Ascentage Pharma Group International
AAPGHealthcare|Biotechnology|China
$19.97
+1.23 (+6.56%)
Tangible Book
$2.00
Financials
Financial Snapshot
Market Cap
$1.86B
Enterprise Value
$66.9M
Revenue (TTM)
$80.9M
Net Income (TTM)
$-174.8M
Cash & Equivalents
—
Net Cash/Share
$-0.29
Free Cash Flow (TTM)
$32.3M
Operating CF (TTM)
$33.4M
Debt/Equity
1.5
Cash Runway & Burn Rate
Company is cash-flow positive.
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Investments | $65.3M | $60.5M | $141.1M | $125.3M | $156.0M | $268.0M | $211.7M | $149.8M | $169.8M | $349.9M | $349.9M | |
| Operating Cash Flow | $-6.6M | $-16.4M | $-34.5M | $-65.6M | $-93.3M | $-94.9M | $-93.8M | $-101.7M | $-15.3M | $-166.7M | $33.4M | |
| Free Cash Flow | $-7.1M | $-19.5M | $-41.7M | $-77.2M | $-131.7M | $-163.5M | $-127.8M | $-109.7M | $-18.6M | $-170.6M | $32.3M | |
| Capital Expenditure | $-487.0K | $-3.1M | $-7.2M | $-11.6M | $-38.5M | $-68.6M | $-34.0M | $-8.0M | $-3.3M | $-3.9M | $-1.1M | |
| Financing Cash Flow | $62.9M | $8.9M | $125.0M | $63.1M | $159.0M | $279.7M | $88.8M | $51.6M | $43.2M | $360.6M | $-11.3M |
R&D Spending
R&D (TTM)
$160.1M
R&D Intensity
197.9%
R&D Growth YoY
-0.9%
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.1M | $960.0K | $989.0K | $2.1M | $1.9M | $4.4M | $30.1M | $31.1M | $134.7M | $81.5M | $80.9M | |
| R&D Expense | $14.8M | $18.0M | $36.3M | $66.1M | $86.3M | $120.3M | $106.6M | $99.0M | $130.1M | $161.5M | $160.1M | |
| R&D % of Revenue | 1339.4% | 1877.2% | 3665.7% | 3196.7% | 4534.4% | 2746.3% | 354.4% | 318.5% | 96.6% | 198.1% | 197.9% | |
| SG&A | $3.0M | $3.4M | $13.0M | $21.3M | $18.1M | $30.0M | $47.0M | $52.7M | $52.6M | $85.2M | $84.6M |
Income Statement
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.1M | $960.0K | $989.0K | $2.1M | $1.9M | $4.4M | $30.1M | $31.1M | $134.7M | $81.5M | $80.9M | |
| Cost of Goods Sold | $38.0K | $0.00 | $0.00 | $299.0K | $301.0K | $523.0K | $3.2M | $4.3M | $4.0M | $6.9M | $6.9M | |
| Gross Profit | $1.1M | $960.0K | $989.0K | $1.8M | $1.6M | $3.9M | $26.9M | $26.8M | $130.7M | $74.6M | $74.0M | |
| R&D | $14.8M | $18.0M | $36.3M | $66.1M | $86.3M | $120.3M | $106.6M | $99.0M | $130.1M | $161.5M | $160.1M | |
| SG&A | $3.0M | $3.4M | $13.0M | $21.3M | $18.1M | $30.0M | $47.0M | $52.7M | $52.6M | $85.2M | $84.6M | |
| Operating Income | $-16.6M | $-19.8M | $-47.0M | $-83.1M | $-101.5M | $-136.6M | $-121.9M | $-122.2M | $-50.8M | $-170.0M | $-168.5M | |
| Interest Expense | $-471.0K | $-8.8M | $-5.4M | $-609.0K | $-957.0K | $-2.6M | $-7.6M | $-13.5M | $-8.9M | $-7.7M | $-7.6M | |
| Pretax Income | $-15.6M | $-18.2M | $-50.4M | $-211.3M | $-103.3M | $-130.7M | $-127.3M | $-130.6M | $-54.3M | $-175.5M | $-173.9M | |
| Net Income | $-15.6M | $-18.0M | $-50.2M | $-211.1M | $-103.6M | $-122.8M | $-126.6M | $-129.6M | $-55.7M | $-176.4M | $-174.8M | |
| EPS (Diluted) | -0.30 | -0.35 | -0.97 | -7.24 | -1.92 | -1.93 | -1.92 | -1.84 | -0.74 | -1.98 | -1.96 | |
| EBITDA | $-14.9M | $-7.5M | $-42.4M | $-207.0M | $-98.1M | $-123.6M | $-110.7M | $-104.1M | $-32.6M | $-155.5M | $-162.8M | |
