Antengene (6996) H2 2025 earnings summary

Executive summary

• Revenue grew 14.5% year-over-year to RMB105.3 million, driven by increased market penetration and commercialization partnerships in Mainland China.

• Loss for the year narrowed to RMB239.1 million from RMB319.3 million, reflecting improved R&D and operational efficiency.

• Major pipeline progress includes expanded approvals and reimbursement for selinexor (XPOVIO®) across Asia Pacific and strong clinical data for ATG-022 (CLDN18.2 ADC) in gastric cancer.

• No new business development during the year, but a significant post-period licensing deal for ATG-201 with UCB was signed in March 2026.

Financial highlights

• Revenue increased by RMB13.3 million to RMB105.3 million, up 14.5% year-over-year.

• Gross profit rose to RMB88.0 million from RMB75.3 million.

• R&D costs decreased by RMB89.8 million to RMB169.1 million, reflecting cost control and project prioritization.

• Selling and distribution expenses fell to RMB69.2 million, and administrative expenses to RMB87.5 million.

• Adjusted loss for the year (excluding share-based payments) was RMB233.0 million, down from RMB304.6 million.

• Cash and bank balances stood at RMB733.9 million at year-end.

Outlook and guidance

• Focus remains on accelerating development of high-potential clinical assets, especially ATG-022 and ATG-037.

• Continued expansion of XPOVIO® market access and reimbursement in Asia Pacific.

• AnTenGager™ T cell engager platform expected to drive long-term pipeline growth.