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ADAG logoAdagene Inc.(ADAG)Earnings, Financials & Key Ratios

ADAG•NASDAQ
Price updated Jun 13, 2026
SectorHealthcareIndustryBiotechnologySub-IndustryOncology Therapeutics Developers
AboutAdagene Inc., a clinical stage biopharmaceutical company, engages in the research, development, and production of monoclonal antibody drugs for cancers. The company's product candidates include ADG106, a human ligand-blocking agonistic anti-CD137 monoclonal antibodies (mAbs) that is in Phase 1b/2 clinical trials for the treatment advanced solid tumors and non-Hodgkin's lymphoma; ADG126, a fully-human anti-CTLA-4 mAb that is in Phase 1 clinical trial for the treatment advanced/metastatic solid tumors; and ADG116, a human ligand-blocking anti-CTLA-4 mAb, which is in Phase I clinical trial for the treatment of advanced metastatic solid tumors. It also offers ADG104, an anti-PD-L1 mAb that is in Phase 2 clinical development; ADG125, a novel anti-CSF-1R mAb, which is in Phase I clinical trial; ADG206, a masked, Fc engineered anti-CD137 agonistic POWERbody, which is in preclinical; ADG153, a masked anti-CD47 IgG1 SAFEbody, which is in preclinical stage for the treatment hematologic and solid tumors; ADG138, novel HER2xCD3 POWERbody, which is in preclinical for the treatment HER2-expressing solid tumors; and ADG152, a CD20xCD3 POWERbody, which is in preclinical stage for the treatment off-tumor toxicities. The company was incorporated in 2011 and is headquartered in Suzhou, China.Show more
  • Revenue$103K-99.4%
  • EBITDA-$35M-55.6%
  • Net Income-$33M-76.4%
  • EPS (Diluted)-0.95-75.9%
  • Gross Margin-797.49%-897.5%
  • EBITDA Margin-33937.92%-27204.7%
  • Operating Margin-34835.42%-26498.9%
  • Net Margin-32386.45%-30859.3%
  • ROE-55.21%-123.9%
  • Debt/Equity0.37+15.8%
  • Interest Coverage-42.20-97.1%

ADAG Key Insights

Adagene Inc. (ADAG) fundamental analysis — strengths, weaknesses & financial health based on data analysis

✓Strengths

  • ✓Momentum leader: RS Rating 86 (top 14%)

✗Weaknesses

  • ✗Weak Piotroski F-Score: 1/9
  • ✗Negative free cash flow
  • ✗Sales declining 26.5% over 5 years
  • ✗Low asset turnover indicates capital-intensive operations

* These insights are generated automatically based on available financial data. Please conduct your own research before making investment decisions.

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ADAG Price & Volume

Adagene Inc. (ADAG) stock price & volume — 10-year historical chart

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ADAG Growth Metrics

Adagene Inc. (ADAG) revenue, earnings & EPS growth — 3, 5 & 10-year CAGR

Revenue CAGR

10 Years-
5 Years-26.47%
3 Years-78.35%
TTM-99.43%

Profit CAGR

10 Years-
5 Years-
3 Years-
TTM-192.62%

EPS CAGR

10 Years-
5 Years-
3 Years-
TTM-188.43%

Return on Capital

10 Years-42.46%
5 Years-46.21%
3 Years-48.18%
Last Year-53.12%

ADAG Recent Earnings

Adagene Inc. (ADAG) EPS & revenue vs analyst estimates — last 4 quarters

Full history →
●Beat EPS 4/12 qtrs (57%)●Beat Revenue 0/12 qtrs (0%)
Q2 2026Latest
Apr 1, 2026
EPS
$0.07
Est $0.28
+75.0%
Revenue
$8M
Est $18M
-56.1%
Q2 2025
Mar 24, 2025
EPS
$0.55
Est $0.33
-67.7%
Revenue
$103,204
Q3 2024
Jul 25, 2024
EPS
$0.19
Est $0.41
+53.0%
Revenue
—
Q2 2024
Mar 31, 2024
EPS
$0.19
Revenue
—
QuarterDateEPS (Act vs Est)Revenue (Act vs Est)
Q2 2026LatestApr 1, 2026
$0.07vs $0.28+75.0%
$8Mvs $18M-56.1%
Q2 2025Mar 24, 2025
$0.55vs $0.33-67.7%
$103,204
Q3 2024Jul 25, 2024
$0.19vs $0.41+53.0%
—
Q2 2024Mar 31, 2024
$0.19
—
Based on last 12 quarters of dataView full earnings history →

