Ascentage Pharma Reports Full Year 2024 Unaudited Financial Results and Business Updates
Ascentage Pharma (NASDAQ: AAPG) reported strong financial results for 2024, with revenue surging 342% year-over-year to US$134.3 million, driven by a US$100 million Takeda option payment and robust olverembatinib sales growth of 52% to US$33.0 million in China.
Key developments include the successful completion of a US$132.5 million IPO on Nasdaq in January 2025 and lisaftoclax's NDA acceptance with Priority Review in China. The company is currently conducting ten registrational trials, including two FDA-cleared studies.
Financial highlights show reduced losses of US$55.6 million (down 56.2% YoY) and increased cash position of US$172.8 million (up 15.3%). Research and development expenses rose 34% to US$129.8 million, while selling and administrative expenses remained relatively stable.
Ascentage Pharma (NASDAQ: AAPG) ha riportato risultati finanziari solidi per il 2024, con un fatturato in crescita del 342% anno su anno, raggiungendo 134,3 milioni di dollari USA, sostenuto da un pagamento di opzione da 100 milioni di dollari di Takeda e da una robusta crescita delle vendite di olverembatinib del 52%, pari a 33,0 milioni di dollari in Cina.
Tra i principali sviluppi si segnala il completamento con successo di un IPO da 132,5 milioni di dollari USA su Nasdaq nel gennaio 2025 e l'accettazione della NDA di lisaftoclax con Revisione Prioritaria in Cina. L'azienda sta attualmente conducendo dieci studi registrativi, inclusi due studi approvati dalla FDA.
I punti salienti finanziari mostrano perdite ridotte a 55,6 milioni di dollari USA (in calo del 56,2% rispetto all'anno precedente) e una posizione di liquidità aumentata a 172,8 milioni di dollari USA (in crescita del 15,3%). Le spese per ricerca e sviluppo sono aumentate del 34% a 129,8 milioni di dollari USA, mentre le spese di vendita e amministrative sono rimaste relativamente stabili.
Ascentage Pharma (NASDAQ: AAPG) reportó resultados financieros sólidos para 2024, con ingresos que aumentaron un 342% interanual, alcanzando 134,3 millones de dólares estadounidenses, impulsados por un pago de opción de 100 millones de dólares de Takeda y un sólido crecimiento en las ventas de olverembatinib del 52%, alcanzando 33,0 millones de dólares en China.
Los desarrollos clave incluyen la exitosa finalización de una oferta pública inicial (IPO) de 132,5 millones de dólares estadounidenses en Nasdaq en enero de 2025 y la aceptación de la NDA de lisaftoclax con Revisión Prioritaria en China. La compañía está llevando a cabo actualmente diez ensayos de registro, incluidos dos estudios aprobados por la FDA.
Los aspectos financieros destacan pérdidas reducidas de 55,6 millones de dólares estadounidenses (una disminución del 56,2% interanual) y una posición de efectivo aumentada de 172,8 millones de dólares estadounidenses (un aumento del 15,3%). Los gastos en investigación y desarrollo aumentaron un 34% a 129,8 millones de dólares estadounidenses, mientras que los gastos de venta y administrativos se mantuvieron relativamente estables.
Ascentage Pharma (NASDAQ: AAPG)는 2024년 강력한 재무 결과를 보고했으며, 매출이 전년 대비 342% 증가하여 1억 3,430만 달러에 달했습니다. 이는 다케다의 1억 달러 옵션 지급과 중국에서의 올베렘바티닙 판매 성장 52%에 의해 촉진되었습니다.
주요 개발 사항으로는 2025년 1월 나스닥에서 1억 3,250만 달러의 IPO를 성공적으로 완료한 것과 리사프토클락스의 NDA가 중국에서 우선 심사로 수락된 것입니다. 현재 회사는 두 개의 FDA 승인 연구를 포함하여 10개의 등록 시험을 진행하고 있습니다.
재무 하이라이트는 손실이 5,560만 달러로 감소했으며(전년 대비 56.2% 감소), 현금 보유액이 1억 7,280만 달러로 증가했습니다(15.3% 증가). 연구 및 개발 비용은 34% 증가하여 1억 2,980만 달러에 달했으며, 판매 및 관리 비용은 상대적으로 안정적으로 유지되었습니다.
