Adagene Inc. ADAG
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Market cap
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52-week range
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No price or market cap here: this company files no 10-K, so the only share count SEC publishes for it counts its ordinary shares in its home market, while its US listing is a depositary receipt standing for some number of them. That number is in no filing, so a price multiplied by that count is not this company's value and is not shown. The financial statements below are as filed.
Valuation FY2025 figures against the last close
P/S—
P/E—
P/FCF—
EV/EBITDA—
Dividend yield—
Diluted EPS-0.30
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | $7.7M | $103.2K | $18.1M | $9.3M | $10.2M | $700.9K | $480.0K | $1.5M | — |
| R&D | $22.0M | $28.8M | $36.6M | $81.3M | $68.1M | $33.5M | $16.2M | $16.1M | — |
| SG&A | $7.1M | $7.3M | $8.7M | $11.9M | $14.4M | $10.3M | $3.4M | $2.8M | — |
| Operating income | -$21.4M | -$36.0M | -$23.7M | -$83.9M | -$72.4M | -$43.2M | -$19.2M | -$17.3M | — |
| Interest expense | $463.1K | $851.9K | $1.1M | $693.3K | $363.8K | $202.2K | $138.1K | $91.1K | — |
| Pre-tax income | -$17.9M | -$33.4M | -$17.3M | -$13.5M | -$17.0M | -$42.4M | -$16.4M | -$15.3M | — |
| Income tax | $297.9K | $17.6K | $1.7M | $459.1K | $1.7M | — | — | — | — |
| Net income | -$17.6M | -$33.4M | -$18.9M | -$80.0M | -$73.2M | -$42.4M | -$16.4M | -$15.3M | — |
| EPS, basic | -0.30 | -0.59 | -0.35 | -1.48 | -1.46 | -2.67 | -1.10 | -0.94 | — |
| EPS, diluted | -0.30 | -0.59 | -0.35 | -0.31 | -1.46 | -2.67 | -1.10 | -0.94 | — |
| Shares, diluted (wtd. avg.) | 59.0M | 56.3M | 54.7M | 55.2M | 50.0M | 16.0M | 15.2M | 15.2M | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 |
|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $74.5M | $85.2M | $109.9M | $143.8M | $174.4M | $75.2M | $92.5M | $16.1M | $8.7M |
| Short-term investments | $0 | $0 | $0 | — | — | — | $8.0M | — | — |
| Receivables | — | — | — | — | $3.0M | — | $480.0K | — | — |
| Total current assets | $77.4M | $87.8M | $113.4M | $149.3M | $186.0M | $79.1M | $103.9M | — | — |
| Property, plant and equipment | $717.4K | $1.1M | $1.8M | $2.8M | $3.5M | $2.1M | $1.9M | — | — |
| Total assets | $78.3M | $89.3M | $115.7M | $152.4M | $189.5M | $84.3M | $105.9M | — | — |
| Accounts payable | $2.9M | $4.2M | $3.1M | $3.7M | $3.3M | $1.8M | $712.7K | — | — |
| Short-term debt | $711.4K | $12.9M | $4.2M | $2.9M | $1.4M | $1.2M | $322.5K | — | — |
| Total current liabilities | $25.2M | $38.2M | $31.5M | $55.1M | $29.8M | $16.1M | $7.2M | — | — |
| Long-term debt | $1.1M | $417.3K | $13.5M | $14.1M | $3.0M | $3.0M | $1.5M | — | — |
| Total liabilities | $26.4M | $38.7M | $45.2M | $69.3M | $33.0M | $19.2M | $8.7M | — | — |
| Retained earnings | -$328.8M | -$311.2M | -$277.8M | -$258.8M | -$178.8M | -$105.7M | -$63.3M | — | — |
| Total equity | $35.3M | $50.5M | $70.6M | $83.1M | $156.6M | -$89.4M | -$57.0M | -$41.0M | -$25.7M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 |
|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$15.7M | -$29.7M | -$28.5M | -$48.6M | -$43.4M | -$28.5M | -$18.2M | -$14.3M | — |
| Depreciation and amortisation | $438.9K | $723.0K | $980.1K | $1.1M | $1.1M | $858.4K | $816.7K | $909.0K | — |
| Stock-based compensation | $3.7M | $4.9M | $7.3M | $10.5M | $18.7M | $10.1M | $611.7K | $126.5K | — |
| Capital expenditure | $17.1K | $33.6K | $85.0K | $690.9K | $2.5M | $935.2K | $151.8K | $514.7K | — |
| Investing cash flow | $476.8K | $1.1M | -$77.4K | -$686.0K | -$2.5M | $7.1M | $24.9M | -$29.5M | — |
| Financing cash flow | $4.4M | $3.8M | -$5.4M | $17.8M | $145.4M | $4.4M | $69.7M | $51.1M | — |
| Buybacks | — | — | — | $4.0M | $2.4M | — | — | — | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001104659-26-038612.
Plot the figures US dollars
Income statement
Revenue
Cost of revenue
Gross profit
R&D
SG&A
Total operating expenses
Operating income
Interest expense
Pre-tax income
Income tax
Net income
EPS, basic
EPS, diluted
Shares, diluted (wtd. avg.)
- Revenue
- Gross profit
- Net income
| Fiscal year | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | — | $1.5M | $480.0K | $700.9K | $10.2M | $9.3M | $18.1M | $103.2K | $7.7M |
| Gross profit | — | — | — | — | — | — | — | — | — |
| Net income | — | -$15.3M | -$16.4M | -$42.4M | -$73.2M | -$80.0M | -$18.9M | -$33.4M | -$17.6M |
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