Ascletis Pharma Inc. (ASCLF)
NEGATIVEファンダメンタル
27
株価
$9.88
時価総額
$10.11B
パート1 · 企業の価値
概要
Ascletis Pharma is a Hangzhou-based Chinese biotech that develops and, on a small scale, sells drugs. It already markets treatments for hepatitis C, including Ganovo and a ritonavir tablet, in China, but that legacy business generates only minimal revenue. The company has pivoted most of its research toward metabolic disease — obesity and fatty liver — with pipeline candidates like ASC30 and ASC41, and it has also licensed in a China-market NASH drug, denifanstat, from a US partner.
収益の仕組み
Ascletis earns a small amount of revenue selling its approved hepatitis C drugs in China, but this legacy business is not the point of the company today: most of the value investors are pricing in depends on drug candidates still in clinical trials that generate no revenue at all. Until a metabolic-disease drug such as ASC30 or ASC41 is approved and launched, Ascletis is funded mainly by capital raised from investors rather than by product sales.
強気材料
Buyers argue that early obesity data — a Phase 2 US study reported 7.7% weight loss for its oral GLP-1 candidate — puts Ascletis in one of the most closely watched drug categories in the industry, and that its established, revenue-generating hepatitis C franchise shows the company can already get drugs through Chinese regulators and to market.
弱気材料
Sellers worry that Ascletis' actual product revenue is still minimal, that its valuation rests almost entirely on obesity and metabolic-disease candidates years away from approval in a field crowded with better-funded rivals, and that its pivot away from the older hepatitis C business leaves little near-term commercial base to fall back on.
Written by the editors, published on 2026年8月18日
Direct competitors
Who this company fights with for the same customers
Generated on 2026年8月23日 with claude-opus-5 — shared with all users
Viking's oral VK2735 tablet targets the same obesity patients with the same oral-pill format, making it the other emerging-biotech contender competing with ASC30 for prescriptions and for a partner or acquirer.
Lilly's orforglipron is the oral small molecule GLP-1 that Ascletis explicitly benchmarks ASC30 against on weight loss and tolerability, and its amylin agonist eloralintide competes head-on with Ascletis' ASC39.
Novo Nordisk defends the obesity market Ascletis is trying to enter, with oral semaglutide and the oral candidate amycretin aimed at exactly the same overweight and type 2 diabetes patients.
Both are clinical-stage biotechs whose entire value rests on a once-daily oral small molecule GLP-1 agonist for chronic weight management, with Structure's aleniglipron and Ascletis' ASC30 running competing global Phase III obesity programmes.
Hengrui's HRS-7535 is the Chinese oral small molecule GLP-1 furthest ahead in obesity and type 2 diabetes, competing with ASC30 both for Chinese patients and for out-licensing deals with Western partners.
Innovent's mazdutide is already the reference weight-loss therapy in China and is the incumbent ASC30 would have to displace in Ascletis' home market.
貸借対照表と流動性
売上高
$2M
直近の公表四半期までの12か月 — 1株当たり指標からの推計
純利益
$-387M
直近の公表四半期までの12か月 — 1株当たり指標からの推計
フリーキャッシュフロー
$-300M
自己資本合計
$2.39B
負債合計
$5M
流動比率
15.05
利払い倍率
-
負債/EBITDA
-
一株当たり利益（EPS）
売上高と純利益
フリーキャッシュフロー
収益内訳
財務推移表
利益率の推移
負債の推移
負債の重さ
成長率グリッド
成長率 — 売上高
適正価値の推定
適正価値
$23.97
現在株価
$9.88
安全マージン
+58.8%
適正価値レンジ
$22.77 - $25.17
推定方法
バリュエーション指標
P/E レシオ
-
ROE
-18.5%
P/B レシオ
4.93
P/FCF
-
粗利益率
26.0%
ROIC
-20.8%
収益性レーダー
Value Creation (Economic Moat)
ROIC
-20.8%
WACC
8.0%
ROIC − WACC
-28.7 pp
ROIC is below the cost of capital — the company is destroying value for every dollar invested.
ファンダメンタル分析基準
合格（5）
- Price CAGR 5.62%
- Debt/Equity ratio
- Current Ratio
- Analyst Consensus 78% Buy
- Net Margin Trend -17745.6% vs -23455.7%
不合格（9）
- ROIC -20.8%
- Gross Margin 26.0%
- P/B Ratio 4.93
- Operating Margin -17712.5%
- Positive Free Cash Flow
- DCF valuation (Unknown)
- ROE -18.9%
- Revenue Growth 5Y -43.4%
- Piotroski F-Score 0/9
データなし（13）
- EPS data insufficient
- P/FCF NaN
- Dividend Payout NaN%
- CapEx intensity
- Interest Coverage
- Debt/EBITDA
- Return on Tangible Assets
- Low reliance on intangibles
- Price below Graham Number
- Earnings Surprise (Finnhub)
- PEG Ratio (need PE > 0 and growth > 0)
- Earnings Quality (OCF/Net Income)
- Share Dilution (missing shares data)
Piotroski F-スコア
重大な財務上の懸念
利益の質
低品質：会計処理を調査してください
株式希薄化
株式を買い戻している。株主に友好的
ガバナンス
経営陣
| 氏名 | 役職 | 年齢 |
|---|---|---|
| Dr. Jinzi Wu Ph.D. | Founder, Chairman & CEO | 62 |
| Ms. Hejingdao Wu | Senior VP of Operations & Executive Director | 51 |
| Dr. Kristjan Sigurdur Gudmundsson | Senior Consultant & Head of Discovery | 57 |
| Dr. George Zhengzhi Hill | Senior Consultant & Chief Medical Advisor | 74 |
| Mr. John P. Gargiulo M.B.A. | Chief Business Officer | 65 |
| Mr. Ming Fai Chung CPA | Company Secretary | 46 |
パート2 · 株価と買い時
この部分は企業に価値があるかを判断するものではありません。ファンダメンタルズに納得したうえで、いつ買うかを選ぶためのものです。内容：テクニカル分析、ポテンシャル、過去のドローダウン、ガンマエクスポージャー。
Latest News
Recent headlines for ASCLF, sourced from Markets Gazette.