Kvartalsrapport Q3 2025

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Alligator Bioscience AB (publ)
Interim report 
January – September 2025
!
The information was submitted for publication on 23 October 2025 at 8:00 am CEST. 
For contact details and notes to the reader, see page 15. A glossary can be found at the Alligator website. 
“This quarter we delivered 
unprecedented 30-month survival 
results with mitazalimab and secured 
strong shareholder support through 
the successful execution of TO 13, 
strengthening our path toward Phase 3.”
Søren Bregenholt
CEO Alligator Bioscience AB 
Q3

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| Alligator Bioscience AB | Interim report January – September 2025 Introduction
Significant events during the quarter
 • Successful warrant program TO 13 and share capital 
increase
In September, Alligator announced the successful 
outcome of the TO 13 warrant program, with 91.7 
percent of the warrants exercised. The transaction 
raised approximately SEK 28.1 million (gross), providing 
near-term funding. In parallel, Alligator renegotiated its 
outstanding loan agreement with Fenja Capital, further 
strengthening Alligator’s financial flexibility.
Other events during the quarter
 • OPTIMIZE-1 clinical updates
Alligator presented updated 24-month survival data from 
the OPTIMIZE-1 study at the ESMO GI Congress in July. 
On 22 September, Alligator announced final 30-month 
survival results, which confirmed the durability of 
mitazalimab’s clinical benefit and reinforced its potential 
as a transformative treatment for pancreatic cancer.
 • Expansion of mitazalimab development through IITs
The CROCOBIL investigator-initiated Phase 2/3 trial, 
sponsored by Unicancer in France, received a grant to 
support evaluation of mitazalimab in biliary tract cancer, 
a tumor type with high unmet medical need.
 • Progress for HLX22 program
Shanghai Henlius Biotech dosed the first U.S. patient in a 
global Phase 3 study evaluating HLX22 in HER2-positive 
gastric cancer, marking an important milestone for the 
program. HLX22 can generate milestone and royalty 
revenues for Alligator.
 • Strategic partnering and innovation momentum
Alligator signed an evaluation and option agreement with 
a company in infectious diseases for its RUBY™ bispecific 
antibody format, demonstrating the versatility of the 
platform beyond oncology.
 • Scientific presence and recognition
Alligator hosted a well-attended R&D Day in August, 
highlighting progress across the pipeline. Preclinical 
findings for ATOR-4066 were published in Cancer 
Immunology Research  and presented at the CICON25 
congress in Milan, further validating the molecule’s 
potential. In addition, Alligator was invited to present at 
BioStock’s “Investing in Life Science” event in September.
Significant events following the quarter
 • Upcoming rights issue
Alligator announced it will carry out a rights issue 
of approx. SEK 120 million (gross) to provide 6-9 
months of financial runway in 2026, enabling Phase 3  
preparations for mitazalimab and advancing strategic 
partnering discussions. In connection with the rights 
issue, the loan agreement with Fenja Capital has been 
renegotiated.
Financial information
MSEK,  
unless otherwise stated
2025 2024 2025 2024 2024
Jul-Sep Jul-Sep Jan-Sep Jan-Sep Jan-Dec
Net sales 0.47 1.4 0.47 16.0 57.8
Operating profit/loss -17.3 -62.0 -83.3 -169.1 -229.1
Profit/loss for the period -12.3 -66.5 -22.3 -178.5 -233.9
Cash flow for the period -8.8 -29.5 -38.4 -18.3 -1.2
Cash and cash equivalents 25.1 47.8 25.1 47.8 64.3
Earnings per share before  
and after dilution*, SEK -0.34 -87.74 -1.01 -246.01 -318.53
* Adjusted for reverse split.

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3
| Alligator Bioscience AB | Interim report January – September 2025 Introduction
CEO comments
The third quarter of 2025 has been characterized by 
significant scientific, clinical, and strategic developments 
that reinforce Alligator’s leadership in tumor-directed 
immuno-oncology, while also highlighting the 
importance of securing long-term funding to realize the 
full potential of our pipeline.
Unprecedented final results from OPTIMIZE-1
This quarter, we reported the final 30-month survival follow-up 
from the OPTIMIZE-1 trial. The results confirm mitazalimab’s 
ability to deliver durable clinical benefit, with a meaningful 
proportion of patients achieving long-term survival beyond two 
years — an unprecedented outcome in metastatic pancreatic 
cancer. Together with the recently publish biomarker data, these 
findings further strengthen our confidence in mitazalimab’s 
transformative potential and provide a solid foundation as we 
prepare to advance into a pivotal Phase 3 trial together with a 
future partner.
Advancing pipeline through scientific 
progress and strategic collaborations
In parallel, OPTIMIZE-1 is now closing out, reducing future costs. 
We also completed commercial manufacturing under GMP, 
securing supply for the pivotal trial while lowering manufacturing 
expenses. Mitazalimab’s scientific foundation was also reinforced 
through the publication of new biomarker data in Cell Reports 
Medicine following the quarter and the presentation of preclinical 
findings on ATOR-4066 at the CICON congress as well as 
publication of data in Cancer Immunology Research.
As a consequence of the clinical data in pancreatic cancer, 
Alligator continues to receive proposals for investigator-
initiated trials from leading hospitals and oncologists. While 
we cannot engage in all, we strategically support select studies 
such as CROCOBIL and APHRODITE. These trials are designed 
to strengthen understanding of mitazalimab’s mechanism-of-
action, expand its potential in pancreatic cancer, and explore 
new indications.
Our partnered program HLX22 also advanced this quarter, as 
Henlius dosed the first U.S. patient in a global Phase 3 trial in 
gastric cancer. HLX22 has orphan drug designation in both the 
U.S. and EU, and continues to represent a potential source of 
future milestone payments and royalty revenues to Alligator. 
Partnering and innovation
During the quarter, we signed an evaluation and option 
agreement with a company in infectious diseases for our RUBY™ 
bispecific antibody format. This agreement demonstrates the 
versatility of Alligator’s antibody engineering capabilities beyond 
oncology and creates a potential new avenue for value creation, 
and lays the foundation for a potential future revenue stream.
At the same time, we continue to advance discussions with 
potential partners for mitazalimab. While no agreement has yet 
been concluded, we remain in active dialogue with both global 
pharma and biotech companies. Our presence at industry and 
investor events during the year and the quarter has further 
strengthened these interactions and reinforced the growing 
interest in mitazalimab’s clinical profile and Phase 3 readiness.
Financial position and shareholder support
We are grateful for the strong support from our shareholders, 
latest demonstrated in the TO 13 warrant program, which was 
exercised to approximately 91.7 percent and provided Alligator 
with proceeds of SEK 28.1 million (gross). The upcoming rights 
issue of approximately SEK 120 million (gross), together with the 
renegotiations of the loan agreement with Fenja, will provide 
Alligator with 6–9 months of financial runway in 2026, enabling 
us to advance partnership discussions, prepare for mitazalimab’s 
transition into Phase 3 development, and fully realize the 
potential of mitazalimab and our pipeline. We are mindful of the 
continued commitment this represents for our shareholders and 
remain appreciative of their support.
Looking ahead
With continued clinical progress, reinforced scientific validation, 
and active business development, Alligator has built a strong 
scientific and clinical foundation. While we remain focused 
on securing the financial resources needed to advance our 
programs, we are determined to initiate the Phase 3 trial of 
mitazalimab with a future partner, expand the impact of our 
pipeline, and deliver innovative immunotherapies to patients 
with hard-to-treat cancers. With OPTIMIZE-1 now closing out 
and CMC activities completed, our costs have been reduced and 
our burn rate significantly lowered — giving us greater flexibility 
to focus on the future and the transformative potential of our 
science.
Søren Bregenholt
CEO Alligator Bioscience AB (publ)

