olivLaw · European equity research
Alligator Bioscience AB ATORX.ST
Sweden · Nasdaq Stockholm · ISIN SE0024173637 · Vertical: Listed companies from Sweden
Alligator Bioscience AB is a Swedish biotechnology company developing tumour-targeted immunotherapies, with its lead asset mitazalimab aimed at first-line metastatic pancreatic cancer. The stakes are significant in a growing market where KRAS inhibitors could reshape standard care over time, while the company depends on partners to carry late-stage development and commercialisation.
At the close of 05 Nov 2026, Alligator Bioscience AB (ATORX.ST) stock was 0.01 SEK (−2.80% on the day), with market capitalisation 285.6 k SEK, beta 1.62, 52-week range 0.01–1.92 SEK.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 32.6
- weak (30–45)
- Bollinger (20, 2)
- 0.01 – 0.02
- in the lower half of the band · %B 0.28 · band width 56.0%
- SMA 50 / 200
- 0.02 / 0.13
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.00 / -0.00
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | −39.5% | +0.4% | −39.9 pp | — |
| 3 months | −74.3% | −3.3% | −71.0 pp | — |
| 6 months | −94.9% | +4.0% | −98.8 pp | — |
| Year to date | −96.9% | +8.1% | −105.0 pp | — |
| 1 year | −99.4% | +10.7% | −110.1 pp | −8.2% |
| 3 years | −100.0% | +50.1% | −150.1 pp | +12.3% |
| 5 years | −100.0% | +43.6% | −143.6 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 58.1 m | 57.8 m | 514.0 k |
| Revenue YoY | unavailable | −0.6% | −99.1% |
| Net income | -248.6 m | -233.9 m | -51.4 m |
| Net income YoY | unavailable | unavailable | unavailable |
| Diluted EPS | -0.55 | -318.53 | -1.87 |
| Diluted EPS YoY | unavailable | unavailable | unavailable |
| net % | -427.8% | -404.9% | -9,990.3% |
| Free cash flow | -191.7 m | -221.8 m | -157.4 m |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 62.2 m SEK
- Financial debt
- unavailable SEK
- Net debt
- unavailable SEK
- Equity
- 6.9 m SEK
- Total assets
- 110.6 m SEK
- Debt / equity
- unavailable
- Current ratio
- 0.88x
- ROE
- unavailable
- ROA
- -47.8%
- FCF margin
- -30,631.5%
Financial statements (source on every figure)
Revenue and net income (SEK)
Margins
Income statement · SEK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 58.1 m | 57.8 m | 514.0 k | esef· 26 Oct 2026verified |
| Operating income | -249.0 m | -229.1 m | -105.8 m | esef· 26 Oct 2026verified |
| Interest expense | 1.4 m | 20.3 m | 48.6 m | esef· 26 Oct 2026verified |
| Pre-tax income | -248.6 m | -233.9 m | -51.4 m | esef· 26 Oct 2026verified |
| Income tax | 0 | 0 | 0 | esef· 26 Oct 2026verified |
| Net income | -248.6 m | -233.9 m | -51.4 m | esef· 26 Oct 2026verified |
| Diluted EPS | -0.55 | -318.53 | -1.87 | esef· 26 Oct 2026verified |
Balance sheet · SEK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 66.1 m | 64.3 m | 62.2 m | esef· 26 Oct 2026verified |
| Current assets | 78.2 m | 71.4 m | 68.7 m | esef· 26 Oct 2026verified |
| Total assets | 118.5 m | 104.3 m | 110.6 m | esef· 26 Oct 2026verified |
| Current liabilities | 99.1 m | 201.5 m | 78.1 m | esef· 26 Oct 2026verified |
| Equity | 11.9 m | -130.6 m | 6.9 m | esef· 26 Oct 2026verified |
| Shares outstanding at year end | 452.0 m | 734.3 k | 27.5 m | esef· 26 Oct 2026derived |
Cash flow · SEK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | -189.3 m | -221.8 m | -156.0 m | esef· 26 Oct 2026verified |
| Capex | 2.5 m | 0 | 1.5 m | esef· 26 Oct 2026verified |
| Free cash flow | -191.7 m ≈ | -221.8 m ≈ | -157.4 m ≈ | esef· 26 Oct 2026derived |
| Investing cash flow | -2.5 m | 0 | 2.2 m | esef· 26 Oct 2026verified |
| Financing cash flow | 161.6 m | 220.6 m | 152.6 m | esef· 26 Oct 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 4 of at least 6
- score weight coverage: 25.0% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 285.6 k SEK
Key indicators
Coverage and freshness
Score by group
25% · Insufficient data
Estimated value range
unavailable — no valuation assumptions for the reporting currency
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
Assumptions (illustrative, editorial)
- Risk-free rate
- 6.5%
- Equity risk premium
- 6.0%
- Beta (default)
- 1.00
- Cost of equity
- 12.5%
- Terminal growth
- 3.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 4 of at least 6; score weight coverage: 25.0% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | -9,990.3% | 0 (vs peers) | 25% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | -2.2x | 0 (on a fixed band) | 25% |
| Current ratio · Balance sheet | 0.9x | 7 (on a fixed band) | 17% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | -55,131.5% | 0 (on a fixed band) | 33% |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet3/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partial0/100 · 1/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partial0/100 · 1/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
Alligator Bioscience AB (ATORX.ST). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 514.0 k SEK in 2025; YoY growth -99.1%; net margin -9,990.3%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 4 of at least 6; score weight coverage: 25.0% of at least 60%; valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
No signal among the computed factors. That is not an absence of risk: factors without data were not assessed, and business risks (margins, inventory, demand) are in the source-based analysis.
