Redeye comments on Alligator Bioscience’s Q3 report, the first full quarter since the company refocused on its financial interest in HLX22. The wind-down is running to plan, and operating costs halved from Q2. Cash ended at SEK41m after the rights issue, which raised SEK59m before costs but leaves a funding gap before the HLX22 phase III readout. Mitazalimab is being positioned for a near-term deal, which could provide a small upfront. With a market cap of cSEK37m and net cash of cSEK35m, the market puts almost no value on the HLX22 interest. We lower our Fair Value to SEK0.025 (0.056); the Alligator share screens as “Attractively Priced”.
LÄS MER
