Ascentage Pharma Group International (NASDAQ: AAPG; HKEX: 6855) saw its stock surge 8.60% in pre-market trading on Thursday following the release of its unaudited financial results for the full year 2024. The company reported significant revenue growth and pipeline advancements, signaling strong progress in its oncology-focused business.

Key highlights from the financial report include: - Revenue increased 342% year-over-year to US$134.3 million (RMB980.7 million) - Loss narrowed to US$55.6 million, down from US$127.4 million in 2023 - Sales of olverembatinib in China grew 52% to US$33.0 million - Cash position strengthened to US$172.8 million as of December 31, 2024

The company's financial improvements were driven by multiple factors, including a US$100 million option payment from Takeda Pharmaceuticals, strong sales growth of olverembatinib, and the successful completion of its U.S. initial public offering on Nasdaq in January 2025. Ascentage Pharma also reported progress in its clinical pipeline, with ten registrational trials in progress, including two cleared by the FDA. The acceptance of lisaftoclax for New Drug Application review with Priority Review designation in China further underscores the company's advancement in addressing unmet medical needs in hematological malignancies.