Half Year 2026 Alligator Bioscience AB Earnings Call

August 26, 2026

Speaker #1: Of 2026. My name is Greta Höög. I am the IR and Communications Manager at Alligator, and I will be introducing today's call. With me today is our CEO, Søren Bregenholt, and our CFO, Johan Giléus.

Speaker #1: They will walk you through the latest developments at the company, after which they will be happy to answer any questions you may have. You may either submit these questions in the Q&A function of this chat, or you may email them to ir@alligatorbioscience.com.

Speaker #1: As you know, Alligator Bioscience is a publicly listed company, and I would like to note that today's presentation may include forward-looking statements. Please refer to the disclaimer on this slide and to the next slide for the whole presentation.

Speaker #1: And with this, I would like to turn the call over to you, Søren.

Speaker #2: Thank you, Greta. And once again, welcome to this Alligator earnings call, Q2, 2026. We have some Wi-Fi issues here at Medicon Village in Lund, so I will already now apologize if the line is unstable or there are any other sort of technological fallouts during today's meeting.

Speaker #2: With that, out of the way, let's go to the next slide, Greta. Thank you. So, a couple of key updates from the company. In April, we saw data from Intercellumab investigate initiated study presented at the Congress of American Association of Clinical Cancer Research, and at that meeting also our molecule called HLX22, which is developed by Helvius, and derived from partly derived from HLX22 that we'll talk more about later today.

Speaker #2: Data on that was also presented. Then in May, HLX, or Helvius, reported that HLX22 had, or announced follow-up data beyond the 39-month in gastric cancer, something that Alligator also reported.

Speaker #2: And later in June, the company also reported that all patients or that the first patients had been dosed in all of the phase 3 regions on the ongoing study with HLX22 in gastric and gastrointestinal junction cancer two important milestones for HLX22.

Speaker #2: Why is that important? A number of significant events reported from Alligator after the quarter. In July, we reported that we will refocus on our financial interest in HLX22, and that we will discontinue independent development of Intercellumab, and that the remaining operations of the company will be wound down and will, of course, spend some time on that in today's call with the aim of giving the explanation why we have taken this decision, and also convey to you the financial upside of, or the potential financial upside of our interest in HLX22.

Speaker #2: Also in July, we announced the rights issue of units to approximately 250, 225 million, with an abridged loan of 19 million to secure the continued operation of the company.

Speaker #2: And I can tell you, as you probably saw earlier today, that today's extraordinary general meeting approved that rights issue and at the same time also approved a share capital reduction.

Speaker #2: So if we take the next slide, we will spend some time on discussing the pivot in strategy at Alligator, and of course also answer any questions that you may have towards the end of the call.

Speaker #2: As you are well aware, we have developed Intercellumab in first-line metastatic pancreatic cancer, a disease that currently is being treated with chemotherapies in first-line development rationale for Intercellumab and the optimized one study that we have been reporting data on and discussed here several times.

Søren Bregenholt: reduction. If we take the next slide, we will spend some time on discussing the pivot in strategy at Alligator, and of course, also answer any questions that you may have towards the end of the call. As you are well aware, we have developed mitazalimab in first-line metastatic pancreatic cancer, a disease that currently is being treated with chemotherapies in first line. The development rationale for mitazalimab and the OPTIMIZE-1 study that we have been reporting data on and discussed here several times was to combine mitazalimab with chemotherapy in first line. As you all know, we have shown some pretty encouraging data in that setting. In parallel with Alligator developing mitazalimab, a number of companies have been developing a new drug class of small molecules, of orally available molecules, tablet-based molecules, targeting a mutation in pancreatic cancer called KRAS.

Speaker #1: Every doctrine. So, if we take the next slide, we will spend some time discussing the pivot in strategy at Alligator, and of course also answer any questions that you may have toward the end of the call.

Speaker #1: As you are well aware, we have developed mitasalumab in first-line metastatic pancreatic cancer, a disease that currently is being treated with chemotherapies in first line. The development rationale for mitasalumab, and the OPTIMIZE-1 study that we have been reporting data on and discussed here several times, was to combine mitasalumab with chemotherapy in first-line. As you all know, we have shown some pretty encouraging data in that setting.

Speaker #2: Was to combine Intercellumab with chemotherapy in first-line and, as you all know, we have shown some pretty encouraging data in that setting. Now, in parallel with Alligator developing Intercellumab, a number of companies have been developing a new drug class of small molecules, so orally available molecules, tablet-based molecules, targeting a mutation in pancreatic cancer called KRAS.

Søren Bregenholt: As you all know, we have shown some pretty encouraging data in that setting. In parallel with Alligator developing mitazalimab, a number of companies have been developing a new drug class of small molecules, of orally available molecules, tablet-based molecules, targeting a mutation in pancreatic cancer called KRAS. It is approximately 90% of the patients with KRAS that has this mutation to drive their disease. We have known that these drugs would come. We have known that they had some level of efficacy in second line.

Speaker #2: It's approximately 90% of the patients with KRAS that has this mutation to drive their to drive their disease. We have known that these drugs would come.

Speaker #1: Now, in parallel with Alligator developing mitazalumab, a number of companies have been developing a new drug class of small molecules—so, orally available molecules, tablet-based molecules—targeting a mutation in pancreatic cancer called KRAS.

Speaker #2: We have known that they had some level of efficacy in second line. We've also seen glimpse of data in first-line during the year. And the hypothesis has been that even though these drugs are being developed, there would still be a clinical rationale for a combination of Intercellumab and chemotherapy.

Speaker #1: It's approximately 90% of the patients with KRAS that have this mutation driving their disease. We have known that these drugs would come. We have known that they had some level of efficacy in the second line.

Søren Bregenholt: It is approximately 90% of the patients with KRAS that has this mutation to drive their disease. We have known that these drugs would come. We have known that they had some level of efficacy in second line. We have also seen glimpse of data in first line during the year. The hypothesis has been that even though that these drugs are being developed, there will still be a clinical rationale for a combination of mitazalimab and chemotherapy. If we change to the next slide, I think what has happened. Next slide, please, Greta. What has happened actually since the beginning of June and until now is that we have seen the latest data from these molecules. They have been taking the clinical community in this indication by surprise, how efficacious they are and how many patients they actually provide benefits for.

Speaker #2: If we change to the next slide, I think what has happened next slide, please, Greta. What has happened actually since the beginning of June and until now is that we have seen the latest data from these molecules.

Speaker #1: We've also seen glimpses of data in first-line during the year, and the hypothesis has been that even though these drugs are being developed, there would still be a clinical rationale for a combination of mitasalumab and chemotherapy.

Søren Bregenholt: We have also seen glimpse of data in first line during the year. The hypothesis has been that even though that these drugs are being developed, there will still be a clinical rationale for a combination of mitazalimab and chemotherapy. If we change to the next slide, I think what has happened. Next slide, please, Greta. What has happened actually since the beginning of June and until now is that we have seen the latest data from these molecules. They have been taking the clinical community in this indication by surprise, how efficacious they are and how many patients they actually provide benefits for.

Speaker #2: They have been taking the clinical community in this indication by surprise, how efficacious they are, and how many patients they actually provide benefits for.

Speaker #1: If we change to the next slide—I think, what has happened… Next slide, please, Greta. What has actually happened since the beginning of June up until now is that we have seen the latest data from these molecules.

Speaker #2: If we just focus on the left-hand side of the slide here, first we saw the paradigm changing phase 3 data from the molecule called Daruxonazib from Revolution Medicine, we saw them presented at ASCO in the beginning of June, in patients in second line, extending their life more than double than what had been seen with chemo alone, therefore setting a new regime for KRAS inhibitors in second line.

Speaker #1: They have been taking the clinical community in this indication by surprise—how efficacious they are, and how many patients they actually provide benefits for.

Speaker #1: If we just focus on the left-hand side of the slide here, first we saw the paradigm-changing Phase 3 data from the molecule called Daruxonazib from Revolution Medicine. We saw them presented at ASCO in the beginning of June, in patients in second-line, extending their life more than double what had been seen with chemo alone, therefore setting a new regime for KRAS inhibitors in second-line.

Søren Bregenholt: If we just focus on the left-hand side of the slide here. First, we saw the paradigm-changing phase III data from the molecule called divarasib from Revolution Medicines. We saw them presented at ASCO in the beginning of June in patients in second line, extending their life more than double than what had been seen with chemo alone, therefore setting a new regime for KRAS inhibitors in second line. A significant medical achievement and significantly good news for patients suffering from pancreatic cancer. What we have then seen since then, latest at ESMO Gastrointestinal Cancers Congress, so another medical conference in Munich early July, was then another set of data from this molecule now in first line, again, blowing chemotherapy almost out of the water.

Speaker #2: A significant medical achievement and significantly good news for patients suffering from pancreatic cancer. What we have then seen since then latest at ESMO GI, so another medical conference in Munich early July, was then another set of data from this molecule now in first line, again blowing chemotherapy almost out of the water.

Speaker #1: A significant medical achievement and significantly good news for patients suffering from pancreatic cancer. What we have seen since then—most recently at ESMO GI, another medical conference in Munich in early July—was another set of data from this molecule, now in first-line, again blowing chemotherapy almost out of the water. And at the same conference, we also saw data from a more specific molecule from Revolution Medicines called Sotorasib, combined with FOLFIRINOX in first-line. These data showed that almost 100% of the patients were actually benefiting clinically from this.

