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Akeso, Inc. (HK:9926)
:9926

Akeso, Inc. (9926) AI Stock Analysis

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HK:9926

Akeso, Inc.

(9926)

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Neutral 45 (OpenAI - 5.2)
Rating:45Neutral
Price Target:
HK$98.00
▼(-8.67% Downside)
Action:ReiteratedDate:02/03/26
The score is primarily weighed down by weak financial performance (profitability and cash flow pressures) and bearish technicals (below major moving averages with negative MACD). Valuation also provides limited support due to a negative P/E and no dividend yield data.
Positive Factors
Advanced manufacturing capabilities
Akeso's advanced manufacturing capabilities provide durable operational leverage: they enable commercial scale-up, contract manufacturing revenue, and faster supply for internal launches. This diversifies revenue streams, supports margin sustainability, and strengthens strategic partner appeal over time.
Regulatory progress on key pipeline asset
Acceptance of a supplemental NDA for a second indication signals regulatory momentum for gumokimab. Gaining approvals across indications materially expands the addressable market, increases potential royalty/milestone streams and long-term commercial scale if approvals and launches succeed.
Strong gross profit margin profile
A strong gross margin implies favorable product economics and pricing power for Akeso's biologics. If maintained through scale, this supports sustainable contribution margins, funds R&D or commercialization, and helps offset operating losses while the pipeline matures.
Negative Factors
Negative operating cash flow
Persistent negative operating cash flow reduces internal funding for trials and commercialization, increasing reliance on external financing. Over months this can constrain R&D pacing, dilute equity via capital raises, and pressure long-term investment unless cash generation reverses.
Inconsistent revenue and negative margins
A sharp recent revenue decline combined with persistent negative profitability metrics signals operational and commercial challenges. Without stable top-line growth and margin recovery, the company may struggle to achieve self-sustaining profitability over the medium term.
Negative return on equity despite moderate leverage
Negative ROE shows shareholder capital is not producing returns, undermining long-term equity value. Even with manageable leverage, continued negative returns raise the risk that Akeso will need further capital or restructure operations to deliver durable investor returns.

Akeso, Inc. (9926) vs. iShares MSCI Hong Kong ETF (EWH)

Akeso, Inc. Business Overview & Revenue Model

Company DescriptionAkeso, 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 (GEJ) adenocarcinoma, hepatocellular carcinoma (HCC), non-small cell lung cancer (NSCLC), small cell lung cancer (SCLC), nasopharyngeal carcinoma (NPC), clear cell renal cell carcinoma, and solid tumors; and AK112, a PD-1/VEGF bi-specific antibody to treat solid and gynecological tumors, NSCLC, SCLC, and triple-negative breast cancer (TNBC). It is also developing AK105, a PD-1 monoclonal antibody to treat NSCLC, NPC, classic Hodgkin's lymphoma (R/R cHL), HCC, head and neck cancer, thyroid cancer, mesothelioma and thymic cancer, ESCC, UC, GC, GEJ, cholangiocarcinoma, neuroendocrine tumor, and mismatch repair deficient solid tumor; AK117, a CD47 monoclonal antibody to treat myelodysplastic syndrome, acute myeloid leukemia, GC, GEJ, ESCC, TNBC, HNSCC, R/R cHL, NPC, NSCLC, and solid tumors/lymphoma; AK119, a CD73 monoclonal antibody for treating solid tumors; and AK109, a VEGFR-2 monoclonal antibody to treat solid tumors and gastric cancer. In addition, the company develops AK120, an IL-4R monoclonal antibody to treat moderate-to-severe atopic dermatitis and asthma, and eosinophilic esophagitis; AK101, an IL-12/IL-23 monoclonal antibody to treat moderate-to-severe psoriasis and ulcerative colitis; AK111, an IL-17 monoclonal antibody to treat moderate-to-severe psoriasis and ankylosing spondylitis; and AK102, a PCSK9 monoclonal antibody to treat hypercholesterolemia. Further, its preclinical product includes AK127, a TIGIT monoclonal antibody to treat solid tumors; and AK115, a NGF monoclonal antibody. The company has collaboration agreements with Pfizer Pharmaceuticals, AstraZeneca Pharmaceuticals, and MD Anderson Medical Institute. Akeso, Inc. was founded in 2012 and is headquartered in Zhongshan, the People's Republic of China.
How the Company Makes MoneyAkeso, Inc. generates revenue primarily through the development and commercialization of its pharmaceutical products. The company's revenue model is based on several key streams, including direct sales of approved drugs, licensing agreements with other pharmaceutical companies, and milestone payments associated with the successful progress of its drug candidates through clinical trials. Additionally, Akeso may earn revenue from partnerships and collaborations that involve co-development or research initiatives. Significant partnerships with larger pharmaceutical firms may also provide upfront payments and royalties, contributing to the company's overall earnings.

