Adagene Inc. (ADAG) Financials
A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Oct 10, 2026; every other figure is from the SEC filings on this page. Not financial advice.
Newest figures come from the 20-F for FY2025, filed Apr 1, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the ADAG SEC filings page.
Adagene Inc. (ADAG) reported $7.7M in revenue for fiscal year 2025, up 7332.8% from the prior fiscal year. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 8 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Adagene remains a development-stage business: spending has fallen, but revenue still does not cover research costs or operating cash needs.
The smaller FY2025 operating loss arrived alongside lower revenue, so the improvement points to cost reduction rather than scale. R&D fell from$36.6M in FY2023 to$22.0M in FY2025, linking the narrower loss to reduced development spending rather than improved monetization.
In FY2025, operating cash flow of
Total assets fell from
Financial Health Signals
Scored against emerging companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of Adagene Inc.'s business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Adagene Inc. held $74.5M in cash, cash equivalents and investments at the end of fiscal year 2025, and its operations used $15.7M of cash that year. Cash Runway ranks emerging companies on the size of that balance against the outflow behind it, and Adagene Inc. scores 69/100 among other emerging companies.
Adagene Inc. had 59M shares outstanding at the end of fiscal year 2025, against 59M in fiscal year 2024. Dilution ranks emerging companies on how fast that count has grown over three years, where a slower rise is the better one, and Adagene Inc. scores 60/100 among other emerging companies.
Adagene Inc. spent $22.0M on research and development in fiscal year 2025, which was 75.7% of its operating costs that year. R&D Intensity ranks emerging companies on the share of operating costs that goes into research, and Adagene Inc. scores 95/100 among other emerging companies.
Adagene Inc. reported revenue of $7.7M in fiscal year 2025, against $103K in fiscal year 2024. Revenue Progress ranks emerging companies on the three-year path of that line, and Adagene Inc. scores 11/100 among other emerging companies.
Adagene Inc.'s operations used $15.7M of cash in fiscal year 2025, against $29.7M used in fiscal year 2024. Burn Trend ranks emerging companies on which way that figure has moved over three years, and Adagene Inc. scores 69/100 among other emerging companies.
Adagene Inc.'s cash, cash equivalents and investments came to $74.5M at the end of fiscal year 2025, against $42.9M of total liabilities. Balance Sheet ranks emerging companies on that comparison, and Adagene Inc. scores 71/100 among other emerging companies.
Adagene Inc. scores -3.30, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($185.3M) relative to total liabilities ($42.9M). This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
Adagene Inc. passes 4 of 8 computable financial strength tests (1 of the nine could not be computed from available data). 2 of 4 profitability signals pass, 1 of 3 leverage/liquidity signals pass, both operating efficiency signals pass.
Adagene Inc. reported a net loss of $17.6M while operations used $15.7M of cash. With neither figure positive, the ratio between the two carries no quality signal.
Adagene Inc. reported an operating loss of $21.4M against $463K in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations.
Key Financial Metrics
Earnings & Revenue
None of these metrics is reported for Q4 2025.
Cash & Balance Sheet
Adagene Inc. held $74.5M in cash against $1.1M in long-term debt as of Q4 2025.
Not reported for Q4 2025.
Not reported for Q4 2025.
Margins & Returns
None of these metrics is reported for Q4 2025.
Capital Allocation
None of these metrics is reported for Q4 2025.
ADAG Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
Not reported in any period shown, so not listed: Revenue, Cost of Revenue, Gross Profit, R&D Expenses, SG&A Expenses, Operating Income, EBITDA, Interest Expense, Income Tax, Net Income, EPS (Basic), EPS (Diluted), Diluted Shares (Avg).