ADAG Peer Comparison

Adagene Inc. (ADAG) competitors in Oncology Therapeutics Developers — business model, growth, and fundamentals comparison

Select Columns
Stock Universe
Valuation
Growth
Profitability
Financial Health
Dividends & Buybacks
Price Performance
Technical
Fundamentals ($)
Sector-Specific
Institutional Holdings
CompanyMarket CapStock PriceP/E Ratio (TTM)Revenue Growth 1YNet MarginReturn on Equity (ROE)FCF YieldDebt / Equity
ZLAB logoZLABZai Lab LimitedDirect Competitor1.89B17.07-10.6715.33%-39.29%-24.32%0.31
BCAB logoBCABBioAtla, Inc.Direct Competitor4.87M3.86-0.08-81.82%-25.31%
IMVT logoIMVTImmunovant, Inc.Direct Competitor6.9B33.62-12.14-68.16%0.00
XNCR logoXNCRXencor, Inc.Direct Competitor904.26M12.33-9.9413.65%-185.71%-28.77%0.30
MGTX logoMGTXMeiraGTx Holdings plcDirect Competitor888.13M9.59-6.75144.57%-151.12%-368.19%
RCUS logoRCUSArcus Biosciences, Inc.Product Competitor2.4B23.80-7.23-4.26%-156.36%-68.97%0.16
AGEN logoAGENAgenus Inc.Product Competitor137.42M3.30-970.5910.37%52.16%
NKTR logoNKTRNektar TherapeuticsProduct Competitor1.16B59.38-6.10-43.89%-284.18%-87%1.66

Compare ADAG vs Peers

Adagene Inc. (ADAG) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.

Closest Rival

vs ZLAB

Most directly comparable listed peer for ADAG.

Scale Benchmark

vs ABBV

Larger-name benchmark to compare ADAG against a more recognizable public peer.

Peer Set

Compare Top 5

vs ZLAB, BCAB, IMVT, XNCR

ADAG Income Statement

Adagene Inc. (ADAG) annual income statement — 10-year revenue, gross profit & net income history

