Shares of Ascentage Pharma Group International (NASDAQ: AAPG; HKEX: 6855) surged 8.76% in Thursday's pre-market trading following the release of the company's impressive unaudited financial results for the full year 2024. The biopharmaceutical firm, focused on developing innovative therapies for hematological malignancies, reported significant revenue growth and pipeline advancements, signaling strong progress in its oncology-focused business.

Key highlights from Ascentage Pharma's 2024 financial report include a remarkable 342% year-over-year increase in revenue to US$134.3 million (RMB980.7 million). This substantial growth was primarily attributed to a US$100 million option payment received from Takeda Pharmaceuticals under an exclusive agreement, as well as strong sales performance of the company's lead product, olverembatinib. The company also reported a narrowed loss of US$55.6 million, down from US$127.4 million in 2023, demonstrating improved financial efficiency.

Investors were particularly encouraged by Ascentage Pharma's pipeline progress. The company reported ten registrational trials in progress, including two cleared by the U.S. Food and Drug Administration (FDA). Additionally, 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. The successful commercialization of olverembatinib in China, with sales growing 52% year-over-year to US$33.0 million, also contributed to the positive market sentiment.

Dr. Dajun Yang, Chairman and Chief Executive Officer of Ascentage Pharma, commented on the results, stating, "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 reflect the strength of our pipeline and our ability to execute on our goals."

The company's improved cash position, which increased to US$172.8 million as of December 31, 2024, further bolsters its ability to fund ongoing research and development efforts. With the completion of its U.S. initial public offering on Nasdaq in January 2025, resulting in net proceeds of US$132.5 million, Ascentage Pharma is well-positioned to continue advancing its pipeline and expanding its global footprint in the coming years.