Ascentage Pharma (NASDAQ: AAPG) a rapporté de solides résultats financiers pour 2024, avec un chiffre d'affaires en hausse de 342 % par rapport à l'année précédente, atteignant 134,3 millions de dollars américains, soutenu par un paiement d'option de 100 millions de dollars de Takeda et une forte croissance des ventes d'olverembatinib de 52 %, soit 33,0 millions de dollars en Chine.
Les développements clés comprennent l'achèvement réussi d'une IPO de 132,5 millions de dollars américains sur le Nasdaq en janvier 2025 et l'acceptation de la NDA de lisaftoclax avec un examen prioritaire en Chine. L'entreprise mène actuellement dix essais d'enregistrement, dont deux études approuvées par la FDA.
Les points saillants financiers montrent une réduction des pertes à 55,6 millions de dollars américains (en baisse de 56,2 % par rapport à l'année précédente) et une position de liquidités accrue de 172,8 millions de dollars américains (en hausse de 15,3 %). Les dépenses de recherche et développement ont augmenté de 34 % pour atteindre 129,8 millions de dollars américains, tandis que les dépenses de vente et administratives sont restées relativement stables.
Ascentage Pharma (NASDAQ: AAPG) berichtete über starke Finanzergebnisse für 2024, mit einem Umsatzanstieg von 342% im Jahresvergleich auf 134,3 Millionen US-Dollar, unterstützt durch eine 100-Millionen-US-Dollar-Optionszahlung von Takeda und einem robusten Verkaufswachstum von olverembatinib von 52% auf 33,0 Millionen US-Dollar in China.
Wichtige Entwicklungen umfassen den erfolgreichen Abschluss eines IPO in Höhe von 132,5 Millionen US-Dollar an der Nasdaq im Januar 2025 sowie die Annahme des NDA von lisaftoclax mit Prioritätsprüfung in China. Das Unternehmen führt derzeit zehn Zulassungsstudien durch, darunter zwei von der FDA genehmigte Studien.
Die finanziellen Höhepunkte zeigen reduzierte Verluste von 55,6 Millionen US-Dollar (ein Rückgang um 56,2% im Jahresvergleich) und eine erhöhte Liquiditätsposition von 172,8 Millionen US-Dollar (ein Anstieg um 15,3%). Die Ausgaben für Forschung und Entwicklung stiegen um 34% auf 129,8 Millionen US-Dollar, während die Verkaufs- und Verwaltungskosten relativ stabil blieben.
- Revenue increased 342% YoY to US$134.3 million
- Olverembatinib sales grew 52% to US$33.0 million
- Loss decreased by 56.2% to US$55.6 million
- Secured US$100 million option payment from Takeda
- Successful US$132.5 million IPO on Nasdaq
- Cash position increased 15.3% to US$172.8 million
- R&D expenses increased 34% to US$129.8 million
- Administrative expenses rose 3.3% to US$25.6 million
Insights
Ascentage Pharma's 2024 financial results showcase remarkable commercial traction and pipeline advancement. The
The company has significantly strengthened its financial position. Net loss decreased by
Olverembatinib's commercial expansion is particularly noteworthy, with 86% growth in hospital formulary listings and inclusion in China's National Reimbursement Drug List for multiple indications. This significantly enhances both affordability and accessibility, setting the stage for continued strong market penetration.
The regulatory progress for lisaftoclax, receiving Priority Review designation in China for R/R CLL/SLL, represents another significant milestone. With ten registrational trials in progress across three late-stage assets, including FDA-cleared studies, Ascentage is executing an ambitious development strategy that could substantially expand its commercial portfolio in coming years.
The Takeda partnership, which includes both the option payment and a
Ascentage's clinical pipeline exhibits impressive breadth and progress across multiple therapeutic candidates. Olverembatinib, a novel third-generation BCR-ABL1 TKI, is advancing beyond its approved indications with three registrational trials: POLARIS-1 in newly diagnosed Ph+ ALL, POLARIS-2 in CML-CP (with FDA clearance), and POLARIS-3 in SDH-deficient GIST after prior therapy failure.
