Akeso Interim 2026 Results: Revenue Reaches RMB 1.81 Billion, Net Loss Narrows by 24.0%

Akeso Inc. released unaudited results for the six months ended 30 June 2026. Revenue rose 27.92% year-on-year to RMB 1.81 billion, driven almost entirely by commercial sales of key oncology bispecific antibodies Cadonilimab (PD-1/CTLA-4) and Ivonescimab (PD-1/VEGF). License income contributed RMB 2.50 million.

Gross profit expanded 19.60% to RMB 1.34 billion, delivering a gross margin of 74.2% (1H 2025: 79.4%). The decline in margin reflects higher production costs as sales volumes scaled.

The period-end net loss decreased to RMB 447.25 million from RMB 588.28 million a year earlier, a 24.0% improvement. Two factors underpinned the narrower loss: 1) Selling and marketing expenses grew 17.3% to RMB 785.55 million but fell to 43.56% of sales (1H 2025: 47.80%) due to operational leverage. 2) Equity-accounted losses from Summit Therapeutics declined 40.45% to RMB 114.16 million.

Research and development spending increased 7.1% to RMB 783.33 million, representing 43.4% of sales, as 12 assets advanced through Phase III trials and 17 assets remained in Phase I/II. Administrative expenses rose to RMB 169.62 million, reflecting higher equity-incentive charges.

Cash, cash equivalents, time deposits and wealth-management products totaled RMB 9.16 billion at 30 June 2026. Current assets stood at RMB 11.46 billion against current liabilities of RMB 2.86 billion, producing a quick ratio of 3.62. Total interest-bearing debt was RMB 4.96 billion; the net cash position rendered the gearing ratio not meaningful.

Capital commitments increased to RMB 560.00 million, earmarked mainly for capacity expansion at the Guangzhou Knowledge City biopharmaceutical base. Existing GMP-qualified capacity is 110,000 L across three sites.

Commercial footprint now covers 12 NRDL-listed indications across five launched products, supported by a 1,600-person sales team. Pipeline progress during the half-year included FDA acceptance of the first U.S. BLA for Ivonescimab and initiation of multiple global Phase III programs spanning lung, colorectal, biliary tract and breast cancers.

No interim dividend was declared.