Alligator Bioscience

Quarterly Report • Apr 24, 2025

Alligator Bioscience AB (publ) Interim report January – March 2025

"With strong clinical data for mitazalimab from the 24-month follow-up in OPTIMIZE-1 and enhanced financial flexibility, we aim to initiate Phase 3 with a partner in H2 2025."

Søren Bregenholt CEO Alligator Bioscience AB

! The information was submitted for publication on 24 April 2025 at 8:00 am CEST. For contact details and notes to the reader, see page 14. A glossary can be found at the Alligator website.

Significant events during the quarter

• Extraordinary general meetings for approval of rights issue and reverse share split

Two EGMs were held during the quarter. At the EGM on 13 January 2025, shareholders approved the rights issue of units announced in December 2024. The rights issue was successfully completed in February 2025, providing Alligator with an initial capital injection of approximately SEK 153 million (gross). Following registration of the rights issue, BTUs were converted into shares and warrants, and a directed issue of units was carried out to guarantors. In addition, warrants were issued to Fenja Capital in connection with the transaction.

At the EGM on 27 March 2025, a reverse share split of ordinary shares was approved, aimed at optimizing Alligator's share structure together with a redemption of all outstanding series C-shares to cover loss. Following the end of the quarter, the record date of the reverse share split was set to 8 April 2025.

Other events during the quarter

• Encouraging overall survival benefit for mitazalimab

On 26 February, 24-month follow-up data from the Phase 2 study with mitazalimab in combination with mFOLFIRINOX in first line metastatic pancreatic cancer showed a survival rate of 29.4%, three-fold that of chemotherapy alone at the progressed timepoint, thus further strengthening the clinical rational for mitazalimab in this indication.

Simultaneous top-line data from the 450 µg/kg back filled cohort from the Phase 2 study were announced, further supporting 900 µg/kg as the recommended Phase 3 dose.

• Additional positive survival data for mitazalimab

On 27 January, Alligator announced an incremental overall survival benefit for mitazalimab in combination with mFOLFIRINOX, based on a literature-based indirect comparison. These findings further strengthen the clinical profile of mitazalimab and support its progression into Phase 3.

Financial information

MSEK, unless otherwise stated	2025 Jan-Mar	2024 Jan-Mar	2024 Jan-Dec
Net sales	-	7.0	57.8
Operating profit/loss	-43.7	-59.6	-229.1
Profit/loss for the period	-8.3	-62.8	-233.9
Cash flow for the period	-34.6	-26.2	-1.2
Cash and cash equivalents	28.9	40.0	64.3
Earnings per share before and after dilution, SEK	-1.1	-95.4	-318.5

• Successful completion of End-of-Phase 2 meeting with FDA for mitazalimab

Alligator completed its End-of-Phase 2 interaction with the FDA, receiving positive feedback and alignment on the clinical development strategy and Phase 3 trial design for mitazalimab.

• Tom Moore appointed as Chief Medical Officer

Alligator appointed Dr. Tom Moore as Chief Medical Officer, bringing extensive clinical development expertise to support the advancement of mitazalimab and Alligator's broader pipeline.

• Peer-reviewed publication for ATOR-1017 (evunzekibart)

On 29 January, clinical data for the antibody ATOR-1017 were published in the Journal for ImmunoTherapy of Cancer. The data confirm its immunomodulatory effects and continued relevance as part of Alligator's scientific foundation and IP portfolio.

• FDA Orphan Drug Designation for HLX22

The FDA granted Shanghai Henlius, Inc. an Orphan Drug Designation to outlicensed asset HLX22 for the treatment of gastric cancer.

• Publication of Annual Report for 2024

Alligator published its Annual Report for 2024 on 27 March, providing a comprehensive overview of Alligator's operations, financial performance, and strategic priorities.

CEO comments

The first quarter of 2025 has been pivotal for Alligator, marked by significant clinical, regulatory, and financial progress that strengthens our strategic position moving forward.

FDA alignment marks key milestone for mitazalimab

A major development step was the successful completion of our End-of-Phase 2 meeting with the U.S. Food and Drug Administration (FDA) for mitazalimab. The FDA confirmed alignment on our clinical development strategy and Phase 3 trial design, providing important regulatory validation thus significantly de-risking the program. We remain on track to initiate the Phase 3 trial in metastatic pancreatic cancer together with a strategic partner during H2 2025.

Encouraging long-term survival data reinforce mitazalimab's potential

We also reported encouraging 24-month survival data from OPTIMIZE-1, showing a survival rate of 29.4% for mitazalimab in combination with mFOLFIRINOX—three times that of chemotherapy alone. Additional data from an indirect literature comparison, presented at the ASCO GI conference in January, further reinforced these findings and strengthen our confidence in mitazalimab's potential as a transformative treatment option.

During February we also presented top-line data from the backfill 450 µg/kg cohort, requested by the FDA to enable further mitazalimab dose characterisation. The available data further supports 900 µg/kg as the recommended Phase 3 dose.

Focused efforts to secure strategic partnership for mitazalimab

During Q1 we have advanced mitazalimab further; releasing data reinforcing the clinical benefit of mitazalimab in first line metastatic pancreatic cancer, and removing residual regulatory risks associated with manufacturing, Phase 3 and trial design and dose. Looking ahead, our top priority is to secure a strategic partnership for mitazalimab. To support these efforts, we have attended several international partnering meetings. We have also engaged a global transaction advisor with experience and track-record in oncology, in order to strengthen our outreach and increase the likelihood of a mitazalimab partnership.

Other pipeline program advancements

Our broader pipeline continues to evolve. In January, peerreviewed clinical data for our 4-1BB antibody ATOR-1017 were published in the Journal for ImmunoTherapy of Cancer, confirming its immunomodulatory activity and supporting its long-term scientific value. In parallel, the FDA granted Orphan Drug Designation to HLX22, out-licensed to Henlius, for the treatment of gastric cancer—a positive step forward in that program.

Strengthening leadership with appointment of new Chief Medical Officer

To support our development efforts, we appointed Dr. Tom Moore as Chief Medical Officer. With his strong background in immuno-oncology and clinical development, Tom adds valuable expertise to Alligator.

Improved financial flexibility through decisive funding and cost-saving measures

During Q1, we also completed our decisive steps to strengthen our financial position and streamline operations. The rights issue announced in December 2024 was approved at the EGM in January and completed in February, raising SEK 153 million (gross). A second EGM, held in March, approved a reverse share split to achieve an appropriate number of shares. Our costreduction program announced in Q4 2024 is running ahead of plan and we will conclude the restructuring in late Q2 2025. Together, these measures will significantly lower our burn rate in the coming quarters, improve our financial flexibility and enable a sharpened focus.

Looking ahead, the upcoming exercise period for the TO 12 warrants, running from 5 to 19 May 2025, offers shareholders an opportunity to support Alligator's continued progress while benefiting from an attractive discounted subscription price.

Commitment to sustainability and longterm value creation

Sustainability continues to be an integral part of our operations. We aim to build long-term value through responsible business practices and good governance, as detailed in our 2024 Annual Report published in March.

Positioned for progress with strong foundation and clear strategy

I would like to thank our shareholders, employees, and partners for your continued support. With solid clinical results, a streamlined organization, and a clear strategy, Alligator is well positioned to deliver on its mission to improve the lives of patients with hard-to-treat cancers.