The Breakthrough Therapy Designation for olverembatinib in Ph+ ALL is particularly significant, as this indication represents a high unmet need where new therapeutic options could substantially improve outcomes. The inclusion of multiple indications in China's reimbursement system indicates regulatory confidence in the product's clinical profile.
Lisaftoclax (APG-2575), the company's Bcl-2 inhibitor, shows compelling progress with its NDA acceptance and Priority Review in China for R/R CLL/SLL. The ongoing GLORA trial series evaluates this agent across multiple hematologic malignancies in both monotherapy and rational combinations. The GLORA-4 trial in HR MDS represents an expansion into myeloid malignancies where selective Bcl-2 inhibition has shown promise.
APG-2449's advancement to Phase III trials in NSCLC demonstrates the company's expansion beyond hematologic cancers. As a triple inhibitor targeting FAK, ALK, and ROS1, this compound offers a differentiated mechanism potentially addressing resistance mechanisms in targeted therapy-refractory patients.
The company's strategy of pursuing combination approaches, particularly with lisaftoclax plus BTK inhibitors in CLL, aligns with evolving treatment paradigms focusing on complementary mechanisms of action to improve efficacy and potentially enable fixed-duration therapy.
- Revenue in 2024 increased
342% year-over-year to US$134.3 million (RMB980.7 million), attributable in part to Takeda’s option payment and strong sales growth of olverembatinib - Sales of olverembatinib in China in 2024 increased
52% year-over-year to US$33.0 million - Completion of U.S. initial public offering on Nasdaq in January 2025, resulting in US
$132.5 million in net proceeds - Lisaftoclax accepted for New Drug Application (NDA) review with Priority Review designation in China
- Ten registrational trials in progress, including two cleared by FDA
- English conference call and webcast at 8:00 am EDT / 8:00 pm HKT on March 27, 2025 and Chinese (Mandarin) investor event with simultaneous conference call and webcast at 9:30 am HKT on March 28, 2025 / 9:30 pm EDT on March 27, 2025
ROCKVILLE, Md. and SUZHOU, China, March 27, 2025 (GLOBE NEWSWIRE) -- Ascentage Pharma Group International (Ascentage Pharma) (NASDAQ: AAPG; HKEX: 6855) (referred hereinto as “Ascentage Pharma,” the “Company,” “we,” “us” or “our”), a global, integrated biopharmaceutical company engaged in discovering, developing and commercializing therapies to address global unmet medical needs primarily in hematological malignancies, today reported its unaudited financial results for the year ended December 31, 2024, and provided updates on key clinical and commercial developments.
Dr. Dajun Yang, Chairman and Chief Executive Officer of Ascentage Pharma, said, “As we reflect on our achievements in 2024, I am delighted to report that Ascentage Pharma has made remarkable strides in advancing our mission to deliver innovative therapies to patients worldwide. The commercialization of olverembatinib in China has gained significant traction in 2024 and is poised for growth in 2025 as all approved indications of olverembatinib are now covered under China’s National Reimbursement Drug List (NRDL), markedly enhancing affordability and accessibility for patients across China.”
He continued, “Our momentum continued with the advancement of lisaftoclax. In November 2024, the New Drug Application (NDA) for lisaftoclax for the treatment of relapsed and/or refractory chronic lymphocytic leukemia (R/R CLL) and small lymphocytic lymphoma (SLL) was accepted by the Center of Drug Evaluation (CDE) of China’s National Medical Products Administration (NMPA) with Priority Review designation. This acceptance marks a pivotal step toward bringing this novel therapy to patients in need.”
