NASDAQ : ADAG
Adagene Inc. — Financial statements
Healthcare · Biotechnology · China
Last price 2.51 USD (Oct 30, 2026, 4:00 PM EDT) · Market cap 168.53M
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Financial statements
Adagene Inc. (ADAG) reported revenue of 9.29M USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 9.29M | 7.67M | 103.20K | 18.11M | 9.29M | 10.18M |
| Gross Profit | 9.29M | 7.67M | 103.20K | 18.11M | 9.29M | 10.18M |
| Selling, General & Admin | 7.70M | 7.13M | 7.30M | 8.69M | 11.91M | 14.44M |
| Research & Development | 23.93M | 21.98M | 28.76M | 36.63M | 81.30M | 68.10M |
| Other Operating Expenses | -3.48M | |||||
| Operating Expenses | 31.63M | 29.11M | 36.05M | 41.83M | 93.21M | 82.54M |
| Operating Income | -22.34M | -21.44M | -35.95M | -23.72M | -83.92M | -72.36M |
| Interest Expense | -285.05K | -463.13K | -851.87K | -1.11M | -693.32K | -363.76K |
| Interest & Investment Income | 2.47M | 2.30M | 3.80M | 4.28M | 377.50K | 76.17K |
| Currency Exchange Gain (Loss) | -104.00K | 1.32M | -906.21K | 1.45M | 2.56M | -603.46K |
| Other Non Operating Income (Expenses) | -618.37K | 371.93K | 466.62K | 1.84M | 2.17M | 1.78M |
| Pretax Income | -20.88M | -17.91M | -33.44M | -17.25M | -79.51M | -71.48M |
| Income Tax Expense | -366.33K | -297.86K | -17.55K | 1.69M | 459.06K | 1.70M |
| Net Income | -20.51M | -17.61M | -33.42M | -18.95M | -79.97M | -73.18M |
| Preferred Dividends & Other Adjustments | 28.55K | |||||
| Net Income to Common | -20.51M | -17.61M | -33.42M | -18.95M | -79.97M | -73.21M |
| Shares Outstanding (Basic) | 51.96M | 47.20M | 45.03M | 43.79M | 43.31M | 40.03M |
| Shares Outstanding (Diluted) | 51.96M | 47.20M | 45.03M | 43.79M | 43.31M | 40.03M |
| EPS (Basic) | -0.39 | -0.37 | -0.74 | -0.43 | -1.85 | -1.83 |
| EPS (Diluted) | -0.39 | -0.38 | -0.74 | -0.44 | -1.85 | -1.83 |
| Free Cash Flow | -19.42M | -15.67M | -29.73M | -28.54M | -49.30M | -45.92M |
| Free Cash Flow Per Share | -0.37 | -0.33 | -0.66 | -0.65 | -1.14 | -1.15 |
| Gross Margin | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% |
| Operating Margin | -240.42% | -279.48% | -34,835.42% | -130.97% | -903.08% | -711.18% |
| Profit Margin | -220.77% | -229.56% | -32,386.45% | -104.61% | -860.59% | -719.46% |
| Free Cash Flow Margin | -209.01% | -204.34% | -28,811.45% | -157.58% | -530.55% | -451.33% |
| EBITDA | -21.95M | -21.00M | -35.23M | -22.74M | -82.77M | -71.24M |
| EBITDA Margin | -236.28% | -273.75% | -125.55% | |||
| D&A For EBITDA | 384.22K | 438.86K | 722.95K | 980.05K | 1.15M | 1.13M |
| EBIT | -22.34M | -21.44M | -35.95M | -23.72M | -83.92M | -72.36M |
| EBIT Margin | -240.42% | -279.48% | -130.97% |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 127.91M | 74.52M | 85.19M | 109.93M | 143.76M | 174.39M |
| Short-Term Investments | 1.32M | 1.78M | ||||
| Cash & Short-Term Investments | 127.91M | 75.84M | 86.97M | 109.93M | 143.76M | 174.39M |
| Accounts Receivable | 150.00K | 3.00M | ||||
| Other Receivables | 17.35K | 8.31K | 222.03K | 619.43K | 4.51M | |
| Receivables | 150.00K | 17.35K | 8.31K | 222.03K | 619.43K | 7.51M |
| Other Current Assets | 4.35M | 1.51M | 796.78K | 3.29M | 4.94M | 4.06M |
| Total Current Assets | 132.41M | 77.38M | 87.78M | 113.44M | 149.32M | 185.95M |
| Property, Plant & Equipment | 1.11M | 862.91K | 1.41M | 2.20M | 2.97M | 3.49M |
