ANL

MKT CAP:$780M

Adlai Nortye Ltd.

Market Cap

$780M

Healthcare·Biotechnology·🇰🇾 Cayman Islands·NASDAQ

Healthcare·Biotechnology·🇰🇾·NASDAQ

Stock Price

$14.70+$13.32 (+965.22%)

Apr 24, 2026

Company Details

Adlai Nortye Ltd., a clinical-stage biotechnology company, engages in the research and development of pharmaceutical products. Its lead product is AN2025, a pan-phosphoinositide 3-kinase inhibitor, which is in Phase III clinical trials for ...

CEO

Yang Lu

IPO Date

Sep 29, 2023

Website

www.adlainortye.com

Key Metrics TTM

Revenue

$6M

— YoY

Net Income

-$54M

EPS (Diluted)

-$7.08

Free Cash Flow

-$67M

Revenue / Share

$0.75

Gross Margin

100.0%

Operating Margin

-996.4%

Net Margin

-833.1%

FCF Margin

-1031.4%

P/S

120.2x

P/E

—

Earnings Reports

FY 2025

Apr 10, 2026

$5MEPS -$3.33

FY 2024

Apr 30, 2025

$0-100.0%EPS -$4.89

Q2 2024

Jun 29, 2024

$745.0KEPS -$1.59

Q1 2024

Mar 30, 2024

$745.0KEPS -$1.59

FY 2023

Apr 19, 2024

$5MEPS -$15.42

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 22	$0	-$522.7K	-$11M
Q2 22	$0	$0	-$18M
Q3 22	$0	$0	-$19M
Q4 22	$0	$0	-$19M
Q1 23	$0	-$533.0K	-$15M
Q2 23	$0	-$646.0K	-$17M
Q3 23	$3M	$3M	-$18M
Q4 23	$3M	$3M	-$18M
Q1 24	$745.0K	$745.0K	-$15M
Q2 24	$745.0K	$745.0K	-$15M

Valuation

Quarter	P/S	P/E
Q1 22	—	—
Q2 22	—	—
Q3 22	—	—
Q4 22	—	—
Q1 23	—	—
Q2 23	—	—
Q3 23	35.7x	—
Q4 23	16.4x	—
Q1 24	14.2x	—
Q2 24	4.6x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 22	-$12M	-$12M
Q2 22	-$11M	-$12M
Q3 22	-$10M	-$10M
Q4 22	-$10M	-$10M
Q1 23	-$10M	-$10M
Q2 23	-$8M	-$8M
Q3 23	-$19M	-$19M
Q4 23	-$19M	-$19M
Q1 24	-$14M	-$14M
Q2 24	-$14M	-$14M

Capital Expenditures

Quarter	CapEx
Q1 22	$203.0K
Q2 22	$487.0K
Q3 22	$289.0K
Q4 22	$289.0K
Q1 23	$22.0K
Q2 23	$63.0K
Q3 23	$57.5K
Q4 23	$57.5K
Q1 24	$61.0K
Q2 24	$61.0K

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 23	—	+35.2%
Q2 23	—	-3.8%
Q3 23	—	+5.1%
Q4 23	—	+5.1%
Q1 24	—	+0.7%
Q2 24	—	-8.9%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 22	$1M	—
Q2 22	$2M	—
Q3 22	$1M	—
Q4 22	$1M	—
Q1 23	$1M	—
Q2 23	$1M	—
Q3 23	$969.0K	38.8%
Q4 23	$969.0K	38.8%
Q1 24	$0	0.0%
Q2 24	$0	0.0%

OpEx Breakdown

Quarter	R&D	G&A
Q1 22	$9M	$2M
Q2 22	$13M	$5M
Q3 22	$16M	$3M
Q4 22	$16M	$3M
Q1 23	$13M	$2M
Q2 23	$14M	$3M
Q3 23	$15M	$5M
Q4 23	$15M	$5M
Q1 24	$13M	$2M
Q2 24	$13M	$2M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$0	$237M	$237M
Q3 22	$43M	$246.0K	$43M
Q4 22	$43M	$246.0K	$43M
Q1 23	$60M	$270.0K	$60M
Q2 23	$60M	$7.0K	$60M
Q3 23	$91M	$7M	$99M
Q4 23	$91M	$7M	$99M
Q1 24	$98M	$7.0K	$98M
Q2 24	$98M	$7.0K	$98M
Q4 24	$61M	$7.0K	$61M
Q2 25	$44M	$7.0K	$44M
Q4 25	$24M	$0	$24M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 22	8M	—	—
Q2 22	8M	0.0%	—
Q3 22	8M	0.0%	—
Q4 22	8M	0.0%	—
Q1 23	8M	0.0%	0.0%
Q2 23	8M	0.0%	0.0%
Q3 23	7M	-19.8%	-19.8%
Q4 23	7M	0.0%	-19.8%
Q1 24	9M	+28.0%	+2.7%
Q2 24	9M	0.0%	+2.7%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 22	—	—
Q2 22	—	—
Q3 22	—	—
Q4 22	—	—
Q1 23	—	—
Q2 23	—	—
Q3 23	—	—
Q4 23	$25	100K
Q1 24	$7	100K
Q2 24	$7	100K

Revenue / Employee