“Our clinical development programs also achieved significant progress over the past year. In February 2024, olverembatinib received clearance by the U.S. Food and Drug Administration (FDA) to initiate a global registrational Phase III clinical trial (POLARIS-2), for patients with Chronic Myeloid Leukemia in Chronic Phase (CML-CP) with or without T315I mutation who have previously failed tyrosine kinase inhibitor (TKI) treatment. In 2024, we also received clearance to commence two registrational Phase III clinical trials for APG-2449, a focal adhesion kinase (FAK), third generation anaplastic lymphoma kinase (ALK) and receptor tyrosine kinase C-ros oncogene 1 (ROS1) inhibitor, for treatment of patients with non-small cell lung cancer (NSCLC). At the moment, we are conducting ten global registrational trials, including two that were cleared by the FDA, for our three late-stage products, olverembatinib, lisaftoclax and APG-2449. These milestones highlight our commitment to addressing unmet medical needs through rigorous clinical innovation.”
“We believe Ascentage Pharma is on a transformative path to becoming a global leader in oncology innovation. The commercialization of olverembatinib in China, the progress of lisaftoclax, the continued development of our other clinical-stage small molecule drug assets, and our strategic agreement with Takeda Pharmaceuticals International AG (Takeda) reflect the strength of our pipeline and our ability to execute on our goals. In 2025, we remain focused on accelerating the development and delivery of life-changing therapies, expanding our global footprint, and creating sustainable value for all stakeholders.”
Key Business and Pipeline Updates
Olverembatinib (HQP1351), a novel, next-generation TKI and the first third-generation BCR-ABL1 TKI, has been approved in China for treatment of patients with CML-CP or Chronic Myeloid Leukemia in Accelerated Phase (CML-AP) with T315I mutations and CML-CP that is resistant and/or intolerant to first and second-generation TKIs.
Commercial progress
- Revenue from sales of olverembatinib in China was US
$33.0 million for the year ended December 31, 2024, compared to US$21.9 million for the year ended December 31, 2023, which represented an increase of US$11.1 million , or52% . As of December 31, 2024, the number of direct-to-pharmacy (DTP) pharmacies and hospitals where olverembatinib is on formulary reached 734. In particular, the number of hospitals where olverembatinib is on formulary increased86% compared to December 31, 2023. - In November 2024, a new indication – adult patients with CML-CP resistant and/or intolerant of first-and second-generation TKIs – for olverembatinib was included in China’s NRDL through the simplified contract renewal procedure. Concurrently, the contracts for indications of olverembatinib which has been included China’s NRDL since 2022 were renewed successfully. The current indications of olverembatnib eligible for reimbursement includes adult patients with CML-CP or CML-AP with T315I mutation, and adult patients with CML-CP that are resistant and/or intolerant of first-and second-generation TKIs.
Clinical progress
- After receiving clearance from the CDE of China’s NMPA in May 2024, we commenced enrollment in a registrational Phase III clinical trial of olverembatinib for the treatment of patients with succinate dehydrogenase (SDH)-deficient gastrointestinal stromal tumor (GIST) who have failed prior systemic treatment (POLARIS-3).
- After receiving clearance from the FDA in February 2024, we commenced enrollment in a registrational Phase III clinical trial of olverembatinib for previously treated CML-CP patients, both with and without T315I mutation (POLARIS-2).
- We continue enrollment in a registrational Phase III clinical trial of olverembatinib in combination with chemotherapy versus imatinib in combination with chemotherapy in patients with newly diagnosed Philadelphia chromosome-positive ALL (Ph+ ALL) (POLARIS-1).
- We obtained Breakthrough Therapy Designation (BTD) for olverembatinib in March 2025 from the CDE of China’s NMPA for combination with low-intensity chemotherapy for the first-line treatment of newly-diagnosed patients with Ph+ ALL.
Anticipated progress
- We plan to seek clearance from the FDA to initiate a registrational Phase III clinical trial in newly diagnosed Ph+ ALL patients.
Lisaftoclax (APG-2575) is a novel, oral Bcl-2 inhibitor developed to treat a variety of hematologic malignancies and solid tumors by selectively blocking Bcl-2 to restore the normal apoptosis process in cancer cells.
Regulatory progress
- NDA for lisaftoclax monotherapy for the treatment of R/R CLL or small SLL was accepted with Priority Review designation by the CDE of China’s NMPA in November 2024.
