Kvartalsrapport Q1 2026

Automatiskt nyckeltalsindex

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The information was submitted for publication on 5 May 2026 at 8:00 am CEST.  
For contact details, see the back cover of the report. A  glossary can be found on the Alligator website.
“We continued to execute against 
our strategic priorities in the first 
quarter, strengthening the foundation 
for mitazalimab while advancing 
the program toward late‑stage 
development with clear focus and 
capital discipline.”
Søren Bregenholt 
CEO Alligator Bioscience AB
Alligator Bioscience AB (publ)
Interim report
January – March 2026
Q1
!

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| Alligator Bioscience AB | Interim report January – March 2026 Introduction
Significant events during the quarter
There were no significant events during the quarter.
Other events during the quarter
 • Mitazalimab – additional data dissemination
Updated and final outcomes data from the OPTIMIZE 1 
study were presented at the ASCO Gastrointestinal Cancers 
Symposium 2026, further strengthening the clinical and 
translational foundation of the program.
 • Mitazalimab – continued scientific visibility
New data from an investigator initiated trial evaluating 
mitazalimab were accepted for presentation at the AACR 
Annual Meeting 2026, providing additional insight into 
the antibody’s mechanism of action and tumor directed 
immune activation.
 • HLX22 – progress in partnered development
The first patient was dosed in Henlius’ Phase 2/3 study of 
HLX22 in recurrent breast cancer, marking an additional 
step in the late stage development of the program.
 • Strengthened intellectual property position
Alligator strengthened the intellectual property protection 
for its bispecific antibody technology RUBY™, reinforcing 
the scientific and commercial foundation for future pipeline 
development and partnering opportunities.
 • Capital structure updates following the rights 
issue
Alligator announced the outcome of the exercise of 
warrants of series TO 14, resulting in gross proceeds of 
approximately 19 MSEK and changes in the number of 
shares and votes, as well as related directed issues to 
guarantors and Fenja Capital, in accordance with previously 
communicated terms. Alligator’s management further 
announced their intention to subscribe pro rata in the TO 
14 warrant program, aligning management interests with 
those of shareholders.
 • Nomination Committee proposal ahead of the AGM
The Nomination Committee presented its proposal for the 
Board of Directors ahead of the Annual General Meeting, 
including the nomination of two new Board members.
Financial information
2026 2025 2025
Jan-Mar Jan-Mar Jan-Dec
Net sales, MSEK - - 0.5
Operating profit/loss, MSEK -17.8 -43.7 -105.8
Profit/loss for the period, MSEK 1.4 -8.3 -51.4
Cash flow for the period, MSEK -29.1 -34.6 -1.2
Cash and cash equivalents, MSEK 33.0 28.9 62.2
Earnings per share before and after 
dilution*, SEK 0.0 -1.1 -1.9
* Adjusted for reverse split in 2025.
The quarter at a glance

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| Alligator Bioscience AB | Interim report January – March 2026 Introduction
CEO comments
During the first quarter of 2026 we continued to execute 
against our strategic priorities in a continuously challenging 
environment for the biotechnology sector. Our focus remains 
clear: advancing mitazalimab toward late-stage clinical 
development and protecting the long-term value of our other 
assets, including HLX22, all while maintaining disciplined capital 
allocation.
Execution and portfolio progress
During the quarter, we continued to strengthen the scientific 
and clinical evidence of mitazalimab. In January, the final 
outcomes data from the OPTIMIZE- 1 trial were presented at 
the ASCO Gastrointestinal Cancers Symposium 2026, thus 
further strengthening the program’s clinical evidence base. We 
announced in March that new data from an investigator-initiated 
trial will be presented at the AACR Annual Meeting 2026 in April, 
providing additional insight into mitazalimab’s mechanism of 
action and tumor-directed immune activation.
Just days before the publication of this report, Revolution 
Medicines announced promising data with the K-RAS inhibitor, 
daraxonrasib, in second-line metastatic pancreatic cancer. We 
welcome these results, and the promise they bring to patients 
with this hard-to-treat indication. Today, very few treatment 
options are available to patients with pancreatic cancer. It is 
my hope that this, and other emerging treatment options, will 
shape a future where patient and physicians will have access to 
multiple and complementary treatment options to significantly 
improve the prognosis of metastatic pancreatic cancer. 
Mitazalimab—with its proven and complementary mechanism, 
durable clinical benefit and safety profile—is well positioned as 
a potential future first-line treatment, whether in combination 
with existing chemotherapies, or as part of broader combination 
with targeted therapies such as K-RAS inhibitors.  
In February, the first patient was dosed in Henlius’ Phase 2/3 
study of HLX22 in recurrent breast cancer, marking another 
step forward in the development of the program. Continued 
advancement of HLX22 across multiple late-stage studies, 
reflects Henlius’ commitment to the program and underlines its 
long-term value potential, also for Alligators investors.
In March the US Patent Office granted the first patent on our 
proprietary antibody technology, RUBY™, thus strengthening 
its value and supporting future pipeline development and 
partnering opportunities.
Strategic focus and development pathways
As part of the rights issue completed in December 2025, the 
TO 14 warrant series matured in March 2026. The resulting 
38% unguaranteed subscription rate reflected continued 
shareholder support and confidence in the long-term value of 
our assets, particularity mitazalimab and HLX22. We remain 
conscious of the cumulative impact of past financing activities 
as we plan the next phase of development. Thus, in parallel 
with ongoing diligence process and partnering dialogues we 
are exploring options to support the continued development of 
mitazalimab while safe-guarding the value of HLX22.
Having successfully completed all non-clinical Phase 3 
requirements, Alligator is exploring financially feasible 
alternatives for Phase 3 development of mitazalimab in first-
line metastatic pancreatic cancer.. As part of this work, Alligator 
has signed a letter of intent with the French non-profit research 
organization UNICANCER to assess the feasibility of, and initiate 
preparation for a for global investigator-sponsored Phase 3 trial. 
Governance, outlook and priorities
Looking ahead, Alligator is focused on disciplined execution 
against its strategic priorities. Mitazalimab is being advanced 
toward registrational development under appropriate strategic 
and financial conditions, while the value of the asset HLX22 is 
preserved through progress achieved without development 
cost exposure for Alligator. At the same time, we are 
progressing partnering discussions and maintaining a focused 
and cost-aware execution.
We move forward with a strategic and operational focus, guiding 
our resource allocation towards to the areas with the greatest 
potential for value creation, while maintaining optionality across 
the broader portfolio. With the potential of mitazalimab and 
HLX22, we believe Alligator is well positioned for the future.
I would like to thank our shareholders for their support, and 
our employees and partners for their commitment and 
professionalism as we execute on our strategy.
Søren Bregenholt
CEO Alligator Bioscience AB (publ)

