Slide 1: Alligator Bioscience Interim report January – March 2026
Q1 Alligator Bioscience AB (publ) Interim report January – March 2026 “We continued to execute against our strategic priorities in the first quarter, strengthening the foundation for mitazalimab while advancing the program toward late‑stage development with clear focus and capital discipline.” Søren
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 2025 Jan-Mar Jan-Mar Jan-Dec Other events during the quarter Net sales, MSEK - - 0.5 • Mitazalimab – additional data dissemination Operating profit/loss,
Slide 3: CEO comments
CEO comments During the first quarter of 2026 we continued to execute against our strategic priorities in a continuously challenging environment for the biotechnology sector. Our focus remains clear: advancing mitazalimab toward late‑stage clinical development and protecting the long‑term value of o
Slide 4: Performance measures, Group
Performance measures, Group 2026 2025 2025 Note Jan-Mar Jan-Mar Jan-Dec Result (KSEK) Net sales 5 - - 514 Operating profit/loss -17,754 -43,667 -105,826 Profit/loss for the period 1,439 -8,347 -51,350 R&D costs -9,623 -40,660 -93,491 R&D costs as a percentage of operating costs 54% 83% 75% Capital (
Slide 5: Our approach
Our approach Our strategy is centered on advancing assets with the potential to address significant unmet medical needs, while managing development risk and capital requirements in a demanding financial market environment. Drug development is inherently associated with scientific, Beyond mitazalimab
Slide 6: Mitazalimab
Mitazalimab Proprietary program with unprecedented clinical outcomes Mitazalimab is a CD40 targeting agonistic antibody designed to activate dendritic cells and macrophages to initiate a tumor directed immune response. By enhancing downstream T‑cell activation, mitazalimab has demonstrated the abili
Slide 7: Phase 3 readiness
In addition to OPTIMIZE‑1, clinical evidence from the selected number of these studies that are aligned with the investigator‑initiated REACTIVE‑2 trial further reinforces the strategic and scientific objectives of the program. activity and safety profile of mitazalimab in pancreatic cancer, contrib
Slide 8: The pancreatic cancer market
The pancreatic cancer market Competition and future treatment Three chemotherapy regimens currently dominate the landscape pancreatic cancer market; Gemcitabine + nab-paclitaxel, The development of new drugs in pancreatic cancer is generally mFOLFIRINOX and NALIRIFOX, providing median overall surviv
Slide 9: HLX22
HLX22 External program with potential future revenue HLX22 is a differentiated HER2 specific monoclonal antibody originally discovered through a collaboration between Alligator’s subsidiary Atlas Therapeutics and AbClon, and is currently being developed by Shanghai Henlius Biotech, Inc. Alligator ho
Slide 10: Other portfolio assets and platforms
Other portfolio assets and platforms In addition to mitazalimab and the external HLX22 program, Alligator maintains a selective portfolio of follow-on assets and proprietary technology platforms. These programs build on Alligator’s scientific capabilities in immuno oncology and bispecific antibodies
Slide 11: Operating model, execution focus and sustainability
Operating model, execution focus and sustainability Alligator’s operating model is designed to support efficient value creation in a capital intensive development environment. Alligator focuses on advancing antibody based immunotherapies to clinical proof of concept and late stage readiness, while l
Slide 12: The Alligator Share
The Alligator Share Number of shares and warrants The Alligator share in brief, 31 March 2026 Listed on: Nasdaq Stockholm Small Cap The total number of outstanding shares and votes in Alligator Number of shares: 628,106,848 ordinary shares is 628,106,848. As of 31 March 2026, the quota value amounts
Slide 13: 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 14: 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 15: Consolidated income statement
Consolidated income statement 2026 2025 2025 Note Jan-Mar Jan-Mar Jan-Dec Operating income Net sales 5 - - 514 Other operating income 5 98 5,178 5,906 Total operating income 98 5,178 6,421 Operating costs Other external costs -10,055 -26,943 -77,495 Personnel costs -7,125 -19,321 -43,294 Depreciatio
Slide 16: Consolidated statement of financial position
Consolidated statement of financial position Note 2026-03-31 2025-03-31 2025-12-31 ASSETS Fixed assets Intangible assets Participations in development projects 3 40,069 27,865 40,069 Tangible assets Right of use assets 1,507 2,376 1,724 Equipment, machinery and computers 94 334 148 Financial assets
Slide 17: Consolidated statement of financial position
Consolidated statement of financial position Note 2026-03-31 2025-03-31 2025-12-31 EQUITY AND LIABILITIES Equity Share capital 125,621 13,525 8,763 Paid in, non-registered new share issue - - 90,707 Other capital contributions 1,213,318 1,173,473 1,210,179 Retained earnings and profit/loss for the p
Slide 18: Consolidated statement of changes in equity
Consolidated statement of changes in equity, in summary 2026 2025 2025 Jan-Mar Jan-Mar Jan-Dec Opening balance 6,859 -130,588 -130,588 Issue 30,389 161,458 255,434 Less financial debt TO 12/13, TO 14 - -92,007 -113,043 Settlement of debt related to warrants - - 14,629 Call option premium in relation
Slide 19: Consolidated statement of cash flows
Consolidated statement of cash flows 2026 2025 2025 Jan-Mar Jan-Mar Jan-Dec Operating activities Operating profit/loss -17,754 -43,667 -105,826 Adjustments for items not generating cash flow Depreciation and impairments 271 1,120 -10,246 Other items, no impact on cash flow - -734 -250 Interest recei
Slide 20: Parent company income statement
Parent company income statement 2026 2025 2025 Note Jan-Mar Jan-Mar Jan-Dec Operating income Net sales 5 - - 514 Other operating income 5 98 5,178 5,906 Total operating income 98 5,178 6,421 Operating costs Other external costs -10,418 -37,959 -89,605 Personnel costs -7,125 -19,321 -43,294 Depreciat
Slide 21: Parent company balance sheet
Parent company balance sheet Note 2026-03-31 2025-03-31 2025-12-31 ASSETS Fixed assets Intangible assets Tangible assets Equipment, machinery and computers 94 334 148 Total tangible assets 94 334 148 Financial assets Participations in Group companies 3 52,494 28,159 50,694 Other long term financial
Slide 22: 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 23: Note 6 Financial instruments
Note 6 Financial instruments Cash and cash equivalents for the Group at 31 March 2026 consisted of bank balances amounting to SEK 32,981 thousand (28,853). For financial assets and liabilities, the reported value as below is considered a reasonable approximation of fair value. 2026-03-31 2025-03-31
Slide 24: Note 7 Financial items
Note 7 Financial items 2026 2025 2025 Jan-Mar Jan-Mar Jan-Dec Interest income 72 121 269 Other financial items 1) 23,158 48,985 102,849 Total financial items 23,229 49,106 103,118 2026 2025 2025 Jan-Mar Jan-Mar Jan-Dec Interest costs on lease liabilities -585 -741 -2,710 Exchange rate losses -91 -80
Slide 25: Financial definitions
Note 9 Going concern Following the exercise of TO 14 in March 2026, Alligator assesses that there is no secured financing for the upcoming 12 months. The fact that Alligator assesses there is no financing secured for the coming 12 months indicates a material uncertainty that may cast significant dou
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