Welcome to Alligator Bioscience's interim report call for the second quarter 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. 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 and A function of this chat, or you may email them to ir@alligatorbioscience.com. 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. With this, I would like to turn the call over to you, Søren. Thank you, Greta. Once again, welcome to this Alligator earnings call, Q2 2026. We have some Wi-Fi issues here at the Medicon Village in Lund, so I will already now apologize if the line is unstable or there are any other sort of technological fallout during today's meeting. With that out of the way, let's go to the next slide, Greta. Thank you. A couple of key updates from the company. In April, we saw data from mitazalimab investigate-initiated study presented at the Congress of American Association for Cancer Research. At that meeting, also, the molecule called HLX22, which is developed by Henlius and partly derived from HLX22 that we'll talk more about later today. Data on that was also presented. Then in May, Henlius reported that HLX22 had announced follow-up data beyond the 39-month in gastric cancer, something that Alligator also reported. Later in June, the company also reported that the first patients had been dosed in all of the phase III regions on the ongoing study with HLX22 in gastric and gastrointestinal junction cancer, two important milestones for HLX22. Why is that important? A number of significant event 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 mitazalimab, and that the remaining operations of the company will be wound down and we'll, 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 potential financial upside of our interest in HLX22. Also, in July, we announced the rights issue of units to approximately SEK 225 million, with a bridge loan of SEK 19 million to secure the continued operation of the company. 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. If we take the next slide, we will spend some time on discussing the pivot in strategy at Alligator. 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, so orally available molecules, tablet-based molecules targeting a mutation in pancreatic cancer called KRAS. It's 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've 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 would 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. 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 daraxonrasib 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 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. At the same conference, we also saw data from a more specific molecule from Revolution Medicines called zoldonrasib combined with FOLFIRINOX in first line, and these data showed that these patients, almost 100% of the patients were actually benefiting clinically from this. 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 daraxonrasib to be approved already this year in the U.S. at least, and then in three to four y ears, probably a similar change in first line, either to 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. 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, 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 U.S., 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. So 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, that commercial rationale do no longer exist. Hence, the rationale for the registrational 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. So here the prudent business decision is, of course, to discontinue registrational development for mitazalimab in combination with chemo. 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, whether 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. And 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 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 II study in the planning. 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 all those three opportunities if we have secured a financial cushion allowing us to do that. So 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. Then we will, of course, continue to seek to divest mitazalimab as a broader immuno-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. 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 RAS 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? 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. 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 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. 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 had a number of other assets, mitazalimab, 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. 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 to, 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 dulpatatug. Let us stay with the HLX22. How are Alligator's commercial interest in this? We own 35% of AbClon's revenue from Henlius. Without disclosing the specifics of that deal, that amounts to up to 1.75% royalty on the net sales that is going to be funded to Alligator. We estimate that this will give or amount to a royalty income on an annual basis to Alligator between SEK 150 million and SEK 450 million a year, or between $15 million 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? 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 second half 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 or death versus standard treatment in this gastric cancer indication. That data was announced at ASCO last year. As I said, in May this year Henlius reported follow-on data beyond 39 months of that study indicating continued extension of the progression-free survival of these patients. 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 so-called the neoadjuvant. The 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, Greta. Yeah, I think for now, we will hold here and headed over to Johan.. 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 Lund office. We also have had some constants for the CMC cost and clinical cost for the now discontinued phase III study during the first and now in particular the second quarter, then that we now have discontinued them. What you also then need to note is that we have not made any provisions for the cost that will come as a part of the wind down of mitazalimab, et cetera, 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. Let's 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, which had an impact on 2025 numbers. We were then expecting that we will come into general operating expenses between SEK 15 million and SEK 20 million, and I guess we're 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. 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're 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 in 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 a Series TU15, another one for the Series TO16, 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. If all of the units are subscribed, there will be 3 billion more units into the company then, equivalent to 6 billion 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 the 2nd of September next week. 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, so you might need to subscribe prior to the 18th of September. You can then either buy or sell your unit rights then during the period 4th of September to the 15th of September. 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. The use of proceeds will be like following then. We will, as I mentioned, 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, there will be a very lean organization to maintain the obligations as a listed company, primarily. Of course, there are costs then associated with the wind down, primarily then when it comes to CMC and clinical cost, 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 then. 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. The runway will be dependent on the outcome of the rights issue then. We will then, in the meantime, in the short-term perspective, 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 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. With that in mind, Søren, I will hand over to you again. Thank you, Johan. Maybe there is one more slide. 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. 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. The 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 second half 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 that will amount to somewhere between SEK 150 million 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. 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. 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. We have other assets and technologies that we will retain, for the time being, and otherwise find strategic opportunities for these molecules. 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. There is an ethical assessment of keeping people on drugs that they receive, but also not introducing new patients to a drug that may not be developed. There is of course, also a general clinical interest and rationale that needs to be reviewed when we are looking at that. That is all things and processes that are underway. 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 Greta 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. If we put the two indications together, gastric cancer and gastroesophageal 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 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. 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. Without going too much into the pricing, we believe 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, and 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. 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-1 and probably other immune oncology agents. So definitely there should be a place for mitazalimab. The current changes in the clinical landscape for metastatic pancreatic cancer and the refocusing of that part of the industry, 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. 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'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. 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, how many patients are enrolled in a study, what's 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. We have, of course, 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, if that exists, only then will we consider doing that. I hope that is absolutely clear. I'm not sure if we have any other additional questions. I don't think we have. Nope. No more has been received. The last chance. That doesn't seem to be the case. I will thank you for your attention and bid 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. Thank you.