• Rights issue completed: Approximately SEK 91 million (gross) raised in December, strengthening financial position with additional warrant upside in 2026.
• Mitazalimab validation: OPTIMIZE-1 biomarker results published in Cell Reports Medicine and REACtiVe-2 data in Nature Communications.
• Pipeline progress: U.S. patent granted for ATOR-4066, supporting long-term value beyond the lead program.

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.

"The fourth quarter of 2025 was marked by continued execution on our strategy, focusing on advancing mitazalimab towards initiation of registrational trials, strengthening the scientific foundation of our pipeline, and increasing financial flexibility. While the external funding environment for biotech remains challenging, we have concentrated on areas within our control — generating high-quality data, maintaining operational discipline, and making focused investments that position the company to progress mitazalimab toward late-stage development."
Søren Bregenholt, CEO of Alligator Bioscience

BUSINESS UPDATE
Mitazalimab

• Scientific validation: Biomarker analyses from OPTIMIZE-1 were published in Cell Reports Medicine, deepening the understanding of mitazalimab’s mechanism of action and links to clinical outcomes.
• Additional clinical publication: Data from the Phase 1 REACtiVe-2 study were published in Nature Communications, supporting mitazalimab’s ability to activate systemic immune responses in metastatic pancreatic cancer.
• External visibility: Mitazalimab data were presented at international scientific congresses during the quarter, further strengthening clinical relevance and scientific recognition.

ATOR-4066

• Pipeline progress: Preclinical and mechanistic data for ATOR-4066 were presented at international scientific meetings, supporting its immune-modulating potential as a next-generation bispecific antibody program.
• Strengthened intellectual property: A U.S. patent covering ATOR-4066 was granted, reinforcing long-term protection and supporting the program’s future value.

HLX22

• Program expansion: Henlius received approval to initiate Phase 2/3 studies in breast cancer in China, broadening the clinical scope of HLX22 and potentially increasing the opportunity for future milestone payments and royalty revenues for Alligator.

Company / Financial position

• Rights issue completed: Alligator finalized a rights issue of units (shares and warrants) to strengthen its financial position and support continued development of mitazalimab.
• Outcome announced 22 December: The issue was subscribed to approximately 64.8%, providing around SEK 91 million (gross) before issue costs and repayments.
• Additional capital potential in 2026: The rights issue included warrants that may provide further funding next year, supporting continued flexibility.
• Bridge financing and loan repayment: The rights issue followed bridge financing to secure near-term liquidity and enabled repayment of bridge loans and part of the outstanding loan to Fenja Capital.

FINANCIAL SUMMARY FOR Q4 AND YEAR-END 2025
The financial summaries for the quarterly periods ending 31 December 2025 and 31 December 2024 are presented below.

The financial summaries for the year-to-date periods ending 31 December 2025 and 31 December 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, 12 February 2026, 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<<.