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| Alligator Bioscience AB | Interim report January – September 2025 Introduction
Performance measures Group
2025 2024 2025 2024 2024
Note Jul-Sep Jul-Sep Jan-Sep Jan-Sep Jan-Dec
Result (KSEK)
Net sales 5 468 1,433 468 15,988 57,767
Operating profit/loss -17,293 -62,038 -83,281 -169,052 -229,141
Profit/loss for the period -12,264 -66,511 -22,302 -178,475 -233,890
R&D costs -10,353 -52,671 -78,665 -151,027 -205,311
R&D costs as a percentage of operating costs, % 58% 82% 78% 81% 82%
Capital (KSEK)
Cash and cash equivalents at end of period 25,066 47,797 25,066 47,797 64,310
Cash flow from operating activities -34,068 -57,710 -129,985 -178,694 -212,426
Cash flow for the period -8,833 -29,543 -38,399 -18,270 -1,154
Equity at the end of the period -9,246 -76,004 -9,246 -76,004 -130,588
Equity ratio at the end of the period, % -12% -83% -12% -83% -125%
Info per share (SEK)
Average number of shares* 35,895,992 758,039 22,126,973 725,481 734,278
Earnings per share after dilution** -0,34 -87,74 -1,01 -246.01 -318.53
Equity per share after dilution** -0,21 -100,26 -0,21 -100.26 -172.23
Personnel
Number of employees at end of period 13 47 13 47 46
Average number of employees 13 49 29 53 52
Average number of employees employed within R&D 6 39 21 43 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.
0
50
100
150
200
250
300
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Q3 
2024
Q2 
2024
Q1 
2024
Q3 
2023
Q4 
2023
Q4 
2024
Q1 
2025
Q2 
2025
Q3 
2025
MSEK
Liquidity position at end of quarter
Operating costs (excl. impairments), rolling 12 months
Operating costs (excl. impairments),
rolling 12 months and Liquidity (MSEK), Group

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5
| Alligator Bioscience AB | Interim report January – September 2025 Introduction
Market overview
Cancer remains one of the world’s greatest health challenges, with incidence rising 
globally and patient outcomes often limited despite treatment advances. The need 
for more effective and better tolerated therapies continues to grow, particularly in 
aggressive solid tumors.
The oncology and immuno-oncology 
market
Oncology is the fastest growing segment of the global 
pharmaceutical market, with drug sales expected to nearly 
double by 2030.¹ Immuno-oncology continues to drive this 
expansion, supported by the success of checkpoint inhibitors 
and next-generation antibody-based approaches. Biologics, 
including agonistic antibodies such as those developed by 
Alligator, face less direct competition than small molecules 
due to manufacturing complexity and the regulatory 
requirements for biosimilar development.²
Pancreatic cancer
Pancreatic cancer accounts for nearly half a million new 
cases annually worldwide and is associated with very poor 
prognosis.³ Only a minority of patients are eligible for curative 
surgery, and for the majority, chemotherapy remains the 
mainstay of treatment. Median survival without treatment 
is around six months, and current first-line regimens such 
as FOLFIRINOX, gemcitabine/nab-paclitaxel, and the more 
recently approved NALIRIFOX provide median overall survival 
of 8–11 months.⁴ ⁵ Despite incremental progress, long-term 
survival remains rare, underscoring the urgent medical need. 
The strong Phase 2 results for mitazalimab in combination 
with FOLFIRINOX demonstrate the potential to change 
treatment practice by offering more durable survival benefits 
for patients with metastatic pancreatic cancer.
Market outlook
The pancreatic cancer drug market across the eight major 
markets is expected to expand strongly, growing from 
approximately USD 2.2 billion in 2024 to over USD 10 billion 
in 2034, a compound annual growth rate of more than 16%.⁶ 
Growth will be driven by rising incidence and the launch of 
innovative therapies, including immunotherapies. Alligator 
believes that mitazalimab has the potential to become a 
blockbuster drug, with peak annual sales estimated in the 
range of USD 1–2 billion, depending on clinical performance 
and competitive dynamics.  
Competitive landscape
The pancreatic cancer market is highly competitive, with 
both large pharmaceutical companies and smaller biotechs 
advancing novel treatments. Independent assessments 
rank mitazalimab favorably, with competitive clinical and 
commercial potential compared to many programs from 
larger players. This underlines Alligator’s ability, as a focused 
biotech, to advance a first-in-class CD40 agonist with 
meaningful differentiation in a challenging indication.⁷
References
1. EvaluatePharma, GlobalData market forecast (2024–2034).
2. Nature Reviews Drug Discovery (2023).
3. Global Cancer Observatory (GLOBOCAN 2020).
4. Conroy et al., NEJM 2011 (FOLFIRINOX).
5. NAPOLI-3 trial, Lancet Oncology 2023 (NALIRIFOX).
6. GlobalData, Pancreatic Cancer Eight-Market Forecast 2024–2034.
7. GlobalData, Competitive Assessment – Pancreatic Cancer (2024).