| Shares Out. (M) | 51.77 | 51.77 | 51.77 | 29.18 | 53.98 | 63.65 | 65.92 | 70.58 | 75.52 | 89.03 | 92.67 |
Balance Sheet
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $42.6M | $2.2M | $139.0M | $125.3M | $156.0M | $268.0M | $211.7M | $149.8M | $169.8M | $349.9M | $349.9M | |
| Marketable Securities | $22.7M | $58.3M | $2.1M | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Total Current Assets | $67.0M | $62.9M | $143.8M | $129.6M | $165.0M | $296.0M | $234.7M | $188.3M | $202.5M | $418.0M | $418.0M | |
| Total Assets | $85.7M | $88.2M | $178.6M | $171.8M | $264.7M | $461.6M | $406.0M | $350.2M | $359.6M | $562.8M | $562.8M | |
| Total Current Liabilities | $11.2M | $12.1M | $15.3M | $28.8M | $42.2M | $56.7M | $126.4M | $130.8M | $160.2M | $233.3M | $233.3M | |
| Long-Term Debt | $0.00 | $0.00 | $0.00 | $0.00 | $72.3M | $161.2M | $181.5M | $163.3M | $119.3M | $105.4M | $105.4M | |
| Total Liabilities | $87.9M | $108.2M | $325.5M | $44.9M | $135.2M | $267.7M | $347.3M | $340.3M | $321.9M | $373.3M | $373.3M | |
| Stockholders' Equity | $-2.1M | $-20.0M | $-147.0M | $127.0M | $129.5M | $193.9M | $58.6M | $8.5M | $36.3M | $188.0M | $188.0M | |
| Retained Earnings | $0.00 | $0.00 | $0.00 | $0.00 | $-424.2M | $-558.4M | $-636.8M | $-751.4M | $-792.6M | $-995.8M | $-995.8M |
Cash Flow Statement
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $-6.6M | $-16.4M | $-34.5M | $-65.6M | $-93.3M | $-94.9M | $-93.8M | $-101.7M | $-15.3M | $-166.7M | $33.4M | |
| Capital Expenditure | $-487.0K | $-3.1M | $-7.2M | $-11.6M | $-38.5M | $-68.6M | $-34.0M | $-8.0M | $-3.3M | $-3.9M | $-1.1M | |
| Free Cash Flow | $-7.1M | $-19.5M | $-41.7M | $-77.2M | $-131.7M | $-163.5M | $-127.8M | $-109.7M | $-18.6M | $-170.6M | $32.3M | |
| Investing Cash Flow | $-22.1M | $-34.9M | $42.5M | $-28.7M | $-16.4M | $-73.2M | $-55.2M | $3.1M | $-49.7M | $-142.0M | $-31.7M | |
| Financing Cash Flow | $62.9M | $8.9M | $125.0M | $63.1M | $159.0M | $279.7M | $88.8M | $51.6M | $43.2M | $360.6M | $-11.3M | |
| Issuance of Stock | $0.00 | $0.00 | $2.0K | $61.6M | $97.0M | $187.9M | $0.00 | $65.8M | $73.3M | $327.3M | $0.00 | |
| Repurchase of Stock | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $-4.1M | $-3.8M | $-830.0K | $0.00 | $-1.3M | $269.0K | |
| Issuance of Debt | $0.00 | $0.00 | $12.3M | $12.1M | $80.7M | $94.2M | $109.5M | $133.5M | $73.6M | $176.2M | $57.7M | |
| Payments of Debt | $-77.0K | $-345.0K | $-7.7M | $-6.1M | $-15.7M | $-9.5M | $-9.7M | $-135.4M | $-93.6M | $-132.6M | $-64.1M | |
| Stock Based Comp. | $9.4M | $0.00 | $4.0M | $10.1M | $11.3M | $7.4M | $3.2M | $4.4M | $2.9M | $3.0M | $0.00 | |
| Net Change in Cash | $34.2M | $-42.4M | $136.9M | $-31.1M | $43.0M | $107.8M | $-51.8M | $-43.1M | $-19.9M | $43.0M | $-8.1M |
Dilution Tracker
Shares outstanding grew 45.6% over 5 years — significant dilution
Shares Outstanding
93M
5-Year Share Growth
+45.6%
Stock Issuance (TTM)
$0.00
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Shares Out. (M) | 51.77 | 51.77 | 51.77 | 29.18 | 53.98 | 63.65 | 65.92 | 70.58 | 75.52 | 89.03 | 92.67 | |
| YoY Change % | — | 0.0% | 0.0% | -43.6% | 85.0% | 17.9% | 3.6% | 7.1% | 7.0% | 17.9% | 4.1% | |
