Akeso

Akeso is a Hong Kong-listed Chinese drugmaker that discovers and sells bispecific antibodies, led by the lung cancer drug ivonescimab, which it licensed to Summit Therapeutics for the U.S., Europe and other regions.

The world Akeso works in, not its own labs. Credits in the footer.

Ticker: 9926
Listing: HKEX, China
Next date: October 25, 2026
Chief executive: Dr. Michelle Xia (Xia Yu), Founder, Chairwoman, President and CEO

Desk view · Opinion · Updated Oct 22, 2026

Akeso has won in China. The FDA is the next test

Akeso has head-to-head survival wins against three standard cancer regimens and a growing, cash-generating business in China. Its global value depends on whether Western regulators and trials confirm what Chinese trials have shown. The November FDA decision and the HARMONi-3 readout are the tests that matter.

Read the full desk view

aibio.space Investor Rank · Opinion

8/10 Positive view

Ivonescimab has beaten three standard regimens on survival in China and sales are growing, but Western approval and the HARMONi-3 readout remain open.

Technology: 2/2
Odds: 1/2
Balance sheet: 2/2
Risk: 1/2
Momentum: 2/2

Opinion only. The Investor Rank is aibio.space's opinion of the company's business position, drawn from the public sources on this page. It is not a recommendation to buy, sell or hold any security and it is not investment advice. It does not consider the share price, valuation or your circumstances, and it can change at any time. Payments from companies never affect it. How the rank works.

Technology: Proven in China. Ivonescimab has beaten pembrolizumab, tislelizumab and durvalumab regimens on survival in Chinese phase 3 trials, including a 0.73 hazard ratio against pembrolizumab in HARMONi-2.
Odds: Western approval still open. Summit's first FDA decision is due November 14, 2026, and the global HARMONi-3 trial has yet to read out its main analysis.
Balance sheet: Well funded. Akeso held RMB 9,160.0 million in cash and short-term financial assets and grew first-half 2026 sales 28.7%.
Main risk: China data may not travel. Most survival wins come from China-only trials, and Western development depends on its U.S. partner, Summit Therapeutics.
Watch next: ESMO, then the FDA. Full biliary tract data come October 25, and the FDA goal date for ivonescimab is November 14, 2026.

Dates

October 25, 2026
Full HARMONi-GI1 biliary tract cancer data in the ESMO 2026 Presidential Symposium (LBA8) Source

November 14, 2026
FDA PDUFA goal date for Summit's ivonescimab BLA in EGFR-mutated NSCLC Source

Second half of 2026
Primary PFS analysis of the squamous cohort in Summit's global HARMONi-3 trial Source

Q4 2026
First U.S. site activations for the EA2251 biliary tract cancer trial Source

The money

RMB 9,160.0 million in cash, cash equivalents and other short-term financial assets as of the 2026 interim reporting date. No runway guidance given. Source

Commercial sales revenue of about RMB 1,803.2 million in the first half of 2026, up 28.7% year over year (Akeso reports half-yearly). Source

Risks on the record

Ivonescimab caused more serious side effects than pembrolizumab in an earlier published analysis of HARMONi-2: grade 3 or worse treatment-related adverse events in 29% versus 16%. Source
Most of ivonescimab's survival wins come from trials run only in China; Summit notes HARMONi-6 data were generated and analyzed by Akeso in a single-region study. Source
In HARMONi-2 the survival benefit was not clear in patients with PD-L1 of 1% to 49% (hazard ratio 0.85, 95% CI 0.61 to 1.18). Source

Questions investors ask

What is aibio.space's Investor Rank for Akeso?

8 out of 10, our positive view. Ivonescimab has beaten three standard regimens on survival in China and sales are growing, but Western approval and the HARMONi-3 readout remain open. This is opinion only, not a recommendation to buy, sell or hold, and it does not consider the share price or valuation. Source

What is Akeso's ivonescimab?