Speaker #2: And at the same conference, we also saw data from more specific molecule from Revolution Medicine called Solderanazib, combined with FOLFIRINOX in first line and these data showed that these patients almost 100% of the patients were actually benefiting clinically from this.

Søren Bregenholt: What we have then seen since then, latest at ESMO Gastrointestinal Cancers Congress, so another medical conference in Munich early July, was then another set of data from this molecule now in first line, again, blowing chemotherapy almost out of the water. At the same conference, we also saw data from a more specific molecule from Revolution Medicines called sildarsagib combined with FOLFIRINOX in first line, and these data showed that these patients, almost 100% of the patients were actually benefiting clinically from this.

Speaker #2: So what this means for Alligator, what it means for patients with pancreatic cancer is that this new class of drug will drive a paradigm change in the standard of care both in first line but initially in second line.

Søren Bregenholt: At the same conference, we also saw data from a more specific molecule from Revolution Medicines called sildarsagib combined with FOLFIRINOX in first line, and these data showed that these patients, almost 100% of the patients were actually benefiting clinically from this. So what this means for Alligator, what it means for patients with pancreatic cancer is that this new class of drug will provide a paradigm change in the standard of care, both in first line but initially in second line. We expect divarasib to be approved already this year in the US at least, and then in 3 to 4 years, probably a similar change in first line, either through Revolution Medicines' drugs or via those drugs, or via some of the other players that are now starting phase III studies in first line with KRAS inhibitors.

Speaker #2: We expect Daruxonazib to be approved already this year in the US at least, and then in three to four years probably a similar change in first line either to Revolution Medicine's drugs or via those drugs, or via some of the other players that are now starting phase 3 studies in first line with KRAS inhibitors.

Speaker #1: So, what this means for Alligator, and what it means for patients with pancreatic cancer, is that this new class of drug will drive a paradigm change in the standard of care—both in first-line, but initially in second-line.

Søren Bregenholt: So what this means for Alligator, what it means for patients with pancreatic cancer is that this new class of drug will provide a paradigm change in the standard of care, both in first line but initially in second line. We expect divarasib to be approved already this year in the US at least, and then in 3 to 4 years, probably a similar change in first line, either through Revolution Medicines' drugs or via those drugs, or via some of the other players that are now starting phase III studies in first line with KRAS inhibitors.

Speaker #2: So a significant change expected in the standard of care in the treatment of metastatic pancreatic cancer both in first and second line. That, of course, have a number of implications for a company like Alligator or anybody else developing drugs in the indication first of all the industry itself refocuses towards this new drug class and those companies that are partnering in the disease, their focus is of course also changing towards agents that are either KRAS inhibitors or complementary to KRAS inhibitors.

Speaker #1: We expect Daruxonazib to be approved already this year in the US at least, and then in three to four years, probably a similar change in first-line—either to Revolution Medicine's drugs or via those drugs, or via some of the other players that are now starting Phase 3 studies in first-line with KRAS inhibitors.

Speaker #1: So, a significant change is expected in the standard of care in the treatment of metastatic pancreatic cancer, both in first and second line. That, of course, has a number of implications for a company like Alligator, or anybody else developing drugs in the indication. First of all, the industry itself is refocusing toward this new drug class, and those companies that are partnering in the disease—their focus is, of course, also changing toward agents that are either KRAS inhibitors or complementary to KRAS inhibitors, and away from drugs that primarily have data in the chemo setting.

Søren Bregenholt: A significant change expected in the standard of care in the treatment of metastatic pancreatic cancer both in first and second line. That, of course, has a number of implications for a company like Alligator or anybody else developing drugs in the indication. First of all, the industry itself refocuses towards this new drug class and those companies that are partnering in the disease, their focus is, of course, also changing towards agents that are either KRAS inhibitors or complementary to KRAS inhibitors, and away from drugs that primarily have data in the chemo setting. If we then talk specifically what this means for Alligator, it is very clear from our dialogues with our key opinion leaders, so leading physicians treating patients with metastatic pancreatic cancer, both in Europe, in US, and also in Asia.

Speaker #2: And away from drugs that primarily have data in the chemo setting. If we then talk specifically what this means for Alligator, it's very clear from our dialogues with our key opinion leaders, so leading physicians treating patients with metastatic pancreatic cancer both in Europe in US and also in Asia, there is a clear indication or a clear conclusion that standard of care also in first line will change away from the current chemotherapy backbone towards a KRAS inhibitor-based backbone.

Speaker #1: If we then talk specifically about what this means for Alligator, it's very clear from our dialogues with our key opinion leaders—so, leading physicians treating patients with metastatic pancreatic cancer both in Europe, in the US, and also in Asia—that there is a clear indication, or a clear conclusion, that standard of care, also in first-line, will change away from the current chemotherapy backbone toward a KRAS inhibitor-based backbone.

Søren Bregenholt: If we then talk specifically what this means for Alligator, it is very clear from our dialogues with our key opinion leaders, so leading physicians treating patients with metastatic pancreatic cancer, both in Europe, in US, and also in Asia. There is a clear indication or a clear conclusion that standard of care also in first line will change away from the current chemotherapy backbone towards a KRAS inhibitor-based backbone. Of course, a significant change there.

Speaker #2: So of course a significant change there. That also means that the commercial rationale for developing Intercellumab in combination with FOLFIRINOX as we were preparing to start a phase 3 for, that commercial rationale do not no longer exist.

Søren Bregenholt: There is a clear indication or a clear conclusion that standard of care also in first line will change away from the current chemotherapy backbone towards a KRAS inhibitor-based backbone. Of course, a significant change there. That also means that the commercial rationale for developing mitazalimab in combination with FOLFIRINOX, as we were preparing to start a phase III for, that commercial rationale no longer exists. Hence, the rationale for the registration study in this population is no longer relevant. We do not want to spend with it. It is not prudent or rational to spend money on developing a drug in a population that will not exist once the drug is ready to get approved. Here, the prudent business decision is, of course, to discontinue registrational development for mitazalimab in combination with chemo.

Speaker #2: Hence the rationale for the registration will start in this population is no longer relevant. We don't want to spend with it's not prudent or rational to spend money on developing a drug in a population that will not exist once the drug is ready to get approved.

Speaker #1: So, of course, a significant change there. That also means that the commercial rationale for developing Mitasalumab in combination with FOLFIRINOX, as we were preparing to start a Phase 3 for, that commercial rationale no longer exists.

Søren Bregenholt: That also means that the commercial rationale for developing mitazalimab in combination with FOLFIRINOX, as we were preparing to start a phase III for, that commercial rationale no longer exists. Hence, the rationale for the registration study in this population is no longer relevant. We do not want to spend with it. It is not prudent or rational to spend money on developing a drug in a population that will not exist once the drug is ready to get approved. Here, the prudent business decision is, of course, to discontinue registrational development for mitazalimab in combination with chemo.

Speaker #2: So here the prudent business decision is of course to discontinue registration of development for Intercellumab in combination with chemo. We still believe that a combination of Intercellumab and a KRAS inhibitor remains both scientifically and also most likely clinically relevant.

Speaker #1: Hence, the rationale for the registration that will start in this population is no longer relevant. We don't want to spend—it's not prudent or rational to spend—money on developing a drug in a population that will not exist once the drug is ready to get approved.

Speaker #2: We believe that some of the longer-term effects we see with Intercellumab will be highly relevant in combination with a KRAS inhibitor, whether in combination with chemotherapy or alone.

Speaker #1: So here, the prudent business decision is, of course, to discontinue registration or development of mitazalumab in combination with chemo. We still believe that a combination of mitazalumab and a KRAS inhibitor remains both scientifically and, most likely, clinically relevant.

Speaker #2: The fact is that the next step in that development will be potentially a phase 1 study followed by a randomized phase 2b study i.e. a clinical undertaking on par with what we have done with Intercellumab in optimize 1.

Søren Bregenholt: We still believe that a combination of mitazalimab and a KRAS inhibitor remains both scientifically and also most likely clinically relevant. We believe that some of the longer-term effects we see with mitazalimab will be highly relevant in combination with a KRAS inhibitor, rather in combination with chemotherapy or alone. The fact is that the next step in that development will be potentially a phase I study, followed by a randomized phase II-B study, i.e., a clinical undertaking on par with what we have done with mitazalimab in OPTIMIZE-1. Unfortunately, with our available cash, with our current market cap, we do not see this as an undertaking that Alligator can do without a partner. As we do not have a partner, and I do believe that it will take some time before the industry has refocused itself toward combination strategies with KRAS inhibitors.

Speaker #1: We believe that some of the longer-term effects we see with mitasalumab will be highly relevant in combination with a KRAS inhibitor, whether in combination with chemotherapy or alone.

Speaker #2: And unfortunately with our available cash with our current market cap, we do not see this as a undertaking that Alligator can do without a partner.

