7,523
Warrants - - 1,060
Effect of share-based payments personnel - 17 59
Repurchase of warrants - -8 -53
Profit/loss for the period -8,347 -62,752 -233,890
Closing balance -99,076 -50,889 -130,588

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

20
| Alligator Bioscience AB | Interim report January – March 2025 Financial statements
Consolidated Statement of cash flows
2025 2024 2024
All amounts in KSEK Jan-Mar Jan-Mar Jan-Dec
Operating activities
Operating profit/loss -43,667 -59,636 -229,141
Adjustments for items not generating cash flow
Depreciation and impairments 1,120 2,526 48,729
Effect from warrant program - 17 59
Other items, no impact on cash flow -734 -78 -70
Interest received 120 506 1,429
Interest paid -11,729 -3,621 -4,041
Tax paid - - -
Cash flow from operating activities before changes in working capital -54,890 -60,287 -183,035
Changes in working capital
Change in operating receivables -345 2,129 4,948
Change in operating liabilities -1,565 -24,634 -34,339
Cash flow from operating activities -56,799 -82,792 -212,426
Investing activities
Acquisition of tangible assets -1,461 - -
Divestment of property, plant and equipment 3,667 - -
Cash flow from investing activities 2,206 - -
Financing activities
Amortization of leasing liabilities -3,072 -2,154 -8,286
Amortization of installment purchase - - -
Loan -97,050 58,793 135,000
Set up fee -2,250 - -6,750
New share issue 151,908 - 97,082
Paid in, non-registered new share issue - - 824
Transaction costs -29,592 - -7,523
Warrants - - 977
Repurchase of warants - -8 -53
Divestment of other short term investments - - -
Cash flow from financing activities 19,944 56,632 211,272
Cash flow for the period -34,650 -26,160 -1,154
Cash and cash equivalents at beginning of period 64,310 66,118 66,118
Exchange rate differences in cash and cash equivalents -808 64 -653
Cash and cash equivalents at end of period 28,853 40,022 64,310
Investments 
Investments during the first quarter amount to SEK 1,461 thousand (0). Sale of equipment during the first quarter amount to SEK 3,667 thousand (0).
Cash flow for the period
Cash flow for the first quarter totaled SEK -34,650 thousand (-26,160). The new share issue together with the repayments of loans had a positive net 
cash flow effect of SEK 23,016 thousand during the period.

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

21
| Alligator Bioscience AB | Interim report January – March 2025 Financial statements
Parent company income statement
2025 2024 2024
All amounts in KSEK Note Jan-Mar Jan-Mar Jan-Dec
Operating income
Net sales 5 - 6,977 57,767
Other operating income 5 5,178 508 1,945
Total operating income 5,178 7,486 59,712
Operating costs
Other external costs -37,959 -45,209 -220,859
Personnel costs -19,321 -20,979 -70,428
Depreciation and impairment of tangible assets and intangible assets -62 -256 -961
Other operatings expenses -1,462 -591 -2,489
Total operating costs -58,803 -67,035 -294,737
Operating profit/loss -53,625 -59,550 -235,025
Results from financial items
Impairment of investments in subsidiaries 3 - - 7,865
Interest income and similar income statement items 49,106 506 11,170
Interest expense and similar income statement items -13,045 -3,534 -15,458
Net financial items 36,061 -3,029 3,577
Profit/loss after financial items -17,565 -62,578 -231,448
Appropriations
Group contribution received - - 446
Total appropriations - - 446
Result before tax -17,565 -62,578 -231,002
Tax on profit for the year - - -
Profit/loss for the period -17,565 -62,578 -231,002
Parent company Statement of comprehensive income
2025 2024 2024
All amounts in KSEK Note Jan-Mar Jan-Mar Jan-Dec
Profit/loss for the period -17,565 -62,578 -231,002
Other comprehensive income - - -
Profit/loss for the year -17,565 -62,578 -231,002

