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Alligator Bioscience (ATORX) investor relations material

Alligator Bioscience Q3 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q3 2025 earnings summary23 Oct, 2025

Executive summary

  • 30-month follow-up data from the phase II study in metastatic pancreatic cancer confirmed long-term survival benefit of mitazalimab, reinforcing its transformative potential and Phase 3 readiness.

  • Multiple investigator-initiated phase I/II studies for mitazalimab are being launched in new indications, including oral premalignancies and biliary tract cancer.

  • SEK 28.1 million was raised via 91.7% exercise of TO 13 warrants and a SEK 120 million rights issue was announced, with 65% secured, providing a 6–9 month runway into 2026 for Phase 3 preparations.

  • Partnering discussions for mitazalimab and other pipeline assets are progressing, with optimism for future deals and expanded clinical development.

  • Advanced pipeline with new clinical data, manufacturing readiness, and expanded investigator-initiated trials.

Financial highlights

  • Q3 operating costs were SEK 17 million, reflecting reduced expenses as the phase II trial winds down.

  • Net sales for Q3 2025 were SEK 0.47 million, down from SEK 1.4 million in Q3 2024.

  • Operating loss for Q3 2025 was SEK -17.3 million, a significant improvement from SEK -62.0 million in Q3 2024.

  • Cash and cash equivalents at period end were SEK 25.1 million, compared to SEK 47.8 million a year earlier.

  • Earnings per share after dilution for Q3 2025 was SEK -0.34 (Q3 2024: SEK -87.74, adjusted for reverse split).

Outlook and guidance

  • Rights issue and loan renegotiation expected to secure 6–9 months of funding into 2026, supporting Phase 3 trial preparations and partnership discussions.

  • Several phase II investigator-initiated trials for mitazalimab are scheduled to start in Q4 2025 and Q2 2026.

  • If the rights issue is fully subscribed, additional value-generating activities may be initiated.

  • Continued focus on securing licensing and partnership agreements to support future financing.

  • Focus remains on initiating Phase 3 trial for mitazalimab with a partner and expanding the pipeline's impact.

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Frequently asked questions

Alligator Bioscience AB is a clinical-stage biotechnology company developing tumor-directed immuno-oncology antibody drugs. Alligator’s portfolio includes several promising drug candidates, with the CD40 agonist mitazalimab as its key asset. Furthermore, Alligator is co-developing ALG.APV-527 with Aptevo Therapeutics Inc., several undisclosed molecules based on its proprietary technology platform, Neo-X-Prime™, and novel drug candidates based on the RUBY™ bispecific platform with Orion Corporation. Out-licensed programs include AC101/HLX22, in Phase 2 development, by Shanghai Henlius Biotech Inc. and an undisclosed target to Biotheus Inc.

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