Item 1.01 Entry into a Material Definitive Agreement.

On August 15, 2022, Albireo Pharma, Inc. (the "Company") entered into a Sales Agreement (the "2022 Sales Agreement") with Cowen and Company, LLC ("Cowen") with respect to an at-the-market offering program under which the Company may offer and sell, from time to time at its sole discretion, shares of its common stock, par value $0.01 per share (the "Common Stock"), having an aggregate offering price of up to $100.0 million (the "Placement Shares") through Cowen as its sales agent. The issuance and sale, if any, of the Placement Shares by the Company under the 2022 Sales Agreement is subject to the effectiveness of the Company's registration statement on Form S-3, filed with the Securities and Exchange Commission on August 15, 2022. The Company makes no assurances as to if or when the registration statement will become effective or, if it does become effective, as to the continued effectiveness of the registration statement.

After the registration statement becomes effective and upon delivery of a placement notice and subject to the terms and conditions of the 2022 Sales Agreement, Cowen may sell the Placement Shares by any method permitted by law deemed to be an "at the market offering" as defined in Rule 415 of the Securities Act of 1933, as amended, including, without limitation, sales made through The Nasdaq Capital Market or on any other existing trading market for the Common Stock. Cowen will use commercially reasonable efforts to sell the Placement Shares from time to time, based upon instructions from the Company (including any price, time or size limits or other customary parameters or conditions the Company may impose). The Company will pay Cowen a commission equal to three percent (3.0%) of the gross sales proceeds of any Placement Shares sold through Cowen under the 2022 Sales Agreement, and also has provided Cowen with customary indemnification and contribution rights.

The Company is not obligated to make any sales of Common Stock under the 2022 Sales Agreement. The offering of Placement Shares pursuant to the 2022 Sales Agreement will terminate upon the earlier of (i) the sale of all Placement Shares subject to the 2022 Sales Agreement or (ii) termination of the 2022 Sales Agreement in accordance with its terms.

This Current Report on Form 8-K shall not constitute an offer to sell or the solicitation of an offer to buy the securities discussed herein, nor shall there be any offer, solicitation, or sale of the securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state.

Item 1.02 Termination of a Material Definitive Agreement.

In connection with the Company entering into the 2022 Sales Agreement with Cowen, on August 15, 2022, the Company terminated the Sales Agreement, dated as of February 25, 2021 (the "2021 Sales Agreement"), that the Company previously entered into with Cowen with respect to an at-the-market offering program, under which the Company could offer and sell, from time to time at its sole discretion, shares of its Common Stock having an aggregate offering price of up to $100.0 million (the "2021 ATM Program"). As the Company previously disclosed, in July 2021, the Company sold 7,508 shares of its Common Stock for net proceeds of approximately $0.2 million pursuant to the 2021 ATM Program. As a result of the termination of the 2021 Sales Agreement, the Company will not offer or sell any additional shares under the 2021 ATM Program.

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