The company's financial leverage has increased, with total debt reaching $2.0B in 2025Q4 and a debt-to-equity ratio of 1.48, reflecting a reliance on external financing to support its $4.0B asset base.
| Total Current Assets | 2.95B | 1.47B | 1.34B | 1.64B | 1.89B | 1.08B | 909.11M | 990.22M | 414.71M | 463.7M |
| Cash & Short-Term Investments | 2.47B | 1.24B | 1.07B | 1.48B | 1.71B | 1.02B | 878.51M | 971.49M | 398.99M | 451.92M |
| Cash Only | 2.47B | 1.24B | 1.07B | 1.48B | 1.71B | 1.02B | 878.51M | 957.09M | 14.82M | 294.53M |
| Short-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 14.4M | 384.17M | 157.39M |
| Accounts Receivable | 253.1M | 99.07M | 163.54M | 61.49M | 54.13M | 480K | 2.53M | 5.25M | 7.85M | 8.31M |
| Days Sales Outstanding | 165.42 | 36.88 | 268.9 | 107.02 | 707.86 | 14.07 | 63.53 | 281.67 | 452.96 | 395.52 |
| Inventory | 28.64M | 6.6M | 16.17M | 9.45M | 3.93M | 0 | 0 | 0 | 0 | 0 |
| Days Inventory Outstanding | 79.35 | 82.79 | 193.2 | 156.77 | 431.02 | - | - | - | - | - |
| Other Current Assets | 192.65M | 24.63M | 24.54M | 16.6M | 59.26M | 17.31M | 3.95M | 6.42M | 0 | 0 |
| Total Non-Current Assets | 1.02B | 1.14B | 1.16B | 1.19B | 1.05B | 652M | 295.94M | 239.16M | 166.95M | 129.64M |
| Property, Plant & Equipment | 829.59M | 905.86M | 957.23M | 650.02M | 854.3M | 477M | 110.22M | 33.99M | 25.33M | 4.51M |
| Fixed Asset Turnover | 0.67x | 1.08x | 0.23x | 0.32x | 0.03x | 0.03x | 0.13x | 0.20x | 0.25x | 1.70x |
| Goodwill | 24.71M | 24.69M | 24.69M | 24.69M | 24.69M | 24.69M | 24.69M | 24.69M | 24.69M | 24.69M |
| Intangible Assets | 65.98M | 76M | 85.45M | 84.3M | 60.41M | 97.39M | 104.31M | 108.53M | 80.71M | 87.13M |
| Long-Term Investments | 37.05M | 33.86M | 18.95M | 18.53M | 27.84M | 31.77M | 4.62M | 0 | 0 | 13.31M |
| Other Non-Current Assets | 30.74M | 59M | 10.05M | 361.93M | 35.88M | 21.13M | 52.1M | 71.94M | 36.22M | 423 |
| Total Assets | 3.97B | 2.62B | 2.5B | 2.83B | 2.94B | 1.73B | 1.21B | 1.23B | 581.66M | 593.34M |
| Asset Turnover | 0.14x | 0.37x | 0.09x | 0.07x | 0.01x | 0.01x | 0.01x | 0.01x | 0.01x | 0.01x |
| Asset Growth % | 51.5% | 4.7% | -11.65% | -3.73% | 69.84% | 43.65% | -1.98% | 111.36% | -1.97% | - |
| Total Current Liabilities | 1.64B | 1.17B | 934.17M | 881.15M | 361.11M | 276.15M | 202.06M | 105.27M | 79.53M | 77.62M |
| Accounts Payable | 106.81M | 91.97M | 72.44M | 95.56M | 70.86M | 23.36M | 13.08M | 5.08M | 3.82M | 156K |
| Days Payables Outstanding | 295.95 | 1.15K | 865.74 | 1.59K | 7.77K | 4.34K | 2.28K | - | - | 218.16 |
| Short-Term Debt | 1.22B | 769.62M | 606.65M | 510.31M | 39.8M | 44.75M | 85M | 35M | 0 | 0 |
| Deferred Revenue (Current) | 37.51M | 54.09M | 38.41M | 24.35M | 0 | 6.58K | 6.6K | 0 | 0 | 840.97K |
| Other Current Liabilities | 276.84M | 0 | 0 | 2.82M | 58.73M | 16.87M | 46.9M | 24.76M | -4M | 55.36M |
| Current Ratio | 1.79x | 1.26x | 1.44x | 1.86x | 5.22x | 3.91x | 4.50x | 9.41x | 5.21x | 5.97x |
| Quick Ratio | 1.77x | 1.26x | 1.42x | 1.85x | 5.21x | 3.91x | 4.50x | 9.41x | 5.21x | 5.97x |
| Cash Conversion Cycle | -51.19 | -1.03K | -403.64 | -1.32K | -6.63K | - | - | - | - | - |
| Total Non-Current Liabilities | 986.62M | 1.18B | 1.5B | 1.54B | 1.34B | 608.27M | 112.51M | 2.14B | 633.93M | 530.33M |
| Long-Term Debt | 742.8M | 868.64M | 1.17B | 1.27B | 1.03B | 473.06M | 0 | 0 | 0 | 0 |
| Capital Lease Obligations | 14.92M | 20.79M | 12.92M | 9.14M | 8.25M | 6.08M | 9.21M | 4.46M | 2.88M | 472K |
| Deferred Tax Liabilities | 0 | 5.37M | 10.55M | 12.15M | 13.75M | 15.36M | 16.96M | 18.56M | 20.16M | 21.76M |
| Other Non-Current Liabilities | 12.04M | 6.27M | 18.3M | 35.33M | 52.34M | 73.57M | 51.25M | 2.09B | 594.93M | 499.36M |
| Total Liabilities | 2.63B | 2.34B | 2.43B | 2.42B | 1.71B | 884.42M | 314.57M | 2.24B | 713.46M | 607.95M |
| Total Debt | 1.98B | 1.67B | 1.8B | 1.79B | 1.08B | 529.7M | 101.41M | 42.04M | 4.9M | 830K |
| Net Debt | -490.68M | 431.92M | 726.3M | 317.09M | -622.6M | -490.28M | -777.11M | -915.04M | -9.92M | -293.7M |
| Debt / Equity | 1.48x | 6.09x | 25.42x | 4.39x | 0.88x | 0.63x | 0.11x | - | - | - |
| Debt / EBITDA | - | - | - | - | - | - | - | - | - | - |
| Net Debt / EBITDA | - | - | - | - | - | - | - | - | - | - |
| Interest Coverage | -22.42x | -5.13x | -8.71x | -15.81x | -48.74x | -106.99x | -345.82x | -9.36x | -1.07x | -36.00x |