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| Alligator Bioscience AB | Interim report January – March 2026 Introduction
Performance measures, Group
2026 2025 2025
Note Jan-Mar Jan-Mar Jan-Dec
Result (KSEK)
Net sales 5 - - 514
Operating profit/loss -17,754 -43,667 -105,826
Profit/loss for the period 1,439 -8,347 -51,350
R&D costs -9,623 -40,660 -93,491
R&D costs as a percentage of operating costs 54% 83% 75%
Capital (KSEK)
Cash and cash equivalents at end of period 32,981 28,853 62,198
Cash flow from operating activities -38,645 -56,492 -155,985
Cash flow for the period -29,126 -34,648 -1,188
Equity at the end of the period 41,280 -99,076 6,859
Equity ratio at the end of the period 43% -144% 6%
Info per share (SEK)
Average number of shares* 543,574,069 7,530,841 27,526,874
Earnings per share after dilution** 0.00 -1.11 -1.87
Equity per share after dilution** 0.07 -5.86 0.16
Personnel
Number of employees at end of period 11 33 11
Average number of employees 11 38 21
Average number of employees employed within R&D 6 22 11
* Average number of shares post reverse split in 2025. 
** 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.
Operating costs (excl. impairments)  
rolling 12 months and Liquidity (MSEK), Group
MSEK
Liquidity position at end of quarter
Operating costs (excl. impairments), rolling 12 months
0
50
100
150
200
250
300
350
Q4 
2025
Q3 
2024
Q2 
2024
Q1 
2024
Q4 
2024
Q1 
2025
Q2 
2025
Q3 
2025
Q1 
2026

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| Alligator Bioscience AB | Interim report January – March 2026 Introduction
Our approach
Our strategy is centered on advancing assets with the potential to address significant 
unmet medical needs, while managing development risk and capital requirements in a 
demanding financial market environment.
Drug development is inherently associated with scientific, 
regulatory and financial uncertainty, and outcomes cannot 
be guaranteed. These risks are warranted, as the successful 
development of differentiated therapies can create substantial 
value for patients, society and shareholders.
Mitazalimab is Alligator’s most advanced proprietary program. 
The clinical data generated to date, together with regulatory 
and manufacturing readiness, has significantly derisked the 
program prior to late-stage development, in an indication 
with significant unmet medical need and thus commercial 
potential. As the program advances, execution will increasingly 
be driven through strategic collaborations managed by a 
highly dedicated internal team. Alligator operates with a lean, 
committed, and experienced organization, ensuring that 
mitazalimab is advanced in a manner that ensures timely 
execution, cost control, and high quality in order to generate 
long-term shareholder value.
Accordingly, in parallel with ongoing diligence processes 
and partnering dialogues, we are also exploring options to 
support the continued development of mitazalimab while 
safe-guarding the value of our other assets.
Beyond mitazalimab, Alligator possesses additional value 
drivers as part of its broader portfolio. In particular, the 
external program HLX22 has advanced into late-stage clinical 
development without development cost exposure for Alligator 
and represents a potential source of future milestone and 
royalty income. Selected earlier stage assets and proprietary 
antibody technologies further contribute long-term 
opportunities.
Our approach is built around advancing drug candidates 
toward clearly defined value inflection points and creating 
value primarily through partnerships. This approach 
reflects both the realities of late-stage drug development 
and the need for focused resource allocation. The Board 
and management continuously evaluate how best to align 
execution focus, capital efficiency and shareholder value. This 
investment perspective provides the context for the portfolio 
overview that follows.

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| Alligator Bioscience AB | Interim report January – March 2026 Introduction
Mitazalimab 
Proprietary program with unprecedented clinical outcomes
Mitazalimab is a CD40 targeting agonistic antibody designed to activate dendritic 
cells and macrophages to initiate a tumor directed immune response. By enhancing 
downstream T- cell activation, mitazalimab has demonstrated the ability to convert 
immunologically “cold” tumors into a more inflamed and responsive state. Mitazalimab 
is well suited for combination with established treatment backbones as it has shown 
a favorable safety profile across clinical studies, supporting sustained dosing even in 
combination intensive chemotherapy regimens.
Mitazalimab is Alligator’s most advanced proprietary program 
and the primary driver of near- and mid-term value creation. 
Its differentiated mechanism of action, together with 
unprecedented clinical outcomes generated in a disease with 
high unmet medical need, underpins its strategic importance 
within the portfolio.
Pancreatic cancer
Pancreatic cancer is a so-called “cold” tumor and one of 
the most aggressive malignancies, with limited therapeutic 
progress in recent decades despite broader advances across 
oncology. 
Globally, approximately 500,000 patients are diagnosed 
with pancreatic cancer each year, with 60-70% of patients 
developing metastatic disease. For these patients, treatment 
options remain limited, with chemotherapy representing the 
only option for most, and long-term outcomes remaining 
poor. The median overall survival is less than 12 months 
on standard -of-care therapy and the five -year survival 
rate is below 5%. Tolerability issues and development of 
treatment resistance limit the durability of existing therapies, 
underscoring the need for new treatment approaches with 
demonstrated survival benefit in first line metastatic disease.
Clinical and mechanistic generated with mitazalimab support 
a role for immunomodulatory approaches to overcome 
treatment resistance in pancreatic cancer. In particular, its 
ability to enhance anti-tumor immune responses alongside an 
acceptable safety profile positions mitazalimab as a promising 
candidate in combination with established treatment 
backbones.
Clinical efficacy of mitazalimab combination therapy vs historical controls
0 5 10 15 20 25 30
Mitazalimab + chemotherapy (mFFX)
Chemotherapy (FFX, historical)
24-mo OS
30-mo OS
mDoR
mOS
A comparison of key clinical efficacy outcomes observed with mitazalimab in combination with modified FOLFIRINOX (mFFX) with historical data for FOLFIRINOX (FFX) in met -
astatic pancreatic cancer. Outcomes shown include median overall survival (mOS) and median duration of response (mDoR), reported in months, as well as 24-month and 
30-month overall survival (OS) rates, reported as percentages.
Clinical evidence
The Phase 3-enabling OPTIMIZE-1 trial (NCT04888312) 
evaluated mitazalimab in combination with mFOLFIRINOX 
in previously untreated patients with metastatic pancreatic 
cancer. Data from the study demonstrated clinically 
meaningful activity across key efficacy endpoints, including 
objective response rate (ORR), progression-free survival (PFS) 
and overall survival (OS).
 
Most notably,  mitazalimab delivered unprecedented 
long-term survival outcomes, with a meaningful proportion 
of patients alive beyond two years. These results exceed 
historical benchmarks for current standard-of -care regimens 
(see figure above) and highlight the potential clinical relevance 
of adding mitazalimab to established chemotherapy 
backbones.