| Other Long-Term Assets | 59.79K | 25.22K | 81.39K | 84.89K | 109.57K | 69.28K |
| Total Assets | 133.58M | 78.26M | 89.27M | 115.73M | 152.40M | 189.51M |
| Accounts Payable | 15.54M | 2.88M | 4.24M | 3.09M | 3.67M | 3.32M |
| Accrued Expenses | 2.42M | 13.11M | 15.95M | 19.60M | 22.42M | 14.70M |
| Short-Term Debt | 4.40M | 4.27M | 4.87M | 4.24M | 10.77M | 3.12M |
| Current Portion of Long-Term Debt | 293.65K | 711.36K | 12.92M | 4.16M | 2.85M | 1.38M |
| Current Portion of Leases | 181.73K | 92.06K | 141.34K | 195.96K | 151.98K | |
| Current Income Taxes Payable | 410.20K | 5.26K | 52.88K | 1.66M | ||
| Current Unearned Revenue | 2.18M | 3.46M | 15.11M | 5.50M | ||
| Other Current Liabilities | 1.34M | 232.24K | 56.27K | 120.77K | 111.92K | 143.06K |
| Total Current Liabilities | 26.36M | 25.17M | 38.18M | 31.46M | 55.08M | 29.82M |
| Long-Term Debt | 1.03M | 1.14M | 417.34K | 13.54M | 14.15M | 2.99M |
| Long-Term Leases | 183.19K | 53.48K | 142.30K | 173.66K | 53.83K | |
| Long-Term Unearned Revenue | 28.72K | 94.11K | ||||
| Long-Term Deferred Tax Liabilities | 44.16K | |||||
| Total Liabilities | 27.57M | 26.36M | 38.74M | 45.17M | 69.31M | 32.95M |
| Common Stock | 8.39K | 5.92K | 5.89K | 5.55K | 5.50K | 5.63K |
| Additional Paid-In Capital | 436.77M | 366.04M | 362.22M | 350.11M | 342.74M | 336.10M |
| Retained Earnings | -345.16M | -328.79M | -311.18M | -277.75M | -258.81M | -178.83M |
| Treasury Stock | -4.00 | -4.00 | -619.61K | |||
| Comprehensive Income & Other | -2.16M | -1.91M | -526.90K | -1.80M | -849.30K | -93.98K |
| Total Common Equity | 89.45M | 35.35M | 50.52M | 70.56M | 83.09M | 156.56M |
| Shareholders' Equity | 106.00M | 51.90M | 50.52M | 70.56M | 83.09M | 156.56M |
| Total Liabilities & Equity | 133.58M | 78.26M | 89.27M | 115.73M | 152.40M | 189.51M |
| Total Debt | 6.09M | 6.26M | 18.49M | 22.31M | 27.97M | 7.49M |
| Net Cash (Debt) | 121.82M | 69.58M | 68.48M | 87.63M | 115.79M | 166.90M |
| Net Cash Per Share | 2.34 | 1.47 | 1.52 | 2.00 | 2.67 | 4.17 |
| Filing Date Shares Outstanding | 67.14M | 47.41M | 47.11M | 44.16M | 43.77M | 43.79M |
| Total Common Shares Outstanding | 67.14M | 47.39M | 47.11M | 44.12M | 43.25M | 43.68M |
| Working Capital | 106.05M | 52.20M | 49.59M | 81.99M | 94.24M | 156.13M |
| Book Value Per Share | 1.33 | 0.75 | 1.07 | 1.60 | 1.92 | 3.58 |
| Tangible Book Value | 89.45M | 35.35M | 50.52M | 70.56M | 83.09M | 156.56M |
| Tangible Book Value Per Share | 1.33 | 0.75 | 1.07 | 1.60 | 1.92 | 3.58 |
| Machinery | 7.45M | 7.14M | 7.04M | 7.14M | 7.27M | 7.29M |
| Leasehold Improvements | 869.51K | 1.05M | 1.03M | 1.04M | 1.06M | 1.15M |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | -20.51M | -17.61M | -33.42M | -18.95M | -79.97M | -73.18M |
| Depreciation & Amortization | 544.96K | 589.79K | 938.86K | 1.21M | 1.45M | 1.13M |
| Loss (Gain) From Sale of Assets | -2.06K | 1.47K | 2.47K | 9.37K | 6.81K | 18.97K |
| Loss (Gain) From Sale of Investments | -896.98K | -492.46K | -1.14M | |||
| Stock-Based Compensation | 3.84M | 3.74M | 4.91M | 7.27M | 10.52M | 18.68M |
| Other Operating Activities | 1.28M | -1.11M | 906.21K | -1.45M | -2.56M | 593.51K |
| Change in Accounts Receivable | -150.00K | 3.00M | -3.00M | |||
| Change in Accounts Payable | 11.91M | -1.36M | 1.15M | -572.37K | 344.51K | 1.51M |
| Change in Unearned Revenue | 2.18M | 3.46M | -15.11M | 9.61M | 4.77M | |
