Cash flow is structurally negative, with operating cash outflows of $600.6M in 2026Q2 and a FCF margin of -2.0%, underscoring a persistent burn rate that is only partially offset by non-cash charges.
Ascentage Pharma Group International (AAPG) cash flow statement — 10-year operating, investing & financing cash flows
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 |
|---|
| Cash from Operations | -1.62B | -1.17B | -111.36M | -726.08M | -653.91M | -604.68M | -609.96M | -460.31M | -237.67M | -107.98M | -45.89M |
| Operating CF Margin % | - | -210.24% | -11.36% | -327.09% | -311.82% | -2166.53% | -4899.24% | -3171.67% | -3491.51% | -1706.46% | -598.58% |
| Operating CF Growth % | -347.25% | -954.38% | 84.66% | -11.04% | -8.14% | 0.87% | -32.51% | -93.68% | -120.09% | -135.3% | - |
| Net Income | -2.61B | -1.24B | -395.25M | -932.86M | -887.17M | -832.25M | -675.45M | -741.16M | -346.91M | -120.12M | -112.78M |
| Depreciation & Amortization | 136.67M | 86.48M | 93.17M | 93.19M | 62.91M | 28.33M | 27.42M | 3.83M | 18.46M | 12.5M | 164.37K |
| Stock-Based Compensation | 38.29M | 20.87M | 20.92M | 31.5M | 22.11M | 46.97M | 74.03M | 70.82M | 27.57M | 0 | 64.99M |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 1.33B | 98.07M | 58.84M | 91.23M | 43.82M | 227.18M | 19.29M | 195.06M | 36.13M | -10.9M | -415.74K |
| Working Capital Changes | 87.36M | -143.5M | 110.97M | -9.15M | 104.41M | -74.91M | -55.25M | 11.14M | 27.08M | 10.53M | 2.15M |
| Change in Receivables | 62.75M | -169.79M | 62.75M | -91.54M | -388K | -53.97M | 0 | 0 | 0 | 556K | -301K |
| Change in Inventory | 9.57M | -26.2M | 9.57M | -6.72M | -5.52M | -3.93M | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | 0 | 14.77M | 19.52M | -23.11M | 24.7M | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | -313.37M | -1B | -362.04M | 21.92M | -384.61M | -466.52M | -107.37M | -201.33M | 292.81M | -230.35M | -159.63M |
| Capital Expenditures | -47.02M | -27.57M | -24.29M | -46.11M | -203.29M | -435.42M | -249.92M | -77.46M | -48.16M | -20.54M | -3.29M |
| CapEx % of Revenue | 4.59% | 4.94% | 2.48% | 20.77% | 96.94% | 1560.07% | 2007.4% | 533.7% | 707.58% | 324.53% | 42.85% |
| Acquisitions | -53.08M | -43.34M | -25.52M | -20M | -20M | -36.2M | 0 | 0 | -33.38M | 0 | 6.1M |
| Investments | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 716.82M | 0 | 0 | -10.72M | -31.32M | -879K | -1.55M | -143.48M | -1.29M | -209.81M | 46.77K |
| Cash from Financing | 2.61B | 2.54B | 314.77M | 368.75M | 619.27M | 1.78B | 1.04B | 442.36M | 860.16M | 58.36M | 456.19M |
| Debt Issued (Net) | 378.78M | 307.26M | -145.34M | -13.36M | 695.87M | 548.59M | 432.81M | 50M | 36.37M | 0 | -532K |
| Equity Issued (Net) | 2.27B | 2.3B | 533.95M | 464.16M | -26.78M | 1.27B | 634.22M | 432.28M | 910.62M | 60.89M | 436.12M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | -14.96M | -9.04M | 0 | -5.92M | -26.78M | -25.87M | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -39.66M | -63.04M | -73.84M | -82.05M | -49.83M | -41.97M | -27.02M | -39.92M | -86.82M | -2.53M | 20.6M |
| Net Change in Cash | 882.87M | 302.68M | -144.95M | -307.59M | -361.25M | 686.91M | 280.99M | -218.1M | 942.27M | -279.71M | 294.53M |
| Free Cash Flow | -1.62B | -1.2B | -135.65M | -782.92M | -890.88M | -1.04B | -861.43M | -541.72M | -287.13M | -128.52M | -49.26M |
| FCF Margin % | -157.93% | -215.17% | -13.83% | -352.69% | -424.81% | -3730.95% | -6919.13% | -3732.66% | -4218.11% | -2030.99% | -642.55% |
| FCF Growth % | -1.08% | -785.91% | 82.67% | 12.12% | 14.45% | -20.88% | -59.02% | -88.67% | -123.41% | -160.88% | - |
| FCF per Share | -17.32 | -13.50 | -1.80 | -44.37 | -54.06 | -65.44 | -63.84 | -40.98 | -22.19 | -9.93 | -3.81 |
| FCF Conversion (FCF/Net Income) | 0.62x | 0.97x | 0.27x | 0.78x | 0.74x | 0.77x | 0.90x | 0.31x | 0.69x | 0.91x | 0.43x |
| Interest Paid | 27.4M | 0 | 0 | 92.35M | 49.85M | 16.81M | 5.93M | 4.27M | 1.89M | 257K | 49K |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Quick answers to the most common questions about buying AAPG stock.
