Alphamab Oncology (9966) AI Stock Analysis

• Market Cap: HK$14.32B
• Dividend Yield: N/A
• Average Volume (3M): 3.76M
• Price to Earnings (P/E): 53.2
• Beta (1Y): 1.84
• Revenue Growth: 206.58%
• EPS Growth: N/A
• Country: HK
• Employees: 420
• Sector: Healthcare
• Sector Strength: 45
• Industry: Biotechnology
• EPS (TTM): 0.02
• Shares Outstanding: 974,147,700
• 10 Day Avg. Volume: 2,362,240
• 30 Day Avg. Volume: 3,764,223
• PEG Ratio: -0.11
• Price to Book (P/B): 1.76
• Price to Sales (P/S): 5.03
• P/FCF Ratio: 16.88
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: HK$11.50
• Price Target Upside: -17.62% Downside
• Rating Consensus: Hold
• Number of Analyst Covering: 0

• Rating: 64 Neutral
• Price Target: HK$13.50 ▼(-3.30% Downside)

Alphamab Oncology's strong technical momentum and revenue growth are significant positives, but the high valuation and lack of cash flow generation are notable concerns. The stock's bullish trend is tempered by potential overvaluation and cash flow challenges.

Alphamab Oncology Business Overview & Revenue Model

Company Description

Alphamab Oncology, a clinical stage biopharmaceutical company, engages in the discovery, development, manufacture, and commercialization of oncology biologics. Its product pipeline includes KN046, a bispecific monoclonal antibody (BsAb) immune checkpoint inhibitor, which is in pivotal Phase III clinical trials that targets clinically-validated immune checkpoints, including programmed death ligand 1 (PD-L1) and cytotoxic T-lymphocyte-associated protein 4 (CTLA-4); and KN026, a next generation anti-human epidermal growth factor receptor 2 (HER2) BsAb that is in Phase II clinical trials for treating HER2-positive breast cancers and I/II clinical trial treatment of heavily pre-treated breast cancers, as well as Phase II clinical trial for HER2-positive solid tumors. The company's product pipeline also comprises KN019, a CTLA-4-based immunosuppressant fusion protein, which is in Phase II clinical trial with potential broad applications in both auto-immune diseases and oncology treatment-induced immune disorders; and KN035, an injectable PD-L1 inhibitor that has completed phase II pivotal clinical trials for deficient mismatch repair/microsatellite instability-high solid tumors, and is in Phase III pivotal trials for biliary tract cancer. In addition, its product pipeline also includes KN052 an innovative PD-L1/OX40 bispecific antibody, which is in phase Ia/Ib clinical trial for the treatment of advanced solid tumors. The company was founded in 2008 and is headquartered in Suzhou, the People's Republic of China.

How the Company Makes Money

Alphamab Oncology generates revenue primarily through the development and commercialization of its proprietary therapeutic antibodies. The company's revenue streams include milestone payments and royalties from strategic partnerships and licensing agreements with global pharmaceutical companies. These partnerships enable Alphamab to leverage its innovative drug pipeline while sharing development and commercialization risks. Additionally, the company may earn revenue from government grants and research funding, as well as potential future sales of its approved drug candidates in domestic and international markets. Strategic alliances and collaborations play a significant role in Alphamab's ability to monetize its research and development efforts.

Alphamab Oncology Financial Statement Overview

Summary

Alphamab Oncology shows strong revenue growth and improved profitability, with a robust gross profit margin and positive net profit margin. However, cash flow generation is a significant concern, with zero operating and free cash flows, which impacts the overall financial health.

Income Statement

Alphamab Oncology has shown a commendable revenue growth from 2023 to 2024, significantly increasing from HK$218.77M to HK$640.08M. The gross profit margin for 2024 is robust at 90.57%, indicating efficient cost management. The net profit margin also turned positive at 25.98% from a negative position, demonstrating a turnaround in profitability. However, the EBIT and EBITDA margins, although improved, indicate room for further operational efficiency enhancements.

