Akeso (9926) 7th Annual Evercore ISI HealthCONx Healthcare Conference summary

Valuation and global strategy

• Market capitalization in Hong Kong is approximately $8 billion USD, with significant value attributed to partnerships and domestic performance.

• Retains all Asian rights (except Japan) for key programs, while Summit Therapeutics holds rights in other major regions.

• Recent inclusion of ivonescimab and cadonilimab in China's National Drug Reimbursement List is a major domestic catalyst.

• Company aims to transition from a China-focused entity to a global biotech, with recent fundraising supporting global expansion.

• Recent capital raise of $250 million, with 70% allocated to global study expansion, attracted significant European and U.S. investor interest.

Clinical program updates and pipeline

• Ivonescimab approved in China for EGFR refractory patients based on HARMONi-2 trial data.

• Upcoming overall survival (OS) data for PD-L1 >1% trial expected by end of 2025 or early 2026; Summit's U.S. EGFR refractory study readout anticipated mid-2025.

• Chemo combination trials for ivonescimab are ongoing in both China and globally, with readouts likely in 2026.

• Cadonilimab, a bispecific PD-1/CTLA-4, is approved in China for cervical and gastric cancers, with global peak sales potential of $5+ billion in gastric cancer alone.

• Five additional bispecifics in phase I, targeting LAG-3, CD73, TIGIT, TGF-beta, claudin 18.2, and CD47, with plans for combination strategies.

Scientific and competitive differentiation

• Proprietary tetravalent bispecific structure enables unique co-localization and avidity, reducing side effects and enhancing efficacy compared to traditional bivalent or monoclonal approaches.

• Safety profile in squamous cell tumors shows reduced bleeding risk, a key advantage over high-dose PD-1 or separate monoclonals.

• Ongoing global phase III for head and neck cancer, with promising data in triple-negative breast and colorectal cancers.

• Company believes its bispecific approach can unlock new biology and overcome limitations seen in monoclonal antibody failures.

• Differentiation from competitors like Merck and BioNTech centers on the tetravalent structure and molecular design.