ADAG on Nasdaq
Adagene Inc.
Price unavailable
Last updated Oct 16, 2026.
Overview
Compare with Bolt Biotherapeutics, Inc., Pulmatrix, Inc. or Aclaris Therapeutics, Inc., or pick any stock.
Financials
From the company’s reports to the SEC. Every number links to the filing it came from.
Key numbers, fiscal 2025
-279.5%Operating margin2
-229.6%Net margin2
7332.8%Revenue growth, 20252
-49.8%Return on equity2
0.03×Debt to equity2
Where the money goes
Where each dollar of revenue went, fiscal 2025
- Research and development99¢$22.0M
- Income tax1¢$297.9K
Out of $7.7M in revenue.2 The company lost money this year.
Financial statements
No quarterly figures reported.
Every line of the income statement in the latest annual report, as filed.2
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Licensing and collaboration revenue | $7.7M | $103.2K | $18.1M |
| Administrative expenses | -$7.1M | -$7.3M | -$8.7M |
| Other operating income, net | $3.5M | ||
| Loss from operations | -$21.4M | -$36.0M | -$23.7M |
| Interest and investment income | $2.3M | $3.8M | $4.3M |
| Interest expense | -$463.1K | -$851.9K | -$1.1M |
| Other income, net | $324.0K | $466.6K | $1.8M |
| Foreign exchange gain (loss), net | $1.3M | -$906.2K | $1.4M |
| Change in fair value of warrant liabilities | $47.9K | ||
| Loss before income tax | -$17.9M | -$33.4M | -$17.3M |
| Income tax benefit (expense) | $297.9K | $17.6K | -$1.7M |
| Net loss attributable to Adagene Inc.'s shareholders | -$17.6M | -$33.4M | -$18.9M |
| Foreign currency translation adjustments, net of nil tax | -$1.4M | $1.3M | -$950.8K |
| Total comprehensive loss attributable to Adagene Inc.'s shareholders | -$19.0M | -$32.2M | -$19.9M |
| Net loss attributable to ordinary shareholders | -$17.6M | -$33.4M | -$18.9M |
| Basic (in shares) | 59.0M shares | 56.3M shares | 54.7M shares |
| Diluted (in shares) | 59.0M shares | 56.3M shares | 54.7M shares |
| Basic (in dollars per share) | -$0.30 | -$0.59 | -$0.35 |
| Diluted (in dollars per share) | -$0.30 | -$0.59 | -$0.35 |
| Research and development expenses - Including external related parties | -$22.0M | -$28.8M | -$36.6M |
| Foreign currency translation adjustments, tax | $0 | $0 | $0 |
No quarterly figures reported.
Every line of the balance sheet in the latest annual report, as filed.2
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Cash and cash equivalents | $74.5M | $85.2M | |
| Amounts due from related parties | $17.3K | $8.3K | |
| Prepayments and other current assets | $2.8M | $2.6M | |
| Total current assets | $77.4M | $87.8M | |
| Property, equipment and software, net | $717.4K | $1.1M | |
| Operating lease right-of-use assets | $145.5K | $283.6K | |
| Other non-current assets | $25.2K | $81.4K | |
| TOTAL ASSETS | $78.3M | $89.3M | |
| Accounts payable | $2.9M | $4.2M | |
| Contract liabilities | $3.5M | ||
| Amounts due to related parties | $10.3M | $13.2M | |
| Accruals and other current liabilities | $2.8M | $2.8M | |
| Income tax payable | $410.2K | $5.3K | |
| Warrant liabilities | $205.1K | ||
| Short-term borrowings | $4.3M | $4.9M | |
| Current portion of long-term borrowings | $711.4K | $12.9M | |
| Current portion of operating lease liabilities | $92.1K | $141.3K | |
| Total current liabilities | $25.2M | $38.2M | |
| Long-term borrowings | $1.1M | $417.3K | |
| Operating lease liabilities | $53.5K | $142.3K | |
| TOTAL LIABILITIES | $26.4M | $38.7M | |
| Series A non-voting contingently redeemable convertible preferred shares (par value of US$0.0001 per share; nil authorized, issued and outstanding as of December 31, 2024; and 1,062,500 shares authorized, issued and outstanding as of December 31, 2025) | $16.6M | ||
| Ordinary shares (par value of US$0.0001 per share; 640,000,000 shares authorized, and 58,886,944 shares issued and outstanding as of December 31, 2024; and 640,000,000 shares authorized, and 59,231,993 shares issued and outstanding as of December 31, 2025) | $5.9K | $5.9K | |
| Additional paid-in capital | $366.0M | $362.2M | |
| Accumulated other comprehensive loss | -$1.9M | -$526.9K | |
| Accumulated deficit | -$328.8M | -$311.2M | |
| Total shareholders' equity | $35.3M | $50.5M | $70.6M |
| TOTAL LIABILITIES, MEZZANINE EQUITY AND SHAREHOLDERS' EQUITY | $78.3M | $89.3M | |
| Convertible redeemable preferred shares, par value | $0.00 | $0.00 | |
| Convertible redeemable preferred shares, shares authorized | 1.1M shares | 0 shares | |
| Convertible redeemable preferred shares, shares issued | 1.1M shares | 0 shares | |
| Convertible redeemable preferred shares, shares outstanding | 1.1M shares | 0 shares | |
| Ordinary shares, par value | $0.00 | $0.00 | |
| Ordinary shares, shares authorized | 640.0M shares | 640.0M shares | |
| Ordinary shares, shares issued | 59.2M shares | 58.9M shares | |
| Ordinary shares, shares outstanding | 59.2M shares | 58.9M shares |
Cash flow is reported year to date, not quarter by quarter, so there are no separate quarterly figures.
