Adagene Inc. (ADAG)
Adagene Inc. functions as a clinical-stage biopharmaceutical organization, primarily concentrating on the identification, evolution, and fabrication of monoclonal antibody-based therapeutics engineered to combat various types of cancer. The company's developmental pipeline encompasses several investigational assets currently undergoing human trials. Among these is ADG106, a human ligand-blocking agonistic anti-CD137 monoclonal antibody, which is navigating Phase 1b/2 clinical assessment for individuals with advanced solid tumors and non-Hodgkin's lymphoma. Additionally, Adagene is progressing ADG126, a fully-human anti-CTLA-4 mAb, and ADG116, another human ligand-blocking anti-CTLA-4 mAb, both of which are advancing through Phase 1 studies for the treatment of advanced or metastatic solid tumors. Further along, ADG104, an anti-PD-L1 mAb, is in Phase 2 clinical development, and the innovative anti-CSF-1R mAb, ADG125, is undergoing Phase 1 trials. Beyond its clinical-stage programs, the firm also maintains an active preclinical portfolio. This includes ADG206, a masked, Fc engineered anti-CD137 agonistic POWERbody; ADG153, a masked anti-CD47 IgG1 SAFEbody, which is being explored for hematologic and solid tumor indications; ADG138, a novel HER2xCD3 POWERbody designed to target HER2-expressing solid tumors; and ADG152, a CD20xCD3 POWERbody under investigation for its potential to minimize off-tumor toxicities. Adagene Inc. was founded in 2011 and its principal operations are based in Suzhou, China.
Sector: Pharmaceutical Preparations
Industry: Biotechnology
Adagene Inc.
NASDAQ:ADAGHealthcare · Biotechnology
-6.34%$2.51
AH$2.56+1.99%vs close
Mkt Cap$168.53M
Float51.6M
O/S67.14M
Vol
$ Vol
RVOL
Inst Own28.7%
Earnings
Dilution
Financials Summary
Revenue$7.67M
Net Income-$17.61M
Total Assets$78.26M
Free Cash Flow-$15.67M
Debt & Equity
Debt 15%
Equity 85%
Total Debt$6.26M
Total Equity$35.35M
Shares Outstanding
Short Interest
Split History
No splits on record
Nothing in ADAG's public trading history: no forward or reverse split has affected the share count.
Balance Sheet Details
Assets$78.26M
Liabilities$42.91M
Accounts Receivable$17K
Accounts Payable$2.88M
Inventory$0
PP&E (Net)$863K
Goodwill$0
Intangible Assets$0
Income Statement
| Period | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|
| Currency | USD | USD | USD | USD | USD | USD | USD | USD |
| Period Ending | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 | 2018-12-31 |
| Revenue | $7.67M | $103K | $18.11M | $9.29M | $10.18M | $480K | $480K | $1.51M |
| YoY Growth | 7332.8% | -99.4% | 94.9% | -8.7% | 2019.8% | 0.0% | -68.2% | - |
| Cost of Revenue | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Gross Profit | $7.67M | -$823K | $18.11M | $9.29M | $10.18M | $480K | $480K | $1.51M |
| Gross Margin | 100.0% | -797.5% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% |
| Research and Development | $22.03M | $28.78M | $36.64M | $81.34M | $68.1M | $16.21M | $16.21M | $16.08M |
| Selling, General, and Administrative | $7.08M | $7.27M | $8.67M | $11.87M | $14.44M | $3.44M | $3.44M | $2.77M |
| Other | $0 | $0 | -$3.48M | $0 | $0 | $0 | $0 | $0 |
| Total Operating Expenses | $29.11M | $36.05M | $41.83M | $93.21M | $82.54M | $19.65M | $19.65M | $18.85M |
| Operating Income (EBIT) | -$21.44M | -$35.95M | -$23.72M | -$83.92M | -$72.36M | -$19.17M | -$19.17M | -$17.33M |
| Operating Margin | -279.5% | -34835.4% | -131.0% | -903.1% | -711.2% | -3993.7% | -3993.7% | -1147.1% |
| Interest Expense | $463K | $852K | $1.11M | $693K | $364K | $202K | $138K | $91K |
| Interest Income | $2.3M | $3.8M | $4.28M | $378K | $76K | $629K | $923K | $711K |
| Other Income (Expense) | $3.53M | $2.51M | $6.46M | $4.41M | $888K | $754K | $2.74M | $2.07M |
| Income Before Tax (EBT) | -$17.91M | -$33.44M | -$17.25M | -$79.51M | -$71.48M | -$16.43M | -$16.43M | -$15.27M |
| Income Tax Expense | -$298K | -$18K | $1.69M | $459K | $1.7M | $3K | $0 | -$547K |
