Slide 1: Q2 Alligator Bioscience AB (publ) Interim report
Q2 Alligator Bioscience AB (publ) Interim report April – June 2026 “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, whic
Slide 2: The quarter at a glance
The quarter at a glance Significant events during the quarter Financial information There were no significant events during the quarter. 2026 2025 2026 2025 2025 Apr-Jun Apr-Jun Jan-Jun Jan-Jun Jan-Dec Other events during the quarter Net sales, MSEK - - - - 0.5 • Mitazalimab – alternatives for Phase
Slide 3: CEO comments
CEO comments During the second quarter Alligator continued to operate its programmes while assessing how the next phase of mitazalimab’s development could be funded. After the quarter we concluded that Alligator cannot take mitazalimab to Phase 3 on its own. We have therefore discontinued independen
Slide 4: Performance measures, Group
Performance measures, Group 2026 2025 2026 2025 2025 Note Apr-Jun Apr-Jun Jan-Jun Jan-Jun Jan-Dec Result (KSEK) Net sales 5 - - - - 514 Operating profit/loss -36,221 -22,321 -53,975 -65,988 -105,826 Profit/loss for the period -37,822 -1,691 -36,384 -10,038 -51,350 R&D costs -19,712 -27,653 -29,335 -
Slide 5: Our approach
Our approach Alligator’s strategy is to preserve the value of its financial interest in HLX22 while minimising operating costs, and to realise value from mitazalimab and its other remaining assets through out-licensing, divestment or partnering. Following the decision announced on 23 July 2026, Alli
Slide 6: HLX22
HLX22 Alligator’s principal value driver: a right to a share of future revenues from an externally developed programme Following the strategic refocus announced on 23 July 2026, Alligator’s principal value driver is its contractual right to a share of the revenues that AbClon, Inc. receives from Sha
Slide 7: Market context and value potential
A summary of the current clinical program based on publicly available information, including indications, phases, geographies and estimated timelines, is presented in the table below. HLX22 received its official WHO INN designation, dulpatatug, in January 2026. Registrered clinical trials with HLX22
Slide 8: Mitazalimab
Mitazalimab Discontinued proprietary program – available for out-licensing or divestment Mitazalimab is a CD40 targeting agonistic antibody designed to activate dendritic cells and macrophages to initiate a tumor directed immune response. It has shown the ability to convert immunologically ”cold” tu
Slide 9: Phase 3 readiness achieved before discontinuation
Phase 3 readiness achieved before Investigator-initiated studies discontinuation Alligator intends to continue to supply mitazalimab to ongoing Interactions with the US FDA and EMA confirmed that externally funded investigator-initiated studies, subject to OPTIMIZE-1 is a Phase 3-enabling study, est
Slide 10: Other portfolio assets and platforms
Other portfolio assets and platforms In addition to its financial interest in HLX22, Alligator holds mitazalimab, a small number of follow-on assets and proprietary antibody technology platforms. Following the strategic refocus announced on 23 July 2026, Alligator does not intend to fund further dev
Slide 11: Operating model, execution focus and sustainability
Operating model, execution focus and sustainability Following the strategic refocus announced on 23 July 2026, Alligator’s operating model is being reduced to the minimum required to oversee its financial interest in HLX22 and to manage its remaining assets. Alligator has discontinued independent de
Slide 12: The Alligator Share
The Alligator Share Number of shares and warrants The Alligator share in brief, 30 June 2026 Listed on: Nasdaq Stockholm Small Cap The total number of outstanding ordinary shares and votes in Number of shares: 628,106,848 ordinary shares Alligator is 628,106,848. As of 30 June 2026, the quota value
Slide 13: Proposed rights issue of units
Proposed rights issue of units One (1) warrant of series TO 16 entitles the holder to On 23 July 2026 Alligator announced a rights issue of units, subscribe for one (1) new ordinary share at an exercise price conditional upon approval by the Extraordinary General corresponding to 70 percent of the v
Slide 14: Other information