What contradicts it
- Net margin: -9,990.3%
- Interest coverage: -2.2x
- Current ratio: 0.9x
- FCF yield: -55,131.5%
Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Listed companies from Sweden · same country · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| ALFA.STAlfa Laval AB | 223.0 bn | 27.0 | 19.4% | 11.9% | +4.1% | +21% / +38% |
| BOL.STBoliden Ab | 143.0 bn | 15.2 | 13.3% | 10.1% | +4.8% | +12% / +81% |
| CAST.STCastellum Aktiebolag | 66.6 bn | 71.0 | 1.2% | 9.8% | −2.6% | +27% / +6% |
| AAK.STAak Ab (publ) | 47.5 bn | 13.9 | 17.2% | 7.5% | +2.2% | −31% / −14% |
| CAMX.STCamurus AB | 42.5 bn | 58.5 | 19.5% | 32.5% | +21.3% | +16% / +55% |
| BRAV.STBravida Holding AB | 30.1 bn | 24.5 | 13.7% | 4.4% | −4.9% | +84% / +123% |
| ASKER.STAsker Healthcare Group AB | 29.8 bn | 60.5 | 9.8% | 2.9% | +11.7% | −18% / unavailable |
| ALLEI.STAlleima AB | 22.7 bn | 33.8 | 4.1% | 3.6% | −5.4% | +11% / +19% |
| BURE.STBure Equity AB | 22.6 bn | — | -21.0% | — | unavailable | +20% / +19% |
| AQ.STAQ Group AB | 19.7 bn | 29.2 | 14.9% | 7.5% | +6.0% | +14% / +119% |
| ALTRA.STAltra Fastigheter AB | 18.4 bn | 33.9 | 3.0% | 15.1% | −2.2% | +9% / +19% |
| ATT.STAttendo AB (publ) | 16.8 bn | 20.7 | 15.1% | 4.3% | +0.1% | +34% / +223% |
| AFRY.STAfry Ab | 14.9 bn | 18.7 | 6.2% | 3.1% | −5.2% | −17% / +4% |
| ATRLJ-B.STAtrium Ljungberg AB | 14.0 bn | 17.1 | 2.9% | 23.9% | −2.0% | −33% / −44% |
| ALIG.STAlimak Group AB (publ) | 12.7 bn | 21.3 | 8.2% | 8.8% | −3.2% | −18% / +50% |
| ACAD.STAcadeMedia AB | 12.7 bn | 15.5 | 12.7% | 4.3% | +9.7% | +22% / +138% |
| APOTEA.STApotea AB (publ) | 10.7 bn | 46.8 | 31.3% | 3.2% | +10.1% | +15% / unavailable |
| BOOZT.STBoozt AB | 10.6 bn | 37.9 | 10.4% | 3.6% | +0.5% | +58% / +44% |
| BUFAB.STBufab AB (publ) | 5.0 bn | 9.2 | 15.1% | 6.9% | −7.4% | +36% / +110% |
| ACTI.STActive Biotech AB (publ) | 4.9 bn | — | -84.5% | — | unavailable | −32% / −77% |
| CEVI.STCellaVision AB | 4.7 bn | 30.8 | 18.0% | 20.2% | +4.9% | +20% / +12% |
| COOR.STCoor Service Management Holding AB | 4.7 bn | 18.2 | 13.0% | 2.2% | +16.7% | +1% / +25% |
| BHG.STBHG Group AB | 4.5 bn | 31.1 | 2.5% | 1.4% | +6.2% | −18% / +113% |
| CARA.STCarasent AB (publ) | 1.8 bn | 51.7 | 4.1% | 10.1% | +24.9% | −8% / +87% |
| BICO.STBICO Group AB | 1.7 bn | — | -46.0% | -72.7% | −13.3% | +16% / −51% |
1- and 3-year price returns: for ATORX.ST from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (SEK)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 3 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 5 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Alligator Bioscience AB is a Swedish biotechnology company developing tumour-targeted immunotherapies, with its lead asset mitazalimab aimed at first-line metastatic pancreatic cancer. The stakes are significant in a growing market where KRAS inhibitors could reshape standard care over time, while the company depends on partners to carry late-stage development and commercialisation 1.
