ADAG revenueFY2025$7.67M
- FY YoY
- 74x
- 5Y CAGR
- +61.4%
ADAG revenue was $7.67M for fiscal 2025 (ended Dec 31, 2025), up about 74-fold from fiscal 2024. Compound annual growth was +61.4% over 5 years. It rose in 4 of the last 7 fiscal years.
Adagene Inc. (ADAG) financials
For fiscal 2025 (ended Dec 31, 2025), Adagene Inc. reported $7.67M of revenue and -$17.61M of net income.
- Revenue, FY2025
- $7.67M
- Revenue growth, YoY
- +7332.8%
- Net income, FY2025
- -$17.61M
- Net margin
- -229.6%
- Free cash flow, FY2025
- -$15.67M
- EPS, diluted, FY2025
- -$0.30
- Cash
- $74.52M
- Total debt
- $6.12M
- P/S
- 18.25
- Market cap
- $140.0M
FY2018FY2025
FY2018FY2025
FY2018FY2025
ADAG revenue and earnings growth
ADAG net incomeFY2025-$17.61M
ADAG net income was -$17.61M for fiscal 2025 (ended Dec 31, 2025), compared with -$33.42M in fiscal 2024.
ADAG EPSFY2025-$0.30
ADAG diluted EPS was -$0.30 for fiscal 2025 (ended Dec 31, 2025), compared with -$0.59 in fiscal 2024.
ADAG free cash flowFY2025-$15.67M
ADAG free cash flow was -$15.67M for fiscal 2025 (ended Dec 31, 2025), compared with -$29.73M in fiscal 2024.
Income statement
| Line item | Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $7.67M | $103.2K | $18.11M | $9.29M | $10.18M | $700.9K | $480.0K | $1.51M |
| Research and development | $22.03M | $28.78M | $36.64M | $81.34M | $68.10M | $33.54M | $16.21M | $16.08M |
| Selling, general and admin | $7.08M | $7.27M | $8.67M | $11.87M | $14.44M | $10.31M | $3.44M | $2.77M |
| Operating income | -$21.44M | -$35.95M | -$23.72M | -$83.92M | -$72.36M | -$43.15M | -$19.17M | -$17.33M |
| Interest expense | $463.1K | $851.9K | $1.11M | $693.3K | $363.8K | $202.2K | $138.1K | $91.1K |
| Pre-tax income | -$17.91M | -$33.44M | -$17.25M | -$79.51M | -$71.48M | -$42.40M | -$16.43M | -$15.27M |
| Income tax | -$297.9K | -$17.6K | $1.69M | $459.1K | $1.70M | - | - | - |
| Net income | -$17.61M | -$33.42M | -$18.95M | -$79.97M | -$73.18M | -$42.40M | -$16.43M | -$15.27M |
| 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 | -$1.48 | -$1.46 | -$2.67 | -$1.10 | -$0.94 |
| Diluted shares | 59.0M | 56.3M | 54.7M | 54.1M | 50.0M | 16.0M | 15.2M | 15.2M |
Balance sheet
| Line item | Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 |
|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $74.52M | $85.19M | $109.93M | $143.76M | $174.39M | $75.15M | $92.53M | $16.06M |
| Short-term investments | $0 | $0 | $0 | - | - | - | $8.00M | - |
| Receivables | - | - | - | - | $3.00M | - | $480.0K | - |
| Current assets | $77.38M | $87.78M | $113.44M | $149.32M | $185.95M | $79.10M | $103.92M | - |
| Total assets | $78.26M | $89.27M | $115.73M | $152.40M | $189.51M | $84.26M | $105.89M | - |
| Current liabilities | $25.17M | $38.18M | $31.46M | $55.08M | $29.82M | $16.15M | $7.18M | - |
| Short-term debt | $4.98M | $17.79M | $8.40M | $13.62M | $4.50M | $5.02M | $1.04M | - |
| Long-term debt | $1.14M | $417.3K | $13.54M | $14.15M | $2.99M | $2.97M | $1.52M | - |
| Total debt | $6.12M | $18.21M | $21.94M | $27.77M | $7.49M | $7.98M | $2.56M | - |
| Total liabilities | $26.36M | $38.74M | $45.17M | $69.31M | $32.95M | $19.20M | $8.70M | - |
| Shareholders' equity | $35.35M | $50.52M | $70.56M | $83.09M | $156.56M | -$89.39M | -$57.01M | -$41.03M |
Cash flow
| Line item | Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 |
|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$15.66M | -$29.70M | -$28.45M | -$48.61M | -$43.41M | -$28.53M | -$18.15M | -$14.26M |
| Capital expenditures | $17.1K | $33.6K | $85.0K | $690.9K | $2.51M | $935.2K | $151.8K | $514.7K |
| Free cash flow | -$15.67M | -$29.73M | -$28.54M | -$49.30M | -$45.92M | -$29.46M | -$18.31M | -$14.78M |
| Investing cash flow | $476.8K | $1.11M | -$77.4K | -$686.0K | -$2.51M | $7.07M | $24.86M | -$29.51M |