Other information Review Cyber security This report has not been reviewed by Alligator’s auditor. Cyber-attacks have become a significant threat in society and for Alligator, which is dependent on IT support in its daily Employees operations. The Group has ongoing work to ensure that the The number
Slide 15: Financial statements
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 r
Slide 16: Consolidated income statement
Consolidated income statement 2026 2025 2026 2025 2025 Note Apr-Jun Apr-Jun Jan-Jun Jan-Jun Jan-Dec Operating income Net sales 5 - - - - 514 Other operating income 5 288 345 386 5,523 5,906 Total operating income 288 345 386 5,523 6,421 Operating costs Other external costs -28,384 -26,127 -38,439 -5
Slide 17: Consolidated statement of financial position
Consolidated statement of financial position Note 2026-06-30 2025-06-30 2025-12-31 ASSETS Fixed assets Intangible assets Participations in development projects 3 40,069 40,069 40,069 Tangible assets Right of use assets 1,290 2,158 1,724 Equipment, machinery and computers 67 272 148 Financial assets
Slide 18: Consolidated statement of financial position
Consolidated statement of financial position Note 2026-06-30 2025-06-30 2025-12-31 EQUITY AND LIABILITIES Equity Share capital 125,621 27,843 8,763 Paid in, non-registered new share issue - - 90,707 Other capital contributions 1,213,188 1,225,192 1,210,179 Retained earnings and profit/loss for the p
Slide 19: Consolidated statement of changes in equity, in summary
Consolidated statement of changes in equity, in summary 2026 2025 2026 2025 2025 Apr-Jun Apr-Jun Jan-Jun Jan-Jun Jan-Dec Opening balance 41,280 -99,076 6,859 -130,588 -130,588 Issue - 73,012 30,389 234,470 255,434 Less financial debt TO 12/13, TO 14 - - - -92,007 -113,043 Settlement of debt related
Slide 20: Consolidated statement of cash flows
Consolidated statement of cash flows 2026 2025 2026 2025 2025 Apr-Jun Apr-Jun Jan-Jun Jan-Jun Jan-Dec Operating activities Operating profit/loss -36,221 -22,321 -53,975 -65,988 -105,826 Adjustments for items not generating cash flow Depreciation and impairments 244 -11,924 515 -10,804 -10,246 Other
Slide 21: Parent company income statement
Parent company income statement 2026 2025 2026 2025 2025 Note Apr-Jun Apr-Jun Jan-Jun Jan-Jun Jan-Dec Operating income Net sales 5 - - - - 514 Other operating income 5 288 345 386 5,523 5,906 Total operating income 288 345 386 5,523 6,421 Operating costs Other external costs -28,750 -26,490 -39,168
Slide 22: Parent company balance sheet
Parent company balance sheet Note 2026-06-30 2025-06-30 2025-12-31 ASSETS Fixed assets Intangible assets Tangible assets Equipment, machinery and computers 67 272 148 Total tangible assets 67 272 148 Financial assets Participations in Group companies 3 52,494 50,694 50,694 Other long term financial
Slide 23: Notes
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 registrati
Slide 24: Note 7 Financial items
Note 7 Financial items 2026 2025 2026 2025 2025 Apr-Jun Apr-Jun Jan-Jun Jan-Jun Jan-Dec Interest income 36 65 108 185 269 Other financial items 1) - 38,070 23,158 87,056 102,849 Total financial items 36 38,135 23,265 87,241 103,118 2026 2025 2026 2025 2025 Apr-Jun Apr-Jun Jan-Jun Jan-Jun Jan-Dec Int
Slide 25: Financial definitions
Financial definitions Equity per share after dilution Cash flow from operating activities Equity divided by the total number of shares at the end of the Cash flow before investing and financing activities. period and any outstanding options where Alligator’s share price on the reporting date is at l
Slide 26: Alternative performance measures
Alternative performance measures Alligator presents certain financial performance measures in or where the calculation is not shown in another table in this this report, including measures that are not defined under report. IFRS. The Group believes that these performance measures are an important co
Slide 27: The declaration of the Board of Directors and the CEO
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 the parent company and the Group’s operations, positions and earnings and describes the material risks and uncertainty factors faced by the parent company
Slide 28: Søren Bregenholt, CEO Johan Giléus, CFO
Søren Bregenholt, CEO Email: søren.bregenholt@alligatorbioscience.com Phone: +46 (0) 46-540 82 00 Johan Giléus, CFO Email: johan-gileus@alligatorbioscience.com Phone: +46 (0) 46-540 82 00 | Alligator Bioscience AB | Medicon Village, Scheeletorget 1, SE-223 81 Lund, Sweden | Phone: + 46 46 540 82 00