Speaker #1: The fact is that the next step in that development will potentially be a Phase 1 study, followed by a randomized Phase 2b study—that is, a clinical undertaking on par with what we have done with mitazalizumab in OPTIMIZE-1. Unfortunately, with our available cash and our current market cap, we do not see this as an undertaking that Alligator can do without a partner.

Speaker #2: And as we do not have a partner and I do believe that it will take some time before the industry has refocused itself toward combination strategies with KRAS inhibitors, we took the decision to discontinue all further independent development of Intercellumab i.e. discontinue the preparation for the phase 3 study.

Søren Bregenholt: Unfortunately, with our available cash, with our current market cap, we do not see this as an undertaking that Alligator can do without a partner. As we do not have a partner, and I do believe that it will take some time before the industry has refocused itself toward combination strategies with KRAS inhibitors. We took the decision to discontinue all further independent development of mitazalimab, i.e., discontinue the preparation for the phase III study. We have a number of IITs, Investigator-Initiated Trials. Remember these trials that bear no cost for Alligator.

Speaker #1: And as we do not have a partner, and I do believe that it will take some time before the industry has refocused itself toward combination strategies with KRAS inhibitors, we took the decision to discontinue all further independent development of mitasalumab, i.e., discontinue the preparation for the Phase 3 study.

Speaker #2: We had a number of IITs, investigator-initiated trials. So remember these trials that bear no cost for Alligator. We have a couple of those ongoing plus a randomized phase 2 study in the planning.

Søren Bregenholt: We took the decision to discontinue all further independent development of mitazalimab, i.e., discontinue the preparation for the phase III study. We have a number of IITs, Investigator-Initiated Trials. Remember these trials that bear no cost for Alligator. We have a couple of those ongoing, plus a randomized phase II study in the planning. We are reviewing those opportunities and the cost benefit of these programs. Our primary focus, as you can see in the next bullet point here, is to preserve the royalty potential of HLX22 within the company and only invest in all those three opportunities if we have secured a financial cushion allowing us to do that. We will start winding down remaining operations. We will reduce the organization and the cost base. We have started that already, and will continue working that in the coming period.

Speaker #2: We are reviewing those opportunities and the cost-benefit of these programs but our primary focus as you can see in the next bullet point here is to preserve the royalty potential of HLX22 within the company and only invest in these almost free opportunities if we have secured a financial cushion allowing us to do that.

Speaker #1: We had a number of IITs—investigator-initiated trials—so remember, these trials bear no cost for Alligator. We have a couple of those ongoing, plus a randomized Phase 2 study in the planning.

Søren Bregenholt: We have a couple of those ongoing, plus a randomized phase II study in the planning. We are reviewing those opportunities and the cost benefit of these programs. Our primary focus, as you can see in the next bullet point here, is to preserve the royalty potential of HLX22 within the company and only invest in all those three opportunities if we have secured a financial cushion allowing us to do that. We will start winding down remaining operations. We will reduce the organization and the cost base. We have started that already, and will continue working that in the coming period.

Speaker #1: We are reviewing those opportunities and the cost-benefit of these programs, but our primary focus, as you can see in the next bullet point here, is to preserve the royalty potential of HLX22 within the company, and only invest in these almost free opportunities if we have secured a financial cushion allowing us to do that.

Speaker #2: So we will start winding down remaining operations. We will reduce the organization and the cost base we have started that already. And we'll continue working that in the coming period.

Speaker #2: And then we will of course continue to seek to divest Intercellumab as a broader immune oncology asset within the coming month and the press release of a couple of weeks ago have already created some incoming interest from companies seeking assets outside of metastatic pancreatic cancer and that is of course discussions that we will engage in as we go along.

Speaker #1: So we will start winding down remaining operations. We will reduce the organization and the cost base. We have started that already, and we'll continue working on that in the coming period.

Speaker #1: And then we will, of course, continue to seek to divest mitasalumab as a broader immune-oncology asset within the coming months, and the press release of a couple of weeks ago has already created some incoming interest from companies seeking assets outside of metastatic pancreatic cancer. That is, of course, discussions that we will engage in as we go along.

Søren Bregenholt: And then we will, of course, continue to seek to divest mitazalimab as a broader immuno-oncology asset within the coming months. The press release of a couple of weeks ago has already created some incoming interest from companies seeking assets outside of metastatic pancreatic cancer. That is, of course, discussions that we will engage in as we go along. External factors has eroded the commercial rationale for continuing to develop mitazalimab in combination with FOLFIRINOX. We have decided that we are not able financially to pursue what needs to be done for develop mitazalimab in combination with a KRAS inhibitor. Therefore, we have continued all further independent development. We are reviewing ongoing IITs, refocusing on preserving the royalty potential of HLX22 in the company, and then wind down remaining operations and organizations to reduce the cost base in the company. Can I have the next slide, please?

Speaker #2: So external factors has eroded the commercial rationale for continuing to develop Intercellumab in combination with FOLFIRINOX. We have decided that we are not able financially to pursue what needs to be done for develop Intercellumab in combination with a RAS inhibitor.

Speaker #2: Therefore we have continued all further independent development. We are reviewing ongoing IITs refocusing on preserving the royalty potential of HLX22 in the company and then wind down remaining operations and organizations to reduce the cost base in the company.

Speaker #1: So, external factors have eroded the commercial rationale for continuing to develop mitasalumab in combination with FOLFIRINOX. We have decided that we are not able, financially, to pursue what needs to be done to develop mitasalumab in combination with a RAS inhibitor.

Søren Bregenholt: We have decided that we are not able financially to pursue what needs to be done for develop mitazalimab in combination with a KRAS inhibitor. Therefore, we have continued all further independent development. We are reviewing ongoing IITs, refocusing on preserving the royalty potential of HLX22 in the company, and then wind down remaining operations and organizations to reduce the cost base in the company.

Speaker #2: Can I have the next slide please? So just to reiterate these points, the principal value driver in Alligator now is our financial interest in HLX22 and we'll talk more about what that entails in just a second.

Speaker #1: Therefore, we have discontinued all further independent development. We are reviewing ongoing IITs, refocusing on preserving the royalty potential of HLX22 in the company, and then winding down remaining operations and organization to reduce the cost base in the company.

Speaker #2: It's a molecule that is being developed, owned and funded, controlled by Shanghai Head News Biotech. Alligator has a royalty stake in the molecule that when you do all the calculation sums up to 1.75% of the net sales of HLX22.

Speaker #1: Can I have the next slide, please? So, just to reiterate these points, the principal value driver in Alligator now is our financial interest in HLX22, and we'll talk more about what that entails in just a second.

Søren Bregenholt: Can I have the next slide, please? Just to reiterate these points, the principal value driver in Alligator now is our financial interest in HLX22, and we will talk more about what that entails in just a second. It is a molecule that is being developed, owned, and funded, controlled by Shanghai Henlius Biotech. Alligator has a royalty stake in the molecule that when you do all the calculation, sums up to 1.75% of the net sales of HLX22, and that is without any development cost or other cost to Alligator. We are reducing the cost base.

Søren Bregenholt: Just to reiterate these points, the principal value driver in Alligator now is our financial interest in HLX22, and we will talk more about what that entails in just a second. It is a molecule that is being developed, owned, and funded, controlled by Shanghai Henlius Biotech. Alligator has a royalty stake in the molecule that when you do all the calculation, sums up to 1.75% of the net sales of HLX22, and that is without any development cost or other cost to Alligator. We are reducing the cost base. I already told you that we are discontinuing independent development with mitazalimab, including the phase III preparation. We are starting to reduce the organization to the minimum that is required to oversee the HLX22 program and abide to the legal obligations we have as a listed company.

Speaker #1: It's a molecule that is being developed, owned, and funded by Shanghai Henlius Biotech. Alligator has a royalty stake in the molecule, which, when you do all the calculations, sums up to 1.75% of the net sales of HLX22.

Speaker #2: And that is without any development cost or other cost to Alligator. We are reducing the cost base I already told you that we are discontinuing independent development with Intercellumab including the phase 3 preparation.

Speaker #2: We are starting to reduce the organization to the minimum that is required to oversee the HLX22 program and abide to the legal obligations we have as a listed company.

Speaker #1: And that is without any development cost or other cost to Alligator. We are reducing the cost base. I already told you that we are discontinuing independent development of mitazalumab, including the Phase 3 preparation.

Speaker #2: And then we are of course immediately starting to have started to review the cost base to save as much cost as possible as soon as possible.

Søren Bregenholt: I already told you that we are discontinuing independent development with mitazalimab, including the phase III preparation. We are starting to reduce the organization to the minimum that is required to oversee the HLX22 program and abide to the legal obligations we have as a listed company. And then we are, of course, immediately have started to review the cost base to save as much cost as possible as soon as possible. We have a number of other assets with ATOR-4066, a bispecific antibody. We have ALG.APV-527, a co-development with Seattle-based Aptevo.

Speaker #1: We are starting to reduce the organization to the minimum that is required to oversee the HLX22 program and abide by the legal obligations we have as a listed company.

Speaker #2: You know we had a number of other assets, Intercellumab 4066, a bispecific antibody, we have a 527, a co-development with Seattle-based Aptivo, we will of course review the strategic opportunities of those assets and are pursuing our opportunity to divest these as soon as possible to further minimize any cost even though the cost associated with these assets is minimal so more to secure any potential long-term upside for Alligator and its investors.