SWOT
Strengths
- A proprietary technology platform underpins all candidates and offers licensing and partnering opportunities 1.
- Mitazalimab has a mechanism and tolerability profile considered favourable as a first-line combination partner 1.
- A partner-based business model reduces fixed commercialisation and late-stage development costs 1.
Weaknesses
- The company depends on external funding and in 2025 relied on several share issues and capital adjustments 1.
- Low market value and limited share liquidity constrain access to capital 1.
- The company does not commercialise products itself and depends entirely on partners for late-stage development and sales 1.
Opportunities
- If mitazalimab demonstrates efficacy in first line, the company could negotiate valuable licences with large partners 1.
- The growing PDAC market offers room for new therapeutic combinations if the medical need remains high 1.
- The discovery platform could generate new candidates, extending the portfolio beyond a single asset 1.
Risks
- Clinical riskhigh
The efficacy and tolerability of mitazalimab in first line are not yet proven, and study results could differ from expectations 1.
- Funding riskhigh
The company used several share issues and loan renegotiations in 2025, and the need for new funds could arise before major results 1.
- Regulatory competition riskmedium
Approval of KRAS inhibitors could change standard care and could reduce mitazalimab's relevance 1.
- Partner dependence riskmedium
Phase 3 development and commercialisation depend on partners, and licensing terms could be less favourable than estimated 1.
- Regulatory approval risklow
The approval process requires years of studies and could be delayed or rejected if requirements are not met 1.
Investment thesis
What would need to be true (bull case)
- If mitazalimab confirms its role in first line, the company could secure important licences and significant portfolio value 1.
- A growing pancreatic cancer market and unmet medical need provide a favourable context for a well-differentiated combination partner 1.
- The discovery platform could generate additional candidates that diversify portfolio risk 1.
What would break the thesis
What to watch
- Quarterly report and developments in capital measures5 May 2026
- Approval of daraxonrasib in second-line PDAC and its impact on clinical practice2026
- Start of phase 2/3 studies for mitazalimab in first line2026
- Year-end report 2026 and new funding statements11 February 2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Alligator Bioscience AB, listed on Nasdaq Stockholm under the ticker ATORX, develops tumour-targeted immunotherapies aimed at a durable, tumour-specific immune response against cancer cells 1. All of the company's drug candidates stem from these technologies, and value is generated mainly by licensing candidates in clinical phase rather than through its own sales 1. The company runs discovery, preclinical work and clinical studies up to proof-of-concept in phase 2, outsourcing manufacturing and study operations to specialised external organisations 1.
The business strategy rests on generating revenue without diluting shareholders, through licensing antibodies and candidates at preclinical or clinical stage, or through co-development with partners 1. Phase 3 development, marketing and sales are expected to be handled primarily by partners 1. In 2025 the company carried out several capital measures, including a rights issue in December 2025, to secure its financing 1.
The regulatory path from discovery to approval takes at least ten years and requires substantial investment, so the company's model depends on its ability to attract partners and funding at the right time 1.
Segments
Mitazalimab in pancreatic cancer
Mitazalimab is the company's principal asset, positioned as a flexible combination partner with chemotherapy in first-line treatment of metastatic pancreatic cancer, based on its mechanism, tolerability and efficacy 1. The company's estimate of annual sales above 1.5 bn USD is based on an average price for immuno-oncology drugs and on variables such as clinical response and market uptake 1.
Discovery platform
The company's discovery technologies generate all of its candidates, and through them Alligator can build therapeutic concepts and optimise antibodies for function, affinity and stability before selecting a candidate for development 1.
Market context
The global pancreatic cancer (PDAC) market is estimated to grow at about 16.5 % CAGR to roughly 10.3 bn USD by 2034, mainly driven by new and better chemotherapies and the expected introduction of innovative drugs 1. Over 90 % of PDAC tumours carry RAS mutations, which makes KRAS inhibitors the next potential therapeutic wave 1.
Recent clinical data point to a shift in practice in which FOLFIRINOX could become the first choice in first-line treatment of metastatic PDAC, and approval of a KRAS inhibitor in second line could over time influence standard care 1.