| Total Equity | 1.34B | 274.16M | 70.63M | 408.66M | 1.23B | 846.62M | 890.48M | -1.01B | -131.8M | -14.61M |
| Equity Growth % | 386.96% | 288.16% | -82.72% | -66.9% | 45.84% | -4.92% | 188.03% | -667.53% | -802.35% | - |
| Book Value per Share | 15.00 | 3.63 | 4.00 | 24.80 | 77.59 | 62.74 | 67.37 | -78.16 | -10.18 | -1.13 |
| Total Shareholders' Equity | 1.33B | 264.19M | 60.42M | 408.66M | 1.23B | 846.62M | 890.48M | -1.01B | -131.8M | -14.61M |
| Common Stock | 256.16K | 214K | 197K | 180K | 178K | 154K | 142K | 63K | 0 | 0 |
| Retained Earnings | 0 | -5.77B | -5.37B | -4.44B | -3.56B | -2.77B | -2.1B | -615.82M | -270.51M | -152M |
| Treasury Stock | -2.96M | -8K | -21.35M | -26.55M | -470 | -4K | -574 | -4K | 0 | 0 |
| Accumulated OCI | 1.33B | -510.59M | -504.46M | -518.51M | -550.95M | -509.81M | 0 | 0 | 138.71M | 137.39M |
| Minority Interest | 9.76M | 9.97M | 10.21M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Clinical milestone dependency
As reported in financial statements, Ascentage's total assets grew to $4.0B by 2025Q4, yet this expansion is heavily supported by cash accumulation rather than organic asset growth, suggesting a balance sheet trajectory that remains sensitive to the timing of non-recurring licensing and milestone-driven capital inflows.
The increase in total assets appears to be driven primarily by liquidity management rather than a sustained build-up of productive operating assets. Investors should monitor whether this capital base can be effectively deployed into clinical milestones before the current cash-heavy position is eroded by persistent operational burn.
Based on the provided financial data, the company's total debt reached $2.0B in 2025Q4, resulting in a debt-to-equity ratio of 1.48, which indicates that management is increasingly utilizing debt financing to bridge the gap between high R&D expenditures and the realization of long-term commercial milestones.
While the current leverage appears manageable given the substantial cash reserves, the reliance on debt to fund clinical-stage operations introduces refinancing risk if milestone payments are delayed. The shift in D/E ratios over the last ten quarters suggests a strategic, albeit aggressive, approach to maintaining liquidity without immediate equity dilution.
According to recent balance sheet filings, Ascentage maintains a robust cash position of $2.5B as of 2025Q4, providing a current ratio of 1.79 that offers a significant buffer against near-term operational shocks and the high cash-burn requirements inherent in their current late-stage clinical trial pipeline.
This liquidity profile appears to be the primary defense against the company's negative net margins, effectively insulating the business from immediate insolvency risks. However, the sustainability of this buffer depends heavily on the company's ability to convert its apoptosis-targeting pipeline into recurring revenue streams before the cash runway is exhausted.
As observed in the reported figures, the company's equity base has fluctuated significantly, reaching $1.3B in 2025Q4, while the persistent absence of positive retained earnings underscores the ongoing challenge of achieving self-sustaining profitability in a capital-intensive, research-driven biotechnology business model.
The volatility in equity value suggests that the company's book value is highly susceptible to accounting adjustments and the timing of milestone recognition. The lack of accumulated earnings indicates that shareholders are currently funding the company's growth through a combination of debt and capital injections rather than internal value creation.
Quick answers to the most common questions about buying AAPG stock.
As of 2025, Ascentage Pharma Group International (AAPG) had total assets of $3.97B including $2.95B in current assets.
Ascentage Pharma Group International (AAPG) carries total debt of $1.98B, offset by $2.47B in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Ascentage Pharma Group International (AAPG) has total shareholders' equity (book value) of $1.33B ($15.00 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Ascentage Pharma Group International (AAPG) reported a current ratio of 1.79x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.