Slide 1: Akeso Inc. 2025 First Half Report
EX Akesobio Akeso Inc. 2025 First Half Repor Feed | <= F : Kea SE FEEANE . Caseniieab nectar t EBDAROKIMAB: Ebronucimab HU
Slide 2: Disclaimer
Disclaimer This presentation has been delivered to interested parties for information purposes only and upon the express understanding that such parties will use it only for the purposes set forth above, and it is not intended to form the basis of any investment decision or any decision to purchase
Slide 3: Business Highlights
Business Highlights
Slide 4: Leading Global IO 2.0 through Innovation and Clinical Advancement
Leading Global IO 2.0 through Innovation and Clinical Advancement 13 Phase III/registrational trials of ivonescimab 10 phase III clinical studies of cadonilimab across lung covering lung cancer and expanding to cold tumors cancer, gastric cancer, liver cancer and cervical cancer • The final analysis
Slide 5: Achieving the core strategic goal of commercialization and beginning new journey
Achieving the core strategic goal of commercialization and beginning new journey Strong Financial Performance • Commercial sales revenue in 2025H1 reached 1.402 • 1H 2025 Revenue 1.412 billion, a 33.7% growth billion, a year-on-year increase of 49% from 1H in 2024 • Cash and short-term financial ass
Slide 6: 2025 H1 Akeso's New Drug Approval and Commercialization Milestones
2025 H1 Akeso’s New Drug Approval and Commercialization Milestones 4 Commercialized products Cadonilimab (PD-1/CTLA-4) Ivonescimab ( PD-1/VEGF ) Ebronucimab ( PCSK9) Ebdarokimab (IL-12/IL-23) China NMPA approval US FDA approval 2 New Drug Marketing Authorization applications approved Ebdarokimab (IL
Slide 7: 2025 H1 Highlights of Akeso's Pipeline Clinical Development Milestones
2025 H1 Highlights of Akeso’s Pipeline Clinical Development Milestones 9 Newly initiated Phase III / registrational trials Ivonescimab Ivonescimab + Ligufalimab (CD47) Cadonilimab Manfidokimab (IL-4Rα) • 1L CRC • 1L PDAC • CCRT/SCRT progressed NSCLC • Atopic dermatitis • 1L PD-L1(-) TNBC 4 • Periope
Slide 8: Two Cornerstone I/O Bispecific Drives Sustainable Competitive Advantage in R&D strategy
Two Cornerstone I/O Bispecific Drives Sustainable Competitive Advantage in R&D strategy Consolidating IO 2.0's leading position IO2.0+ADC 2.0 Explore new mechanisms Leveraging two commercial bispecific, Exploring Advancing through both internal and Key Innovator in Global Rx Trends combinations with
Slide 9: Next Stage in Commercialization: Bispecific Antibodies Entered NRDL
Next Stage in Commercialization : 2 Bispecific Antibodies Entered NRDL, and 2 Non-oncology Launched Commercially The company's commercial sales revenue RMB 1.402 billion in the first half of 2025, an increase of 49% from 1H 2024 Aidaluo® Yixining® (PD-1/CTLA-4) (PD-1/VEGF) ( IL-12/IL-23 ) ( PCSK9 )
Slide 10: Cadonilimab recommended in more than 20 authoritative clinical treatment guidelines
Cadoinlimab has been recommended in more than 20 authoritative clinical treatment guidelines Included in more than 20 clinical treatment guidelines and consensus, covering gynecological cancer, gastric cancer, liver cancer, esophageal cancer, nasopharyngeal cancer, biliary tract cancer Cervical canc
Slide 11: Cadonilimab continues to expand clinical presence – higher incidence cancers
Cadonilimab continues to expand clinical presence – higher incidence cancers, multi-line coverage, and combination therapies Next Generation Cornerstone Immunotherapy broad-spectrum, high-efficacy, low-toxicity, and differentiated … • Conducted 28+ 10 Phase III / • More China and global clinical tri
Slide 12: Cadonilimab continues to expand clinical presence – broader indications