Søren Bregenholt: And then we are, of course, immediately have started to review the cost base to save as much cost as possible as soon as possible. We have a number of other assets with ATOR-4066, a bispecific antibody. We have ALG.APV-527, a co-development with Seattle-based Aptevo. We will, of course, review the strategic opportunities of those assets and are pursuing our opportunity to divest these as soon as possible to further minimize any cost, even though the cost associated with these assets is minimal, so more to secure any potential long-term upside for Alligator and its investors. Next slide, please. If we look at HLX22 again, just to reemphasize the point that this is now the main value driver of Alligator and sort of the main part of the investment hypothesis in Alligator. It is a novel HER2-specific monoclonal antibody.

Speaker #1: And then we are, of course, immediately starting to review the cost base to save as much cost as possible, as soon as possible.

Speaker #1: You know, we had a number of other assets: Mitasalumab, 4066, a bispecific antibody; we have 527, a co-development with Seattle-based Aptivo. We will, of course, review the strategic opportunities of those assets and are pursuing our opportunity to divest these as soon as possible to further minimize any cost, even though the cost associated with these assets is minimal, so more to secure any potential long-term upside.

Søren Bregenholt: We will, of course, review the strategic opportunities of those assets and are pursuing our opportunity to divest these as soon as possible to further minimize any cost, even though the cost associated with these assets is minimal, so more to secure any potential long-term upside for Alligator and its investors. Next slide, please. If we look at HLX22 again, just to reemphasize the point that this is now the main value driver of Alligator and sort of the main part of the investment hypothesis in Alligator. It is a novel HER2-specific monoclonal antibody.

Speaker #2: Next slide please. So if we look at HLX22 again just to re-emphasize the point that this is now the main value driver of Alligator and sort of the main part of the investment hypothesis.

Speaker #1: For Alligator and its investors. Next slide, please. So, if we look at HLX22 again, just to re-emphasize the point that this is now the main value driver of Alligator, and really the main part of the investment hypothesis.

Speaker #2: In Alligator it's a novel HER2 specific monoclonal antibody it's differentiated from other HER2 antibodies that it increases the so-called internalization of HER2 significantly over what drugs are already there.

Speaker #2: And the current treatment regime together with TRATUTUSUMAB and chemotherapy is being first and foremost explored in gastric cancer and I'll come back to that.

Speaker #1: In Alligator, it's a novel HER2-specific monoclonal antibody. It's differentiated from other HER2 antibodies in that it increases the so-called internalization of HER2 significantly over what drugs are already there.

Speaker #2: The molecule originates from a discovery collaboration between Alligator's subsidiary Atlas Therapeutics and Korean Abclone and the molecule is now out-licensed to developed and controlled by Chinese Head News.

Søren Bregenholt: It is differentiated from other HER2 antibodies that it increases the so-called internalization of HER2 significantly over what drugs are already there. The current treatment regime, together with trastuzumab and chemotherapy, is being first and foremost explored in gastric cancer, and I will come back to that. The molecule originates from a discovery collaboration between Alligator's subsidiary, Atlas Therapeutics, and Korean AbClon, and the molecule is now out-licensed, developed, and controlled by Chinese Henlius. If you really want to dig into the details, you can see that it actually got an INN name recently. The molecule is HLX22, but also Dupay Tatuk. Let us stay with the HLX22. How are Alligator's commercial interests in this?

Speaker #1: And the current treatment regimen, together with Trajetusumab and chemotherapy, is being first and foremost explored in gastric cancer, and I'll come back to that.

Speaker #2: And if you really want to dig into the details you can see that it actually got an INN name recently so the molecule is HLX22 but also DuPet Tatuk.

Speaker #1: The molecule originates from a discovery collaboration between Alligator's subsidiary, Atlas Therapeutics, and Korean Abclone, and the molecule is now out-licensed to, developed, and controlled by Chinese Head News.

Speaker #2: Yeah. So let's stay with the HLX22. How are Alligator's commercial interest in this? We own we are own 35% of Abclone's revenue from Head News and without disclosing the specifics of that deal that amounts to up to 1.75% royalty on the net sale that is going to be funded to Alligator.

Speaker #1: And if you really want to dig into the details, you can see that it actually got an INN name recently, so the molecule is HLX22 but also DuPad Tejuc. Yeah, so let's stay with HLX22.

Søren Bregenholt: If you really want to dig into the details, you can see that it actually got an INN name recently. The molecule is HLX22, but also Dupay Tatuk. Let us stay with the HLX22. How are Alligator's commercial interests in this? We own 35% of AbClon's revenue from Henlius, and without disclosing the specifics of that deal, that amounts to up to 1.75% royalty on the net sale that is going to be funneled to Alligator. We estimate that this will give or amount to a royalty income on an annual basis to Alligator between SEK 150 and SEK 450 million a year, or between $15 and $45 million.

Speaker #1: How are Alligator's commercial interests in this? We own—we own 35% of Abclone's revenue from Head News, and without disclosing the specifics of that deal, that amounts to up to a 1.75% royalty on the net sale that is funded to Alligator.

Speaker #2: We estimate that this will give or amount to a royalty income on an annual basis to Alligator between 150 and 400 and 50 million SEK a year or between 15 and 45 million dollars.

Søren Bregenholt: We own 35% of AbClon's revenue from Henlius, and without disclosing the specifics of that deal, that amounts to up to 1.75% royalty on the net sale that is going to be funneled to Alligator. We estimate that this will give or amount to a royalty income on an annual basis to Alligator between SEK 150 and SEK 450 million a year, or between $15 and $45 million. As I've said before in these meetings, there's a lot of numbers floating around out there. This is Alligator's estimate. This is based on our estimates of a drug like HLX22. Other companies might have other estimates that we are not commenting on. If we take the next slide, when do we see this come in? What timelines do we see for gastric cancer and gastroesophageal junction cancer?

Speaker #2: As I've said before in these meetings there's a lot of numbers floating around in out there. This is Alligator's estimate. This is based on our estimates of a drug like HLX22.

Speaker #1: We estimate that this will give, or amount to, a royalty income on an annual basis to Alligator between SEK 150 and 450 million a year, or between $15 and $45 million.

Speaker #2: Other companies might have other estimates. That we are not commenting on. If we take the next slide when do we see this come in?

Speaker #1: As I've said before in these meetings, there's a lot of numbers floating around out there. This is Alligator's estimate—this is based on our estimates of a drug like HLX22.

Søren Bregenholt: As I've said before in these meetings, there's a lot of numbers floating around out there. This is Alligator's estimate. This is based on our estimates of a drug like HLX22. Other companies might have other estimates that we are not commenting on. If we take the next slide, when do we see this come in? What timelines do we see for gastric cancer and gastroesophageal junction cancer? First of all, we see that based on available data in public databases and industry standards, that we expect the first phase III data to come out the H2 of next year. It might be earlier.

Speaker #2: What timelines do we see for gastric cancer and gastrointestinal junction cancer? First of all we see that based on available data in public databases and industry standards that we expect the first phase 3 data to come out, the second half of next year.

Speaker #1: Other companies might have other estimates—that we are not commenting on. If we take the next slide, when do we see this come in?

Speaker #1: What timelines do we see for gastric cancer and gastrointestinal gastroesophageal junction cancer? First of all, we see that based on available data in public databases and industry standards, we expect the first Phase 3 data to come out in the second half of next year—it might be earlier. Based on that, we see a launch of the molecule sometime in 2029; it may be earlier, it may be later. And based on a 2029 launch, we expect to see the first royalty revenue in Alligator in 2030.

Speaker #2: It might be earlier. Based on that we see a launch of the molecule sometimes in 2029. It may be earlier. It may be later.

Søren Bregenholt: First of all, we see that based on available data in public databases and industry standards, that we expect the first phase III data to come out the H2 of next year. It might be earlier. Based on that, we see a launch of the molecule sometimes in 2029. It may be earlier, it may be later. Based on a 2029 launch, we expect to see the first royalty revenue in Alligator in 2030. What we have seen with the molecule, or what Henlius have seen with the molecule, and announced of the molecule is that the phase II study showed an 80% reduction in the risk of progression of death versus standard treatment in this gastric cancer indication. That data was now announced at ASCO last year.

Speaker #2: And based on a 2029 launch we expect to see the first royalty revenue in Alligator in 2030. What we have seen with the molecule or what the Head News have seen with the molecule and announced of the molecule is that the phase 2 study showed an 80% reduction in the risk of progression of death versus standard treatment in this gastric cancer indication.

Søren Bregenholt: Based on that, we see a launch of the molecule sometimes in 2029. It may be earlier, it may be later. Based on a 2029 launch, we expect to see the first royalty revenue in Alligator in 2030. What we have seen with the molecule, or what Henlius have seen with the molecule, and announced of the molecule is that the phase II study showed an 80% reduction in the risk of progression of death versus standard treatment in this gastric cancer indication. That data was now announced at ASCO last year.

Speaker #2: That data was announced at ASCO last year and as I said in May this year Head News reported follow-on data beyond 39 months from that study indicating continued extension of the progression-free survival of these patients.

