Alphamab Oncology (9966) AI Stock Analysis

• Market Cap: HK$8.68B
• Dividend Yield: N/A
• Average Volume (3M): 3.94M
• Price to Earnings (P/E): 34.0
• Beta (1Y): 1.71
• 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: 974,293,700
• 10 Day Avg. Volume: 3,868,184
• 30 Day Avg. Volume: 3,937,702
• 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$13.65
• Price Target Upside: 42.48% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 2
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 53 Neutral
• Price Target: HK$9.00 ▼(-6.05% Downside)

Alphamab Oncology's overall stock score is primarily influenced by strong revenue growth and improved profitability, offset by significant concerns in cash flow generation and a high P/E ratio indicating potential overvaluation. Technical analysis provides mixed signals, with bearish momentum and potential overbought conditions.

Positive Factors

Revenue Growth

Sustained 200%+ revenue growth indicates rapidly expanding commercial traction and adoption of therapies, improving the company's ability to scale R&D and commercialization. Over 2-6 months this supports durable top-line momentum and strengthens negotiating leverage with partners.

High Gross and Net Margins

Very high gross margin and a positive net margin signal strong pricing power and efficient product economics in biotherapeutics. These margins provide durable capacity to fund R&D and commercialization, improving long-term self-funding potential and resilience to cost pressures.

Conservative Leverage and Equity Base

High equity ratio and minimal leverage give the company financial flexibility to invest in clinical programs, weather biotech volatility, and pursue partnerships or M&A without near-term refinancing risk. This balance-sheet strength supports multi-quarter strategic execution.

Negative Factors

Weak Cash Generation

Zero operating and free cash flow despite reported profitability indicates earnings are not yet translating into liquid cash. This structural gap raises dependence on external funding or milestones and constrains sustainable reinvestment and dividend capacity over the medium term.

Moderate Return on Equity

A single-digit ROE suggests the company currently earns only moderate returns on shareholder capital despite strong margins and growth. Over the next few quarters this may reflect heavy reinvestment or capital inefficiency, limiting long-term shareholder value creation.

Revenue Reliance on Milestones and Licensing

Significant dependence on milestone payments, royalties and partnerships makes revenue streams lumpy and contingent on third-party clinical and commercial decisions. This structural revenue mix reduces predictability and increases risk to long-term cash flow stability.

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 sale of its therapeutic products. The company’s revenue model includes direct sales of its approved therapies to hospitals and clinics, as well as licensing agreements with larger pharmaceutical companies for the development and commercialization of its drug candidates. Key revenue streams arise from milestone payments and royalties associated with its partnerships. Additionally, Alphamab may receive funding through strategic collaborations and research grants aimed at advancing its pipeline of cancer therapies. Significant partnerships with other biotech firms or pharmaceutical companies further enhance its earnings potential by providing access to broader markets and shared research costs.

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 performance score.

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: Negative
• Last Price: 9.58
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• 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 Negative. The current price of 9.58 is below the 20-day moving average (MA) of 9.88, below the 50-day MA of 10.19, and below the 200-day MA of 9.59, indicating a bearish trend. The MACD of -0.36 indicates Positive momentum. The RSI at 36.53 is Neutral, neither overbought nor oversold. The STOCH value of 24.37 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for HK:9966.

Alphamab Oncology Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
2256	57 Neutral	HK$8.50B	44.66	6.73%	―	23.37%	―
1672	54 Neutral	HK$13.69B	-48.42	-12.74%	―	-76.58%	-4.90%
9966	53 Neutral	HK$8.68B	33.97	13.34%	―	206.58%	―
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
2142	51 Neutral	HK$10.51B	16.10	35.80%	―	59.70%	239.97%
3681	45 Neutral	HK$1.87B	-9.46	-55.33%	―	-100.00%	30.68%
2157	40 Underperform	HK$8.66B	-41.39	-21.42%	―	240.05%	-140.09%

Alphamab Oncology Corporate Events

Alphamab Oncology’s KN035 NDA for First-Line Biliary Tract Cancer Accepted by China’s NMPA

Alphamab Oncology announced that China’s National Medical Products Administration has accepted its new drug application for KN035 (Envafolimab, ENWEIDA) in combination with GEMOX chemotherapy as a first-line treatment for unresectable or metastatic biliary tract cancer, based on data from a phase III trial in Chinese patients comparing the combo against GEMOX alone. KN035, a subcutaneously injected PD-L1 inhibitor invented by Alphamab and co-developed with 3D Medicines, is already approved in China for certain MSI-H/dMMR advanced solid tumors and is licensed to partners including Jiangsu Simcere for marketing in mainland China and Glenmark for development and commercialization across multiple emerging markets, underscoring the company’s strategy to expand the drug’s global oncology footprint while it seeks to broaden its label into earlier-line BTC treatment.

