Laekna Inc (2105) H1 2026 earnings summary

Executive summary

• H1 2026 revenue was RMB150.3m from LAE118 and LAE002 licensing; loss narrowed to RMB2.5m from RMB129.6m, mainly on licensing revenue.

• Pipeline advanced with positive Phase III AFFIRM-205 results, LAE002’s China NDA acceptance, and U.S. and China IND approvals for LAE118.

• LAE102 Phase I studies showed dose-dependent body-composition trends and tolerability; a six-month dose-expansion study is underway.

Financial highlights

• Revenue was RMB150.3m, gross profit RMB129.4m and cost of sales RMB20.9m, mainly AFFIRM-205 Phase III clinical development expenses.

• R&D expenses fell 7.8% YoY to RMB97.0m as discovery research costs declined; administrative expenses rose 38.5% to RMB58.6m, mainly from share-based payments.

• Other income rose 30.7% YoY to RMB26.0m, mainly from bank-deposit interest; loss for the period was RMB2.5m versus RMB129.6m.

• Basic and diluted loss per share was RMB0.01 versus RMB0.35 in H1 2025.

Outlook and guidance

• H2 plans include LAE102 Phase I expansion preliminary data and initiation of a Phase II study with a GLP-1 receptor agonist; LAE103 preliminary Phase I SAD topline data is expected in Q3.

• H2 milestones include LAE123 IND submission, LAE124 IND-enabling work, LAE118 Phase I initiation and submission of the AFFIRM-205 NDA to CDE.

• LAE002 is expected to reach commercialization within two years and LAE001 within six years, subject to R&D progress.

• Strategic partnerships remain a priority to advance the ActRII portfolio and global development and commercialization of oncology assets.