Clinical progress
- After lisaftoclax received initial clearance by the CDE of China’s NMPA in May 2024, we commenced enrollment of patients in a global, multicenter, registrational Phase III clinical trial of lisaftoclax in combination with azacitidine for the treatment of patients who are newly diagnosed with higher risk (HR) myelodysplastic syndrome (MDS) (GLORA-4).
- We continue enrollment in a global registrational Phase III clinical trial of lisaftoclax for the treatment of newly diagnosed old or unfit patients with acute myeloid leukemia (AML) (GLORA-3).
- We continue enrollment in a global registrational Phase III clinical trial to evaluate lisaftoclax in combination with the BTK inhibitor acalabrutinib, versus immunochemotherapy in treatment-naïve patients with CLL/SLL (GLORA-2) to validate a fixed duration of combination regimen as a first-line treatment.
- We continue enrollment in a global registrational Phase III clinical trial of lisaftoclax in combination with BTK inhibitors in patients with CLL/SLL previously treated with BTK inhibitors (GLORA).
- We continue Phase 1b/2 clinical trials of lisaftoclax in combination therapies for the treatment of patients with multiple myeloma (MM) in China and the United States.
Anticipated progress
- We plan to seek clearance from the FDA to initiate a registrational Phase III clinical trial for the treatment of patients who are newly diagnosed with HR MDS.
APG-2449 is a novel, orally active, small-molecule FAK, the third generation of ALK and receptor tyrosine kinase ROS1 triple ligase TKI.
Clinical progress
- APG-2449 was cleared by the CDE of NMPA in October 2024 to initiate two registrational Phase III clinical trials to evaluate APG-2449 in patients with NSCLC who are either resistant to or intolerant of second-generation ALK TKIs or treatment-naïve patients with ALK-positive advanced or locally advanced NSCLC.
Business Updates
- We entered into an exclusive option agreement in June 2024 with Takeda (Exclusive Option Agreement), pursuant to which Ascentage Pharma granted Takeda an exclusive option to enter into an exclusive license for olverembatinib. If exercised, the Exclusive Option Agreement would allow Takeda to license global rights to develop and commercialize olverembatinib in all territories outside of China, Hong Kong, Macau, Taiwan and Russia.
- We received a US
$100 million intellectual property income and option payment from Takeda in July 2024 under the Exclusive Option Agreement. - We completed a US
$75 million equity investment from Takeda in June 2024. - We completed Ascentage Pharma’s U.S. initial public offering of American depositary shares in January 2025, resulting in net proceeds of US
$132.5 million , after deducting underwriting discounts and commissions.
Full Year 2024 Unaudited Financial Results
Revenue for the year ended December 31, 2024 was US
Selling and distribution expenses for the year ended December 31, 2024 were US
Research and development expenses for the year ended December 31, 2024 were US
Administrative expenses for the year ended December 31, 2024 were US
Finance costs for the year ended December 31, 2024 were US
Other expenses for the year ended December 31, 2024 were US
Loss for the year ended December 31, 2024 was US
Cash and bank balances for the year ended December 31, 2024 were US
Following our initial public offering in January 2025, which resulted in net proceeds of
Statement Regarding Unaudited Financial Information
This press release includes unaudited annual financial information as of and for the year ended December 31, 2024, which has not been audited or reviewed by the Company’s auditors. The unaudited information for the year ended December 31, 2024, is preliminary, based on the information available at this time and subject to changes in connection with the completion of the audit of the Company’s financial statements. As such, the Company’s actual results and financial condition as reflected in the financial statements that will be included in the Company’s Annual Report on Form 20-F for the year ended December 31, 2024, may be adjusted or presented differently from the financial information herein and the variations could be material. The unaudited consolidated financial statements include the accounts of the Company and its subsidiaries. All periods presented have been accounted for in conformity with IFRS accounting standard and pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (the “SEC”).
Currency and Exchange Rate Information
Unless otherwise indicated, translations from RMB to U.S. dollars for 2024 and 2023 are made at RMB7.2993 to US
Conference Call
Ascentage Pharma will be holding a conference call and audio webcast presentation to discuss its full-year results.