Søren Bregenholt

CEO Alligator Bioscience AB (publ)

Performance measures Group

	Note	2025 Jan-Mar	2024 Jan-Mar	2024 Jan-Dec
Result (KSEK)
Net sales	5	-	6,977	57,767
Operating profit/loss		-43,667	-59,636	-229,141
Profit/loss for the period		-8,347	-62,752	-233,890
R&D costs		-40,660	-54,817	-205,311
R&D costs as a percentage of operating costs, %		83%	82%	82%
Capital (KSEK)
Cash and cash equivalents at end of period		28,853	40,022	64,310
Cash flow from operating activities		-56,799	-82,792	-212,426
Cash flow for the period		-34,650	-26,160	-1,154
Equity at the end of the period		-99,076	-50,889	-130,588
Equity ratio at the end of the period, %		-144%	-58%	-125%
Info per share (SEK)
Average number of shares*		7,530,841	657,954	734,278
Earnings per share after dilution**		-1.11	-95.37	-318.53
Equity per share after dilution**		-5.86	-77.34	-172.23
Personnel
Number of employees at end of period		33	55	46
Average number of employees		39	55	52
Average number of employees employed within R&D		24	46	43

* Average number of shares post reverse split.

** Effect from dilution is not considered when result is negative and warrants where the strike price is higher than the closing share price is not considered.

For definitions and calculations, see the sections later in this report.

Market overview

With the continued rise of cancer diagnoses around the world, the need for more effective treatments also grows. Cancer touches all our lives, either directly or through its effect on family and loved ones. There is a great need for therapies that can safely combine immunotherapies and other forms of cancer treatments, to treat, or possibly even cure, cancers.

Need for cancer care

Cancer remains the leading cause of premature death in industrialized countries.¹ Each year, nearly 18 million people are diagnosed with cancer globally,² and in 2020, 10 million people died from the disease.³ By 2025, new cases are projected to reach 21.6 million—a 20% increase.⁴ Based on 2016–2018 data, about 40% of men and women will be diagnosed with cancer in their lifetime.⁵

Rising life expectancy and better diagnostics contribute to increased detection, often at earlier stages where treatment is more effective. Nearly half of cancer cases occur in Asia, 25% in Europe, and 15% in North America. The incidence rate is about 600 per 100,000 people in Europe and North America, with the highest rates in high-income regions.⁶

Current treatments include surgery, radiation, chemotherapy, and immunotherapy. While advances have improved outcomes and tolerability, the continued high incidence and mortality underline the need for better and safer cancer drugs.

The oncology market

The growing cancer burden is reflected in rising costs. In 2021, oncology drug sales totaled USD 280 billion, with projections reaching USD 480 billion by 2028 and USD 680 billion by 2030.⁷ Alligator believes that new immunotherapies will be central to future treatment. In 2020, oncology represented 14% of the pharmaceutical market and is expected to grow to 23% by 2026.⁸

The immuno-oncology market

Immuno-oncology (IO) stimulates the immune system to fight cancer. The IO market is expected to grow 21% annually, reaching USD 140 billion by 2027. Checkpoint inhibitors like Keytruda®, Opdivo®, Tecentriq®, and Yervoy® are forecasted to generate USD 88 billion in revenue by that time.⁹

Unlike small-molecule generics, biologics face less direct competition due to the complexity of producing biosimilars. Clinical trials are required to prove equivalence, especially for agonistic antibodies like those developed by Alligator, where therapeutic effects can depend on the manufacturing process.

Pancreatic cancer and market outlook

Alligator's lead candidate, mitazalimab, targets pancreatic cancer, which sees approximately 495,000 new cases globally each year.¹⁰ Only 20% of patients are eligible for surgery; for the rest, prognosis remains poor. Median survival without treatment is about six months, and chemotherapy can extend it to 9–11 months.

Common first-line therapies include:

• • Gemcitabine + nab-paclitaxel: median OS of 8.1 months; 23% response rate.¹¹
• • FOLFIRINOX: median OS of 11.1 months; 31% response rate.¹²
• • NALIRIFOX: median OS of 11.1 months; 41.8% response rate. Approved in early 2024 following NAPOLI-3 trial.¹³ ¹⁴

The pancreatic cancer market is expected to grow at 11.6% CAGR to USD 5.5 billion by 2029, driven by new therapies and biologics.¹⁵, ¹⁶ Alligator anticipates FOLFIRINOX will become the new first-line standard in the US, expanding mitazalimab's potential patient base. Peak sales for mitazalimab are estimated at up to USD 2 billion annually, depending on clinical performance and market factors.

References

^1. IARC International Agency for Research on Cancer (IARC), World Cancer Report: Cancer Research for Cancer Prevention 2020.

^2. World Cancer Research Fund, World Cancer report 2018.

^3. IARC International Agency for Research on Cancer (IARC), Cancer Today (iarc.fr), GLOBOCAN 2020. 4. IARC International Agency for Research on Cancer (IARC), Cancer Tomorrow 2020.

^5. NIH National Cancer Institute, US. The Surveillance, Epidemiology, and End Results (SEER) Program.

^6. IARC International Agency for Research on Cancer (IARC), Cancer Today (iarc.fr), GLOBOCAN 2020. 7. Oncology Market Size, Share, Growth, Trends, Report 2022-2030 (precedenceresearch.com), https://www.precedenceresearch.com/oncology-market; Oncology Market Size USD 447.3 Billion by 2028

^8. The information has been obtained from the database GlobalData (Pharma Intelligence Center - Drug Sales), September 2021

^9. The information has been obtained from the database GlobalData (Pharma Intelligence Center - Drug Sales), May 2022. 10. Fact sheet on Pancreas cancer, WHO/International Agency for Research on Cancer, https://gco.iarc.fr/today/data/factsheets/cancers/13-Pancreas-fact-sheet.pdf.

^11. N Engl J Med 2013; 369:1691-1703; DOI: 10.1056/NEJMoa1304369.

^12. N Engl J Med 2011; 364:1817-1825; DOI: 10.1056/NEJMoa1011923.

^13. Lancet. 2023 Oct 7;402(10409):1272-1281; DOI: 10.1016/S0140-6736(23)01366-1.

^14. https://www.fda.gov/drugs/resources-information-approved-drugs/fda-approves-irinotecan-liposome-first-line-treatment-metastatic-pancreatic-adenocarcinoma;

https://www.ema.europa.eu/en/documents/smop/chmp-post-authorisation-summary-positive-opinion-onivyde-pegylated-liposomal-previously-known-onivyde-ii-34_en.pdf 15. Adv Ther. 2022 Dec;39(12):5433-5452; DOI: 10.1007/s12325-022-02317-9.

^16. JAMA Netw Open. 2024 Jan 2;7(1):e2350756; DOI: 10.1001/jamanetworkopen.2023.50756.

Market overview, cont.

Competitors

Alligator competes with both large pharma and biotech companies developing antibody-based and immuno-oncology drugs, including AbbVie, Roche, Pfizer/SeaGen, Genmab, and others targeting the same molecular pathways.

Market trends

Alligator assesses that the need and demand for novel immunotherapy drugs will increase moving forward. The main market trends identified by Alligator are as follows:

• Growing number of applications for immunotherapy:

Alligator's assessment is that immunotherapies have a potential to revolutionize cancer treatment. Immunotherapies were first used to treat malignant melanoma, but as of today, they are approved for numerous kinds of cancers, including kidney, head and neck, gastric, lung and bladder cancer as well as lymphoma.

• The need for combination therapies:

Although the emergence of immunotherapies has significantly improved cancer treatments over the past decade, only 15-25% of patients experience a lasting clinical effect with current treatments. To improve the result of treatments, combination therapies, which combine different treatment modalities, have become the cornerstone of cancer treatment. Alligator believes that the scope of combination therapies will increase significantly during the next couple of years. With its unique effect and safety profile, Alligator's antibody drugs are very well suited for combination therapies.

• Partnerships between pharmaceutical companies:

Partnerships are increasing between Big Pharma and small research-based biotechnology and pharmaceutical companies in drug discovery and development. The cost of drug development is high, which is why small researchbased pharmaceutical companies often choose to license their products to Big Pharma before large-scale clinical studies are carried out. Big Pharma then carries out the clinical studies that are required and commercialize the drug in the global market. This streamlines the product development process from concept to commercialization and distributes the risks between the parties. The researchbased biotechnology and pharmaceutical companies also receive early returns in terms of upfront and milestone payments linked to development. In addition, licensing contracts usually entitle the small companies to salesrelated milestone payments and royalties on sales, which secures long-term revenues.