| Change in Income Taxes | -4.12K | 404.93K | -47.62K | 52.88K | -1.66M | 1.66M |
| Change in Other Net Operating Assets | -17.45M | -3.29M | -2.99M | -925.03K | 10.69M | 4.36M |
| Operating Cash Flow | -19.25M | -15.66M | -29.70M | -28.45M | -48.61M | -43.41M |
| Capital Expenditures | -170.78K | -17.05K | -33.58K | -85.01K | -690.94K | -2.51M |
| Sale of Property, Plant & Equipment | 7.20K | 1.40K | 169.00 | 7.66K | 4.89K | |
| Investment in Securities | 896.98K | 492.46K | 1.14M | |||
| Investing Cash Flow | 733.40K | 476.80K | 1.11M | -77.36K | -686.05K | -2.51M |
| Long-Term Debt Issued | 5.64M | 4.92M | 8.13M | 25.83M | 4.39M | |
| Long-Term Debt Repaid | -17.88M | -8.34M | -13.51M | -4.35M | -5.09M | |
| Net Debt Issued (Repaid) | -1.21M | -12.24M | -3.42M | -5.37M | 21.48M | -702.86K |
| Issuance of Common Stock | 68.56M | 138.28K | 7.51M | 5.50K | 323.21K | 150.02M |
| Repurchase of Common Stock | -3.98M | -2.37M | ||||
| Other Financing Activities | -315.56K | -1.60M | ||||
| Financing Cash Flow | 83.90M | 4.45M | 3.77M | -5.37M | 17.82M | 145.36M |
| Foreign Exchange Rate Adjustments | -304.85K | 64.55K | 81.88K | 74.72K | 842.20K | -192.35K |
| Net Cash Flow | 65.08M | -10.67M | -24.74M | -33.82M | -30.63M | 99.24M |
| Free Cash Flow | -19.42M | -15.67M | -29.73M | -28.54M | -49.30M | -45.92M |
| Free Cash Flow Margin | -209.01% | -204.34% | -28,811.45% | -157.58% | -530.55% | -451.33% |
| Free Cash Flow Per Share | -0.37 | -0.33 | -0.66 | -0.65 | -1.14 | -1.15 |
| Levered Free Cash Flow | -12.16M | -10.25M | -17.09M | -23.52M | -19.61M | -21.58M |
| Unlevered Free Cash Flow | -11.98M | -9.96M | -16.56M | -22.83M | -19.18M | -21.36M |
| Cash Interest Paid | 207.71K | 402.96K | 778.51K | 1.05M | 603.68K | 359.57K |
| Cash Income Tax Paid | 483.48K | 1.60K | 33.95K | 1.38M | 2.43M | |
| Change in Working Capital | -3.51M | -775.30K | -1.89M | -16.55M | 21.94M | 9.35M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 168.53M | 89.08M | 88.10M | 84.66M | 57.54M | 351.59M |
| Enterprise Value | 46.71M | 33.10M | 13.22M | -18.86M | -93.50M | 150.99M |
| Last Close Price | 2.51 | 1.89 | 1.99 | 1.93 | 1.32 | 8.07 |
| PS Ratio | 18.14 | 11.61 | 853.64 | 4.67 | 6.19 | 34.55 |
| PB Ratio | 1.88 | 1.72 | 1.74 | 1.20 | 0.69 | 2.25 |
| P/TBV Ratio | 1.88 | 2.52 | 1.74 | 1.20 | 0.69 | 2.25 |
| EV/Sales Ratio | 5.03 | 4.32 | 128.05 | 14.84 | ||
| Debt / Equity Ratio | 0.06 | 0.12 | 0.37 | 0.32 | 0.34 | 0.05 |
| Net Debt / Equity Ratio | -1.15 | -1.34 | -1.35 | -1.24 | -1.39 | -1.07 |
| Net Debt / EBITDA Ratio | 5.55 | 3.31 | 1.94 | 3.85 | 1.40 | 2.34 |
| Net Debt / FCF Ratio | 6.27 | 4.44 | 2.30 | 3.07 | 2.35 | 3.63 |
| Asset Turnover | 0.09 | 0.09 | 0.00 | 0.14 | 0.05 | 0.07 |
| Quick Ratio | 4.86 | 3.01 | 2.28 | 3.50 | 2.62 | 6.10 |
| Current Ratio | 5.02 | 3.07 | 2.30 | 3.61 | 2.71 | 6.24 |
| Return on Equity (ROE) | -28.50% | -34.38% | -55.21% | -24.66% | -66.74% | -66.04% |
| Return on Assets (ROA) | -13.95% | -16.00% | -21.92% | -11.06% | -30.68% | -33.04% |
| Return on Capital Employed (ROCE) | -20.80% | -40.40% | -70.40% | -28.10% | -86.20% | -45.30% |
| Earnings Yield | -15.73% | -19.77% | -37.94% | -22.38% | -139.00% | -20.81% |
| FCF Yield | -11.52% | -17.60% | -33.75% | -33.71% | -85.69% | -13.06% |
| Buyback Yield / Dilution | -11.73% | -4.83% | -2.83% | -1.11% | -8.20% | -213.67% |