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| Alligator Bioscience AB | Interim report January – March 2026 Introduction
In addition to OPTIMIZE- 1, clinical evidence from the 
investigator- initiated REACTIVE- 2 trial further reinforces the 
activity and safety profile of mitazalimab in pancreatic cancer, 
contributing to a growing and consistent body of clinical 
evidence across different settings. Furthermore, biomarker 
analyses have established a clear link between mitazalimab’s 
ability to induce T- cell- mediated immune responses and 
clinical benefit in patients.
These data have generated strong interest within the 
academic and clinical community, reflected in multiple 
proposals for investigator-initiated trials. Alligator supports a 
selected number of these studies that are aligned with the 
strategic and scientific objectives of the program.
The totality of the scientific and clinical evidence from 
OPTIMIZE-1, REACTIVE-2, and prior phase 1 studies, provide a 
robust foundation for the continued late -stage development 
of mitazalimab..
Together, the clinical and translational results from 
OPTIMIZE-1, supported by additional clinical experience from 
REACTIVE-2, establish proof of concept for mitazalimab and 
provide a robust foundation for late-stage development.
Investigator-initiated trials with mitazalimab
IIT/NCT number Indication Phase Status Geography Planned enrollment (est)
CROCOBIL mitazalimab + FOLFOX in previously treated 
biliary tract cancer 2/3 First patient expected H1 2026 France 112 patients (Phase 2 part)
APHRODITE Intralesional mitazalimab in high-risk oral 
potentially malignant disorders 2 First patient expected H1 2026 Italy Not yet disclosed
NCT06205849 Intratumoral mitazalimab + IRE in locally ad -
vanced pancreatic cancer 1 First patient dosed in 2024 USA 18
NCT07319195 Intratumoral mitazalimab +/- PD-1 inhibition 
prior to surgery in breast cancer 1 First patient expected H1 2026 USA 32
NCT07199764 Maintenance treatment of unresectable 
pancreatic cancer 2 First patient expected H1 2026 USA 100
Phase 3 readiness
Mitazalimab is Phase 3 ready. Interactions with US FDA and 
EMA have confirmed that OPTIMIZE-1 is Phase 3-enabling 
study and established alignment on pivotal trial design, 
patient population endpoints, and the selected Phase 3 dose 
has been agreed with regulators.
Alligator has completed all manufacturing  activities 
required for phase 3 initiation, including development of the 
commercial-scale manufacturing process and manufacturing 
of Phase 3 material, thus ensuring readiness of drug supply 
for a registrational study. 
Regulators have verified that the non-clinical data package 
is sufficient to support late-stage development and future 
regulatory filings.
Having completed all non-clinical Phase 3 requirements, 
Alligator is exploring financially feasible alternatives for Phase 3 
development of mitazalimab in first line metastatic pancreatic 
cancer. As part of these efforts, Alligator has signed a letter of 
intent with the French non-profit cancer research organization 
UNICANCER to collaborate on assessing the feasibility of, and 
start preparing for, a global investigator-sponsored Phase 3 
trial. No development decisions have been taken at this point, 
and the process remains at an exploratory stage.
Clinical expansion
Beyond first line metastatic pancreatic cancer, mitazalimab is 
being evaluated in additional clinical settings. The CROCOBIL 
investigator-initiated Phase 2/3 trial in second line biliary 
tract cancer, sponsored by UNICANCER in France, will assess 
mitazalimab in combination with FOLFOX chemotherapy 
and represents a focused opportunity to expand the clinical 
footprint of the program.
Biliary tract cancer is a heterogeneous group of aggressive 
malignancies with a high unmet medical need. Globally, 
approximately 200,000 patients are diagnosed each year, 
and prognosis remains poor, with five -year survival rates of 
around 5–15% across disease stages. Most patients present 
with advanced disease, limiting curative treatment options. 
This highlights the relevance of exploring new treatment 
approaches in later-line settings, including those evaluated in 
the CROCOBIL trial.
In parallel, several investigator- initiated trials, shown in the 
table above, are ongoing or planned in Europe and the US, 
exploring mitazalimab in alternative pancreatic cancer settings 
and other indications. These studies are designed to broaden 
the clinical evidence base, further elucidate mechanism of 
action, inform patient selection and support future lifecycle 
management.

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| Alligator Bioscience AB | Interim report January – March 2026 Introduction
The pancreatic cancer market 
Three chemotherapy regimens currently dominate the 
pancreatic cancer market; Gemcitabine + nab-paclitaxel, 
mFOLFIRINOX and NALIRIFOX, providing median overall survival 
of 8.1, 11.1 and 11.1 months, respectively. Based on parameters 
such as therapeutic window, clinical evidence, and price, 
mFOLFIRINOX has become the preferred first line treatment in 
the US, with approximately 50% market share.  
Projected growth of the pancreatic cancer 
drug market 2024-20341 [USD billion] 
0
2
4
6
8
10
12
20342033203220312030202920282027202620252024
The global pancreatic cancer market is expected to grow at 
approximately 16.5 per cent CAGR to approximately USD 10.3 
billion by 2034, mainly driven by the expected introduction of 
targeted therapies and novel immunotherapies like mitazalimab. 
Alligator’s estimation, using an average price point for immuno-
oncology drugs, models mitazalimab’s annual peak sales of to 
up to USD 1.6 billion based on several variables, including, but 
not limited to, clinical response, efficacy, tolerability, market 
uptake and reimbursement. 
1 GlobalData, Pancreatic Cancer Eight-Market Drug Forecast, published July 2025.
Competition and future treatment 
landscape
The development of new drugs in pancreatic cancer is generally 
following two, supplementary, avenues.
So-called target therapies aim to eliminate tumor cells by 
interfering with the mutated proteins causing and driving the 
cancer. In pancreatic cancer K-RAS and MAPK are key targets 
pursued by companies like Revolution Medicines, Immunering, 
Astellas and others. Recently, Revolution Medicines showed 
promising Phase 3 data in second line patients with their K-RAS 
inhibitor daraxonrasib significantly improving outcomes for 
these patients. Phase 3 studies with daraxonrasib and other 
K-RAS inhibitors in the first line setting are expected to start 
recruiting during 2026.  
Like Alligator, other companies are pursuing immuno-oncology 
approaches aimed at activating the immune system to eliminate 
tumor cells by targeting immune-regulating mechanisms 
like CD40, CD73, and PD1. These approaches are being 
advanced by companies including Hutchmed, Abbvie and 
Arcus Biosciences, with the latter currently evaluating its CD73 
inhibitor, quemliclustat, in a Phase 3 program.
The advent of new therapies is likely to change the treatment 
landscape toward combination therapies of two, three or 
even more molecules with complementary mechanisms 
and acceptable tolerability, such as targeted therapies 
and immunotherapies. As an example, preclinical studies 
demonstrate that the combination of a CD40 agonist like 
mitazalimab with a K-RAS inhibitor provides protection superior 
to either component alone. Thus, the pancreatic cancer market 
is expected to expand and mature over the coming years into 
a dynamic market with multiple pharmaceutical companies 
providing diverse treatment options for patients. 
With its proven mechanism, durable clinical benefit, and safety 
profile, mitazalimab is uniquely positioned as a future first 
line treatment option, whether in combination with existing 
chemotherapies, or as part of broader combination with future 
targeted therapies.