ADAG Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q4'2520-F | Q2'256-K | Q4'2420-F | Q2'2410-Q | Q4'2310-K | Q4'2210-K | Q4'2110-K | Q4'2010-K |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $78.3M-12.3% | $66.5M-34.0% | $89.3M-22.9% | $100.8M | $115.7M-24.1% | $152.4M-19.6% | $189.5M+124.9% | $84.3M-20.4% |
| Current Assets | $77.4M-11.9% | $65.4M-33.8% | $87.8M-22.6% | $98.8M | $113.4M-24.0% | $149.3M-19.7% | $186.0M+135.1% | $79.1M-23.9% |
| Cash & Equivalents | $74.5M-12.5% | $62.8M-34.3% | $85.2M-22.5% | $95.7M | $109.9M-23.5% | $143.8M-17.6% | $174.4M+132.1% | $75.2M-18.8% |
| Short-Term Investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0-100.0% |
| Accounts Receivable | N/A | N/A | N/A | N/A | N/A | N/A | $3.0M | N/A |
| Long-Term Investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Total Liabilities | $42.9M+10.8% | $28.6M-35.3% | $38.7M-14.2% | $44.2M | $45.2M-34.8% | $69.3M+110.3% | $33.0M-81.0% | $173.7M+6.6% |
| Current Liabilities | $25.2M-34.1% | $28.5M-27.8% | $38.2M+21.4% | $39.5M | $31.5M-42.9% | $55.1M+84.7% | $29.8M+84.7% | $16.1M+124.8% |
| Non-Current Liabilities | $17.7M+3070.2% | $89K-98.1% | $560K-95.9% | $4.7M | $13.7M-3.6% | $14.2M+354.6% | $3.1M-98.0% | $157.5M+1.1% |
| Long-Term Debt | $1.1M+172.7% | N/A | $417K-96.9% | $4.6M | $13.5M-4.3% | $14.1M+372.8% | $3.0M+0.9% | $3.0M+95.6% |
| Total Equity | $35.3M-30.0% | $37.9M-33.0% | $50.5M-28.4% | $56.6M | $70.6M-15.1% | $83.1M-46.9% | $156.6M+275.1% | -$89.4M-56.8% |
| Retained Earnings | -$328.8M-5.7% | -$324.7M-10.1% | -$311.2M-12.0% | -$294.8M | -$277.8M-7.3% | -$258.8M-44.7% | -$178.8M-69.3% | -$105.7M-67.0% |
Not reported in any period shown, so not listed: Inventory, Goodwill.
ADAG Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
Not reported in any period shown, so not listed: Operating Cash Flow, Depreciation & Amortization, Stock-Based Compensation, Capital Expenditures, Free Cash Flow, Investing Cash Flow, Financing Cash Flow, Dividends Paid, Share Buybacks.
ADAG Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
Not reported in any period shown, so not listed: Gross Margin, Operating Margin, Net Margin, Return on Equity, Return on Assets, Asset Turnover, FCF Margin.
Similar Companies
Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.
| Company | Fiscal year | Revenue | Net income | Net margin | Market cap | Health score |
|---|---|---|---|---|---|---|
| Adagene Inc. ADAG | FY2025 | $7.7M | -$17.6M | N/A | $185.3M | 63/100 |
| Corbus Pharmaceuticals Holdings, Inc. CRBP | FY2025 | N/A | -$78.5M | N/A | $104.1M | — |
| TScan Therapeutics, Inc. TCRX | FY2025 | $10.3M | -$129.8M | N/A | $16.1M | 38/100 |
| Pyxis Oncology, Inc. PYXS | FY2025 | $13.9M | -$79.6M | N/A | $169.3M | 56/100 |
| Zentalis Pharmaceuticals, Inc. ZNTL | FY2025 | $0 | -$137.1M | N/A | $249.9M | — |
| Armata Pharmaceuticals, Inc. ARMP | FY2025 | N/A | -$173.8M | N/A | $143.5M | — |
Where Adagene Inc. Ranks
Frequently Asked Questions
What is Adagene Inc.'s annual revenue?
