Redeye returns with an update following Alligator Bioscience’s Q4 earnings release. The report was uneventful, as expected for a pre-revenue biotech company. Cost continued trending downwards in line with our expectations. Alligator is working against the clock to secure non-dilutive funding, ideally through a mitazalimab deal, before additional capital measures become necessary. The primary model adjustment is the removal of ALG.APV-527 due to funding uncertainty. Together with a weaker dollar, this results in a lower valuation range.
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