Alphamab Oncology (HKG: 9966), a Chinese biopharmaceutical company, has released its financial performance and business updates for 2023. The company reported revenues of RMB 218.77 million (USD 27.6 million), marking a 31.12% increase year-on-year (YOY). Product sales accounted for RMB 195.55 million (USD 27 million), with a YOY growth of 32.54%. Research and development expenses were recorded at RMB 40.752 million (USD 5.6 million), a decrease of 12.97% YOY. The total losses for the period were RMB 210.59 million (USD 29.1 million), down by 35.35% YOY. As of December 31, 2023, Alphamab’s cash reserves were substantial at RMB 1.40724 billion (USD 194.6 million).
The company’s core product, envafolimab (KN035), known as the world’s first and only PD-L1 single-domain antibody and human IgG1 Fc fusion protein suitable for subcutaneous injection, is undergoing multiple pivotal studies in China and the United States. It is being explored as a perioperative treatment for resectable non-small cell lung cancer and as a first-line combination therapy for advanced endometrial cancer, among other indications. In a significant deal, Alphamab entered into a USD 700 million licensing agreement with Glenmark Pharmaceuticals Ltd (NSE: GLENMARK), granting the Indian company exclusive rights to develop and commercialize the drug in several international markets.
Alphamab has three products in late-stage development. The PD-L1/CTLA-4 bispecific antibody (BsAb) KN046 is involved in nearly 20 clinical studies across China, the United States, and Australia, covering over 10 types of tumors at various stages, including non-small cell lung cancer, pancreatic cancer, thymus cancer, liver cancer, esophageal squamous cell cancer, and triple negative breast cancer. KN026, a BsAb targeting HER2 and binding to two distinct HER2 epitopes simultaneously, is the subject of numerous clinical studies in HER2 positive breast cancer. Additionally, the HER2-targeted antibody drug conjugate (ADC) JSKN003 has initiated Phase III clinical studies in advanced breast cancer with low HER2 expression.- Flcube.com
