By Fineline Cube 
China-based Akeso Biopharma (HKG: 9926) released its 2024 financial report, recording RMB 2.124 billion (USD 293 million) in revenues, a 53.08% year-on-year (YOY) decrease. Despite the overall revenue decline, product sales grew significantly to RMB 2 billion (USD 276 million), up 24.88% YOY. Licensing income was reported at RMB 121.6 million (USD 16.8 million), primarily from upfront payments from its US partner Summit Therapeutics Inc. (NASDAQ: SMMT) for ivonescimab.
Key Product Approvals and Commercialization
In 2024, Akeso achieved several milestones, including the marketing approval of the PD-1/VEGF bispecific antibody ivonescimab and the expansion of indications for the PD-1/CTLA-4 bispecific antibody cadonilimab. Both drugs have initiated over 20 regulatory and Phase III studies globally. Additionally, the anti-CD47 monoclonal antibody ligufalimab (AK117) has entered Phase III trials in solid tumors, while next-generation antibody-drug conjugates (ADCs), bispecific ADCs, and autoimmune bispecific antibodies have also advanced into clinical trials.
Non-Oncology Expansion
Akeso has made significant progress in non-oncology sectors. The PCSK9 inhibitor ebronucimab was approved for marketing in China in September 2024. The company also plans to launch the IL-12/IL-23 monoclonal antibody ebdarokimab and the anti-IL-17 agent gumokimab, further diversifying its therapeutic portfolio.-Fineline Info & Tech