Alligator Bioscience (Buy, TP: SEK1.50) - Running out of cash runway
The Q3 burn rate was higher than in Q1–Q2 at a time the company’s cash runway is running out – management said it had cash for Q4 (excluding the Q4e option programme TO09). Also, a partnering deal for mitazalimab is taking longer than we assumed, leaving the company in a difficult position (potential partners would be aware of its financial position). We have pushed a deal to 2025e and a potential launch to 2028e; as a result, we have cut our target price to SEK1.50 (2.00). That said, we reiterate our BUY.Alligator Bioscience AB is a Sweden-based company that is engaged in development of immunotherapies for the treatment of cancer. The Company specializes in the development of tumor-directed immunotherapies, in particular agonistic mono- and bispecific antibodies. In the discovery of those drugs, the Company uses its technology platforms ALLIGATOR-GOLD and FIND. ALLIGATOR-GOLD is a library containing human antibodies. FIND (which stands for Fragment Induced Diversity) is an antibody optimization technology. In its pipeline, the Company has thee projects: ADC-1013 (antibody), ATOR-1015 (bispecific immune activating antibody) and ATOR-1016 (bispecific agonistic antibody), which are in research/preclinical stage.
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