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6
| Alligator Bioscience AB | Interim report January – September 2025 Introduction
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. Alligator also sees an opportunity for 
immunotherapies to play a role in pancreatic cancer, 
supported by the encouraging Phase 2 results for 
mitazalimab.
 • 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, 
including mitazalimab in combination with FOLFIRINOX, 
are well suited for such strategies.
 • 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-
Market overview, cont.
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 – September 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 – September 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 – September 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 have confirmed its safety 
and tolerability, as well as provided biomarker evidence of 
immune activation. These findings laid the foundation for the 
Phase 2 OPTIMIZE-1 trial.
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. 
Over the course of the study, mitazalimab has consistently 
demonstrated encouraging clinical activity, and the final 
results reported in September 2025 now confirm its strong 
potential as a transformative treatment in this aggressive 
disease.
At the final read-out, following a median follow-up of 33 
months, OPTIMIZE-1 confirmed both primary and secondary 
efficacy endpoints with outcomes that compare favorably to 
historical benchmarks8,9: 
 • Objective response rate (ORR): 54.4% (42.1% confirmed)
 • Median duration of response (DoR): 12.6 months
 • Median progression-free survival (PFS): 7.8 months
 • Median overall survival (OS): 14.9 months
 • OS rates: 58% at 12 months, 37% at 18 months, 26% at 
24 months, and 21% at 30 months
These data underscore the durability of responses, with 
a meaningful proportion of patients achieving long-term 
survival beyond two years—an unprecedented outcome in 
metastatic pancreatic cancer. With OPTIMIZE-1 now closing 
out, clinical site activities are winding down and costs have 
been reduced, while Alligator remains well prepared to 
initiate the confirmatory Phase 3 trial in collaboration with 
a partner.
Mitazalimab’s scientific foundation has also been reinforced 
through translational research. Data presented at ASCO 
2025 demonstrated mitazalimab’s ability to induce immune 
activation in patient tumors and identified tissue-based 
biomarkers associated with improved outcomes. In October 
2025, these findings were published in the peer-reviewed 
Long-term survival in pancreatic cancer
journal Cell Reports Medicine 10, further supporting future 
patient selection strategies.
Mitazalimab received orphan drug designation for pancreatic 
cancer in both the U.S. (May 2023) and EU (August 2023).
Investigator-initiated trials (IITs)
As a consequence of the encouraging clinical data in 
pancreatic cancer, Alligator continues to receive numerous 
proposals from leading hospitals and oncologists to further 
explore mitazalimab in additional settings. While we cannot 
participate in all, our strategy is to support a select number 
of investigator-initiated trials that strengthen understanding 
of mitazalimab’s mechanism-of-action, expand its potential 
in pancreatic cancer, and explore new indications.
The randomized Phase 2/3 CROCOBIL trial, sponsored 
by Unicancer in France, will evaluate mitazalimab in 
combination with FOLFOX in previously treated biliary tract 
cancer, a tumor type with significant unmet medical need. 
First patient enrollment is expected in 2026. In addition, the 
Aphrodite trial, coordinated by Humanitas Cancer Center and 
Humanitas University in Italy with support from the Cancer 
Research Institute, will investigate mitazalimab treatment in 
oral potentially malignant disorders with the aim of reducing 
malignant transformation.
Together, these studies reflect the strong academic interest 
in mitazalimab and are designed to generate valuable 
insights that can broaden its clinical impact beyond 
pancreatic cancer.
References
8. N Engl J Med 2011; 364:1817-1825; DOI: 10.1056/NEJMoa1011923. 
9. Lancet. 2023 Oct 7;402(10409):1272-1281; DOI: 10.1016/S0140-6736(23)01366-1.
10. Cell Rep Med 2025 Oct 7:102407. DOI: 10.1016/j.xcrm.2025.102407.

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| Alligator Bioscience AB | Interim report January – September 2025 Introduction
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. Alligator has completed commercial 
manufacturing under GMP, securing supply for the pivotal 
trial.
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 the German Paul Ehrlich Institute as 
a basis for future BLA and MAA submissions. During the 
second quarter, the European Medicines Agency granted 
a paediatric study waiver for mitazalimab in metastatic 
pancreatic cancer and provided positive Scientific Advice 
confirming the Phase 3 readiness of mitazalimab.  In parallel, 
the FDA confirmed 900 µg/kg as the Phase 3 dose.
Together, the regulatory advice received from FDA, EMA and 
other European regulatory authorities, confirms the Phase 
3 readiness of mitazalimab and establish an aligned path 
towards regulatory approval for mitazalimab in first line 
metastatic pancreatic cancer in these important territories.
Next steps  
Alligator is preparing to initiate the global Phase 3 trial, with 
potential for accelerated approval. Partnership discussions 
are ongoing to support execution of this pivotal study.  To 
strengthen these efforts, Alligator has engaged Moelis, 
a global transaction advisor with deep experience and a 
proven track record in oncology, to actively support the 
partnering process

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| Alligator Bioscience AB | Interim report January – September 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, eradicate tumors and provide a broad long-term 
protection to tumor recurrence. The Neo-X-Prime™ concept 
has been published in the peer-reviewed journal JITC.19
Project progress
The potential of ATOR-4066 was strengthened further by the 
comprehensive study reported in the peer reviewed journal 
Cancer Immunology Research in September 2025. In the 
a next generation bispecific CD40-agonist
article, it was shown 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. 
Further, the data showed that ATOR-4066 remodels the 
tumor environment generating both myeloid cell-mediated 
and long-term T cell-mediated anti-tumor activity.  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. 
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. The companies are currently evaluating the next 
steps for the program.
References
11. J Immunother Cancer. 2022 Nov;10(11):e005018. DOI: 10.1136/jitc-2022-005018.