• Demographic trend:

Driven by demographic trends such as population aging in developed countries and rising incomes along with improved access to, and more widespread use of, drugs in emerging markets, Alligator expects the total pharmaceutical market to grow.

• Increased expenditure and investment:

In the years ahead, Alligator expects that expenditure will increase, especially in developed countries, due to higher costs for drugs in novel and expensive therapies and a higher price per product in some countries. In addition, development in, for example, developing countries is expected to increase in the years ahead, due to improvements in social safety nets and private insurance.

• Improved access to medicines:

Alligator assesses that global access to medicines will increase. The increase will be driven by a more considerable use of more expensive, patented original drugs in developed countries, more widespread use of cheaper alternatives when patents expire and improved access to medicines in developing countries.

Operations

Alligator believes that for a company like Alligator, economic value is mainly created by out-licensing drug candidates at clinical study stage. Final Phase 3 clinical development as well as marketing and sales is foreseen to primarily be undertaken by Alligator's partners.

Discovery strategy and technology platform

Alligator has developed tumor-directed immunotherapies with a focus on active therapies that provide long-lasting tumor-specific immunity. The technologies form the basis for all drug candidates in our pipeline. Alligator's technologies and know-how provide additional value-creating opportunities through potential collaboration and licensing agreements with third parties.

Preclinical development strategy

The preclinical studies carried out at Alligator have evaluated the safety and toxicity of the antibodies and increased Alligator's understanding of the mechanism of action in more complex systems. The latter is crucial for the design of clinical studies. Preclinical studies are required for permission to commence clinical studies, and something that Alligator transfers to external parties in the event of a need for additional activities.

Manufacturing

Alligator entrusts the production of clinical trial materials to Contract Development and Manufacturing Organizations (CDMOs), an approach that enables Alligator to leverage specialized expertise and advanced technology and ensures both efficient and high-quality development processes. Alligator works continuously with manufacturing related issues throughout the entire development process. Alligator is ultimately responsible of the manufacturing conducted by a CDMO.

Clinical development strategy

Alligator has the expertise and capacity to design and conduct clinical studies up to and including clinical proof-of-concept in Phase 2. Alligator also has the medical and regulatory expertise and ability to analyze clinical data in preparation for late-phase clinical studies. The operational aspects of the clinical development process have been contracted to Clinical Research Organizations (CRO), which also makes it possible to conduct clinical studies in several different countries. Alligator is continuously involved in all clinical development steps. Alligator is ultimately responsible for all work performed by a contracted CRO.

Business development strategy

Alligator conducts business development to generate nondilutive income for the shareholders through out-licensing of antibodies and drug candidates, mainly in the preclinical or clinical phase, or further development through collaboration.

Sustainability at Alligator

We believe our commitment to sustainability, transparency and diversity drives our immuno-oncology innovation. From sustainable operations to fostering an inclusive culture, we are working towards our common goal of delivering best-in-class treatments for patients with hard-to-treat cancers.

Sustainable operations meeting high standards

Alligator is deeply committed to corporate responsibility and sustainability, integrating these principles into our daily operations. We strive to exceed established requirements in ecological, social, and economic sustainability. Our efforts include monitoring and reducing our environmental footprint, updating travel policies for reduced CO2 emissions, and integrating ESG and DEI objectives into our corporate goals.

Contributing to global sustainable development

Aligned with the United Nations' Sustainable Development Goals, we actively contribute to goals 3, 5 and 8, focused on good health and well-being, gender equality, and decent work and economic growth. As a company developing immuno-oncology drugs, we prioritize patient health, foster an inclusive and diverse workplace, and uphold fair working conditions essential for innovation and growth.

Transparency and engagement with stakeholders

Alligator values transparency and actively engages with stakeholders. Through our website, social media channels, and press releases, we provide up-to-date information tailored to various levels of expertise. Our commitment to corporate responsibility is evident through our Nasdaq ESG Transparency Partner certification and our dedication to providing clear governance.

Fostering a supportive work environment

At Alligator, we cultivate an environment where dedicated employees thrive. Our clinical-stage biotechnology company attracts leading expertise by offering growth opportunities, academic recognition, and a supportive team spirit. With a focus on diversity and inclusion, we aim to create equal opportunities for all employees, as reflected in our rankings on equality reports and diversity indices.

Core values and internal career development

Our organizational culture is guided by four core values: collaboration, curiosity, trust, and accountability. These values shape how we operate and interact to achieve our vision. We prioritize internal career development, offering opportunities for employees to grow within Alligator. Our commitment to diversity, equity, and inclusion is embedded in our DEI policy, fostering innovation in a psychologically safe environment.

By maintaining high standards of sustainability, engaging with stakeholders transparently, fostering a supportive work environment, and prioritizing diversity and inclusion, Alligator continues to drive innovation and success in immunooncology.

Project portfolio – mitazalimab

Driving long-term survival in pancreatic cancer

Mitazalimab is a CD40-targeting stimulatory antibody that activates dendritic cells key players in initiating anti-tumor immune responses. By enhancing dendritic cell function, mitazalimab enables a more effective, tumor-specific activation of T cells. Preclinical studies have shown robust immune activation, long-lasting tumor immunity, and potential for use across multiple cancer types and in combination with chemotherapy, vaccines, and checkpoint inhibitors.

Early clinical results for mitazalimab has confirmed its safety and tolerability, as well as provided biomarker evidence of immune activation. These findings supported the design of the ongoing Phase 2 study, OPTIMIZE-1.

OPTIMIZE-1 – a Phase 3-enabling study

OPTIMIZE-1 is an open-label, multi-center Phase 2 trial evaluating mitazalimab in combination with mFOLFIRINOX in previously untreated metastatic pancreatic cancer. Data from 57 patients have shown that the combination delivers significant and sustained survival benefits over standard chemotherapy alone. In February 2025, Alligator reported continued encouraging overall survival benefit for mitazalimab from the 24-month follow-up in OPTIMIZE-1 – a follow-up time that sets the candidate apart from many other drugs in clinical evaluation.

Recently published results:

• • The survival rate at 24 months was 29.4% in patients treated with mitazalimab in combination with mFOLFIRINOX, a threefold increase compared to the estimated 8% for chemotherapy FOLFIRINOX alone16.
• • Median Overall Survival (mOS) was 14.9 months17, a strong outcome compared to 11.1 months reported for FOLFIRINOX16 and more recently for NALIRIFOX18.
• • At the analysis cutoff at 24 months, 16 patients (28%) were still alive, and 5 (9%) remained on treatment. The longest ongoing treatment duration was 32 months.
• • The confirmed Objective Response Rate (ORR) was 42.1 percent17, aligning well with the reported ORR of 31.6% in a similar patient population treated with FOLFIRINOX alone16, and the 42% ORR reported for NALIRIFOX18. The unconfirmed ORR was 54.4% among the 57 patients evaluated17.

• Median Duration of Response (DoR) was 12.6 months17, which was confirmed at the 24-month analysis an exceptional result in this aggressive disease, significantly longer than the 5.9 months reported for FOLFIRINOX16 and 7.3 months reported for NALIRIFOX18.

Mitazalimab received orphan drug designation for pancreatic cancer in both the U.S. (May 2023) and EU (August 2023).

Regulatory progress and Phase 3 readiness

Based on guidance from the FDA and European regulators, Alligator has established a clear regulatory path forward, confirming OPTIMIZE-1 as a Phase 3-enabling study. In response to FDA input, an additional 450 µg/kg dose cohort was added to support dose characterization.