Speaker #1: What we have seen with the molecule, or what the head news has seen with the molecule and announced of the molecule, is that the phase 2 study showed an 80% reduction in the risk of progression or death versus standard treatment in this gastric cancer indication. That data was announced at ASCO last year, and as I said, in May this year head news reported the follow-on data beyond 39 months from that study, indicating continued extension of the progression-free survival of these patients.

Speaker #2: So we really expect this drug to be potentially practice-changing in this indication. Moreover Head News is developing the drug in HER2 positive breast cancer.

Søren Bregenholt: As I said, in May this year, Henlius reported the follow-on data beyond 39 months from that study, indicating continued extension of the progression-free survival of these patients. So we really expect this drug to be potentially practice-changing in this indication. Moreover, Henlius is developing the drug in HER2 positive breast cancer in two phase II/III studies, one in recurrent breast cancer and one in the so-called neoadjuvant setting, is also expected to start shortly. So long for breast phase III study in gastric cancer and gastrointestinal junction cancer, and breast cancer coming up as a second indication. If we take the next slide, Peter. Yeah, I think for now we will hold here and hand it over to Johan.

Speaker #2: In 2 phase 2/3 studies one in recurrent and one breast cancer and one in so-called neoadjuvant in the neoadjuvant setting is also expected to start shortly.

Speaker #1: So we really expect this drug to be potentially practice-changing in this indication. Moreover Head News is developing the drug in HER2 positive breast cancer in two phase 2/3 studies one in recurrent and one breast cancer and one in in the neoadjuvant setting is also expected to start shortly.

Speaker #2: So a long progressed phase 3 study in gastric cancer and gastrointestinal junction cancer and breast cancer coming up as a second indication. So if we take the next slide Greta yeah I think for now we will hold here and headed over to your hand.

Speaker #1: So, a long-progressed Phase 3 study in gastric cancer and gastroesophageal junction cancer, and breast cancer coming up as a second indication. So if we take the next slide later—yeah, I think for now we will hold here and hand it over to you.

Søren Bregenholt: So long for breast phase III study in gastric cancer and gastrointestinal junction cancer, and breast cancer coming up as a second indication. If we take the next slide, Peter. Yeah, I think for now we will hold here and hand it over to Johan.

Speaker #1: Thank you Søren. A couple of slides regarding the financials for the Q2. We have general operating expenses as expected and they are also then mainly around the operations that we have in the loan office.

Speaker #1: But we also have had some costs for the CMC cost and clinical cost for the now discontinued phase 3 study during the first and now in particular the second quarter then that we now have discontinued them.

Speaker #1: Thank you, Søren. A couple of slides regarding the financials for Q2. We have general operating expenses as expected, and they are also mainly around the operations that we have in the loan office.

Johan Giléus: Thank you, Søren. A couple of slides regarding the financials for the Q2. We have general operating expenses as expected, and they are also mainly around the operations as we have in the loaned office. But we also have had some costs for the CMC cost and clinical cost for the now discontinued phase III started during the first, and now in particular, the Q2 then, that we now have discontinued them. What you also need to note is that we have not made any provisions for the cost that will come as part of the wind down of mitazalimab, et cetera. That will be made in the Q3 or maybe Q4, depending on the different requirements, and the cash flow for those provisions will then be primarily during Q3 and Q4 2026, but can also then flow over to 2027.

Speaker #1: What we also then you need to notice that we have not made any provisions for the cost that will come. When as part of the wind down of methazolamab etc.

Speaker #1: and that will be made in the Q3 or maybe Q4 depending on the different requirements and the cash flow for those provisions will then be primarily during Q3 and Q4 2026 but can also then flow over to 2027.

Speaker #1: But we also have had some costs for the CMC cost and clinical cost for the now discontinued Phase 3 study during the first and now, in particular, the second quarter, now that we have discontinued them.

Speaker #1: So let's move over to the next slide please Greta. And as we then have expected we did quite a lot of wind downs when we did the restructuring 24 where they had an impact on 25 numbers and we were then expecting that we will come into general operating expenses between 15 and 20 million and I guess we now trending below that estimate.

Speaker #1: What we also then, you need to notice, is that we have not made any provisions for the cost that will come as part of the wind-down of mitazolimab, etc.

Speaker #1: And that will be made in Q3 or maybe Q4, depending on the different requirements. The cash flow for those provisions will then be primarily during Q3 and Q4 2026, but can also then flip over to 2027.

Johan Giléus: That will be made in the Q3 or maybe Q4, depending on the different requirements, and the cash flow for those provisions will then be primarily during Q3 and Q4 2026, but can also then flow over to 2027. So let us move over to the next slide, please, Greta. As we then have expected, we did quite a lot of wind downs when we did the restructuring 2024, where that had an impact on 2025 numbers. We were then expecting that we will come into general operating expenses between $15 million and $20 million. I guess we are now trending below that estimate.

Speaker #1: So let's move over to the next slide, please, Greta. And as we then had expected, we did quite a lot of wind-downs when we did the restructuring in 2024, where they had an impact on 2025 numbers, and we were then expecting that we would come into general operating expenses between SEK 15 million and SEK 20 million, and I guess we are now trending below that estimate.

Johan Giléus: So let us move over to the next slide, please, Greta. As we then have expected, we did quite a lot of wind downs when we did the restructuring 2024, where that had an impact on 2025 numbers. We were then expecting that we will come into general operating expenses between $15 million and $20 million. I guess we are now trending below that estimate. On top of that, of course, you need to add the CMC and clinical cost for the phase III preparation that I just mentioned then. End of June, we had SEK 16.16 million in cash. Then we raised the bridge financing here in July then to be able to cover costs and other things then for the quarter that we are currently in, and that will be a part of the repayment.

Speaker #1: But on top of that of course you need to add the CMC and clinical cost for the phase 3 preparation that I just mentioned them.

Speaker #1: And then end of June we had 16.60 million in cash and then we raised the bridge financing here in July then to be able to cover costs and other things for the quarter that we.

Speaker #1: Currently in and that will be part of the repayment part of the rising issue will be the repayment of the bridge loan then. So with that in mind then let us move over to the right issue that will come here in shortly then.

Speaker #1: But on top of that, of course, you need to add the CMC and clinical cost for the Phase 3 preparation that I just mentioned then.

Johan Giléus: On top of that, of course, you need to add the CMC and clinical cost for the phase III preparation that I just mentioned then. End of June, we had SEK 16.16 million in cash. Then we raised the bridge financing here in July then to be able to cover costs and other things then for the quarter that we are currently in, and that will be a part of the repayment. Part of the rights issue will be the repayment of the bridge loan then. With that in mind then, let us move over to the rights issue that will come here shortly then.

Speaker #1: Next slide please. So a couple of key aspects then we have announced the terms. The terms will be that you will have five unit rights for each share that you own.

Speaker #1: And then, at the end of June, we had SEK 16.60 million in cash, and then we raised the bridge financing here in July to be able to cover costs and other things for the quarter that we're currently in. And that will be part of the repayment—part of the rights issue will be the repayment of the bridge loan then.

Speaker #1: And you need one unit right then to scribe for one unit. And one unit will then include two ordinary shares and one warrant of the serious TU15 and another one for the serious TU16 then both of them are given to you free of charge then.

Johan Giléus: Part of the rights issue will be the repayment of the bridge loan then. With that in mind then, let us move over to the rights issue that will come here shortly then. Next slide, please. A couple of key aspects then. We have announced the terms. The terms will be that you will have five unit rights for each share that you own, and you need one unit right then to subscribe for one unit. One unit will then include two ordinary shares and one warrant on the Series TO 15, another one for the Series TO 16 then. Both of them are given to you free of charge then. The price for the subscription of the unit will be SEK 4 öre per unit then, which correspond then to 2 öre per ordinary share.

Speaker #1: So, with that in mind then, let us move over to the rights issue that will come here shortly. Next slide, please. So, a couple of key aspects: we have announced the terms. The terms will be that you will have five unit rights for each share that you own, and you need one unit right then to subscribe for one unit.

Johan Giléus: Next slide, please. A couple of key aspects then. We have announced the terms. The terms will be that you will have five unit rights for each share that you own, and you need one unit right then to subscribe for one unit. One unit will then include two ordinary shares and one warrant on the Series TO 15, another one for the Series TO 16 then. Both of them are given to you free of charge then. The price for the subscription of the unit will be SEK 4 öre per unit then, which correspond then to 2 öre per ordinary share.

Speaker #1: So the price for the subscription of the unit will be per unit then but which correspondent to two euro per ordinary share. And if everyone all of the units are subscribed there will be 3 billion more units into the company then.

Speaker #1: And one unit will then include two ordinary shares and one warrant for series TO15 and another one for series TO16; then both of them are given to you free of charge.

Speaker #1: Equivalent to 6 million shares then. And some of the key dates then that you need to be aware of. We will file the prospectus next Monday.

Speaker #1: So the price for the subscription of the unit will be 4 euro per unit then but it which correspond to 2 euro per ordinary share.

Speaker #1: And the record date for owning the shares is 2nd of September next week. And then there is a subscription period that goes from the 4th to the 18th of September.

Speaker #1: And if everyone, all of the units, are subscribed, there will be 3 billion more units into the company then, equivalent to 6 million shares.

