Adagene Inc.
ADAGHealthcare|Biotechnology|CN
$2.00
-0.02 (-0.99%)
Tangible Book / Share
$2.34
Cash / Share
$2.82
Financials
Financial Snapshot
Market Cap
$75.3M
Enterprise Value
-$46.5M
Revenue (TTM)
$9.4M
Net Income (TTM)
-$59.0M
Cash & Investments
$127.9M
Net Cash
$121.8M
Free Cash Flow (TTM)
-$53.7M
Operating CF (TTM)
-$53.5M
Debt/Equity
0.06
Cash Runway & Burn Rate
Cash on Hand
$127.9M
Quarterly Burn
$13.4M
Monthly Burn
$4.5M
Est. Runway
~9.6 quarters
| Metric | Trend | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Investments | $49.1M | $100.5M | $75.2M | $174.4M | $143.8M | $109.9M | $85.2M | $74.5M | $127.9M | |
| Operating Cash Flow | -$14.3M | -$18.2M | -$28.5M | -$43.4M | -$48.6M | -$28.5M | -$29.7M | -$15.7M | -$53.5M | |
| Free Cash Flow | -$14.8M | -$18.3M | -$29.5M | -$45.9M | -$49.3M | -$28.5M | -$29.7M | -$15.7M | -$53.7M | |
| Capital Expenditure | -$514.7K | -$151.8K | -$935.2K | -$2.5M | -$690.9K | -$85.0K | -$33.6K | -$17.1K | -$201.0K | |
| Financing Cash Flow | $51.1M | $69.7M | $4.4M | $145.4M | $17.8M | -$5.4M | $3.8M | $4.4M | $77.7M |
R&D Spending
R&D (TTM)
$55.7M
R&D Intensity
591.7%
R&D Growth vs Prior
+153.0%
| Metric | Trend | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.5M | $480.0K | $480.0K | $10.2M | $9.3M | $18.1M | $103.2K | $7.7M | $9.4M | |
| R&D Expense | $16.1M | $16.2M | $16.2M | $68.1M | $81.3M | $36.6M | $28.8M | $22.0M | $55.7M | |
| R&D % of Revenue | 1064.1% | 3377.4% | 3377.4% | 669.3% | 875.3% | 202.3% | 27887.9% | 287.2% | 591.7% | |
| SG&A | $2.8M | $3.4M | $3.4M | $14.4M | $11.9M | $8.7M | $7.3M | $7.1M | $15.0M |
Income Statement
| Metric | Trend | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.5M | $480.0K | $480.0K | $10.2M | $9.3M | $18.1M | $103.2K | $7.7M | $9.4M | |
| Cost of Revenue | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $1.8M | |
| Gross Profit | $1.5M | $480.0K | $480.0K | $10.2M | $9.3M | $18.1M | -$823.0K | $7.7M | $7.7M | |
| R&D | $16.1M | $16.2M | $16.2M | $68.1M | $81.3M | $36.6M | $28.8M | $22.0M | $55.7M | |
| SG&A | $2.8M | $3.4M | $3.4M | $14.4M | $11.9M | $8.7M | $7.3M | $7.1M | $15.0M | |
| Operating Income | -$17.3M | -$19.2M | -$19.2M | -$72.4M | -$83.9M | -$23.7M | -$36.0M | -$21.4M | -$64.9M | |
| Interest Expense | $91.1K | $138.1K | $202.2K | $363.8K | $693.3K | $1.1M | $851.9K | $463.1K | $1.0M | |
| Pretax Income | -$15.3M | -$16.4M | -$16.4M | -$71.5M | -$79.5M | -$17.3M | -$33.4M | -$17.9M | -$59.4M | |
| Net Income | -$14.7M | -$17.3M | -$16.4M | -$73.2M | -$80.0M | -$18.9M | -$33.4M | -$17.6M | -$59.0M | |
| EPS (Diluted) | -1.51 | -0.49 | -0.59 | -2.29 | -2.31 | -0.54 | -0.95 | -0.46 | -1.54 | |
| EBITDA | -$14.3M | -$15.5M | -$41.3M | -$70.0M | -$77.4M | -$15.0M | -$31.7M | -$16.9M | -$60.3M | |
| Shares Out. (M) | 9.70 | 35.33 | 28.07 | 32.02 | 34.65 | 35.03 | 36.02 | 37.76 | 45.30 |
Balance Sheet
| Metric | Trend | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $16.1M | $92.5M | $75.2M | $174.4M | $143.8M | $109.9M | $85.2M | $74.5M | $127.9M | |
| Short-Term Investments | $33.0M | $8.0M | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Total Current Assets | $51.8M | $103.9M | $79.1M | $186.0M | $149.3M | $113.4M | $87.8M | $77.4M | $132.4M | |
| Total Assets | $54.4M | $105.9M | $84.3M | $189.5M | $152.4M | $115.7M | $89.3M | $78.3M | $133.6M | |
| Total Current Liabilities | $10.3M | $7.2M | $16.1M | $29.8M | $55.1M | $31.5M | $38.2M | $25.2M | $26.4M | |