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| Alligator Bioscience AB | Interim report January – March 2026 Introduction
HLX22
External program with potential future revenue
HLX22 is a differentiated HER2 specific monoclonal antibody originally discovered 
through a collaboration between Alligator’s subsidiary Atlas Therapeutics and AbClon, 
and is currently being developed by Shanghai Henlius Biotech, Inc. Alligator holds its 
interest in the program via its subsidiary. Under the agreement, Alligator does not incur 
development costs and is entitled to 35% of the milestone and royalty income that 
AbClon receives from Henlius. To date, Alligator has received USD 3 million in milestone 
payments related to the HLX22 program.
In addition to HLX22, the scope of Alligator’s financial interest 
also includes products developed by Henlius that are based 
on, derived from, or incorporate HLX22 related antibody 
binding characteristics. This includes HLX49, a HER2 directed 
antibody drug conjugate currently in preclinical development 
by Henlius, which builds on antibody binding elements 
associated with HLX22. Such products may, if successfully 
developed and approved, provide additional long-term value 
potential beyond HLX22.
Development status snapshot
HLX22 has progressed into a broad and increasingly mature 
clinical development program across multiple HER2 -positive 
malignancies. The program now spans early - to late- stage 
clinical trials, with ongoing and planned studies supporting 
evaluation across different tumor types and treatment 
settings.
 
 
During 2025 and early 2026, development momentum 
increased, with the program advancing into late stage 
clinical development. In gastric and gastroesophageal junction 
(GEJ) cancer, HLX22 is being evaluated in a Phase 3 study, 
supported by Orphan Drug Designation in both the US and 
EU.  The Phase 3 program builds on Phase 2 data, where a 
two-year follow up showed an approximately 80% reduction 
in the risk of disease progression or death compared with 
standard treatment in gastric cancer, as presented at the 
ASCO Annual Meeting 2025.
In breast cancer, regulatory approval has been obtained in 
China to initiate Phase 2 and Phase 2/3 studies, of which two 
are now actively recruiting patients, representing a meaningful 
step toward registrational development in this indication.
A summary of the current clinical program, including 
indications, phases, geographies and estimated timelines, is 
presented in the table below. HLX22 received its official WHO 
INN designation, dulpatatug, in January 2026.
Clinical trials with HLX22
NCT-number Indication Phase Status Geography Enrollment (est) Primary completion (est)
NCT06532006 gastric and/or GEJ 3 Recruiting Global 550 2027-06-01
NCT07294508 breast cancer, recurrent 2/3 Recruiting China* 706 2028-01-15
NCT06832202 breast cancer 2 Recruiting China 50 2027-06-01
NCT07294534 breast cancer, neoadjuvant 2/3 Not yet recruiting China* 817 2028-09-30
NCT04908813 gastric cancer 2 Active, not recruiting China 150 2024-12-01
NCT07176702 metastatic PDAC 2 Active, not recruiting China 45 2027-03-05
NCT03916094 HER2 overexpressing solid tumors 1 Completed China 11 2021-01-04
*) Clinical trial initiation approved by the National Medical Products Administration (NMPA) of China. Study locations have not yet been publicly disclosed.
Source: ClinicalTrials.gov (study records for the respective NCT numbers).
Market context and value potential 
Together, gastric and GEJ cancer accounts for more than  
1 million new cases annually, of which approximately 15% 
are HER2-positive. Analyst reports estimate that this specific 
market segment will grow steadily to approximately USD 4.2 
billion by 2035. 
Breast cancer represents the most prevalent solid tumor 
globally with more than 2 million women diagnosed every 
year. Between 15 and 20% of these patients are HER2-positive. 
Despite the advent of new treatment options over the last  
 
 
decade, the need for novel and better, targeted 
pharmaceuticals remain. The projected value of the HER2-
positive breast cancer market is approximately USD 15 billion 
by 2030. 
The commercial value of HLX22 will depend on several 
variables including, but not limited to, clinical response rate, 
efficacy, tolerability, number of approvals, market uptake and 
reimbursement. Hence it is difficult to precisely assess the 
value of Alligator’s ownership in HLX22, but we estimate an 
annual royalty income of USD 15-40 million at peak sales.

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| Alligator Bioscience AB | Interim report January – March 2026 Introduction
Other portfolio assets and platforms
In addition to mitazalimab and the external HLX22 program, Alligator maintains a 
selective portfolio of follow-on assets and proprietary technology platforms. These 
programs build on Alligator’s scientific capabilities in immuno oncology and bispecific 
antibodies, and provide additional long-term optionality through future development 
and partnering opportunities.
ATOR-4066 
follow-on to mitazalimab
ATOR 4066 is a next generation bispecific antibody developed 
by Alligator as a follow-on to mitazalimab. The molecule 
targets CD40 and CEACAM5, enabling tumor directed immune 
activation through selective engagement in CEACAM5 
expressing tumors. This design builds on the CD40 concept 
established with mitazalimab, with the aim of improving 
therapeutic precision and expanding the potential application 
of CD40 based immunotherapy.
Preclinical data have demonstrated potent immune activation, 
tumor regression and long-term anti tumor immunity, 
including activity in models with heterogeneous target 
expression. The scientific concept underlying ATOR 4066 has 
been published in peer reviewed journals, and the intellectual 
property position has been strengthened through granted 
patents in key territories. Further development activities, 
including IND enabling work, are dependent on operational 
priorities and available resources.
 
 
 
ALG.APV 527 
co-developed bispecific antibody
ALG.APV 527 is a bispecific antibody co developed with Aptevo 
Therapeutics under a 50/50 collaboration. The molecule 
combines tumor targeting via 5T4 with immune stimulation 
through 4 1BB, designed to activate immune cells selectively 
within the tumor microenvironment while limiting systemic 
immune activation.
The program has advanced through Phase 1 clinical evaluation, 
demonstrating a favorable safety and pharmacokinetic profile, 
along with early signs of biological activity in patients with 5T4 
expressing tumors. Based on these results, the partners are 
evaluating next steps for the program, taking into account 
strategic priorities and development alternatives.
Platform technologies and business 
development optionality
In addition to its clinical programs, Alligator continues to 
develop and protect proprietary antibody technologies. 
During the period, Alligator strengthened the intellectual 
property position around its bispecific antibody platforms.
As part of this strategy, Alligator has entered into an evaluation 
and option agreement covering the RUBY™ bispecific antibody 
format within selected infectious disease indications. The 
agreement provides potential future partnering optionality 
while allowing Alligator to maintain focus on its oncology 
portfolio.

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| Alligator Bioscience AB | Interim report January – March 2026 Introduction
Operating model, execution 
focus and sustainability
Alligator’s operating model is designed to support efficient value 
creation in a capital intensive development environment. Alligator 
focuses on advancing antibody based immunotherapies to clinical 
proof of concept and late stage readiness, while leveraging partnerships to manage 
development risk and capital requirements.
Clinical development activities are conducted with a high 
degree of operational flexibility, using external partners such 
as CROs and CDMOs while retaining internal expertise in 
study design, regulatory strategy, translational science and 
data analysis. This approach enables Alligator to maintain 
a lean organization and dynamically allocate resources as 
programs progress.
As mitazalimab advances toward registrational development, 
execution focus is increasingly directed toward late-stage 
readiness, including regulatory alignment, manufacturing 
preparedness and strategic structuring. In parallel, Alligator 
continues to pursue investigator -initiated studies that 
can expand clinical understanding and support lifecycle 
opportunities in a capital-efficient manner, while seeking 
partnerships that balance scientific ambition with disciplined 
execution.
Sustainability 
Sustainability considerations are integrated into Alligator’s 
operating model and governance framework. As a 
clinical-stage biotechnology company, Alligator’s primary 
contribution to sustainable development is the advancement 
of innovative therapies for patients with serious and 
life-threatening diseases. The company is also focused on 
responsible clinical research, data integrity, ethical conduct, 
employee well-being and compliance with applicable laws and 
regulations, and maintains transparent communication with 
stakeholders on ESG-related matters.

