2026 Q3 EN VF
Alligator Bioscience AB reports financial results for the period 1 January – 30 September 2026 and provides a business update
2026-10-22 08:00:00
- Rights issue completed: The rights issue was subscribed to approximately 17.1 percent, and guarantee commitments covered a further 29.7 percent. Alligator received SEK 58.8 million before issue costs, and the bridge loans of SEK 19 million were repaid from the proceeds.
- Wind-down progressing according to plan: Alligator no longer develops drug candidates of its own. Notice has been given to the employees affected, and the reduced cost base is expected to be fully in effect from the second quarter of 2027.
- CEO transition: After the quarter, Alligator announced that CFO Johan Giléus will take over as CEO on 1 January 2027 and combine both roles. Søren Bregenholt will remain CEO until 31 December 2026.
Lund, Sweden – Alligator Bioscience (Nasdaq Stockholm: ATORX), a biotechnology company whose principal value driver is a financial interest in the HER2-targeting antibody programme HLX22, today announced its interim results for the third quarter of 2026 and provided a business update.
"During the third quarter we refocused Alligator on its financial interest in HLX22, which is in global Phase 3 development at no development cost to Alligator, and carried out a rights issue providing SEK 58.8 million before issue costs."
Søren Bregenholt, CEO of Alligator Bioscience
BUSINESS UPDATE
HLX22
- Development status: Patients are dosed in all participating regions of the global Phase 3 study in first-line HER2-positive gastric and GEJ cancer. Alligator estimates topline data in the second half of 2027, a potential launch in the second half of 2029 and first royalty revenues from around 2030. In breast cancer, regulatory approval has been obtained in China to initiate Phase 2 and Phase 2/3 studies, of which two are actively recruiting.
- Scope of the financial interest: Alligator’s interest also extends to products derived from HLX22, including the antibody-drug conjugate HLX49, which is in preclinical development at Henlius. Alligator neither conducts nor controls the programmes.
Mitazalimab
- Independent development discontinued: On 23 July 2026 Alligator announced that it would discontinue all further independent development of mitazalimab, including preparations for and support of Phase 3 studies, and refocus on its financial interest in HLX22. Alligator will seek to out-license or divest mitazalimab in the near term and intends to continue to supply mitazalimab to ongoing externally funded investigator-initiated studies, subject to available funding.
- Investigator-initiated study in breast cancer: In July 2026 the first patient was dosed in an investigator-initiated study of intratumoral mitazalimab in early-stage breast cancer.
Company / Financial position
- Wind-down and organisation: The wind-down is progressing according to plan. The employees affected will leave gradually over the coming four months, and operating expenses will include wind-down costs during this period. After the CEO transition on 1 January 2027, Alligator will operate with a minimal organisation, supported by external consultants. The rights issue proceeds fund the wind-down and a reduced organisation, but not the full period until HLX22 is expected to generate royalty income.
- Rights issue and bridge loans: Alligator announced a rights issue of units of approximately SEK 125.6 million before issue costs, which the Extraordinary General Meeting approved on 26 August 2026. Alligator also raised bridge loans of SEK 19 million.
- Outcome of the rights issue: The rights issue was subscribed to approximately 17.1 percent, and guarantee commitments covered a further 29.7 percent. Alligator receives SEK 58.8 million before issue costs and repayment of the bridge loans, and the number of shares will increase to 3,568,106,848. In addition, 1,470,000,000 warrants of each of series TO 15 and TO 16 will be issued.
- Renegotiated loan from Fenja Capital: The maturity of the Fenja Capital loan was extended to 30 June 2027. On 29 September 2026, as part of the renegotiated loan, Alligator issued 187,795,097 warrants of series 2026/2031 to Fenja Capital free of charge.
FINANCIAL SUMMARY FOR Q3 2026
The financial summaries for the periods ending 30 September 2026 and 30 September 2025 are presented below.
| All amounts in MSEK, unless specified | Jul–Sep 2026 | Jul–Sep 2025 | Jan–Sep 2026 | Jan–Sep 2025 |
| Net sales | 0.2 | 0.5 | 0.2 | 0.5 |
| Operating profit/loss | -19.3 | -17.3 | -73.2 | -83.3 |
| Profit/loss for the period | -16.7 | -12.3 | -53.1 | -22.3 |
| Cash flow for the period | 24.6 | -8.8 | -20.8 | -38.4 |
| Cash and cash equivalents | 41.3 | 25.1 | 41.3 | 25.1 |
| Earnings per share before and after dilution*, SEK | -0.03 | -0.34 | -0.09 | -1.01 |
| * Adjusted for reverse share split in 2025. | ||||
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, 22 October 2026, at 2 p.m. CEST / 8 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.