On March 25, Corning Jeol released its 2024 annual performance announcement, delivering an impressive report card: full-year revenue soared to 640 million yuan, a year-on-year increase of 192%, and achieved a net profit of 166 million yuan, successfully turning losses into profits.
Successfully turned losses into profits
According to Corning Ong's financial report, total revenue in 2024 reached 640 million yuan, nearly double the 219 million yuan in 2023.
Among them, licensing fee income performed particularly well, soaring from 7 million yuan in 2023 to 464 million yuan, becoming the main driving force for revenue growth.
However, sales and royalty revenue of KN035 (Envolimab) decreased to 159 million yuan, reaching 196 million yuan in 2023.
In terms of profit, the company successfully turned losses into profits, recording a net profit of 166 million yuan for the year, which was a milestone breakthrough compared to a loss of 210 million yuan in 2023.
Stick to R&D
In 2024, Corning Ong's R&D expenditure remained at a high level of RMB 404 million, accounting for 63% of total revenue, demonstrating the company's continued investment in its innovative pipeline.
With high R&D investment, Corning Oncology has made key progress in multiple product pipelines, covering cutting-edge fields such as bispecific antibodies, ADC, and bispecific antibody ADC.
1. KN035 (Envolizumab)
The company's core product KN035 (Envolimab) was registered and marketed by the Macau Food and Drug Administration in January 2024 for the treatment of adult patients with unresectable or metastatic non-microsatellite highly unstable (MSI-H)/non-mismatch repair gene-deficient (dMMR) advanced solid tumors, further expanding its market presence.
In addition, Alphamab Oncology/Silicon Dixon reached an agreement with Glenmark on KN035, granting Glenmark exclusive licensing rights for development and commercialization of oncology indications in India, Asia Pacific (excluding Singapore, Thailand, and Malaysia), the Middle East and Africa, Russia, the CIS, and Latin America, marking the beginning of a global business landscape.
2. KN026 (HER2 dual antibody)
Three Phase III clinical studies of KN026 are in progress.
The indications are: KN026 combined with chemotherapy for second-line and above HER2-positive gastric cancer/gastroesophageal junction cancer, KN026 combined with HB1801 for first-line treatment of HER2-positive recurrent and metastatic breast cancer, and KN026 combined with HB1801 for HER2-positive early or locally advanced breast cancer.
3. JSKN003 (HER2 dual-epitope ADC)
JSKN003 also has three Phase III clinical studies underway.
The indications are: unresectable locally advanced or metastatic HER2-low expressing breast cancer, platinum-resistant recurrent epithelial ovarian cancer, primary peritoneal cancer or fallopian tube cancer, and comparison with trastuzumab emtansine (T-DM1) for the treatment of HER2-positive advanced breast cancer.
It is worth mentioning that in September 2024, Corning Oncology reached a licensing cooperation with Jinman Biopharmaceuticals, a wholly-owned subsidiary of CSPC Pharmaceutical Group, on JSKN003. Corning Oncology will be entitled to receive an initial payment and milestone payment of up to RMB 3.08 billion in total, as well as a double-digit percentage of royalties based on the net sales of JSKN003 products.
4.JSKN016 (HER3/TROP2 dual-antibody ADC)
JSKN016 showed preliminary anti-tumor activity and good safety in multiple solid tumors.
Currently, a Phase II clinical study of SKN016 monotherapy for lung cancer in multiple subgroups, safety exploration and dose optimization is underway. A cohort expansion clinical study of JSKN016 monotherapy for non-HER2-positive breast cancer is underway.
5.JSKN033 (subcutaneous compound preparation of JSKN003 and KN035)
JSKN033 is the world's first subcutaneous ADC drug to enter clinical trials.
JSKN033 combines immunotherapy (KN035) with ADC (JSKN003), greatly improving efficacy while also improving safety and convenience. Currently, a Phase I/II clinical study of JSKN033 in the treatment of advanced metastatic malignant tumors in China is underway.
6. KN046 (PD-L1/CTLA-4 dual antibody)
Although the star candidate product KN046, a dual-antibody for PD-L1/CTLA-4, was once in trouble, judging from the clinical data, the data of KN046 in non-small cell lung cancer is still worth looking forward to.
Conclusion
In the announcement, Alphamab Oncology said it will focus on three major directions in the future:
Deeply cultivate the ADC field: Relying on proprietary technology platforms, including sdAb, CRIB (charge repulsion induced bispecific antibody) platform, sugar site-specific conjugation platform, linker loading platform, subcutaneous high-concentration formulation platform and sugar site-specific conjugation-based dual loading platform, we discover, verify and select leading candidate drugs to enrich the early pipeline.
Strengthen global cooperation: Continue to actively seek more strategic cooperation opportunities, such as co-development, joint development cooperation and external licensing.
Optimize capacity layout: Build a new base that complies with the current pharmaceutical production management standards of the National Medical Products Administration, the European Medicines Agency and the US FDA with an expected production capacity of more than 40,000 liters to further strengthen advanced manufacturing capabilities. The new ADC bulk solution and preparation production workshops built on the basis of the original production capacity are about to be put into production.
From losses to profits, from a single pipeline to breakthroughs in multiple fields, 2024 can be called the year of "turnaround" for Alphamab Oncology. The continued increase in investment in cutting-edge tracks such as ADC may open up greater room for growth for the company. Whether it can take advantage of the momentum in the future and become one of the first echelons of innovative drugs, we will have to wait and see.

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