| Financing cash flow | $4.45M | $3.77M | -$5.37M | $17.82M | $145.36M | $4.44M | $69.69M | $51.06M |
| Share repurchases | - | - | - | $3.98M | $2.36M | - | - | - |
| Stock-based compensation | $3.74M | $4.91M | $7.27M | $10.52M | $18.68M | $10.13M | $611.7K | $126.5K |
| Depreciation and amortization | $438.9K | $723.0K | $980.1K | $1.15M | $1.13M | $858.4K | $816.7K | $909.0K |
Key ratios
| Line item | Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 |
|---|---|---|---|---|---|---|---|---|
| Revenue growth, YoY | 7332.8% | -99.4% | 94.9% | -8.7% | 1351.7% | 46.0% | -68.2% | - |
| Operating margin | -279.5% | -34835.4% | -131.0% | -903.1% | -711.2% | -6156.5% | -3993.7% | -1147.1% |
| Net margin | -229.6% | -32386.4% | -104.6% | -860.6% | -719.2% | -6048.9% | -3423.4% | -1010.2% |
| Free cash flow margin | -204.3% | -28811.4% | -157.6% | -530.6% | -451.3% | -4203.8% | -3813.6% | -978.0% |
| Return on equity | -49.8% | -66.2% | -26.9% | -96.2% | -46.7% | - | - | - |
| Return on assets | -22.5% | -37.4% | -16.4% | -52.5% | -38.6% | -50.3% | -15.5% | - |
| Current ratio | 3.07 | 2.30 | 3.61 | 2.71 | 6.24 | 4.90 | 14.47 | - |
| Debt to equity | 0.17 | 0.36 | 0.31 | 0.33 | 0.05 | - | - | - |
Source: XBRL data Adagene Inc. files with the SEC, latest filing dated Apr 1, 2026 (see filings on SEC EDGAR). Provided for information only, not investment advice. Check the filing before relying on a number.
Per-share figures are as filed. The filings show no stock split in these periods.
EPS growth is left out where the share count moved enough to suggest a split the filings do not show. Growth rates need a positive starting figure. CAGR is compound annual growth between fiscal years. The CSV holds every period on file, in full figures, from the same SEC filings.
Foreign private issuers file annual reports with the SEC, so there are no quarterly statements here.
ADAG peers
| Company | Revenue | Growth | Net income | Net margin | Market cap |
|---|---|---|---|---|---|
| ADAG | $7.67M | +7332.8% | -$17.61M | -229.6% | $140.0M |
| LLY | $86.46B | +45.5% | $27.58B | 31.9% | $1.33T |
| JNJ | $99.33B | +7.8% | $16.09B | 16.2% | $679.13B |
| ABBV | $66.01B | +10.7% | $10.34B | 15.7% | $518.44B |
| MRK | $67.38B | +4.9% | $2.45B | 3.6% | $366.73B |
| NVS | $54.53B | +8.4% | $13.98B | 25.6% | $312.35B |
| AZN | $58.74B | +8.6% | $10.22B | 17.4% | $293.69B |
| ABT | $48.23B | +10.0% | $4.70B | 9.7% | $191.40B |
| NVO | DKK 309.06B | +6.4% | DKK 102.43B | 33.1% | $183.23B |
ADAG FAQ
8 questionsWhat is ADAG revenue?
Adagene Inc. (ADAG) reported $7.67M of revenue for fiscal 2025 (ended Dec 31, 2025). That is up 7332.8% from the year before.Is ADAG profitable?
No. Adagene Inc. reported a net loss of $17.61M for fiscal 2025 (ended Dec 31, 2025).How much cash and debt does ADAG have?
Adagene Inc. reported $74.52M in cash and cash equivalents and $6.12M of debt on its most recent balance sheet in SEC filings.How fast is ADAG revenue growing?
Adagene Inc.'s revenue changed 74x in fiscal 2025, to $7.67M. Its compound annual growth rate was +61.4% over 5 years.What is ADAG free cash flow?
Adagene Inc. generated -$15.67M of free cash flow for fiscal 2025 (ended Dec 31, 2025), which is operating cash flow of -$15.66M less capital expenditures.What is ADAG earnings per share?
Diluted earnings per share were -$0.30 for fiscal 2025 (ended Dec 31, 2025), from SEC filings, restated for any stock split those filings show.When did ADAG last report financial results?
The latest statements here come from Adagene Inc.'s 20-F filed on Apr 1, 2026, covering the period ended Dec 31, 2025.Where does this ADAG financial data come from?
Quantisnow builds these statements from the structured XBRL data Adagene Inc. files with the SEC. It is provided for information only and is not investment advice.