Interim report
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The information was submitted for publication on 26 August 2026 at 8:00 am CEST. For contact details, see the back cover of the report. A glossary can be found on the Alligator website. “During the second quarter we assessed how best to create value from our portfolio. After the quarter, we decided to discontinue independent development of mitazalimab and to refocus Alligator on its financial interest in HLX22, which offers potential future revenue without development costs.” Søren Bregenholt CEO Alligator Bioscience AB Alligator Bioscience AB (publ) Interim report April – June 2026 Q2 !
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2 | Alligator Bioscience AB | Interim report April – June 2026 Introduction Significant events during the quarter There were no significant events during the quarter. Other events during the quarter • Mitazalimab – alternatives for Phase 3 development Alligator stated that it was exploring alternative routes to Phase 3 development of mitazalimab in first-line metastatic pancreatic cancer and had signed a letter of intent with the French non-profit cancer research organisation Unicancer to assess the feasibility of a global investigator-sponsored Phase 3 study. No development decisions had been taken. • Mitazalimab – new data at AACR 2026 Data from a Phase 1 investigator-initiated study (NCT06205849) of intratumoral mitazalimab given in conjunction with irreversible electroporation in locally advanced pancreatic cancer were presented at the AACR Annual Meeting 2026. All six patients with completed pre- and post-treatment analyses showed T-cell reactivity to patient-specific neoantigens, and reactivity increased following treatment. • HLX49 – preclinical data at AACR 2026 Henlius presented preclinical data for HLX49, a HER2 biparatopic antibody-drug conjugate that incorporates HER2 binding domains from HLX22. Alligator’s financial interest extends to products derived from HLX22. • Annual General Meeting The Annual General Meeting on 6 May 2026 elected four Board members. Anna Törner and Jörg Möller were elected as new members and Hans-Peter Ostler was re-elected Chairman. The Meeting also authorised the Board to resolve on the issue of ordinary shares, convertibles and warrants corresponding to no more than 20 percent of the number of outstanding ordinary shares. • HLX22 – long-term follow-up Henlius reported that follow-up of more than 39 months indicates that patients treated with HLX22 continue to demonstrate extended progression-free survival. The update did not include new numerical efficacy data. • HLX22 – patients dosed in all regions of the global Phase 3 study Henlius reported that the first patients were dosed in all regions participating in the global Phase 3 study of HLX22, comprising China, Japan, Korea, Latin America, Australia, the United States and Europe. Financial information 2026 2025 2026 2025 2025 Apr-Jun Apr-Jun Jan-Jun Jan-Jun Jan-Dec Net sales, MSEK - - - - 0.5 Operating profit/loss, MSEK -36.2 -22.3 -54.0 -66.0 -105.8 Profit/loss for the period, MSEK -37.8 -1.7 -36.4 -10.0 -51.4 Cash flow for the period, MSEK -16.4 5.1 -45.5 -29.6 -1.2 Cash and cash equivalents, MSEK 16.6 33.9 16.6 33.9 62.2 Earnings per share before and after dilution*, SEK -0.06 -0.08 -0.06 -0.69 -1.87 * Adjusted for reverse split in 2025. Significant events after the quarter • Discontinued independent development of mitazalimab and strategic refocus On 23 July 2026 Alligator announced that it will discontinue all further independent development of mitazalimab, including preparations for and support of Phase 3 studies, and refocus on preserving the future royalty potential of its financial interest in the out-licensed HLX22 programme. Alligator will wind down remaining operations and reduce the organisation to the minimum staffing required to oversee the HLX22 programme, subject to negotiations with the trade unions concerned. Alligator intends to continue to supply mitazalimab to ongoing externally funded investigator-initiated studies, including the randomised Phase 2/3 study in biliary tract cancer, subject to available funding. Alligator also intends to seek to out-license or divest mitazalimab as a broader immuno- oncology asset in the near term. • Rights issue of units and bridge loans Alligator announced a rights issue of units of approximately SEK 125.6 million before issue costs, conditional upon approval by the Extraordinary General Meeting on 26 August 2026. The rights issue is covered by subscription undertakings and guarantee commitments of up to SEK 58.8 million, corresponding to approximately 47 percent. Alligator also raised bridge loans of SEK 19 million and renegotiated its outstanding loan from Fenja Capital, whereby the maturity was changed from 30 September 2026 to 30 June 2027. The terms are described under The Alligator Share. The quarter at a glance
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3 | Alligator Bioscience AB | Interim report April – June 2026 Introduction CEO comments During the second quarter Alligator continued to operate its programmes while assessing how the next phase of mitazalimab’s development could be funded. After the quarter we concluded that Alligator cannot take mitazalimab to Phase 3 on its own. We have therefore discontinued independent development of mitazalimab and refocused Alligator on its financial interest in HLX22. A changed treatment landscape Mitazalimab was evaluated in the OPTIMIZE-1 study in combination with chemotherapy (mFOLFIRINOX) in first-line metastatic pancreatic cancer, and the data generated to date were positive. The treatment landscape is expected to change fundamentally within the near future. Response rate and preliminary survival data reported for the RAS(ON) inhibitor daraxonrasib, in second-line and first-line disease, and the RAS G12D inhibitor zoldonrasib in combination with FOLFIRINOX in first line, are expected to change the treatment paradigm in both settings. Our dialogue with clinical experts indicates that the proportion of patients who receive chemotherapy as their treatment backbone will decline sharply over the next three to five years. On that basis the commercial rationale for a mitazalimab and FOLFIRINOX combination no longer exists, and a registrational study in that population is no longer relevant. We continue to regard mitazalimab as a suitable combination partner for RAS inhibitor regimens, and that is where we believe its long-term potential lies. The clinical program needed to validate such a combination would as a minimum require a new randomised Phase 2 study. Alligator is not in a position to undertake such trial without a partner, and hence the Board has decided to discontinue our independent development of mitazalimab. This was a very difficult but necessary decision. Our financial interest in HLX22 Alligator’s remaining value is concentrated in its financial interest in HLX22, an anti-HER2 monoclonal antibody discovered through a collaboration between our subsidiary Atlas Therapeutics and AbClon, and developed by Henlius. Through Atlas Therapeutics, Alligator is entitled to 35 percent of the milestone and royalty income that AbClon receives from Henlius, without incurring development costs. Based on customary industry practice, we estimate this corresponds to an effective royalty of up to 1.75 percent of HLX22 net sales. In gastric cancer alone, we estimate this would give Alligator royalty income of SEK 150–450 million annually at peak sales. HLX22 is being evaluated in a global Phase 3 study in first-line HER2-positive gastric and gastroesophageal junction cancer, in combination with trastuzumab and chemotherapy, with patients now dosed in all participating regions. Based on publicly available information and industry standards Alligator estimates that topline data from the Phase 3 study will be available in the second half of 2027, with a potential launch in the second half of 2029 and first royalty revenues estimated from around 2030. Financing to the next value inflection point To fund the refocus we announced a rights issue of units after the end of the quarter of approximately SEK 125.6 million, conditional upon approval by the Extraordinary General Meeting on 26 August 2026. After repayment of bridge loans, the net proceeds are intended to preserve the future royalty potential of HLX22, fund the wind-down of mitazalimab development and thereby secure financing at least until the announcement of topline data from the ongoing Phase 3 study of HLX22, as well as for general corporate purposes and short-term strategic opportunities regarding mitazalimab. Mitazalimab and our other assets We intend to continue to supply mitazalimab to ongoing externally funded investigator-initiated studies, including the randomised Phase 2/3 study in biliary tract cancer, subject to available funding, which keeps open the option of exploring the antibody’s broader potential. Our assessment is that mitazalimab has potential as an immuno-oncology asset beyond pancreatic cancer, and we will seek to out-license or divest it in the near term. We will not fund further development of our remaining assets and technologies, and will seek to divest them as we reduce the cost base. Organisation We are reducing the organisation to the minimum staffing required to oversee the HLX22 programme, subject to negotiations with the trade unions concerned, and we have begun a review of the cost base to identify and implement further savings. These are difficult changes. I want to thank our employees for their professionalism and commitment through a demanding period, and our shareholders and partners for their continued support. Søren Bregenholt CEO Alligator Bioscience AB (publ)
