Akeso, Inc. · HKEX:9926
Akeso — H1 2026 Earnings Presentation
49 slides from Akeso's earnings presentation, August 2026
Slide 1: Akeso Bio First Half 2026 Presentation
Akeso Bio Fir st Half 2026 Presentation August 2026
Slide 2: Disclaimer
Disclaimer This presentation has been delivered to interested parties for information purposes only and upon the express understanding that such parties will use it only for the purposes set forth above, and it is not intended to form the basis of any investment decision or any decision to purchase
Slide 3: Akeso 2026 First-Half Highlights
Akeso 2026 First-Half Highlights Delivering on Multiple Long Term Growth Drivers First Growth Driver Second Growth Driver Third Growth Driver Growing Commercial World's only two IO 2.0+ADC 2.0 CNS, I&I, respiratory Strength commercialized IO2.0 A new paradigm in cancer innovation matrix Strong Cash
Slide 4: First Growth Driver: Ivonescimab - China and Global Development
First Growth Driver: Global IO2.0 backbone established Ivonescimab - China and Global Development Strategy and Progress
Slide 5: Ivonescimab – Leading the World in IO 2.0
Ivonescimab – Leading the World in IO 2.0 Named in #1 Evaluate Pharma 2026 World's Most Valuable R&D Projects Ivonescimab (Idafang) — with over US$25.2bn NPV* — rank No.1 in the global pipeline asset value ranking NPV: risk-adjusted net present value Source: Evaluate Pharma 5
Slide 6: Ivonescimab – IO 2.0 World's Leading Cornerstone Therapy
Ivonescimab – IO 2.0 World's Leading Cornerstone Therapy Ivonescimab — Global First-in-Class Multiple advantages Global PD-1/VEGF front- Unlocking Global Value runner First-mover advantage First to launch in China and included in the NRDL World's only approved PD-1/VEGF FDA BLA under review World's
Slide 7: Ivonescimab – the Backbone for Novel Combinations
Ivonescimab – the Backbone for Novel Combinations Combo of Choice The next-generation global IO backbone, with the potential to reset SOC across multiple indications Combinations with novel therapies from China Combinations with novel therapies from ROW Ivonescimab+EGFR/HER3 ADC Ivonescimab+RAS(ON)i
Slide 8: Major Lung Cancer Indications Approved in China, 12+ Guideline Recommendations
3 Major Lung Cancer Indications Approved in China, 12+ High-level Recommendations in Leading Clinical Guidelines Global FIC reshaping the lung cancer treatment Multiple highest-level guideline recommendations landscape NSCLC after EGFR-TKI Progression: Included ✓ CSCO NSCLC Diagnosis & Treatment I
Slide 9: Ivonescimab: China Registrational Phase II/III Trials Underway
Ivonescimab: 17 China & Global Registrational Phase II/III Trials Underway, Spanning All Major Indications China registrational / Phase III programme at a glance EGFR-TKI-progressed nsq-NSCLC Approved in May 2024; Significant positive results for both HARMONi-A PFS and OS 1L PD-L1-positive (TPS ≥1%)
Slide 10: Ivonescimab: Global Registrational Phase II/III Trials
Ivonescimab: 17 China & Global Registrational Phase II/III Trials Underway, Spanning All Major Indications (cont'd) Global clinical development programme at a glance 3rd generation EGFR-TKI resistant nsq-NSCLC HARMONi FDA BLA under review >65 Phase II and ISTs Spanning multiple tumor types, includin
Slide 11: HARMONi-6 OS Positive Results Presented at ASCO
HARMONi-6 OS Positive Results Presented at ASCO Setting New Standard of Care Bar for sq-NSCLC HARMONi-6: Ivonescimab+chemo vs Tislelizumab+chemo 1L squamous NSCLC (N=532) CDE approval of the new indication in August 2026 Establishing new SOC for 1L squamous NSCLC - a major global milestone in lung c
Slide 12: HARMONi-6 Achieved Statistically Significant OS Result
HARMONi-6 Achieved Statistically Significant OS Result, Demonstrating Long-term Survival Benefit HARMONi-6: ivonescimab + chemo vs. tislelizumab + chemo 1L squamous NSCLC (N=532) Statistically significant OS, with Significant benefit in OS HR across all substantial clinical benefit subgroups 65+ yea
Slide 13: HARMONi Global Data Updated Again