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| Alligator Bioscience AB | Interim report January – September 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 HER2-directed antibody HLX22 
(AC101), developed by Shanghai Henlius Biotech, Inc. under 
license from AbClon, Inc., following a discovery collaboration. 
Under the agreement, Alligator incurs no development costs 
but is entitled to 35% of milestone and royalty income that 
AbClon receives from Henlius. To date, Alligator has received 
milestone payments totaling USD 3 million.
HLX22 is currently being evaluated in several clinical studies 
across HER2-positive cancers. These include a global Phase 3 
trial in gastric and gastroesophageal junction (GEJ) cancer, a 
Phase 2 trial in gastric cancer expected to complete in 2025, 
and a recently initiated Phase 2 trial in HER2-positive breast 
cancer. Together, these studies expand the clinical potential 
of HLX22 across multiple tumor types.
The most advanced clinical study of HLX22 dosed it’s first 
patient in the global Phase 3 trial (HLX22-GC-301) in Q3 2025, 
a trial evaluating HLX22 in combination with trastuzumab 
and chemotherapy as first-line therapy in HER2-positive 
metastatic gastric and GEJ cancer. The program has also 
been strengthened by the Orphan Drug Designations 
granted by the FDA and the European Commission earlier in 
2025, which provide regulatory and commercial advantages .
If HLX22 is successfully developed and approved, the 
program could generate substantial milestone payments 
and recurring royalty revenues. Based on current market 
assessments, annual royalty income to Alligator has the 
potential to reach SEK 150–400 million, representing a 
significant value driver alongside mitazalimab.
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.Following the acquisition 
of Biotheus by BioNTech, Biotheus decided to exercise its 
contractual opt-out right under the agreement. The decision 
reflected Biotheus’s strategic priorities and also means that 
Alligator now regains full rights to the program.

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13
| Alligator Bioscience AB | Interim report January – September 2025 Introduction
The Alligator share
The total number of outstanding shares and votes in Alligator 
is 43,813,672. The exercise of the warrants series TO 13 
increased the total number shares during the quarter with 
9,009,774 shares.
The reverse split and redemption of 
C-shares
The Extraordinary General Meeting 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. The quota value per share has increased 
from SEK 0.0008 to SEK 0.80. 
Share-based incentive programs 
Alligator has issued warrants under two warrant programs 
including employees and two warrant programs including 
certain board members. Please note that all information 
below is post reverse split.
Warrant program LTI 2022-I/2024-II expired in June 2025 
without any warrants were exercised.
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%. Additional recalculation will 
be made post exercise of TO 13. 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%. Additional recalculation will be made 
post exercise of TO 13. All warrants have been transferred to 
the participants at fair market value.
The Alligator share in brief 30 September 2025
Listed on: Nasdaq Stockholm Small Cap
Number of shares: 43,813,672 ordinary shares
Average turnover  
per day:
Approximately 250,632  
(preceding quarter: approx. 356,665)
Number of  
shareholders:
11,755  
(preceding quarter: 11,865) 
Market capitalization: SEK 202 million  
(preceding quarter: approx. SEK 206 million)
Ticker: ATORX
ISIN: SE0000767188
Swedish, 79.6%
Foreign, 20,4%
Swedish and foreign ownership
Largest shareholders, 30 September 2025, 
after reverse split
Shareholder No of Shares %
Avanza Pension 3,922,110 11.27%
Nordnet Pensionsförsäkring 2,187,226 4.99%
Roxette Photo SA 1,780,000 4.06%
Johan Zetterstedt 1,238,800 3.56%
Magnus Petersson 1,209,000 3.47%
Sbakkejord AS 860,000 2.47%
AB Gryningsstunden Förvaltning 815,164 2.34%
Zetterstedt Holding AB 431,250 1.24%
Fredrik Erik Åsberg 380,000 1.09%
Johan Bard 364,000 1.05%
Other shareholders 30,626,122 64.45%
Total number of shares 43,813,672 100.00%
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).

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14
| Alligator Bioscience AB | Interim report January – September 2025 Introduction
Other information
Review 
This report has been reviewed by Alligator’s auditor.
Employees 
The number of employees in the Group at the end of the 
quarter was 13 (47), including employees under notice 
period. Of these, 7 (16) were men and 6 (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:
 • Year-end report 2025: 12 February 2026
Alligator will hold it's 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 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 25,066 thousand (47,797) 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 of units 
(ordinary shares and warrants series TO 12 and TO 13). 
After the exercise of TO 13 in September 2025 it is Alligator’s 
assessment that there is not enough financing for the 
coming 12 months, see note 9.
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 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 TM 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 – September 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.

