Akeso, Inc. (HK:9926)
:9926
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Akeso, Inc.
(9926)
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Rating:53Neutral
Price Target:
HK$114.00
▼(-24.50% Downside)
Action:Reiterated
Date:05/02/26
The score is held back primarily by weak financial quality—recent heavy losses and negative operating/free cash flow—despite strong revenue momentum and high gross margins. Technicals are moderately supportive with the stock trading above key longer-term moving averages and a positive MACD, but valuation remains challenged due to losses and no dividend yield data.
Positive Factors
Revenue Growth Momentum
A clear top-line rebound in 2025 signals improving commercial traction and execution on launches. Durable revenue momentum supports scale benefits, enhances the probability of pipeline commercialization funding internally, and underpins medium-term planning even if profitability recovery is still in progress.
Negative Factors
Weak Cash Generation
Sustained negative operating and free cash flow creates structural funding risk: continuing cash burn forces reliance on external financing or asset monetization, which can dilute shareholders or constrain R&D and commercialization investments, limiting long-term strategic flexibility.
Read all positive and negative factors
Positive Factors
Negative Factors
Revenue Growth Momentum
A clear top-line rebound in 2025 signals improving commercial traction and execution on launches. Durable revenue momentum supports scale benefits, enhances the probability of pipeline commercialization funding internally, and underpins medium-term planning even if profitability recovery is still in progress.
Read all positive factors
Akeso, Inc. (9926) vs. iShares MSCI Hong Kong ETF (EWH)
Market Cap
HK$105.93B
Dividend YieldN/A
Average Volume (3M)11.45M
Price to Earnings (P/E)―
Beta (1Y)0.48
Revenue Growth44.03%
EPS Growth-108.83%
CountryHK
Employees3,035
SectorHealthcare
Sector Strength45
IndustryBiotechnology
Share Statistics
EPS (TTM)-1.22
Shares Outstanding921,143,200
10 Day Avg. Volume8,237,327
30 Day Avg. Volume11,452,631
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$168.95Price Target Upside11.89% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering12
EPS Forecast (FY)0.12
Revenue Forecast (FY)HK$5.11B
Akeso, Inc. Business Overview & Revenue Model
Company Description
Akeso, Inc., a biopharmaceutical company, researches, develops, manufactures, and commercializes therapies. The company develops AK104, a PD-1/CTLA-4 bi-specific antibody to treat cervical cancer, gastric cancer (GC), gastroesophageal junction (GE...
How the Company Makes Money
Akeso makes money primarily by commercializing its proprietary biologic drugs and by partnering its drug candidates with other pharmaceutical companies.
Key revenue streams include:
1) Product sales: Revenue from the sale of its approved and comm...
Akeso, Inc. Financial Statement Overview
Summary
Income Statement
54
Neutral
Balance Sheet
63
Positive
Cash Flow
42
Neutral
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 2.98B | 2.12B | 4.53B | 837.66M | 225.63M |
| Gross Profit | 2.34B | 1.83B | 4.39B | 734.54M | 195.41M |
| EBITDA | -880.31M | -604.99M | 2.17B | -1.27B | -1.32B |
| Net Income | -1.08B | -514.51M | 2.03B | -1.17B | -1.07B |
Balance Sheet | |||||
| Total Assets | 16.01B | 12.75B | 9.18B | 5.50B | 4.81B |
| Cash, Cash Equivalents and Short-Term Investments | 9.18B | 7.32B | 4.88B | 2.29B | 2.65B |
| Total Debt | 4.56B | 3.95B | 2.99B | 1.88B | 859.42M |
| Total Liabilities | 7.06B | 6.00B | 4.66B | 2.95B | 1.53B |
| Stockholders Equity | 9.05B | 6.81B | 4.69B | 2.64B | 3.16B |
Cash Flow | |||||
| Free Cash Flow | -1.83B | -1.11B | 1.59B | -2.02B | -1.71B |
| Operating Cash Flow | -1.11B | -527.62M | 2.47B | -1.24B | -1.00B |
| Investing Cash Flow | -4.17B | -1.52B | -4.00B | -889.75M | -579.59M |
| Financing Cash Flow | 3.72B | 3.39B | 960.89M | 1.49B | 1.59B |
Akeso, Inc. Technical Analysis
Negative
151.00
Price Trends
128.07
Negative
119.86
Negative
127.25
Negative
Market Momentum
-3.70
Positive
32.15
Neutral
8.44
Positive
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 151 is above the 20-day moving average (MA) of 131.20, above the 50-day MA of 128.07, and above the 200-day MA of 127.25, indicating a bearish trend. The MACD of -3.70 indicates Positive momentum. The RSI at 32.15 is Neutral, neither overbought nor oversold. The STOCH value of 8.44 is Positive, 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 |
|---|---|---|---|---|---|---|---|
73 Outperform | HK$38.67B | ― | 25.67% | ― | 16.65% | 0.87% | |
64 Neutral | HK$138.02B | 145.72 | 4.82% | ― | 38.55% | ― | |
56 Neutral | HK$65.25B | 36.25 | 32.32% | ― | 80.08% | ― | |
53 Neutral | HK$105.93B | -43.30 | -14.26% | ― | 44.03% | -108.83% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
50 Neutral | HK$39.90B | -256.36 | -10.78% | ― | 34.19% | 47.97% | |
47 Neutral | HK$16.24B | -9.51 | -24.29% | ― | 8.50% | 35.24% |
* Healthcare Sector Average
HK:9926
Akeso, Inc.
115.00
27.10
30.83%
HK:1801
Innovent Biologics
79.40
23.50
42.04%
HK:9688
Zai Lab Ltd
14.35
-10.95
-43.28%
HK:9995
RemeGen Co. Ltd. Class H
85.80
38.90
82.94%
HK:1877
Shanghai Junshi Biosciences Co., Ltd. Class H
23.16
6.22
36.72%
HK:2696
Shanghai Henlius Biotech, Inc. Class H
71.15
27.65
63.56%
Akeso, Inc. Corporate Events
Akeso Boosts Revenue and R&D While Trimming Adjusted EBITDA Loss in 2025
Mar 26, 2026
Akeso reported strong top-line growth for 2025, with revenue rising 43.9% year on year to RMB3.06 billion, driven largely by the initial inclusion of its first-in-class bispecific antibodies cadonilimab and ivonescimab in China’s National Re...
Akeso Schedules Board Meeting to Approve 2025 Annual Results
Mar 16, 2026
Akeso, Inc. has scheduled a board meeting for March 26, 2026 to review and approve the annual results for the financial year ended December 31, 2025, and to authorize their publication. The timing signals the company is moving toward its regular r...
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.