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

22
| Alligator Bioscience AB | Interim report January – March 2025 Financial statements
Parent company Balance sheet
All amounts in KSEK Note 2025-03-31 2024-03-31 2024-12-31
ASSETS
Fixed assets
Intangible assets
Software - 10 -
Total intangible assets - 10 -
Tangible assets
Equipment, machinery and computers 334 2,449 1,754
Total tangible assets 334 2,449 1,754
Financial assets
Participations in Group companies 3 28,159 20,294 28,159
Other long-term financial fixed assets 1,942 2,063 2,056
Total financial assets 30,101 22,357 30,215
Total fixed assets 30,435 24,815 31,969
Current assets
Current receivables
Accounts receivables 60 756 518
Receivables from Group companies 1,644 1,199 1,644
Other receivables 3,846 4,244 3,840
Prepayments and accrued income 4,964 7,352 4,336
Total current receivables 10,515 13,552 10,338
Other short-term investments - - -
Cash and bank deposits 26,808 38,427 62,262
Total current assets 37,323 51,978 72,599
TOTAL ASSETS 67,758 76,793 104,568

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23
| Alligator Bioscience AB | Interim report January – March 2025 Financial statements
Parent company Balance sheet
All amounts in KSEK Note 2025-03-31 2024-03-31 2024-12-31
EQUITY AND LIABILITIES
Equity
Restricted equity
Share capital 13,525 527 607
Paid in, non-registered new share issue - - 824
Total restricted equity 13,525 527 1,431
Non-restricted equity
Share premium reserve 1,172,317 1,054,452 1,144,552
Retained earnings -1,271,680 -1,040,721 -1,040,678
Profit/loss for the period -17,565 -62,578 -231,002
Total non-restricted equity -116,928 -48,847 -127,128
Total equity -103,403 -48,320 -125,697
Provisions
Other provisions 45,146 - 38,679
Total other provisions 45,146 - 38,679
Current liabilities
Accounts payable 7,823 5,454 3,952
Other liabilities 85,986 60,549 140,643
Accrued expenses and deferred income 32,206 59,110 46,991
Total current liabilities 126,015 125,114 191,586
TOTAL EQUITY AND LIABILITIES 67,758 76,793 104,568
EQUITY AND LIABILITIES
Equity
The Board has noted that the equity is below half of the registered share capital. The Board has considered the provisions in Chap. 25 in the Swedish 
Companies Act and concluded that Alligator has significant surplus values (in amongst others, the mitazalimab project) that with good margin restores 
the share capital.

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24
| Alligator Bioscience AB | Interim report January – March 2025 Financial statements
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 2024.
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 2024. There have been no changes to the Group’s 
estimates and judgements since the Annual Report for 2024 was prepared.
Note 4 Segment reporting
The Group 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 Group comprises only one 
operating segment, which corresponds to the Group as a whole, and no separate segment reporting is consequently not provided.
Note 5 Consolidated income
A breakdown of the Group’s net sales are as follows:
2025 2024 2024
All amounts in KSEK Jan-Mar Jan-Mar Jan-Dec
Licensing income - - 47,591
Reimbursement for development work - 6,977 10,168
Other - - 7
Total - 6,977 57,767
A breakdown of the Group’s other operating income is as follows:
2025 2024 2024
All amounts in KSEK Jan-Mar Jan-Mar Jan-Dec
Swedish government grants received 319 63 -44
Operational exchange rate gains 1,178 405 1,871
Other 3,681 40 117
Total 5,178 508 1,945