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16
| Alligator Bioscience AB | Interim report January – September 2025 Financial statements
Consolidated Income statement
2025 2024 2025 2024 2024
All amounts in KSEK unless specified Note Jul-Sep Jul-Sep Jan-Sep Jan-Sep Jan-Dec
Operating income
Net sales 5 468 1,433 468 15,988 57,767
Other operating income 5 20 837 5,543 1,665 1,945
Total operating income 488 2,270 6,011 17,653 59,712
Operating costs
Other external costs -10,060 -46,341 -63,130 -123,711 -167,207
Personnel costs -7,312 -15,715 -35,040 -55,153 -70,428
Depreciation and impairment (and reversal of impariment) of tangible assets 
and intangible assets -279 -2,099 10,527 -6,912 -48,729
Other operatings expenses -129 -152 -1,648 -930 -2,489
Total operating costs -17,781 -64,308 -89,292 -186,705 -288,853
Operating profit/loss -17,293 -62,038 -83,281 -169,052 -229,141
Financial items
Interest income and similar income statement items 7 11,423 223 98,665 1,142 15,594
Interest expense and similar income statement items 7 -6,395 -4,696 -37,686 -10,565 -20,343
Net financial items 5,029 -4,474 60,979 -9,423 -4,749
Profit/loss before tax -12,264 -66,511 -22,302 -178,475 -233,890
Tax on profit for the period  - - - - -
Profit for the period attributable to Parent Company shareholders -12,264 -66,511 -22,302 -178,475 -233,890
Earnings per share
Earnings per share before and after dilution, SEK -0.34 -87.74 -1.01 -246.01 -318.53
Earnings per share after dilution, SEK -0.34 -87.74 -1.01 -246.01 -318.53
Net Sales
Net sales during the third quarter relates to a license income.
Other operating income
Other operating income for the quarter comprises primarily of income related to government grants and 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 5,250 thousand (29,804) during the third 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. Regarding the acquired 
participation in development project, the conditions for the project have improved and the probability that the drug candidate will reach milestones 
and incur royalties have increased.
Financial items
Financial income during the quarter relates to fair value adjustment of the financial debt relating to the warrant serie TO 13, which were part of the 
rights issue of units in February 2025. TO 13 were issued free of charge. 
Financial expenses during the quarter include primarily interest expenses and amortized cost related to external short-term loans.
Consolidated Statement of comprehensive 
income
2025 2024 2025 2024 2024
All amounts in KSEK Note Jul-Sep Jul-Sep Jan-Sep Jan-Sep Jan-Dec
Profit/loss for the period -12,264 -66,511 -22,302 -178,475 -233,890
Other comprehensive income - - - - -
Comprehensive income for the period -12,264 -66,511 -22,302 -178,475 -233,890

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

17
| Alligator Bioscience AB | Interim report January – September 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 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 (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.
Right of use assets
At the end of the period, right of use assets amounted to SEK 1,941 thousand (11,657). 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 25,066 thousand (47,797). 
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 2025-09-30 2024-09-30 2024-12-31
ASSETS
Fixed assets
Intangible assets
Participations in development projects 3 40,069 17,949 27,865
Softwares - - -
Tangible assets
Right of use assets 1,941 11,657 1,267
Equipment, machinery and computers 210 1,981 1,754
Financial assets
Other long term financial fixed assets 6 1,979 2,023 2,056
Total fixed assets 44,199 33,609 32,942
Current assets
Current receivables
Accounts receivable 6 - - 518
Other receivables 6 4,325 4,712 3,842
Prepayments and accrued income 3,173 5,657 2,726
Cash and cash equivalents  6 25,066 47,797 64,310
Total current assets 32,564 58,166 71,396
TOTAL ASSETS 76,763 91,755 104,338

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18
| Alligator Bioscience AB | Interim report January – September 2025 Financial statements
Consolidated Statement of financial position
All amounts KSEK Note 2025-09-30 2024-09-30 2024-12-31
EQUITY AND LIABILITIES
Equity
Share capital 35,051 607 607
Paid in, non-registered new share issue - - 824
Other capital contributions 1,255,732 1,145,701 1,145,709
Retained earnings and profit/loss for the period -1,300,029 -1,222,313 -1,277,728
Equity attributable to Parent Company shareholders -9,246 -76,004 -130,588
Non-current provisions and liabilities
Lease liabilities 6 27,780 1,351 33,475
Total non-current provisions and liabilities 27,780 1,351 33,475
Current liabilities
Accounts payable 6 6,356 6,846 3,952
Other liabilities 6 22,583 93,511 140,643
Lease liabilities 6 9,414 8,610 10,097
Accrued expenses and deferred income 6 19,877 57,461 46,759
Total current liabilities 58,230 166,428 201,451
TOTAL EQUITY AND LIABILITIES 76,763 91,776 104,338
EQUITY AND LIABILITIES
Equity
Equity at the end of the period amounted to SEK -9,246 thousand (-76,004), corresponding to an equity ratio of -12 (-83) %. The total number of shares 
outstanding in Alligator amounts to 43,813,672 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 -0.21, 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 37,194 thousand (9,961). 
Alligator has, in connection with the exercise of TO 13, renegotiated the outstanding loan from Fenja Capital. As part of this renegotiation, Fenja Capital 
has been granted an option to convert the loan at a fixed conversion rate of SEK 3.74. The renegotiation has resulted in a number of accounting 
consequences—see Note 7 for further details. The cash outflow is expected to occur at the loan’s maturity date, 31 December 2025.
Accrued expenses and deferred income
At the end of the period, accrued expenses and deferred income amounted to SEK 19,877 thousand (57,461). Expenses pertain 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 costs 
for mitazalimab OPTIMIZE-1 study and costs related to Phase 1 study for ALG.APV-527.

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19
| Alligator Bioscience AB | Interim report January – September 2025 Financial statements
Consolidated Statement of changes in equity, in 
summary
2025 2024 2025 2024 2024
All amounts in KSEK Jul-Sep Jul-Sep Jan-Sep Jan-Sep Jan-Dec
Opening balance -34,729 -9,512 -130,588 11,855 11,855
Issue 28,110  -    255,434  97,082  97,082 
Less financial debt TO 12/13 -  -   -92,007  -    -   
Settlement of debt related to warrants 7,483  -   14,629  -    -   
Call option premium in relation to loan facility 2,887 - 2,887  -    -   
Paid in, non-registered new share issue - - -  -    824 
Transaction costs -733 - -37,299 -7,481 -7,523
Warrants - - - 977 1,060
Effect of share-based payments personnel - 21 - 59 59
Repurchase of warrants - - - -19 -53
Profit/loss for the period -12,264 -66,511 -22,302 -178,475 -233,890
Closing balance -9,246 -76,004 -9,246 -76,004 -130,588

