AAPG

MKT CAP:$2B

Ascentage Pharma Group International

Market Cap

$2B

Healthcare·Biotechnology·🇨🇳 China·NASDAQ

Healthcare·Biotechnology·🇨🇳·NASDAQ

Stock Price

$23.48-$2.89 (-10.94%)

Apr 23, 2026

Company Details

Ascentage Pharma Group International, a clinical-stage biotechnology company, develops therapies for cancers, chronic hepatitis B virus (HBV), and age-related diseases in Mainland China. The company's primary product candidate is HQP1351, a...

CEO

Dajun Yang

IPO Date

Jan 24, 2025

Website

www.ascentage.cn

Key Metrics TTM

Revenue

$204M

+527.5% YoY

Net Income

-$229M

EPS (Diluted)

-$2.81

Free Cash Flow

-$139M

Revenue / Share

$2.20

Gross Margin

92.1%

Operating Margin

-111.3%

Net Margin

-112.5%

FCF Margin

-68.2%

P/S

10.9x

P/E

—

Earnings Reports

FY 2025

Dec 30, 2025

$82MEPS -$1.98

Q4 2025

Dec 30, 2025

$49M+113.0%EPS -$1.01

Q4 2024

Dec 31, 2024

$23M+97.9%EPS -$1.06

Q2 2024

Jun 30, 2024

$120MEPS $0.32

Q4 2023

Dec 31, 2023

$12M-24.4%EPS -$1.05

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q2 16	$560.1K	$541.1K	-$8M
Q4 16	$560.1K	$541.1K	-$8M
Q2 17	$40.2K	-$233	-$361.2K
Q2 18	$20.6K	-$53.1K	-$1M
Q2 19	$1M	$907.2K	-$43M
Q4 19	$1M	$907.2K	-$43M
Q2 20	$909.6K	$765.9K	-$49M
Q4 20	$909.6K	$765.9K	-$49M
Q2 22	$15M	$14M	-$62M
Q4 22	$15M	$14M	-$62M
Q4 23	$12M	$10M	-$78M
Q2 24	$120M	$118M	$27M
Q4 24	$23M	$21M	-$83M
Q4 25	$49M	$39M	-$94M

Valuation

Quarter	P/S	P/E
Q2 16	—	—
Q4 16	—	—
Q2 17	—	—
Q2 18	1246.8x	—
Q2 19	875.9x	—
Q4 19	675.1x	—
Q2 20	482.7x	—
Q4 20	373.8x	—
Q2 22	80.9x	—
Q4 22	45.4x	—
Q4 23	34.1x	—
Q2 24	9.1x	—
Q4 24	8.7x	—
Q4 25	10.9x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q2 16	-$3M	-$4M
Q4 16	-$3M	-$4M
Q2 17	-$3M	-$3M
Q2 18	-$9M	-$9M
Q2 19	-$34M	-$40M
Q4 19	-$34M	-$40M
Q2 20	-$45M	-$63M
Q4 20	-$45M	-$63M
Q2 22	-$48M	-$65M
Q4 22	-$48M	-$65M
Q4 23	-$52M	-$54M
Q2 24	-$52M	-$54M
Q4 24	$36M	$34M

Capital Expenditures

Quarter	CapEx
Q2 16	$246.3K
Q4 16	$246.3K
Q2 17	$326.8K
Q2 18	$301.3K
Q2 19	$6M
Q4 19	$6M
Q2 20	$18M
Q4 20	$18M
Q2 22	$17M
Q4 22	$17M
Q4 23	$2M
Q2 24	$2M
Q4 24	$1M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q2 19	+89.3%	+388.3%
Q4 19	+89.3%	+388.3%
Q2 20	+2161.6%	+12211.1%
Q4 20	+4308.1%	+4505.1%
Q2 22	+1345.0%	+77.4%
Q4 22	+1345.0%	+77.4%
Q4 23	+1173.6%	+80.8%
Q2 24	+13132.9%	+88.0%
Q4 24	+49.6%	+36.6%
Q4 25	+218.7%	+84.0%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q2 16	$5M	847.7%
Q4 16	$5M	847.7%
Q2 17	$0	0.0%
Q2 18	$0	0.0%
Q2 19	$5M	488.0%
Q4 19	$5M	488.0%
Q2 20	$5M	594.6%
Q4 20	$5M	594.6%
Q2 22	$2M	10.5%
Q4 22	$2M	10.5%
Q4 23	$2M	16.7%
Q2 24	$1M	1.1%
Q4 24	$2M	7.8%

OpEx Breakdown

Quarter	R&D	G&A	S&M	SG&A
Q2 16	$8M	$1M	—	—
Q4 16	$8M	$1M	—	—
Q2 17	$245.9K	—	—	$115.0K
Q2 18	$768.9K	—	—	$230.5K
Q2 19	$34M	$7M	—	—
Q4 19	$34M	$7M	—	—
Q2 20	$41M	$5M	$100.2K	—
Q4 20	$41M	$5M	$100.2K	—
Q2 22	$54M	$12M	$12M	—
Q4 22	$54M	$12M	$12M	—
Q4 23	$58M	$13M	$16M	—
Q2 24	$65M	$13M	$13M	—
Q4 24	$74M	$15M	$16M	—
Q4 25	$86M	—	—	$47M

War Chest

Quarter	Cash	Short-term Investments	Total
Q2 18	$22M	$29M	$51M
Q4 18	$140M	$2M	$142M
Q2 19	$111M	$5M	$116M
Q4 19	$128M	$0	$128M
Q2 20	$63M	$32M	$95M
Q4 20	$149M	$0	$149M
Q2 21	$161M	$63M	$224M
Q4 21	$249M	$0	$249M
Q2 22	$248M	$0	$248M
Q4 22	$216M	$0	$216M
Q2 23	$231M	$0	$231M
Q4 23	$156M	$0	$156M
Q2 24	$161M	$0	$161M
Q4 24	$181M	$0	$181M
Q2 25	$243M	$0	$243M
Q4 25	$361M	$0	$361M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q2 16	13M	—	—
Q4 16	13M	0.0%	—
Q2 17	12M	-5.0%	—
Q2 18	12M	0.0%	—
Q2 19	13M	+7.5%	+2.1%
Q4 19	13M	0.0%	+2.1%
Q2 20	13M	+2.1%	+9.8%
Q4 20	13M	0.0%	+9.8%
Q2 22	16M	+22.1%	+24.7%
Q4 22	16M	0.0%	+24.7%
Q4 23	73M	+340.0%	+437.3%
Q2 24	74M	+2.1%	+448.4%
Q4 24	78M	+5.5%	+373.9%
Q4 25	93M	+18.6%	+461.9%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q2 16	—	—
Q4 16	—	—
Q2 17	—	—
Q2 18	—	—
Q2 19	—	—
Q4 19	—	—
Q2 20	—	—
Q4 20	—	—
Q2 22	—	—
Q4 22	—	—
Q4 23	—	—
Q2 24	—	—
Q4 24	$115	200K
Q4 25	$244	200K

Revenue / Employee