Antengene Corporation Limited reported a sharp turnaround in first-half 2026, delivering a net profit of RMB 216.35 million versus a loss of RMB 76.38 million a year earlier. The swing was driven by a surge in revenue to RMB 513.08 million, up 865.14% year-on-year, largely attributable to RMB 457.86 million in upfront and near-term payments from two out-licensing agreements for T-cell engager candidates ATG-201 (UCB) and ATG-106 (K2 Therapeutics).
\n\nAdjusted profit reached RMB 217.20 million, while adjusted profit excluding net foreign-exchange movements rose to RMB 284.68 million. Research and development expenditure increased 53.80% to RMB 122.92 million as the company advanced multiple clinical programmes, including ATG-022 (CLDN18.2 ADC) now cleared for a pivotal Phase III trial in gastric cancer, and ATG-037 (oral CD73 inhibitor) in ongoing Phase II testing.
\n\nOperating expenses were tightly managed: selling and distribution costs edged down 4.68% to RMB 35.25 million, and administrative expenses fell 8.64% to RMB 35.92 million. A RMB 67.48 million foreign-exchange loss contributed to other expenses of RMB 77.26 million.
\n\nCash and bank balances totaled RMB 764.93 million at 30 June 2026. The current ratio improved to 494.52%, while the gearing ratio declined to 39.90%. Net cash from operations amounted to RMB 41.84 million; investment outflows of RMB 174.20 million reflected time-deposit placements and capital expenditures.
\n\nStrategic transactions underpinned financial performance. In March, UCB obtained global rights to ATG-201 with a USD 60 million upfront payment and potential milestones up to USD 1.10 billion. In June, K2 Therapeutics licensed ATG-106 and received an option on an additional bispecific TCE, providing Antengene with USD 20 million in near-term consideration and up to USD 960.50 million in future milestones.
\n\nCommercial asset selinexor (XPOVIO) secured National Health Insurance reimbursement in South Korea for multiple-myeloma patients, extending a regional footprint that now spans 10 Asia-Pacific markets and national insurance inclusion in five.
\n\nBoard changes include the resignation of Chief Financial Officer Donald Andrew Lung and the appointment of Chief Scientific Officer Dr. Bing Hou as executive director, both effective 1 August 2026. The company also repurchased 1.83 million shares for approximately HKD 7.57 million, which are held as treasury stock.
\n\nLooking ahead, management prioritises advancing late-stage assets ATG-022 and ATG-037, while leveraging the proprietary AnTenGager T-cell engager platform to expand its pipeline across oncology and autoimmune indications.