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

20
| Alligator Bioscience AB | Interim report January – September 2025 Financial statements
Consolidated Statement of cash flows
2025 2024 2025 2024 2024
All amounts in KSEK Jul-Sep Jul-Sep Jan-Sep Jan-Sep Jan-Dec
Operating activities
Operating profit/loss -17,293 -62,038 -83,281 -169,052 -229,141
Adjustments for items not generating cash flow
Depreciation and impairments 279 2,099 -10,525 6,912 48,729
Effect from warrant program - 21 - 59 59
Other items, no impact on cash flow 16 -5,519 -771 -7,736 -70
Interest received 46 340 231 1,259 1,429
Interest paid -442 -156 -12,863 -3,917 -4,041
Tax paid - - - - -
Cash flow from operating activities before changes in working capital -17,394 -65,253 -107,209 -172,477 -183,035
Changes in working capital
Change in operating receivables 342 -2,797 -413 1,664 4,948
Change in operating liabilities -17,016 10,340 -22,363 -7,881 -34,339
Cash flow from operating activities -34,068 -57,710 -129,985 -178,694 -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 -2,144 -1,832 -7,676 -6,136 -8,286
Loan - 30,000 -109,280 80,000 135,000
Set up fee - - -2,250 -4,000 -6,750
New share issue 28,110 - 245,885 97,082 97,082
Paid in, non-registered new share issue - - - -7,481 824
Transaction costs -732 - -37,299 977 -7,523
Warrants - - - -19 977
Repurchase of warants - - - - -53
Cash flow from financing activities 25,234 28,168 89,381 160,424 211,272
Cash flow for the period -8,833 -29,543 -38,398 -18,270 -1,154
Cash and cash equivalents at beginning of period 33,895 77,507 64,310 66,118 66,118
Exchange rate differences in cash and cash equivalents 4 -168 -846 -51 -653
Cash and cash equivalents at end of period 25,066 47,797 25,066 47,797 64,310
Investments 
Investments during the third quarter amount to SEK 0 thousand (0). Sale of equipment during the third quarter amount to SEK 0 thousand (0).
Cash flow for the period
Cash flow for the third quarter totaled SEK -8,833 thousand (-29 543). The new share issue had a positive net cash flow effect of SEK 27,378 thousand 
during the period.
In connection with the preparation of the cash flow analysis for January – September 2025, it was noted that the cash flow analysis for the six-month 
period of 2025 was incorrect. This has been corrected in this report and affects the lines Changes in operating receivables by SEK -26,126 thousand 
and New share issue by SEK +26,126 thousand.

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

21
| Alligator Bioscience AB | Interim report January – September 2025 Financial statements
Parent company Income statement
2025 2024 2025 2024 2024
All amounts in KSEK Note Jul-Sep Jul-Sep Jan-Sep Jan-Sep Jan-Dec
Operating income
Net sales 5 468 1,433 468 15,988 57,767
Other operating income 5 20 837 5,543 1,665 1,945
Total operating income 488 2,270 6,011 17,653 59,712
Operating costs
Other external costs -10,426 -48,641 -74,874 -130,365 -220,859
Personnel costs -7,312 -15,715 -35,040 -55,153 -70,428
Depreciation and impairment of tangible assets and intangible assets -62 -236 -186 -734 -961
Other operatings expenses -129 -152 -1,648 -930 -2,489
Total operating costs -17,930 -64,744 -111,750 -187,181 -294,737
Operating profit/loss -17,442 -62,474 -105,738 -169,528 -235,025
Results from financial items
Reversed impairment of investments in subsidiaries 3 - - 22,535 - 7,865
Interest income and similar income statement items 11,423 223 98,665 1,142 11,170
Interest expense and similar income statement items -5,738 -3,547 -35,597 -7,252 -15,458
Net financial items 5,686 -3,324 85,603 -6,110 3,577
Profit/loss after financial items -11,756 -65,798 -20,135 -175,638 -231,448
Appropriations
Group contribution received - - - - 446
Total appropriations - - - - 446
Result before tax -11,756 -65,798 -20,135 -175,638 -231,002
Tax on profit for the year - - - - -
Profit/loss for the period -11,756 -65,798 -20,135 -175,638 -231,002
Parent company Statement of comprehensive 
income
2025 2024 2025 2024 2024
All amounts in KSEK Note Jul-Sep Jul-Sep Jan-Sep Jan-Sep Jan-Dec
Profit/loss for the period -11,756 -65,798 -20,135 -175,638 -231,002
Other comprehensive income - - - - -
Profit/loss for the year -11,756 -65,798 -20,135 -175,638 -231,002

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

22
| Alligator Bioscience AB | Interim report January – September 2025 Financial statements
Parent company Balance sheet
All amounts in KSEK Note 2025-09-30 2024-09-30 2024-12-31
ASSETS
Fixed assets
Intangible assets
Software - - -
Total intangible assets - - -
Tangible assets
Equipment, machinery and computers 210 1,981 1,754
Total tangible assets 210 1,981 1,754
Financial assets
Participations in Group companies 3 50,694 20,294 28,159
Other long term financial fixed assets 1,979 2,023 2,056
Total financial assets 52,673 22,317 30,215
Total fixed assets 52,883 24,298 31,969
Current assets
Current receivables
Accounts receivables - - 518
Receivables from Group companies - 1,199 1,644
Other receivables 4,323 4,710 3,840
Prepayments and accrued income 4,614 7,835 4,336
Total current receivables 8,938 13,744 10,338
Cash and bank deposits 24,668 45,708 62,262
Total current assets 33,605 59,452 72,599
TOTAL ASSETS 86,488 83,750 104,568

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

23
| Alligator Bioscience AB | Interim report January – September 2025 Financial statements
Parent company Balance sheet
All amounts in KSEK Note 2025-09-30 2024-09-30 2024-12-31
EQUITY AND LIABILITIES
Equity
Restricted equity
Share capital 35,051 607 607
Paid in, non-registered new share issue - - 824
Total restricted equity 35,051 607 1,431
Non-restricted equity
Share premium reserve 1,254,576 1,144,445 1,144,552
Retained earnings -1,271,680 -1,040,678 -1,040,678
Profit/loss for the period -20,135 -175,638 -231,002
Total non-restricted equity -37,239 -71,872 -127,128
Total equity -2,188 -71,265 -125,697
Provisions
Other provisions 39,861 - 38,679
Total other provisions 39,861 - 38,679
Current liabilities
Accounts payable 6,356 6,840 3,952
Other liabilities 22,583 90,429 140,643
Accrued expenses and deferred income 19,877 57,747 46,991
Total current liabilities 48,816 155,015 191,586
TOTAL EQUITY AND LIABILITIES 86,488 83,750 104,568
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 and HLX22 projects) 
that with good margin restores the share capital.

