AP Biosciences, Inc. (6945) AI Stock Analysis

AP Biosciences, Inc.

(TPEx:6945)

Select Model

Rating:39Underperform

Price Target:TWD 106.00▼(-9.79% Downside)

Action:initiatedcoverage

Date:11/10/26

The score is driven primarily by severe financial weakness, including zero revenue, large losses, and persistent cash burn. Weak technical momentum and a negative P/E ratio further reduce the outlook, while low leverage offers only limited support.

Positive Factors

Low LeverageModest debt relative to equity gives AP Biosciences a comparatively supportive capitalization and limits near-term financial pressure from borrowings. This balance-sheet cushion can provide greater flexibility to continue development activities, although ongoing losses are reducing the available equity buffer over time.

Negative Factors

Persistent Large LossesRepeated and worsening net losses show that the current operating structure is not yet supported by commercial earnings. Continued deficits can reduce retained capital, constrain investment choices, and make future financial improvement dependent on successful development, commercialization, or additional funding.

AP Biosciences, Inc. (6945) vs. SPDR S&P 500 ETF (SPY)

Market Cap: TWD 11.36B
Dividend Yield: ―
Average Volume (3M): 376.77K
Price to Earnings (P/E): -21.8
Beta (1Y): 0.79
Revenue Growth: ―
EPS Growth: ―
Country: TW
Employees: 37
Sector: General
Sector Strength: 55
Industry: Biotechnology

AP Biosciences, Inc. Business Overview & Revenue Model

Company Description

AP Biosciences Inc. is a pioneering clinical-stage biopharmaceutical company dedicated to the research and development of bispecific antibody drugs, aiming to fulfill critical unmet medical needs. Its robust pipeline features several promising candid...

AP Biosciences, Inc. Financial Statement Overview

Summary

Severe financial weakness: zero revenue, substantial recurring losses, negative $352.1 million operating cash flow, and negative $377.3 million free cash flow. Low leverage and a debt-to-equity ratio of 0.05 provide limited support but do not offset the cash burn and poor profitability.

Income Statement

5Very Negative

Balance Sheet

58Neutral

Cash Flow

8Very Negative

Financial statement breakdown
Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	0	0	0	32.25M	0	6.99M
Gross Profit	-13.72M	-25.52M	-17.48M	32.25M	-8.68M	6.99M
EBITDA	-495.00M	-430.86M	-403.61M	-325.51M	-290.07M	-177.86M
Net Income	-464.34M	-444.77M	-422.75M	-339.30M	-288.54M	-187.61M
Balance Sheet
Total Assets	2.41B	1.37B	1.73B	890.76M	1.10B	579.35M
Cash, Cash Equivalents and Short-Term Investments	2.19B	1.17B	1.54B	740.02M	1.08B	557.12M
Total Debt	53.73M	59.51M	70.91M	82.08M	0	0
Total Liabilities	86.64M	94.22M	104.38M	106.65M	4.52M	21.15M
Stockholders Equity	2.33B	1.27B	1.62B	784.11M	1.10B	558.20M
Cash Flow
Free Cash Flow	-382.79M	-377.35M	-363.40M	-333.03M	-278.41M	-173.60M
Operating Cash Flow	-365.80M	-352.09M	-357.88M	-297.62M	-275.97M	-168.68M
Investing Cash Flow	-1.92B	-125.25M	326.37M	-468.68M	-3.15M	-34.92M
Financing Cash Flow	1.21B	4.51M	1.20B	-3.10M	800.00M	100.00M

AP Biosciences, Inc. Peers Comparison

Overall Rating

UnderperformOutperform

Sector (55)

Financial Indicators

TW:6945 against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
TW:1720	71Outperform	TWD 10.81B	10.82	―	3.62%	4.62%	9.56%
Sector *	55Neutral	$6.65B	3.83	-15.92%	6.20%	10.91%	7.18%
TW:6576	42Neutral	TWD 11.52B	519.28	―	―	6.41%	―
TW:6945	39Underperform	TWD 11.22B	-21.76	―	―	―	―
TW:6535	39Underperform	TWD 12.33B	-33.67	―	―	-24.84%	9.09%

* General Sector Average

Performance Comparison

TW:6945 and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
TW:6945	AP Biosciences, Inc.	117.50	7.00	6.33%
TW:1720	Standard Chemical & Pharmaceutical Co. Ltd.	55.20	1.85	3.46%
TW:6467	TAHO Pharmaceuticals Ltd	230.00	61.50	36.50%
TW:6535	LUMOSA THERAPEUTICS CO LTD	80.80	-108.20	-57.25%
TW:6576	Foresee Pharmaceuticals Co., Ltd.	73.00	-12.20	-14.32%
TW:6748	ACRO Biomedical Co., Ltd.	169.50	111.12	190.35%

Glossary

BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

Disclaimer

This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.

Date of analysis: Nov 09, 2026

AP Biosciences, Inc. AI Stock Analysis