In order to secure funding for the company’s continued operations, the Board of Directors has, subject to approval by an extraordinary general meeting on 26 August 2026, resolved to carry out an issue of ordinary shares and warrants with preferential rights for the company’s existing shareholders of initially approximately SEK 125.6 million.

The decision follows a reassessment of the pancreatic cancer market.

The decision follows a reassessment of the pancreatic cancer market, where recent advances in targeted therapies are expected to reshape the competitive landscape, the company states.

“While we remain confident that mitazalimab has the potential to benefit patients with pancreatic cancer and other indications, the rapid and radical changes in the treatment landscape have led us to conclude that standalone development is not commercially viable. In addition, we have to realize that the resources required to reposition the program are not available to Alligator Bioscience. We have therefore decided to discontinue further self-development of mitazalimab – a very difficult but necessary decision,” says Søren Bregenholt, CEO of Alligator Bioscience.

Refocus

Alligator Bioscience intends to use the proceeds, after repayment of the bridge loans, to refocus its operations on maintaining the future royalty upside from HLX22, fund the wind-down of its mitazalimab development activities, thereby providing a funding to at least the topline data readout from the ongoing HLX22 Phase 3 trial, as well as for general corporate purposes and near-term strategic opportunities within mitazalimab.

Bridge loan agreements

To secure the company’s liquidity needs until the completion of the rights issue, the company has entered into bridge loan agreements of SEK 19 million in total on market terms. In connection with the rights issue, Alligator Bioscience has also renegotiated the outstanding loan from Fenja Capital II A/S. As part of the renegotiation, Alligator Bioscience has undertaken to issue warrants to Fenja Capital, free of charge. Due to the rights issue, the Board of Directors has resolved to bring forward the publication of the interim report for the second quarter of 2026 to 26 August 2026.

“The financing announced, together with a reduced cost base, allows Alligator Bioscience to preserve shareholder value via our financial interest in the out-licensed HLX22, which offers potential future revenue without development cost exposure. The financing is estimated to provide runway at least until Phase 3 topline data for HLX22, an important potential value inflection point, while we retain flexibility to realize the broader value of mitazalimab through partnering or other strategic options,” says Hans-Peter Ostler, Chairman of the Board of Alligator Bioscience.