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| Alligator Bioscience AB | Interim report January – March 2026 Introduction
The Alligator Share
Number of shares and warrants
The total number of outstanding shares and votes in Alligator 
is 628,106,848. As of 31 March 2026, the quota value amounts 
to SEK 0.20.
Exercise of TO 14
One (1) warrant of series TO 14 entitled the holder to subscribe 
for one (1) new ordinary share in Alligator at a subscription 
price of SEK 0.20, i.e. to the share’s quota value. Subscription 
of 93,589, 862 ordinary shares based on warrants of series TO 
14 took place in March 2026, corresponding to an exercise 
rate of 38 percent. Alligator received gross proceeds of SEK 19 
millions, before deduction of partial repayment of outstanding 
loan to Fenja Capital and issuing costs.
The reverse split
The Extraordinary General Meeting on 27 March 2025 resolved 
to carry out a reverse split of Alligator’s ordinary shares 
(1:1,000). Historical share-based data has been, if applicable, 
been recalculated.
Share-based incentive programs 
Alligator has issued warrants under two warrant programs 
including employees and certain board members. Please note 
that all information below is post the reverse split. 
Further details can be found in the Annual report for 2025.
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% 
as of 31 December 2025. Additional recalculation will be made 
post exercise of TO 13, the rights issue in December 2025 and 
post exercise of TO 14. 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% as of 
The Alligator share in brief, 31 March 2026
Listed on: Nasdaq Stockholm Small Cap
Number of shares: 628,106,848 ordinary shares
Average daily turnover rel. 
MCAP:
Approx. 3.5%  
(preceding quarter approx. 3.3%)
Number of shareholders: 11,807 (preceding quarter: 11,354) 
Market capitalization: Approx. SEK 109 million  
(preceding quarter: approx. SEK 100 million*)
Ticker: ATORX
ISIN: SE0000767188
*) *) The market capitalisation as of 31 December 2025 includes outstanding ordinary 
shares as well as BTUs (Paid Subscribed Units). The BTUs represented future ordinary 
shares and warrants and were traded until 13 January 2026.
Swedish, 74.7%
Foreign, 25.3%
Swedish and foreign ownership, 31 March 2026
Largest shareholders, 31 March 2026
Shareholder No of shares %
Avanza Pension 92,775,679 14.8
Michael Schatz Dbo 29,200,271 4.6
Roxette Photo SA 24,320,000 3.9
Zetterstedt Holding AB 21,699,804 3.5
Nordnet Pensionsförsäkring 15,544,021 2.5
Jonas Sjögren 11,231,642 1.8
Johan Zetterstedt 10,122,311 1.6
Fredrik Boestad 10,000,000 1.6
Johan Bard 6,917,978 1.1
Storebrand Asset Management 5,955,184 0.9
Other shareholders 400,339,958 63.7
Total: 628,106,848 100.0
Alligator’s owner structure is updated regularly on Alligator’s website:  
www.alligatorbioscience.com
The information for tables and figures is sourced from Monitor (Modular 
Finance) and is based on compiled and processed data from, among others, 
Euroclear, Morningstar and the Swedish Financial Supervisory Authority 
(Finansinspektionen).
31 December 2025. Additional recalculation will be made post 
exercise of TO 13, the rights issue in December 2025 and post 
exercise of TO 14. All warrants have been transferred to the 
participants at fair market value.

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

13
| Alligator Bioscience AB | Interim report January – March 2026 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 11 (47). Of these, 7 (16) were men and 4 (31) 
were women. Of the total number of employees at the end 
of the quarter 6 (38) were employed within research and 
development.
Financial calendar 
Alligator intends to publish its financial reports according to 
the following: 
 • Interim report January – June 2026: 27 August 2026
 • Interim report January – September 2026: 22 October 2026
 • Year-end report 2026: 11 February 2027
Alligator will hold its Annual General Meeting on 6 May 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 2025.
Conflicts in the world
Armed conflicts in several parts of the world continue to cause 
extensive human suffering and contribute to geopolitical and 
economic uncertainty. The Russian invasion of Ukraine has 
had a lasting impact on the security situation in Europe and on 
global financial markets. In the Middle East, the long standing 
conflict between Israel and Palestine remains unresolved, 
and elevated regional tensions, including confrontations 
involving the United States and Iran, add to instability in the 
region. Together with other ongoing conflicts globally, these 
developments may indirectly affect economic conditions, 
supply chains and access to capital.
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 32,981 thousand (28,853) 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.
The Board has noted that the equity is below half of the 
registered share capital after taking the ongoing new share 
issue into account. 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 and HLX22 respectively that with 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.

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

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 2025. 
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 15 =====

15
| Alligator Bioscience AB | Interim report January – March 2026 Financial statements
Consolidated income statement
2026 2025 2025
Note Jan-Mar Jan-Mar Jan-Dec
Operating income
Net sales 5 - - 514
Other operating income 5 98 5,178 5,906
Total operating income 98 5,178 6,421
Operating costs
Other external costs -10,055 -26,943 -77,495
Personnel costs -7,125 -19,321 -43,294
Depreciation and impairment (and reversal of impariment) of tangible assets and intangible assets -271 -1,119 10,247
Other operatings expenses -400 -1,462 -1,706
Total operating costs -17,852 -48,845 -112,247
Operating profit/loss -17,754 -43,667 -105,826
Financial items
Interest income and similar income statement items 23,229 49,106 103,118
Interest expense and similar income statement items -4,037 -13,786 -48,642
Net financial items 19,193 35,320 54,476
Profit/loss before tax 1,439 -8,347 -51,350
Tax on profit for the period - - -
Profit for the period attributable to parent company shareholders 1,439 -8,347 -51,350
Earnings per share
Earnings per share before and after dilution, SEK 0.00 -1.11 -1.87
Earnings per share after dilution, SEK 0.00 -1.11 -1.87
Net Sales
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 operational exchange gains.
Operating costs
Operating costs during the quarter are lower compared to the same period previous year and are mainly due to lower costs in mitazalimab 
OPTIMIZE-1 study that is now under finalization. External costs for mitazalimab amounted to SEK 5,220 thousand (21,854) 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 OPTIMIZE-1 study. 
Financial items
Financial income for the quarter amounted to SEK 23,229 thousand and is primarily attributable to warrants of series TO 14. During the quarter, the 
warrants expired, whereby the portion of the liability not exercised upon subscription on 19 March 2026 was reversed and recognized as financial 
income.
Financial expenses during the quarter include primarily interest expenses and amortized cost related to external short-term loans.
Consolidated statement of comprehensive 
income
2026 2025 2025
Note Jan-Mar Jan-Mar Jan-Dec
Profit/loss for the period 1,439 -8,347 -51,350
Other comprehensive income - - -
Comprehensive income for the period 1,439 -8,347 -51,350