Balance Sheet

The balance sheet reveals a solid equity ratio of 81.69%, highlighting strong financial stability. The debt-to-equity ratio is low at 0.10, showing prudent leverage management. However, the return on equity (ROE) at 9.08% suggests moderate profitability on shareholder investment. The company maintains a healthy cash position, but consistent profitability will be crucial for sustaining this stability.

Cash Flow

Cash flow metrics are underwhelming as operating and free cash flows are zero for 2024, reflecting potential challenges in cash generation from operations. While the company has improved its net income, translating this to positive cash flow remains a critical area for improvement to ensure long-term financial health.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	785.96M	640.08M	218.77M	166.84M	146.02M	0.00
Gross Profit	725.19M	579.77M	163.54M	122.64M	142.99M	0.00
EBITDA	243.26M	156.79M	-129.30M	-391.83M	-358.13M	-390.47M
Net Income	232.81M	166.34M	-210.59M	-325.72M	-412.42M	-427.77M
Balance Sheet
Total Assets	2.36B	2.24B	2.14B	2.12B	2.71B	2.64B
Cash, Cash Equivalents and Short-Term Investments	1.64B	1.57B	1.41B	1.35B	1.99B	2.06B
Total Debt	273.48M	185.96M	257.08M	345.39M	637.27M	222.81M
Total Liabilities	503.95M	409.87M	465.00M	559.86M	834.80M	366.44M
Stockholders Equity	1.85B	1.83B	1.67B	1.56B	1.87B	2.27B
Cash Flow
Free Cash Flow	217.62M	190.56M	-239.02M	-429.96M	-478.72M	-438.00M
Operating Cash Flow	256.48M	212.34M	-202.84M	-300.31M	-320.60M	-347.18M
Investing Cash Flow	-496.65M	-92.93M	-18.11M	850.76M	574.26M	-1.52B
Financing Cash Flow	-75.05M	-98.96M	218.07M	-310.90M	363.90M	186.58M

Alphamab Oncology Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 13.96
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For HK:9966, the sentiment is Positive. The current price of 13.96 is above the 20-day moving average (MA) of 12.95, above the 50-day MA of 10.96, and above the 200-day MA of 7.35, indicating a bullish trend. The MACD of 1.04 indicates Positive momentum. The RSI at 53.80 is Neutral, neither overbought nor oversold. The STOCH value of 49.77 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for HK:9966.

Alphamab Oncology Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
2256	65 Neutral	HK$13.34B	64.49	6.73%	―	23.37%	―
9966	64 Neutral	HK$14.32B	53.22	13.34%	―	206.58%	―
2142	54 Neutral	HK$13.36B	19.10	35.80%	―	59.70%	239.97%
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
1672	48 Neutral	HK$10.49B	―	-12.74%	―	-76.58%	-4.90%
3681	45 Neutral	HK$2.74B	―	-55.33%	―	-100.00%	30.68%
2157	41 Neutral	HK$14.55B	―	-21.42%	―	240.05%	-140.09%

Alphamab Oncology Corporate Events

Alphamab Oncology’s KN026 Gains NMPA Acceptance for HER2+ Gastric Cancer Treatment

Alphamab Oncology announced that its new drug application for KN026, a bispecific antibody for HER2+ gastric cancer, has been accepted by China’s National Medical Products Administration. This marks a significant advancement as KN026 is the first anti-HER2 therapy in China to show positive results for second-line treatment of gastric cancer, potentially enhancing the company’s market position and offering new hope for patients who have exhausted other treatment options.

The most recent analyst rating on (HK:9966) stock is a Hold with a HK$11.50 price target. To see the full list of analyst forecasts on Alphamab Oncology stock, see the HK:9966 Stock Forecast page.

Alphamab Oncology Reports Strong Interim Results and Clinical Progress

Alphamab Oncology announced its interim results for the first half of 2025, reporting a significant increase in revenue and a return to profitability compared to the same period in 2024. The company achieved several milestones in its clinical trials, including the publication of results for phase II studies and the initiation of phase III trials for its promising cancer treatments. These advancements are expected to strengthen Alphamab’s position in the oncology market and potentially offer new treatment options for patients with HER2-positive and other types of cancer.

The most recent analyst rating on (HK:9966) stock is a Hold with a HK$11.50 price target. To see the full list of analyst forecasts on Alphamab Oncology stock, see the HK:9966 Stock Forecast page.