| Net Income | -$17.61M | -$33.42M | -$18.95M | -$79.97M | -$73.18M | -$16.44M | -$17.29M | -$14.72M |
| Net Income Margin | -229.6% | -32386.4% | -104.6% | -860.6% | -719.2% | -3424.1% | -3602.9% | -974.0% |
| Supplementary Data | ||||||||
| EPS | -0.46 | -0.95 | -0.55 | -2.31 | -2.29 | -0.59 | -0.49 | -1.51 |
| Diluted EPS | -0.46 | -0.95 | -0.54 | -2.31 | -2.29 | -0.59 | -0.49 | -1.51 |
| Weighted Average OS | 37.76M | 36.02M | 34.64M | 34.65M | 32.02M | 28.07M | 35.33M | 9.70M |
| EBITDA | -$16.85M | -$31.66M | -$14.95M | -$77.37M | -$69.99M | -$41.34M | -$15.48M | -$14.27M |
| EBITDA Margin | -219.7% | -30680.5% | -82.5% | -832.6% | -687.8% | -8611.8% | -3224.5% | -944.0% |
Balance Sheet
| Period | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|
| Currency | USD | USD | USD | USD | USD | USD | USD | USD |
| Period Ending | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 | 2018-12-31 |
| Assets | ||||||||
| Current Assets | ||||||||
| Cash and Cash Equivalents | $74.52M | $85.19M | $109.93M | $143.76M | $174.39M | $75.15M | $92.53M | $16.06M |
| Short-Term Investments | $0 | $0 | $0 | $0 | $0 | $0 | $8M | $33M |
| Cash and Short-Term Investments | $74.52M | $85.19M | $109.93M | $143.76M | $174.39M | $75.15M | $100.53M | $49.06M |
| Accounts Receivable | $17K | $8K | $222K | $619K | $7.51M | $132K | $2.14M | $1.43M |
| Inventory | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other Current Assets | $1.2M | $528K | $2.7M | $3.78M | $2.49M | $0 | $0 | $0 |
| Total Current Assets | $77.38M | $87.78M | $113.44M | $149.32M | $185.95M | $79.1M | $103.92M | $51.82M |
| Long-Term Assets | ||||||||
| Property, Plant & Equipment Net | $863K | $1.41M | $2.2M | $2.97M | $3.49M | $2.07M | $1.88M | $2.55M |
| Goodwill | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Intangible Assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Long-Term Investments | $0 | $0 | $0 | $0 | $0 | $7.17M | $197K | $197K |
| Deferred Tax Assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other Long-Term Assets | $25K | $104K | $85K | $110K | $69K | -$4.07M | -$110K | -$148K |
| Total Long-Term Assets | $888K | $1.51M | $2.29M | $3.08M | $3.56M | $5.17M | $1.97M | $2.6M |
| Other Assets | $0 | -$22K | $0 | $0 | $0 | $0 | $0 | $0 |
| Total Assets | $78.26M | $89.27M | $115.73M | $152.4M | $189.51M | $84.26M | $105.89M | $54.42M |
| Liabilities | ||||||||
| Current Liabilities | ||||||||
| Accounts Payable | $2.88M | $4.24M | $3.09M | $3.67M | $3.32M | $1.81M | $713K | $559K |
| Short-Term Debt | $4.98M | $17.79M | $8.4M | $13.62M | $4.5M | $5.02M | $1.04M | $2.33M |
| Current Income Tax Payable | $999K | $486K | $53K | $349K | $1.66M | $64K | $0 | $33K |
| Current Unearned Revenue | $3.46M | $0 | $0 | $15.11M | $5.5M | $726K | $993K | $33K |
| Other Current Liabilities | $232K | $56K | $120K | $112K | $11.62M | $6.2M | $2.07M | $1.41M |
| Total Current Liabilities | $25.17M | $38.18M | $31.46M | $55.08M | $29.82M | $16.15M | $7.18M | $10.35M |
| Long-Term Liabilities | ||||||||
| Long-Term Debt | $1.14M | $417K | $13.54M | $14.15M | $2.99M | $2.97M | $1.52M | $0 |
| Long-Term Unearned Revenue | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Long-Term Deferred Tax Liabilities | $0 | $0 | $0 | $0 | $44K | $0 | $0 | $0 |
| Other Long-Term Liabilities | $16.55M | $0 | $0 | $29K | $94K | $154.54M | $154.2M | $85.1M |
| Total Long-Term Liabilities | $17.74M | $560K | $13.71M | $14.23M | $3.13M | $157.51M | $155.72M | $85.1M |
| Other Liabilities | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Total Liabilities | $42.91M | $38.74M | $45.17M | $69.31M | $32.95M | $173.65M | $162.9M | $95.44M |
| Stockholders' Equity | ||||||||
| Preferred Stock | $0 | $0 | $0 | $0 | $0 | $0 | $154.2M | $84.96M |
| Common Stock | $6K | $6K | $6K | $5K | $6K | $2K | $2K | $2K |
| Retained Earnings | -$328.79M | -$311.18M | -$277.75M | -$258.81M | -$178.83M | -$105.66M | -$63.26M | -$46.83M |