Top-line results from this cohort, reported in February 2025, further validated the 900 µg/kg dose as optimal for Phase 3.

In Q4 2024, a CMC interaction with the FDA confirmed that Alligator's completed and planned work supports Phase 3 progression. Manufacturing of GMP material has been initiated accordingly.

At the FDA's End-of-Phase 2 meeting in January 2025, the proposed global Phase 3 design received alignment from both the FDA and German Paul Ehrlich Institute as a basis for future BLA and MAA submissions.

Next steps

Alligator is preparing to initiate the global Phase 3 trial in H2 2025, with potential for accelerated approval. Partnership discussions are ongoing to support execution of this pivotal study. To strengthen these efforts, Alligator has engaged a global transaction advisor with deep experience and a proven track record in oncology to actively support the partnering process.

References

^16. N Engl J Med 2011; 364:1817-1825; DOI: 10.1056/NEJMoa1011923. 17. Lancet Oncol. 2024 Jul;25(7):853-864; DOI. 10.1016/S1470-2045(24)00263-8.

^18. Lancet. 2023 Oct 7;402(10409):1272-1281; DOI: 10.1016/S0140-6736(23)01366-1.

Project portfolio – ATOR-4066

a next generation bispecific CD40-agonist

ATOR-4066 is a bispecific antibody developed by Alligator within the Neo-X-Prime™ concept as a sequel to mitazalimab. In addition to CD40, ATOR-4066 targets CEACAM5 (carcino-embryonic antigen 5). CEACAM5 is a protein found in certain tumors, for example colorectal cancer, but not at all or in low amounts in normal tissue, which makes it an attractive target molecule for cancer treatment.

Background

Preclinical data show that ATOR-4066 selectively activates dendritic cells and T cells in material from human tumors, and that this activation is dependent on CEACAM5- expression in the tumor. Moreover, data from experimental models demonstrate that the molecule activates the immune system and protects against tumors. These results have been published in the peer-reviewed journal Journal for ImmunoTherapy of Cancer. 19

Project progress

The mechanism and potential of ATOR-4066 was strengthened further during the data published at SITC in November 2024 showing that ATOR-4066 alone can eliminate large tumors with heterogenous CEACAM5-expression, thereby limiting tumor-escape mechanisms and forming the basis for single agent use of the molecule in certain cancers. Based on these positive data, Alligator expects to initiate CMC process development and other IND-enabling activities for ATOR-4066 as soon as possible, dependent on operational and financial capability.

In January 2024, the USPTO granted the first US patent for ATOR-4066.

Project portfolio – ALG.APV-527

a tumor-directed bispecific antibody

ALG.APV-527 is a bispecific antibody co-developed by Alligator and Aptevo Therapeutics since 2017. The molecule is a T-cell engager which combines a tumortargeting domain (5T4) and an immunostimulatory domain (4-1BB), designed to activate immune cells only upon simultaneous binding to both targets—ensuring tumor-specific activity and minimizing off-target effects.

Background

5T4 is a protein expressed on several solid tumors, including triple-negative breast cancer and renal cell carcinoma. ALG.APV-527 stimulates both T cells and NK cells in the tumor microenvironment, supporting a strong immune response while maintaining a favorable safety profile.

The antibody was developed using Alligator's ALLIGATOR-GOLD® library and optimized with Aptevo's ADAPTIR™ platform. The partners share ownership and development costs equally under a 50/50 agreement.

Preclinical data, published in Molecular Cancer Therapeutics, demonstrated potent tumor-specific immune activation, immunologic memory, and a strong safety profile with no systemic immune activation or liver toxicity.

Clinical progress

In 2023, the first patient was dosed in a Phase 1 study evaluating safety and preliminary efficacy in patients with 5T4 expressing tumors. Interim data announced in March 2024 showed a favorable safety and pharmacokinetics profile, along with early signs of efficacy in heavily pretreated breast cancer patients. By Q4 2024, the study met key endpoints including adequate exposure, safety, tolerability, and biological activity. The companies are currently evaluating the next steps for the program.

These results support further clinical development of ALG.APV-527 as a promising tumor-targeted immunotherapy with the potential for improved efficacy and reduced side effects.

References

^19. J Immunother Cancer. 2022 Nov;10(11):e005018. DOI: 10.1136/jitc-2022-005018.

Collaborations and out-licensing agreements

HLX22 – Agreement with Abclon, Inc.

Through its subsidiary Atlas Therapeutics AB, Alligator holds a participating interest in the clinical Biosynergy (HLX22) project, run by the Korean company AbClon Inc. The HER2 antibody AC101 is currently being developed by the Chinese company Shanghai Henlius Biotech Inc., which expanded its rights to encompass a global license for development and commercialization in 2018.

Alligator incurs no overheads for this project but is entitled to 35% of the revenue received by AbClon Inc. from outlicensing to Shanghai Henlius Biotech Inc. In previous financial years, Alligator has received two milestone payments totaling USD 3 million.

HLX22 entered into Phase 2 clinical development in gastric cancer during Q3 2021, a study that is expected to be completed in December 2025. In Q4 2022, Shanghai Henlius Biotech Inc. announced the Chinese IND approval for a second Phase 2 clinical study of HLX22 in gastric cancer. In September 2024, Shanghai Henlius Biotech Inc. reported updated Phase 2 clinical data for HLX22 at the 2024 ESMO Gastrointestinal Cancers Congress, showing that HLX22 in combination with trastuzumab (HLX02) and chemotherapy significantly prolonged progression-free survival and led to an increased antitumor response in patients with HER2 positive gastric cancer. An additional IND for a multicenter Phase 3 study of HLX22 in combination with trastuzumab and chemotherapy was approved by the US FDA in May 2024, in which the first patient was dosed in Q4 2024.

Biotheus, Inc.

In August 2019, an agreement was concluded with the Chinese company Biotheus Inc, who obtained the Chinese rights (China, Hong Kong, Taiwan and Macao) to an antibody from the ALLIGATOR-GOLD® library. Under the agreement, Alligator is entitled to potential upfront payments and future milestone and license option payments totaling USD 142 million. To date, Alligator has received upfront payments of about USD 1 million, for events such as positive results after an initial evaluation period.

The Alligator share

The total number of outstanding shares and votes in Alligator is 16,905,477 (post reverse split made on 7 April 2025 and redemption of all outstanding series C-shares).

Warrants series TO 12 and TO 13

Following the reverse split, one thousand (1,000) warrants series TO 12 entitles the holder the right to subscribe for one (1) new ordinary share in Alligator at a subscription price corresponding to seventy (70) % of the volume-weighted average price of Alligator's ordinary share on Nasdaq Stockholm during the period from and including 11 April 2025 up to and including 28 April 2025, however not lower than the quota value of the share, SEK 0.80, and not higher than SEK 12.50. Subscription of ordinary shares by exercise of warrants series TO 12 shall be made during the period from and including 5 May 2025 up to and including 19 May 2025. In total, 19,645,769,260 warrants series TO 12 is outstanding, equivalent to 19,645,769 new ordinary shares, if fully subscribed. TO 12 is subject to trading up until 15 May 2025. Following the reverse split, one thousand (1,000) warrants series TO 13 entitles the holder the right to subscribe for one (1) new ordinary share in Alligator at a subscription price corresponding to seventy (70) % of the volume-weighted average price of Alligator's ordinary share on Nasdaq Stockholm during the period from and including 14 August 2025 up to and including 27 August 2025, however not lower than the quota value of the share, SEK 0.80, and not higher than SEK 12.50. Subscription of ordinary shares by exercise of warrants series TO 13 shall be made during the period from and including 1 September 2025 up to and including 15 September 2025. In total, 9,822,884,630 warrants series TO 13 is outstanding, equivalent to 9,822,884 new ordinary shares, if fully subscribed.