HARMONi Global Data Updated Again, Continuing to Validate Ivonescimab's Global Clinical Value Consistent efficacy across Asian and Western populations HARMONi-A HARMONi China EGFR-TKI progressed NSCLC, median follow-up 32.5m 3rd-generation EGFR-TKI progressed NSCLC , median follow-up 29.9m PFS HR OS
Slide 14: Multiple Phase III Studies Consistently Confirm OS Benefit
Multiple Phase III Studies Consistently Confirm the OS Long-term Survival Across Geography and Stage Four Phase III lung trials readouts show significant PFS benefit with ivonescimab, each successfully translated into OS benefit HARMONi-A China HARMONi HARMONi-2 China HARMONi-6 China Ivonescimab+che
Slide 15: Ivonescimab: Long-term OS Benefit & Long Tail Advantage
Ivonescimab: Long-term OS Benefit & Long Tail Advantage All four Phase III readouts show the long-term OS benefit and Increasing survival curve separation beyond ~2 years 15
Slide 16: HARMONi-GI1: Phase III in 1L Biliary Tract Cancer Achieves OS Benefit
Harmoni-GI1: Phase III Study in 1L Biliary Tract Cancer Achieves Statistically Significant OS Benefit HARMONi-GI1: Ivonescimab + Chemotherapy vs. Durvalumab + Chemotherapy 1L Biliary Tract Cancer (N=682) Head-to-head vs. guideline-recommended global SOC for biliary tract cancer Durvalumab (PD-L1) +
Slide 17: First Growth Driver: Cadonilimab - China and Global Development
First Growth Driver: Global IO2.0 backbone established Cadonilimab - China and Global Development Strategy and Progress
Slide 18: Kaitanni (Cadonilimab) – IO2.0 Era Pioneer
Kaitanni® (Cadonilimab) – IO2.0 Era Pioneer: Expanding Into New Indications and Developing Global Value A superior development position for cadonilimab with clear multiple advantages Global IO 2.0 pioneer First-mover advantage Unlocking global value First to launch in China and included in the NRDL
Slide 19: 3 Major Indications Approved in China, 20+ Guideline Recommendations
3 Major Indications Approved in China, with 20+ High-level Recommendations in Leading Clinical Guidelines Included in 20+ clinical guidelines and consensus statements, spanning gynaecological tumours, gastric cancer, liver cancer, oesophageal cancer, nasopharyngeal carcinoma and biliary tract cancer
Slide 20: Cadonilimab: 13 Registrational Phase II/III Trials
Cadonilimab: 13 China & Global Registrational Phase II/III Trials Spanning a Broad Set of Indications China & Global Clinical Development 1L cervical cancer COMPASSION-16 Approved & NRDL-listed Cervical Recurrent/metastatic cervical cancer COMPASSION-03 Approved & NRDL-listed cancer 1L gastric cance
Slide 21: Cadonilimab: IO2.0 Backbone with 15+ Combination Trials
Cadonilimab: IO2.0 Backbone with 15+ Combination Trials Advancing Better Regimens Next-generation global IO backbone, combining strength with strength across multiple mechanisms Cadonilimab+AK146D1 (TROP2/Nectin4 ADC) Cadonilimab+AK109 (VEGFR-2) Multiple solid tumours IO-resistant gastric cancer, Ch
Slide 22: Cadonilimab's Structural Advantage – Tetravalent vs. Bivalent
Cadonilimab’s Structural Advantage – Tetravalent vs. Bivalent Formats Approved bispecific antibody：16+ Generic name Target Company Structure Anti-PD-1 CTLA-4 Antibody PD-1 Antibody Anti-CTLA-4 AK107/MK1308 Penpulimab • Penpulimab (AK105) • AK107/MK-1308 out license to MSD. Cadonilimab: symmetrical t
Slide 23: Cadonilimab – Symmetrical Tetravalent Structure
Cadonilimab – Symmetrical Tetravalent Structure, Driving Enrichment in the Tumour Microenvironment Tumor microenvironment Normal tissue High retention of tetravalent bispecific • Higher avidity enables better tumor • Lower avidity binding Radio-isotope labeling experiment retention of drug • Reduce
Slide 24: Cadonilimab – All-comer OS Benefit Advantage
Cadonilimab – All-comer OS Benefit Advantage, Filling the Clinical Gap in PD-L1-low//negative Disease All three Phase III readouts show significant OS benefit; all-comer advantage fills a clinical gap COMPASSION-15 COMPASSION-16 COMPASSION-03 Cadonilimab+chemo vs chemo Cadonilimab+chemo±bev vs chemo