| Stock Issuance | $0.00 | $0.00 | $2.0K | $61.6M | $97.0M | $187.9M | $0.00 | $65.8M | $73.3M | $327.3M | $0.00 | |
| Stock Repurchase | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $-4.1M | $-3.8M | $-830.0K | $0.00 | $-1.3M | $269.0K | |
| Stock Based Comp. | $9.4M | $0.00 | $4.0M | $10.1M | $11.3M | $7.4M | $3.2M | $4.4M | $2.9M | $3.0M | $0.00 |
Margins & Profitability
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin % | 96.6% | 0.0% | 0.0% | 85.5% | 84.2% | 88.1% | 89.5% | 86.2% | 97.0% | 91.5% | 91.5% | |
| Operating Margin % | -1494.9% | -2064.5% | -4756.8% | -4015.4% | -5332.5% | -3116.5% | -405.2% | -393.1% | -37.7% | -208.6% | -208.4% | |
| Net Margin % | -1406.5% | -1872.4% | -5072.1% | -10203.8% | -5442.3% | -2803.4% | -421.0% | -417.0% | -41.3% | -216.5% | -216.2% | |
| EBITDA Margin % | -1343.9% | -784.9% | -4282.1% | -10003.3% | -5154.5% | -2820.4% | -367.9% | -335.0% | -24.2% | -190.8% | -201.3% | |
| FCF Margin % | -642.5% | -2030.5% | -4217.5% | -3733.1% | -6918.6% | -3730.9% | -424.8% | -352.7% | -13.8% | -209.3% | 40.0% | |
| ROE % | 0.0% | 0.0% | 0.0% | 0.0% | -80.8% | -76.0% | -100.3% | -386.5% | -248.9% | -157.3% | -165.4% | |
| ROA % | -18.2% | -20.7% | -37.6% | -120.5% | -47.5% | -33.8% | -29.2% | -34.3% | -15.7% | -38.3% | -39.0% | |
| R&D / Revenue | - | - | - | - | - | - | - | - | - | - | - |
Valuation
P/E (TTM)At Loss
HistoricalAt Loss / At Loss / At Loss
Industry Med.27.51
P/S20.62
Historical9.84 / 49.01 / 1000.00
Industry Med.9.49
P/B9.28
Historical1.99 / 11.55 / 209.21
Industry Med.2.93
EV/EBITDA-10.24
Historical-109.78 / -8.48 / -0.98
Industry Med.13.02
EV/Revenue20.63
Historical10.29 / 52.33 / 854.37
Industry Med.8.59
P/FCF45.22
Historical— / — / 45.22
Industry Med.27.13
Intrinsic Value Models
Tangible Book
$2.00
Net Current Assets
$0.490
Net-Net Working Capital
$0.05
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| PE Ratio | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | At Loss | At Loss | |
| PS Ratio | 0.00 | 0.00 | 0.00 | 217.39 | 572.79 | 210.45 | 28.94 | 31.74 | 13.14 | 29.51 | 20.62 | |
| PB Ratio | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 13.02 | 9.28 | |
| EV/EBITDA | 0.00 | 0.00 | 0.00 | -3.34 | -10.81 | -6.90 | -8.32 | -10.73 | -58.45 | -15.78 | -10.24 | |
| EV/Revenue | 0.00 | 0.00 | 0.00 | 334.53 | 557.16 | 194.61 | 30.61 | 35.95 | 14.16 | 30.10 | 20.63 |
Analyst Estimates & Quality
Altman Z-Score
-0.12
Distress
Piotroski F-Score
3
Weak
Beneish M-Score
0.65
Possible Manipulator
Forward Estimates
| Metric | Current Year | Next Year | 2 Years Out |
|---|---|---|---|
| Revenue | $138M | $205M | $957M |
| Net Income | $0M | $0M | $0M |
| EPS | -0.43 | -0.28 | 1.64 |
| Book Value per Share | 0.00 | 0.00 | 0.00 |
| Operating Cash Flow per Share | 0.00 | 0.00 | 0.00 |
| Operating CF | $0.00M | $0.00M | $0.00M |
Dividends
Revenue Segments
By Business
| Segment | 2025 |
|---|---|
| Sales of products | $499.3M |
| Commercialization rights income | $72.6M |
| Others | $2.2M |
By Geography
| Segment | 2025 |
|---|---|
| Chinese Mainland | $574.1M |