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

16
| Alligator Bioscience AB | Interim report January – March 2026 Financial statements
Consolidated statement of financial position
Note 2026-03-31 2025-03-31 2025-12-31
ASSETS
Fixed assets
Intangible assets
Participations in development projects 3 40,069 27,865 40,069
Tangible assets
Right of use assets 1,507 2,376 1,724
Equipment, machinery and computers 94 334 148
Financial assets
Other long term financial fixed assets 6 - 1,942 -
Total fixed assets 41,670 32,517 41,941
Current assets
Current receivables
Accounts receivable 6 - 60 -
Other receivables 6 3,723 3,849 3,713
Prepayments and accrued income 16,651 3,522 2,751
Cash and cash equivalents  6 32,981 28,853 62,198
Total current assets 53,355 36,284 68,662
TOTAL ASSETS 95,024 68,801 110,603
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 Biotech, which is now further developing the drug candidate. At the end 
of the period, participations in development projects amounted to SEK 40,069 thousand (27,865). Significant estimates and judgments are described 
in Note 3 and Note 18 of the Annual report for 2025. 
Right of use assets
At the end of the period, right of use assets amounted to SEK 1,507 thousand (2,376). Right of use assets pertain to leases for offices and vehicles. 
In February 2025, Alligator entered into a 3 year lease contract with Medicon Village for limited office premises.
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 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 previously been accounted for since the move to the new premises has been cancelled, due to the restructuring of the operations 
now completed by Alligator. 
Cash and cash equivalents
Cash and cash equivalents consist of bank balances, SEK 32,981 thousand (28,853). 
The Group plans to use its liquidity for operating activities. A limited 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 17 =====

17
| Alligator Bioscience AB | Interim report January – March 2026 Financial statements
Consolidated statement of financial position
Note 2026-03-31 2025-03-31 2025-12-31
EQUITY AND LIABILITIES
Equity
Share capital 125,621 13,525 8,763
Paid in, non-registered new share issue - - 90,707
Other capital contributions 1,213,318 1,173,473 1,210,179
Retained earnings and profit/loss for the period -1,297,659 -1,286,074 -1,302,789
Equity attributable to parent company shareholders 41,280 -99,076 6,859
Non-current provisions and liabilities
Lease liabilities 6 23,382 32,384 25,599
Total non-current provisions and liabilities 23,382 32,384 25,599
Current liabilities
Accounts payable 6 4,464 7,823 4,575
Other liabilities 6 5,857 85,986 36,040
Lease liabilities 6 9,002 9,478 9,208
Accrued expenses and deferred income 6 11,040 32,206 28,323
Total current liabilities 30,363 135,494 78,145
TOTAL EQUITY AND LIABILITIES 95,024 68,801 110,603
EQUITY AND LIABILITIES
Equity
Equity at the end of the period amounted to SEK 41,280 thousand (-99,076), corresponding to an equity ratio of 43 (-144) %. The total number of 
shares outstanding in Alligator amounts to 628,106,848 ordinary shares.
Equity per share before potential dilution
At the end of the period, equity per outstanding share amounted to SEK 0.07. 
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 32,384 thousand (41,862). 
In connection with the exercise of warrants series TO 14, Alligator has partially repaid the outstanding loan from Fenja Capital. The remaining loan 
has a maturity date of 30 September 2026. As part of a renegotiation that took place in December 2025, Fenja Capital received 28,132,473 warrants 
of series 2025/2030 free of charge. Subscription may be carried out continuously up to and including 31 October 2030.
Accrued expenses and deferred income
At the end of the period, accrued expenses and deferred income amounted to SEK 11,040 thousand (32,206). Expenses pertain to accrued expenses 
for clinical activities, personnel, other expenses and accrued expenses related to guarantee remuneration. Accrued costs are lower compared to 
the same period last year and are mainly due to lower costs for mitazalimab OPTIMIZE-1 study and costs related to Phase 1 study for ALG.APV-527..

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

18
| Alligator Bioscience AB | Interim report January – March 2026 Financial statements
Consolidated statement of changes in 
equity, in summary
2026 2025 2025
Jan-Mar Jan-Mar Jan-Dec
Opening balance 6,859 -130,588 -130,588
Issue 30,389  161,458  255,434 
Less financial debt TO 12/13, TO 14 - -92,007 -113,043
Settlement of debt related to warrants -  -   14,629
Call option premium in relation to loan facility -  -   2,887
Paid in, non-registered new share issue -  -   90,707
Transaction costs -1,098 -29,592 -61,817
Revaluation of warrant liability series 2025/2030 3,691 - -
Profit/loss for the period 1,439 -8,347 -51,350
Closing balance 41,280 -99,076 6,859

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

19
| Alligator Bioscience AB | Interim report January – March 2026 Financial statements
Consolidated statement of cash flows
2026 2025 2025
Jan-Mar Jan-Mar Jan-Dec
Operating activities
Operating profit/loss -17,754 -43,667 -105,826
Adjustments for items not generating cash flow
Depreciation and impairments 271 1,120 -10,246
Other items, no impact on cash flow - -734 -250
Interest received 72 120 269
Interest paid -1,318 -11,729 -16,488
Tax paid - - -
Cash flow from operating activities before changes in working capital -18,729 -54,890 -132,541
Changes in working capital
Change in operating receivables -13,910 -345 1,760
Change in operating liabilities -6,006 -1,258 -25,204
Cash flow from operating activities -38,645 -56,492 -155,985
Investing activities
Acquisition of tangible assets - -1,461 -1,461
Divestment of property, plant and equipment - 3,667 3,667
Cash flow from investing activities - 2,206 2,206
Financing activities
Amortization of leasing liabilities -2,217 -3,072 -9,857
New loans - - 17,000
Amortization of loan -5,884 -84,100 -115,807
Set up fee - - -1,955
New share issue 18,718 136,402 219,363
Transaction costs -1,098 -29,592 -44,225
Paid in, non-registered new share issue - - 88,071
Cash flow from financing activities 9,520 19,638 152,591
Cash flow for the period -29,126 -34,648 -1,188
Cash and cash equivalents at beginning of period 62,198 64,310 64,310
Exchange rate differences in cash and cash equivalents -92 -808 -924
Cash and cash equivalents at end of period 32,981 28,853 62,198
Investments 
Investments during the first quarter amount to SEK 0 thousand (1,461). Sale of equipment during the first quarter amount to SEK 0 thousand (3,667).
Cash flow for the period
Cash flow for the first quarter totaled SEK –29,126 thousand (-34,650). Exercise of warrants serie TO 14 had a positive net cash flow effect of SEK 
12,178 thousand during the period, i..e. after partial repayment of loan to Fenja Capital.