Slide 25: Cadonilimab – Addressing the IO-resistance Treatment Gap
Cadonilimab – Addressing the IO-resistance Treatment Gap, Leveraging in-House Combination Assets Standout efficacy across multiple large IO-resistant indications, breaking through immune-resistance IO-resistant G/GEJ adenocarcinoma Phase II IO-resistant NSCLC Phase Ib/II IO-resistant sq-NSCLC Phase
Slide 26: Cadonilimab – 3 International Trials Underway
Cadonilimab – building global value around core strengths, with 3 international trials underway Cadonilimab+chemo(vs COMPASSION-37 durvalumab+chemo) COMPASSION-36 Cadonilimab+chemo (vs Perioperative locally advanced Cadonilimab+lenvatinib chemo±nivolumab) resectable HER2-negative G/GEJ IO-resistant
Slide 27: Second Growth Driver: IO2.0+ADC 2.0
Second Growth Driver: IO2.0+ADC 2.0 Developing Breakthrough Next-Generation ADCs, Pioneering a New Paradigm in Oncology
Slide 28: Akeso's Proprietary ADC Platform – R&D Strategy & Pipeline
Akeso’s Proprietary ADC Platform – R&D Strategy & Pipeline 1. Key R&D Priorities 2. Clinical-Stage ADC 2.0 3. Core Clinical Development Portfolio Strategy ✓ Leverage the first-mover ✓ Target broad-spectrum indications • AK138D1：HER-3 ADC advantage of IO 2.0 ✓ Innovative linker design • AK146D1：TROP-
Slide 29: AK138D1 + Ivonescimab Entering Phase II
IO 2.0 + ADC 2.0AK138D1 + Ivonescimab Entering Phase II AK138D1 (HER-3 ADC): Best-in-Class Potential Wide Therapeutic Window IO 2.0 + ADC 2.0 and Good Safety Profile ✓ Optimized therapeutic window, enabled by a differentiated and innovative design NSCLC AK138D1 + Ivonescimab Phase Ib/II | First pati
Slide 30: AK146D1 + Ivonescimab Entering Phase II
IO 2.0 + ADC 2.0: AK146D1+Ivonescimab Entering Phase II AK146D1 – World’s First TROP2/NECTIN4 Bispecific ADC Excellent Efficacy and Good Safety Profile IO 2.0 + ADC 2.0 ➢ Topoisomerase I inhibitor payload with a novel cleavable linker for enhanced stability May 2026: Breast Cancer Phase II Enrolling
Slide 31: AK157D1 (B7H3 ADC): A Differentiated ADC Drug
AK157D1 (B7H3 ADC): A Differentiated ADC Drug Broad-spectrum indications, differentiated target, and a key strategic component of IO2.0+ADC2.0 IND Approval: August 2026 Innovative Linker Design with Compelling Preclinical Data Key Features B7-H3 is highly expressed across multiple high-incidence mal
Slide 32: AK158D1 (EGFR/TROP-2 Bispecific ADC): IND Filing
AK158D1 (EGFR/TROP-2 Bispecific ADC): IND Filing Broad-spectrum indications, differentiated target, and a key strategic component of IO2.0+ADC2.0 IND Filed: July 2026 Innovative Linker Design with Compelling Preclinical Data EGFR and TROP2 are overexpressed and co- expressed across multiple tumor ty
Slide 33: Third Growth Driver: CNS & Immune-Mediated Diseases
Third Growth Driver: CNS & Immune-Mediated Diseases Innovative Technology Platforms Driving Potential Blockbusters
Slide 34: AK152 (Aβ/TfR): Next-Generation Therapy for Alzheimer's Disease
AK152 (Aβ/TfR): A Novel Next-Generation Therapy for Alzheimer’s Disease AK152: A Next-Generation Bispecific Antibody Targeting Aβ and TfR Humanized Bispecific Antibody Targeting Aβ and TfR Anti-Aβ • AK152 selectively targets Aβ aggregates to enable efficient Aβ clearance • AK152 targets BBB receptor
Slide 35: AK152: One of the World's Pioneer Brain-shuttle Aβ
AK152 (Aβ/TfR): A Novel Next-Generation Therapy for Alzheimer’s Disease 1 AK152: One of the World’s Pioneer Brain-shuttle Aβ • De-risked target: Aβ is one of the very few clinically validated targets in Alzheimer's Disease (AD) • Trontinemab clinically validated brain-shuttle mitigates ARIA risk ass
Slide 36: AK152: Phase I Development Progressing Toward Phase II
AK152: Phase I Development Progressing Toward Phase II Phase Ia Dose Escalation Completed Phase Ib Study in Patients with a Favorable Safety Profile with Alzheimer’s Disease Phase II Plan Phase I Clinical Results (IV) ✓ Dose escalation: 0.1mg/kg - 10.8mg/kg ✓ Favorable safety and tolerability Initia
Slide 37: AK139: First-in-Class IL-4R/ST2 Bispecific Antibody
