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ADAG

Adagene Inc.

ADAG

Adagene Inc. • NASDAQ
$2.06 ▼ -2.59% (-0.06)
Market Cap $77.86 M
52w High $3.16
52w Low $1.30
Dividend Yield 0%
P/E -3.23
Volume 38.79K
Outstanding Shares 37.71M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q2-2025 $0 ▼ $15.426M ▼ $-13.51M ▲ 0% ▲ $-0.36 ▲ $-12.89M ▲
Q4-2024 $103.204K ▲ $26.894M ▲ $-24.918M ▼ -24.145K% ▼ $-0.71 ▼ $-22.703M ▼
Q2-2024 $0 $9.161M ▼ $-8.506M 0% $-0.24 $-8.961M
Q1-2024 $0 ▼ $9.279M ▲ $-8.506M ▼ 0% ▲ $-0.24 ▼ $-8.961M ▲
Q4-2023 $407.873K $9.052M $-7.419M -1.819K% $-0.21 $-9.09M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q2-2025 $62.829M ▼ $66.518M ▼ $28.605M ▼ $37.912M ▼
Q4-2024 $85.195M ▼ $89.268M ▼ $38.745M ▼ $50.524M ▼
Q2-2024 $95.674M $100.78M $44.192M $56.588M
Q1-2024 $95.674M ▼ $100.78M ▼ $44.192M ▼ $56.588M ▼
Q4-2023 $109.934M $115.729M $45.169M $70.559M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q2-2025 $-13.51M ▲ $-11.157M ▲ $242.204K ▼ $-11.633M ▼ $-22.365M ▼ $-11.159M ▲
Q4-2024 $-24.918M ▼ $-23.014M ▼ $662.885K ▲ $5.205M ▲ $-10.479M ▼ $-23.041M ▼
Q2-2024 $-8.506M $-6.687M $223.621K $-1.436M ▼ $-7.13M $-6.693M
Q1-2024 $-8.506M ▼ $-6.687M ▼ $223.621K ▲ $-718.033K ▼ $-7.13M ▼ $-6.693M ▼
Q4-2023 $-7.419M $0 $0 $0 $0 $0

Five-Year Company Overview

Income Statement

Income Statement Adagene looks like a classic clinical‑stage biotech: almost no recurring revenue yet, with small amounts coming from collaborations, and consistent operating losses. The company spends heavily relative to its size, mainly to push its pipeline forward, so net losses and negative earnings per share are expected. The encouraging piece is that losses have narrowed somewhat in recent years, showing some cost discipline or better collaboration economics, but the business is still firmly in the “investment phase” rather than a profit-making stage.

Balance Sheet

Balance Sheet The balance sheet is very cash‑heavy, which is typical for a young biotech. Most assets are simply cash or cash-like holdings, with very little tied up in equipment or long‑lived assets. Debt levels are low, which reduces financial strain, but shareholders’ equity has been drifting down as losses accumulate, slowly eating into the capital base. The company moved from a weaker starting point to positive equity and then has been drawing it down, so the key question over time is how long the current capital will last and whether it can be replenished on reasonable terms.

Cash Flow

Cash Flow Cash flow is consistently negative, driven by operating spending on research, clinical trials, and overhead. Free cash flow is also negative, but fairly stable, and there is essentially no heavy investment in physical assets, meaning most cash burn is for people, trials, and technology. This pattern is normal for a platform biotech, but it means the company depends on external funding—partnerships, milestones, or capital markets—to sustain its programs until they can generate meaningful revenue.

Competitive Edge

Competitive Edge Adagene competes in a crowded cancer immunotherapy field but has carved out a distinct niche. Its SAFEbody masking technology, together with its NEObody and POWERbody platforms, aims to make powerful antibodies safer and more targeted. This focus on improving the safety window of known and difficult targets is a clear differentiator. Partnerships with larger pharma companies provide external validation and broaden reach, but competition from much bigger, well-funded players is intense, and success ultimately depends on clinical data and the quality of deal-making.

Innovation and R&D

Innovation and R&D Innovation is the core of Adagene’s story. The company has built a modular platform to design, mask, and fine‑tune antibodies using computational tools and AI, with several clinical and preclinical programs built on top of it. Its lead asset, a masked CTLA‑4 antibody, is designed to keep the benefits of that target while reducing harsh side effects, and a broader pipeline of masked and novel antibodies is moving through early stages. The approach is ambitious and differentiated, but also high‑risk by nature: future value depends on turning this scientific promise into clear, reproducible clinical results and attractive partnered programs.

Summary

Overall, Adagene is a high‑innovation, high‑risk clinical‑stage biotech with a platform that aims to solve a real limitation of current immunotherapies: safety and precision. Financially, it remains pre‑revenue, loss‑making, and cash‑consuming, with a balance sheet dominated by cash and modest leverage. Strategically, its technology and partnerships give it a meaningful foothold, but progress will hinge on upcoming trial readouts, the pace at which new candidates advance, and its ability to secure additional collaborations or funding before existing cash is worked down.

NEWS

November 13, 2025 · 7:00 AM UTC

Adagene Announces Licensing Agreement with Third Arc Bio for Development of Two Masked CD3 T Cell Engagers Utilizing SAFEbody® Technology

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October 31, 2025 · 7:00 AM UTC

Adagene Announces First Patient Dosed in Randomized Dose Optimization Cohort of the Phase 2 Study of Muzastotug (ADG126) in Combination with KEYTRUDA® (pembrolizumab) in Microsatellite Stable Colorectal Cancer

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September 16, 2025 · 8:00 AM UTC

Adagene Expands SAFEbody® Collaboration and License Agreement with Exelixis to Develop Third Novel Masked Antibody-Drug Conjugate

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September 5, 2025 · 9:55 AM UTC

Adagene's ADG126 to be Highlighted in Two Presentations at the 2025 Chinese Society of Clinical Oncology (CSCO) Meeting in Jinan, China

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September 3, 2025 · 9:05 AM UTC

Adagene Appoints Immuno-Oncology Pioneer, Axel Hoos, M.D., Ph.D., as Executive Advisor

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