Alligator Bioscience (ATORX) Q3 2024 earnings summary

Executive summary

• Mitazalimab remains the top priority, showing strong phase II results in first-line metastatic pancreatic cancer, with significant improvements in response durability and overall survival compared to standard chemotherapy.

• Completed enrollment for the 450 µg/kg cohort in the mitazalimab Phase 2 OPTIMIZE-1 trial; Phase 3 initiation on track for H1 2025, with ongoing efforts to secure a global partner and advance commercial manufacturing.

• The pipeline includes 4066 (CD40 bispecific, preclinical) and 527 (bispecific antibody, phase I, co-developed with Aptevo), both progressing with upcoming data presentations.

Financial highlights

• Q3 2024 net sales were SEK 1.4 million, down from SEK 19.4 million in Q3 2023; YTD net sales SEK 16.0 million (YTD 2023: SEK 46.4 million).

• Operating loss for Q3 2024 was SEK -62.0 million (Q3 2023: SEK -52.7 million); YTD operating loss SEK -169.1 million (YTD 2023: SEK -178.6 million).

• Cash and cash equivalents at period end were SEK 47.8 million, after drawing the second tranche of the Fenja facility.

• Cash flow for Q3 2024 was SEK -29.5 million (Q3 2023: SEK -86.5 million).

Outlook and guidance

• Mitazalimab Phase 3 trial targeted to start late H1 2025, pending partnership and regulatory alignment.

• Top-line phase I data for 527/ALG.APV-527 expected in Q1 2025, with presentations at SITC.

• 24-month follow-up data for the 900-microgram cohort and top-line data for the 450-microgram cohort in OPTIMIZE-1 expected mid-Q1 2025.

• Warrants Series TO 9 subscription period in December 2024 could raise up to SEK 100 million if fully subscribed.