AKESO (09926) announced its financial results for the year ended December 31, 2025. The group recorded revenue of RMB 30.56 billion, representing a year-on-year increase of 43.9%. Gross profit reached RMB 24.04 billion, up 31.01% compared to the previous year. Research and development expenses amounted to RMB 15.75 billion, an increase of 32.61%. The company reported an annual loss of RMB 11.41 billion, with a loss per share of RMB 1.23.
As a globally leading bispecific antibody company, AKESO continued to make significant progress in world-class R&D investments during 2025. The company also improved its financial performance by reducing its Non-IFRS EBITDA loss compared to 2024. In addition to advancing multiple Phase III clinical studies, AKESO progressed several novel bispecific antibodies into clinical research stages, including new areas such as ADCs, immune-related diseases, and central nervous system disorders.
The revenue growth was partly driven by the inclusion of two globally first-in-class bispecific antibodies, cadonilimab and ivonescimab, into China's National Reimbursement Drug List (NRDL). The approved indications include cadonilimab injection for recurrent or metastatic cervical cancer after platinum-based chemotherapy failure, and ivonescimab injection for EGFR-mutated locally advanced or metastatic non-squamous NSCLC following EGFR-TKI treatment progression.
Revenue for 2025 increased to RMB 30.56 billion from RMB 21.24 billion in 2024, representing a 43.9% year-on-year growth. The commercial launch of new products also began contributing to revenue growth. The company demonstrated improved operational efficiency in 2025, with key operating expense ratios—including sales and marketing expenses ratio, R&D expenses ratio, and administrative expenses ratio—all declining compared to 2024 levels.
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