The English conference call and webcast will be held at 8:00 am EDT / 8:00 pm HKT on March 27, 2025. To access the English conference call, please register in advance here to obtain a local or toll-free phone number and your personal identification number. A live webcast of the English conference call will be available at: Full Year 2024 Financial Results.
Ascentage Pharma will host a Chinese (Mandarin) investor event at 9:30 am HKT on Friday, March 28, 2025 / 9:30 pm EDT on Thursday, March 27, 2025, which will also be available simultaneously via conference call and webcast. To access the Chinese investor event or conference call, please register in advance here.
The webcast for both conference calls will continue to be accessible on Ascentage Pharma’s website at www.ascentage.com for 30 days.
About Ascentage Pharma
Ascentage Pharma is a global, integrated biopharmaceutical company engaged in discovering, developing and commercializing therapies to address global unmet medical needs primarily in hematological malignancies. Ascentage Pharma has been listed on the Main Board of the Stock Exchange of Hong Kong Limited with the stock code 6855.HK since October 2019 and has also been listed on the Nasdaq Global Market under the ticker symbol “AAPG” since January 2025.
Cautionary Note Regarding Forward-Looking Statements
This press release includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of historical facts, contained in this press release may be forward-looking statements, including statements that express Ascentage Pharma’s opinions, expectations, beliefs, plans, objectives, assumptions or projections regarding future events or future results of operations or financial condition. These forward-looking statements are subject to a number of risks and uncertainties as discussed in Ascentage Pharma’s filings with the SEC, including those set forth in the sections titled “Risk factors” and “Special note regarding forward-looking statements and industry data” in its final prospectus for its U.S. initial public offering, filed with the SEC on January 24, 2025, and other filings with the SEC that the Company made or makes from time to time, and with respect to non-U.S. investors only, the sections headed “Forward-looking Statements” and “Risk Factors” in the prospectus of the Company for its Hong Kong initial public offering dated October 16, 2019, and other filings with The Stock Exchange of Hong Kong Limited it has made or it makes from time to time that may cause actual results, levels of activity, performance or achievements to be materially different from the information expressed or implied by these forward-looking statements. The forward-looking statements contained in this presentation do not constitute profit forecast by the Company’s management.
As a result of these factors, you should not rely on these forward-looking statements as predictions of future events. The forward-looking statements contained in this press release are based on Ascentage Pharma’s current expectations and beliefs concerning future developments and their potential effects and speak only as of the date of such statements. Ascentage Pharma does not undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
Contact Information
Investor Relations:
Hogan Wan, Head of IR and Strategy
Ascentage Pharma
Hogan.Wan@ascentage.com
+86 512 85557777
Stephanie Carrington
ICR Healthcare
Stephanie.Carrington@icrhealthcare.com
(646) 277-1282
Media Relations:
Sean Leous
ICR Healthcare
Sean.Leous@icrhealthcare.com
(646) 866-4012
| Ascentage Pharma Group International | ||||||||||||||||
