Akeso (9926.HK) reports revenue drop, posts loss for 2024

Akeso, Inc. (HKEX: 9926) reported a significant decrease in revenue for the year ended December 31, 2024, totaling RMB2,123.9 million, a 53.08% drop from RMB4,526.3 million in 2023. This decline resulted in a net loss of RMB501.1 million, reversing the previous year's profit of RMB1,942.4 million. Despite the overall revenue decrease, commercial sales (net of distribution costs) increased by 24.88% to RMB2,002.4 million. License income amounted to RMB121.6 million, primarily from an upfront payment related to an amendment to the SUMMIT collaboration agreement. The company cited the decrease in upfront payments as the primary driver of the year's decreased financial performance. Akeso continues to advance its clinical programs with several key products and partnerships, focusing on oncology, autoimmune, and metabolic diseases. Akeso's cash reserves remain strong at RMB7,343.9 million.