Financial leverage has intensified significantly, with the debt-to-equity ratio climbing to 4.21 in 2026Q1 from 1.75 in 2025Q4, indicating a deteriorating capital structure.
| Total Current Assets | 15.86M | 20.08M | 25.35M | 5.18M | 6.73M | 19.72M |
| Cash & Short-Term Investments | 12.91M | 17.11M | 20.59M | 1.38M | 5.55M | 18.85M |
| Cash Only | 12.91M | 17.11M | 20.59M | 1.38M | 5.55M | 18.85M |
| Short-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivable | 0 | 0 | 35K | 71K | 0 | 33K |
| Days Sales Outstanding | - | - | 47.49 | 86.38 | - | 44.61 |
| Inventory | 1.6M | 1.67M | 2.57M | 3.32M | 367K | 334K |
| Days Inventory Outstanding | 1.41K | 892.22 | 483.53 | 928.43 | 153.09 | 105.28 |
| Other Current Assets | 1.34M | 1.3M | 222K | 177K | 527K | 241K |
| Total Non-Current Assets | 23.45M | 23.17M | 23.1M | 1.64M | 1.97M | 1.72M |
| Property, Plant & Equipment | 2.52M | 2.23M | 2.15M | 1.62M | 1.94M | 1.7M |
| Fixed Asset Turnover | 0.00x | - | 0.13x | 0.19x | 0.10x | 0.16x |
| Goodwill | 13.97M | 13.97M | 13.97M | 0 | 0 | 0 |
| Intangible Assets | 6.97M | 6.97M | 6.97M | 0 | 0 | 0 |
| Long-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | 1K | 3K | 14K | 23K | 26K | 22K |
| Total Assets | 39.31M | 43.25M | 48.45M | 6.83M | 8.7M | 21.44M |
| Asset Turnover | 0.00x | - | 0.01x | 0.04x | 0.02x | 0.01x |
| Asset Growth % | 258.41% | -10.72% | 609.86% | -21.52% | -59.44% | - |
| Total Current Liabilities | 8.57M | 8.23M | 7.76M | 47.18M | 12.97M | 2.59M |
| Accounts Payable | 1.22M | 1.08M | 2.84M | 3.83M | 1.01M | 578K |
| Days Payables Outstanding | 981.94 | 577.38 | 535.16 | 1.07K | 421.73 | 182.18 |
| Short-Term Debt | 225K | 155K | 143K | 38.13M | 9.5M | 0 |
| Deferred Revenue (Current) | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Current Liabilities | 7.13M | 7M | 2.16M | 1.64M | 0 | 843K |
| Current Ratio | 1.85x | 2.44x | 3.27x | 0.11x | 0.52x | 7.62x |
| Quick Ratio | 1.66x | 2.24x | 2.93x | 0.04x | 0.49x | 7.49x |
| Cash Conversion Cycle | 429.15 | - | -4.14 | -55.59 | - | -32.3 |
| Total Non-Current Liabilities | 25.01M | 22.62M | 20.77M | 91.67M | 91.61M | 91.47M |
| Long-Term Debt | 23.86M | 21.6M | 16.08M | 143K | 0 | 0 |
| Capital Lease Obligations | 629K | 0 | 46K | 52K | 134K | 0 |
| Deferred Tax Liabilities | 3.53M | 883K | 883K | 0 | 0 | 0 |
| Other Non-Current Liabilities | 263K | 132K | 3.77M | 91.48M | 91.47M | 91.47M |
| Total Liabilities | 33.58M | 30.85M | 28.54M | 138.85M | 104.57M | 94.06M |
| Total Debt | 24.09M | 21.76M | 16.27M | 38.4M | 9.8M | 0 |
| Net Debt | 11.18M | 4.65M | -4.32M | 37.02M | 4.25M | -18.85M |
| Debt / Equity | 4.21x | 1.75x | 0.82x | - | - | - |
| Debt / EBITDA | -1.29x | - | - | - | - | - |
| Net Debt / EBITDA | -0.60x | - | - | - | - | - |
| Interest Coverage | -7.56x | -7.63x | -49.79x | -16.84x | -171.80x | - |
| Total Equity | 5.72M | 12.4M | 19.91M | -132.02M | -95.88M | -72.62M |
| Equity Growth % | -77.98% | -37.72% | 115.08% | -37.7% | -32.03% | - |
| Book Value per Share | 0.26 | 0.75 | 1.31 | -16.81 | -5.00 | -3.78 |
| Total Shareholders' Equity | 5.72M | 12.4M | 19.91M | -132.02M | -95.88M | -72.62M |
| Common Stock | 2K | 2K | 2K | 1K | 1K | 1K |
| Retained Earnings | -102.63M | -95.61M | -70.59M | -133.65M | -97.06M | -73.39M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | -143K | -99K | 1K | 17K | 28K | 4K |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 |
Capital Runway and Dilution
As reported in recent financial filings, ADGM's total assets have contracted from $107.2 million in 2024Q3 to $39.3 million in 2026Q1, reflecting a significant reduction in the company's resource base as it continues to fund developmental activities without offsetting revenue generation.
The sharp decline in total assets, coupled with the persistent accumulation of a $102.6 million deficit in retained earnings, suggests a business model that is rapidly consuming its capital foundation. This trajectory indicates that the company is struggling to maintain its operational scale, which may necessitate further external financing to prevent a total depletion of equity.
Based on the latest quarterly data, ADGM's debt-to-equity ratio has climbed to 4.21 in 2026Q1, a marked increase from 1.75 in 2025Q4, indicating that the company is increasingly relying on debt obligations to sustain its operations as equity buffers continue to thin.
The rise in leverage appears to be a necessity-driven response to the lack of internal cash generation rather than a strategic capital allocation choice. Investors should monitor this trend closely, as the mounting debt burden in a pre-revenue environment increases the risk of insolvency or highly dilutive restructuring events.
According to the company's balance sheet, cash and equivalents have dwindled to $12.9 million as of 2026Q1, down from $28.3 million in 2024Q3, which suggests a tightening liquidity position that limits the firm's ability to absorb unexpected clinical or regulatory setbacks.
While the current ratio of 1.85 provides a superficial appearance of stability, the underlying cash burn rate relative to the remaining balance indicates a limited window for operational survival. The company's liquidity buffer appears insufficient to support long-term R&D cycles without a near-term capital infusion.
As indicated by the financial statements, the presence of $14.0 million in goodwill on the balance sheet warrants further investigation, as it represents a significant portion of total assets for a firm that has yet to demonstrate commercial viability or positive cash flow.
The persistence of this goodwill figure, despite the company's ongoing operating losses and lack of revenue, may suggest that the carrying value of these intangible assets is at risk of impairment. If the company fails to reach commercial milestones, these assets could be written down, further eroding the already fragile equity position.
Quick answers to the most common questions about buying ADGM stock.
As of 2025, Adagio Medical Holdings, Inc. (ADGM) had total assets of $43.3M including $20.1M in current assets.
Adagio Medical Holdings, Inc. (ADGM) carries total debt of $21.8M, offset by $17.1M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Adagio Medical Holdings, Inc. (ADGM) has total shareholders' equity (book value) of $12.4M ($0.75 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Adagio Medical Holdings, Inc. (ADGM) reported a current ratio of 2.44x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.