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4 | Alligator Bioscience AB | Interim report April – June 2026 Introduction Performance measures, Group 2026 2025 2026 2025 2025 Note Apr-Jun Apr-Jun Jan-Jun Jan-Jun Jan-Dec Result (KSEK) Net sales 5 - - - - 514 Operating profit/loss -36,221 -22,321 -53,975 -65,988 -105,826 Profit/loss for the period -37,822 -1,691 -36,384 -10,038 -51,350 R&D costs -19,712 -27,653 -29,335 -68,312 -93,491 R&D costs as a percentage of operating costs, % 54% 79% 54% 82% 75% Capital (KSEK) Cash and cash equivalents at end of period 16,614 33,895 16,614 33,895 62,198 Cash flow from operating activities -13,987 -37,980 -52,632 -94,472 -155,985 Cash flow for the period -16,360 5,084 -45,486 -29,564 -1,188 Equity at the end of the period 3,328 -34,729 3,328 -34,729 6,859 Equity ratio at the end of the period, % 5% -40% 5% -40% 6% Info per share (SEK) Average number of shares* 628,106,848 22,062,649 593,851,735 14,616,599 27,526,874 Earnings per share after dilution** -0.06 -0.08 -0.06 -0.69 -1.87 Equity per share after dilution** 0.01 -1.00 0.01 -1.00 0.16 Personnel Number of employees at end of period 11 15 11 15 11 Average number of employees 11 24 11 30 21 Average number of employees employed within R&D 6 9 6 21 11 * Average number of shares post reverse split in 2025. ** Effect from dilution is not considered when result is negative and options where call rate is higher than closing rate is not considered. For definitions and calculations, see the sections later in this report. Operating costs (excl. impairments) rolling 12 months and Liquidity (MSEK), Group MSEK Liquidity position at end of quarter Operating costs (excl. impairments), rolling 12 months 0 50 100 150 200 250 300 Q4 2025 Q3 2024 Q2 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q1 2026 Q2 2026
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5 | Alligator Bioscience AB | Interim report April – June 2026 Introduction Our approach Alligator’s strategy is to preserve the value of its financial interest in HLX22 while minimising operating costs, and to realise value from mitazalimab and its other remaining assets through out-licensing, divestment or partnering. Following the decision announced on 23 July 2026, Alligator no longer develops drug candidates on its own account. Independent development of mitazalimab has been discontinued, remaining operations are being wound down, and the organisation is being reduced to the minimum staffing required to oversee the HLX22 programme. Alligator’s principal value driver is its financial interest in HLX22, an anti-HER2 monoclonal antibody in global Phase 3 development by Henlius. Alligator is entitled to 35 percent of AbClon’s revenues from Henlius, including milestone payments and royalties, without incurring development costs. The interest also extends to products that are based on, derived from or incorporate HLX22-related antibody binding characteristics, including the preclinical antibody-drug conjugate HLX49. This structure gives Alligator exposure to potential future revenue with a minimal cost base. The value of Alligator’s interest in HLX22 depends on the progress of a programme that Alligator neither conducts nor controls, and on regulatory approval, market uptake and reimbursement. Drug development is inherently associated with scientific, regulatory and financial uncertainty, and outcomes cannot be guaranteed. The value of the remaining assets depends on the interest of third parties. Alligator does not intend to fund further development of these assets and will seek to realise their value through out-licensing, divestment or partnering. No assurance can be given that any out-licensing or divestment will be completed. The Board and management continuously evaluate how best to align cost control, financing and shareholder value. This provides the context for the portfolio overview that follows.
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6 | Alligator Bioscience AB | Interim report April – June 2026 Introduction HLX22 Alligator’s principal value driver: a right to a share of future revenues from an externally developed programme Following the strategic refocus announced on 23 July 2026, Alligator’s principal value driver is its contractual right to a share of the revenues that AbClon, Inc. receives from Shanghai Henlius Biotech, Inc. in respect of HLX22. Alligator neither owns, develops nor controls HLX22. HLX22 is a differentiated HER2 specific monoclonal antibody originally discovered through a collaboration between Alligator’s subsidiary Atlas Therapeutics and AbClon, and is currently being developed by Shanghai Henlius Biotech, Inc. Alligator holds its interest in the programme via its subsidiary. Under the agreement, Alligator does not incur development costs and is entitled to 35 percent of the milestone and royalty income that AbClon receives from Henlius. Based on customary industry practice for agreements of this type, Alligator estimates that this corresponds to an effective royalty of up to 1.75 percent of HLX22 net sales. To date, Alligator has received USD 3 million in milestone payments related to the HLX22 programme. In addition to HLX22, the scope of Alligator’s financial interest also includes products developed by Henlius that are based on, derived from, or incorporate HLX22 related antibody binding characteristics. This includes HLX49, a HER2 directed antibody drug conjugate currently in preclinical development by Henlius, which builds on antibody binding elements associated with HLX22. Such products may, if successfully developed and approved, provide additional long-term value potential beyond HLX22. Basis of information and estimates As Alligator neither conducts, funds nor controls the HLX22 programme it has no influence over its design, timing, clinical, regulatory, or commercialisation operations and strategies. All HLX22 related information in this section is based on information made public by Henlius or AbClon. All statements about timing, market size, sales and royalty income are Alligator’s own estimates, based on that public information together with publicly available analyst reports and relevant customary industry practice. They are not forecasts, they have not been confirmed by Henlius or AbClon, and actual outcomes may differ materially. Development status HLX22 has advanced into late-stage clinical development. In gastric and gastroesophageal junction (GEJ) cancer, HLX22 is being evaluated in a global Phase 3 study in first-line HER2- positive disease, in combination with trastuzumab and chemotherapy, supported by Orphan Drug Designation in both the US and the EU. In June 2026 Henlius reported that the first patients had been dosed in all participating regions, comprising China, Japan, Korea, Latin America, Australia, the United States and Europe. The Phase 3 programme builds on Phase 2 data, where a two-year follow-up showed an approximately 80 percent reduction in the risk of disease progression or death compared with standard treatment in gastric cancer, as presented by Henlius at the ASCO Annual Meeting 2025. In May 2026 Henlius reported that follow-up of more than 39 months indicates that patients treated with HLX22 continue to demonstrate extended progression-free survival. In breast cancer, regulatory approval has been obtained in China to initiate Phase 2 and Phase 2/3 studies, of which two are now actively recruiting patients.
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7 | Alligator Bioscience AB | Interim report April – June 2026 Introduction A summary of the current clinical program based on publicly available information, including indications, phases, geographies and estimated timelines, is presented in the table below. HLX22 received its official WHO INN designation, dulpatatug, in January 2026. 1 Sung H, et al. Global cancer statistics 2024: GLOBOCAN estimates of incidence and mortality worldwide for 34 cancers in 186 countries. doi:10.3322/caac.70090 2 Pous A, et al. HER2-Positive Gastric Cancer: The Role of Immunotherapy and Novel Therapeutic Strategies. doi:10.3390/ijms241411403 3 American Cancer Society, Breast Cancer HER2 Status, cancer.org, accessed August 2026 Topline data from the global Phase 3 study are estimated for the second half of 2027, with a potential launch in the second half of 2029 and first royalty revenues estimated from around 2030. Market context and value potential Together, gastric and GEJ cancer accounts for more than 1 million new cases annually 1, of which approximately 15% are HER2-positive2. Breast cancer represents the most prevalent solid tumor globally with more than 2 million women diagnosed every year.1 Between 15 and 20% of these patients are HER2- positive.3 Despite the advent of new treatment options over the last decade, the need for novel and better, targeted pharmaceuticals remains. The commercial value of Alligator’s interest will depend on several variables including, but not limited to, clinical response rate, efficacy, tolerability, number of approvals, market uptake and reimbursement. Alligator’s entitlement of 35 percent of AbClon’s revenues from Henlius corresponds, on the basis set out above, to an effective royalty of up to 1.75 percent of HLX22 net sales. For gastric cancer alone, Alligator currently estimates that this would amount to SEK 150–450 million annually at peak sales. This is Alligator’s own estimate and not a forecast. Registrered clinical trials with HLX22 NCT-number Indication Phase Status Geography Enrollment (est) Primary completion (est) NCT06532006 gastric and/or GEJ 3 Recruiting Global 550 2027-06-01 NCT07294508 breast cancer, recurrent 2/3 Recruiting China* 706 2028-01-15 NCT06832202 breast cancer 2 Recruiting China 50 2027-06-01 NCT07294534 breast cancer, neoadjuvant 2/3 Not yet recruiting China* 817 2028-09-30 NCT04908813 gastric cancer 2 Active, not recruiting China 150 2024-12-01 NCT07176702 metastatic PDAC 2 Active, not recruiting China 45 2027-03-05 NCT03916094 HER2 overexpressing solid tumors 1 Completed China 11 2021-01-04 *) Clinical trial initiation approved by the National Medical Products Administration (NMPA) of China. Study locations have not yet been publicly disclosed. Source: ClinicalTrials.gov (study records for the respective NCT numbers).