Cadonilimab continues to expand clinical presence – broader indications, all line coverage, and extensive combination 28+ clinical trials in progress, covering 20+ indications 10 Phase III / registrational clinical studies covering gastric cancer, lung cancer, liver cancer, and cervical cancer Cervi
Slide 13: Ivonescimab reshapes lung cancer treatment landscape, accelerating commercial adoption
Ivonescimab reshapes lung cancer treatment landscape, accelerating commercial adoption and NRDL access Global First in Class 8 Authoritative Guidelines Recommendations, Covering Lung Cancer, Biliary Tract Cancer, Etc. Redefining Standard of Care NSCLC after EGFR-TKI Progression: Included in First
Slide 14: Ivonescimab can Upgrade Standard of Care Across Multiple Cancers
Ivonescimab can Upgrade Standard of Care Across Multiple Cancers, Leading IO 2.0 in China and the World Next Generation Cornerstone Immunotherapy broad-spectrum, high-efficacy, low-toxicity, and differentiated Broaden & solidify leadership in lung cancer markets, expand benefit to multiple types of
Slide 15: Ivonescimab Leadership in IO 2.0, Full Coverage of Global Lung Cancer Markets
Ivonescimab Leadership in IO 2.0, Full Coverage of Global Lung Cancer Markets across Different Treatment Lines 8 phase III trials on lung cancer, 4 achieved positive results First phase III MRCT delivers positive results, showing high consistency in the data across global and Chinese studies 1L 1L P
Slide 16: Ivonescimab Expands into Cold Tumors, Broadening Benefit
Ivonescimab Expands into “Cold Tumors”, Broadening Benefit Across Multiple First Line Indications Broad indication layout, 5 phase III trials ongoing 1L biliary tract cancer (~ $5.7 billion market) 1L colorectal cancer (~ $18 billion market) AK112-309/Harmoni-GI1 AK112-312/Harmoni-GI3 Ivonescimab +
Slide 17: Penpulimab Approved by US FDA for Two Indications
Penpulimab Approved by US FDA for Two Indications: Key Milestone in International Development and Approval In April 2025, Penpulimab approved by US FDA for 1L nasopharyngeal carcinoma Global Phase III data 2L+ nasopharyngeal carcinoma published in April 2025 Akeso’s first self-developed innova
Slide 18: Ebdarokimab Approved and Launched for Plaque Psoriasis
Commercial Expansion into Non-Oncology Medicine: Ebdarokimab (IL-12/IL-23) Approved and Launched for Plaque Psoriasis 爱达罗® (Ebdarokimab, IL-12/IL-23) 6.7 million Chinese psoriasis patients China’s first and only self-developed innovative IL-12/IL-23 dual-target monoclonal antibody USD 9.5bn Chinese
Slide 19: Ebronucimab (PCSK9) Expands Non-Oncology Franchise
Ebronucimab (PCSK9) Expands Non-Oncology Franchise 伊喜宁® (ebronucimab, PCSK9) 110 million Chinese hypercholesterolemia patients The only mAb focus on ultra-high-risk cardiovascular populations USD1.34bn Chinese market value* Benefit across all Patients: regardless of stratification (ultra-high, very
Slide 20: Gumokimab (IL-17): NDA Under Review for Psoriasis, Endpoints Reached for Ankylosing Spondylitis
Gumokimab (IL-17): NDA Under Review for Psoriasis, and Primary Endpoints Reached for Ankylosing Spondylitis Psoriasis Ankylosing Spondylitis NDA accepted by CDE in Jan 2025 Phase III Positive Results Indication: • Moderate to severe plaque psoriasis • Primary and secondary efficacy endpoints Best-in
Slide 21: Core R&D progress
EX Akesobio Core R&D progress
Slide 22: Cadonilimab Approved in First-Line Treatment of Cervical Cancer
Cadonilimab Approved in First-Line Treatment of Cervical Cancer, Reshaping the Treatment Landscape COMPASSION-13 COMPASSION-16 Cadonilimab monotherapy Cadonilimab + chemotherapy ± bevacizumab 2L+ Cervical cancer 1L cervical cancer Approved by NMPA in June 2022 New indication approved in May 2025 Inc