Alphamab Oncology Announces Technology Development Collaboration with Suzhou Alphamab

Alphamab Oncology has announced a supplemental agreement regarding a connected transaction with Suzhou Alphamab for technology development. The agreement outlines a payment structure where Jiangsu Alphamab will make an upfront payment followed by milestone payments linked to specific project deliverables. This collaboration is expected to enhance Alphamab’s capabilities in process development and validation, potentially strengthening its position in the oncology sector.

Alphamab Oncology Announces Positive Profit Turnaround for H1 2025

Alphamab Oncology announced a positive profit alert, expecting a profit of not less than RMB20.0 million for the first half of 2025, reversing a loss of approximately RMB44.9 million in the same period of 2024. This turnaround is attributed to milestone revenue from three licensed collaborations and sales revenue from a commercialized product, indicating a significant improvement in the company’s financial performance and market positioning.

Alphamab Oncology Schedules Board Meeting to Review Interim Results

Alphamab Oncology has announced that its board of directors will meet on August 28, 2025, to review and approve the interim financial results for the first half of the year ending June 30, 2025. This meeting is significant as it will provide insights into the company’s financial health and operational progress, impacting stakeholders’ expectations and the company’s market positioning.

Alphamab Oncology Partners with Suzhou Alphamab for ADC Development

Alphamab Oncology has announced a technology development collaboration with Suzhou Alphamab, a connected transaction under the Hong Kong Stock Exchange rules. This agreement involves Suzhou Alphamab providing technology development services for Alphamab’s bispecific antibody-drug conjugate candidate, including developing production processes and preparing samples for regulatory filings. The partnership is valued at RMB10,240,000 and is expected to enhance Alphamab’s capabilities in bringing new cancer treatments to market, potentially strengthening its position in the biopharmaceutical industry.

Alphamab Oncology’s JSKN022 IND Application Accepted by CDE

Alphamab Oncology announced that its Investigational New Drug application for JSKN022, a novel bispecific antibody-drug conjugate targeting PD-L1 and integrin αv β6, has been accepted by China’s Center for Drug Evaluation. This development marks a significant step in the company’s efforts to introduce innovative cancer therapies, particularly for tumors resistant to existing PD-1/PD-L1 inhibitors. JSKN022, leveraging proprietary technology, could potentially offer new treatment options for challenging cancers such as non-small cell lung cancer and colorectal cancer.

Alphamab Oncology’s JSKN003 Gains U.S. FDA Approval for Phase II Study

Alphamab Oncology announced that its drug JSKN003 has received approval from the U.S. FDA to begin a phase II clinical study for treating platinum-resistant ovarian cancer not restricted by HER2 expression. This approval is a significant milestone in Alphamab’s global development strategy, enhancing its competitive position in oncology therapeutics. The study will assess the safety and efficacy of JSKN003, a biparatopic HER2-targeting antibody-drug conjugate, and determine the recommended phase III dose. This development is expected to strengthen Alphamab’s innovative pipeline and impact its stakeholders positively.

Alphamab’s JSKN003 Receives Orphan Drug Designation from U.S. FDA

Alphamab Oncology announced that its drug JSKN003 has been granted Orphan Drug Designation by the U.S. FDA for treating gastric cancer and gastroesophageal junction cancer. This designation will support Alphamab’s efforts in research, development, and commercialization in the U.S., potentially offering benefits like funding, tax credits, and market exclusivity. The announcement marks a significant step in addressing the global health challenge posed by these cancers and enhances Alphamab’s position in the oncology sector.

Alphamab Oncology Directors Boost Shareholding, CEO Exercises Options

Alphamab Oncology announced an increase in shareholding by its directors and senior management, who purchased 900,000 shares between July 14 and July 16, 2025, reflecting their confidence in the company’s growth prospects. Additionally, CEO Dr. Xu Ting exercised 9,005,890 options under the company’s Pre-IPO Share Option Plan I, further demonstrating strong belief in the company’s long-term investment value. These actions comply with relevant laws and regulations, maintaining a sufficient public float of shares.