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8 | Alligator Bioscience AB | Interim report April – June 2026 Introduction Mitazalimab Discontinued proprietary program – available for out-licensing or divestment Mitazalimab is a CD40 targeting agonistic antibody designed to activate dendritic cells and macrophages to initiate a tumor directed immune response. It has shown the ability to convert immunologically ”cold” tumors into a more inflamed and responsive state, and a demonstrated favorable safety profile that supports sustained dosing alongside intensive chemotherapy regimens. Development status Mitazalimab has been Alligator’s most advanced proprietary programme. On 23 July 2026 Alligator announced that it will discontinue all further independent development of mitazalimab, including preparations for and support of Phase 3 studies. Alligator intends to continue to supply mitazalimab to ongoing externally funded investigator-initiated studies, subject to available funding, and to seek to out-license or divest mitazalimab in the near-term. The sections below describe the asset and the evidence generated to date. Why development was discontinued Response rate and preliminary survival data reported during 2026 for the RAS(ON) inhibitor daraxonrasib in second-line and first-line metastatic pancreatic cancer, and the RAS G12D inhibitor zoldonrasib in combination with FOLFIRINOX in first line, are expected to change the standard of care in both settings. Alligator’s dialogue with clinical experts indicates that the proportion of patients who receive chemotherapy as their treatment backbone will decline sharply within three to five years. Alligator’s assessment is that the commercial rationale for a mitazalimab and FOLFIRINOX combination no longer holds, and that a registrational study in that population is no longer relevant. The scientific case for combining mitazalimab with RAS inhibitor regimens remains, and Alligator regards this as the asset’s principal long-term opportunity. Based on publicly available information, companies developing RAS inhibitors are focused on expanding their position in pancreatic cancer across first line, second line and locally advanced disease, and on combinations with approved or late-stage agents such as PD-1 and PD-1×VEGF antibodies and oral agents including PRMT5 inhibitors. Validating a mitazalimab and RAS inhibitor combination would require a new randomised Phase 2 study, preceded by a safety run-in or a separate Phase 1 study. Alligator cannot undertake that development without a partner and has therefore discontinued its own development of mitazalimab. Clinical evidence The Phase 3-enabling OPTIMIZE-1 trial (NCT04888312) evaluated mitazalimab in combination with mFOLFIRINOX in previously untreated patients with metastatic pancreatic cancer, an indication where median overall survival on standard-of-care therapy is less than 12 months. The study showed clinically meaningful activity across objective response rate, progression- free survival and overall survival, with a meaningful proportion of patients alive beyond two years. Clinical data from the investigator-initiated REACTIVE-2 trial support the activity and safety profile, and biomarker analyses link mitazalimab’s induction of T-cell-mediated immune responses to clinical benefit. Together with prior Phase 1 studies, these results establish proof of concept for mitazalimab. Clinical efficacy of mitazalimab combination therapy vs historical controls 0 5 10 15 20 25 30 Mitazalimab + chemotherapy (mFFX) Chemotherapy (FFX, historical) 24-mo OS 30-mo OS mDoR mOS A comparison of key clinical efficacy outcomes observed with mitazalimab in combination with modified FOLFIRINOX (mFFX) with historical data for FOLFIRINOX (FFX) in metastatic pancreatic cancer. Outcomes shown include median overall survival (mOS) and median duration of response (mDoR), reported in months, as well as 24-month and 30-month overall survival (OS) rates, reported as percentages.
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9 | Alligator Bioscience AB | Interim report April – June 2026 Introduction Phase 3 readiness achieved before discontinuation Interactions with the US FDA and EMA confirmed that OPTIMIZE-1 is a Phase 3-enabling study, established alignment on pivotal trial design, patient population and endpoints, and agreed the Phase 3 dose. Alligator completed the manufacturing activities required for Phase 3 initiation, including the commercial-scale process and Phase 3 material, and regulators verified that the non-clinical data package is sufficient to support late-stage development. This completed work forms part of the asset offered for out-licensing or divestment. Preparations for Phase 3 development have been discontinued, and the letter of intent with Unicancer regarding a global investigator-sponsored Phase 3 study is not being pursued further by Alligator. Investigator-initiated studies Alligator intends to continue to supply mitazalimab to ongoing externally funded investigator-initiated studies, subject to available funding. The studies are funded and conducted by third parties. Alligator does not fund them and does not control their conduct or reporting, and supplies drug product from material already manufactured. These include the CROCOBIL Phase 2/3 trial in second-line biliary tract cancer, sponsored by Unicancer in France, which evaluates mitazalimab in combination with FOLFOX chemotherapy. In July 2026 the first patient was dosed in an investigator- initiated study of intratumoral mitazalimab in early-stage breast cancer, administered alone or with intratumoral nivolumab prior to surgery. Alligator’s assessment is that mitazalimab has potential as an immuno-oncology asset beyond pancreatic cancer, but realising that potential requires a partner or acquirer with the resources to fund further development. No assurance can be given that a transaction will be completed. Registered investigator-initiated trials with mitazalimab IIT/NCT number Indication Phase Status Geography Enrollment (est) Primary completion (est) NCT07437287 CROCOBIL mitazalimab + FOLFOX in previously treat- ed biliary tract cancer 2/3 Not yet recruiting France 160 2030-04 NCT06205849 Intratumoral mitazalimab + IRE in locally advanced pancreatic cancer 1 Recruitment ongoing USA 18 2028-08 NCT07319195 Intratumoral mitazalimab +/- PD-1 inhibi - tion prior to surgery in breast cancer 1 Recruitment ongoing USA 32 2028-04 NCT07199764 Maintenance treatment of unresectable pancreatic cancer 2 Recruitment ongoing USA 100 2027-10 APHRODITE 2025-521490-13-00 Intralesional mitazalimab in high-risk oral potentially malignant disorders 2 Recruitment ongoing Italy Not yet disclosed 2030-01-28 Source: ClinicalTrials.gov (study records for the respective NCT numbers), and euclinicaltrials.eu (study records for the respective EUCT number),
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10 | Alligator Bioscience AB | Interim report April – June 2026 Introduction Other portfolio assets and platforms In addition to its financial interest in HLX22, Alligator holds mitazalimab, a small number of follow-on assets and proprietary antibody technology platforms. Following the strategic refocus announced on 23 July 2026, Alligator does not intend to fund further development of these assets. Alligator will seek to realise their value through out-licensing, divestment or partnering, and will maintain the intellectual property protection required to do so. ATOR-4066 follow-on to mitazalimab ATOR-4066 is a bispecific antibody developed by Alligator as a follow-on to mitazalimab. The molecule targets CD40 and CEACAM5, enabling tumour directed immune activation through selective engagement in CEACAM5 expressing tumours. The design builds on the CD40 concept established with mitazalimab, with the aim of improving therapeutic precision and expanding the potential application of CD40 based immunotherapy. Preclinical data have demonstrated immune activation, tumour regression and long-term anti-tumour immunity, including activity in models with heterogeneous target expression. The scientific concept has been published in peer reviewed journals and the intellectual property position has been strengthened through granted patents in key territories. No further development activities are planned by Alligator. ALG.APV 527 co-developed bispecific antibody ALG.APV-527 is a bispecific antibody co-developed with Aptevo Therapeutics under a 50/50 collaboration. The molecule combines tumour targeting via 5T4 with immune stimulation through 4-1BB, designed to activate immune cells selectively within the tumour microenvironment while limiting systemic immune activation. The programme has completed Phase 1 clinical evaluation, demonstrating a favourable safety and pharmacokinetic profile together with early signs of biological activity in patients with 5T4 expressing tumours. Platform technologies Alligator holds proprietary antibody technologies, including the bispecific antibody format RUBY™. Alligator has entered into an evaluation and option agreement covering RUBY™ within selected infectious disease indications, which provides potential future partnering optionality. Alligator will maintain relevant intellectual property protection to support out- licensing or divestment of these technologies.