Johan Giléus: If all of the units are subscribed, there will be 3 billion more units into the company then, equivalent to 6 million shares then. Some of the key dates then that you need to be aware of. We will file the prospectus next Monday, and the record date for owning the shares is 2 September next week. Then there is a subscription period that goes from 4 September to 18 September. Please be aware that some of the banks have shorter deadlines than 18 September, so you might need to subscribe prior to 18 September. You can then either buy or sell your unit rights then during the period 4 September to 15 September.

Speaker #1: Please be aware that some of the banks have shorter deadlines than the 18th of September. So you might need to subscribe prior to the 18th of September.

Speaker #1: And some of the key dates, then, that you need to be aware of: we will file the prospectus next Monday, and the record date for owning the shares is the 2nd of September, next week.

Speaker #1: You can then either buy or sell your unit rights then during the period 4th of September to the 15th of September. And a little bit less than a week after that we will have the announcement of the outcome of the rights issued on 22nd of September is tentative date.

Speaker #1: And then there is a subscription period that goes from the 4th to the 18th of September. Please be aware that some of the banks have shorter deadlines than the 18th of September.

Speaker #1: And the use of process will be like following then. We will as I mentioned then repay the loans. We will then preserve the future royalty potential of HLX22 as mentioned by Søren then and we will have a very lean organization once the wind down is completed.

Speaker #1: So, you might need to subscribe prior to the 18th of September. You can then either buy or sell your unit rights during the period from the 4th of September to the 15th of September.

Speaker #1: There will be a very very lean organization to maintain the obligations as a listed company primarily. And of course there are costs then associated with the wind down primarily then when it comes to CMC and clinical cost but and also then the organization in general the people that then unfortunately need to leave the company but also the other costs that we have obligations to settle them.

Speaker #1: And then, a bit less than a week after that, we will have the announcement of the outcome of the rights issue. The tentative date is the 22nd of September.

Johan Giléus: A little bit less than a week after that, we will have the announcement of the outcome of the rights issued on 22 September is tentative date. The use of proceeds will be following then. We will, as I mentioned then, repay the loans. We will then preserve the future royalty potential of HLX22, as mentioned by Søren then. We will have a very lean organization. Once the wind down is completed, there will be a very lean organization to maintain the obligations as a listed company, primarily. Of course, there are costs that associate with the wind down primarily when it comes to CMC and clinical costs, and also then the organization in general, the people that want me to leave the company, but also the other costs that we have obligations to settle them.

Speaker #1: And the use of proceeds will be as follows, then. As I mentioned, we will repay the loans. We will then preserve the future royalty potential of HLX22, as mentioned by Søren. Finally, we will have a very lean organization once the wind-down is completed.

Speaker #1: And with the fully subscribed rights issue we believe that we can have the money until the commercialization of the HLX22 as mentioned by Søren just recently.

Speaker #1: There will be a very, very lean organization to maintain the obligations as a listed company, primarily. And of course, there are costs then associated with the wind-down—primarily, then, when it comes to CMC and clinical cost. But, and also, then the organization in general, the people that then unfortunately need to leave the company, but also the other costs that we have obligations to settle them.

Johan Giléus: Of course, there are costs that associate with the wind down primarily when it comes to CMC and clinical costs, and also then the organization in general, the people that want me to leave the company, but also the other costs that we have obligations to settle them. And with a fully subscribed rights issue, we believe that we can have the money until the commercialization of the HLX22, as mentioned by Søren just recently. But of course, the runway will be dependent on the outcome of the rights issue then.

Speaker #1: But of course the runway will be dependent on the outcome of the rights issue then. And we will then in the meantime in the short term perspective will look through some of the short term strategic opportunities for methazolamab but we're not prepared to do any major investments to see if we can actually then do this it has to be at a very low cost then for us then as it's important to preserve the cash for HLX22 then.

Speaker #1: And with the fully subscribed rights issue, we believe that we can have the money until the commercialization of HLX22, as mentioned by Søren just recently.

Johan Giléus: And with a fully subscribed rights issue, we believe that we can have the money until the commercialization of the HLX22, as mentioned by Søren just recently. But of course, the runway will be dependent on the outcome of the rights issue then. And we will then, in the meantime, in the short-term perspective, we will look through some of the short-term strategic opportunities for mitazalimab, but we are not prepared to do any major investments to see if we can actually then do this. It has to be at a very low cost spend for us then, as it is important to preserve the cash for HLX22 then. So with that in mind, Søren, I will hand over to you again.

Speaker #1: But of course the runway will be dependent on the outcome of the rights issue then. And we will then in the meantime in the short-term perspective will look through some of the short-term strategic opportunities for methazolamab but we're not prepared to do any major investments to see if we can actually then do this it has to be at a very low cost then for us then as it's important to preserve the cash for HLX22 then.

Speaker #1: So with that in mind Søren I will hand over to you again.

Johan Giléus: And we will then, in the meantime, in the short-term perspective, we will look through some of the short-term strategic opportunities for mitazalimab, but we are not prepared to do any major investments to see if we can actually then do this. It has to be at a very low cost spend for us then, as it is important to preserve the cash for HLX22 then. So with that in mind, Søren, I will hand over to you again.

Speaker #2: Thank you Johan. Maybe there is one more slide. Yeah. So just to summarize what we have talked about today that HLX22 is now considered the primary value driver for Alligator.

Speaker #1: So with that in mind, Søren, I will hand over to you again.

Speaker #2: Again it's a block that we have a participating interest in. We do not control or develop or fund any activities. And we are only privy to otherwise public information on the drug.

Speaker #2: Thank you, Johan. Maybe there is one more slide—yeah. So, just to summarize what we have talked about today: HLX22 is now considered the primary value driver for Alligator.

Søren Bregenholt: Thank you, Johan. Maybe there is one more slide. Yeah. So just to summarize what we have talked about today, HLX22 is now considered the primary value driver for Alligator. Again, it is a drug that we have a participating interest in. We do not control or develop or fund any activities, and we are only privy to otherwise public information on the drug. I think that is important to note. And everything we put out here in terms of numbers, whether it is money or whether it is timelines, are our best estimate based on available information and general industry practices and standards. But global Phase III study in first line HER2-positive gastric cancers. All patients have been dosed in all participating regions. We expect top-line data or estimated top-line data to be available in the H2 of next year.

Speaker #2: I think that's important to note. And everything we put out here in terms of numbers whether it's money or whether it's timelines are our best estimate based on available information and general industry practices and standards.

Speaker #2: Again, it's a block that we have a participating interest in. We do not control, develop, or fund any activities. And we are only privy to otherwise public information on the block.

Speaker #2: But the global phase 3 study in first line her two positive gastric cancers all patients have been dosed in all participating regions. We expect top line data or estimated top line data to be available in the second half of next year.

Speaker #2: I think that's important to note. And everything we put out here, in terms of numbers—whether it's money or whether it's timelines—are our best estimates based on available information and general industry practices and standards.

Speaker #2: The accumulated financial interest of Alligator in the asset is up to 1.75% of the net sale. And we believe that that will amount to somewhere between 150 and 450 million SIG per year into Alligator.

Speaker #2: But in the global Phase 3 study in first-line HER2-positive gastric cancers, all patients have been dosed in all participating regions. We expect top-line data, or estimated top-line data, to be available in the second half of next year.

Søren Bregenholt: But global Phase III study in first line HER2-positive gastric cancers. All patients have been dosed in all participating regions. We expect top-line data or estimated top-line data to be available in the H2 of next year. The accumulated financial interest of Alligator in the asset is up to 1.75% of the net sale, and we believe that will amount to somewhere between SEK 150 and SEK 450 million per year into Alligator. We have announced and today got approved a rights issue of up to SEK 125 million, and as Johan said, fully subscribed.

Speaker #2: We have announced and today got approved a rights issue of up to 125 million and as Johan said fully subscribe that rights issue will take us all the way to the launch of HLX22.

Søren Bregenholt: The accumulated financial interest of Alligator in the asset is up to 1.75% of the net sale, and we believe that will amount to somewhere between SEK 150 and SEK 450 million per year into Alligator. We have announced and today got approved a rights issue of up to SEK 125 million, and as Johan said, fully subscribed. That rights issue will take us all the way to the launch of HLX22. And also to ensure that, we are reviewing and reducing the cost base to a minimum, allowing us to monitor HLX22 program and of course, abide to all our legal obligations as a publicly listed company. Mitazalimab, here it says that it is offered for out-licensing or divestment. I do not know if that is the right wording, but that is definitely something we are working a structure on.

Speaker #2: The accumulated financial interest of Alligator in the asset is up to 1.75% of the net sale. And we believe that will amount to somewhere between 150 and 450 million SEK per year into Alligator.

Speaker #2: And also to ensure that we are reviewing and reducing the cost base to a minimum allowing us to monitor HLX22 program and of course abide to all our legal obligation as a publicly listed company.

Speaker #2: We have announced and today got approved a rights issue of up to SEK 125 million, and, as Johan said, fully subscribed. That rights issue will take us all the way to the launch of HLX22.

Speaker #2: Methazolamab here it says that it's offered for outlicensing or divestment. I don't know if that's the right wording but that's definitely something we are working structured on.

