Alligator Bioscience (ATORX) Q3 2025 earnings summary

Executive summary

• 30-month follow-up data from the phase II study in metastatic pancreatic cancer confirmed long-term survival benefit of mitazalimab, reinforcing its transformative potential and Phase 3 readiness.

• Multiple investigator-initiated phase I/II studies for mitazalimab are being launched in new indications, including oral premalignancies and biliary tract cancer.

• SEK 28.1 million was raised via 91.7% exercise of TO 13 warrants and a SEK 120 million rights issue was announced, with 65% secured, providing a 6–9 month runway into 2026 for Phase 3 preparations.

• Partnering discussions for mitazalimab and other pipeline assets are progressing, with optimism for future deals and expanded clinical development.

• Advanced pipeline with new clinical data, manufacturing readiness, and expanded investigator-initiated trials.

Financial highlights

• Q3 operating costs were SEK 17 million, reflecting reduced expenses as the phase II trial winds down.

• Net sales for Q3 2025 were SEK 0.47 million, down from SEK 1.4 million in Q3 2024.

• Operating loss for Q3 2025 was SEK -17.3 million, a significant improvement from SEK -62.0 million in Q3 2024.

• Cash and cash equivalents at period end were SEK 25.1 million, compared to SEK 47.8 million a year earlier.

• Earnings per share after dilution for Q3 2025 was SEK -0.34 (Q3 2024: SEK -87.74, adjusted for reverse split).

Outlook and guidance

• Rights issue and loan renegotiation expected to secure 6–9 months of funding into 2026, supporting Phase 3 trial preparations and partnership discussions.

• Several phase II investigator-initiated trials for mitazalimab are scheduled to start in Q4 2025 and Q2 2026.

• If the rights issue is fully subscribed, additional value-generating activities may be initiated.

• Continued focus on securing licensing and partnership agreements to support future financing.

• Focus remains on initiating Phase 3 trial for mitazalimab with a partner and expanding the pipeline's impact.