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

20
| Alligator Bioscience AB | Interim report January – March 2026 Financial statements
Parent company income statement
2026 2025 2025
Note Jan-Mar Jan-Mar Jan-Dec
Operating income
Net sales 5 - - 514
Other operating income 5 98 5,178 5,906
Total operating income 98 5,178 6,421
Operating costs
Other external costs -10,418 -37,959 -89,605
Personnel costs -7,125 -19,321 -43,294
Depreciation and impairment of tangible assets and intangible assets -54 -62 -249
Other operatings expenses -400 -1,462 -1,706
Total operating costs -17,998 -58,803 -134,853
Operating profit/loss -17,900 -53,625 -128,432
Results from financial items
Reversed impairment of investments in subsidiaries 3 - - 22,535
Interest income and similar income statement items 23,229 49,106 103,118
Interest expense and similar income statement items -3,451 -13,045 -45,932
Net financial items 19,778 36,061 79,721
Profit/loss after financial items 1,878 -17,565 -48,711
Appropriations
Group contribution received - - -
Total appropriations - - -
Result before tax 1,878 -17,565 -48,711
Tax on profit for the year - - -
Profit/loss for the period 1,878 -17,565 -48,711
Parent company statement of 
comprehensive income
2026 2025 2025
Note Jan-Mar Jan-Mar Jan-Dec
Profit/loss for the period 1,878 -17,565 -48,711
Other comprehensive income - - -
Profit/loss for the year 1,878 -17,565 -48,711

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

21
| Alligator Bioscience AB | Interim report January – March 2026 Financial statements
Parent company balance sheet
Note 2026-03-31 2025-03-31 2025-12-31
ASSETS
Fixed assets
Intangible assets
Tangible assets
Equipment, machinery and computers 94 334 148
Total tangible assets 94 334 148
Financial assets
Participations in Group companies 3 52,494 28,159 50,694
Other long term financial fixed assets - 1,942 -
Total financial assets 52,494 30,101 50,694
Total fixed assets 52,587 30,435 50,842
Current assets
Current receivables
Accounts receivables - 60 -
Receivables from Group companies - 1,644 -
Other receivables 3,721 3,846 3,711
Prepayments and accrued income 18,092 4,964 4,193
Total current receivables 21,813 10,515 7,904
Cash and bank deposits 32,585 26,808 61,800
Total current assets 54,399 37,323 69,704
TOTAL ASSETS 106,986 67,758 120,545
Note 2026-03-31 2025-03-31 2025-12-31
EQUITY AND LIABILITIES
Equity
Restricted equity
Share capital 125,621 13,525 8,763
Paid in, non-registered new share issue - - 90,707
Total restricted equity 125,621 13,525 99,469
Non-restricted equity
Share premium reserve 1,212,162 1,172,317 1,209,022
Retained earnings -1,288,611 -1,271,680 -1,245,391
Profit/loss for the period 1,878 -17,565 -48,711
Total non-restricted equity -74,572 -116,928 -85,080
Total equity 51,050 -103,403 14,389
Provisions
Other provisions 34,576 45,146 37,218
Total other provisions 34,576 45,146 37,218
Current liabilities
Accounts payable 4,464 7,823 4,575
Other liabilities 5,857 85,986 36,040
Accrued expenses and deferred income 11,040 32,206 28,323
Total current liabilities 21,360 126,015 68,938
TOTAL EQUITY AND LIABILITIES 106,986 67,758 120,545
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 and HLX22 projects) that with good 
margin restores the share capital.

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

22
| Alligator Bioscience AB | Interim report January – March 2026 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 2025. Regarding the acquired participation in 
development projects, the conditions for the project have improved and the probability that the drug candidate will achieve milestones and incur 
royalties have increased. Remaining part of the previous impairment has thus been reversed.
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:
2026 2025 2025
Jan-Mar Jan-Mar Jan-Dec
Licensing income - - 468
Reimbursement for development work - - 46
Other - - -
Total - - 514
A breakdown of the Group’s other operating income is as follows:
2026 2025 2025
Jan-Mar Jan-Mar Jan-Dec
Swedish government grants received - 319 324
Operational exchange rate gains 98 1,178 1,750
Capital gains from sale of fixed assets - - 3,584
Other - 3,681 248
Total 98 5,178 5,906

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

23
| Alligator Bioscience AB | Interim report January – March 2026 Financial statements
Note 6 Financial instruments
Cash and cash equivalents for the Group at 31 March 2026 consisted of bank balances amounting to SEK 32,981 thousand (28,853). For financial 
assets and liabilities, the reported value as below is considered a reasonable approximation of fair value.
2026-03-31 2025-03-31 2025-12-31
Financial assets valued at amortized cost
Other long term financial fixed assets - 1,942 -
Accounts receivable - 60 -
Other receivables 133 132 132
Liquid assets - bank accounts 32,981 28,853 62,198
Total financial assets 33,114 30,988 62,330
Financial liabilities valued at amortized cost
Long-term lease liabilities 23,382 32,384 25,599
Accounts payable 4,464 7,823 4,575
Short-term lease liabilities 9,002 9,478 9,208
Other short-term liabilities 5,122 21,946 8,387
Accrued expenses 5,778 27,421 25,531
Total financial liabilities 47,748 99,053 73,300
Financial liabilities measured at fair value 2026-03-31 2025-03-31 2025-12-31
Other short-term liabilities (level 2)* - 62,967 26,849
*) Warrants series TO 14 expired during the quarter. Upon the end of the subscription period on 19 March, 38% of the outstanding warrants were exercised and the 
corresponding number of ordinary shares were issued. The remaining warrants expired unexercised, resulting in the extinguishment of the associated liability previously 
recognized in the balance sheet, which has been recognized as financial income. Alligator’s outstanding warrants series 2025/2030 now meet the criteria for equity classifi -
cation under IAS 32, as they entail the exchange of a fixed number of ordinary shares for a fixed amount of cash (fixed-for-fixed). The instruments are therefore recognized 
as equity and no financial liability is recognized in the balance sheet attributable to these warrants.