| Long-Term Debt | $0.00 | $1.5M | $3.0M | $3.0M | $14.1M | $13.5M | $417.3K | $1.1M | $1.0M | |
| Total Liabilities | $95.4M | $162.9M | $173.7M | $33.0M | $69.3M | $45.2M | $38.7M | $42.9M | $27.6M | |
| Stockholders' Equity | -$41.0M | -$57.0M | -$89.4M | $156.6M | $83.1M | $70.6M | $50.5M | $35.3M | $106.0M | |
| Retained Earnings | -$46.8M | -$63.3M | -$105.7M | -$178.8M | -$258.8M | -$277.8M | -$311.2M | -$328.8M | -$345.2M |
Cash Flow Statement
| Metric | Trend | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$14.3M | -$18.2M | -$28.5M | -$43.4M | -$48.6M | -$28.5M | -$29.7M | -$15.7M | -$53.5M | |
| Capital Expenditure | -$514.7K | -$151.8K | -$935.2K | -$2.5M | -$690.9K | -$85.0K | -$33.6K | -$17.1K | -$201.0K | |
| Free Cash Flow | -$14.8M | -$18.3M | -$29.5M | -$45.9M | -$49.3M | -$28.5M | -$29.7M | -$15.7M | -$53.7M | |
| Investing Cash Flow | -$29.5M | $24.9M | $7.1M | -$2.5M | -$686.0K | -$77.4K | $1.1M | $476.8K | $1.6M | |
| Financing Cash Flow | $51.1M | $69.7M | $4.4M | $145.4M | $17.8M | -$5.4M | $3.8M | $4.4M | $77.7M | |
| Issuance of Stock | $50.0M | $69.5M | -$580.6K | $149.8M | $0.00 | $5.5K | $7.3M | $138.3K | $92.6M | |
| Repurchase of Stock | $0.00 | $0.00 | $0.00 | -$2.4M | -$4.0M | $0.00 | $0.00 | $0.00 | $0.00 | |
| Net Debt Issuance | $1.1M | $234.7K | $5.0M | -$702.9K | $21.5M | -$5.4M | -$3.4M | -$12.2M | -$16.3M | |
| Stock Based Comp. | $126.5K | $611.7K | $10.1M | $18.7M | $10.5M | $7.3M | $4.9M | $3.7M | $4.9M | |
| Net Change in Cash | $7.3M | $76.5M | -$17.4M | $99.2M | -$30.6M | -$33.8M | -$24.7M | -$10.7M | $32.2M |
Dilution Tracker
Shares outstanding grew 34.6% over 5 years — significant dilution
Shares Outstanding
38M
5-Year Share Growth
+34.6%
Stock Issuance (TTM)
$92.6M
| Metric | Trend | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| Shares Out. (M) | 9.70 | 35.33 | 28.07 | 32.02 | 34.65 | 35.03 | 36.02 | 37.76 | 45.30 | |
| Change vs Prior % | — | 264.1% | -20.6% | 14.1% | 8.2% | 1.1% | 2.8% | 4.8% | 19.9% | |
| Stock Issuance | $50.0M | $69.5M | -$580.6K | $149.8M | $0.00 | $5.5K | $7.3M | $138.3K | $92.6M | |
| Stock Repurchase | $0.00 | $0.00 | $0.00 | -$2.4M | -$4.0M | $0.00 | $0.00 | $0.00 | $0.00 | |
| Stock Based Comp. | $126.5K | $611.7K | $10.1M | $18.7M | $10.5M | $7.3M | $4.9M | $3.7M | $4.9M |
Margins & Profitability
| Metric | Trend | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin % | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | -797.5% | 100.0% | 81.3% | |
| Operating Margin % | -1147.1% | -3993.7% | -3993.7% | -711.2% | -903.1% | -131.0% | -34835.4% | -279.5% | -689.1% | |
| Net Margin % | -974.0% | -3602.9% | -3424.1% | -719.2% | -860.6% | -104.6% | -32386.4% | -229.6% | -626.2% | |
| EBITDA Margin % | -944.0% | -3224.5% | -8611.8% | -687.8% | -832.6% | -82.5% | -30680.5% | -219.7% | -640.0% | |
| FCF Margin % | -978.0% | -3813.6% | -6138.5% | -451.3% | -530.6% | -157.6% | -28811.4% | -204.3% | -569.8% | |
| ROE % | 35.9% | 30.3% | 18.4% | -46.7% | -96.2% | -26.9% | -66.2% | -49.8% | -29.1% | |
| ROA % | -27.0% | -16.3% | -19.5% | -38.6% | -52.5% | -16.4% | -37.4% | -22.5% | -15.4% | |
| ROIC % | -36.0% | -19.2% | -26.2% | -44.1% | -75.5% | -25.5% | -52.0% | -36.2% | -19.6% | |
| R&D / Revenue % | 1064.1% | 3377.4% | 3377.4% | 669.3% | 875.3% | 202.3% | 27887.9% | 287.2% | 591.7% |
Growth (Year over Year)
Fiscal years. Rising share count growth means dilution.