Adagene Inc. (ADAG) reported $7.7M in total revenue for fiscal year 2025. This represents a 7332.8% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Adagene Inc.'s revenue growing?
Adagene Inc. (ADAG) revenue grew by 7332.8% year-over-year, from $103K to $7.7M in fiscal year 2025.
Is Adagene Inc. profitable?
No, Adagene Inc. (ADAG) reported a net income of -$17.6M in fiscal year 2025.
What is Adagene Inc.'s EBITDA?
Adagene Inc. (ADAG) had EBITDA of -$21.0M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does Adagene Inc. have?
As of fiscal year 2025, Adagene Inc. (ADAG) had $74.5M in cash and equivalents against $1.1M in long-term debt.
What is Adagene Inc.'s return on equity (ROE)?
Adagene Inc. (ADAG) has a return on equity of -49.8% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Adagene Inc.'s free cash flow?
Adagene Inc. (ADAG) recorded an outflow of $15.7M in free cash flow during fiscal year 2025. This represents a 47.3% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Adagene Inc.'s operating cash flow?
Adagene Inc. (ADAG) recorded an outflow of $15.7M in operating cash flow during fiscal year 2025, representing cash used by core business activities.
What are Adagene Inc.'s total assets?
Adagene Inc. (ADAG) had $78.3M in total assets as of fiscal year 2025, including both current and long-term assets.
What are Adagene Inc.'s capital expenditures?
Adagene Inc. (ADAG) invested $17K in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
How much does Adagene Inc. spend on research and development?
Adagene Inc. (ADAG) invested $22.0M in research and development during fiscal year 2025.
What is Adagene Inc.'s current ratio?
Adagene Inc. (ADAG) had a current ratio of 3.07 as of fiscal year 2025, which is generally considered healthy.
What is Adagene Inc.'s debt-to-equity ratio?
Adagene Inc. (ADAG) had a debt-to-equity ratio of 0.03 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Adagene Inc.'s return on assets (ROA)?
Adagene Inc. (ADAG) had a return on assets of -22.5% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Adagene Inc.'s P/E ratio?
Adagene Inc. (ADAG) has no price-to-earnings ratio at the moment: net loss, so no earnings multiple (FY2025). The market capitalization is $185.3M as of Oct 10, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is Adagene Inc.'s price-to-sales ratio?
Adagene Inc. (ADAG) trades at 24.2x sales, its market capitalization divided by revenue of $7.7M revenue, FY2025. The market capitalization is $185.3M as of Oct 10, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
How does Adagene Inc.'s liquidity compare with its operating cash outflow?
At the end of fiscal year 2025, Adagene Inc. (ADAG) held $74.5M in cash, cash equivalents and investments, and reported an operating cash outflow of $15.7M over that year. Dividing the one by the other, the reported balance equals about 57 months of the outflow reported that year. This is arithmetic over figures already filed, not a projection: it assumes nothing about future spending, financing or operations.
What is Adagene Inc.'s Altman Z-Score?
Adagene Inc. (ADAG) has an Altman Z-Score of -3.30, placing it in the Distress Zone (elevated bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is Adagene Inc.'s Piotroski F-Score?
Adagene Inc. (ADAG) has a Piotroski F-Score of 4 out of 8 computable signals; 1 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Adagene Inc.'s earnings high quality?
Adagene Inc. (ADAG) reported a net loss of $17.6M while operations used $15.7M of cash. With neither figure positive, the ratio between the two carries no quality signal. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can Adagene Inc. cover its interest payments?
Adagene Inc. (ADAG) reported an operating loss of $21.4M against $463K in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is Adagene Inc.?
Adagene Inc. (ADAG) scores 63 out of 100 on our Financial Health Score, indicating moderate standing within its emerging companies peer group. The score is a 0-100 composite of six dimensions (Cash Runway, Dilution, R&D Intensity, Revenue Progress, Burn Trend, Balance Sheet), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.