Before the reverse split

The EGM on 13 January 2025 resolved to carry out a rights issue of units (ordinary shares and warrants, series TO 12 and 13). In total, 1,530,016,926 units were subscribed for in February 2025. Proceeds of SEK 153 million were raised before issue costs, repayment of bridge loans and repayment of outstanding loans and convertibles to Fenja Capital (these repayments amounted to approximately SEK 108 million in total, including accrued interest). Furthermore, in conjunction with the rights issue of units, Alligator issued 3,500,000,000 warrants series TO 12 and 1,750,000,000 warrants TO 13 free of charge as part of the refinancing agreement with Fenja Capital. Finally, Alligator issued 84,560,000 units to the guarantors who have chosen to receive their guarantee fee in the form of units.

The Alligator share in brief 31 March 2025, before reverse split

Listed on:	Nasdaq Stockholm Small Cap
Number of shares:	16,906,256,503 ordinary shares
Average turnover per day:	Approximately 3,368,393 (preceding quarter: approx. 3,514,310)
Number of shareholders:	15,974 (preceding quarter: 11,891)
Market capitalization:	SEK 117 million (preceding quarter: approx. SEK 189 million)
Ticker:	ATORX
ISIN:	SE0000767188

Swedish and foreign ownership

Largest shareholders, 31 March 2025, before reverse split

Shareholder	No of Shares	%
Avanza Pension	1,444,878,647	8.6%
Roxette Photo SA	1,000,000,000	5.9%
Nordnet Pensionsförsäkring	841,652,310	5.0%
Johan Zetterstedt	619,400,000	3.7%
Sbakkejord AS	580,000,000	3.4%
Pearla Gem Ltd	250,000,000	1.5%
Koncentra Holding AB (Part of Allegro Investment Fund)	249,948,629	1.5%
Magnus Petersson	224,174,975	1.3%
Zetterstedt Holding AB	218,500,000	1.3%
Thomas Kreutzfeldt	198,142,825	1.2%
Other shareholders	11,279,559,117	66.7%

Total number of shares 16,906,256,503 100.0%

Alligator's owner structure is updated regularly on Alligator's website:

www.alligatorbioscience.com

Source tables and figures: Modular Finance AB. Compiled and processed data from various sources, including Euroclear, Morningstar and the Swedish Financial Supervisory Authority (Finansinspektionen).

In total, 1,498,157 ordinary shares were subscribed for in December 2024 in relation to warrants series TO 9. Proceeds of SEK 0.8 million were received on 30 December 2024 but the ordinary shares were registered in January 2025.

Alligator warrant programs

After the reverse split

The EGM on 27 March 2025 resolved to carry out a reverse split of Alligator's ordinary shares (1:1,000) and to reduce the share capital to cover loss by redemption of all outstanding 779,169 series C-shares, held by Alligator. This means that the quota value per share has increased from SEK 0.0008 to SEK 0.8.

Share-based incentive programs

Alligator has issued warrants under three warrant programs including employees and three warrant programs including certain board members. Please note that all information below is post reverse split.

Warrant program LTI 2022-I/2022-II

The Annual General Meeting held 2022 resolved to implement a warrant program for employees and certain board members ("LTI 2022-I/LTI 2022-II"). After recalculation due to completed rights issues during 2023, 2024 and 2025 the subscription price has been recalculated to SEK 77.61 per share. Each warrant is entitled to 0.0436 shares. If all warrants LTI 2022-I/ LTI 2022-II are exercised a total of 122,022 new ordinary shares will be issued, which corresponds to a dilution of approximately 0.7%. All warrants have been transferred to the participants at fair market value.

Warrant program LTI 2023-I/2023-II

The Annual General Meeting held 2023 resolved to implement a warrant program for employees and certain board members ("LTI 2023-I/LTI 2023-II"). After recalculation due to completed rights issues during 2024 and 2025 the subscription price has been recalculated to SEK 32.03 per share. Each warrant is entitled to 0.0331 shares. If all warrants LTI 2023-I/LTI 2023- II are exercised a total of 209,468 new ordinary shares will be issued, which corresponds to a dilution of approximately 1.2%. All warrants have been transferred to the participants at fair market value.

Warrant program LTI 2024-I/2024-II

The Annual General Meeting held 2024 resolved to implement a warrant program for employees and certain board members ("LTI 2024-I/LTI 2024-II"). After recalculation due to completed rights issue during 2025 the subscription price has been recalculated to SEK 51.11 per share. Each warrant is entitled to 0.0331 shares. If all warrants LTI 2024-I/LTI 2024- II are exercised a total of 105,727 new ordinary shares will be issued, which corresponds to a dilution of approximately 0.6%. All warrants have been transferred to the participants at fair market value.

Other information

Review

This report has not been reviewed by Alligator's auditor.

Employees

The number of employees in the Group at the end of the quarter was 33 (55), including employees under notice period. Of these, 12 (16) were men and 21 (39) were women. Of the total number of employees at the end of the quarter 11 (46) were employed within research and development.

Financial calendar

Alligator intends to publish its financial reports according to the following:

• • Interim report January June 2025: 10 July 2025
• • Interim report January September 2025: 23 October 2025
• • Year-end report 2025: 12 February 2026

Risks and uncertainties

During the course of its business operations, the Group is exposed to various financial risks, such as market risk (comprising foreign exchange risk, interest-rate risk and price risk), credit risk and liquidity risk. The aim of the Group's overall risk management is to achieve minimal adverse effects in terms of earnings and financial position.

The Group's business risks, risk management and financial risks are described in detail in the Annual Report for 2024.

Conflicts in the world

Many wars and conflicts are raging around the world, resulting in enormous human suffering. The Russian invasion of Ukraine has worsened the political security situation in the rest of the world and created great uncertainty in the financial markets, which may affect the Group's ability to finance clinical trials in the future. The conflict between Israel and Palestina has been going on for decades and has flared up many times over the years. Recently, the violence has escalated and caused enormous suffering. Some other countries around the world are also at war right now.

The Group has no direct business in, nor does it conduct any clinical studies in affected countries but sees that the Group will suffer from increased raw material and energy prices, which in turn will translate into increased prices for goods and services.

Cyber security

Cyber-attacks have become a significant threat in society and for Alligator, which is dependent on IT support in its daily operations. The Group has ongoing work to ensure that the Group is well prepared to counter cyber-attacks and other types of intrusion.

Statement of financial position

Cash and cash equivalents comprised of bank balances and totaled SEK 28,853 (40,022) at the end of the period. Alligator works continuously to secure financing of the operation. This includes new licensing agreements with upfront payments as well as other financing alternatives. Alligator completed a rights issue in February 2025. Following the completion of the rights issue of units (ordinary shares and warrants series TO 12 and TO 13), it is Alligator's assessment that there is funding for 2025, provided that the two warrant programs in 2025 are subscribed to at least the expected extent. However, this means that as of the date of this quarterly report, Alligator's funding for 2025 is not secured.

The Board has noted that the equity is below half of the registered share capital. Alligator has considered the provisions in Chap. 25 in the Swedish Companies Act and and concluded that Alligator has large surplus values in primarily the mitazalimab project that good margin exceeds the deficiency in equity. Thus, no actual deficiency in equity exists that requires the Board to prepare a balance sheet for liquidation purposes

Forward-looking information

Even though the Board and management believe the expectations in this report are justified, no guarantees can be given that they will turn out to be correct. Accordingly, the actual outcome may differ significantly from the assumptions stated in the forward-looking information depending on, among other factors, changes in the economy or market, changes in legal or regulatory demands, political decisions and changes in exchange rates.

Parent company

Both management functions and all operating activities are carried out in the parent company. For additional details, refer to the information provided for the Group since the subsidiaries do not conduct their own operations.