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11 | Alligator Bioscience AB | Interim report April – June 2026 Introduction Operating model, execution focus and sustainability Following the strategic refocus announced on 23 July 2026, Alligator’s operating model is being reduced to the minimum required to oversee its financial interest in HLX22 and to manage its remaining assets. Alligator has discontinued independent development of mitazalimab and is winding down remaining development operations. The organisation is being reduced to the minimum staffing required to oversee the HLX22 programme, subject to negotiations with the trade unions concerned. A review of the cost base has been initiated to identify and implement further cost savings. HLX22 is developed and funded by Henlius. Alligator neither conducts nor funds development of HLX22 and has no operational role in the programme. Alligator’s activities in relation to HLX22 consist of monitoring progress and administering its financial interest under the agreement with AbClon. Alligator intends to continue to supply mitazalimab to ongoing externally funded investigator-initiated studies, subject to available funding. Business development activities are directed at out-licensing or divesting mitazalimab and the remaining assets. Sustainability Sustainability considerations remain part of Alligator’s governance framework. Alligator is focused on the responsible conduct of the studies to which it supplies drug product, data integrity, ethical conduct, the fair treatment of employees affected by the reduction of the organisation, and compliance with applicable laws and regulations. Alligator maintains transparent communication with stakeholders on ESG-related matters.
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12 | Alligator Bioscience AB | Interim report April – June 2026 Introduction The Alligator Share Number of shares and warrants The total number of outstanding ordinary shares and votes in Alligator is 628,106,848. As of 30 June 2026, the quota value amounts to SEK 0.20. The reverse split The Extraordinary General Meeting on 27 March 2025 resolved to carry out a reverse split of Alligator’s ordinary shares (1:1,000). Historical share-based data has been, if applicable, recalculated. Share-based incentive programs Alligator has issued warrants under one warrant program including employees and certain board members. Please note that all information below is post the reverse split. Further details can be found in the Annual report for 2025. Warrant program LTI 2024-I/LTI 2024-II The Annual General Meeting held 2024 resolved to implement a warrant program for employees and certain board members (“LTI 2024-I/LTI 2024-II ”). After recalculation due to the completed rights issue during 2025 the subscription price has been recalculated to SEK 8.31 per share. Each warrant is entitled to 0.2034 shares. If all warrants LTI 2024-I/LTI 2024-II are exercised a total of 649,693 new ordinary shares will be issued, which corresponds to a dilution of approximately 0.1% as of 30 June 2026. All warrants have been transferred to the participants at fair market value. Warrant program LTI 2023-I/2023-II expired in June 2026 without any warrants exercised. Warrants to Fenja Capital In connection with the financing agreement with Fenja Capital, Alligator undertook to issue warrants of series 2025/2030. In January 2026 the number of warrants of series 2025/2030 was determined to 28,132,473, entitling the holder to subscribe for 28,132,473 new ordinary shares. The warrants of series 2025/2030 will be cancelled in connection with the rights issue and replaced by warrants of series 2026/2031. Proposed reduction of the share capital The Extraordinary General Meeting to be held on 26 August 2026 is proposed to resolve to reduce the share capital by SEK 112,379,938.92 to cover losses, and by a further SEK 10,100,896.44 for allocation to unrestricted shareholders’ equity. Before the reductions the share capital amounts to SEK 125,621,369.60, divided among 628,106,848 ordinary shares. The quota value changes from SEK 0.20 to approximately SEK The Alligator share in brief, 30 June 2026 Listed on: Nasdaq Stockholm Small Cap Number of shares: 628,106,848 ordinary shares Average daily turnover rel. MCAP: Approx. 3.1% (preceding quarter approx. 3.5%) Number of shareholders: 12,429 (preceding quarter: 11,807) Market capitalization: Approx. SEK 109 million (preceding quarter approx. SEK 109 million) Ticker: ATORX ISIN: SE0000767188 Swedish, 74.2% Foreign, 25.8% Swedish and foreign ownership, 30 June 2026 Largest shareholders, 30 June 2026 Shareholder No of shares % Avanza Pension 73,019,565 11.6 Michael Schatz Dbo 29,200,271 4.6 Roxette Photo SA 24,320,000 3.9 Zetterstedt Holding AB 21,699,804 3.5 Nordnet Pensionsförsäkring 14,026,230 2.2 Johan Zetterstedt 10,117,829 1.6 Fredrik Boestad 10,000,000 1.6 Johan Bard 9,934,119 1.6 Storebrand Asset Management 7,367,382 1.2 Handelsbanken Fonder 5,639,722 0.9 Other shareholders 422,781,926 67.3 Total: 628,106,848 100.0 Alligator’s owner structure is updated regularly on Alligator’s website: www.alligatorbioscience.com The information for tables and figures is sourced from Monitor (Modular Finance) and is based on compiled and processed data from, among others, Euroclear, Morningstar and the Swedish Financial Supervisory Authority (Finansinspektionen). 0.02 and thereafter to SEK 0.005. The Extraordinary General Meeting is also proposed to resolve on amendments to the articles of association setting new limits for the share capital and the number of shares.
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13 | Alligator Bioscience AB | Interim report April – June 2026 Introduction Proposed rights issue of units On 23 July 2026 Alligator announced a rights issue of units, conditional upon approval by the Extraordinary General Meeting on 26 August 2026. One (1) existing ordinary share held on the record date entitles the holder to five (5) unit rights, and one (1) unit right entitles the holder to subscribe for one (1) unit. One (1) unit comprises two (2) new ordinary shares, one (1) warrant of series TO 15 and one (1) warrant of series TO 16. The warrants are issued free of charge. The subscription price is SEK 0.04 per unit, corresponding to SEK 0.02 per ordinary share. The rights issue comprises a maximum of 3,140,534,240 units and provides Alligator with approximately SEK 125.6 million before issue costs on full subscription. The record date is 2 September 2026 and the subscription period runs from 4 September 2026 up to and including 18 September 2026. Trading in unit rights takes place on Nasdaq Stockholm from 4 September to 15 September 2026, and trading in paid subscribed units (BTU) from 4 September to 6 October 2026. The Board is entitled to extend the period for subscription and payment. The outcome of the rights issue is expected to be announced on or around 22 September 2026. Existing shareholders, including Roxette Photo S.A. and CEO Søren Bregenholt, have entered into subscription undertakings of SEK 2 million in total, corresponding to approximately 2 percent of the rights issue. No compensation is paid for the subscription undertakings. Vator Securities AB and Mangold Fondkommission AB have entered into guarantee commitments of SEK 56.8 million in total, corresponding to approximately 45 percent of the rights issue. In total, the rights issue is covered by subscription undertakings and guarantee commitments of up to SEK 58.8 million, corresponding to approximately 47 percent. None of the undertakings is secured by bank guarantee, blocked funds, pledge or similar arrangement. Warrants of series TO 15 and TO 16 One (1) warrant of series TO 15 entitles the holder to subscribe for one (1) new ordinary share at an exercise price corresponding to 70 percent of the volume weighted average price of the ordinary share on Nasdaq Stockholm from 16 December 2026 up to and including 4 January 2027, however not lower than the higher of the quota value of the share and SEK 0.01. The subscription period runs from 8 to 22 January 2027. One (1) warrant of series TO 16 entitles the holder to subscribe for one (1) new ordinary share at an exercise price corresponding to 70 percent of the volume weighted average price from 17 December 2027 up to and including 3 January 2028, on the same minimum terms, with a subscription period from 7 to 21 January 2028. On full exercise, the warrants provide Alligator with approximately SEK 62.8 million in January 2027 and approximately SEK 62.8 million in January 2028, before issue costs. Change in share capital and dilution On full subscription of the rights issue, the number of outstanding ordinary shares increases from 628,106,848 to 6,909,175,328 through the issue of a maximum of 6,281,068,480 new ordinary shares. Shareholders who choose not to participate are diluted by approximately 90.9 percent, but may compensate themselves financially for the dilution by selling their unit rights. Full exercise of warrants of series TO 15 and TO 16 increases the number of outstanding ordinary shares to 13,190,243,808. The total dilution on full subscription of the rights issue and full exercise of all warrants of series TO 15 and TO 16 amounts to approximately 95.2 percent. Bridge loans and renegotiated loan To secure Alligator’s liquidity requirements until the rights issue has been completed, Alligator raised bridge loans of SEK 19 million in total, following the end of the period. An arrangement fee of 5 percent and monthly interest of 1.5 percent are payable. Under the bridge loan agreements, the loans shall be repaid in connection with the rights issue or at the latest on 31 October 2026. The outstanding nominal amount under the loan from Fenja Capital is approximately SEK 6.6 million. In connection with the rights issue, the maturity of the loan has been changed from 30 September 2026 to 30 June 2027, and a repayment mechanism linked to warrants of series TO 15 has been added, whereby 50 percent of the net proceeds from warrants of series TO 15 shall be used to repay the loan. Other material terms remain unchanged. As part of the renegotiation, Alligator has undertaken to issue warrants of series 2026/2031 to Fenja Capital free of charge, corresponding to a total dilution of five percent calculated on the total number of outstanding ordinary shares immediately after completion of the rights issue. The exercise price corresponds to 140 percent of the subscription price in the rights issue.
