Antengene Corporation Limited (“Antengene-B”, 06996.HK) released its audited results for the year ended 31 December 2025.
Financial Performance • Revenue grew 14.5% year-on-year to RMB105.34 million, supported by deeper market penetration and expanded commercial partnerships for lead product selinexor (XPOVIO®/希維奧®). • Gross profit improved 17.0% to RMB88.03 million, while the gross margin edged up to 83.6% (FY24: 81.8%). • Research & development expenditure declined 34.7% to RMB169.10 million, reflecting completion of late-stage programmes and tighter cost controls. • Selling & distribution expenses fell 6.2% to RMB69.16 million; administrative expenses contracted 17.7% to RMB87.47 million. • Other expenses surged to RMB38.16 million (FY24: RMB3.84 million), mainly due to a RMB31.49 million foreign-exchange loss from RMB appreciation against the US dollar. • Reported net loss narrowed 25.1% to RMB239.13 million. Adjusted loss (excluding share-based payments) declined 23.5% to RMB233.00 million; adjusted loss excluding FX effects decreased 33.7% to RMB201.51 million. • Basic loss per share was RMB0.38 (FY24: RMB0.51).
Balance Sheet & Liquidity • Cash and bank balances stood at RMB733.87 million (31 Dec 2024: RMB900.14 million), after funding R&D and operating activities. • Current ratio remained strong at 296.7%; gearing ratio (total liabilities/total assets) increased to 48.9% following reclassification of properties and new borrowings. • Investment properties of RMB379.98 million were pledged against RMB251.00 million of interest-bearing bank loans.
Commercial Asset – Selinexor (XPOVIO®) • FY25 approvals: China (July), Hong Kong (December), Indonesia (March), Malaysia (December), Taiwan reimbursement (effective March) for multiple myeloma and rrDLBCL combination indications. • Post-period: South Korea’s NHIS approved XVd reimbursement effective 1 March 2026. • Selinexor is now approved in 10 Asia-Pacific markets and included in national reimbursement lists in five.
Pipeline Highlights • ATG-022 (CLDN18.2 ADC) completed Phase II CLINCH study; granted Breakthrough Therapy Designation by China NMPA in August and IND clearance for CLINCH-2 combination trials in December. Pivotal study targeted to begin 2H 2026. • ATG-037 (CD73 inhibitor) advanced to Phase Ib/II, showing 21.4% ORR and 78.6% DCR in CPI-resistant tumours. • ATG-031 (anti-CD24 mAb) completed Phase I in the US; ATG-101 (PD-L1/4-1BB bsAb) preparing for Phase I/II in China. • Proprietary AnTenGager™ “2+1” T-cell engager platform progressed with multiple pre-clinical assets; ATG-201 global licence signed with UCB in March 2026 (upfront & near-term milestones: USD80 million, plus up to USD1.1 billion in milestones and tiered royalties).
Capital Allocation • As at 31 Dec 2025, RMB309.35 million of IPO proceeds remained unutilised, earmarked primarily for pre-clinical and early-stage clinical programmes, with full deployment targeted by end-2027. • During FY25, the company repurchased 202,500 shares for HKD1.52 million, which are held as treasury shares.
Dividend The Board will not declare a final dividend for FY25.
Outlook Management prioritises advancing ATG-022 and ATG-037, expanding the AnTenGager™ platform portfolio, and driving further commercial uptake of selinexor across Asia-Pacific markets.