Trends
- KRAS inhibitors in pancreatic cancerheadwind
Daraxonrasib, developed by Revolution Medicines, could be approved in second-line metastatic PDAC in 2026, and first-line studies are planned for 2026; if efficacy is confirmed, the class could influence standard care 1.
- Growth of the PDAC markettailwind
Growth of the global market and the unmet need in pancreatic cancer are supportive factors for an asset like mitazalimab, if it demonstrates efficacy in combination with chemotherapy 1.
- Shift in clinical practicemixed
Moving to FOLFIRINOX as the first option could change mitazalimab's position in combinations, a shift that could be favourable or unfavourable depending on clinical results 1.
- Difficult capital marketsheadwind
The company operated in 2025 in a difficult market environment, which led to numerous adjustments to its capital structure; the share price and liquidity fell significantly 1.
Competitive position
Competition in PDAC treatment comes from KRAS inhibitors such as daraxonrasib, from existing chemotherapies and from other immunotherapies in development that target the same patient population 1. Mitazalimab needs to show it can be a superior or at least complementary combination to these options 1.
The company is not alone in the field, and the possibility that another class of drugs becomes standard first-line care requires clear differentiation through efficacy, tolerability and combination flexibility 1.
- Revolution MedicinesRVMD
Develops daraxonrasib, a KRAS inhibitor targeting metastatic pancreatic cancer, with approval expected in second line in 2026 1.
- Ipsen
Pharmaceutical company referenced in the source in connection with pancreatic cancer treatment market data, without details on direct competing products 1.
- FOLFIRINOX chemotherapy producers
Standard chemotherapy regimens are the baseline alternative that mitazalimab must complement or surpass 1.
- Developers of immunotherapies in PDAC
Other companies working on immunotherapies for pancreatic cancer compete for the same indications and partnerships 1.
News & filings
In the press
- ‘Never in a million years’: alligator strolls into North Carolina bagel shopThe Guardian World · 04 Nov 2026 · EN
- Florida fisherman Steven Hamilton final moments before being killed by alligatorSurge — GDELT DOC · 20 Oct 2026 · RO
- Fisherman killed by alligator died from leg injuries , drowningSurge — GDELT DOC · 20 Oct 2026 · RO
- Florida fisher dragged into water and killed by 12ft alligatorThe Guardian World · 17 Oct 2026 · EN
- US report finds detainees held in metal cages at Alligator AlcatrazCGTN — World · 21 Sept 2026 · EN
- Florida’s ‘Alligator Alcatraz’ confined migrants in ‘small metal enclosures’: DHS internal watchdogThe Hill · 14 Sept 2026 · EN
- Alligator Alcatraz held detainees in cages the size of phone booths, DHS watchdog saysThe Guardian World · 14 Sept 2026 · EN
- Immigrants held in small outdoor cages at 'Alligator Alcatraz' in Florida, investigators findBBC World News · 14 Sept 2026 · EN
- DeSantis dismisses claims that Alligator Alcatraz violated detention standardsPolitico US · 14 Sept 2026 · EN
- Louisiana gears up for first recreational alligator hunt in more than 50 yearsThe Guardian World · 28 Aug 2026 · EN
- Florida paddleboarder rescues woman from alligator attackThe Guardian World · 11 Aug 2026 · EN
- Florida woman’s autopsy report reveals extent of alligator attackThe Guardian World · 31 Jul 2026 · RO
- Florida woman swimming in river killed in rare alligator attack at state forestThe Guardian World · 30 Jun 2026 · RO
- Advocates demand inquiry into Florida’s recently closed Alligator Alcatraz detention centerThe Guardian World · 26 Jun 2026 · RO
- Centrul de detenţie pentru migranţi cunoscut drept Alligator Alcatraz din Florida se închideG4Media · 26 Jun 2026 · RO
- DeSantis boasts of deporting 21,000 as notorious Alligator Alcatraz jail closesThe Guardian World · 25 Jun 2026 · RO
- US transfers immigrants out of Florida Alligator Alcatraz detention centreAl Jazeera English · 18 Jun 2026 · EN
- Even as Florida moves detainees from ‘Alligator Alcatraz’, activists fight for its permanent closureThe Guardian World · 17 Jun 2026 · RO
- ‘Alligator Alcatraz’ detainees relocated, ICE announcesThe Guardian World · 16 Jun 2026 · RO
- Man attacked by alligator in swamp while fleeing police in LouisianaThe Guardian World · 09 Jun 2026 · RO
Annual reports (ESEF)
- Annual report 202526 Oct 2026
- Annual report 202408 May 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / Alligator Bioscience AB · 31 Dec 2025
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.