Registered trademarks

FIND®, ALLIGATOR-GOLD®, RUBY® and Neo-X-Prime® are Alligator Bioscience AB proprietary trademarks which are registered in Sweden and other countries.

For further information, please contact:

Søren Bregenholt, CEO Email: soren.bregenholt@alligatorbioscience.com Phone: +46 46 540 82 00

Johan Giléus, CFO Email: johan.gileus@alligatorbioscience.com Phone: +46 46 540 82 00

Alligator Bioscience AB (publ) 556597-8201

Medicon Village 223 81 Lund, Sweden Phone: +46 46 540 82 00 www.alligatorbioscience.com

Financial statements

Unless otherwise stated in this interim report, numbers refer to the Group. Due to the nature of the business, there can be large fluctuations in revenue which are not seasonal or regular but are mainly linked to when milestones generating a payment are reached in out-licensed research projects. Like revenue, expenses can also fluctuate between periods. Among other factors, this fluctuation in expenses is influenced by the current phase of the various projects since certain phases generate higher costs.

Figures in brackets refer to the outcome for the corresponding period in the preceding year for figures related to the income statement and cash flow. For figures related to the financial position and personnel, figures in brackets refer to the corresponding period in 2024.

Unless stated otherwise, all amounts are in SEK thousand (KSEK).

All amounts stated are rounded, which may mean that some totals do not tally exactly.

Consolidated Income statement

All amounts KSEK unless specified Note	2025 Jan-Mar	2024 Jan-Mar	2024 Jan-Dec
Operating income
Net sales 5	-	6,977	57,767
Other operating income 5	5,178	508	1,945
Total operating income	5,178	7,486	59,712
Operating costs
Other external costs	-26,943	-43,026	-167,207
Personnel costs	-19,321	-20,979	-70,428
Depreciation and impairment of tangible assets and intangible assets	-1,119	-2,526	-48,729
Other operatings expenses	-1,462	-591	-2,489
Total operating costs	-48,845	-67,122	-288,853
Operating profit/loss	-43,667	-59,636	-229,141
Financial items
Interest income and similar income statement items	49,106	506	15,594
Interest expense and similar income statement items	-13,786	-3,621	-20,343
Net financial items	35,320	-3,115	-4,749
Profit/loss before tax	-8,347	-62,752	-233,890
Tax on profit for the period	-	-	-
Profit for the period attributable to Parent Company shareholders	-8,347	-62,752	-233,890
Earnings per share
Earnings per share before and after dilution, SEK	-1,11	-95,37	-318,53

Net Sales

The collaboration agreement with Orion Corporation ended during 2024, which means that the Group has no net sales during the first quarter.

Other operating income

Other operating income for the quarter comprises primarily of income related to the sale of tangible assets, government grants and operational exchange gains.

Operating costs

Operating costs are lower compared to the same period previous year and are mainly due to lower costs in mitazalimab OPTIMIZE-1 study that had its peak patient recruitment last year. External costs for mitazalimab amounted to SEK 21,854 thousand (23,799) during the first quarter of the year. These costs are driven by Phase 3-enabling activities, e.g. production of study material and costs for the ongoing OPTIMIZE-1 study.

Financial items

Financial income relates to fair value adjustment of the financial debt relating to the warrant series TO 12 and TO 13, which were part of the rights issue of units in February 2025. TO 12 and TO 13 were issued free of charge.

Financial expenses include primarily interest expenses and amortized cost related to external short-term loans.

Consolidated Statement of comprehensive income

All amounts KSEK	2025	2024	2024
Note	Jan-Mar	Jan-Mar	Jan-Dec
Profit/loss for the period	-8,347	-62,752	-233,890
Other comprehensive income	-	-	-
Comprehensive income for the period	-8,347	-62,752	-233,890

Consolidated statement of financial position

All amounts in KSEK	Note	2025-03-31	2024-03-31	2024-12-31
ASSETS
Fixed assets
Intangible assets
Participations in development projects	3	27,865	17,949	27,865
Softwares		-	10	-
Tangible assets
Right of use assets		2,376	15,343	1,267
Equipment, machinery and computers		334	2,449	1,754
Financial assets
Other long term financial fixed assets	6	1,942	2,063	2,056
Total fixed assets		32,517	37,813	32,942
Current assets
Current receivables
Accounts receivable	6	60	756	518
Other receivables	6	3,849	4,246	3,842
Prepayments and accrued income		3,522	4,939	2,726
Cash and cash equivalents	6	28,853	40,022	64,310
Total current assets		36,284	49,963	71,396
TOTAL ASSETS		68,801	87,776	104,338

ASSETS

Participations in development projects

The Group's participations in development projects refers to cooperation with the South Korean company AbClon Inc. for the Biosynergy project (HLX22). Biosynergy is outlicensed to the Chinese company Shanghai Henlius, which is now further developing the drug candidate. At the end of the period, participations in development projects amounted to SEK 27,865 thousand (17,949). Significant estimates and judgments are described in Note 3 and Note 18 of the Annual report for 2024. Regarding the acquired participation in development project, the conditions for the project have improved and the probability that the drug candidate will achieve milestones and incur royalties have increased. Part of the previous impairment was thus reversed during 2024.

Right of use assets

At the end of the period, right of use assets amounted to SEK 2,376 thousand (15,343). Right of use assets pertain to leases for offices and laboratories, machines and vehicles.

In June 2022 Alligator entered into a lease contract with Medicon Village for lab and office premises valid from December 2024 with a contract period of 5 years. The new contract has increased the right of use assets by approximately SEK 40.4 million based on the use of the contract period without extension and replaces the previous contract with Medicon Village regarding lab and office premises. Impairment of 100% of the right of use asset has been accounted for since the move to the new premises has been cancelled, due to the restructuring of the operations now completed by the Group. In February 2025, Alligator entered into a 3 year lease contract with Medicon Village for limited office premises.

Cash and cash equivalents

Cash and cash equivalents consist of bank balances, SEK 28,853 thousand (40,022).

The Group plans to use its liquidity for operating activities. A portion of the Group's liquidity is invested in USD, EUR and GBP foreign currency accounts.

In accordance with the Group's Financial Policy, inflows of foreign currencies exceeding the expected requirements for the coming 18 months are to be converted to SEK at the time of payment. Besides this, no further hedging has taken place.

Consolidated Statement of financial position

All amounts in KSEK	Note	2025-03-31	2024-03-31	2024-12-31
EQUITY AND LIABILITIES
Equity
Share capital		13,525	527	607
Paid in, non-registered new share issue		-	-	824
Other capital contributions		1,173,473	1,055,216	1,145,709
Retained earnings and profit/loss for the period		-1,286,074	-1,106,632	-1,277,728
Equity attributable to Parent Company shareholders		-99,076	-50,889	-130,588
Non-current provisions and liabilities
Lease liabilities	6	32,384	5,384	33,475
Total non-current provisions and liabilities		32,384	5,384	33,475
Current liabilities
Accounts payable	6	7,823	5,454	3,952
Other liabilities	6	85,986	60,549	140,643
Lease liabilities	6	9,478	8,559	10,097
Accrued expenses and deferred income	6	32,206	58,718	46,759
Total current liabilities		135,494	133,281	201,451
TOTAL EQUITY AND LIABILITIES		68,801	87,776	104,338

EQUITY AND LIABILITIES

Equity

Equity at the end of the period amounted to SEK -99,076 thousand (-50,889), corresponding to an equity ratio of -148 (-58) %. The total number of shares outstanding in Alligator amounts to 16,906,257 ordinary shares (post the reverse split).

Equity per share before potential dilution

At the end of the period, equity per outstanding share amounted to SEK -5.86 (-77.34), before dilution.

Lease liabilities and loans

Lease liabilities pertain to leases for lab and offices, machines and vehicles. At the end of the period long- and short-term lease liabilities amounted to SEK 41,862 thousand (13,943).

