Alligator Bioscience (ATORX) Q4 2025 earnings summary

Executive summary

• Landmark 30-month survival data in phase II mitazalimab trial for pancreatic cancer, with 21% survival vs. 5% for chemotherapy alone and five complete responders; drug is phase III ready with regulatory alignment in the US and EU and ongoing partner discussions.

• HLX22 program, developed by Henlius, shows strong phase II data in gastric cancer, is expanding into global phase III and additional breast cancer trials, and has Orphan Drug Designation in the US and EU.

• Rights issue completed, raising SEK 91 million gross, with additional financing options and warrants for potential capital in 2026; loan terms renegotiated to extend maturity and reduce liabilities.

• Expanded scientific foundation with key publications and presentations for mitazalimab and ATOR-4066, and US patent granted for ATOR-4066.

• Reverse share split and changes in share capital structure executed.

Financial highlights

• Net sales for Q4 2025: SEK 41.8 million, up from SEK 0.5 million in Q4 2024; full year 2025: SEK 57.8 million.

• Operating loss for Q4 2025: SEK -22.5 million; full year 2025: SEK -105.8 million.

• Loss for the period Q4 2025: SEK -29.0 million; full year 2025: SEK -51.4 million.

• Cash and cash equivalents at year-end: SEK 62.2 million, with proceeds from rights issue received.

• TO-14 warrants could raise up to SEK 61 million gross, with subscription period in March.

Outlook and guidance

• Current liquidity extends runway to Q2 2026; management is exploring further financing and partnership options, with Moelis as transaction advisor.

• Phase III mitazalimab trial in pancreatic cancer planned, with recruitment expected to take 18–24 months and interim analysis about a year later.

• Randomized phase II study in biliary tract cancer to start in Q2, with potential for phase III expansion.

• Continued cost control and prioritization of activities to strengthen regulatory and scientific position.