Akeso (9926.HK)

Executive Summary

Akeso is a leading Chinese biopharmaceutical company specializing in innovative oncology therapies, particularly immune checkpoint inhibitors and bispecific antibodies. With one commercial product (penpulimab, AK105) and a robust pipeline, the company is advancing multiple candidates in clinical trials. Its most advanced bispecific antibody, ivonescimab (AK112), targeting PD-1 and VEGF, is in Phase 2/3 trials for non-small cell lung cancer (NSCLC) and other solid tumors, showing promising efficacy and safety. Additionally, AK117 (anti-CD47) is being evaluated in Phase 2 for higher-risk myelodysplastic syndromes (MDS), with data expected soon. Akeso's strategy focuses on combining novel immunotherapies and leveraging its proprietary bispecific antibody platform to address significant unmet medical needs. The company's strong pipeline and recent clinical progress position it well for near-term value inflection, pending regulatory milestones and data readouts.

Upcoming Catalysts (preview)

• Q3 2026AK112 (ivonescimab) NDA approval in China for first-line NSCLC80% success
• Q3 2026AK117 Phase 2 data readout in higher-risk MDS65% success
• Q4 2026AK112 Phase 3 data for second-line or other solid tumors70% success