The Group has, in connection with the rights issue, renegotiated the outstanding loan and convertibles from Fenja Capital, which were originally raised in June 2024. As part of the renegotiation, the Group has paid SEK 45 million for repayment of the convertibles and parts of the outstanding loan. After the repayments, SEK 35 million is outstanding under the new loan facility and is recognized at amortized cost. In connection with the renegotiation, the Group has issued warrants series TO 12 and TO 13 to Fenja Capital, free of charge.

A financial debt of SEK 63.0 million relating to all outstanding warrants series TO 12 and TO 13 is initially recognized at fair value mainly through equity and is subsequently recognized at fair value through the income statement.

Accrued expenses and deferred income

At the end of the period, accrued expenses and deferred income amounted to SEK 32,206 thousand (58,718). Expenses pertains to accrued expenses for clinical activities, personnel and other expenses. Accrued costs are lower compared to the same period last year and are mainly due to lower patient costs for mitazalimab OPTIMIZE-1 study and costs related to Phase 1 study for ALG.APV-527.

Consolidated Statement of changes in equity, in summary

	2025	2024	2024
All amounts in KSEK	Jan-Mar	Jan-Mar	Jan-Dec
Opening balance	-130,588	11,855	11,855
Issue	161,458	-	97,082
Less financial debt TO 12/13	-92,007	-	-
Paid in, non-registered new share issue	-	-	824
Transaction costs	-29,592	-	-7,523
Warrants	-	-	1,060
Effect of share-based payments personnel	-	17	59
Repurchase of warrants	-	-8	-53
Profit/loss for the period	-8,347	-62,752	-233,890
Closing balance	-99,076	-50,889	-130,588

19 | Alligator Bioscience AB | Interim report January – March 2025 Financial statements

Consolidated Statement of cash flows

All amounts in KSEK	2025 Jan-Mar	2024 Jan-Mar	2024 Jan-Dec
Operating activities
Operating profit/loss	-43,667	-59,636	-229,141
Adjustments for items not generating cash flow Depreciation and impairments Effect from warrant program	1,120 -	2,526 17	48,729 59
Other items, no impact on cash flow	-734	-78	-70
Interest received Interest paid Tax paid	120 -11,729 -	506 -3,621 -	1,429 -4,041 -
Cash flow from operating activities before changes in working capital	-54,890	-60,287	-183,035
Changes in working capital
Change in operating receivables Change in operating liabilities	-345 -1,565	2,129 -24,634	4,948 -34,339
Cash flow from operating activities	-56,799	-82,792	-212,426
Investing activities
Acquisition of tangible assets	-1,461	-	-
Divestment of property, plant and equipment	3,667	-	-
Cash flow from investing activities	2,206	-	-
Financing activities
Amortization of leasing liabilities	-3,072	-2,154	-8,286
Amortization of installment purchase	-	-	-
Loan Set up fee	-97,050 -2,250	58,793 -	135,000 -6,750
New share issue	151,908	-	97,082
Paid in, non-registered new share issue	-	-	824
Transaction costs	-29,592	-	-7,523
Warrants	-	-	977
Repurchase of warants Divestment of other short term investments	- -	-8 -	-53 -
Cash flow from financing activities	19,944	56,632	211,272
Cash flow for the period	-34,650	-26,160	-1,154
Cash and cash equivalents at beginning of period	64,310	66,118	66,118
Exchange rate differences in cash and cash equivalents	-808	64	-653
Cash and cash equivalents at end of period	28,853	40,022	64,310

Investments

Investments during the first quarter amount to SEK 1,461 thousand (0). Sale of equipment during the first quarter amount to SEK 3,667 thousand (0).

Cash flow for the period

Cash flow for the first quarter totaled SEK -34,650 thousand (-26,160). The new share issue together with the repayments of loans had a positive net cash flow effect of SEK 23,016 thousand during the period.

Parent company income statement

All amounts in KSEK Note	2025 Jan-Mar	2024 Jan-Mar	2024 Jan-Dec
Operating income
Net sales 5	-	6,977	57,767
Other operating income 5	5,178	508	1,945
Total operating income	5,178	7,486	59,712
Operating costs
Other external costs	-37,959	-45,209	-220,859
Personnel costs	-19,321	-20,979	-70,428
Depreciation and impairment of tangible assets and intangible assets	-62	-256	-961
Other operatings expenses	-1,462	-591	-2,489
Total operating costs	-58,803	-67,035	-294,737
Operating profit/loss	-53,625	-59,550	-235,025
Results from financial items
Impairment of investments in subsidiaries 3	-	-	7,865
Interest income and similar income statement items	49,106	506	11,170
Interest expense and similar income statement items	-13,045	-3,534	-15,458
Net financial items	36,061	-3,029	3,577
Profit/loss after financial items	-17,565	-62,578	-231,448
Appropriations
Group contribution received	-	-	446
Total appropriations	-	-	446
Result before tax	-17,565	-62,578	-231,002
Tax on profit for the year	-	-	-
Profit/loss for the period	-17,565	-62,578	-231,002

Parent company Statement of comprehensive income

All amounts in KSEK	2025	2024	2024
Note	Jan-Mar	Jan-Mar	Jan-Dec
Profit/loss for the period	-17,565	-62,578	-231,002
Other comprehensive income	-	-	-
Profit/loss for the year	-17,565	-62,578	-231,002

Parent company Balance sheet

All amounts in KSEK Note	2025-03-31	2024-03-31	2024-12-31
ASSETS
Fixed assets
Intangible assets
Software	-	10	-
Total intangible assets	-	10	-
Tangible assets
Equipment, machinery and computers	334	2,449	1,754
Total tangible assets	334	2,449	1,754
Financial assets
Participations in Group companies 3	28,159	20,294	28,159
Other long-term financial fixed assets	1,942	2,063	2,056
Total financial assets	30,101	22,357	30,215
Total fixed assets	30,435	24,815	31,969
Current assets
Current receivables
Accounts receivables	60	756	518
Receivables from Group companies	1,644	1,199	1,644
Other receivables	3,846	4,244	3,840
Prepayments and accrued income	4,964	7,352	4,336
Total current receivables	10,515	13,552	10,338
Other short-term investments	-	-	-
Cash and bank deposits	26,808	38,427	62,262
Total current assets	37,323	51,978	72,599
TOTAL ASSETS	67,758	76,793	104,568

Parent company Balance sheet

All amounts in KSEK	Note	2025-03-31	2024-03-31	2024-12-31
EQUITY AND LIABILITIES
Equity Restricted equity
Share capital		13,525	527	607
Paid in, non-registered new share issue		-	-	824
Total restricted equity		13,525	527	1,431
Non-restricted equity
Share premium reserve		1,172,317	1,054,452	1,144,552
Retained earnings		-1,271,680	-1,040,721	-1,040,678
Profit/loss for the period		-17,565	-62,578	-231,002
Total non-restricted equity		-116,928	-48,847	-127,128
Total equity		-103,403	-48,320	-125,697
Provisions
Other provisions		45,146	-	38,679
Total other provisions		45,146	-	38,679
Current liabilities
Accounts payable		7,823	5,454	3,952
Other liabilities		85,986	60,549	140,643
Accrued expenses and deferred income		32,206	59,110	46,991
Total current liabilities		126,015	125,114	191,586
TOTAL EQUITY AND LIABILITIES		67,758	76,793	104,568

EQUITY AND LIABILITIES

Equity

The Board has noted that the equity is below half of the registered share capital. The Board has considered the provisions in Chap. 25 in the Swedish Companies Act and concluded that Alligator has significant surplus values (in amongst others, the mitazalimab project) that with good margin restores the share capital.

Notes

Note 1 General information

This interim report covers the Swedish Parent company Alligator Bioscience AB (publ), corporate registration number 556597-8201, and its subsidiaries Atlas Therapeutics AB, corporate registration number 556815-2424, and A Bioscience Incentive AB, corporate registration number 559056-3663. Group's business operations are mainly carried out in the parent company.