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14 | Alligator Bioscience AB | Interim report April – June 2026 Introduction Other information Review This report has not been reviewed by Alligator’s auditor. Employees The number of employees in the Group at the end of the quarter was 11 (15). Of these, 7 (7) were men and 4 (8) were women. Of the total number of employees at the end of the quarter 6 (9) were employed within research and development. Financial calendar Alligator intends to publish its financial reports according to the following: • Interim report January – September 2026: 22 October 2026 • Year-end report 2026: 11 February 2027 Alligator will hold an Extraordinary General Meeting on 26 August 2026. Risks and uncertainties During the course of its business operations, the Group is exposed to various financial risks, such as market risk (comprising foreign exchange risk, interest-rate risk and price risk), credit risk and liquidity risk. The aim of the Group’s overall risk management is to achieve minimal adverse effects in terms of earnings and financial position. The Group’s business risks, risk management and financial risks are described in detail in the Annual Report for 2025. Conflicts in the world Armed conflicts in several parts of the world continue to cause extensive human suffering and contribute to geopolitical and economic uncertainty. The Russian invasion of Ukraine has had a lasting impact on the security situation in Europe and on global financial markets. In the Middle East, the long standing conflict between Israel and Palestine remains unresolved, and elevated regional tensions, including confrontations involving the United States and Iran, add to instability in the region. Together with other ongoing conflicts globally, these developments may indirectly affect economic conditions, supply chains and access to capital. The Group has no direct business in, nor does it conduct any clinical studies in affected countries but sees that the Group will suffer from increased raw material and energy prices, which in turn will translate into increased prices for goods and services. Cyber security Cyber-attacks have become a significant threat in society and for Alligator, which is dependent on IT support in its daily operations. The Group has ongoing work to ensure that the Group is well prepared to counter cyber-attacks and other types of intrusion. Statement of financial position Cash and cash equivalents comprised of bank balances and totaled SEK 16,614 thousand (33,895) at the end of the period. After the end of the period Alligator raised bridge loans of SEK 19 million and announced a rights issue of units of approximately SEK 125.6 million before issue costs, conditional upon approval by the Extraordinary General Meeting on 26 August 2026. Alligator works continuously to secure financing of the operation. The Board has noted that the equity is below half of the registered share capital after taking the ongoing new share issue into account. Alligator has considered the provisions in Chap. 25 in the Swedish Companies Act and concluded that Alligator’s right to a share of AbClon’s revenues from Henlius in respect of HLX22 has a surplus value that with good margin exceeds the deficiency in equity. Thus, no actual deficiency in equity exists that requires the Board to prepare a balance sheet for liquidation purposes. Forward-looking information Even though the Board and management believe the expectations in this report are justified, no guarantees can be given that they will turn out to be correct. Accordingly, the actual outcome may differ significantly from the assumptions stated in the forward-looking information depending on, among other factors, changes in the economy or market, changes in legal or regulatory demands, political decisions and changes in exchange rates. Parent company Both management functions and all operating activities are carried out in the parent company. For additional details, refer to the information provided for the Group since the subsidiaries do not conduct their own operations. Registered trademarks FIND®, ALLIGATOR-GOLD ®, RUBY™ and Neo-X-Prime ® are Alligator Bioscience AB proprietary trademarks which are registered in Sweden and other countries.
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Financial statements Unless otherwise stated in this interim report, numbers refer to the Group. Due to the nature of the business, there can be large fluctuations in revenue which are not seasonal or regular but are mainly linked to when milestones generating a payment are reached in out-licensed research projects. Like revenue, expenses can also fluctuate between periods. Among other factors, this fluctuation in expenses is influenced by the current phase of the various projects since certain phases generate higher costs. Figures in brackets refer to the outcome for the corresponding period in the preceding year for figures related to the income statement and cash flow. For figures related to the financial position and personnel, figures in brackets refer to the corresponding period in 2025. Unless stated otherwise, all amounts are in SEK thousand (KSEK). All amounts stated are rounded, which may mean that some totals do not tally exactly.
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16 | Alligator Bioscience AB | Interim report April – June 2026 Financial statements Consolidated income statement 2026 2025 2026 2025 2025 Note Apr-Jun Apr-Jun Jan-Jun Jan-Jun Jan-Dec Operating income Net sales 5 - - - - 514 Other operating income 5 288 345 386 5,523 5,906 Total operating income 288 345 386 5,523 6,421 Operating costs Other external costs -28,384 -26,127 -38,439 -53,070 -77,495 Personnel costs -7,765 -8,408 -14,890 -27,728 -43,294 Depreciation and impairment (and reversal of impariment) of tangible assets and intangible assets -244 11,925 -515 10,806 10,247 Other operatings expenses -117 -57 -518 -1,519 -1,706 Total operating costs -36,509 -22,666 -54,361 -71,511 -112,247 Operating profit/loss -36,221 -22,321 -53,975 -65,988 -105,826 Financial items Interest income and similar income statement items 36 38,135 23,265 87,241 103,118 Interest expense and similar income statement items -1,637 -17,505 -5,674 -31,291 -48,642 Net financial items -1,601 20,630 17,592 55,950 54,476 Profit/loss before tax -37,822 -1,691 -36,384 -10,038 -51,350 Tax on profit for the period - - - - - Profit for the period attributable to parent company shareholders -37,822 -1,691 -36,384 -10,038 -51,350 Earnings per share Earnings per share before and after dilution, SEK -0.06 -0.08 -0.06 -0.69 -1.87 Earnings per share after dilution, SEK -0.06 -0.08 -0.06 -0.69 -1.87 Net Sales The Group has no net sales during the second quarter. Other operating income Other operating income for the quarter comprises primarily of income related to government grants. Operating costs Operating costs during the quarter are lower compared to the same period previous year and are mainly due to lower costs in mitazalimab OPTIMIZE-1 study that is now under finalization. External costs for mitazalimab amounted to SEK 22,973 thousand (19,603) during the second quarter of the year. These costs are driven by Phase 3-enabling activities, e.g. production of study material, and costs for the OPTIMIZE-1 study. Financial items Financial income for the quarter amounted to SEK 36 thousand. Previous quarters financial items are primarily attributable to warrants of series TO 14. Financial expenses during the quarter include primarily interest expenses and amortized cost related to external short-term loans. Consolidated statement of comprehensive income 2026 2025 2026 2025 2025 Note Apr-Jun Apr-Jun Jan-Jun Jan-Jun Jan-Dec Profit/loss for the period -37,822 -1,691 -36,384 -10,038 -51,350 Other comprehensive income - - - - - Comprehensive income for the period -37,822 -1,691 -36,384 -10,038 -51,350
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17 | Alligator Bioscience AB | Interim report April – June 2026 Financial statements Consolidated statement of financial position Note 2026-06-30 2025-06-30 2025-12-31 ASSETS Fixed assets Intangible assets Participations in development projects 3 40,069 40,069 40,069 Tangible assets Right of use assets 1,290 2,158 1,724 Equipment, machinery and computers 67 272 148 Financial assets Other long term financial fixed assets 6 - 1,995 - Total fixed assets 41,426 44,495 41,941 Current assets Current receivables Accounts receivable 6 - - - Other receivables 6 3,536 4,011 3,713 Prepayments and accrued income 3,539 3,828 2,751 Cash and cash equivalents 6 16,614 33,895 62,198 Total current assets 23,689 41,735 68,662 TOTAL ASSETS 65,115 86,230 110,603 ASSETS Participations in development projects The Group’s participations in development projects refers to cooperation with the South Korean company AbClon Inc. for the Biosynergy project (HLX22). Biosynergy is outlicensed to the Chinese company Shanghai Henlius Biotech, which is now further developing the drug candidate. At the end of the period, participations in development projects amounted to SEK 40,069 thousand (27,865). Significant estimates and judgments are described in Note 3 and Note 18 of the Annual report for 2025. Regarding the acquired participation in development project, the conditions for the project have improved and the probability that the drug candidate will achieve milestones and incur royalties have increased. Right of use assets At the end of the period, right of use assets amounted to SEK 1,290 thousand (2,158). Right of use assets pertain to leases for offices and laboratories, machines and vehicles. In June 2022 Alligator entered into a lease contract with Medicon Village for lab and office premises valid from December 2024 with a contract period of 5 years. The new contract has increased the right of use assets by approximately SEK 40.4 million based on the use of the contract period without extension and replaces the previous contract with Medicon Village regarding lab and office premises. Impairment of 100% of the right of use asset has been accounted for since the move to the new premises has been cancelled, due to the restructuring of the operations now completed by the Group. In February 2025, Alligator entered into a 3 year lease contract with Medicon Village for limited office premises. Cash and cash equivalents Cash and cash equivalents consist of bank balances, SEK 16,614 thousand (33,895). The Group plans to use its liquidity for operating activities. A limited portion of the Group’s liquidity is invested in USD, EUR and GBP foreign currency accounts. In accordance with the Group’s Financial Policy, inflows of foreign currencies exceeding the expected requirements for the coming 18 months are to be converted to SEK at the time of payment. Besides this, no further hedging has taken place.