AK139: A First-in-Class IL-4R/ST2 Bispecific Antibody for a Broader Patient Population 1 Pipeline-in-a-drug Potential, across Different I&I Diseases • Covering more than 10 indications with addressable market opportunity of ~ US$80bn – blockbuster upside, the high- conviction multi-modal treatment t
Slide 38: AK139: Seven Phase II Programs
AK139: Seven Phase II Programs Targeting Major Autoimmune, Allergy and Respiratory Indications 7 Phase II Programs Underway Global Addressable Market（TAM*） Across autoimmune, allergy and respiratory diseases ~US$76bn Chronic Obstructive Pulmonary US$17bn Disease (COPD) Severe Asthma US$24bn Moderate
Slide 39: AK154: AI Driven mRNA Therapeutic Cancer Vaccine
AK154: AI Driven Therapy mRNA Therapeutic Cancer Vaccine • Proprietary Flex-Nano mRNA platform; AK154 + ivonescimab / cadonilimab now in IIT • First patient dosed: Nov. 2025 • Personalized precision oncology + IO bispecifics: “IO 2.0+” strategic upgrade • Clinical trials to date show a • Akeso’s pro
Slide 40: AI-Powered Six-Platform R&D Engine
AI-Powered Six-Platform R&D Engine Driving Original Innovation and Building a Sustainable Pipeline of Global FIC/BIC Assets
Slide 41: Akeso's Integration of AI in R&D
Akeso’s Integration of AI in R&D Akeso AI Drug R&D Platform - Accelerating Innovation Across the Entire R&D Life Cycle AI Empowered Bi/Multi-specific AI Guided New Platform Technologies AI Elevated Therapeutic Design AI Fueled in CMC and Manufacturing Leadership Bispecific leadership AI core part of
Slide 42: Akeso's R&D Platforms: Innovation with Clear Vision
Akeso’s R&D Platforms: Innovation with Clear Vision Multi-specific Antibody Development Technology Platform DUAL-SHIELD ADC Platform Based on our proprietary Tetrabody technology that addresses three major CMC Leveraging our leading edge in multi-specific antibodies, Akeso developed a unique challen
Slide 43: Akeso's R&D Platforms (cont'd)
Akeso’s R&D Platforms: Innovation with Clear Vision (cont’d) DUAL-LOCK TISSUE-SMART siRNA Platform T-cell engager Technology platform T-cell engager technology platform designed to minimize on-target off-tumor SiRNA platform designed to enable siRNA delivery into multiple extrahepatic toxicity and b
Slide 44: Akeso's R&D Platforms (cont'd)
Akeso’s R&D Platforms: Innovation with Clear Vision (cont’d) FLEX-NANO Cell Therapy Technology Platform mRNA Technology Akeso developed in vivo Car-T cell therapy drug development platform, Akeso developed a comprehensive technology platform that spans from mRNA employing both lentiviral and LNP mRN
Slide 45: Commercial and Financial Traction
Commercial and Financial Traction: Sustained Product Sales Growth and Strong Balance Sheet
Slide 46: NRDL-Driven Volume Growth and Sustained Sales Growth
NRDL-Driven Volume Growth and Sustained Sales Growth Expanded Reimbursement Access Driving Commercial revenue in 1H reached approximately RMB 1.8 billion Commercial Scale-Up YoY growth of ~29% Driven Mainly by NRDL indications of Ivonescimab and Cadonilimab Hospital Access & Solid Foundation Oncolog
Slide 47: Gumokimab (IL-17) Approved in June 2026
Gumokimab (IL-17) Approved in June 2026 Akeso’s 8th Approved Drug Approved on June 11, 2026 Akeso’s 2nd approved autoimmune therapy and 8th approved drug overall Precisely targets IL-17 to potently block a key pathogenic pathway in psoriasis Approved Indication: China Market Opportunity Moderate-to-
Slide 48: Manfidokimab (IL-4Rα) Under NDA Review
Manfidokimab(IL-4Rα) Under NDA Review - Akeso’s 9th Drug and 3rd Immunology Therapy Manfidokimab (AK120, IL-4Rα) Compelling Efficacy in Moderate-to-Severe Atopic Dermatitis (AD) with Significant Clinical Potential Moderate-to-Severe Atopic Dermatitis in Adults China Market Opportunity NDA accepted b
Slide 49: 2026H1 Financial Highlights
2026H1 Financial Highlights RMB million 2026H1 2025H1 Revenue1 1,805.68 1,411.54 ✓ 2026 H1 revenue reached RMB 1.806 billion, including Commercial Sales approximately RMB 1.803 billion in commercial sales revenue, 1,803.22 1,401.62 （less distribution cost) up 28.7% YoY Gross Profit2 1,338.04 1,110.7