Alligator Bioscience announced that Technical Feasibility in the second program under the research collaboration and license agreement with Orion Corporation, which aims to discover and develop new bispecific antibody cancer therapeutics, has been achieved. The initiation of the second program was announced in January 2023 and the achievement of Technical Feasibility ensures the second research collaboration continues as planned, triggering a new milestone payment to Alligator. In May 2023, the companies announced that Orion had selected bispecific lead antibodies in the companies' first program and was exercising its option to develop these molecules further.

Alligator is continuing to generate additional data in order for Orion to select the final development candidate. Under the initial agreement signed in 2021, Alligator is employing its proprietary phage display libraries and RUBY bispecific antibody format to develop immunooncology drug candidates based on targets selected by Orion. Alligator is eligible for development, approval and sales milestone payments in addition to royalties if Orion continues developing and commercializing the resulting product candidates.