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18 | Alligator Bioscience AB | Interim report April – June 2026 Financial statements Consolidated statement of financial position Note 2026-06-30 2025-06-30 2025-12-31 EQUITY AND LIABILITIES Equity Share capital 125,621 27,843 8,763 Paid in, non-registered new share issue - - 90,707 Other capital contributions 1,213,188 1,225,192 1,210,179 Retained earnings and profit/loss for the period -1,335,482 -1,287,765 -1,302,789 Equity attributable to Parent Company shareholders 3,328 -34,729 6,859 Non-current provisions and liabilities Lease liabilities 6 21,138 29,924 25,599 Total non-current provisions and liabilities 21,138 29,924 25,599 Current liabilities Accounts payable 6 8,035 9,896 4,575 Other liabilities 6 6,710 42,514 36,040 Lease liabilities 6 8,787 9,621 9,208 Accrued expenses and deferred income 6 17,119 29,004 28,323 Total current liabilities 40,650 91,035 78,145 TOTAL EQUITY AND LIABILITIES 65,115 86,230 110,603 EQUITY AND LIABILITIES Equity Equity at the end of the period amounted to SEK 3,328 thousand (-34,729), corresponding to an equity ratio of 5 (-40) %. The total number of shares outstanding in Alligator amounts to 628,106,848 ordinary shares. Equity per share before potential dilution At the end of the period, equity per outstanding share amounted to SEK 0.01. Lease liabilities and loans Lease liabilities pertain to leases for lab and offices, machines and vehicles. At the end of the period long- and short-term lease liabilities amounted to SEK 21,138 thousand (29,924). In connection with warrant series TO 14 in March 2026, Alligator has partially repaid the outstanding loan from Fenja Capital. The remaining loan has a maturity date of 30 September 2026. As part of a renegotiation that took place in December 2025, Fenja Capital received 28,132,473 warrants of series 2025/2030 free of charge. Subscription may be carried out continuously up to and including 31 October 2030. Accrued expenses and deferred income At the end of the period, accrued expenses and deferred income amounted to SEK 17,119 thousand (29,004). Expenses pertain to accrued expenses for clinical activities, personnel, other expenses and accrued expenses related to guarantee remuneration. Accrued costs are lower compared to the same period last year and are mainly due to lower costs for mitazalimab OPTIMIZE-1 study and costs related to Phase 1 study for ALG.APV-527.
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19 | Alligator Bioscience AB | Interim report April – June 2026 Financial statements Consolidated statement of changes in equity, in summary 2026 2025 2026 2025 2025 Apr-Jun Apr-Jun Jan-Jun Jan-Jun Jan-Dec Opening balance 41,280 -99,076 6,859 -130,588 -130,588 Issue - 73,012 30,389 234,470 255,434 Less financial debt TO 12/13, TO 14 - - - -92,007 -113,043 Settlement of debt related to warrants - - - - 14,629 Call option premium in relation to loan facility - - - - 2,887 Paid in, non-registered new share issue - - - - 90,707 Transaction costs -130 -6,974 -1,228 -36,566 -61,817 Revaluation of option liability series 2025/2030 - - 3,691 - - Warrants - - - - - Effect of share-based payments personnel - - - - - Repurchase of warrants - - - - - Profit/loss for the period -37,822 -1,691 -36,384 -10,038 -51,350 Closing balance 3,328 -34,729 3,328 -34,729 6,859
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20 | Alligator Bioscience AB | Interim report April – June 2026 Financial statements Consolidated statement of cash flows 2026 2025 2026 2025 2025 Apr-Jun Apr-Jun Jan-Jun Jan-Jun Jan-Dec Operating activities Operating profit/loss -36,221 -22,321 -53,975 -65,988 -105,826 Adjustments for items not generating cash flow Depreciation and impairments 244 -11,924 515 -10,804 -10,246 Other items - -53 - -787 -250 Interest received 36 65 108 185 269 Interest paid -1,630 -692 -2,949 -12,421 -16,488 Tax paid - - - - - Cash flow from operating activities before changes in working capital -37,572 -34,926 -56,301 -89,815 -132,541 Changes in working capital Change in operating receivables 13,299 729 -611 384 1,760 Change in operating liabilities 10,286 -3,782 4,280 -5,040 -25,204 Cash flow from operating activities -13,987 -37,980 -52,632 -94,472 -155,985 Investing activities Acquisition of tangible assets - - - -1,461 -1,461 Divestment of property, plant and equipment - - - 3,667 3,667 Cash flow from investing activities - - - 2,206 2,206 Financing activities Amortization of leasing liabilities -2,243 -2,460 -4,460 -5,532 -9,857 New loans - - - - 17,000 Amortization of loan - -6,706 -5,884 -90,806 -115,807 Set up fee - - - - -1,955 New share issue - 54,851 18,718 191,253 219,363 Paid in, non-registered new share issue - - - - 88,071 Transaction costs -130 -2,621 -1,228 -32,213 -44,225 Cash flow from financing activities -2,373 43,064 7,146 62,702 152,591 Cash flow for the period -16,360 5,084 -45,486 -29,564 -1,188 Cash and cash equivalents at beginning of period 32,981 28,853 62,198 64,310 64,310 Exchange rate differences in cash and cash equivalents -7 -41 -98 -849 -924 Cash and cash equivalents at end of period 16,614 33,895 16,614 33,895 62,198 Investments Investments during the second quarter amount to SEK 0 thousand (0). Cash flow for the period Cash flow for the second quarter totaled SEK –16,360 thousand (5,084).
