Alligator Bioscience AB reports financial results for the period 1 January – 30 June 2026 and provides a business update

• Strategic refocus: After the quarter, Alligator discontinued all further independent development of mitazalimab and refocused on preserving the future royalty potential of its financial interest in the out-licensed HLX22 programme.
• Rights issue of units: A rights issue of units of approximately SEK 125.6 million before issue costs was announced, conditional upon approval by the Extraordinary General Meeting on 26 August 2026, and is covered by subscription undertakings and guarantee commitments of approximately 47 percent.
• HLX22 progress: Henlius reported that the first patients were dosed in all regions participating in the global Phase 3 study, and that follow-up of more than 39 months indicates continued extended progression-free survival.

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 second quarter of 2026 and provided a business update.

"During the second quarter we assessed how best to create value from our portfolio. After the quarter, we decided to discontinue independent development of mitazalimab and to refocus Alligator on its financial interest in HLX22, which offers potential future revenue without development costs. We will seek to out-license or divest mitazalimab in the near term, and we are reducing the organisation to the minimum staffing required to oversee the HLX22 programme."
Søren Bregenholt, CEO of Alligator Bioscience

BUSINESS UPDATE
Mitazalimab

• Alternatives for Phase 3 development: Alligator stated that it was exploring alternative routes to Phase 3 development of mitazalimab in first-line metastatic pancreatic cancer and had signed a letter of intent with the French non-profit cancer research organisation Unicancer to assess the feasibility of a global investigator-sponsored Phase 3 study. No development decisions had been taken.
• New data at AACR 2026: Data from a Phase 1 investigator-initiated study (NCT06205849) of intratumoral mitazalimab given in conjunction with irreversible electroporation in locally advanced pancreatic cancer were presented at the AACR Annual Meeting 2026. All six patients with completed pre- and post-treatment analyses showed T-cell reactivity to patient-specific neoantigens, and reactivity increased following treatment.

HLX22

• HLX49 – preclinical data at AACR 2026: Henlius presented preclinical data for HLX49, a HER2 biparatopic antibody-drug conjugate that incorporates HER2 binding domains from HLX22. Alligator’s financial interest extends to products derived from HLX22.
• Long-term follow-up: Henlius reported that follow-up of more than 39 months indicates that patients treated with HLX22 continue to demonstrate extended progression-free survival. The update did not include new numerical efficacy data.
• Patients dosed in all regions of the global Phase 3 study: Henlius reported that the first patients were dosed in all regions participating in the global Phase 3 study of HLX22, comprising China, Japan, Korea, Latin America, Australia, the United States and Europe.

Company / Financial position

• Annual General Meeting: The Annual General Meeting on 6 May 2026 elected four Board members. Anna Törner and Jörg Möller were elected as new members and Hans-Peter Ostler was re-elected Chairman. The Meeting also authorised the Board to resolve on the issue of ordinary shares, convertibles and warrants corresponding to no more than 20 percent of the number of outstanding ordinary shares.

SIGNIFICANT EVENTS AFTER THE QUARTER

• Discontinued independent development of mitazalimab and strategic refocus: On 23 July 2026 Alligator announced that it will discontinue all further independent development of mitazalimab, including preparations for and support of Phase 3 studies, and refocus on preserving the future royalty potential of its financial interest in the out-licensed HLX22 programme. Alligator will wind down remaining operations and reduce the organisation to the minimum staffing required to oversee the HLX22 programme, subject to negotiations with the trade unions concerned. Alligator intends to continue to supply mitazalimab to ongoing externally funded investigator-initiated studies, including the randomised Phase 2/3 study in biliary tract cancer, subject to available funding. Alligator also intends to seek to out-license or divest mitazalimab as a broader immuno-oncology asset in the near term.
• Rights issue of units and bridge loans: Alligator announced a rights issue of units of approximately SEK 125.6 million before issue costs, conditional upon approval by the Extraordinary General Meeting on 26 August 2026. The rights issue is covered by subscription undertakings and guarantee commitments of up to SEK 58.8 million, corresponding to approximately 47 percent. Alligator also raised bridge loans of SEK 19 million and renegotiated its outstanding loan from Fenja Capital, whereby the maturity was changed from 30 September 2026 to 30 June 2027.

FINANCIAL SUMMARY FOR Q2 2026
The financial summaries for the periods ending 30 June 2026 and 30 June 2025 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 Wednesday, 26 August 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.