Adagene (ADAG) financial statements
Adagene reported revenue of $8M in fiscal 2025, up 26.1% a year over 7 years.
Net income was -$18M and the operating margin -279.5%, against -1147.1% in 2018.
Free cash flow was -$16M.
The diluted share count rose 289% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Adagene's 10-K filings with the SEC.
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $2M | $480,000 | $700,913 | $10M | $9M | $18M | $103,204 | $8M |
| Research and development | $16M | $16M | $34M | $68M | $81M | $37M | $29M | $22M |
| Selling, general and admin | $3M | $3M | $10M | $14M | $12M | $9M | $7M | $7M |
| Operating income | -$17M | -$19M | -$43M | -$72M | -$84M | -$24M | -$36M | -$21M |
| Interest expense | $91,085 | $138,096 | $202,165 | $363,762 | $693,323 | $1M | $851,874 | $463,132 |
| Pre-tax income | -$15M | -$16M | -$42M | -$17M | -$13M | -$17M | -$33M | -$18M |
| Income tax | — | — | — | $2M | $459,055 | $2M | -$17,553 | -$297,860 |
| Net income | -$15M | -$16M | -$42M | -$73M | -$80M | -$19M | -$33M | -$18M |
| EPS (diluted) | -$0.94 | -$1.10 | -$2.67 | -$1.46 | -$0.31 | -$0.35 | -$0.59 | -$0.30 |
| Diluted shares | 15M | 15M | 16M | 50M | 55M | 55M | 56M | 59M |
| Operating margin | -1147.1% | -3993.7% | -6156.5% | -711.2% | -903.1% | -131.0% | -34835.4% | -279.5% |
| Net margin | -1010.2% | -3423.4% | -6048.9% | -719.2% | -860.6% | -104.6% | -32386.4% | -229.6% |
Balance sheet
Fiscal years, from Adagene's 10-K filings with the SEC.
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $16M | $101M | $75M | $174M | $144M | $110M | $85M | $75M |
| Receivables | — | $480,000 | — | $3M | — | — | — | — |
| Total current assets | — | $104M | $79M | $186M | $149M | $113M | $88M | $77M |
| Property, plant and equipment | — | $2M | $2M | $3M | $3M | $2M | $1M | $717,374 |
| Total assets | — | $106M | $84M | $190M | $152M | $116M | $89M | $78M |
| Total current liabilities | — | $7M | $16M | $30M | $55M | $31M | $38M | $25M |
| Long-term debt | — | $2M | $3M | $3M | $14M | $14M | $417,339 | $1M |
| Total liabilities | — | $9M | $19M | $33M | $69M | $45M | $39M | $26M |
| Shareholders' equity | -$41M | -$57M | -$89M | $157M | $83M | $71M | $51M | $35M |
| Net debt | -$16M | -$91M | -$71M | -$170M | -$127M | -$92M | -$72M | -$73M |
Cash flow
Fiscal years, from Adagene's 10-K filings with the SEC.
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$14M | -$18M | -$29M | -$43M | -$49M | -$28M | -$30M | -$16M |
| Capital spending | $514,703 | $151,829 | $935,199 | $3M | $690,938 | $85,012 | $33,580 | $17,053 |
| Free cash flow | -$15M | -$18M | -$29M | -$46M | -$49M | -$29M | -$30M | -$16M |
| Stock-based compensation | $126,540 | $611,711 | $10M | $19M | $11M | $7M | $5M | $4M |
| Share buybacks (net) | — | — | — | -$2M | -$4M | — | — | — |
| Net borrowing | $1M | $234,682 | $5M | -$702,857 | $21M | -$5M | -$3M | -$12M |
| Free cash flow margin | -978.0% | -3813.6% | -4203.8% | -451.3% | -530.6% | -157.6% | -28811.4% | -204.3% |
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Open ADAG in InvestinglyQuestions
What was Adagene's revenue in 2025?
$8M in fiscal 2025, from its 10-K filing.
How much free cash flow does Adagene generate?
-$16M in fiscal 2025 (operating cash flow minus capital spending).
From Adagene's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.