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21 | Alligator Bioscience AB | Interim report April – June 2026 Financial statements Parent company income statement 2026 2025 2026 2025 2025 Note Apr-Jun Apr-Jun Jan-Jun Jan-Jun Jan-Dec Operating income Net sales 5 - - - - 514 Other operating income 5 288 345 386 5,523 5,906 Total operating income 288 345 386 5,523 6,421 Operating costs Other external costs -28,750 -26,490 -39,168 -64,448 -89,605 Personnel costs -7,765 -8,408 -14,890 -27,728 -43,294 Depreciation and impairment of tangible assets and intangible assets -26 -62 -81 -124 -249 Other operatings expenses -117 -57 -518 -1,519 -1,706 Total operating costs -36,658 -35,016 -54,656 -93,820 -134,853 Operating profit/loss -36,370 -34,672 -54,270 -88,297 -128,432 Results from financial items Reversed impairment of investments in subsidiaries 3 - 22,535 - 22,535 22,535 Interest income and similar income statement items 36 38,135 23,265 87,241 103,118 Interest expense and similar income statement items -1,088 -16,813 -4,540 -29,859 -45,932 Net financial items -1,052 43,857 18,725 79,918 79,721 Profit/loss after financial items -37,423 9,185 -35,545 -8,379 -48,711 Appropriations Group contribution received - - - - - Total appropriations - - - - - Result before tax -37,423 9,185 -35,545 -8,379 -48,711 Tax on profit for the year - - - - - Profit/loss for the period -37,423 9,185 -35,545 -8,379 -48,711 Parent company statement of comprehensive income 2026 2025 2026 2025 2025 Note Apr-Jun Apr-Jun Jan-Jun Jan-Jun Jan-Dec Profit/loss for the period -37,423 9,185 -35,545 -8,379 -48,711 Other comprehensive income - - - - - Profit/loss for the year -37,423 9,185 -35,545 -8,379 -48,711
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22 | Alligator Bioscience AB | Interim report April – June 2026 Financial statements Parent company balance sheet Note 2026-06-30 2025-06-30 2025-12-31 ASSETS Fixed assets Intangible assets Tangible assets Equipment, machinery and computers 67 272 148 Total tangible assets 67 272 148 Financial assets Participations in Group companies 3 52,494 50,694 50,694 Other long term financial fixed assets - 1,995 - Total financial assets 52,494 52,689 50,694 Total fixed assets 52,561 52,961 50,842 Current assets Current receivables Accounts receivables - - - Receivables from Group companies - - - Other receivables 3,534 4,009 3,711 Prepayments and accrued income 4,980 5,270 4,193 Total current receivables 8,514 9,279 7,904 Cash and bank deposits 16,219 33,497 61,800 Total current assets 24,733 42,776 69,704 TOTAL ASSETS 77,294 95,737 120,545 Note 2026-06-30 2025-06-30 2025-12-31 EQUITY AND LIABILITIES Equity Restricted equity Share capital 125,621 27,843 8,763 Paid in, non-registered new share issue - - 90,707 Total restricted equity 125,621 27,843 99,469 Non-restricted equity Share premium reserve 1,212,032 1,224,036 1,209,022 Retained earnings -1,288,611 -1,271,680 -1,245,391 Profit/loss for the period -35,545 -8,379 -48,711 Total non-restricted equity -112,124 -56,023 -85,080 Total equity 13,497 -28,180 14,389 Provisions Other provisions 31,933 42,503 37,218 Total other provisions 31,933 42,503 37,218 Current liabilities Accounts payable 8,035 9,896 4,575 Other liabilities 6,710 42,514 36,040 Accrued expenses and deferred income 17,119 29,004 28,323 Total current liabilities 31,864 81,414 68,938 TOTAL EQUITY AND LIABILITIES 77,294 95,737 120,545 EQUITY AND LIABILITIES Equity The Board has noted that the equity is below half of the registered share capital. The Board has considered the provisions in Chap. 25 in the Swedish Companies Act and concluded that Alligator has significant surplus values (in amongst others, the mitazalimab project and HLX22 programme) that with good margin restores the share capital.
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23 | Alligator Bioscience AB | Interim report April – June 2026 Financial statements Notes Note 1 General information This interim report covers the Swedish parent company Alligator Bioscience AB (publ), corporate registration number 556597-8201, and its subsidiaries Atlas Therapeutics AB, corporate registration number 556815-2424, and A Bioscience Incentive AB, corporate registration number 559056-3663. Group’s business operations are mainly carried out in the parent company. The parent company is a Swedish public limited liability company registered and domiciled in the municipality of Lund. The office is located at Medicon Village, SE-223 81 Lund. Note 2 Accounting policies This interim report for the Group has been prepared in accordance with IAS 34 Interim Financial Reporting and applicable regulations in the Swedish Annual Accounts Act (ÅRL). The interim report for the parent company has been prepared in accordance with the Swedish Annual Accounts Act (ÅRL) and the Swedish Financial Reporting Board’s recommendation RFR 2 Accounting for Legal Entities. The accounting policies and calculation methods used in this report are the same as those described in the Annual report for 2025. Note 3 Effects of changed estimates and judgments Significant estimates and judgments are described in Note 3 and Note 18 of the Annual report for 2025. Regarding the acquired participation in development projects, the conditions for the project have improved and the probability that the drug candidate will achieve milestones and incur royalties have increased. Remaining part of the previous impairment has thus been reversed. Note 4 Segment reporting The Group conducts only one business activity, namely research and development in the field of immunotherapy, and the chief operating decision- maker is thus only responsible for regularly making decisions on and allocating resources to one entity. Accordingly, the Group comprises only one operating segment, which corresponds to the Group as a whole, and no separate segment reporting is consequently not provided. Note 5 Consolidated income A breakdown of the Group’s net sales are as follows: 2026 2025 2026 2025 2025 Apr-Jun Apr-Jun Jan-Jun Jan-Jun Jan-Dec Licensing income - - - - 468 Reimbursement for development work - - - - 46 Other - - - - - Total - - - - 514 A breakdown of the Group’s other operating income is as follows: 2026 2025 2026 2025 2025 Apr-Jun Apr-Jun Jan-Jun Jan-Jun Jan-Dec Swedish government grants received 250 89 250 408 324 Operational exchange rate gains 31 205 129 1,382 1,750 Capital gains from sale of fixed assets - - - - 3,584 Other 7 51 7 3,732 248 Total 288 345 386 5,523 5,906 Note 6 Financial instruments Cash and cash equivalents for the Group at 30 June 2026 consisted of bank balances amounting to SEK 16,614 thousand (33,895). For financial assets and liabilities, the reported value as below is considered a reasonable approximation of fair value. 2026-06-30 2025-06-30 2025-12-31 Financial assets valued at amortized cost Other long term financial fixed assets - 1,995 - Accounts receivable - - - Other receivables 133 136 132 Liquid assets - bank accounts 16,614 33,895 62,198 Total financial assets 16,748 36,027 62,330 Financial liabilities valued at amortized cost Long-term lease liabilities 21,138 29,924 25,599 Accounts payable 8,035 9,896 4,575 Short-term lease liabilities 8,787 9,621 9,208 Other short-term liabilities 5,122 40,883 8,387 Accrued expenses 5,778 3,328 25,531 Total financial liabilities 48,859 93,653 73,300
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24 | Alligator Bioscience AB | Interim report April – June 2026 Financial statements Note 7 Financial items 2026 2025 2026 2025 2025 Apr-Jun Apr-Jun Jan-Jun Jan-Jun Jan-Dec Interest income 36 65 108 185 269 Other financial items 1) - 38,070 23,158 87,056 102,849 Total financial items 36 38,135 23,265 87,241 103,118 2026 2025 2026 2025 2025 Apr-Jun Apr-Jun Jan-Jun Jan-Jun Jan-Dec Interest costs on lease liabilities -549 -692 -1,134 -1,433 -2710 Exchange rate losses -37 -41 -128 -849 -923 Other interest costs -1,052 -16,772 -2,746 -29,010 -41,557 Other financial costs 2) - - -1,666 - -3,451 Total financial costs -1,637 -17,505 -5,674 -31,291 -48,642 2026 2025 2026 2025 2025 Apr-Jun Apr-Jun Jan-Jun Jan-Jun Jan-Dec 1. The item includes Revaluation of issued warrants - 4,369 504 4,369 93,854 Financial income related to unexercised warrants - -15,284 22,654 33,701 3,568 Revaluation of other derivative liabilities - 48,985 - 48,985 1,110 Net effect from warrant derecognition - - - - 3,889 Net effect from debt derecognition - - - - 428 3. The item includes Revaluation of issued warrants - - - - -1,619 Net effect from debt derecognition - - -1,666 - -1,832 Events during the period April–June 2026 The outstanding balance of the loan from Fenja Capital has been recognized initially at fair value and is subsequently measured at amortized cost using the effective interest method. As of June 2026, the carrying amount was SEK 5.9 million. Note 8 Related party transactions The Group has not carried out any related party transactions during the second quarter. Note 9 Going concern Following the exercise of TO 14 in March 2026, Alligator assesses that there is no secured financing for the coming 12 months. The fact that Alligator assesses there is no financing secured for the coming 12 months indicates a material uncertainty that may cast significant doubt on Alligator’s ability to continue as a going concern. On 23 July 2026 Alligator announced that it will discontinue all further independent development of mitazalimab, including preparations for and support of Phase 3 studies, and refocus on preserving the future royalty potential of its financial interest in the out-licensed HLX22 programme. Alligator will wind down remaining operations and reduce the organisation to the minimum staffing required to oversee the HLX22 programme, subject to negotiations with the trade unions concerned. On the same date, Alligator announced a rights issue of units of approximately SEK 125.6 million before issue costs, conditional upon approval by the Extraordinary General Meeting on 26 August 2026. The rights issue is covered by subscription undertakings and guarantee commitments of up to SEK 58.8 million, corresponding to approximately 47 percent. The Board therefore believes that the conditions for preparing this interim report in accordance with IAS 8 – Basis of Preparation of Financial Statements, regarding going concern, are still met. The following assumptions form the basis of this assessment: Alligator’s operations continuously consume available liquidity. Alligator does not have a steady revenue stream; instead, income is generated irregularly through license agreements and milestone payments from out-licensed research projects. The nature of Alligator’s activities, combined with the lack of recurring revenue, leads to significant deficits, and there is a risk that these activities may become more time- and cost-intensive than initially planned. Furthermore, it may take a long time before Alligator’s assets can generate ongoing cash flow. Depending on when positive cash flow can be achieved, Alligator may need to raise additional capital in the future. There is a risk that Alligator may not be able to obtain such capital when needed or on favorable terms, which could have a material adverse effect on Alligator’s operations and financial position. Alligator continuously explores alternative financing options, including additional capital raising, loans, or similar instruments.