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24
| Alligator Bioscience AB | Interim report January – September 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. 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:
2025 2024 2025 2024 2024
All amounts in KSEK Jul-Sep Jul-Sep Jan-Sep Jan-Sep Jan-Dec
Reimbursement for development work 468 - 468 5,820 47,591
Other - 1,441 - 10,168 10,168
Total - -7 - - 7
Total 468 1,434 468 15,988 57,767
A breakdown of the Group’s other operating income is as follows:
2025 2024 2025 2024 2024
All amounts in KSEK Jul-Sep Jul-Sep Jan-Sep Jan-Sep Jan-Dec
Swedish government grants received -84 63 324 -107 -44
Operational exchange rate gains 79 774 1,462 1,732 1,871
Capital gains from sale of fixed assets - - 3,584 - -
Other 25 - 173 40 117
Total 20 837 5,543 1,665 1,945

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25
| Alligator Bioscience AB | Interim report January – September 2025 Financial statements
Note 6 Financial instruments
Cash and cash equivalents for the Group at September 30th, 2025 consisted of bank balances amounting to SEK 25,066 thousand (47,797). For 
financial assets and liabilities, the reported value as below is considered a reasonable approximation of fair value.
All amounts in KSEK 2025-09-30 2024-09-30 2024-12-31
Financial assets valued at amortized cost
Other long term financial fixed assets 1,979 2,023 2,056
Accounts receivable - - 518
Other receivables 135 6 122
Liquid assets - bank accounts 25,066 47,797 64,310
Total financial assets 27,180 49,825 67,006
Financial liabilities valued at amortized cost
Long-term lease liabilities 27,780 1,351 33,475
Accounts payable 6,356 6,846 3,952
Short-term lease liabilities 9,414 8,610 10,097
Other short-term liabilities 24,668 88,682 137,237
Accrued expenses 16,026 51,805 42,896
Total financial liabilities 84,244 157,294 227,656
Note 7 Financial items
2025 2024 2025 2024 2024
All amounts in KSEK Jul-Sep Jul-Sep Jan-Sep Jan-Sep Jan-Dec
Interest income 46 223 231 1,142 1,312
Exchange rate gains - - - - -
Other financial items1 11,378 - 98,434 - 14,282
Total financial items 11,423 223 98,665 1,142 15,594
2025 2024 2025 2024 2024
All amounts in KSEK Jul-Sep Jul-Sep Jan-Sep Jan-Sep Jan-Dec
Interest costs on lease liabilities -657 -68 -2,089 -230 -527
Exchange rate losses - -52 -845 -51 -653
Other interest costs -3,905 -3,495 -32,919 -7,200 -14,805
Other financial costs2 -1,832 -1,081 -1,832 -3,083 -4,358
Total financial costs -6,394 -4,696 -37,686 -10,565 -20,343
2025 2024 2025 2024 2024
Jul-Sep Jul-Sep Jan-Sep Jan-Sep Jan-Dec
1. The item includes
Revaluation of issued warrants 9,592 - 93,755 - -
Financial income related to unused warrants 675 - 3,568 - 14,282
Revaluation of other derivative liabilities 1,110 - 1,110 - -
2. The item includes
Revaluation of issued warrants - -1,081 - -3,083 -4,358
Net effect from debt derecognition -1,832 - -1,832 - -
Events during the period January–September 2025
In connection with the rights issue of units in February 2025, 15,300,169,260 warrants in series TO 12 and 7,650,084,630 in series TO 13 were issued. Additionally, 
845,600,000 TO 12 and 422,800,000 TO 13 were issued to guarantors who chose to receive their compensation in the form of units. At the same time, loan terms were 
renegotiated with Fenja Capital, which received 3,500,000,000 TO 12 and 1,750,000,000 TO 13. The number of reported warrants does not reflect the impact of the reverse 
split carried out in March 2025.
 
The warrants are measured at fair value, with an initial valuation conducted in connection with the rights issue, resulting in a total financial liability of SEK 112 million.  
A new fair value assessment was subsequently performed at each quarterly closing. Ongoing changes in fair value are classified as financial income/costs in the income 
statement, without any corresponding impact on cash flow. Upon each exercise of the warrants, the remaining financial liability for TO 12 and TO 13 is reclassified to equity 
under the heading “Settlement of liability for warrants.” As of 30 September 2025, both TO 12 and TO 13 have been exercised, and thus no financial liability remains on 
the balance sheet.
On 8 September 2025, Alligator conducted another renegotiation of loan terms with its lender Fenja Capital. The renegotiation resulted in the maturity date being 
postponed from 30 September 2025, to 31 December 2025. As part of the renegotiation, Fenja Capital was granted the right to convert the outstanding principal amount 
(SEK 23 million) into shares at a subscription price of SEK 3.74 per common share. The fair value of the debt component in a convertible bond is calculated using a discount 
rate based on the market rate for a debt instrument with similar terms but without the conversion right. The conversion right is initially recognized as the difference 
between the fair value of the entire compound financial instrument and the fair value of the debt component. The value of the conversion right is recognized in equity and 
amounts to SEK 2.8 million.
 