| Comprehensive Income & Other | -$1.91M | -$527K | -$1.8M | -$849K | -$94K | -$351K | -$345K | -$411K |
| Other Stockholders' Equity | $364.13M | $361.69M | $348.31M | $341.89M | $335.39M | $16.26M | $6.25M | $5.8M |
| Total Equity | $35.35M | $50.52M | $70.56M | $83.09M | $156.56M | -$89.39M | -$57.01M | -$41.03M |
| Minority Interest | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Total Liabilities and Equity | $78.26M | $89.27M | $115.73M | $152.4M | $189.51M | $84.26M | $105.89M | $54.42M |
| Supplementary Data | ||||||||
| Total Debt | $6.26M | $18.49M | $22.31M | $27.97M | $7.49M | $7.98M | $2.56M | $2.33M |
| Net Debt | -$68.26M | -$66.7M | -$87.63M | -$115.79M | -$166.9M | -$67.17M | -$89.98M | -$13.73M |
Cash Flow Statement
| Period | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|
| Currency | USD | USD | USD | USD | USD | USD | USD | USD |
| Period Ending | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 | 2018-12-31 |
| Operating Activities | ||||||||
| Net Income | -$17.61M | -$33.42M | -$18.95M | -$79.97M | -$73.18M | -$42.4M | -$16.43M | -$15.27M |
| Depreciation & Amortization | $590K | $926K | $1.21M | $1.45M | $1.13M | $858K | $817K | $909K |
| Deferred Income Tax | $0 | $0 | $0 | -$44K | $622K | $0 | $0 | $0 |
| Stock-Based Compensation | $3.74M | $4.91M | $7.27M | $10.52M | $18.68M | $10.13M | $612K | $127K |
| Changes in Working Capital: | ||||||||
| Accounts Receivable | -$9K | $214K | $397K | $6.89M | -$3M | $480K | -$480K | $269K |
| Inventory | $0 | $0 | $0 | $0 | $6.02M | $925K | -$2.59M | $0 |
| Accounts Payable | -$1.36M | $1.15M | -$572K | $345K | $1.51M | $1.1M | $154K | $389K |
| Other Working Capital | $591K | -$3.25M | -$16.38M | $14.75M | $4.82M | -$268K | $993K | $125K |
| Total Working Capital Change | -$775K | -$1.89M | -$16.55M | $21.94M | $9.35M | $2.23M | -$1.92M | $514K |
| Other Non-Cash Items | -$1.6M | -$222K | -$1.44M | -$2.5M | -$10K | $645K | -$1.23M | -$548K |
| Net Cash from Operating | -$15.66M | -$29.7M | -$28.45M | -$48.61M | -$43.41M | -$28.53M | -$18.15M | -$14.26M |
| Investing Activities | ||||||||
| Capital Expenditures | -$17K | -$34K | -$85K | -$691K | -$2.51M | -$935K | -$152K | -$515K |
| Acquisitions | $0 | $0 | $0 | $0 | $0 | $8K | $8K | $5K |
| Purchases of Investments | -$80M | -$128.5M | -$47M | $0 | $0 | -$8K | -$19M | -$58M |
| Sales of Investments | $80.49M | $129.64M | $47M | $0 | $0 | $8M | $44M | $29M |
| Other Investing Activities | $1K | $169 | $8K | $5K | $0 | $8K | $25.01M | $5K |
| Net Cash from Investing | $477K | $1.11M | -$77K | -$686K | -$2.51M | $7.07M | $24.86M | -$29.51M |
| Financing Activities | ||||||||
| Debt Repaid | $12.24M | $3.42M | $5.37M | -$21.48M | $703K | -$5.02M | -$235K | -$1.06M |
| Common Stock Issuance | $138K | $7.33M | $6K | $0 | $149.79M | -$581K | $69.46M | $50M |
| Common Stock Repurchases | $0 | $0 | $0 | -$3.98M | -$2.36M | $0 | $0 | $0 |
| Dividends Paid | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other Financing Activities | $0 | -$137K | $0 | $323K | -$1.37M | -$581K | $460K | $50M |
| Net Cash from Financing | $4.45M | $3.77M | -$5.37M | $17.82M | $145.36M | $4.44M | $69.69M | $51.06M |
| Forex Effect | $65K | $82K | $75K | $842K | -$192K | -$364K | $78K | $39K |
| Net Change in Cash | -$10.67M | -$24.74M | -$33.82M | -$30.63M | $99.24M | -$17.38M | $76.47M | $7.32M |
| Supplementary Data | ||||||||
| Operating Cash Flow | -$15.66M | -$29.7M | -$28.45M | -$48.61M | -$43.41M | -$28.53M | -$18.15M | -$14.26M |
| Capital Expenditure | -$17K | -$34K | -$85K | -$691K | -$2.51M | -$935K | -$152K | -$515K |
| Free Cash Flow | -$15.67M | -$29.73M | -$28.54M | -$49.3M | -$45.92M | -$29.46M | -$18.31M | -$14.78M |
| Cash at Beginning | $85.19M | $109.93M | $143.76M | $174.39M | $75.15M | $92.53M | $16.06M | $8.74M |
| Cash at End | $74.52M | $85.19M | $109.93M | $143.76M | $174.39M | $75.15M | $92.53M | $16.06M |