Ivonescimab is a bispecific antibody that blocks PD-1 and VEGF in one molecule. Akeso discovered it and sells it in China, where it is approved for three lung cancer uses. Source

Did ivonescimab beat Keytruda on overall survival?

Yes, in the China-only HARMONi-2 trial. Median overall survival was 30.8 months on ivonescimab and 22.6 months on pembrolizumab, a hazard ratio of 0.73. Source

Who owns ivonescimab rights in the U.S.?

Summit Therapeutics holds rights in the U.S., Canada, South America, Europe, the Middle East, Africa and Japan. Akeso said the deal has a total potential value of up to US$5 billion. Source

When is the FDA decision on ivonescimab?

Summit's application in EGFR-mutated non-squamous lung cancer after EGFR TKI therapy has a PDUFA goal date of November 14, 2026. Source

How much revenue does Akeso make?

Akeso reported commercial sales of about RMB 1,803.2 million in the first half of 2026, up 28.7% year over year. It held RMB 9,160.0 million in cash and short-term financial assets. Source

Legal and investor matters

Checked against Akeso filings and press releases. Allegations are allegations; nothing here is a finding of fault. Reviewed Oct 25, 2026.

The 2025 annual report (published 2026-04-29) states: "The Group was not involved in any material legal proceeding during the year ended December 31, 2025." The 2026 interim report (published 2026-09-30) states the group had no material contingent liabilities as at 2026-06-30. Source

Oct 14, 2026Financing
Akeso agrees to place 20,000,000 new shares at HK$97.76
On 2026-10-14 Akeso entered into a placing agreement to place 20,000,000 new shares to at least six placees at HK$97.76 per share under the general mandate approved on 2026-06-29. The price was a discount of about 6.90% to the HK$105.00 closing price on 2026-10-13. Estimated gross proceeds were HK$1,955.20 million and net proceeds HK$1,940.98 million. The placing completed on 2026-10-16.
HKEXnews announcement, Akeso, Inc.
Jun 11, 2026Other
Akeso board approves up to HK$200 million of on-market share purchases
On 2026-06-11 the board of Akeso approved using up to HK$200 million to buy the company's ordinary shares on the open market. The purchases are to be carried out by the trustee of the company's 2021 restricted share unit scheme. The board said the current trading price does not reflect the intrinsic value and business prospects of the company.
HKEXnews announcement, Akeso, Inc.
Aug 28, 2025Financing
Akeso places 23,550,000 new shares at HK$149.54, with estimated net proceeds of about HK$3.49 billion
On 2025-08-28 Akeso agreed to place 23,550,000 new shares at HK$149.54 per share under its general mandate, alongside a placing of existing shares. Estimated net proceeds were about HK$3,493.01 million. The placing completed on 2025-09-04 and the new shares were about 2.56% of the enlarged issued share capital.
HKEXnews announcement, Akeso, Inc.

Pipeline

Program	Indication	Stage
Ivonescimab (AK112, PD-1/VEGF bispecific)	Non-small cell lung cancer (three indications)	Approved in China, including first-line squamous NSCLC with chemotherapy in August 2026 Source
Ivonescimab (via Summit Therapeutics)	EGFR-mutated non-squamous NSCLC after EGFR TKI	BLA under FDA review, PDUFA goal date November 14, 2026 Source
Ivonescimab plus chemotherapy (HARMONi-GI1)	First-line biliary tract cancer	Phase 3 met overall survival endpoint (August 2026); U.S. phase 2/3 EA2251 planned Source
Cadonilimab (PD-1/CTLA-4 bispecific)	Gastric and cervical cancer; global phase 3 in first-line gastric cancer	Approved in China for three indications; more than 13 registrational or phase 3 studies Source
Gumokimab (AK111, anti-IL-17)	Plaque psoriasis; ankylosing spondylitis	Approved in China for psoriasis (June 2026); ankylosing spondylitis filing under review Source
AK139 (IL-4Rα/ST2 bispecific)	Respiratory and autoimmune diseases	Seven phase 2 trials Source

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