The most recent analyst rating on (HK:9966) stock is a Hold with a HK$11.00 price target. To see the full list of analyst forecasts on Alphamab Oncology stock, see the HK:9966 Stock Forecast page.

Alphamab Wins CDE Acceptance for Phase II Trial of Novel Cervical Cancer Therapy JSKN033

Alphamab Oncology announced that China’s Center for Drug Evaluation has officially accepted its Investigational New Drug application for a phase II clinical trial of JSKN033, a high-concentration subcutaneous co-formulation of a HER2 bispecific ADC and a PD-L1 immune checkpoint inhibitor, in combination with platinum-based chemotherapy with or without bevacizumab as a first-line treatment for advanced cervical cancer. The open-label, multicenter study will assess the safety, efficacy and pharmacokinetic/pharmacodynamic profile of JSKN033 plus cisplatin or carboplatin, and potentially bevacizumab, marking a significant step in advancing Alphamab’s novel combination biologic and reinforcing its strategy to build a differentiated oncology portfolio that could enhance its competitive position in the global cancer therapeutics market.

The most recent analyst rating on (HK:9966) stock is a Hold with a HK$11.00 price target. To see the full list of analyst forecasts on Alphamab Oncology stock, see the HK:9966 Stock Forecast page.

Alphamab Oncology’s JSKN003 Receives FDA Breakthrough Therapy Designation

Alphamab Oncology announced that its breakthrough HER2-targeting ADC, JSKN003, has been granted Breakthrough Therapy Designation (BTD) by the FDA for advanced platinum-resistant ovarian and related cancers, signaling the therapy’s clinical potential amid significant unmet treatment needs. This milestone reinforces Alphamab’s position in oncology innovation, as it accelerates JSKN003’s regulatory review and clinical development globally, benefiting cancer patients while enhancing the company’s international credibility.

The most recent analyst rating on (HK:9966) stock is a Hold with a HK$11.00 price target. To see the full list of analyst forecasts on Alphamab Oncology stock, see the HK:9966 Stock Forecast page.

Alphamab Oncology Advances Revolutionary JSKN027 ADC to Clinical Stage

Alphamab Oncology announced that its Investigational New Drug (IND) application for JSKN027, a first-in-class PD-L1/VEGFR2 bispecific antibody-drug conjugate (ADC), has been officially accepted by China’s Center for Drug Evaluation (CDE). This milestone positions JSKN027 as a potentially groundbreaking treatment for advanced malignant solid tumors, offering a robust three-fold synergistic mechanism that emphasizes targeted chemo, immune checkpoint disruption, and anti-angiogenesis effects. Its acceptance reflects the company’s innovative approach and reinforces its standing in the competitive oncology space, potentially providing significant benefits to patients and stakeholders.

The most recent analyst rating on (HK:9966) stock is a Hold with a HK$11.00 price target. To see the full list of analyst forecasts on Alphamab Oncology stock, see the HK:9966 Stock Forecast page.

Alphamab Oncology Initiates HK$30 Million Share Repurchase Plan

Alphamab Oncology announced a decision to repurchase up to HK$30 million worth of its own shares from the open market, as authorized by a mandate approved at their annual general meeting. This move is intended to reflect the company’s confidence in its business prospects and to potentially enhance shareholder value, while being financed through existing cash reserves. The repurchase plan is subject to market conditions and regulatory compliance, with no guarantee on the timing or quantity of shares to be repurchased.

The most recent analyst rating on (HK:9966) stock is a Hold with a HK$11.00 price target. To see the full list of analyst forecasts on Alphamab Oncology stock, see the HK:9966 Stock Forecast page.