Søren Bregenholt: That rights issue will take us all the way to the launch of HLX22. And also to ensure that, we are reviewing and reducing the cost base to a minimum, allowing us to monitor HLX22 program and of course, abide to all our legal obligations as a publicly listed company. Mitazalimab, here it says that it is offered for out-licensing or divestment. I do not know if that is the right wording, but that is definitely something we are working a structure on.

Speaker #2: And also to ensure that we are reviewing and reducing the cost base to a minimum, allowing us to monitor the HLX22 program and, of course, abide by all our legal obligations as a publicly listed company.

Speaker #2: We have other assets and technologies that we will retain for the time being. And otherwise find strategic opportunities for these molecules. And we will continue to evaluate the ongoing investor initiated studies I think the fair thing to say here is that there is both a financial component of that assessment.

Speaker #2: Methazolamab here says that it's offered for out-licensing or divestment. I don't know if that's the right wording, but that's definitely something we are working on in a structured way.

Speaker #2: We have other assets and technologies that we will retain for the time being, and otherwise find strategic opportunities for these molecules. And we will continue to evaluate the ongoing investor-initiated studies. I think the fair thing to say here is that there is both a financial component of that assessment.

Søren Bregenholt: We have other assets and technologies that we will retain for the time being, and otherwise find strategic opportunities for these molecules. And we will continue to evaluate the ongoing Investigator-Initiated Trials. I think the fair thing to say here is that there is both a financial component of that assessment. There is an ethical assessment of keeping people on drugs that they receive, but also not introducing new patients to drug that may not be developed. And there is of course, also a general clinical interest and rationale that needs to be reviewed when we are looking at that. But that is all things and processes that are on the way. And again, we believe that the rights issue that has been announced today, that if we look at the pricing of that rights issue versus the potential financial upside in the HLX22 program is a very interesting financial opportunity.

Speaker #2: There is an ethical assessment of keeping people on drugs that they receive but also not introducing new patients to drug that may not be developed.

Speaker #2: And there's of course also a general clinical interest and rational that needs to be reviewed when we are looking at that. But that's all things and processes that are underway.

Speaker #2: And again we believe that the rights issue that it has to been announced today that if we look at the price at the pricing of that rights issue versus the potential financial upside in the HLX22 program is a very interesting financial opportunity.

Speaker #2: There is an ethical assessment of keeping people on blocks that they receive, but also not introducing new patients to a block that may not be developed.

Speaker #2: And there's, of course, also a general clinical interest and rationale that need to be reviewed when we are looking at that. But those are all things and processes that are underway.

Søren Bregenholt: But that is all things and processes that are on the way. And again, we believe that the rights issue that has been announced today, that if we look at the pricing of that rights issue versus the potential financial upside in the HLX22 program is a very interesting financial opportunity. With that, I will turn to today's questions. As Kajsa said, you can either write them directly to our IR mail, and I know there is a few there already, or you can write them in the chat right here. Let me see if there is already a couple of questions to start out with. We have a couple here.

Speaker #2: With that I will turn to today's questions. As Greta said you can either write them directly to our IR mail and I know there's a few there already or you can write them in the chat right here.

Speaker #2: And again, we believe that the rights issue that has been announced today—if we look at the pricing of that rights issue versus the potential financial upside in the HLX22 program—is a very interesting financial opportunity.

Speaker #2: So let me see what if there is already a couple of questions to start out with. We have a couple of here first we have a question could you elaborate a little bit more on the what does it say here the gastric cancer indication how many patients so on and so forth.

Speaker #2: With that, I will turn to today's questions. As Greta said, you can either write them directly to our IR mail—and I know there are a few there already—or you can write them in the chat.

Søren Bregenholt: With that, I will turn to today's questions. As Kajsa said, you can either write them directly to our IR mail, and I know there is a few there already, or you can write them in the chat right here. Let me see if there is already a couple of questions to start out with. We have a couple here. First, we have a question. Could you elaborate a little bit more on the, what does it say here, the gastric cancer indication, how many patients, so on and so forth. Yes, we can do that. We can include that in a slide going forward. There is probably also a little bit more data in the Q2 report where you can look up the data.

Speaker #2: Right here so let me see what if there is already a couple of questions to start out with. We have a couple of here first we have a question could you elaborate a little bit more on the what does it say here the gastric cancer indication how many patients so on and so forth.

Speaker #2: Yes we can do that. We can include that in a slide going forward. There's probably also a little bit more data in the Q2 report where you can look up the data but if we put the two indications together gastric cancer and gastric esophageal junction cancer or GEJ we see approximately 1 million 1.1 million new cases a year with a mass majority being gastric cancer.

Søren Bregenholt: First, we have a question. Could you elaborate a little bit more on the, what does it say here, the gastric cancer indication, how many patients, so on and so forth. Yes, we can do that. We can include that in a slide going forward. There is probably also a little bit more data in the Q2 report where you can look up the data. If we put the two indications together, gastric cancer and gastric esophageal junction cancer, or GEJ, we see approximately 1.1 million new cases a year, with the vast majority being gastric cancer. That is probably 85%, 90% of the cases.

Speaker #2: Yes, we can do that. We can include that in a slide going forward. There's probably also a little bit more data in the Q2 report where you can look up the data, but if we put the two indications together—gastric cancer and gastric esophageal junction cancer, or GEJ—you see approximately 1 million to 1.1 million new cases a year, with the vast majority being gastric cancer.

Speaker #2: That's probably 85 90% of the cases. Of those approximately between 40 45 50% reach the metastatic state so that's the state that is treated here.

Søren Bregenholt: If we put the two indications together, gastric cancer and gastric esophageal junction cancer, or GEJ, we see approximately 1.1 million new cases a year, with the vast majority being gastric cancer. That is probably 85%, 90% of the cases. Of those, approximately between 40%, 45%, 50% reach the metastatic state. So that is the state that is treated here. Of those patients, approximately between 20% and 30% are HER2 positive, meaning that we have approximately, on a global scale, 100,000 patients that are eligible for treatment in the first-line metastatic setting in these indications. The number of HER2 positive patients varies a little bit between various regions, with East Asia having a higher abundance of HER2 positive patients. So that gives a relatively robust patient pool.

Speaker #2: And of those patients approximately between 20 and 30 patients are her two positive meaning that we have approximately on a global scale 100,000 patients that are eligible for treatment in the first line metastatic setting in these indications.

Speaker #2: That's probably 85 90% of the cases. Of those approximately between 40 45 50% reach the metastatic state so that's the state that is treated here and of those patients approximately between 20 and 30 patients are HER2 positive meaning that we have approximately on a global scale 100,000 patients that are eligible for treatment in the first line metastatic setting in these indications.

Søren Bregenholt: Of those, approximately between 40%, 45%, 50% reach the metastatic state. So that is the state that is treated here. Of those patients, approximately between 20% and 30% are HER2 positive, meaning that we have approximately, on a global scale, 100,000 patients that are eligible for treatment in the first-line metastatic setting in these indications. The number of HER2 positive patients varies a little bit between various regions, with East Asia having a higher abundance of HER2 positive patients. So that gives a relatively robust patient pool.

Speaker #2: These the number of her two positive patients varies a little bit between various regions with East Asia having a higher abundance of her two positive patients.

Speaker #2: So that gives a relatively robust patient pool. And without going too much into the pricing we believe that that number of patients and this indication and the treatment timelines that we have seen from the phase 2 study at least votes for HLX22 being a blockbuster if not a potential double blockbuster in gastric cancers alone.

Speaker #2: The number of HER2-positive patients varies a little bit between various regions, with East Asia having a higher abundance of HER2-positive patients.

Speaker #2: So, that gives a relatively robust patient pool, and without going too much into the pricing, we believe that that number of patients, and this indication, and the treatment timelines that we have seen from the Phase 2 study at least, votes for HLX22 being a blockbuster, if not a potential double blockbuster, in gastric cancers alone.

Søren Bregenholt: Without going too much into the pricing, we believe that that number of patients and this indication and the treatment timelines that we have seen from the phase II study at least bodes for HLX22 being a blockbuster, if not a potential double blockbuster in gastric cancers alone. I just gave you the royalty numbers, then you can do the math yourself, but that should land us comfortably in the range that we have described on gastric cancers alone. I hope that answered that question sufficiently. Otherwise, you can seek more data in the Q2 report. Then a couple of questions from Redeye here. Let us start from the bottom. How far will the rights issue take you? I think Johan already answered that, and so did I, but this question came before the meeting, so that is fair. Bring it up again.

Speaker #2: And I just gave you the I just gave you the royalty numbers and then you can do the math yourself. But that should land us comfortably in the range that we have described.

Speaker #2: On gastric cancers alone. I hope that answered that question sufficiently. Otherwise you can seek more data in the Q2 report. Then a couple of questions from Red Eye here.

Speaker #2: And I just gave you the I just gave you the royalty numbers and then you can do the math yourself but that should land us comfortably in the range that we have described.

Speaker #2: Let's start from the bottom. How far will the rights issue take you? I think Johan already answered that and so did I. But this question came before the meeting so that's fair.

Speaker #2: On gastric cancers alone. I hope that answered that question sufficiently; otherwise, you can seek more data in the Q2 report. Then, a couple of questions from Redeye here.

