Antengene (6996) H1 2025 earnings summary

Executive summary

• Achieved key clinical milestones in 2025, including Breakthrough Therapy Designation for ATG-022 (CLDN18.2 ADC) in gastric cancer and expansion of the pipeline in solid tumors and autoimmune diseases.

• Revenue for the six months ended June 30, 2025, was RMB53.2 million, down year-over-year but up sequentially, reflecting stabilization after initial NRDL-driven growth.

• Loss for the period narrowed significantly to RMB76.4 million from RMB167.0 million year-over-year, with adjusted loss at RMB72.9 million, driven by reduced R&D, selling, and administrative expenses.

• Major pipeline progress included new approvals and reimbursement for XPOVIO® (selinexor) in multiple APAC markets and clinical advancements for several assets.

• Demonstrated strong efficacy and safety data for lead assets, particularly ATG-022 and ATG-037, with durable responses and favorable safety profiles in difficult-to-treat cancers.

Financial highlights

• Revenue: RMB53.2 million (down from RMB60.8 million year-over-year), gross profit: RMB42.9 million, and other income and gains: RMB38.1 million, mainly from increased government grants.

• R&D costs: RMB79.9 million (down from RMB130.8 million year-over-year), selling and distribution expenses: RMB37.0 million, administrative expenses: RMB39.3 million.

• Loss for the period: RMB76.4 million (down from RMB167.0 million year-over-year); adjusted loss: RMB72.9 million (down from RMB152.6 million year-over-year).

• Cash and bank balances: RMB794.1 million as of June 30, 2025.

• Targeting over US$5 billion in peak sales for ATG-022 in gastric cancer, not including potential in other CLDN18.2+ tumors.

Outlook and guidance

• Ongoing Phase I/II and Phase Ib/II trials for ATG-022 in combination with pembrolizumab and CAPOX in advanced/metastatic gastric cancer, aiming for label expansion.

• Continued advancement of 9 clinical stage products across oncology and autoimmune diseases, with focus on expanding commercial team for XPOVIO® launches in APAC.

• Ongoing investment in AI-driven R&D and next-generation T-cell engager platform.

• IND submissions planned for first-in-class TCEs (ATG-106, ATG-110) in 2027, with continued focus on expanding into new tumor types and autoimmune indications.

• Unutilized IPO net proceeds of RMB376.61 million expected to be fully used by end-2026.