Ascentage Pharma Group International (AAPG) generated $-1174.1M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Ascentage Pharma Group International (AAPG) reported negative free cash flow of $1.20B in 2025, indicating capital requirements exceeded cash from operations.
Ascentage Pharma Group International (AAPG) spent $27.6M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Ascentage Pharma Group International (AAPG) spent $9.0M on share repurchases. This shows the company's commitment to returning capital to its equity investors.
Key Metrics
Top Statement Risk
Negative FCF trajectory with rising losses
Consistent Cash Burn Below Net Loss
AAPG's operating cash flow has consistently been less negative than net income, with a recent 2026Q2 OCF/NI ratio of 0.74, suggesting that non-cash charges like depreciation and stock-based compensation are partially offsetting the deep accounting losses reported on the income statement.
The persistent gap where operating cash outflows are smaller than net losses indicates a significant non-cash expense component, primarily depreciation and historically, stock-based compensation. However, as SBC appears to have been phased out in recent quarters, the primary driver of this difference is now the add-back of D&A. For an investor, this means the actual cash bleeding is slightly more manageable than the net income figure suggests, but it does not alter the fundamental trajectory of the business consuming more cash than it generates.
FCF Burn Accelerates After Milestone Spike
As reported in the cash flow data, AAPG's free cash flow margin deteriorated to -2.0% in 2026Q2 from a positive 149.9% in 2024Q4, illustrating the end of a one-time milestone-driven cash inflow and a return to a structurally negative FCF profile tied to its heavy R&D investment phase.
The positive FCF in 2024Q4 was a clear anomaly driven by a large upfront licensing payment, as evidenced by the massive swing in operating cash flow. Since that quarter, FCF has reverted to a burn of several hundred million dollars per half-year period. This trajectory confirms that the company's core operations remain deeply cash-consumptive, and the recent quarterly losses are widening, with 2026Q2 showing a larger cash burn than the preceding periods.
Minimal Capital Intensity Amid R&D Focus
Capital expenditures represent a very small fraction of revenue, declining from a high of 96.9% in 2022 to just 3.9% in 2026Q2, indicating that the company's cash burn is overwhelmingly driven by operating activities, specifically R&D, rather than investments in physical assets.
The minimal CapEx profile is characteristic of a clinical-stage biotech outsourcing most manufacturing, but it also means the business model is not generating the capital-intensive assets that might signal a transition to large-scale commercial production. The extremely low CapEx/Rev ratio underscores that the primary risk is not asset obsolescence but rather the depletion of cash reserves funding the R&D and commercialization efforts that are not yet self-sustaining.
Chronic Earnings-Cash Gap Underscores Structural Losses
Based on the reported figures, AAPG has sustained operating cash outflows in every single quarter over the last 10 periods, with cumulative net losses far exceeding cumulative operating cash burn, highlighting a fundamental disconnect between reported accounting losses and the underlying cash consumption profile.
The persistent negative operating cash flow, even in quarters with positive net income (like 2024Q2), reveals that the business is structurally unable to generate cash from its core activities. The divergence suggests that adjustments for non-cash items are not sufficient to bridge the gap between revenue and the cash required for R&D and commercial operations. This pattern is the hallmark of a company in a long-term investment phase, reliant on its balance sheet to fund the path to profitability.
What the Cash Burn Obscures
The cash flow statement masks the quality of the company's R&D spend by not distinguishing between defensive, maintenance-style research and high-risk, pipeline-expanding investment, a critical nuance given R&D consistently exceeds total revenue.
While the cash flow statement details total operating cash use, it does not break down whether the cash burned is sustaining existing approved drugs (like Olverembatinib) or funding speculative next-generation molecules. The total operating cash outflow in 2026Q2 was $600.6M against revenue of roughly $300M, but investors cannot easily discern how much of this outflow is essential versus discretionary. This opacity makes it difficult to assess the true underlying cash burn rate excluding strategic pipeline bets.