Alphamab Oncology (HKG: 9966) has announced its 2024 financial results, marking a significant milestone with its first annual profit. The company reported revenues of RMB 640.08 million (USD 88.1 million), representing a 192.58% year-on-year increase. Profits reached RMB 166.34 million (USD 22.9 million), driven primarily by sales of its core product envafolimab (KN035) and licensing fee income.
Financial Highlights
Research and development expenses remained stable at RMB 404.15 million (USD 55.6 million), reflecting strategic investment in innovation. As of December 31, 2024, the company’s cash reserves stood at RMB 1,571.47 million (USD 216.3 million), providing a strong foundation for future growth.
Core Product Performance
Envafolimab, the world’s first and currently only PD-L1 single-domain antibody and human IgG1 Fc fusion protein, continues to drive commercial success. Co-developed with 3D Medicines (HKG: 1244), the drug received approval in mainland China and Macau in 2021 and January 2024, respectively. Alphamab also secured a licensing deal with Glenmark Pharmaceuticals, granting exclusive rights to develop and commercialize the drug in multiple regions including India, Asia Pacific (excluding Singapore, Thailand, Malaysia), the Middle East, Africa, Russia, CIS, and Latin America.
Pipeline Progress
Alphamab’s innovative pipeline advanced significantly in 2024. KN026 (HER2 heterodimer bispecific antibody), JSKN003 (HER2 bispecific antibody drug conjugate), JSKN016 (HER3 × TROP2 bispecific ADC), and KN046 (CTLA-4 × PD-L1 BsAb) all entered clinical development, underscoring the company’s commitment to advancing oncology treatments.-Fineline Info & Tech
Leave a Reply