Alphamab Oncology released unaudited results for the six months ended 30 June 2026, showing a return to red ink as revenue contracted and royalty income softened, while research and development (R&D) spending stayed elevated.

Financial Performance • Revenue fell 15.10% year on year to RMB271.24 million, driven by a decline in one-off licence fees to RMB191.04 million (-22.20%). Product sales and royalty income edged up 10.60% to RMB74.11 million. • Gross profit slipped 15.06% to RMB244.91 million, mirroring top-line pressure. • Other income halved to RMB12.60 million, mainly on lower interest income and fewer government grants. • R&D expenses were broadly flat at RMB255.04 million (+0.74%), representing 94.06% of revenue. • The company recorded a net loss of RMB40.46 million versus a profit of RMB21.58 million a year earlier, weighed by weaker revenue and a RMB5.95 million foreign-exchange loss. • Basic and diluted loss per share were both RMB0.04.

Balance Sheet and Liquidity • Cash and cash equivalents rose to RMB381.58 million, while time deposits with original maturity over three months stood at RMB1.05 billion. Total cash resources reached RMB1.43 billion. • Current assets increased to RMB1.69 billion, comfortably exceeding current liabilities of RMB420.75 million; the current ratio declined to 4.02 from 5.67 due to higher short-term borrowings. • Bank borrowings expanded to RMB265.02 million (2.11%-2.44% interest), lifting the gearing ratio slightly to –0.07. • Net assets slipped 2.20% to RMB1.67 billion, reflecting the period loss and treasury-share purchases.

Operational Highlights • Commercial: KN026 (Anbenitamab) launched nationwide in China, with the first batch shipped in June 2026 following regulatory approval for HER2-positive gastric cancer. • Regulatory: Eight new drug applications or INDs were accepted by China’s NMPA or CDE during the period, including first-line biliary tract cancer therapy Envafolimab (KN035) and multiple KN026 breast-cancer indications. • Clinical: Five investigational candidates entered Phase I-III trials, taking the active clinical portfolio to 11 assets. Two Phase III studies for KN026 met primary endpoints, and KN026 received CDE breakthrough designation for first-line HER2-positive breast cancer. • Business Development: In August 2026, Jiangsu Alphamab granted Pathos AI global rights (ex-Greater China) to JSKN016, securing a US$125 million upfront payment and potential milestones of up to US$2.09 billion plus tiered royalties.

Outlook Management intends to leverage a RMB1.43 billion cash reserve to advance late-stage programmes, expand manufacturing capacity to over 40,000 L, and seek additional out-licensing or co-development partnerships to monetise its antibody-drug conjugate (ADC) platform.