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25
| Alligator Bioscience AB | Interim report January – March 2025 Financial statements
Note 6 Financial instruments
Cash and cash equivalents for the Group at 31 December 2024 consisted of bank balances amounting to SEK 28,853 thousand (40,022). For financial 
assets and liabilities, the reported value as below is considered a reasonable approximation of fair value.
All amounts in KSEK 2025-03-31 2024-03-31 2024-12-31
Financial assets valued at amortized cost
Other long-term financial fixed assets 1,942 2,063 2,056
Accounts receivable 60 756 518
Other receivables 132 17 17
Liquid assets - bank accounts 28,853 40,022 64,310
Total financial assets 30,988 42,859 66,901
Financial liabilities valued at amortized cost
Long-term lease liabilities 32,384 5,384 33,475
Accounts payable 7,823 5,454 3,952
Short-term lease liabilities 9,478 8,559 10,097
Other short-term liabilities 84,913 - 137,237
Accrued expenses 27,421 53,978 42,896
Total financial liabilities 162,020 73,375 227,656
Note 7 Related party transactions
The Group has not carried out any related party transactions during the first quarter.

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26
| Alligator Bioscience AB | Interim report January – March 2025 Financial statements
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 Alligator’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
Alligator’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 
Alligator’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 Alligator’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 Alligator’s assets.

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27
| Alligator Bioscience AB | Interim report January – March 2025 Financial statements
Alternative performance measures
Alligator presents certain financial performance measures in this report, 
including measures that are not defined under IFRS. The Group believes 
that these performance measures are an important complement because 
they allow for a better evaluation of the Group’s financial 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.
Below 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 Group’s business operation is to conduct research and development 
which is why “R&D costs/Operating costs excluding impairment in%” is an 
essential indicator as a measure of efficiency, and how much of the Group’s 
costs relate to R&D.
The Group 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 Group monitors performance 
indicators such as equity ratio and equity per share in order to assess the 
Group’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.
2025 2024 2024
All amounts KSEK unless specified Jan-Mar Jan-Mar Jan-Dec
Profit/loss for the period -8,347 -62,752 -233,890
Average number of shares before dilution 7,530,841 657,954 734,278
Earnings per share before dilution, SEK -1,11 -95,37 -318,53
Average number of shares after dilution 7,530,841 657,954 734,278
Earnings per share after dilution, SEK -1,11 -95,37 -318,53
Operating costs -48,845 -67,122 -288,853
Impairment of tangible assets and intangible assets - - -39,062
Operating costs excluding impairments -48,845 -67,122 -249,791
Reduce of administrative expenses 7,066 9,780 34,814
Reduce of depreciation 1,119 2,526 9,667
Research and development costs -40,660 -54,817 -205,311
R&D costs / Operating costs excluding impairments % 83% 82% 82%
Equity -99,076 -50,889 -130,588
Average number of shares before dilution 16,906,257 657,954 758,210
Equity per share before dilution, SEK -5,86 -77,34 -172,23
Average number of shares after dilution 16,906,257 657,954 758,210
Equity per share after dilution, SEK -5,86 -77,34 -172,23
Equity -99,076 -50,889 -130,588
Total assets 68,801 87,776 104,338
Equity ratio, % -144% -58% -125%
Cash and cash equivalents 28,853 40,022 64,310
Cash and cash equivalents at end of period 28,853 40,022 64,310
Per share information is based on the number of shares post reverse split.  
For definitions, see the section “Financial definitions” on page 26.

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28
| Alligator Bioscience AB | Interim report January – March 2025 Declaration of the Board of Directors and the CEO
The declaration of the  
Board of Directors and the CEO
Anders Ekblom
Chairman of the Board
Hans-Peter Ostler
Vice chairman of the Board
The Board and the CEO declare that this Interim report 
provides a true and fair overview of Alligator’s and the Group’s 
operations, positions and earnings and describes the material 
risks and uncertainty factors faced by the Parent company 
and the companies within the Group.
Lund, 24 April 2025
Staffan Encrantz
Board member
Eva Sjökvist Saers
Board member
Denise Goode
Board member
Karin Nordbladh
Board member
Employee representative
Søren Bregenholt
CEO

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| Alligator Bioscience AB |Medicon Village, Scheeletorget 1, SE-223 81 Lund, Sweden  |  Phone: + 46 46 540 82 00  |  www.alligatorbioscience.com