| Consolidated statements of profit or loss | ||||||||||||||||
| (Amounts in thousands of Renminbi (“RMB”) and U.S. dollar (“US$”), except for number of shares and per share data) | ||||||||||||||||
| For the years ended December 31 | ||||||||||||||||
| 2022 | 2023 | 2024 | 2024 | |||||||||||||
| RMB | RMB | RMB | US$ | |||||||||||||
| （Unaudited) | （Unaudited) | |||||||||||||||
| REVENUE | ||||||||||||||||
| Intellectual property | - | - | 678,415 | 92,942 | ||||||||||||
| Products | 174,931 | 193,535 | 260,835 | 35,734 | ||||||||||||
| Others | 34,780 | 28,449 | 41,400 | 5,672 | ||||||||||||
| Total revenue | 209,711 | 221,984 | 980,650 | 134,348 | ||||||||||||
| Cost of sales | ||||||||||||||||
| Products | (18,926 | ) | (29,342 | ) | (27,031 | ) | (3,703 | ) | ||||||||
| Others | (3,072 | ) | (1,201 | ) | (2,054 | ) | (281 | ) | ||||||||
| Total cost of sales | (21,998 | ) | (30,543 | ) | (29,085 | ) | (3,984 | ) | ||||||||
| Gross profit | 187,713 | 191,441 | 951,565 | 130,364 | ||||||||||||
| Other income and gains | 66,972 | 59,316 | 57,359 | 7,858 | ||||||||||||
| Selling and distribution expenses | (157,421 | ) | (195,387 | ) | (195,998 | ) | (26,852 | ) | ||||||||
| Administrative expenses | (170,595 | ) | (181,076 | ) | (187,125 | ) | (25,636 | ) | ||||||||
| Research and development expenses | (743,104 | ) | (706,972 | ) | (947,245 | ) | (129,772 | ) | ||||||||
| Other expenses | (17,674 | ) | (5,203 | ) | (9,075 | ) | (1,243 | ) | ||||||||
| Finance costs | (52,785 | ) | (96,057 | ) | (64,455 | ) | (8,830 | ) | ||||||||
| Share of (loss)/profit of a joint venture | (278 | ) | 1,076 | (281 | ) | (38 | ) | |||||||||
| LOSS BEFORE TAX | (887,172 | ) | (932,862 | ) | (395,255 | ) | (54,149 | ) | ||||||||
| Income tax credit/(expense) | 4,248 | 7,150 | (10,425 | ) | (1,428 | ) | ||||||||||
| LOSS FOR THE YEAR | (882,924 | ) | (925,712 | ) | (405,680 | ) | (55,577 | ) | ||||||||
| Attributable to: | ||||||||||||||||
| Ordinary equity holders of the Company | (882,924 | ) | (925,637 | ) | (405,433 | ) | (55,543 | ) | ||||||||
| Non-controlling interests | - | (75 | ) | (247 | ) | (34 | ) | |||||||||
| (882,924 | ) | (925,712 | ) | (405,680 | ) | (55,577 | ) | |||||||||
| LOSS PER SHARE ATTRIBUTABLE TO ORDINARY EQUITY HOLDERS OF THE COMPANY | ||||||||||||||||
| Basic and diluted | (3.35 | ) | (3.28 | ) | (1.34 | ) | (0.18 | ) | ||||||||
| Ascentage Pharma Group International | |||||||||||||||
| Consolidated statements of comprehensive loss | |||||||||||||||
| (Amounts in thousands of Renminbi and U.S. dollar, except for number of shares and per share data) | |||||||||||||||
| For the years ended December 31 | |||||||||||||||
| 2022 | 2023 | 2024 | 2024 | ||||||||||||
| RMB | RMB | RMB | US$ | ||||||||||||
| （Unaudited) | （Unaudited) | ||||||||||||||
| LOSS FOR THE YEAR | (882,924 | ) | (925,712 | ) | (405,680 | ) | (55,577 | ) | |||||||
| OTHER COMPREHENSIVE INCOME | |||||||||||||||
| Other comprehensive income that may be reclassified to profit or loss in subsequent periods, net of tax: | |||||||||||||||
| Exchange differences on translation of foreign operations | 25,832 | 20,593 | 2,829 | 388 | |||||||||||
| Other comprehensive income that will not be reclassified to profit or loss in subsequent periods, net of tax: | |||||||||||||||
| Exchange differences on translation of non-foreign operations | 35,665 | 5,666 | 4,120 | 564 | |||||||||||
| OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF TAX | 61,497 | 26,259 | 6,949 | 952 | |||||||||||
| TOTAL COMPREHENSIVE LOSS FOR THE YEAR | (821,427 | ) | (899,453 | ) | (398,731 | ) | (54,625 | ) | |||||||
