Laekna shares closed at HK$6.26 on Wednesday, capping a choppy three months in which the stock has fallen sharply despite analysts pointing to very large implied upside. The H1 2026 earnings print sharpened that tension. The company is still loss making, yet the headline story this half is how small the loss has become relative to its revenue base.

Laekna booked revenue of C¥150.3m in the first half of 2026 and reported a basic loss per share of C¥0.01, alongside a net loss of C¥2.5m. For a biotech that is priced off future pipelines, that kind of narrowing loss drew attention today.

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