Speaker #2: Bring it up again. Fully subscribe this rights issue brings us beyond the expected or estimated launch of HLX22 i.e. into positive royalty territory. A third question here.

Søren Bregenholt: Then a couple of questions from Redeye here. Let us start from the bottom. How far will the rights issue take you? I think Johan already answered that, and so did I, but this question came before the meeting, so that is fair. Bring it up again. Fully subscribed, this rights issue brings us beyond the expected or estimated launch of HLX22, i.e., into positive royalty territory. A third question here, are there no ways forward for mitazalimab? Yes, I think there will be.

Speaker #2: Let's start from the bottom. How far will the rights issue take you? I think Johan already answered that, and so did I. But these questions came before the meeting, so that's fair.

Speaker #2: Are there no ways forward for metazolamab? Yes. I think there will be. As I hope I relayed in my first part of the presentation here is we still believe that metazolamab will be a very competent combination partner for instance a KRAS inhibitor.

Speaker #2: Bring it up again. Fully subscribed, this rights issue brings us beyond the expected or estimated launch of HLX22, i.e., into positive royalty territory. A third question here.

Søren Bregenholt: Fully subscribed, this rights issue brings us beyond the expected or estimated launch of HLX22, i.e., into positive royalty territory. A third question here, are there no ways forward for mitazalimab? Yes, I think there will be. As I hope I relayed in my first part of the presentation here is we still believe that mitazalimab will be a very competent combination partner for instance, a KRAS inhibitor. There is ample preclinical data showing that the two molecule at least have additive effects, both on top of number of patients responding and not the least, the durability of response. Yes, we believe that that would be a potential opportunity for mitazalimab. We know that mitazalimab also synergizes with PD-1s and probably all other immune oncology agents. Definitely there should be a place for mitazalimab.

Speaker #2: There is an ample preclinical data showing that the two molecule at least have additive effects. Both on top of number of patients responding and not the least the durability of response so yes we believe that that would be a potential opportunity for metazolamab.

Speaker #2: Are there no ways forward for metazolamab? Yes, I think there will be. As I hope I relayed in my first part of the presentation here, we still believe that metazolamab will be a very competent combination partner, for instance, with a KRAS inhibitor.

Søren Bregenholt: As I hope I relayed in my first part of the presentation here is we still believe that mitazalimab will be a very competent combination partner for instance, a KRAS inhibitor. There is ample preclinical data showing that the two molecule at least have additive effects, both on top of number of patients responding and not the least, the durability of response. Yes, we believe that that would be a potential opportunity for mitazalimab. We know that mitazalimab also synergizes with PD-1s and probably all other immune oncology agents. Definitely there should be a place for mitazalimab.

Speaker #2: We know that metazolamab also synergizes with PD-1s and probably all other immune oncology agents. So definitely there should be a place for metazolamab. The current changes in the clinical landscape for metastatic pancreatic cancer and the refocusing of that part of the industry and our financial situation simply means that Alligator is not able to make the investment that it would take to prove that hypothesis in the required clinical study.

Speaker #2: There is ample preclinical data showing that the two molecules at least have additive effects, both in terms of the number of patients responding, and not least, the durability of response. So yes, we believe that that would be a potential opportunity for mitazalimab.

Speaker #2: We know that metazolamab also synergizes with PD-1s and probably all other immune oncology agents. So, definitely, there should be a place for metazolamab. The current changes in the clinical landscape for metastatic pancreatic cancer and the refocusing of that part of the industry, and our financial situation, simply mean that Alligator is not able to make the investment that it would take to prove that hypothesis in the required clinical study. Of course, we are making our best efforts to ensure that somebody else will take up metazolamab and give it the chance that we believe it deserves.

Speaker #2: And of course we are doing our best efforts to ensure that somebody else will take up metazolamab and give it the chance that we believe that it deserves.

Søren Bregenholt: The current changes in the clinical landscape for metastatic pancreatic cancer and the refocusing of that part of the industry and our financial situation simply means that Alligator is not able to make the investment that it would take to prove that hypothesis in the required clinical study. Of course, we are doing our best efforts to ensure that somebody else will take up mitazalimab and give it the chance that we believe that it deserves. A related question also from Adam from Redeye is, what is the progress on the ongoing IITs? We have a number of IITs ongoing. As you know, we do not incur any costs on that. We supply the drug. We are reviewing that, whether or not to continue with that. Some of the parts of that analysis is, of course, to how many patients are enrolled in a study.

Speaker #2: A related question also from Adam from Red Eye is what's the progress on the ongoing IITs? We have a number of IITs ongoing as you know.

Speaker #2: We don't incur any cost on that. We supply the drug. We are reviewing that. Whether or not to continue with that. And some of the parts of that analysis is of course to how many patients are enrolled in a study.

Speaker #2: A related question, also from Adam from Redeye, is: What's the progress on the ongoing IITs? We have a number of IITs ongoing. As you know, we don't incur any cost on that.

Speaker #2: What's the timeline until we get any data to drive any further development decisions. What are even though the costs are not big. What are the costs?

Søren Bregenholt: As you know, we do not incur any costs on that. We supply the drug. We are reviewing that, whether or not to continue with that. Some of the parts of that analysis is, of course, to how many patients are enrolled in a study. What is the timeline until we get any data to drive any further development decisions? Even though the costs are not big, what are the costs? What are the ethical implications of enrolling patients in a study with a drug that may or may not be developed further, so on and so forth.

Speaker #2: We supply the drug. We are reviewing that—whether or not to continue with that—and some of the parts of that analysis are, of course, how many patients are enrolled in a study, what's the timeline until we get any data to drive any further development decisions.

Speaker #2: What are the ethical implications of enrolling patients in a study with a drug that may or may not be developed further so on and so forth.

Speaker #2: And that is something that we are going to continue evaluating together with the principal investigators in the coming weeks. We have of course a month.

Søren Bregenholt: What is the timeline until we get any data to drive any further development decisions? Even though the costs are not big, what are the costs? What are the ethical implications of enrolling patients in a study with a drug that may or may not be developed further, so on and so forth. That is something that we are going to continue evaluating together with the principal investigators in the coming weeks and months. We have of course already been in contact with these physicians. Let me here reemphasize that the primary objective and priority for the company and for management is to be able to maintain the HLX22 royalty interest within the company, and that is where we are focusing. If there is financial cushion to explore, for instance, a randomized phase II study in biliary tract, as we discussed.

Speaker #2: We have of course already been in contact with these physicians. But let me here re-emphasize that the primary objective and priority for the company and for management is to be able to maintain the HLX22 royalty interest within the company.

Speaker #2: Even though the costs are not big, what are the costs? What are the ethical implications of enrolling patients in a study with a drug that may or may not be developed further, and so on and so forth.

Speaker #2: And that is something that we are going to continue evaluating together with the principal investigators in the coming weeks. We have of course a month we have of course already been in contact with these physicians.

Søren Bregenholt: That is something that we are going to continue evaluating together with the principal investigators in the coming weeks and months. We have of course already been in contact with these physicians. Let me here reemphasize that the primary objective and priority for the company and for management is to be able to maintain the HLX22 royalty interest within the company, and that is where we are focusing. If there is financial cushion to explore, for instance, a randomized phase II study in biliary tract, as we discussed.

Speaker #2: And that is where we are focusing. And if there is financial cushion to explore for instance a randomized phase 2 study in biliary tract as we discussed if that exists and only then will we consider doing that.

Speaker #2: But let me here reemphasize that the primary objective and priority for the company and for management is to be able to maintain the HLX22 royalty interest within the company, and that is where we are focusing.

Speaker #2: I hope that is absolutely clear. I'm not sure if we have any other additional questions. I don't think we have.

Speaker #2: And if there is financial cushion to explore, for instance, a randomized Phase 2 study in biliary tract, as we discussed, if that exists, and only then will we consider doing that.

Speaker #1: Nope. No more has to been received.

Speaker #2: So the last chance. That doesn't seem to be the case. Then I will thank you for your attention and bid you a good day.

Søren Bregenholt: If that exists, and only then will we consider doing that. I hope that is absolutely clear. I am not sure if we have any other additional questions. I do not think we have.

Speaker #2: I hope that is absolutely clear. I'm not sure if we have any additional questions. I don't think we do.

Speaker #2: There's more information on the rights issue on our website. And there's more information on the HLX22 program in the quarterly report that is also available on our website.

Speaker #1: Nope. No more has been received.

Johan Giléus: Nope. No more has been received.

Greta Höög: Nope. No more has been received.

Speaker #2: Thank you very much.

Søren Bregenholt: The last chance. That doesn't seem to be the case. Then I will thank you for your attention and wish you a good day. There's more information on the rights issue on our website, and there's more information on the HLX22 program in the quarterly report that is also available on our website. Thank you very much.

Speaker #2: So, the last chance. That doesn't seem to be the case. Then, I will thank you for your attention and bid you a good day.

Speaker #2: There's more information on the rights issue on our website, and there's more information on the HLX22 program in the quarterly report that is also available on our website.

Speaker #2: Thank you very much.

Johan Giléus: Thank you.

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Half Year 2026 Alligator Bioscience AB Earnings Call

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