| Attributable to: | |||||||||||||||
| Ordinary equity holders of the Company | (821,427 | ) | (899,378 | ) | (398,484 | ) | (54,592 | ) | |||||||
| Non-controlling interests | - | (75 | ) | (247 | ) | (34 | ) | ||||||||
| (821,427 | ) | (899,453 | ) | (398,731 | ) | (54,625 | ) | ||||||||
| Ascentage Pharma Group International | |||||||||||||
| Consolidated statements of financial position | |||||||||||||
| (Amounts in thousands of Renminbi and U.S. dollar, except for number of shares and per share data) | |||||||||||||
| As at December 31 | |||||||||||||
| 2023 | 2024 | 2024 | |||||||||||
| RMB | RMB | US$ | |||||||||||
| （Unaudited) | （Unaudited) | ||||||||||||
| NON-CURRENT ASSETS | |||||||||||||
| Property, plant and equipment | 905,815 | 849,450 | 116,374 | ||||||||||
| Right-of-use assets | 51,252 | 56,109 | 7,687 | ||||||||||
| Goodwill | 24,694 | 24,694 | 3,383 | ||||||||||
| Other intangible assets | 85,446 | 75,998 | 10,412 | ||||||||||
| Investment in a joint venture | 16,998 | 32,717 | 4,482 | ||||||||||
| Financial assets at fair value through profit or loss (“FVTPL”) | 1,951 | 1,141 | 156 | ||||||||||
| Deferred tax assets | 59,842 | 44,236 | 6,060 | ||||||||||
| Other non-current assets | 10,217 | 59,303 | 8,125 | ||||||||||
| Total non-current assets | 1,156,215 | 1,143,648 | 156,679 | ||||||||||
| CURRENT ASSETS | |||||||||||||
| Inventories | 16,167 | 6,597 | 904 | ||||||||||
| Trade receivables, net | 145,893 | 83,143 | 11,390 | ||||||||||
| Prepayments, other receivables and other assets | 88,285 | 123,211 | 16,880 | ||||||||||
| Cash and bank balances | 1,093,833 | 1,261,211 | 172,785 | ||||||||||
| Total current assets | 1,344,178 | 1,474,162 | 201,959 | ||||||||||
| CURRENT LIABILITIES | |||||||||||||
| Trade payables | 72,445 | 91,966 | 12,599 | ||||||||||
| Other payables and accruals | 206,914 | 258,098 | 35,360 | ||||||||||
| Contract liabilities | 38,410 | 37,485 | 5,135 | ||||||||||
| Interest-bearing bank and other borrowings | 616,404 | 779,062 | 106,731 | ||||||||||
| Total current liabilities | 934,173 | 1,166,611 | 159,825 | ||||||||||
| NET CURRENT ASSETS | 410,005 | 307,551 | 42,134 | ||||||||||
| TOTAL ASSETS LESS CURRENT LIABILITIES | 1,566,220 | 1,451,199 | 198,813 | ||||||||||
| NON-CURRENT LIABILITIES | |||||||||||||
| Contract liabilities | 251,189 | 248,460 | 34,039 | ||||||||||
| Interest-bearing bank and other borrowings | 1,179,191 | 889,435 | 121,852 | ||||||||||
| Deferred tax liabilities | 10,549 | 5,368 | 735 | ||||||||||
| Long-term payables | 18,299 | - | - | ||||||||||
| Deferred income | 36,360 | 27,500 | 3,767 | ||||||||||
| Other non-current liabilities | - | 6,274 | 860 | ||||||||||
| Total non-current liabilities | 1,495,588 | 1,177,037 | 161,253 | ||||||||||
| TOTAL LIABILITIES | 2,429,761 | 2,343,648 | 321,078 | ||||||||||
| EQUITY | |||||||||||||
| Equity attributable to ordinary equity holders of the Company | |||||||||||||
| Ordinary shares (par value of US | 197 | 214 | 29 | ||||||||||
| Treasury shares | (21,351 | ) | (8 | ) | (1 | ) | |||||||
| Share premium | 5,951,154 | 6,545,129 | 896,679 | ||||||||||
| Capital and reserves | (371,441 | ) | (384,515 | ) | (52,678 | ) | |||||||
| Exchange fluctuation reserve | (133,020 | ) | (126,071 | ) | (17,272 | ) | |||||||
| Accumulated losses | (5,365,122 | ) | (5,770,555 | ) | (790,563 | ) | |||||||
| 60,417 | 264,194 | 36,194 | |||||||||||
| Non-controlling interests | 10,215 | 9,968 | 1,366 | ||||||||||
| Total equity | 70,632 | 274,162 | 37,560 | ||||||||||
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