===== SIDA 24 =====

24
| Alligator Bioscience AB | Interim report January – March 2026 Financial statements
Note 7 Financial items
2026 2025 2025
Jan-Mar Jan-Mar Jan-Dec
Interest income 72 121 269
Other financial items 1) 23,158 48,985 102,849
Total financial items 23,229 49,106 103,118
2026 2025 2025
Jan-Mar Jan-Mar Jan-Dec
Interest costs on lease liabilities -585 -741 -2,710
Exchange rate losses -91 -808 -923
Other interest costs -1,694 -12,238 -41,557
Other financial costs 2) -1,666 - -3,451
Total financial costs -4,037 -13,786 -48,642
2026 2025 2025
Jan-Mar Jan-Mar Jan-Dec
1. The item includes
Revaluation of issued warrants 504 48,985 93,854
Financial income related to unexercised warrants 22,654 - 3,568
Revaluation of other derivative liabilities - - 1,110
Net effect from warrant derecognition - - 3,889
Net effect from debt derecognition - - 428
3. The item includes
Revaluation of issued warrants - - -1,619
Net effect from debt derecognition -1,666 - -1,832
Events during the period January–March 2026
On 18 December 2025, Alligator carried out a rights issue of 226,766,657 units consisting of 453,533,314 ordinary shares and 226,766,657 warrants of series TO 14 with 
a maturity in March 2026. Each warrant of series TO 14 entitled the holder to subscribe for one new ordinary share at a subscription price corresponding to 70 percent of 
the volume-weighted average share price during the period from 10 February to 27 February 2026, however not lower than the quota value applicable at any given time 
(SEK 0.20) and not higher than SEK 0.25. The warrants were measured at fair value as of 31 December 2025, resulting in a liability of SEK 22 million.
The guarantors in the completed rights issue were granted the option to receive their guarantee compensation in the form of additional units or in cash. As of 31 December 
2025, an accrued expense based on the estimated value of the guarantee compensation was recognized. The expense was recorded against equity. In January 2026, the 
obligation was settled through an additional issue of a total of 18,585,000 units.
On 19 March 2026, the exercise period for TO 14 ended. In total, 93,589,862 warrants were exercised, resulting in the subscription of 93,589,862 new ordinary shares at 
SEK 0.20 per ordinary share. No liability related to TO 14 remains in the balance sheet. In connection with TO 14, SEK 5.9 million of the outstanding loan to Alligator’s lender 
Fenja Capital was repaid. The remaining portion of the loan amounts to SEK 6.6 million, has a maturity date of 30 September 2026, and bears a nominal interest rate of 
13 percent. As part of the renegotiation in December 2025, warrants free of charge in series 2025/2030 were issued to Fenja Capital. The exercise price of the warrants is 
SEK 0.28 per share, exercisable at any time prior to expiry, and the warrants have a maturity in October 2030. A financial liability of SEK 4.2 million was recognized as of 31 
December 2025 due to the fact that the number of warrants had not yet been determined. In January 2026, the number of warrants was determined to be equivalent to 
28,132,473 new shares. At the same time, the liability was derecognized with a corresponding increase in equity.
The partial repayment of the outstanding loan to Fenja Capital has been accounted for as an extinguishment of the previous loan with simultaneous recognition of a new 
liability. In connection with the extinguishment, an extinguishment gain of SEK 1.7 million was recognized. The remaining portion of the loan has been recognized at fair 
value, and is subsequently measured at amortized cost using the effective interest method. As of 31 March 2026, the carrying amount was SEK 5.1 million.
Note 8 Related party transactions
The Group has not carried out any related party transactions during the first quarter.

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

25
| Alligator Bioscience AB | Interim report January – March 2026 Financial statements
Note 9 Going concern
Following the exercise of TO 14 in March 2026, Alligator assesses that there is no secured financing for the upcoming 12 months. The fact that 
Alligator assesses there is no financing secured for the coming 12 months indicates a material uncertainty that may cast significant doubt on 
Alligator’s ability to continue as a going concern. However, the Board believes that the conditions for preparing this interim report in accordance 
with IAS 8 – Basis of Preparation of Financial Statements  – regarding going concern are still met. The following assumptions form the basis of this 
assessment:
Alligator’s operations in research and development result in continuous consumption of available liquidity. Alligator does not have a steady revenue 
stream; instead, income is generated irregularly through license agreements and milestone payments from out-licensed research projects. The 
nature of Alligator’s R&D activities, combined with the lack of recurring revenue, leads to significant deficits, and there is a risk that these projects 
may become more time- and cost-intensive than initially planned. Furthermore, it may take a long time before Alligator’s drug candidates are 
commercialized and generate ongoing cash flow. Any delays in Alligator’s R&D projects may result in positive cash flow being realized later than 
expected.
Depending on when positive cash flow can be achieved, Alligator may need to raise additional capital in the future. There is a risk that Alligator may 
not be able to obtain such capital when needed or on favorable terms, which could have a materially adverse effect on Alligator’s operations and 
financial position. If sufficient financing cannot be secured, Alligator may be forced to halt planned development projects, restructure parts or all 
of its operations—as communicated in February 2024 and early December 2024—or operate at a slower pace than planned, potentially leading to 
delayed or failed commercialization of its drug candidates and postponed or missed licensing and sales revenues.
Alligator continuously explores alternative financing options, including additional capital raising, grants, loans, or similar instruments.
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.

===== SIDA 26 =====

26
| Alligator Bioscience AB | Interim report January – March 2026 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.
2026 2025 2025
All amounts in KSEK unless specified Jan-Mar Jan-Mar* Jan-Dec
Profit/loss for the period 1,439 -8,347 -51,350
Average number of shares before dilution 543,574,069 7,530,841 27,526,874
Earnings per share before dilution, SEK 0.00 -1.11 -1.87
Average number of shares after dilution 543,574,069 7,530,841 27,526,874
Earnings per share after dilution, SEK 0.00 -1.11 -1.87
Operating costs -17,852 -48,845 -112,247
Impairment (and reversal of impariment) of tangible assets and intangible assets - - 12,204
Operating costs excluding impairments -17,852 -48,845 -124,451
Reduce of administrative expenses 7,958 7,066 29,003
Reduce of depreciation 271 1,119 1,957
Research and development costs -9,623 -40,660 -93,491
R&D costs / Operating costs excluding impairments % 54% 83% 75%
Equity 41,280 -99,076 6,859
Average number of shares before dilution 628,106,848 16,906,257 43,813,672
Equity per share before dilution, SEK 0.07 -5.86 0.16
Average number of shares after dilution 628,106,848 16,906,257 43,813,672
Equity per share after dilution, SEK 0.07 -5.86 0.16
Equity 41,280 -99,076 6,859
Total assets 95,024 68,801 110,604
Equity ratio, % 43% -144% 6%
Cash and cash equivalents 32,981 28,853 62,198
Cash and cash equivalents at end of period 32,981 28,853 62,198
* Historical share-based data has been, if applicable, been recalculated to adjust for the reverse split in 2025.
For definitions, see the section “Financial definitions” on page 25.

===== SIDA 27 =====

The declaration of the  
Board of Directors 
and the CEO
27
| Alligator Bioscience AB | Interim report January – March 2026 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 parent company 
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, 5 May 2026
Hans-Peter Ostler 
Chairman of the Board
Denise Goode 
Board member
Søren Bregenholt 
CEO
Eva Sjökvist Saers 
Board member
Karin Nordbladh  
Board member 
Employee representative

===== SIDA 28 =====

|  Alligator Bioscience AB  |  Medicon Village, Scheeletorget 1, SE-223 81 Lund, Sweden  |  Phone: + 46 46 540 82 00  |  www.alligatorbioscience.com
Søren Bregenholt, CEO 
 
Email: søren.bregenholt@alligatorbioscience.com  
Phone: +46 (0) 46-540 82 00
Johan Giléus, CFO 
 
Email: johan-gileus@alligatorbioscience.com  
Phone: +46 (0) 46-540 82 00