How Akeso’s IO 2.0 Bispecific Push At Akeso (SEHK:9926) Has Changed Its Investment Story

• Akeso recently announced a collaboration with Memorial Sloan Kettering Cancer Center to run a Phase II trial of its PD-1/CTLA-4 bispecific antibody cadonilimab in a perioperative combination regimen for locally advanced, resectable HER2-negative gastric or gastroesophageal junction adenocarcinoma in the United States.
• This partnership, alongside Akeso’s broader IO 2.0 and ADC 2.0 pipeline including Phase II work in advanced non-small cell lung cancer, underscores how bispecific backbones are becoming central to its cancer treatment portfolio and global clinical footprint.
• We’ll now examine how advancing a bispecific ADC–ivonescimab combo into Phase II for first-line NSCLC may influence Akeso’s investment narrative.

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Akeso Investment Narrative Recap

To own Akeso, you need to believe its IO 2.0 and ADC 2.0 bispecific platforms can turn today’s R&D-heavy, loss-making profile into a durable oncology franchise. The key near term catalyst remains clinical readouts and regulatory progress for cadonilimab and ivonescimab, while persistent operating losses and reliance on a few flagship assets are the biggest risks. The new MSK Phase II collaboration supports the global cadonilimab story but does not materially change those near term risk and reward drivers yet.

The recent Phase II start for Akeso’s TROP2/Nectin-4 bispecific ADC AK146D1 in combination with ivonescimab for first-line NSCLC is closely linked to this update. Both announcements highlight how Akeso is building on its bispecific backbones across gastric and lung cancers, which could broaden future revenue sources if trials succeed. At the same time, they increase execution risk, given the company is still loss-making and funding a broad, capital intensive pipeline.

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Read the full narrative on Akeso (it's free!)

Akeso's narrative projects CN¥10.5 billion revenue and CN¥2.6 billion earnings by 2029.

Uncover how Akeso's forecasts yield a HK$172.32 fair value, a 74% upside to its current price.

Exploring Other Perspectives

While this bispecific progress is encouraging, the lowest ranked analysts were assuming CN¥9.3 billion of 2029 revenue and CN¥1.6 billion earnings, so you should expect that views on Akeso’s risk and reward could shift meaningfully as this new gastric and NSCLC data comes through.

Explore 5 other fair value estimates on Akeso - why the stock might be worth as much as 82% more than the current price!

Decide For Yourself

Disagree with existing narratives? Extraordinary investment returns rarely come from following the herd, so go with your instincts.

• A great starting point for your Akeso research is our analysis highlighting 2 key rewards that could impact your investment decision.
• Our free Akeso research report provides a comprehensive fundamental analysis summarized in a single visual - the Snowflake - making it easy to evaluate Akeso's overall financial health at a glance.

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

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