10Y historyFree accessUpdated daily
MetricDec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24TTM
Sales/Revenue
1.51M480K480K10.18M9.29M18.11M103.2K103.2K
Revenue Growth %
--68.24%0%2019.85%-8.67%94.9%-99.43%-99.43%
Cost of Goods Sold
00000001.23M
COGS % of Revenue
--------
Gross Profit
1.51M▲ 0%
480K▼ 68.2%
480K▲ 0.0%
10.18M▲ 2019.8%
9.29M▼ 8.7%
18.11M▲ 94.9%
-823.04K▼ 104.5%
-1.12M▲ 0%
Gross Margin %
100%100%100%100%100%100%-797.49%-1088.49%
Gross Profit Growth %
--68.24%0%2019.85%-8.67%94.9%-104.54%-
Operating Expenses
18.85M19.65M19.65M82.54M93.21M41.83M36.05M60.76M
OpEx % of Revenue
1247.09%4093.68%4093.68%811.18%1003.08%230.97%34935.42%-
Selling, General & Admin
2.77M3.44M3.44M14.44M11.87M8.67M7.27M10.98M
SG&A % of Revenue
182.98%716.23%716.23%141.91%127.78%47.89%7047.53%-
Research & Development
16.08M16.21M16.21M68.1M81.34M36.64M28.78M46.96M
R&D % of Revenue
1064.11%3377.45%3377.45%669.26%875.3%202.3%27887.88%-
Other Operating Expenses
00000-3.48M00
Operating Income
-17.33M▲ 0%
-19.17M▼ 10.6%
-19.17M▲ 0.0%
-72.36M▼ 277.5%
-83.92M▼ 16.0%
-23.72M▲ 71.7%
-35.95M▼ 51.6%
-60.84M▲ 0%
Operating Margin %
-1147.09%-3993.68%-3993.68%-711.18%-903.08%-130.97%-34835.42%-58950.51%
Operating Income Growth %
--10.59%0%-277.49%-15.97%71.74%-51.57%-
EBITDA
-16.43M-18.35M-18.31M-71.24M-82.49M-22.51M-35.03M-59.41M
EBITDA Margin %
-1086.94%-3823.53%-3814.84%-700.12%-887.7%-124.29%-33937.92%-57568.32%
EBITDA Growth %
--11.73%0.23%-289.05%-15.8%72.71%-55.59%-162.07%
D&A (Non-Cash Add-back)
909K816.69K858.41K1.13M1.43M1.21M926.25K1.43M
EBIT
-15.18M-16.29M-42.2M-71.11M-78.82M-16.15M-32.59M-54.94M
Net Interest Income
619.63K784.58K427.12K-287.6K-315.82K3.18M2.95M4.62M
Interest Income
710.71K922.68K629.29K76.17K377.5K4.28M3.8M5.79M
Interest Expense
91.08K138.1K202.16K363.76K693.32K1.11M851.87K1.17M
Other Income/Expense
2.07M2.74M754.38K887.77K4.41M6.46M2.51M5.38M
Pretax Income
-15.27M▲ 0%
-16.43M▼ 7.6%
-16.43M▲ 0.0%
-71.48M▼ 335.0%
-79.51M▼ 11.2%
-17.25M▲ 78.3%
-33.44M▼ 93.8%
-55.46M▲ 0%
Pretax Margin %
-1010.22%-3423.4%-3423.4%-702.45%-855.65%-95.27%-32403.46%-53735.07%
Income Tax
-547K03.16K1.7M459.06K1.69M-17.55K-16.4K
Effective Tax Rate %
3.58%0%-0.02%-2.38%-0.58%-9.8%0.05%0.03%
Net Income
-14.72M▲ 0%
-17.29M▼ 17.5%
-16.44M▲ 5.0%
-73.18M▼ 345.2%
-79.97M▼ 9.3%
-18.95M▲ 76.3%
-33.42M▼ 76.4%
-55.44M▲ 0%
Net Margin %
-974.03%-3602.89%-3424.06%-719.18%-860.59%-104.61%-32386.45%-53719.18%
Net Income Growth %
--17.49%4.96%-345.24%-9.28%76.31%-76.41%-192.62%
Net Income (Continuing)
-15.27M-16.43M-42.4M-73.18M-79.97M-18.95M-33.42M-55.44M
Discontinued Operations
00000000
Minority Interest
00000000
EPS (Diluted)
-1.51▲ 0%
-0.49▲ 67.5%
-0.59▼ 20.4%
-2.29▼ 288.1%
-2.31▼ 0.9%
-0.54▲ 76.6%
-0.95▼ 75.9%
-1.47▲ 0%
EPS Growth %
-67.55%-20.41%-288.14%-0.87%76.62%-75.93%-188.43%
EPS (Basic)
-1.51-0.49-0.59-2.29-2.31-0.55-0.95-
Diluted Shares Outstanding
9.7M35.33M28.07M32.02M34.65M35.03M36.02M37.69M
Basic Shares Outstanding
9.7M35.33M28.07M32.02M34.65M34.64M36.02M37.69M
Dividend Payout Ratio
--------