Every line of the cash flow in the latest annual report, as filed.2
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Net loss | -$17.6M | -$33.4M | -$18.9M |
| Income related to short-term investments | -$492.5K | -$1.1M | |
| Depreciation and amortization | $438.9K | $723.0K | $980.1K |
| Net loss on disposal of property, equipment, software and operating lease right-of-use asset | $1.5K | $2.5K | $9.4K |
| Share-based compensation | $3.7M | $4.9M | $7.3M |
| Amortization of right-of use assets and interest of lease liabilities | $150.9K | $215.9K | $228.4K |
| Foreign exchange loss (gain), net | -$1.3M | $906.2K | -$1.4M |
| Administrative expense in exchange of warrant issuance | $253.1K | ||
| Change in fair value of warrant liabilities | -$47.9K | ||
| Prepayments and other current assets | -$270.8K | $724.2K | $1.6M |
| Amount due from related parties | -$9.0K | $213.7K | $397.4K |
| Other non-current assets | $56.2K | $3.5K | $24.7K |
| Accounts payable | -$1.4M | $1.1M | -$572.4K |
| Contract liabilities | $3.5M | -$15.1M | |
| Amount due to related parties | -$2.8M | -$3.5M | -$2.6M |
| Accruals and other current liabilities | -$70.2K | -$185.5K | -$122.2K |
| Lease liabilities | -$151.0K | -$220.5K | -$237.4K |
| Income tax payable | $404.9K | -$47.6K | $52.9K |
| Other non-current liabilities | -$28.4K | ||
| Net cash used in operating activities | -$15.7M | -$29.7M | -$28.5M |
| Placement of short-term investments | -$80.0M | -$128.5M | -$47.0M |
| Withdrawal of short-term investments | $80.5M | $129.6M | $47.0M |
| Proceeds from disposal of property, equipment and software | $1.4K | $169 | $7.7K |
| Purchase of property, equipment and software | -$17.1K | -$33.6K | -$85.0K |
| Net cash generated from (used in) investing activities | $476.8K | $1.1M | -$77.4K |
| Proceeds from borrowings | $5.6M | $4.9M | $8.1M |
| Proceeds from issuance of Series A non-voting contingently redeemable convertible preferred shares, net of issuance costs | $16.6M | ||
| Proceeds from exercise of share options | $138.3K | $178.3K | $5.5K |
| Proceeds from the ATM Offering, net of issuance costs | $7.3M | ||
| Repayment of borrowings | -$17.9M | -$8.3M | -$13.5M |
| Payment of the ATM Offering setup costs | -$315.6K | ||
| Net cash generated from (used in) financing activities | $4.4M | $3.8M | -$5.4M |
| Effect of exchange rate on cash and cash equivalents | $64.6K | $81.9K | $74.7K |
| Net decrease in cash and cash equivalents | -$10.7M | -$24.7M | -$33.8M |
| Interest paid | $403.0K | $778.5K | $1.0M |
| Income tax paid | $1.6K | $33.9K | $1.4M |
| Cash paid for fixed operating lease costs included in the measurement of lease obligations in operating activities | $151.0K | $216.6K | $225.5K |
| Right-of-use assets obtained in exchange for operating lease obligations | $214.7K | $179.9K | |
| Retirement of treasury shares | $4 |
Recent filings
- Oct 2, 20264 OWNERSHIP DOCUMENT
- Sep 25, 20266-K
- Sep 25, 20264 OWNERSHIP DOCUMENT
- Sep 22, 20266-K
- Sep 17, 20264 OWNERSHIP DOCUMENT
- Sep 10, 20266-K
- Sep 9, 20266-K
- Aug 20, 2026144/A
- Aug 19, 2026144
- Aug 18, 20264 OWNERSHIP DOCUMENT
- Aug 17, 20264 OWNERSHIP DOCUMENT
- Aug 17, 20264 OWNERSHIP DOCUMENT
- Aug 17, 20264 OWNERSHIP DOCUMENT
- Aug 14, 20264 PRIMARY DOCUMENT
- Aug 14, 2026SCHEDULE 13G/A
Every filing from the last three years, summarized. The full record is on SEC EDGAR.1
Sources
The numbers on this page point here. Each one links to the record it came from.
- 1SEC EDGARAdagene Inc. filings on SEC EDGAR
- 2SEC EDGARAdagene Inc. 10-K for fiscal 2025
- 3SEC EDGARAdagene Inc. filings on SEC EDGAR
- 4SEC EDGARAdagene Inc. 10-K for fiscal 2018
- 5SEC EDGARAdagene Inc. 10-K for fiscal 2019
- 6SEC EDGARAdagene Inc. 10-K for fiscal 2020
- 7SEC EDGARAdagene Inc. 10-K for fiscal 2021
- 8SEC EDGARAdagene Inc. 10-K for fiscal 2022