diff --git a/CHANGELOG.md b/CHANGELOG.md
index c5ed1257f9..8f4e497361 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -6,9 +6,13 @@ and this project adheres to [Semantic Versioning](https://semver.org/spec/v2.0.0
 
 ## [Unreleased]
 
+## [1.0.3] - 2023-12-03
+
 ### Changed
+* Rewrite the fix for memory errors reported in crbug.com/1501770.
 * Fix memory errors reported in crbug.com/1504792 by [Fudan
   University](https://secsys.fudan.edu.cn/).
+* src/reformat.c: Allocate the threadData array directly.
 
 ## [1.0.2] - 2023-11-16
 
@@ -992,6 +996,7 @@ code.
 - `avifVersion()` function
 
 [Unreleased]: https://github.com/AOMediaCodec/libavif/compare/v1.0.0...HEAD
+[1.0.3]: https://github.com/AOMediaCodec/libavif/compare/v1.0.2...v1.0.3
 [1.0.2]: https://github.com/AOMediaCodec/libavif/compare/v1.0.1...v1.0.2
 [1.0.1]: https://github.com/AOMediaCodec/libavif/compare/v1.0.0...v1.0.1
 [1.0.0]: https://github.com/AOMediaCodec/libavif/compare/v0.11.1...v1.0.0
diff --git a/CMakeLists.txt b/CMakeLists.txt
index 0f5eca4d8d..01bb619b3a 100644
--- a/CMakeLists.txt
+++ b/CMakeLists.txt
@@ -11,7 +11,7 @@ endif()
 # Specify search path for CMake modules to be loaded by include() and find_package()
 list(APPEND CMAKE_MODULE_PATH "${CMAKE_CURRENT_SOURCE_DIR}/cmake/Modules")
 
-project(libavif LANGUAGES C VERSION 1.0.2)
+project(libavif LANGUAGES C VERSION 1.0.3)
 
 # Set C99 as the default
 set(CMAKE_C_STANDARD 99)
@@ -25,7 +25,7 @@ set(CMAKE_C_STANDARD 99)
 #     Increment PATCH.
 set(LIBRARY_VERSION_MAJOR 16)
 set(LIBRARY_VERSION_MINOR 0)
-set(LIBRARY_VERSION_PATCH 2)
+set(LIBRARY_VERSION_PATCH 3)
 set(LIBRARY_VERSION "${LIBRARY_VERSION_MAJOR}.${LIBRARY_VERSION_MINOR}.${LIBRARY_VERSION_PATCH}")
 set(LIBRARY_SOVERSION ${LIBRARY_VERSION_MAJOR})
 
diff --git a/include/avif/avif.h b/include/avif/avif.h
index 6e1440345d..7c52b4f103 100644
--- a/include/avif/avif.h
+++ b/include/avif/avif.h
@@ -57,8 +57,8 @@ extern "C" {
 // to leverage in-development code without breaking their stable builds.
 #define AVIF_VERSION_MAJOR 1
 #define AVIF_VERSION_MINOR 0
-#define AVIF_VERSION_PATCH 2
-#define AVIF_VERSION_DEVEL 1
+#define AVIF_VERSION_PATCH 3
+#define AVIF_VERSION_DEVEL 0
 #define AVIF_VERSION \
     ((AVIF_VERSION_MAJOR * 1000000) + (AVIF_VERSION_MINOR * 10000) + (AVIF_VERSION_PATCH * 100) + AVIF_VERSION_DEVEL)