Alligator Bioscience (ATORX) Q2 2025 earnings summary

Executive summary

• Advanced Mitazalimab to Phase III readiness, securing regulatory alignment from EMA and FDA, including paediatric waiver and confirmation of 900 microgram dose, and completed GMP-grade drug supply for the trial.

• Presented new biomarker data at major oncology conferences, supporting patient selection strategies and validating Mitazalimab's mechanism of action.

• HLX22 received EU orphan designation and initiated Phase II in HER2-positive breast cancer, with global Phase III in gastric cancer also underway.

• Raised SEK 61 million through TO12 warrant exercise, strengthening financial flexibility and extending runway.

• Updated dividend policy to distribute proceeds from partnerships or asset sales, subject to legal and contractual considerations.

Financial highlights

• Q2 operational and clinical trial costs totaled SEK 34 million, with an operating loss of SEK -22.3 million; net sales for Q2 were SEK 7.6 million.

• H1 2025 net sales totaled SEK 57.8 million; H1 2025 operating loss was SEK -66.0 million.

• Profit/loss for Q2 2025 was SEK -1.7 million; cash and cash equivalents at period end were SEK 33.9 million.

• HLX22 asset revalued, resulting in a SEK 12 million write-up and reversal of previous impairment.

• Earnings per share after dilution for Q2 2025 was SEK -0.08; equity per share was SEK -1.00.

Outlook and guidance

• Mitazalimab Phase III trial expected to initiate in H2 2025, pending partnership agreement.

• Burn rate projected to decrease to SEK 20–25 million per quarter as development costs wind down.

• Financial flexibility for 2025 is anticipated, contingent on prudent uptake of TO13 warrants and ongoing business development.