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Alligator Bioscience

* The company is dependent on capital markets and key individuals. 

* The programmes are high-risk due to binary outcomes of clinical trials.

* Having a patented product on a regulated market usually means stable incomes once approved and running.

* Possibility of receiving upfront, milestone payments and royalties without further investments on the part of the company.

* Patents provide a clear moat.

* Alligator Bioscience lacks profitability across all measured metrics, including gross profit margin, operating margin, ROE, and ROA.
* The company shows no consistent revenue or earnings growth over the past five years, indicating challenges in commercializing its products or services.
* Financial health appears weak, with insufficient current assets to cover liabilities and a likely need to raise capital within 12 months.
* There's no evidence of positive cash flow or near-term prospects for achieving sustainable cash flow positivity, raising concerns about long-term viability.
* The company's financial situation suggests high risk, with no clear path to profitability or financial stability in the immediate future.

* Alligator Bioscience is not burdened by dividend obligations, allowing it to reinvest all available capital into research and development.
* The company's lack of debt-related metrics indicates it may have a clean balance sheet, potentially providing financial flexibility.

* Limited management tenure: Only one person in the senior team has a tenure exceeding five years, potentially impacting organizational stability and continuity.
* Inconsistent delivery on promises: The delay in signing a deal in 2024 led to a highly dilutive rights issue in 2025, undermining investor confidence.
* Lack of revenue: The company has no income, making it difficult to assess the return on investments and overall financial health.
* Weak insider ownership: Management holds less than 10 times the annual cash retainer, potentially misaligning interests with shareholders.
* Limited board business experience: Less than half the board has experience in creating or re-inventing companies, potentially impacting strategic guidance.

* Strong industry expertise: CEO has over 20 years of international experience in pharma and biotech, providing deep market knowledge and strategic leadership.
* Commitment to innovation: Alligator's programs are innovative, demonstrating a focus on cutting-edge research and development in the biotech sector.
* Clear strategic focus: Consistent emphasis on mitazalimab and CD40 as core targets, showing a well-defined long-term strategy for value creation.
* Transparent communication: Management provides timely, direct business updates and maintains consistent messaging about key metrics and long-term goals.
* Diverse leadership: The company promotes gender diversity with female representation in management and at least one-third female directors on the board.