ADAG Balance Sheet

Adagene Inc. (ADAG) balance sheet — assets, liabilities & shareholders' equity

MetricDec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24TTM
Total Current Assets
51.82M103.92M79.1M185.95M149.32M113.44M87.78M65.36M
Cash & Short-Term Investments
49.06M100.53M75.15M174.39M143.76M109.93M85.19M62.83M
Cash Only
16.06M92.53M75.15M174.39M143.76M109.93M85.19M62.83M
Short-Term Investments
33M8M000000
Accounts Receivable
1.43M2.14M132.4K7.51M619.43K222.03K8.31K2.45K
Days Sales Outstanding
345.441.63K100.68269.2724.334.4729.3937.29
Inventory
00000000
Days Inventory Outstanding
--------
Other Current Assets
0002.49M3.78M2.7M527.71K2.33M
Total Non-Current Assets
2.6M1.97M5.17M3.56M3.08M2.29M1.51M1.15M
Property, Plant & Equipment
2.55M1.88M2.07M3.49M2.97M2.2M1.41M1.12M
Fixed Asset Turnover
0.59x0.26x0.23x2.92x3.12x8.23x0.07x0.07x
Goodwill
00000000
Intangible Assets
00000000
Long-Term Investments
197.07K197.07K7.17M00000
Other Non-Current Assets
-147.88K-109.84K-4.07M69.28K109.57K84.89K103.5K37.44K
Total Assets
54.42M▲ 0%
105.89M▲ 94.6%
84.26M▼ 20.4%
189.51M▲ 124.9%
152.4M▼ 19.6%
115.73M▼ 24.1%
89.27M▼ 22.9%
66.52M▲ 0%
Asset Turnover
0.03x0.00x0.01x0.05x0.06x0.16x0.00x0.00x
Asset Growth %
-94.59%-20.42%124.9%-19.58%-24.06%-22.86%-107.89%
Total Current Liabilities
10.35M7.18M16.15M29.82M55.08M31.46M38.18M28.52M
Accounts Payable
558.98K712.71K1.81M3.32M3.67M3.09M4.24M3.63M
Days Payables Outstanding
-------1.09K
Short-Term Debt
2.33M1.04M5.02M4.5M13.62M8.4M17.79M6.76M
Deferred Revenue (Current)
32.98K993.38K725.54K5.5M15.11M52.88K00
Other Current Liabilities
1.41M2.07M6.2M11.62M21.43M18.54M56.27K16.34M
Current Ratio
5.01x14.47x4.90x6.24x2.71x3.61x2.30x2.29x
Quick Ratio
5.01x14.47x4.90x6.24x2.71x3.61x2.30x2.29x
Cash Conversion Cycle
--------1.05K
Total Non-Current Liabilities
85.1M155.72M157.51M3.13M14.23M13.71M559.64K88.71K
Long-Term Debt
01.52M2.97M2.99M14.15M13.54M417.34K0
Capital Lease Obligations
000053.83K173.66K142.3K459.18K
Deferred Tax Liabilities
00044.16K0000
Other Non-Current Liabilities
85.1M154.2M154.54M94.11K28.72K000
Total Liabilities
95.44M162.9M173.65M32.95M69.31M45.17M38.74M28.61M
Total Debt
2.33M2.56M7.98M7.49M27.97M22.31M18.49M6.85M
Net Debt
-13.73M-89.98M-67.17M-166.9M-115.79M-87.63M-66.7M-55.98M
Debt / Equity
---0.05x0.34x0.32x0.37x0.18x
Debt / EBITDA
--------0.12x
Net Debt / EBITDA
-------0.94x
Interest Coverage
-190.31x-138.81x-94.82x-198.93x-121.04x-21.41x-42.20x-46.92x
Total Equity
-41.03M▲ 0%
-57.01M▼ 39.0%
-89.39M▼ 56.8%
156.56M▲ 275.1%
83.09M▼ 46.9%
70.56M▼ 15.1%
50.52M▼ 28.4%
37.91M▲ 0%
Equity Growth %
--38.96%-56.8%275.14%-46.93%-15.08%-28.4%-124.7%
Book Value per Share
-4.23-1.61-3.194.892.402.011.401.01
Total Shareholders' Equity
-41.03M-57.01M-89.39M156.56M83.09M70.56M50.52M37.91M
Common Stock
1.52K1.52K1.89K5.63K5.5K5.55K5.89K5.89K
Retained Earnings
-46.83M-63.26M-105.66M-178.83M-258.81M-277.75M-311.18M-324.66M
Treasury Stock
78.55M147.41M-7.17M-619.61K-4-400
Accumulated OCI
-410.69K-344.89K-350.98K-93.98K-849.3K-1.8M-526.9K-1.7M
Minority Interest
00000000

