• Upcoming rights issue of approx. SEK 120 million (gross), providing 6–9 months of financial runway during 2026, announced 22 October
• Successful warrant program TO 13 raises SEK 28.1 million (gross)
• Final 30-month results from OPTIMIZE-1 confirm unprecedented long-term survival in metastatic pancreatic cancer
• Expansion of mitazalimab development through investigator-initiated trials and continued scientific recognition across pipeline

Lund, Sweden – Alligator Bioscience (Nasdaq Stockholm: ATORX), a clinical-stage biotechnology company developing tumor-directed immuno-oncology antibody drugs, today announced its interim results for the third quarter of 2025 and provided a business update.

"This quarter represented several important steps forward for Alligator, both scientifically and strategically. The final 30-month OPTIMIZE-1 results confirm mitazalimab’s unprecedented long-term survival benefit in pancreatic cancer and strengthen our conviction in its transformative potential. In parallel, we secured strong shareholder support through the successful TO 13 warrant program. These achievements position us well as we prepare for a Phase 3 trial and continue discussions with potential partners to fully realize the potential of mitazalimab and our broader pipeline."
Søren Bregenholt, CEO of Alligator Bioscience

BUSINESS UPDATE
Mitazalimab

• Final OPTIMIZE-1 data: Reported on 22 September, confirming durable clinical benefit and long-term survival beyond two years — an unprecedented outcome in metastatic pancreatic cancer.
• Scientific validation: 24-month results presented at ESMO GI; following the quarter, Cell Reports Medicine publication identified biomarkers linked to response and survival, supporting Phase 3 design.
• Investigator-initiated studies: CROCOBIL (France) and APHRODITE (Italy) will further explore mitazalimab in biliary tract cancer and oral potentially malignant disorders, respectively.

HLX22

• Phase 3 trial with HLX22: Henlius dosed the first U.S. patient in a global trial in HER2-positive gastric cancer — a key milestone for the program, which remains linked to potential milestone and royalty revenues for Alligator.

Partnering and innovation

• RUBY™ agreement: Evaluation and option deal with a company in infectious diseases highlights platform potential beyond oncology.
• ATOR-4066 progress: Preclinical data published in Cancer Immunology Research and presented at CICON25 confirmed its immune-modulating activity.
• Conference recognition: Two abstracts for mitazalimab and ATOR-4066 accepted at SITC 2025, underlining scientific momentum.

Company

• TO 13 completed: 91.7% exercised, raising SEK 28.1 million (gross) to strengthen near-term liquidity.
• Loan renegotiation: Updated agreement with Fenja Capital increases flexibility.
• Enhanced visibility: Alligator hosted an R&D Day in August and presented at BioStock’s Investing in Life Science event in September.
• Upcoming rights issue announced 22 October: Rights issue of approx. SEK 120 million gross (65% secured) will provide 6–9 months of financial runway during 2026, enabling Phase 3 preparations for mitazalimab and advancing strategic partnering discussions.

FINANCIAL SUMMARY FOR Q3 2025 AND YEAR-TO-DATE 2025
The financial summaries for the quarterly periods ending 30 September 2025 and 30 September 2024 are presented below.

The financial summaries for the year-to-date periods ending 30 September 2025 and 30 September 2024 are presented below.

The full report is attached as a PDF, and is also available on the company’s website: https://alligatorbioscience.se/en/investors/financial-reports/

Alligator will host a webinar on Thursday, 23 October 2025, at 3 p.m. CEST/ 9 a.m. EDT for investors, analysts and media, where CEO Søren Bregenholt and CFO Johan Giléus will present and comment on the interim report, which will be followed by a Q&A session.

The call will be held in English. Attendees need to register by following this link.