If conversion cannot occur due to Alligator’s general meeting failing to pass the necessary resolution (where required because the existing authorization is insufficient), 
Fenja Capital is entitled to cash compensation equivalent to the value of the unused conversion right. Consequently, the portion of the conversion commitment that 
exceeds the unused authorization as of 8 September and 30 September 2025, is recognized as a derivative liability measured at fair value through the income statement. 
The liability was valued at SEK 5 million on 8 September 2025, and after revaluation on 30 September 2025, amounts to SEK 4 million, resulting in financial income of  
SEK 1 million. Fenja Capital also received a fee of SEK 1 million. In total, the amended loan terms constitute an extinguishment of debt with simultaneous recognition of 
new debt. This resulted in a loss on extinguishment of SEK 1.8 million. The fee and the loss on extinguishment are recognized as financial expenses. Classification and 
subsequent measurement of Alligator’s financial liabilities, excluding derivative instruments, are carried out at amortized cost using the effective interest method.

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26
| Alligator Bioscience AB | Interim report January – September 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.
Note 8 Related party transactions
The Group has not carried out any related party transactions during the third quarter.
Note 9 Going concern
Following the exercise of TO 13 in September 2025, 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.
Alligator announced on 22 October 2025 it will carry out a rights issue of approximately SEK 120 million (gross) to provide 6-9 months of financial 
runway in 2026, enabling Phase 3 preparations for mitazalimab and advancing strategic partnering discussions. In connection with the rights issue, the 
loan agreement with Fenja Capital has been renegotiated.

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27
| Alligator Bioscience AB | Interim report January – September 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 2025 2024 2024
All amounts in KSEK unless specified Jul-Sep Jul-Sep Jan-Sep Jan-Sep Jan-Dec
Profit/loss for the period -12,264 -66,511 -22,302 -178,475 -233,890
Average number of shares before dilution 35,895,992 758,039 22,126,973 725,481 734,278
Earnings per share before dilution, SEK -0.34 -87.74 -1.01 -246.01 -318.53
Average number of shares after dilution 35,895,992 758,039 22,126,973 725,481 734,278
Earnings per share after dilution, SEK -0.34 -87.74 -1.01 -246.01 -318.53
Operating costs -17,781 -64,308 -89,292 -186,705 -288,853
Impairment (and reversal of impariment) of tangible assets and intangible assets - - 12,204 - -39,062
Operating costs excluding impairments -17,781 -64,308 -101,497 -186,705 -249,791
Reduce of administrative expenses 7,149 9,538 21,154 28,766 34,814
Reduce of depreciation 279 2,099 1,678 6,912 9,667
Research and development costs -10,353 -52,671 -78,665 -151,027 -205,311
R&D costs / Operating costs excluding impairments % 58% 82% 78% 81% 82%
Equity -9,246 -76,004 -9,246 -76,004 -130,588
Number of shares before dilution 43,813,672 758,039 43,813,672 758,039 758,210
Equity per share before dilution, SEK -0,21 -100,26 -0,21 -100.26 -172.23
Number of shares after dilution 43,813,672 758,039 43,813,672 758,039 758,210
Equity per share after dilution, SEK -0,21 -100,26 -0,21 -100.26 -172.23
Equity -9,246 -76,004 -9,246 -76,004 -130,588
Total assets 76,764 91,775 76,764 91,775 104,338
Equity ratio, % -12% -83% -12% -83% -125%
Cash and cash equivalents 25,066 47,797 25,066 47,797 64,310
Cash and cash equivalents at end of period 25,066 47,797 25,066 47,797 64,310
Per share information is based on the number of shares post reverse split.  
For definitions, see the section “Financial definitions” on page 27.

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28
| Alligator Bioscience AB | Interim report January – September 2025 Declaration of the Board of Directors and the CEO
The declaration of the  
Board of Directors and the CEO
The Board and the CEO declare that this Interim report 
provides a true and fair overview of 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, 23 October 2025
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

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29
| Alligator Bioscience AB | Interim report January – September 2025 Auditor's report
Auditor's report
This is a translation of the Swedish language original.  
In the event of any differences between this translation and the Swedish language original, the latter shall prevail.
To the Board of directors in Alligator Bioscience AB, corporate identity number 556597-8201
Introduction
We have conducted a limited review of the condensed 
interim financial information (interim report) for Alligator 
Bioscience AB as of September 30, 2025, and the nine-
month period ending on that date. The board of directors 
and the managing director are responsible for preparing 
and presenting this interim report in accordance with IAS 34 
and the Swedish Annual Accounts Act. Our responsibility is 
to express a conclusion on this interim report based on our 
limited review.
The focus and scope of the limited review
We have conducted our limited review in accordance with 
the International Standard on Review Engagements ISRE 
2410, "Review of Interim Financial Information Performed 
by the Independent Auditor of the Entity." A limited review 
consists of making inquiries, primarily of persons responsible 
for financial and accounting matters, performing analytical 
procedures, and other review procedures. A limited review 
has a different focus and a significantly smaller scope 
compared to the focus and scope of an audit conducted 
in accordance with ISA and generally accepted auditing 
standards. The review procedures taken in a limited review 
do not enable us to obtain the assurance that we would 
become aware of all significant matters that might have been 
identified in an audit. Therefore, the conclusion expressed 
based on a limited review does not have the assurance that 
a conclusion expressed based on an audit has.
Conclusion
Based on our limited review, nothing has come to our 
attention that causes us to believe that the interim report 
is not, in all material respects, prepared for the group in 
accordance with IAS 34 and the Annual Accounts Act and for 
the parent company in accordance with the Annual Accounts 
Act.
Significant Uncertainty Related to the 
entity’s ability to continue as Going 
Concern 
We would like to draw attention to the disclosure in note 
9 - Going concern on page 26 in the interim report where 
it is described that there is ongoing work related to the 
continued financing of the operations. The ongoing work 
means that the company does not, at the time of issuing our 
review report report, have secured funding. This condition 
indicates that there is a material uncertainty that may cast 
significant doubt on the company’s ability to continue as a 
going concern. Our opinion is not modified in respect of this 
matter.
Malmö, October 23, 2025 
Öhrlings PricewaterhouseCoopers AB
Ola Bjärehäll 
Auditor in charge/Authorized Public Accountant

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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