Akeso, Inc. Financial Statement Overview

Summary
Income statement performance is weak (inconsistent revenue with a sharp 2023–2024 decline and persistent negative net/EBIT/EBITDA margins), while the balance sheet is moderate (manageable leverage but negative ROE) and cash flow is pressured (negative operating cash flow and weaker free cash flow).
Income Statement
45
Neutral
Akeso, Inc. has demonstrated inconsistent revenue growth, with a significant decline from 2023 to 2024. The gross profit margin remains strong, but the company has faced negative net profit margins in recent years, indicating ongoing profitability challenges. The EBIT and EBITDA margins have also been negative, highlighting operational inefficiencies.
Balance Sheet
55
Neutral
The company's balance sheet shows a moderate debt-to-equity ratio, suggesting manageable leverage. Equity ratio is relatively stable, reflecting a balanced asset structure. However, the negative ROE indicates that the company is not currently generating positive returns on equity, posing a risk to shareholder value.
Cash Flow
50
Neutral
Cash flow from operations has been negative in 2024, reflecting challenges in cash generation. Free cash flow has decreased, and the ratio of operating cash flow to net income indicates inefficiencies in cash management. Despite this, the financing cash flow suggests some level of external capital support.
BreakdownTTMDec 2024Dec 2023Dec 2022Dec 2021Dec 2020
Income Statement
Total Revenue2.51B2.12B4.53B837.66M225.63M0.00
Gross Profit2.02B1.83B4.39B734.54M195.41M-1.90M
EBITDA-704.02M-604.99M2.17B-1.27B-1.32B-1.01B
Net Income-846.01M-514.51M2.03B-1.17B-1.07B-1.04B
Balance Sheet
Total Assets13.29B12.75B9.18B5.50B4.81B3.86B
Cash, Cash Equivalents and Short-Term Investments7.14B7.32B4.88B2.29B2.65B2.80B
Total Debt4.54B3.95B2.99B1.88B859.42M198.99M
Total Liabilities6.93B6.00B4.66B2.95B1.53B405.73M
Stockholders Equity6.44B6.81B4.69B2.64B3.16B3.19B
Cash Flow
Free Cash Flow-163.83M-1.11B1.59B-2.02B-1.71B-1.06B
Operating Cash Flow-408.62M-527.62M2.47B-1.24B-1.00B-617.77M
Investing Cash Flow-3.48B-1.52B-4.00B-889.75M-579.59M-555.70M
Financing Cash Flow2.84B3.39B960.89M1.49B1.59B2.88B

Akeso, Inc. Technical Analysis

Technical Analysis Sentiment
Neutral
Last Price107.30
Price Trends
50DMA
111.19
Negative
100DMA
114.67
Negative
200DMA
120.54
Negative
Market Momentum
MACD
-2.31
Negative
RSI
51.39
Neutral
STOCH
46.57
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For HK:9926, the sentiment is Neutral. The current price of 107.3 is above the 20-day moving average (MA) of 103.88, below the 50-day MA of 111.19, and below the 200-day MA of 120.54, indicating a neutral trend. The MACD of -2.31 indicates Negative momentum. The RSI at 51.39 is Neutral, neither overbought nor oversold. The STOCH value of 46.57 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for HK:9926.

Akeso, Inc. Peers Comparison

Overall Rating
UnderperformOutperform
Sector (51)
Financial Indicators
Name
Overall Rating
Market Cap
P/E Ratio
ROE
Dividend Yield
Revenue Growth
EPS Growth
63
Neutral
HK$150.36B10.609.79%16.90%63.11%
61
Neutral
$144.54B36.498.22%52.78%
54
Neutral
HK$109.63B12.7611.72%1.40%13.69%50.71%
51
Neutral
$7.86B-0.30-43.30%2.27%22.53%-2.21%
47
Neutral
HK$60.10B51.47-39.64%46.14%39.56%
45
Neutral
HK$98.84B-32.76-14.40%33.46%-7.60%
38
Underperform
HK$32.12B-22.62-15.06%38.56%48.26%
* Healthcare Sector Average
Performance Comparison
Ticker
Company Name
Price
Change
% Change
HK:9926
Akeso, Inc.
107.30
37.50
53.72%
HK:1177
Sino Biopharmaceutical
6.13
2.83
85.53%
HK:1801
Innovent Biologics
83.30
44.30
113.59%
HK:2269
Wuxi Biologics (Cayman)
36.34
12.59
53.01%
HK:9995
RemeGen Co. Ltd. Class H
85.30
68.68
413.24%
HK:1877
Shanghai Junshi Biosciences Co., Ltd. Class H
19.33
4.87
33.68%