Slide 23: Cadonilimab is Advancing for Lung Cancer, Targeting the PD-1 Market
Cadonilimab is Advancing for Lung Cancer, Targeting the PD-1 Market COMPASSION-28 COMPASSION-30 COMPLUS-6 Cadonilimab + chemotherapy Cadonilimab concurrent sequential Cadonilimab + Pulocimab 1L PD-L1(-) NSCLC chemoradiotherapy for NSCLC IO-resistant squamous NSCLC Phase II/III clinical trial Phase I
Slide 24: Cadonilimab Reshape 1L Treatment of Gastric Cancer
Cadonilimab Reshape 1L Treatment of Gastric Cancer and has Broad Coverage of Gastric Cancer with Multiple Indications COMPASSION-15 COMPLUS-5 COMPASSION-33 Cadonilimab + chemotherapy Cadonilimab+ Pulocimab + chemo Cadonilimab + chemo 1L G/GEJ adenocarcinoma IO-resistant G/GEJ adenocarcinoma perioper
Slide 25: Advancing Three Registrational Trials of Cadonilimab for Liver Cancer
Advancing Three Registrational Trials of Cadonilimab for Liver Cancer Initiating First Global Registrational Study COMPASSION-22 COMPASSION-29 COMPASSION-36 Cadonilimab Cadonilimab + Lenvatinib + TACE Cadonilimab + Lenvatinib HCC postoperative adjuvant therapy Intermediate-stage HCC IO- resistant HC
Slide 26: Ivonescimab's First Global Phase III Trial Received Positive Results
Ivonescimab‘s First Global Phase III Trial Received Positive Results Consistency Across Global Data to be Released at WCLC 2025 AK112-301 / HARMONi-A: HARMONi: Ivonescimab + chemotherapy Ivonescimab+ chemotherapy 3rd Gen EGFR-TKI resistant NSCLC EGFR-TKI resistant NSCLC The first indication approved
Slide 27: Ushering the Era of Global IO 2.0 - Ivonescimab Approved for First-Line Monotherapy
Ushering the Era of Global IO 2.0 - Ivonescimab Approved for First-Line Monotherapy of PD-L1 Positive NSCLC AK112-303 / HARMONi-2 : Ivonescimab monotherapy vs. Pembrolizumab monotherapy • Overcomes clinical contra- 1L PD-L1(+) NSCLC indication Indication approved in April 2025 • Synergistic effect o
Slide 28: Ivonescimab: 1L Sq NSCLC Achieved Strong Positive Phase III Results
Overcomes Anti-Angiogenesis’ Clinical Contra-Indication Ivonescimab: 1L Sq NSCLC Achieved Strong Positive Phase III Results AK112-306 / HARMONi-6: Ivonescimab + chemo vs. Tislelizumab + chemo 1L squamous NSCLC sNDA submission accepted by NMPA in July 2025 Superior treatment option that overcomes cli
Slide 29: Expanding Coverage of the Lung Cancer market: New Phase III Trials
Expanding Coverage of the Lung Cancer market: New Phase III Trials for IO-resistant NSCLC and post cCRT LS-SCLC Initiated AK112-305 / HARMONi-8A: AK112-311 / HARMONi-9: Monotherapy Ivonescimab + chemotherapy LS-SCLC that has not progressed after cCRT IO-resistant NSCLC (sq & nsq) Phase III clinical
Slide 30: Ivonescimab Targets Cold Tumors: New Phase III Trials in 1L CRC and Pancreatic Cancer
Ivonescimab Targets Cold Tumors: Enrollment for New Phase III Trials in 1L Colorectal Cancer and 1L Pancreatic Cancer AK112-312 : Ivonescimab + chemo AK112-310 : Ivonescimab + chemo ± ligufalimab 1L MSS/pMMR1 mCRC 1L metastasis pancreatic cancer Enrollment ongoing for the phase III trial Enrollment
Slide 31: Ivonescimab: Multiple Phase III Trials for 1L indications
Ivonescimab: Multiple Phase III Trials for 1L indications AK112-309: Ivonescimab + chemo AK117-302: Ivonescimab + AK117 AK112-308: Ivonescimab + chemo vs durvalumab + chemo vs pembrolizumab vs chemo 1L biliary tract cancer 1L PD-L1(+) Head and Neck* 1L PD-L1(-) TNBC* Enrollment completed for the Enr
Slide 32: Ligufalimab (AK117, CD47): Two Phase III Trials in Solid Tumors Ongoing
Ligufalimab (AK117, CD47): Two Phase III Trials in Solid Tumors Ongoing and Enrollment Completed for a Global Phase II Trial in Hematologic Cancer Solid tumor: The world’s only CD47 mAb in Hematologic cancer: Enrollment completed for phase III clinical trials a MRCT phase II randomized double-blind
