Antengene (6996) H2 2024 earnings summary

Executive summary

• Revenue rose 36.7% year-over-year to RMB92.0 million, driven by strong sales in Mainland China and international markets despite price reductions after NRDL inclusion of XPOVIOⓇ.

• Loss for the year narrowed to RMB319.3 million from RMB581.2 million, reflecting improved cost efficiency and reduced R&D, selling, and administrative expenses.

• Cash and bank balances of RMB900 million provide a three-year runway for pipeline advancement and strategic initiatives.

• Advanced late-stage pipeline, notably ATG-022 (Claudin 18.2 ADC), showing efficacy and favorable safety profile.

• Expanded commercialization of XPOVIOⓇ to 10 APAC markets, with reimbursement in 5, and continued regulatory approvals and new indications.

Financial highlights

• Revenue: RMB92.0 million (up 36.7% year-over-year); Mainland China revenue up 27.4%, other regions up 85.7%.

• Adjusted loss (excluding equity-settled share-based payments) decreased 42.9% to RMB304.6 million.

• R&D costs: RMB258.9 million (down from RMB405.7 million); selling and distribution expenses: RMB73.7 million (down from RMB192.7 million); administrative expenses: RMB106.3 million (down from RMB148.1 million).

• Gross profit: RMB75.3 million (up from RMB55.0 million).

• Cash and bank balances: RMB900.1 million as of year-end 2024.

Outlook and guidance

• Cash reserves expected to support pipeline development and strategic initiatives for at least three years.

• ATG-022 pivotal studies and AnTenGager™ IND filings targeted for 2025 H2.

• Plans to advance 9 clinical-stage products and expand the commercial team for APAC launches.

• Focus on external partnerships, internal discovery, and continued investment in AI-driven R&D and next-generation T-cell engager platforms.

• Unutilized IPO net proceeds of RMB422.9 million expected to be fully utilized by end of 2026, mainly for pre-clinical and clinical pipeline development.