| Metric | Trend | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | 0.0% | -68.2% | 0.0% | 2019.8% | -8.7% | 94.9% | -99.4% | 7332.8% | |
| Gross Profit | 0.0% | -68.2% | 0.0% | 2019.8% | -8.7% | 94.9% | -104.5% | 1032.0% | |
| Operating Income | 0.0% | -10.6% | 0.0% | -277.5% | -16.0% | 71.7% | -51.6% | 40.4% | |
| Net Income | 0.0% | -17.5% | 5.0% | -345.2% | -9.3% | 76.3% | -76.4% | 47.3% | |
| EPS (Diluted) | 0.0% | 67.8% | -20.5% | -289.4% | -1.1% | 76.8% | -76.7% | 51.3% | |
| Operating Cash Flow | 0.0% | -27.3% | -57.2% | -52.2% | -12.0% | 41.5% | -4.4% | 47.3% | |
| Free Cash Flow | 0.0% | -23.9% | -61.0% | -55.9% | -7.4% | 42.1% | -4.2% | 47.3% | |
| R&D Expense | 0.0% | 0.8% | 0.0% | 320.1% | 19.4% | -55.0% | -21.4% | -23.4% | |
| SG&A Expense | 0.0% | 24.3% | 0.0% | 320.0% | -17.8% | -27.0% | -16.1% | -2.7% | |
| Total Assets | 0.0% | 94.6% | -20.4% | 124.9% | -19.6% | -24.1% | -22.9% | -12.3% | |
| Book Value / Share | 0.0% | 61.8% | -97.4% | 253.5% | -50.9% | -15.1% | -31.1% | -33.3% | |
| Debt | 0.0% | 9.6% | 212.4% | -6.2% | 273.5% | -20.3% | -17.1% | -66.1% | |
| Diluted Shares | 0.0% | 264.1% | -20.6% | 14.1% | 8.2% | 1.1% | 2.8% | 4.8% |
Valuation
P/E (TTM)At Loss
P/S8.08
10Y Low / Med / High3.69 / 192.59 / 2207.53
P/B0.85
10Y Low / Med / High0.55 / 1.42 / 2.02
EV/EBITDA2.13
EV/Revenue-4.99
10Y Low / Med / High0.41 / 183.51 / 2020.08
P/FCFAt Loss
Intrinsic Value Models (per share)
Tangible Book / Share
$2.34
Net Current Assets / Share
$2.78
Graham Net-Net
$2.22
Cash / Share
$2.82
| Metric | Trend | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E Ratio | -19.83 | -61.52 | -51.05 | -3.53 | -0.57 | -3.51 | -2.09 | -4.09 | -4.24 | |
| P/S Ratio | 192.59 | 2207.53 | 1753.53 | 25.39 | 4.94 | 3.69 | 694.63 | 9.30 | 8.08 | |
| P/B Ratio | -7.09 | -18.59 | -9.42 | 1.65 | 0.55 | 0.95 | 1.42 | 2.02 | 0.85 | |
| EV/EBITDA | -19.44 | -62.65 | -18.74 | -1.31 | 0.90 | 1.39 | -0.16 | -0.18 | 2.13 | |
| EV/Revenue | 183.51 | 2020.08 | 1613.59 | 8.99 | -7.52 | -1.15 | 48.32 | 0.41 | -4.99 |
Analyst Estimates & Quality
Altman Z-Score
-1.51
Distress
Piotroski F-Score
4
Moderate
Forward Estimates (consensus)
| Metric | FY2026 | FY2027 | FY2028 |
|---|---|---|---|
| Revenue | $1.9M | $4.5M | $18.0M |
| Net Income | -$22.0M | -$28.7M | -$24.1M |
| EPS | $-0.54 | $-0.76 | $-0.77 |
| # Analysts (EPS) | 4 | 4 | 4 |
Revenue Segments
By Product
| Segment | 2020 |
|---|---|
| License | $225.0K |
| Service | $398.9K |