#肿瘤免疫(IO)

Akeso, Inc.: A Commercial-Stage Antibody Innovator Still Priced on Ivonescimab's Global Option Value

Akeso is a commercial-stage Chinese antibody innovator with seven marketed products and record 2025 commercial sales of RMB3.03 billion, anchored by cadonilimab and ivonescimab. Yet the stock trades as a referendum on one molecule: whether ivonescimab's strong China data (a HARMONi-6 overall-survival win, HR 0.66) can survive global regulators, while 2025 operating cash flow stayed negative at RMB947.6 million and the shares fetch about 22x trailing sales. Rating Hold: rare science and a real China franchise, but the price still pre-pays too much of ivonescimab's ex-China upside; the ideal buy zone is HK$58-64.