Alligator delivered an uneventful second quarter, in line with expectations for a pre-revenue biotech. The quarter end was followed by the company's decision, announced on 23 July, to discontinue independent development of mitazalimab and pivot fully to preserving the royalty potential of its HLX22 interest. A dilutive SEK126m rights issue underline the urgency, with today's EGM set to approve the financing. We lower our Fair Value to SEK0.056.
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