Akeso, Inc. Corporate Events

Akeso Grants JumpCan Exclusive Mainland China Rights to Cholesterol Drug 伊喜寧®
Feb 3, 2026

Akeso, Inc. has granted Hubei JumpCan Pharmaceutical’s subsidiaries exclusive rights to commercialize its newly approved PCSK9 monoclonal antibody ebronucimab injection (伊喜寧®) in mainland China, in exchange for an RMB80 million licence fee and up to RMB10 million in milestone payments. Under the deal, JumpCan will take over commercialization and sales of the drug, which has been approved for primary hypercholesterolemia and mixed hyperlipidemia, included in China’s National Reimbursement Drug List, and recommended in key national clinical guidelines, positioning Akeso to monetize its innovation while leveraging JumpCan’s extensive domestic sales network and potentially accelerating market penetration in the fast-growing cardiovascular therapeutics segment.

The most recent analyst rating on (HK:9926) stock is a Hold with a HK$116.00 price target. To see the full list of analyst forecasts on Akeso, Inc. stock, see the HK:9926 Stock Forecast page.

Akeso Details Long-Term MAb Contract Manufacturing and Demand Assumptions
Jan 26, 2026

Akeso, Inc. has provided additional details on its long-term contract manufacturing arrangement involving CTTQ-Akeso, Akeso Biopharma, Chai Tai Tianqing and Nanjing Tianqing, clarifying that the supplemental agreement for MAb product manufacturing runs until August 29, 2039, with the option for the parties to negotiate a new agreement upon expiry, subject to compliance with Hong Kong listing requirements. The company elaborated that procurement pricing for MAb products will be based on Nanjing Tianqing’s actual manufacturing costs plus a reasonable profit margin benchmarked against listed contract manufacturers, and that proposed annual procurement caps factor in expected demand growth driven by the inclusion of penpulimab in China’s National Reimbursement Drug List from January 2026, anticipated new indications, potential new markets, and a single-digit buffer for unforeseen increases, while also disclosing more detail on the shareholder structure of Chia Tai Tianqing.

The most recent analyst rating on (HK:9926) stock is a Hold with a HK$116.00 price target. To see the full list of analyst forecasts on Akeso, Inc. stock, see the HK:9926 Stock Forecast page.

Akeso Restructures MAb Manufacturing Deal as Joint Venture Becomes Connected Transaction
Dec 31, 2025

Akeso has updated the contractual framework governing the manufacturing of its monoclonal antibody products for its joint venture CTTQ-Akeso, which was established with partner Chia Tai Tianqing. Under a supplemental agreement effective 1 January 2025, CTTQ-Akeso will, in principle, source equal quantities of MAb products from both Akeso Biopharma and Nanjing Tianqing, reflecting a shared production arrangement between the two manufacturing partners. Because CTTQ-Akeso is no longer classified as an insignificant subsidiary, Chia Tai Tianqing and its 95%-owned Nanjing Tianqing have become connected persons at the subsidiary level, making the supplemental agreement a continuing connected transaction subject to Hong Kong listing rule disclosure and annual review requirements. Akeso acknowledged that this supplemental agreement should have been announced earlier and attributed the delay to an inadvertent oversight, and it has appointed Rainbow Capital as independent financial adviser to justify the longer-than-three-year term of the agreement, underscoring the company’s need to align its collaboration structures with ongoing regulatory compliance obligations.

The most recent analyst rating on (HK:9926) stock is a Hold with a HK$130.00 price target. To see the full list of analyst forecasts on Akeso, Inc. stock, see the HK:9926 Stock Forecast page.

Akeso’s Innovative Drugs Included in China’s 2025 NRDL
Dec 7, 2025

Akeso, Inc. announced that all approved indications of its five marketed innovative drugs have been included in China’s 2025 National Reimbursement Drug List (NRDL), effective January 1, 2026. This inclusion is expected to enhance the company’s market presence and accessibility of its treatments, potentially benefiting patients with various conditions such as cancer, hypercholesterolemia, and psoriasis.

The most recent analyst rating on (HK:9926) stock is a Hold with a HK$130.00 price target. To see the full list of analyst forecasts on Akeso, Inc. stock, see the HK:9926 Stock Forecast page.

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.Date of analysis: Feb 03, 2026