Alligator Bioscience has announced increased sales for the fourth quarter of 2022 compared to the same period in 2021, while also reporting an increased operating loss. The company is focusing on the continued development of mitazalimab, particularly after encouraging interim Phase 2 data in metastatic pancreatic cancer.
Financial Results
Sales for the quarter increased to SEK 20.1 million, up from SEK 5.2 million in the same period last year. However, the operating loss increased to SEK -52.6 million (compared to -36.9 million). The result after tax was SEK -53.3 million (-36.8 million). Earnings per share amounted to SEK -0.24 (-0.41). Cash and cash equivalents amounted to SEK 97.3 million (278.1 million).
Cash flow from operating activities was SEK -47 million (-33.5).
Mitazalimab Development
CEO Søren Bregenholt stated, "I am very pleased to report such an intense and productive last quarter, and the entire Alligator team is now looking forward to what we expect will be an important year for the company." He highlighted the "very positive interim data from Phase 2" of the OPTIMIZE-1 study, which is evaluating mitazalimab in combination with chemotherapy for first-line treatment of metastatic pancreatic cancer patients.
Based on these results, Alligator Bioscience intends to initiate discussions with regulatory authorities in the US and Europe to potentially accelerate the development and market introduction of mitazalimab. Patient recruitment for Phase 2 continues, and the company anticipates reporting interim data on long-term tumor response and survival in mid-2023, with full topline data expected in the first quarter of 2024.