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25 | Alligator Bioscience AB | Interim report April – June 2026 Financial statements Financial definitions Equity per share after dilution Equity divided by the total number of shares at the end of the period and any outstanding options where Alligator’s share price on the reporting date is at least equal to the conversion price of the option. Equity per share before dilution Equity divided by the number of shares at the end of the period. R&D costs Alligator’s direct costs for research and development. Refers to costs for personnel, materials and external services. R&D costs as a percentage of operating costs excluding impairments R&D costs as a percentage of operating costs excluding impairments. Average number of shares before and after dilution Average number of outstanding shares during the period. The number of shares after dilution also takes account of outstanding options where Alligator’s share price on the reporting date is at least equal to the conversion price of the option. Average number of employees Average number of employees at the beginning and end of the period. Average number of employees within R&D Average number of employees within Alligator’s R&D departments at the beginning and end of the period. Cash flow from operating activities Cash flow before investing and financing activities. Cash and cash equivalents, including securities Cash and cash equivalents consists of bank balances, interest funds and publicly traded corporate bonds. Cash flow for the period Net change in cash and cash equivalents excluding the impact of unrealized foreign exchange gains and losses. Earnings per share before and after dilution Earnings divided by the weighted average number of shares during the period before and after dilution respectively. If the result is negative, the number of shares before dilution is also used for the calculation after dilution. Operating costs excluding impairments Other external costs, personnel costs and depreciation (excluding impairments of tangible and intangible assets). Operating profit/loss Profit/loss before financial items and taxes. Equity ratio Equity as a percentage of total assets. Total assets Total of Alligator’s assets.
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26 | Alligator Bioscience AB | Interim report April – June 2026 Financial statements Alternative performance measures Alligator presents certain financial performance measures in this report, including measures that are not defined under IFRS. The Group believes that these performance measures are an important complement because they allow for a better evaluation of the Group’s financial trends. These financial performance measures should not be viewed in isolation or be considered to replace the performance indicators that have been prepared in accordance with IFRS. In addition, such performance measures as Alligator has defined them should not be compared with other performance measures with similar names used by other companies. This is because the above-mentioned performance measures are not always defined in the same manner, and other companies may calculate them differently to Alligator. Below is shown the calculation of key figures, for the mandatory earnings per share according to IFRS and also for performance measures that are not defined under IFRS or where the calculation is not shown in another table in this report. The Group’s business operation is to conduct research and development which is why “R&D costs/Operating costs excluding impairment in%” is an essential indicator as a measure of efficiency, and how much of the Group’s costs relate to R&D. The Group does not have a steady flow of income, with income generated irregularly in connection with the signing of license agreements and achievement of milestones. Therefore, the Group monitors performance indicators such as equity ratio and equity per share in order to assess the Group’s solvency and financial stability. These are monitored along with the cash position and the various measures of cash flows shown in the consolidated statement of cash flow. 2026 2025 2026 2025 2025 Apr-Jun Apr-Jun Jan-Jun Jan-Jun Jan-Dec Profit/loss for the period -37,822 -1,691 -36,384 -10,038 -51,350 Average number of shares before dilution 628,106,848 22,062,649 593,851,735 14,616,599 27,526,874 Earnings per share before dilution, SEK -0.06 -0.08 -0.06 -0.69 -1.87 Average number of shares after dilution 628,106,848 22,062,649 593,851,735 14,616,599 27,526,874 Earnings per share after dilution, SEK -0.06 -0.08 -0.06 -0.69 -1.87 Operating costs -36,509 -22,666 -54,361 -71,511 -112,247 Impairment (and reversal of impariment) of tangible assets and intangible assets - - - - 12,204 Operating costs excluding impairments -36,509 -34,870 -54,361 -83,715 -124,451 Reduce of administrative expenses 16,554 6,939 24,512 14,005 29,003 Reduce of depreciation 244 279 515 1,398 1,957 Research and development costs -19,712 -27,653 -29,335 -68,312 -93,491 R&D costs / Operating costs excluding impairments % 54% 79% 54% 82% 75% Equity 3,328 -34,729 3,328 -34,729 6,859 Average number of shares before dilution 628,106,848 34,803,898 628,106,848 34,803,898 43,813,672 Equity per share before dilution, SEK 0.01 -1.00 0.01 -1.00 0.16 Average number of shares after dilution 628,106,848 34,803,898 628,106,848 34,803,898 43,813,672 Equity per share after dilution, SEK 0.01 -1.00 0.01 -1.00 0.16 Equity 3,328 -34,729 3,328 -34,729 6,859 Total assets 65,116 86,230 65,115 86,230 110,604 Equity ratio, % 5% -40% 5% -40% 6% Cash and cash equivalents 16,614 33,895 16,614 33,895 62,198 Cash and cash equivalents at end of period 16,614 33,895 16,614 33,895 62,198 * Historical share-based data has been, if applicable, been recalculated to adjust for the reverse split in 2025. For definitions, see the section “Financial definitions” on page 25.
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The declaration of the Board of Directors and the CEO 27 | Alligator Bioscience AB | Interim report April – June 2026 Declaration of the Board of Directors and the CEO The Board and the CEO declare that this interim report provides a true and fair overview of the parent company and the Group’s operations, positions and earnings and describes the material risks and uncertainty factors faced by the parent company and the companies within the Group. Lund, 26 August 2026 Søren Bregenholt CEO Hans-Peter Ostler Chairman of the Board Denise Goode Board member Anna Törner Board member Jörg Möller Board member Karin Nordbladh Board member Employee representative
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| Alligator Bioscience AB | Medicon Village, Scheeletorget 1, SE-223 81 Lund, Sweden | Phone: + 46 46 540 82 00 | www.alligatorbioscience.com Søren Bregenholt, CEO Email: søren.bregenholt@alligatorbioscience.com Phone: +46 (0) 46-540 82 00 Johan Giléus, CFO Email: johan-gileus@alligatorbioscience.com Phone: +46 (0) 46-540 82 00