Slide 33: Pulocimab (VEGFR2): Targeting IO-resistant indications
Pulocimab (VEGFR2): Targeting IO-resistant indications COMPLUS-5 Pulocimab + Cadonilimab Pulocimab + Cadonilimab + chemo IO-resistant squamous NSCLC IO-resistant G/GEJ adenocarcinoma Enrollment completed for phase III trial Focus on multiple lines of therapy in lung cancer, advancing into IO-resista
Slide 34: Manfidokimab (IL-4Rα) Reached Endpoints in the Registrational Phase III Trial
Manfidokimab (IL-4Rα) Reached Endpoints in the Registrational Phase III Trial for Atopic Dermatitis Manfidokimab (AK120, IL-4Rα) 70 million Chinese atopic dermatitis patients Positive efficacy in atopic dermatitis, with ~USD 5bn Chinese market value* promising clinical potential Phase III Positive R
Slide 35: Autoimmune Bispecific Antibody AK139 (IL-4Ra/ST2): Phase I
Autoimmune Bispecific Antibody AK139 (IL-4Ra/ST2): Phase I AK139 (IL-4Rα/ST2) ~USD 8.4bn Chinese COPD market value** World’s first clinical IL-4Rα/ST2 bispecific ~USD 5bn Chinese atopic dermatitis market value* Overcome limitation of single cytokines, and benefit a broader patient population Focus o
Slide 36: Discovery Strategies and Therapeutic Platform Development
Discovery Strategies and Therapeutic Platform Development Focus on Unmet Medical Need Guided by medical needs and clinical value Improve R&D success rate for more effective, safer, and accessible innovative therapies Deep knowledge of disease biology Select the best drug types and Continuously optim
Slide 37: IO 2.0 + ADC advances into clinical development stage
“IO 2.0 + ADC” advances into clinical development stage AK138D1 (HER3 ADC) AK146D1 (Trop2/Nectin4 ADC) Key Features Key Features • Novel cleavable linker with improved plasma stability • Topoisomerase I inhibitor as payload and novel • High DAR enables potent cell killing activity and good cleavable
Slide 38: Key Milestones in 2025
Key Milestones in 2025 Milestones Assets & Indications 2025H1 2025H2 Ivonescimab 1L PD-L1(+) NSCLC (vs. vs. pembro) ✔ NDA/sNDA Approval Cadonilimab + chemo ± beva 1L CC ✔ Ebdarokimab (IL-12/IL-23) Moderate to severe plaque psoriasis ✔ Penpulimab + chemo 1L NPC & 2L+ NPC 🌏 ✔ Penpulimab + Anlotinib…
Slide 39: Key Milestones in 2025
Key Milestones in 2025 Milestones Assets & Indications 2025H1 2025H2 Cadonilimab Consolidation therapy for NSCLC after CRT ✔ Cadonilimab Perioperative treatment for resectable G/GEJ* ✔ Cadonilimab IO resistant HCC* 🌏 ✔ Ivonescimab + chemo 1L CRC (vs beva + chemo) ✔ Ivonescimab + chemo PD-(L)1…
Slide 40: Financial Highlights
EX Akesobio Financial Highlights
Slide 41: 2025H1 Financial Highlights
2025H1 Financial Highlights 2025H1 Revenue of RMB1.412 billion. Commercial sales of RMB million 2025H1 2024H1 Change % RMB1.402 billion, +49% y-o-y increase from 2024H1 Total of cash and cash equivalent, other short-term financial Revenue1 1,411.54 1,055.99 33.67% asset as of 2025.6.30: RMB7.138
Slide 42: Sustained Growth in Sales while Controlling S&M Expenses
Sustained Growth in Sales while Controlling S&M Expenses Commercial Sales Growth Sales Expenses to Commercial Sales Ratio1 RMB million RMB million +49% 48% 1,402 1,402 55% +24% 58% 939 939 758 758 670 516 442 2023H1 2024H1 2025H1 2023H1 2024H1 2025H1 commercial sales sales expenses 1. Sales Expenses
Slide 43: Steady Decline of Expense Ratios
Steady Decline of Expense Ratios R&D Expenses to Commercial Sales Ratio1 G&A Expenses to Commercial Sales Ratio2 RMB million 52% RMB million 10% 1,600 1,600 1,402 1,402 1,400 1,400 76% 11% 63% 1,200 1,200 13% 1,000 939 1,000 939 758 731 758 800 800 575 594 600 600 400 400 200 200 100 100 134 - - 202
Slide 44: Q&A Contact Us
Q&A CONTACT US: ir@akesobio.com