ADAG Cash Flow Statement

Adagene Inc. (ADAG) cash flow — operating, investing & free cash flow history

MetricDec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24TTM
Cash from Operations
-14.26M-18.15M-28.53M-43.41M-48.61M-28.45M-29.7M-47.54M
Operating CF Margin %
-943.95%-3781.99%-5943.69%-426.67%-523.12%-157.11%-28778.91%-
Operating CF Growth %
--27.26%-57.16%-52.17%-11.97%41.47%-4.38%-66.05%
Net Income
-15.27M-16.43M-42.4M-73.18M-79.97M-18.95M-33.42M-55.44M
Depreciation & Amortization
909K816.69K858.41K1.13M1.45M1.21M926.25K1.48M
Stock-Based Compensation
126.54K611.71K10.13M18.68M10.52M7.27M4.91M6.92M
Deferred Taxes
000622.43K-44.16K000
Other Non-Cash Items
-547.85K-1.23M645.02K-9.95K-2.5M-1.44M-222.24K-415.07K
Working Capital Changes
513.83K-1.92M2.23M9.35M21.94M-16.55M-1.89M-98.29K
Change in Receivables
268.67K-480K480K-3M6.89M397.4K213.72K213.72K
Change in Inventory
0-2.59M925.17K6.02M0000
Change in Payables
389.12K153.74K1.1M1.51M344.51K-572.37K1.15M530.96K
Cash from Investing
-29.51M24.86M7.07M-2.51M-686.05K-77.36K1.11M1.35M
Capital Expenditures
-514.7K-151.83K-935.2K-2.51M-690.94K-85.01K-33.58K-42.35K
CapEx % of Revenue
34.06%31.63%194.83%24.67%7.44%0.47%32.54%41.04%
Acquisitions
5.17K7.7K7.93K00000
Investments
--------
Other Investing
5.17K25.01M7.93K04.89K7.66K169230.06K
Cash from Financing
51.06M69.69M4.44M145.36M17.82M-5.37M3.77M-8.58M
Debt Issued (Net)
1.06M234.68K5.02M-702.86K21.48M-5.37M-3.42M-15.07M
Equity Issued (Net)
01000K01000K-1000K01000K1.02M
Dividends Paid
00000000
Share Repurchases
000-2.36M-3.98M000
Other Financing
50M459.8K-580.6K-1.37M323.21K5.5K-137.3K-855.34K
Net Change in Cash
7.32M▲ 0%
76.47M▲ 944.4%
-17.38M▼ 122.7%
99.24M▲ 670.9%
-30.63M▼ 130.9%
-33.82M▼ 10.4%
-24.74M▲ 26.9%
-47.11M▲ 0%
Free Cash Flow
-14.78M▲ 0%
-18.31M▼ 23.9%
-29.46M▼ 61.0%
-45.92M▼ 55.9%
-49.3M▼ 7.4%
-28.54M▲ 42.1%
-29.73M▼ 4.2%
-47.59M▲ 0%
FCF Margin %
-978.01%-3813.62%-6138.52%-451.34%-530.55%-157.58%-28811.45%-46109.48%
FCF Growth %
--23.86%-60.96%-55.86%-7.36%42.11%-4.19%-253.59%
FCF per Share
-1.52-0.52-1.05-1.43-1.42-0.81-0.83-1.26
FCF Conversion (FCF/Net Income)
0.97x1.05x1.74x0.59x0.61x1.50x0.89x0.86x
Interest Paid
0000603.68K1.05M778.51K778.51K
Taxes Paid
00002.43M1.38M33.95K33.95K

ADAG Key Ratios

Adagene Inc. (ADAG) financial ratios — P/E, ROE, debt and 30+ core market and balance-sheet ratios

Metric201920202021202220232024TTM
Return on Equity (ROE)---217.89%-66.74%-24.66%-55.21%-146.23%
Return on Invested Capital (ROIC)------257.67%
Gross Margin100%100%100%100%100%-797.49%-1088.49%
Net Margin-3602.89%-3424.06%-719.18%-860.59%-104.61%-32386.45%-53719.18%
Debt / Equity--0.05x0.34x0.32x0.37x0.18x
Interest Coverage-138.81x-94.82x-198.93x-121.04x-21.41x-42.20x-46.92x
FCF Conversion1.05x1.74x0.59x0.61x1.50x0.89x0.86x
Revenue Growth-68.24%0%2019.85%-8.67%94.9%-99.43%-99.43%
Related:ADAG Dividend History·ADAG Revenue History·ADAG Price History·ADAG P/E History·ADAG Financial Ratios·ADAG Institutional Holders

ADAG Frequently Asked Questions

Adagene Inc. (ADAG) stock FAQ — growth, dividends, profitability & financials explained

Growth & Financials

Adagene Inc. (ADAG) reported $0.1M in revenue for fiscal year 2024. This represents a 93% decrease from $1.5M in 2018.

Adagene Inc. (ADAG) saw revenue decline by 99.4% over the past year.

Adagene Inc. (ADAG) reported a net loss of $55.4M for fiscal year 2024.

Dividend & Returns

Adagene Inc. (ADAG) has a return on equity (ROE) of -55.2%. Negative ROE indicates the company is unprofitable.

Adagene Inc. (ADAG) had negative free cash flow of $47.6M in fiscal year 2024, likely due to heavy capital investments.

What if you invested $1,000 in ADAG back in 2018?

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