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Akeso, Inc.
(9926)
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Rating:48Neutral
Price Target:
HK$80.00
▼(-15.07% Downside)
Action:Reiterated
Date:10/15/26
The score is weighed down primarily by deteriorating profitability and negative operating/free cash flow despite strong revenue growth and high gross margins. Technicals add caution with the stock trading below key moving averages, while valuation is constrained by losses (negative P/E) and no dividend support.
Positive Factors
Revenue and Gross Margin
The strong 2025 revenue rebound, combined with consistently high gross margins, indicates meaningful commercial potential in Akeso’s biologic portfolio. If growth continues, this gross-profit structure can provide resources to support development, commercialization, and partnership expansion despite current losses.
Negative Factors
Persistent Net Losses
The shift from profit in 2023 to sizable losses in 2024–2025 shows that current operating expenses and development investment are not yet supported by earnings. Persistent negative margins could limit internal funding capacity and make future profitability dependent on successful clinical and commercial execution.
Read all positive and negative factors
Positive Factors
Negative Factors
Revenue and Gross Margin
The strong 2025 revenue rebound, combined with consistently high gross margins, indicates meaningful commercial potential in Akeso’s biologic portfolio. If growth continues, this gross-profit structure can provide resources to support development, commercialization, and partnership expansion despite current losses.
Read all positive factors
Akeso, Inc. (9926) vs. iShares MSCI Hong Kong ETF (EWH)
Market Cap
HK$76.70B
Dividend YieldN/A
Average Volume (3M)10.07M
Price to Earnings (P/E)―
Beta (1Y)0.42
Revenue Growth42.47%
EPS Growth-15.80%
CountryHK
Employees4,082
SectorHealthcare
Sector Strength45
IndustryBiotechnology
Share Statistics
EPS (TTM)-1.04
Shares Outstanding941,143,200
10 Day Avg. Volume10,793,026
30 Day Avg. Volume10,068,429
Financial Highlights & Ratios
PEG Ratio-0.85
Price to Book (P/B)10.12
Price to Sales (P/S)30.78
P/FCF Ratio-50.18
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
HK$154.24Price Target Upside63.73% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering13
EPS Forecast (FY)-0.28
Revenue Forecast (FY)HK$4.54B
Akeso, Inc. Business Overview & Revenue Model
Company Description
Akeso, Inc. is a biopharmaceutical enterprise dedicated to the discovery, development, manufacturing, and commercialization of therapeutic solutions. The company boasts a diverse pipeline, with a significant focus on oncology. Its cancer-focused t...
How the Company Makes Money
Akeso makes money primarily through (1) product sales of any therapies it commercializes itself (where revenue is recognized from selling approved drugs into the market through its commercial channels), and (2) collaboration and licensing arrangem...
Akeso, Inc. Financial Statement Overview
Summary
Income Statement
54
Neutral
Balance Sheet
63
Positive
Cash Flow
42
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 3.40B | 2.98B | 2.12B | 4.53B | 837.66M | 225.63M |
| Gross Profit | 2.58B | 2.34B | 1.83B | 4.39B | 734.54M | 195.41M |
| EBITDA | -779.43M | -656.33M | -536.34M | 2.17B | -1.27B | -1.31B |
| Net Income | -952.25M | -1.08B | -514.51M | 2.03B | -1.17B | -1.07B |
Balance Sheet | ||||||
| Total Assets | 16.22B | 16.01B | 12.75B | 9.18B | 5.50B | 4.81B |
| Cash, Cash Equivalents and Short-Term Investments | 9.16B | 9.18B | 7.32B | 4.88B | 2.29B | 2.65B |
| Total Debt | 4.98B | 4.56B | 3.95B | 2.99B | 1.88B | 859.42M |
| Total Liabilities | 7.86B | 7.06B | 6.00B | 4.66B | 2.95B | 1.53B |
| Stockholders Equity | 8.48B | 9.05B | 6.81B | 4.69B | 2.64B | 3.16B |
Cash Flow | ||||||
| Free Cash Flow | -1.24B | -1.83B | -1.11B | 1.59B | -2.02B | -1.71B |
| Operating Cash Flow | -629.47M | -1.11B | -527.62M | 2.47B | -1.24B | -1.00B |
| Investing Cash Flow | -3.30B | -4.17B | -1.52B | -4.00B | -889.75M | -579.59M |
| Financing Cash Flow | 3.53B | 3.72B | 3.39B | 960.89M | 1.49B | 1.59B |
Akeso, Inc. Technical Analysis
Negative
94.20
Price Trends
94.69
Negative
94.31
Negative
106.64
Negative
Market Momentum
-4.37
Positive
37.11
Neutral
22.69
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For HK:9926, the sentiment is Negative. The current price of 94.2 is below the 20-day moving average (MA) of 95.29, below the 50-day MA of 94.69, and below the 200-day MA of 106.64, indicating a bearish trend. The MACD of -4.37 indicates Positive momentum. The RSI at 37.11 is Neutral, neither overbought nor oversold. The STOCH value of 22.69 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for HK:9926.