The parent company is a Swedish public limited liability company registered and domiciled in the Municipality of Lund. The office is located at Medicon Village, SE-223 81 Lund.

Note 2 Accounting policies

This interim report for the Group has been prepared in accordance with IAS 34 Interim Financial Reporting and applicable regulations in the Swedish Annual Accounts Act (ÅRL). The interim report for the Parent company has been prepared in accordance with the Swedish Annual Accounts Act (ÅRL) and the Swedish Financial Reporting Board's recommendation RFR 2 Accounting for Legal Entities.

The accounting policies and calculation methods used in this report are the same as those described in the Annual report for 2024.

Note 3 Effects of changed estimates and judgments

Significant estimates and judgments are described in Note 3 and Note 18 of the Annual report for 2024. There have been no changes to the Group's estimates and judgements since the Annual Report for 2024 was prepared.

Note 4 Segment reporting

The Group conducts only one business activity, namely research and development in the field of immunotherapy, and the chief operating decisionmaker is thus only responsible for regularly making decisions on and allocating resources to one entity. Accordingly, the Group comprises only one operating segment, which corresponds to the Group as a whole, and no separate segment reporting is consequently not provided.

Note 5 Consolidated income

A breakdown of the Group's net sales are as follows:

All amounts in KSEK	2025 Jan-Mar	2024 Jan-Mar	2024 Jan-Dec
Licensing income	-	-	47,591
Reimbursement for development work	-	6,977	10,168
Other	-	-	7
Total	-	6,977	57,767

A breakdown of the Group's other operating income is as follows:

All amounts in KSEK	2025	2024	2024
	Jan-Mar	Jan-Mar	Jan-Dec
Swedish government grants received	319	63	-44
Operational exchange rate gains	1,178	405	1,871
Other	3,681	40	117
Total	5,178	508	1,945

Note 6 Financial instruments

Cash and cash equivalents for the Group at 31 December 2024 consisted of bank balances amounting to SEK 28,853 thousand (40,022). For financial assets and liabilities, the reported value as below is considered a reasonable approximation of fair value.

All amounts in KSEK	2025-03-31	2024-03-31	2024-12-31
Financial assets valued at amortized cost
Other long-term financial fixed assets	1,942	2,063	2,056
Accounts receivable	60	756	518
Other receivables	132	17	17
Liquid assets - bank accounts	28,853	40,022	64,310
Total financial assets	30,988	42,859	66,901
Financial liabilities valued at amortized cost
Long-term lease liabilities	32,384	5,384	33,475
Accounts payable	7,823	5,454	3,952
Short-term lease liabilities	9,478	8,559	10,097
Other short-term liabilities	84,913	-	137,237
Accrued expenses	27,421	53,978	42,896
Total financial liabilities	162,020	73,375	227,656

Note 7 Related party transactions

The Group has not carried out any related party transactions during the first quarter.

Financial definitions

Equity per share after dilution

Equity divided by the total number of shares at the end of the period and any outstanding options where Alligator's share price on the reporting date is at least equal to the conversion price of the option.

Equity per share before dilution

Equity divided by the number of shares at the end of the period.

R&D costs

Alligator's direct costs for research and development. Refers to costs for personnel, materials and external services.

R&D costs as a percentage of operating costs excluding impairments

R&D costs as a percentage of operating costs excluding impairments.

Average number of shares before and after dilution

Average number of outstanding shares during the period. The number of shares after dilution also takes account of outstanding options where Alligator's share price on the reporting date is at least equal to the conversion price of the option.

Average number of employees

Average number of employees at the beginning and end of the period.

Average number of employees within R&D

Average number of employees within Alligator's R&D departments at the beginning and end of the period.

Cash flow from operating activities

Cash flow before investing and financing activities.

Cash and cash equivalents, including securities

Cash and cash equivalents consists of bank balances, interest funds and publicly traded corporate bonds.

Cash flow for the period

Net change in cash and cash equivalents excluding the impact of unrealized foreign exchange gains and losses.

Earnings per share before and after dilution

Earnings divided by the weighted average number of shares during the period before and after dilution respectively. If the result is negative, the number of shares before dilution is also used for the calculation after dilution.

Operating costs excluding impairments

Other external costs, personnel costs and depreciation (excluding impairments of tangible and intangible assets).

Operating profit/loss

Profit/loss before financial items and taxes.

Equity ratio

Equity as a percentage of total assets.

Total assets

Total of Alligator's assets.

Alternative performance measures

Alligator presents certain financial performance measures in this report, including measures that are not defined under IFRS. The Group believes that these performance measures are an important complement because they allow for a better evaluation of the Group's financial trends. These financial performance measures should not be viewed in isolation or be considered to replace the performance indicators that have been prepared in accordance with IFRS. In addition, such performance measures as Alligator has defined them should not be compared with other performance measures with similar names used by other companies. This is because the above-mentioned performance measures are not always defined in the same manner, and other companies may calculate them differently to Alligator.

Below is shown the calculation of key figures, for the mandatory earnings per share according to IFRS and also for performance measures that are not defined under IFRS or where the calculation is not shown in another table in this report.

The Group's business operation is to conduct research and development which is why "R&D costs/Operating costs excluding impairment in%" is an essential indicator as a measure of efficiency, and how much of the Group's costs relate to R&D.

The Group does not have a steady flow of income, with income generated irregularly in connection with the signing of license agreements and achievement of milestones. Therefore, the Group monitors performance indicators such as equity ratio and equity per share in order to assess the Group's solvency and financial stability. These are monitored along with the cash position and the various measures of cash flows shown in the consolidated statement of cash flow.

All amounts KSEK unless specified	2025 Jan-Mar	2024 Jan-Mar	2024 Jan-Dec
Profit/loss for the period	-8,347	-62,752	-233,890
Average number of shares before dilution	7,530,841	657,954	734,278
Earnings per share before dilution, SEK	-1,11	-95,37	-318,53
Average number of shares after dilution	7,530,841	657,954	734,278
Earnings per share after dilution, SEK	-1,11	-95,37	-318,53
Operating costs	-48,845	-67,122	-288,853
Impairment of tangible assets and intangible assets	-	-	-39,062
Operating costs excluding impairments	-48,845	-67,122	-249,791
Reduce of administrative expenses	7,066	9,780	34,814
Reduce of depreciation	1,119	2,526	9,667
Research and development costs	-40,660	-54,817	-205,311
R&D costs / Operating costs excluding impairments %	83%	82%	82%
Equity	-99,076	-50,889	-130,588
Average number of shares before dilution	16,906,257	657,954	758,210
Equity per share before dilution, SEK	-5,86	-77,34	-172,23
Average number of shares after dilution	16,906,257	657,954	758,210
Equity per share after dilution, SEK	-5,86	-77,34	-172,23
Equity	-99,076	-50,889	-130,588
Total assets	68,801	87,776	104,338
Equity ratio, %	-144%	-58%	-125%
Cash and cash equivalents	28,853	40,022	64,310
Cash and cash equivalents at end of period	28,853	40,022	64,310

Per share information is based on the number of shares post reverse split.

For definitions, see the section "Financial definitions" on page 26.

The declaration of the Board of Directors and the CEO

The Board and the CEO declare that this Interim report provides a true and fair overview of Alligator's and the Group's operations, positions and earnings and describes the material risks and uncertainty factors faced by the Parent company and the companies within the Group.

Lund, 24 April 2025

Anders Ekblom Chairman of the Board

Eva Sjökvist Saers Board member

Hans-Peter Ostler Vice chairman of the Board

Denise Goode Board member

Staffan Encrantz Board member

Karin Nordbladh Board member Employee representative

Søren Bregenholt CEO