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ADGM

Adagio Medical Holdings, Inc.

ADGM

Adagio Medical Holdings, Inc. • NASDAQ
$0.80 ▼ -4.51% (-0.04)
Market Cap $12.21 M
52w High $2.87
52w Low $0.63
Dividend Yield 0%
P/E -0.44
Volume 74.81K
Outstanding Shares 15.22M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $0 $5.69M ▲ $-10.118M ▼ 0% $-0.66 ▼ $-9.178M ▼
Q2-2025 $0 $4.375M ▼ $-3.947M ▲ 0% $-0.26 ▲ $-4.446M ▲
Q1-2025 $0 ▲ $7.144M ▼ $-7.713M ▲ 0% ▼ $-0.5 ▲ $-7.126M ▲
Q4-2024 $-143K ▼ $50.368M ▲ $-52.803M ▼ 36.925K% ▲ $-3.55 ▼ $-56.275M ▼
Q3-2024 $185K $10.245M $-4.629M -2.502K% $-0.32 $-3.634M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $4.673M ▼ $31.546M ▼ $32.858M ▲ $-1.312M ▼
Q2-2025 $8.2M ▼ $35.876M ▼ $27.21M ▼ $8.666M ▼
Q1-2025 $12.963M ▼ $41.338M ▼ $28.939M ▲ $12.399M ▼
Q4-2024 $20.586M ▼ $48.448M ▼ $28.536M ▼ $19.912M ▼
Q3-2024 $28.26M $107.196M $30.635M $76.561M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-10.118M ▼ $-3.009M ▲ $-520K ▼ $0 $-3.527M ▲ $-3.529M ▲
Q2-2025 $-3.947M ▲ $-4.656M ▲ $-10K ▲ $0 $-4.763M ▲ $-4.666M ▲
Q1-2025 $-7.713M ▲ $-7.211M ▼ $-335K ▲ $0 $-7.623M ▲ $-7.546M ▲
Q4-2024 $-57.369M ▼ $-7.111M ▲ $-702K ▼ $0 ▼ $-7.674M ▼ $-7.813M ▲
Q3-2024 $-4.629M $-8.664M $-609K $990K $26.215M $-9.273M

Five-Year Company Overview

Income Statement

Income Statement Adagio is still a pure development-stage business with essentially no product revenue yet. The income statement is dominated by research and operating expenses, which lead to recurring net losses each year. Those losses have grown somewhat as activity has ramped up, which is typical for a company moving through clinical trials toward commercialization. Profitability is not in sight yet and will depend entirely on successful product approvals and market uptake in the future.

Balance Sheet

Balance Sheet The balance sheet is small and lean, reflecting an early-stage medical device company. Assets are limited, with only a modest cash cushion and not much in the way of hard assets. There is some debt on the books, but the capital structure has shifted over time, including a period of negative equity that has since improved, likely due to fresh capital raising. Overall, the company appears dependent on external financing to support its development plans, and its financial flexibility is closely tied to continued access to capital markets or partners.

Cash Flow

Cash Flow Cash flows are negative from normal operations, which fits a company funding clinical trials and product development before generating sales. There is little to no spending on large physical assets, so cash burn is mainly driven by operating and R&D costs rather than heavy capital investment. Free cash flow is therefore also negative, meaning the business must periodically raise funds to keep progressing its programs. The key risk is whether the company can continue to finance its burn rate until its technologies start to generate meaningful commercial inflows.

Competitive Edge

Competitive Edge Adagio operates in a highly competitive space dominated by very large device makers with deep pockets, strong brands, and broad product portfolios. Its strategy is to differentiate through ultra-low temperature and pulsed-field cryoablation technologies and by focusing on more complex, underserved conditions like ventricular tachycardia. Regulatory designations, early approvals in Europe, and focused clinical trials help validate the technology and can support physician interest. However, the company still faces major challenges in winning commercial share, securing reimbursement, and building sales infrastructure against entrenched incumbents once approvals are in hand.

Innovation and R&D

Innovation and R&D The company’s core strength is innovation: it is pushing a colder, more precise form of cryoablation and combining it with pulsed-field energy in a way that competitors do not yet offer. Multiple specialized catheter systems target different arrhythmias, and a pipeline of ongoing trials is building the clinical evidence needed for broader use. This approach is R&D-heavy, requiring sustained spending on engineering, clinical studies, and regulatory work. Future value creation hinges on positive trial outcomes, successful next‑generation device development, and proof that these technologies translate into better, more efficient real‑world procedures.

Summary

Adagio is an early-stage, pre-revenue medical device company with promising but unproven technology and a thin financial base. Its financials show a classic pattern: no sales yet, steady operating losses, negative cash flow, and reliance on new capital to fund development. On the strategic side, it is aiming to carve out a differentiated position through ultra-low temperature and pulsed-field cryoablation, with a focus on difficult cardiac arrhythmias where current options are limited. The main opportunities lie in regulatory approvals, clinical validation, and eventual adoption by electrophysiologists; the main risks lie in execution, competition from large incumbents, regulatory outcomes, and continued access to funding during the pre-commercial phase.

NEWS

November 12, 2025 · 4:05 PM UTC

Adagio Medical Reports Third Quarter 2025 Results

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October 20, 2025 · 8:00 AM UTC

Adagio Medical Closes Financing of $19 Million Upfront; Positions Company to Advance Purpose-Built Technology for Treatment of Ventricular Tachycardia

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October 15, 2025 · 8:00 AM UTC

Adagio Medical Announces Pricing of up to $50 Million Private Placement of Securities

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October 10, 2025 · 3:40 PM UTC

Adagio Medical Unveils Preliminary Acute Results from FULCRUM-VT U.S. Pivotal Study in Late Breaking Session at VT Symposium

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October 1, 2025 · 8:00 AM UTC

Adagio Medical, Inc. Announces Completion of Enrollment for FULCRUM-VT Pivotal Clinical Trial Evaluating Ultra-Low Temperature Cryoablation for Ventricular Tachycardia

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