Antengene Corporation Limited released unaudited interim results for the six months ended 30 June 2026, posting a dramatic turnaround driven by landmark out-licensing deals.
Financial Highlights • Revenue surged to RMB 513.08 million (H1 2025: RMB 53.18 million), a 9.6-fold increase. • Net profit reached RMB 216.35 million, reversing a RMB 76.38 million loss in the prior-year period. • Adjusted profit (excluding share-based payments) was RMB 217.20 million; excluding foreign-exchange movements, adjusted profit rose to RMB 284.68 million. • Gross margin expanded to 93.6%, versus 80.7% a year earlier, reflecting the high-margin nature of licensing income. • R&D spending climbed 53.7% to RMB 122.92 million as pipeline advancement accelerated. • Selling and distribution costs eased 4.7% to RMB 35.25 million; administrative expenses fell 8.6% to RMB 35.92 million on efficiency gains. • Other expenses rose to RMB 77.26 million, mainly due to a RMB 67.48 million foreign-exchange loss linked to USD-denominated balances. • Cash and bank balances stood at RMB 764.93 million, up 4.23% from end-2025; current ratio improved to 494.5%. • No interim dividend was declared.
Top-Line Drivers Licensing and collaboration fees contributed RMB 457.86 million, or 89% of total revenue, reflecting two major transactions: 1. USD 60.00 million upfront from UCB for worldwide rights to ATG-201 (CD19 × CD3 T-cell engager), with up to USD 1.10 billion in potential milestones. 2. Approximately USD 20.00 million upfront and near-term consideration from K2 Therapeutics for ATG-106 (CDH6 × CD3 T-cell engager), plus up to USD 960.50 million in milestones.
Product sales of first-in-class XPO1 inhibitor Selinexor (XPOVIO/希維奧) generated RMB 55.22 million, marginally above the prior-year level. In March 2026, South Korea’s National Health Insurance Service added Selinexor (in combination with bortezomib and dexamethasone) to the reimbursement list for multiple myeloma, supporting regional commercial momentum.
Pipeline & Business Development • ATG-022 (Claudin 18.2 ADC): Phase I/II data showed up to 46.7% ORR; China’s CDE endorsed a pivotal Phase III CLINCH-3 trial for CLDN18.2-positive gastric/GEJ cancer. • ATG-037 (oral CD73 inhibitor): Phase II STAMINA study ongoing; February collaboration signed with Junshi Biosciences to test combination with bispecific antibody JS207. • ATG-201: China IND approval obtained in June to begin Phase I (ATTRACT) in B-cell autoimmune diseases. • Preclinical pipeline strengthened by the AnTenGager “2+1” T-cell engager platform, featuring multiple first-/best-in-class bispecific and trispecific candidates with planned 2027 IND filings.
Balance Sheet & Liquidity Total assets reached RMB 1.52 billion; cash resources and a modest debt position (RMB 251.00 million in bank borrowings) underpin ongoing R&D and partnering activities. Investment properties valued at RMB 371.39 million provide additional income diversification via a 13-year lease initiated in February 2026.
Capital Allocation Unutilised IPO proceeds amounted to RMB 212.99 million, earmarked mainly for pre-clinical and clinical development, with full deployment targeted by end-2027. The company repurchased 1.83 million shares post-period for HKD 7.57 million, holding them as treasury shares.
Outlook Management prioritises advancing late-stage assets—particularly ATG-022 and ATG-037—while further monetising the AnTenGager platform. With expanded geographic reimbursement for Selinexor and a strengthened cash position, Antengene targets accelerated clinical progress and additional strategic partnerships in the coming periods.