Akeso, Inc. Peers Comparison
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
72 Outperform | HK$51.82B | 7.90 | 105.60% | ― | 292.84% | ― | |
63 Neutral | HK$139.32B | 95.59 | 6.06% | ― | 42.64% | 9.67% | |
60 Neutral | HK$26.75B | 26.18 | 20.41% | ― | 32.63% | 8.74% | |
52 Neutral | HK$21.69B | -12.70 | -27.40% | ― | 5.38% | 16.86% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
48 Neutral | HK$76.70B | -66.50 | -10.86% | ― | 42.47% | -15.80% | |
44 Neutral | HK$30.07B | -69.15 | -7.23% | ― | 35.82% | 54.40% |
* Healthcare Sector Average
HK:9926
Akeso, Inc.
81.50
-31.90
-28.13%
HK:1801
Innovent Biologics
79.75
-7.25
-8.33%
HK:9688
Zai Lab Ltd
17.37
-2.73
-13.58%
HK:9995
RemeGen Co. Ltd. Class H
64.85
-25.15
-27.94%
HK:1877
Shanghai Junshi Biosciences Co., Ltd. Class H
15.26
-11.32
-42.59%
HK:2696
Shanghai Henlius Biotech, Inc. Class H
49.06
-20.79
-29.76%
Akeso, Inc. Corporate Events
Akeso’s Ivonescimab Delivers Phase III Survival Gains in Biliary Tract Cancer
Oct 26, 2026
Akeso has reported late-breaking Phase III data from its HARMONi-GI1 trial, showing ivonescimab plus chemotherapy significantly improved survival outcomes versus durvalumab plus chemotherapy in first-line treatment of advanced biliary tract cancer...
Akeso Raises HK$1.94 Billion Through Institutional Share Placing
Oct 16, 2026
Akeso, Inc. has completed a placing of 20,000,000 new shares under its general mandate, executed by a sole coordinator and bookrunner. The shares were placed at HK$97.76 each to at least six independent professional and institutional investors, ex...
Akeso to Raise HK$1.94 Billion via Discounted Share Placing
Oct 13, 2026
Akeso, Inc. has entered into a placing agreement to issue 20,000,000 new shares at HK$97.76 each to at least six institutional or professional investors, representing about 2.17% of its existing share capital. The placing price reflects a discount...
Akeso’s Ivonescimab Tops Pembrolizumab in Key Lung Cancer Survival Trial
Sep 2, 2026
Akeso, Inc. reported that its PD-1/VEGF bispecific antibody ivonescimab delivered a statistically significant and clinically meaningful overall survival benefit over Merck’s pembrolizumab in the Phase III HARMONi-2 trial. The study, involvin...
Akeso Narrows Interim Loss as Revenue Jumps Nearly 28%
Aug 27, 2026
Akeso, Inc. reported that its revenue for the six months ended June 30, 2026 rose 27.92% year-on-year to RMB1,805.7 million, driven mainly by a 28.65% increase in commercial sales to RMB1,803.2 million and a modest contribution from license income...
Akeso’s Ivonescimab Delivers Phase III Survival Gain in Biliary Tract Cancer
Aug 25, 2026
Akeso, Inc., a Hong Kong-listed biopharmaceutical developer, has built its oncology franchise around ivonescimab, a first-in-class PD-1/VEGF bispecific antibody. The drug already has multiple approved and reimbursed indications in non-small cell l...
Akeso Schedules Board Meeting to Approve 2026 Interim Results
Aug 17, 2026
Akeso, Inc. has scheduled a board meeting for August 27, 2026, to review and approve the interim results for the six months ended June 30, 2026, and to authorize their publication. The announcement signals the upcoming disclosure of the company...
Akeso Wins Third NMPA Nod for Ivonescimab in Advanced Lung Cancer
Aug 12, 2026
Akeso has secured National Medical Products Administration approval in China for a third major indication of its bi-specific antibody ivonescimab, branded 依達方, as a first-line treatment in combination with chemotherapy for adv...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.